Five Year Forecast Financial Report

Transcription

1 Five Year Forecast Financial Report October,

2 Table of Contents Table of Contents 2 Executive Summary 3 PAGE # Revenue Overview General Property Tax (Real Estate) Public Utility Personal Property Income Tax Unrestricted Grants-in-Aid & Restricted Grants-in-Aid Property Tax Allocation All Other Operating Revenues Total Other Financing Sources 12 Expenditures Overview Personnel Services Employee Benefits Purchased Services Supplies and Materials Capital Outlay Other Objects Total Other Financing Uses 20 Forecast Compare 21 Five Year Forecast 22 Forecast Purpose/Objectives Ohio Department of Education's purposes/objectives for the five-year forecast are: To engage the local board of education and the community in the long range planning and discussions of financial issues facing the school district. To serve as a basis for determining the school district's ability to sign the certificate required by O.R.C , commonly known as the "412 certificate." To provide a method for the Department of Education and Auditor of State to identify school districts with potential financial problems. 2

3 October, 2017 Executive Summary Five Year Forecast - Simplified Statement Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Beginning Balance 3,861,627 2,758, ,984 (3,079,685) (8,405,359) + Revenue 52,293,474 52,047,258 52,204,169 49,582,860 43,599,318 + Proposed Renew/Replacement Levies ,819,298 9,216,634 + Proposed New Levies Expenditures (53,396,370) (54,254,005) (55,835,837) (57,727,832) (59,570,547) = Revenue Surplus or Deficit (1,102,896) (2,206,748) (3,631,669) (5,325,674) (6,754,595) Ending Balance 2,758, ,984 (3,079,685) (8,405,359) (15,159,954) Revenue Surplus or Deficit w/o Levies (1,102,896) (2,206,748) (3,631,669) (8,144,972) (15,971,229) Ending Balance w/o Levies 2,758, ,984 (3,079,685) (11,224,657) (27,195,886) Summary: The Cuyahoga Falls City School District is forecasting flat revenue growth and increasing expenditures. If the District continues on its current path, it will reach a projected deficit of 5.8 percent of its annual budget in FY Without making significant changes to revenue and expenditures, the District is forecasting a deficit of nearly 29 percent of its estimated 2022 annual budget. The increasing gap between revenue and expenditures are due to a variety of reasons: Decrease in local property tax revenue collections; Aging buildings and infrastructure; State funding Cap and formula; and Historical reduction in force. For the calendar year 2017, tax collections were down 1.2 percent as well as the delinquent tax collection rate down 1.1 percent. This equates to an estimated property tax revenue decline of approximately $491,500 for fiscal year Historically, the District had revenue set aside from its General Fund and placed into a Permanent Improvement Fund to pay for Capital and Infrastructure which was generated from charging rent to Schnee and Newbury. Moving forward, the District is not anticipating revenue for renting out Newbury Elementary. As such, the Permanent Improvement Funds were depleted last fiscal year and not replaced. This means that monies typically used to pay for Capital and Infrastructure will not be paid out of the General Fund which equates to an additional expenditure of approximately $415,000. Cuyahoga Falls City Schools is a capped school district which means that we do not collect all the State Foundation Fund we qualify for based on the Formula. For example, the District will qualify for approximately $16.2 million, but anticipate to collect approximately $15.7 million, or a difference of $500,000. $70,000,000 $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $10,000,000 Revenue vs. Expenditures $53,396,370 $54,254,005 $55,835,837 $57,727,832 $59,570,547 $52,293,474 $52,047,258 $52,204,169 $49,582,860 $43,599, Revenue Renew/Replacement Levies New Levies Expenditures 3

