CONTINUING DISCLOSURE INFORMATION REGARDING THE HAYS CONSOLIDATED INDEPENDENT SCHOOL DISTRICT. Table 1 ASSESSED VALUATION (a)

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1 CONTINUING DISCLOSURE INFORMATION REGARDING THE HAYS CONSOLIDATED INDEPENDENT SCHOOL DISTRICT Table 1 ASSESSED VALUATION (a) 2012/13 Total Assessed Valuation... $4,754,521, /13 Taxable Assessed Valuation... $3,933,944,403 Exemption Total Residential Homestead... $ 221,136,312 10% Residential Cap ,742 Over 65/Disabled Persons... 26,671,360 Disabled/Deceased Veterans... 26,004,325 Pollution Control... 3,387,302 Productivity Loss ,474,757 Prorated Exempt Property... 1,009,727 Total (17.26% of Total Assessed Valuation)... $ 820,577,525 (a) Source: Hays County Appraisal District and State Property Tax Reports. Certified values are subject to change throughout the year as contested values are resolved and the Appraisal District updates records. Table 2 UNLIMITED TAX DEBT OUTSTANDING (a)(b) Unlimited Tax Debt Outstanding (As of August 31, 2012)... $315,435,000 Less: Interest & Sinking Fund Balance (As of August 31, 2012)... 3,913,075 NET UNLIMITED TAX DEBT OUTSTANDING... $311,521,925 _ (a) Par amount of outstanding bonds. (b) Does not include any limited tax obligations payable from the District s Maintenance & Operations tax rate. Source: District Records. Estimated 2012 District Population 72,770 Per Capita Taxable Assessed Valuation $54, /12 Enrollment 15,886 Per Capita Total Assessed Valuation $65, Area (square miles) Per Capita Net Debt $4,

2 Table 3 ESTIMATED OVERLAPPING DEBT STATEMENT Gross General Obligation Debt Dollar Amount (1) As of Percent Overlap Dollar Overlap Taxing Body Austin Community College District $ 89,903,659 8/31/ % $ 2,867,927 Buda, City of 21,370,000 8/31/ % 21,370,000 Caldwell County 12,115,000 8/31/ % 176,879 Greenhawe WC&ID #2 7,395,000 8/31/ % 7,395,000 Hays County 283,230,000 8/31/ % 94,542,174 Kyle, City of 55,745,000 8/31/ % 55,745,000 Mountain City, City of 82,585 8/31/ % 82,585 North Hays County MUD No. 1 8,195,000 8/31/ % 8,195,000 San Marcos, City of 213,690,000 8/31/ % 12,522,234 South Buda WC&ID No. 1 6,025,000 8/31/ % 6,025,000 Sunfield MUD No. 1 5,425,000 8/31/ % 5,377,260 Travis County 639,369,987 8/31/ % 127,874 The District 315,435,000 8/31/ % $315,435,000 (2) Total Direct and Overlapping Debt $529,861,933 Table /12 TOTAL TAX RATES OF OVERLAPPING POLITICAL ENTITIES Austin Community College District.. $ Buda, City of Caldwell County Greenhawe WC&ID # Hays County Kyle, City of Mountain City, City of North Hays County MUD No San Marcos, City of South Buda WC&ID No Sunfield MUD No Travis County

3 Table 5 PROPERTY TAX RATES AND COLLECTIONS Taxable Assessed Percent Collections (a) Fiscal Year Tax Year Valuation Tax Rate Current Total Ended 2003 $ 1,783,062,655 $ % 99.73% ,027,084, % 99.69% ,276,033, % 99.86% ,629,045, % 99.86% ,072,931, % 99.45% ,417,956, % 99.89% ,640,517, % 99.30% ,701,916, % 99.78% ,722,928, % 98.75% ,933,944, (In Process of collection) (a) Excludes Penalties and Interest. Source: District s Audited Financial Statements, Hays County Tax Assessor/Collector and State Property Tax Reports. Certified values are subject to change