Expense and Revenue FORECASTS. for GOVERNMENTAL FUNDS

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Cathleen Wade
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1 Expense and Revenue FORECASTS for GOVERNMENTAL FUNDS

2 GENERAL FUND FORECAST ASSUMPTIONS REVENUE 1. Real estate assessment values will increase at an annual rate as follows: Chester County 250,000,000 in , 200,000,000 in , 200,000,000 in ; Delaware County 10,000,000 each year. The projected increases are calculated based on a District projection model that incorporates historical trend data and a forecast of future property activity levels. 2. State support, which includes the Basic Subsidy for instruction, Special Education, and Transportation, will remain constant with the exception of slight increases to reflect enrollment growth. The assumption is predicated on the historical trends of state funding for our District in these areas. There will be no major changes in local revenues. 3. Federal revenues will remain constant and will offset 100% of related expenses. 4. Capital Reserve Fund Transfers to the General Fund are budgeted to offset capital expenses in the Technology Fund. 5. Revenues and expenditures will be balanced on an annual basis. EXPENDITURES 1. Salary costs will increase at an annual rate of 4% per year along with additional teaching staff hired for enrollment growth. 2. Benefit costs are projected to increase by 15% per year along with added costs for additional teaching staff hired for enrollment growth, 3. Expenditures for contracted services accounted for in the purchased professional and technical services category, will increase by 5% each year. Expenditures accounted for in purchased property services will be held constant with the exception of 3% inflation, and other purchased services are projected to increase by 4% each year. 4. Expenditures over which the District exercises discretionary control will remain constant with the exception of 3% inflation. These expenditures include such items as instructional supplies and materials as well as funds for the maintenance of plant and equipment. 5. Other objects and other financing uses reflect increased debt service as a result of a 40.0 million bond issue in January 2004, a 40.0 million bond issue in January 2005 and a 38.6 million bond issue in January To equalize tax mill increases in the forecast, the budget reserve is 2.5 million in , and 0.0 in the forecasted years. 6. Technology Fund expenses are budgeted at 5.4 million in , 5.7 million in , and 6.0 million in Federal Program expenses are budgeted at 2,129,361 per year. This is consistent with the anticipated expenses. 187