4 Revenue Overview Prev. 5-Year PROJECTED 5-Year Avg. Annual Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Avg. Annual Change Change Revenue: Real Estate 0.99% -1.85% 0.12% 0.36% 0.58% 0.56% -0.04% Public Utility 2.88% 3.98% 1.92% 1.92% 1.93% 1.93% 2.34% Income Tax n/a 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State Funding 7.55% 0.69% -0.01% 0.34% -0.04% 3.25% 0.85% Restricted Aid 41.85% -3.14% -2.14% -4.06% -0.09% -0.30% -1.95% Restr Federal SFSF % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Property Tax Alloc -6.13% -1.46% 0.39% 0.16% 0.45% 0.43% -0.01% All Other Operating 17.06% -6.49% -5.91% 0.53% 0.59% -0.70% -2.40% Total Revenue 3.01% -1.50% -0.47% 0.30% 0.38% 1.26% -0.01% Total Other Sources 76.00% -6.94% 0.00% 0.00% 0.00% % % Total Rev & Other Srcs 3.09% -1.53% -0.47% 0.30% 0.38% 0.79% -0.11% The District received $48,849,266 in revenue in FY compared to the estimated revenue in FY at $52,293,474 which is a net increase of 7.05 percent. When you subtract out the revenue from Open Enrollment ($3,200,929), the net operating revenue increase from FY is 0.50 percent. This is an average increase of percent each year. Since FY , the District has reduced 73 positions despite enrollment increasing by 33 students. Moving forward with forecasted revenue projections, this forecast projects future revenues to stay virtually flat with a projected decline of 0.01 percent over the next five years. Othr Sources 0.5% Public 2022 Utility Real Estate 51.3% 44.0% 0.6% Public Utility 0.6% Income 0.6% Tax Income Tax Real State Estate Funding 31.0% 39.2% 51.3% Prop Tax Alloc 7.1% 5.9% All Othr Op Re 9.6% State 10.3% Othr Sources 0.5% Funding 31.0% All Othr Op Rev 9.6% Prop Tax Alloc 7.1% Othr Sources Real Estate 44.0% All Othr Op Rev 10.3% 2022 Prop Tax Alloc 5.9% Public Utility 0.6% State Funding 39.2% Income Tax 4

5 $27,277,993 $26,878,584 $26,794,056 $26,827,845 $27,231,217 $26,727,756 $26,760,398 $26,857,828 $24,572,077 $19,184,845 $2,440,732 $7,979, General Property Tax (Real Estate) Revenue collected from taxes levied by a school district by the assessed valuation of real property using effective tax rates for class I (residential/agricultural) and class II (business). FY Real Estate as a % of Total Revenue $30,000,000 Projected General Property RevRenewal Tax (Real Levy Estate) Revenue Actual and Projected 2013 $27,277,993 $1 FY Rea $25,000, $26,878, $26,794,056 $20,000, $26,827,845 $15,000, $27,231, $26,727, % $10,000, $26,760,398 $5,000, $26,857, $24,572,077 $2,440, $19,184, $7,979, Projected Revenue Renewal Levy Revenue The District is very dependent upon local real estate property taxes which generate 51.3 percent of the total revenue. Revenue has remained flat since 2013 and is projected to follow the same pattern throughout the forecasted period. As shown in the table below, Residential and Class II total valuation has decreased significantly from a high of $806,022,180 in 2010 to $740,891,978 in Of the total property tax revenue, 77 percent is collected from residential, 22 percent is collected from industry, 1 percent is collected from utilities and 0 percent is collected from agricultural. The reappraisal will occur in % 5.0% 4.0% 3.0% 2.0% 1.0% -1.0% -2.0% -3.0% 0.99% Year-over-Year Revenue Trend Year-over- Actual 5-YeProjected 5-Year Average % 0.99% % 0.99% % 0.99% % 0.99% % 0.99% % -0.04% % -0.04% % -0.04% % -0.04% % -0.04% -0.04% Year-over-Year Revenue Variance Actual 5-Year Average Projected 5-Year Average *Projected % trends include renewal levies 5