throughout the year as contested values are resolved and the Appraisal District updates records. Table 6 TAX RATE DISTRIBUTION 2012/ / / / / /08 Local Maintenance $ $ $ $ $ $ Interest & Sinking $ $ $ $ $ $ Source: District s Audited Financial Statements and District s Records. Table 7 VALUATION AND UNLIMITED TAX DEBT HISTORY Percent Increase/ (Decrease) in T.A.V Over Prior Year Principal Amount Of Unlimited Tax Debt Outstanding at Year End (a) Ratio of Unlimited Tax Debt to Taxable Assessed Valuation (a) Taxable Assessed Fiscal Year Valuation 2004/05 $2,027,084, % $210,692, % 2005/06 2,276,033, % 205,587, % 2006/07 2,629,045, % 244,527, % 2007/08 3,072,931, % 236,427, % 2008/09 3,417,956, % 315,222, % 2009/10 3,640,517, % 313,222, % 2010/11 3,701,916, % 336,945, % 2011/12 3,722,928, % 315,540, % 2012/13 3,933,944, % 300,835,000 (b) 7.65% (a) Does not include any limited tax obligations payable from the District s Maintenance & Operations tax rates. (b) Includes the Unlimited Tax Refunding Bonds, Series 2012A (Taxable) issued on December 13, Source: District s Records and State Property Tax Reports. 3

4 Table 8 HISTORICAL TOP TEN TAXPAYERS PRINCIPAL TAXPAYERS AND THEIR 2012/13 TAXABLE ASSESSED VALUATIONS Name of Taxpayer Type of Property Taxable Assessed Valuation Percent of T.A.V. Texas Lehigh Cement Co. Cement Plant $ 64,005, % CFAN Company Manufacturing 57,339, % Goodrich Corp. Manufacturing Manufacturing 55,372, % Pedernales Electric Coop. Inc. Utility 24,867, % Vista Del Blanco Ltd. Real Estate 21,686, % DDR DB Kyle LP Real Estate 21,059, % Cabela s Retail TX LP Retail Store 20,400, % Cole Mt Kyle TX LLC Manufacturing 19,791, % US Food Service Inc. Manufacturing 18,143, % Settlement Apartments LP Apartments 16,895, % Total $319,562, % PRINCIPAL TAXPAYERS AND THEIR 2011/12 TAXABLE ASSESSED VALUATIONS Name of Taxpayer Type of Property Taxable Assessed Valuation Percent of T.A.V. Texas Lehigh Cement Co. Cement Plant $ 59,986, % CFAN Company Manufacturing 53,072, % Goodrich Corp. Manufacturing Manufacturing 48,222, % Pedernales Electric Coop. Inc. Utility 23,294, % Vista Del Blanco Ltd. Real Estate 21,686, % Cabela s Retail Retail Store 20,399, % DDR DB Kyle LP Real Estate 19,650, % Kyle Marketplace LTD Real Estate 16,819, % Sam s East Inc. Real Estate 13,565, % Cabela s Retail TX LP Retail Store 12,433, % Total $289,129, % PRINCIPAL TAXPAYERS AND THEIR 2010/11 TAXABLE ASSESSED VALUATIONS Name of Taxpayer Type of Property Taxable Assessed Valuation Percent of T.A.V. Texas Lehigh Cement Co. Cement Plant $ 65,761, % CFAN Company Manufacturing 47,319, % Goodrich Corp. Manufacturing Manufacturing 36,169, % Vista Del Blanco Ltd. Real Estate 22,450, % Cabela s Retail Store 21,905, % DDR DB Kyle LP Real Estate 19,881, % Pedernales Electric Coop. Inc. Utility 19,439, % Kyle Marketplace LTD Real Estate 16,261, % Sam s East Inc. Real Estate 13,918, % Cabela s Retail TX LP Retail Store 12,209, % Total $275,316, % Source: Hays County Appraisal District and State Property Tax Reports. 4