3 GENERAL FUND FORECAST (INCLUDING TECHNOLOGY FUND & FEDERAL PROGRAMS) ANTICIPATED DESCRIPTION EXPENSES: 100 SALARIES 67,517,574 69,511,452 72,390,279 75,262,416 78,229, BENEFITS 16,622,750 19,440,555 22,385,940 25,736,838 29,584, PROFESSIONAL AND TECHNICAL SERVICE 7,222,579 5,895,753 6,190,541 6,500,068 6,825, PURCHASEDPROPERTY SERVICES 3,440,600 3,589, ,232 3,808,149 3,922, OTHER PURCHASED SERVICES 15, ,641,053 17,306,695 17,998, , SUPPLIES 2,907,403 4,470,186 4,604,292 4,742,420 4,884, PROPERTY 824, , , , , OTHER OBJECTS 5287,518 11,305,062 7,836,200 10,673,037 12,107, OTHER FINANCING USES 8,058, ,109,000 11,38 12,935,000 SUBTOTAL ~ ~ ~ia~4q,&~ ~ FEDERAL PROGRAMS 2,129,361 2,563,147 2,129,361 2,129,361 2,129,361 TECHNOLOGY FUND 5,009,747 5,149,413 5,406,884 5,677,228 5,961,089 GRAND TOTAL 134,042, ,438, ,945,934 ~ ~ii~4_1&?j1 REVENUES: 6111 CURRENT REAL ESTATE TAX 84,18 90,256,156 98,624, ,489, ,564, INTERIM REAL ESTATE TAX 3,900,000 2,800,000 2,800,000 2,800,000 2,800, PUBLIC UTILITY REALTY TAX 160, , ,000 PAYMENTS IN LIEU OF TAXES 6151 EARNED INCOME TAX 13,350, ,000 14,578,200 15,307,110 16,072, REAL ESTATE TRANSFER TAX 3,800,000 2,500,000 2,500,000 2,500,000 2,500, DELINQUENT TAXES 2,500,000 1,900,000 2,000,000 2,000,000 2,000, EARNINGS ON INVESTMENTS 600, ,540 2,000,000 2,000,000 2,000, TUITION FROM PATRONS RENT & MISC BEGINNING FUND BALANCE UNRESERVED 4,201,799 4,407,363 3,500,000 FUND BALANCE FORTECHNOLOGY 2,924,248 2,904, BASIC INSTRUCTIONAL SUBSIDY 6,115,234 6,115,234 6,237,539 6,362,289 6,489, SPECIAL EDUC SUBSIDY 4,805,400 4,505,400 4,566, ,200 4,689, TUITION FOR PRIVATE HOME PLACEMENT 45,000 45,000 45,000 45,000 45, INSTRUCTIONAL SUPPORT TEAMS 7310 TRANSPORTAION SUBSIDY 5,215,000 5,324,450 5,430,939 5,539,558 5,650, VOCATIONAL EDUC SUBSIDY RENT SUBSIDY 950,000 1,500,000 1,000,000 1,200,000 1,300, MIGRATORY CHILDREN MEDICAL, DENTAL & NURSE SVCES 275, , , , , HOMEBOUND INSTRUCTION CHARTER SCHOOL SUBSIDY 828, , SOCIAL SECURITY SUBSIDY 2,524,500 2,640,000 2,745,600 2,855,424 2,969, RETIREMENT SUBSIDY 383,750 1,333,545 1,386,887 1,442,362 1,500, LINK TO LEARN SUBSIDY 8000 FEDERAL PROGRAM REVENUES 2,129,361 2,563,147 2,129,361 2,129,361 2,129, CAPITAL RESERVE FUND TRANSFERS 2,110,666 2,012,514 2,500,000 2,500,000 2,500,000 FUND BALANCE FOR TECHNOLOGY 232, RECEIPTS FROM LEA S IN PA. ~ 147,438,769 ~ 164,830,676 ~di~,.24,i.8z4 1 NET AMOUNT TO BE RAISED FROM TAXES 90,256,156 98,624, ,489, ,564, GROSS TAX TO BE LEVIED 93,626, ,307, ,690, ,141, EQUAL BETWEEN COS. CHESTER % 95.39% 95.39% 95.39% 95.39% DELAWARE% 4.61% 4.61% 4.61% 4.61% CHESTER LEVY 89,311,130 97,591, ,311, ,280,809 DELAWARE LEVY 4,315,588 4,715,698 5,378,688 5,860, MILLAGE CALCULATIC CHESTER COUNTY TAX LEVY 89,311,130 97,591, ,311, ,280,809 CHESTER CO ASSESSED VALUE 7,095,522,937 7,345,522,937 7,545,522,937 7,745,522,937 CHESTER CO MILLAGE PREVIOUS YR MILL INCREASE % 5.6% 11.0% 6.1% DELAWARE COUNTY TAX LEVY 4,315,588 4,715,698 5,378,688 5,860,389 DELAWARE CO ASSESSED VALUE 423,042, ,042, ,042, ,042,041 DELAWARE CO MILLAGE PREVIOUS YR MILL INCREASE (0.93) % 6.7% 11.5% 6.6%