5 Table 9 CLASSIFICATION OF ASSESSED VALUATION BY USE CATEGORY Total Tax Roll for Fiscal Year Property Use Category 2012/ / / / /09 Real Property Single-Family Residential $2,949,842,591 $2,797,413,832 $2,769,412,907 $2,716,874,681 $2,577,825,932 Multi-Family Residential 56,305,297 42,454,562 34,604,573 22,279,490 13,422,025 Vacant Lots/Tracts 144,170, ,509, ,679, ,825, ,362,945 Acreage (Land Only) 617,830, ,461, ,241, ,547, ,736,832 Farm and Ranch Improvements 118,511, ,667, ,082, ,064, ,062,945 Commercial and Industrial 450,807, ,811, ,741, ,593, ,957,795 Inventory 37,325,108 43,027,735 41,645,809 47,382,168 39,184,194 Tangible Personal Property Business 300,511, ,347, ,121, ,042, ,084,315 Other 26,065,402 25,694,884 29,582,310 32,988,990 33,131,790 Real & Tangible Personal Property Utilities 53,153,172 53,471,861 48,806,768 44,453,066 43,793,289 Total Real & Tangible Personal Property $4,754,521,928 $4,496,860,472 $4,512,920,060 $4,435,050,745 $4,222,562,062 Less Exemptions: Residential Homestead $221,136,312 $ 217,073,795 $ 215,057,958 $ 201,616,991 $ 184,546,411 Homestead Cap Adjustment 893, ,031 1,368,183 3,535,864 5,405,053 Over 65/Disabled Persons 26,671,360 24,136,022 23,408,980 21,003,081 18,505,473 Disable/Deceased Veterans 26,004,325 23,635,171 21,349,474 19,607,476 4,208,890 Pollution Control 3,387,302 3,454,705 3,094,155 3,693,605 3,493,750 Productivity Loss 541,474, ,352, ,285, ,774, ,618,215 Prorated Exempt Property 1,009, ,812 1,438,760 1,301,655 51,828,065 Total Exemptions $ 820,577,525 $ 773,932,234 $ 811,003,120 $ 794,533,411 $ 804,605,857 Taxable Assessed Valuation $3,933,944,403 $3,722,928,238 $3,701,916,940 $3,640,517,334 $3,417,956,205 Source: Hays County Appraisal District and State Property Tax Reports. Certified values are subject to change throughout the year as contested values are resolved and the Appraisal District updates records. Table 10 PERCENTAGE TOTAL ASSESSED VALUATION BY CATEGORY Percent of Total Tax Roll for Fiscal Years Property Use Category 2012/ / / / /09 Real Property Single-Family Residential 62.05% 62.21% 61.37% 61.26% 61.05% Multi-Family Residential 1.18% 0.94% 0.77% 0.50% 0.32% Vacant Lots/Tracts 3.03% 3.15% 3.60% 4.01% 2.95% Acreage (Land Only) 12.99% 13.02% 13.81% 14.13% 15.55% Farm and Ranch Improvements 2.49% 2.66% 2.57% 2.66% 2.72% Commercial and Industrial 9.48% 9.11% 9.12% 8.51% 7.93% Inventory 0.79% 0.96% 0.92% 1.03% 0.93% Tangible Personal Property Business 6.32% 6.19% 6.10% 6.11% 6.73% Other 0.55% 0.57% 0.66% 0.74% 0.78% Real & Tangible Personal Property Utilities 1.12% 1.19% 1.08% 1.00% 1.04% Total % % % % % Source: Hays County Appraisal District and State Property Tax Reports. 5

6 Table 11 OUTSTANDING UNLIMITED TAX DEBT SERVICE Fiscal Year % Of Principal Ending Principal Interest Total Retired 2013 $ 12,675,000 $ 13,805,016 $ 26,480, ,880,000 13,688,586 25,568, ,920,000 13,559,636 25,479, ,095,000 13,393,964 25,488, ,580,000 12,920,189 25,500, % ,180,000 12,332,539 25,512, ,830,000 11,711,976 25,541, ,465,000 11,083,181 25,548, ,165,000 10,395,896 25,560, ,895,000 9,673,719 25,568, % ,790,000 8,902,031 25,692, ,630,000 8,092,581 25,722, ,490,000 7,242,331 25,732, ,400,000 6,343,744 25,743, ,370,000 5,387,931 25,757, % ,395,000 4,376,219 25,771, ,485,000 3,309,556 9,794, ,785,000 3,004,675 9,789, ,405,000 2,674,325 9,079, ,430,000 2,371,600 7,801, % ,260,000 2,108,525 8,368, ,570,000 1,795,525 8,365, ,900,000 1,467,025 8,367, ,245,000 1,122,025 8,367, ,605, ,775 8,364, ,990, ,525 8,369, % Total $ 315,435,000 $ 181,902,096 $ 497,337,096 As of 8/31/12. Note: Table 11 does not include any potential funding the District may receive from the State of Texas pursuant to the Instructional Facilities Allotment and/or Existing Debt Allotment Programs. For fiscal year ending August 31, 2012, the District received $6,318,566 of State funding assistance from a combination of these programs. The amount of State funding aid for debt service may substantially differ from year to year, depending on a number of factors, including amounts, if any, appropriated for that purpose by the Texas Legislature from time to time. Table 11 does not include any limited tax obligations payable from the District s Maintenance & Operations tax rate. The District has no authorized but unissued bonds. Table 12 AUTHORIZED BUT UNISSUED BONDS 6

7 Table 13 INTEREST & SINKING FUND BUDGET INFORMATION - YEAR 2012/13 (a) Tax Supported Debt Service Requirements, Fiscal Year Ending $25,664,388 Interest and Sinking Fund Balance at $ 3,913,075 Existing Debt Allotment & Instructional Facilities Allotment State Assistance... 6,318,566 Local 98.75% Collection... 16,367,199 Projected Interest and Sinking Fund Balance at $ 934,452 (a) Based upon District projections. Table 14 TAX ADEQUACY Fiscal Year 2012/13 Principal And Interest Requirements... $25,664,388 $ Tax Rate at 98.75% Collections Produces... $25,667,716(a) Maximum Principal And Interest Requirements, Fiscal Year 2027/28... $25,729,119 $ Tax Rate at 98.75% Collections Produces... $25,729,875(a) (a) Based upon 2012/13 taxable assessed valuation of $3,933,944,403. Note: Table 14 does not include any potential funding the District may receive from the State of Texas pursuant to the Instructional Facilities Allotment and/or Existing Debt Allotment Programs. For fiscal year ending August 31, 2012, the District received $6,318,566 of State funding assistance from a combination of these programs. The amount of State funding aid for debt service may substantially differ from year to year, depending on a number of factors, including amounts, if any, appropriated for that purpose by the Texas Legislature from time to time and the District s wealth per student. The District currently has no loans outstanding. Table 15 LOANS PAYABLE Table 16 CAPITAL LEASES The District is obligated under certain leases accounted for as capital leases. Assets under capital leases totaled $668,162 as of August 31, The following is a schedule of future minimum lease payments under such capital leases: Year Ended August 31 Principal Interest Total Requirements 2013 $ 326,946 $ 18,496 $ 345, ,217 7, , , ,025 Totals $ 668,162 $ 25,747 $ 693,909 7