4 CAPITAL PROJECTS FUND FORECAST ANTICIPATED Revenues Interim Financings Bond Proceeds 30,000,000 40,000,000 40,000,000 38,610,000 Total Revenues L Q.,QQQ.~QQQ ~jq,qq~ Expenditures Capitalized Interest Site & Building Improvements! Replacements/Additions 17,869,780 49,337,702 Debt Service Temp Notes/Repay 15,250,000 64,380,423 28,710,664 18,082,022 Total Expenditures S S Excess of Revenues over ExpenditurE 11,292,397 (24,587,702) (24,380,423) 9,899,336 (18,082,022) ProjectFundBalanceatJulyl 71,498,920 82,791,317 58,203,615 33,823,192 43,722,528 Projected Fund Balance at June S

5 CAPITAL PROJECTS UPDATE CASH FLOW ESTIMATE APPROVED 11/18/2002 RE71SED: 217/2003 UNE SCHOOL PROJECT NAME PROJECT TOTAL COST EXPENDITURES EXPENDITIJRES EXPENDITURES EXPENDITIJRES EXPENDITURES EXPENDITURES EXPENDITURES ACTIVE CAPITAL PROJECTS I EAST H/OH SCHOOL P.06/OVATIONSAND ADDITIONS 2 HENDERSON HIGH SCHOOL renovationsand ADDITIONS 3 NEW H/OH SCHOOL NEW H/OH SCHOOL 4 FUGETT MIDDLE SCHOOL PENOVAT/ONS 5 HENDERSON ATHLETIC FIELDS NEW FIELDCONSTRUCTION ROUTE 100/ 6 rast H/OH SCIIOOLJFUGETTMS TEMPORARY MOOS FOR CONSTR. PHASING 7 IENDERSON1 H/OH SCHOOL MODULAR CLASSROOMS PHASE 1 B HENDERSON HIGH SCHOOL IODULAR CLASSROOMS PHASE 2 B DISTRICT WOE CT 28 LIGHTING PROJECT 10 DISTRICT WOE REPLACE CLASSROOM FURNITURE 11 EAST GOSHEN ASBESTOS TILE REPLACEMENT 12 V ESITOWNTHORN5URY :BOVSGROUND FUELOIL STORAGETANK 13 MARY C HOWSE BOVEGROUNOFUEL OIL STORAGETANK 14 STETSON CAFETERIA EXPANSION 15 SPELLMAN REPAIR/REPLACE ACCESSIBLE RAMP 16 SPELLMAN ROOF REPLACEMENT 17 P0/ROE CLASSROOM/CAFETERIAADDITIONS 18 DISTRICT WOE SECURITYCAMERAS 19 EERNHILL REPLACEPLOORING 20 VESTTOWN.THDRNBURY REPLACE FLOORING 21 F SNNWOOD NEW ENTRANCE CANOPY 22 TENNW000 OEWGYMNASIUM HEAT & VENTILATION ACTIVE PROJECT SUBTOTAL: ,838,882 2, ,B72,485~ 1,883,339 20, ~ , ,800 1,3 188, , , , , ,700,000 4,548, S,487 45, , , ,000 1, ,000 18,306 00, ,527 43, , , , ,230 38,561 71,500 82, , ,000 44,116 23,500,000 13,200,000 8,250,000 7,800,000 1,795,802 5,632,755 16,900,000 26, ,100,000 1,644, ,243 1,145,000 8,400,000 7,800,000 2,905, , , , ,587 96, ,486,857 17,759,780 40,509,401 53,942,423 28,450,681 5l7,599,02~ 7,800,000 3,008,080, I> m C ) I C~) I m C,) m a,> C C) PROPOSED CAPITAL PROJECTS 23 VARIOUS NOA TOILET ROOM UPGRADES 100,920,.,7~,,,, VARIOUS PA ICLOCK SYSTEM UPGRADES 253, EASTGOSHEN ROOF REPLACEMENT 527, EXTOrt CORRIDOR FLOORING AND FINISHES UPGRADES 150, PENNW003 GYMNASIUM ROOF REPLACEMENT 136, IILLSDALE/SPELLMAN OMERGENCY GENERATOR REPLACEMENT 61, SPELLMAN ASBESTOS TILE REPLACEMENt SPELLMAN BOILER REPLACEMENT 152, SPELLMAN CLASSROOM RENOVATIONS 570,000 WESrTOWNTHORN8URY REPLACE INTERIOR DOORS 28,000 IWFSTTOWNTHORNOURY 1IVAC UPGRADE TO NURSE/OFFICE AREAS / 50,000 25,000 15,000 10,006 86, , , ,298 17,000 15,000 8,000 15, , ,984 65, ,500 87, ,000 35,506 I PROPOSED PROJECT SUBTOTAL: 2,119, ,005, 038, , , , NOTES TOTAL CAPITAL PROJECTS: I 209,856,242 * The proposed p bios Spot/man FOcII/ly are nooses unto tire bulurestatue / , Far,rong Propenty Acquisflion rb the , IrbouId be added aso new ppdect. PurcbraseA9reernoltIalibIed Into aft~br/s update was prepared.) 17,509,190) 49,331, ,110,866 18,002,021 7,800,

6 CAPITAL RESERVE FUND FORECAST ANTICIPATED Revenues Contribution from General Fund 1,665,955 Refund of Prior Years Expenditures Arbitrage Rebate 107,461 Interest Income 794, , ,642 1,363,613 1,224,967 Total Revenues ~ ~~Q 4 QQ~ S ~ Expenditures and Fund Transfers Transfer to Capital Projects Fund Transfer to Technology Fund 2,183,542 1,732,179 2,500,000 2,500,000 2,500,000 Total Expenditures S S Excess of Revenues over Expenditures 384,427 (882,179) (944,35~) (1,136,387) (1,275,033) Project Fund Balance at July 1 13,205,221 13,589,648 12,707,469 11,763,111 10,626,723 Projected Fund Balance at June30 S ~ J22QZ4Q~ S

7 WEST CHESTER AREA SCHOOL DISRICT 2003~04 SPECIAL REVENUE FUND ATHLETIC FUND FORECAST ANTICIPATED Revenues Local Sources Gate Receipts ,000 81,000 87,300 87,300 87, ,000 2,000 19,310 1,000 10,000 10,000 10,000 10,000 Total Expenditures Excess of Revenues over Expenditurt (13,310) () Total Revenues Expenditures Salaries Professional & Technical Services Other Purchased Services Supplies Other Objects Project Fund Balance at July 1 19,610 Projected Fund Balance at June

WEST CHESTER AREA SCHOOL DISTRICT BUDGET

WEST CHESTER AREA SCHOOL DISTRICT BUDGET SPECIAL REVENUE FUND - ATHLETIC FUND Estimated Fund Balance @ 7/1/02: $3,500 Revenue: Gate Receipts $77,000 Total Revenue and Other Financing Sources $80,500 Expenditures: Salaries $10,000 Professional