8 Table 17 GENERAL FUND BALANCE SHEET Fiscal Years Ending August Assets: Cash and Temporary Investments $41,616,203 $44,997,760 $38,125,728 $36,362,653 $22,753,259 Property Taxes Delinquent 1470,977 1,602,500 1,922,783 1,530,526 1,716,928 Allowance for Uncollected Taxes (545,186) (525,323) (496,586) (419,508) (442,599) Due From Other Governments 2,893,122 2,964,653 3,003,582 2,220,000 10,370,737 Accrued Interest 226, Due From Other Funds 1,247,933 1,763, , , ,149 Other Receivables 64,623 38,244 26,021 12,239 10,339 Deferred Expenditures 1,346 1, ,268 1,621 Total Assets $46,975,553 $50,843,036 $43,506,505 $40,396,683 $34,877,434 Liabilities and Fund Equity: Liabilities: Accounts Payable 930,307 2,179,167 3,207,463 3,281,651 $ 2,842,803 Payroll Deductions And Withholdings Payable 1,902,077 1,942,025 1,171, , ,783 Accrued Wages Payable 4,309,140 4,018,279 6,420,091 3,201,754 5,556,532 Due To Other Funds ,920 1,109,659 2,438,136 Due To Other Governments 4,915,507 10,227,229 6,402,774 8,789,648 3,638,140 Due To Student Groups 15,923 4,972 1, Deferred Revenues 812, ,696 1,089, ,410 1,199,282 Total Liabilities $12,885,341 $19,322,507 $18,322,343 $18,298,203 $16,612,701 Fund Equity: Designated Fund Balance: Other Purposes $ 4,525,862 $ 2,518,920 $ 1,238,808 $ 1,029,801 $ 1,109,350 Unreserved, Undesignated Fund Balance: 29,564,350 29,001,529 23,945,354 21,068,679 17,155,383 Total Fund Equity $34,090,212 $31,520,529 $25,184,162 $22,098,480 $18,264,733 Total Liabilities & Fund Equity $46,975,553 $50,843,036 $43,506,505 $40,396,683 $34,877,434 Source: District s Audited Financial Statements and District Records. 8

9 Table 18 COMPARATIVE STATEMENT OF GENERAL FUND REVENUES AND EXPENDITURES Fiscal Years Ending August Beginning Fund Balance $ 31,520,529 $ 25,184,162 $ 22,098,480 $ 18,264,733 $15,024,424 Revenues: Local and Intermediate Sources $ 41,300,379 $ 39,790,372 $ 39,070,976 $ 38,292,030 $34,105,690 State Sources 72,957,442 74,522,372 70,313,081 65,285,186 64,703,977 Federal Sources 2,522,484 1,155,487 1,047, , ,614 Total Revenues $116,780,305 $115,468,231 $110,431,160 $103,892,631 $99,058,281 Expenditures: Instruction $ 63,322,827 $ 63,448,645 $ 64,026,258 $ 57,337,894 $54,504,603 Instructional Resources & Media Services 1,954,062 1,827,336 1,846,995 1,763,941 1,795,810 Curriculum & Instructional Staff Development 994, ,740 1,374,476 1,231,265 1,332,995 Instructional Leadership 1,753,730 1,714,375 1,490,684 1,025, ,077 School Leadership 6,695,458 6,476,777 6,322,735 5,376,183 5,154,022 Guidance, Counseling & Evaluation Services 3,608,542 3,781,304 3,588,872 3,160,293 2,968,016 Social Work Services 147, , , , ,600 Health Services 1,611,904 1,520,006 1,501,949 1,384,662 1,319,297 Student (Pupil) Transportation 8,107,454 7,195,504 7,049,825 6,608,773 6,826,159 Food Services 69, , ,600 Co curricular/extracurricular Activities 2,813,710 2,721,779 2,824,807 2,757,495 2,639,903 General Administration 3,028,963 2,908,947 2,906,742 2,785,878 2,949,207 Plant Maintenance And Operations 12,883,096 10,008,901 9,729,054 12,588,066 12,166,221 Security And Monitoring Services 1,012, ,644 1,005, , ,795 Data Processing Services 2,038,091 1,072,201 1,375,604 1,086, ,629 Community Services 255, , , , ,326 Debt Service 340, , , , ,529 Facilities Acquisition And Construction Intergovernmental Charges 582, , , , ,718 Total Expenditures $111,218,763 $106,116,992 $106,863,983 $ 99,614,892 $95,171,507 Other Resources and (Uses): Other Resources $ 8,141 $ 19,035 $ 52,412 $ 58,334 $ - Other Uses (3,000,000) (3,033,907) (533,907) (502,326) (646,465) Total Other Resources (Uses) $ (2,991,859) $ (3,014,872) $ (481,495) $ (443,992) $ (646,465) Excess/(Deficiency) of Revenues and Other Sources over Expenditures and Other Uses $ 2,569,683 $ 6,336,367 $ 3,085,682 $ 3,833,747 $ 3,240,309 Prior Period Adjustment $ - $ - $ - $ - $ - Ending Fund Balance (a) $ 34,090,212 $ 31,520,529 $ 25,184,162 $ 22,098,480 $18,264,733 (A) Includes Designated and Undesignated Fund Balance. Source: District s Audited Financial Statements and District Records. 9

10 Table 19 CHANGE IN NET ASSETS (a) Fiscal Years Ending August 31 Revenues: Program Revenues Charges for Services $ 3,841,558 $ 3,560,859 $ 3,483,551 $ 4,707,202 $ 3,959,160 Operating Grants and Contributions 27,401,927 29,192,386 28,105,630 15,048,930 13,761,277 Total Program Revenues $ 31,243,485 $ 32,753,245 $ 31,589,181 $ 19,756,132 $ 17,720,437 General Revenues Maintenance & Operations Taxes $ 39,819,191 $ 38,578,301 $ 37,843,873 $ 35,917,979 $ 32,024,233 Debt Service Taxes 16,162,668 15,653,990 15,326,185 14,566,881 12,939,907 Grants and Contributions - Not Restricted 67,630,168 68,905,361 64,997,636 68,430,655 67,548,779 Investment Earnings 100, , ,460 1,408,635 2,808,175 Miscellaneous 46, , , ,440 Special Item Total General Revenues $123,758,779 $123,247,060 $118,520,969 $120,986,307 $115,527,534 Total Revenues $155,002,264 $156,000,305 $150,110,150 $140,742,439 $133,247,971 Expenses: Instruction $ 77,074,761 $ 78,585,619 $ 80,618,607 $ 70,698,911 $ 65,519,854 Instructional Resources and Media Services 2,156,431 2,302,667 2,566,676 2,405,631 1,945,468 Curriculum and Instructional Staff Development 1,379,454 1,438,232 1,489,355 1,480,294 1,631,962 Instructional Leadership 1,790,933 1,792,866 1,608,192 1,206,655 1,021,230 School Leadership 7,225,406 7,043,969 6,918,077 5,881,895 5,597,283 Guidance, Counseling and Evaluation Services 4,114,542 4,354,786 4,091,883 3,591,055 3,369,494 Social Work Services 147, , , , ,600 Health Services 1,706,732 1,621,964 1,616,042 1,498,754 1,392,086 Student (Pupil) Transportation 9,487,052 8,567,071 9,044,934 7,774,751 8,185,517 Food Services 7,571,737 6,638,266 6,187,199 5,489,368 5,398,699 Co-curricular/Extracurricular Activities 2,873,827 2,850,112 3,003,572 2,884,748 2,674,290 General Administration 3,192,563 3,000,312 2,951,010 2,796,386 2,991,317 Plant Maintenance and Operations 14,210,868 14,304,982 14,223,697 12,488,161 12,200,011 Security and Monitoring Services 1,055,392 1,041,113 1,061, , ,175 Data Processing Services 2,379,850 2,531,665 2,626,280 2,231,685 1,791,751 Community Services 268, , , , ,218 Debt Services 15,274,967 16,097,562 16,458,498 16,953,909 12,853,787 Facilities Acquisition and Construction ,369 Intergovernmental Charges 564, , , , ,284 Childcare Services ,003, ,805 Total Expenses $152,474,701 $153,210,174 $155,652,237 $140,702,608 $128,936,200 Beginning Net Assets $ 11,499,364 $ 8,490,503 $ 14,032,590 $ 14,176,919 $ 9,865,149 Prior Period Adjustment - 218, Increase/(Decrease) In Net Assets 2,527,563 2,790,131 _(5,542,087) 39,831 4,311,771 Ending Net Assets $ 14,026,927 $ 11,499,364 $ 8,490,503 $ 14,216,750 $ 14,176,920 (a) Financial operations for all governmental activities in accordance with GASB Statement No. 34. Source: District s Audited Financial Statements. 10