6 $249,000 $264,370 $277,109 $286,395 $299,225 $311,145 $317,126 $323,226 $310,431 $272,930 $19,018 $62, Public Utility Personal Property Revenue generated from public utility personal property valuations multiplied by the district's full voted tax rate. FY Public Utility as a % Projected Tangible RevRenewal Personal Property Levy Tax Revenue Actual and Projected FY of Pub Total Revenue $400, $249,000 $249,000 $350, $264,370 $264,370 $300, $277,109 $277,109 $250, $286,395 $286, % $200, $299,225 $299, $311,145 $311,145 $150, $317,126 $317,126 $100, $323,226 $323,226 $50, $310,431 $19,018 $329, $272,930 $62,865 $335,795 Projected Revenue Renewal Levy Revenue Public Utility Personal Property (PUPP) values have consistently risen over the past few years with utility company reinvestment in infrastructure. This revenue is only 0.6 percent of the district s total revenue. Valuations are projected to grow at a rate of 1.92 percent though the forecasted period. Like real estate, the PUPP revenue is also subjected to the renewal of levies which is reflected in the green portion of the bar above. Year-over-Year Revenue Trend 8.0% 6.0% 4.0% 2.0% -2.0% -4.0% 2.88% Year-over- Actual 5-YeProjected 5-Year Average % 2.88% % 2.88% % 2.88% % 2.88% % 2.88% % 2.34% % 2.34% % 2.34% % 2.34% % 2.34% 2.34% -6.0% Year-over-Year Revenue Variance Actual 5-Year Average Projected 5-Year Average *Projected % trends include renewal levies 6

7 $- $- $- $- $ Income Tax Revenue collected from income tax earmarked specifically to support schools with a voter approved tax by residents of the school district; separate from federal, state and municipal income taxes. FY Income Tax as a % Projected RevRenewal Income Tax Actual Levy and Revenue Projected FY 2017 of - Inco Total Revenue 0 $ $1 $ Projected Revenue Renewal Levy Revenue We do not have an income tax % Year-over-Year Revenue Trend Year-over- Actual 5-YeProjected 5-Year Average 2013 n/a #DIV/0! 2014 n/a #DIV/0! 2015 n/a #DIV/0! 2016 n/a #DIV/0! 2017 n/a #DIV/0! % 0.00% % 0.00% % 0.00% % 0.00% % 0.00% 0.00% Year-over-Year Revenue Variance Actual 5-Year Average Projected 5-Year Average *Projected % trends include renewal levies 7

8 $11,007,704 $12,004,746 $13,484,914 $14,360,639 $15,687,384 $15,794,907 $15,793,484 $15,847,545 $15,841,705 $16,356, Unrestricted Grants-in-Aid Funds received through the State Foundation Program with no restriction. FY Unres State Aid as a % of Total Revenue FY Unr % $18,000,000 $16,000,000 $14,000,000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 Unrestricted Grants-in-Aid Actual and Projected Unrestricted State Aid is more commonly known as the per pupil formula aid or foundation. Cuyahoga Falls Schools received 29.5 percent of its revenue from this source. In FY 2017, the State Share Index (SSI) was 41 percent. This means that the district receives 41 percent of the opportunity grants ($6,000 * 0.41) which equates to $2,460 per student. The Opportunity Grant has increased for FY 18 to $6,010 and will increase in FY 19 to $6,020. As such, the forecasted year over year revenue trend only increases by 1 percent. The SSI is a calculation used to determine a district s capacity to raise local revenue when distributing State funds. The basis for this calculation is the district s three-year average property value, median income index, and a wealth index. Using this formula, no district will have a SSI greater than 0.90 or less than % 12.0% 1 8.0% 6.0% 4.0% 2.0% Year-over-Year Revenue Trend Year-over-YeaActual 5-Year Projected 5-Year Average % 8% % 8% % 8% % 8% % 8% % 1% % 0% 1% % 1% % 1% % 1% 1% -2.0% Year-over-Year Revenue Variance Actual 5-Year Average Projected 5-Year Average 8

9 $257,918 $588,914 $807,415 $655,174 $792,481 $767,565 $751,159 $720,674 $720,043 $717, & Restricted Grants-in-Aid Funds received through the State Foundation Program or other allocations that are restricted for specific purposes. FY Rest State Aid as a % of Total Revenue FY Res 0 1.5% $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 Restricted Grants-in-Aid Actual and Projected Restricted grants-in-aid consist of Career Tech, Catastrophic Cost Reimbursement and Economic Disadvantaged Funding. Fiscal year and future years are projected to decrease slightly for Career Tech based on a slight decrease in catastrophic cost reimbursements. 15 Year-over-Year Revenue Trend % -1.95% Year-over-Year Revenue Variance Actual 5-Year Average Projected 5-Year Average 9

10 $4,563,697 $4,579,496 $4,543,338 $3,812,783 $3,744,388 $3,689,600 $3,703,924 $3,709,868 $3,366,964 $2,568, Property Tax Allocation Includes funds received for Tangible Personal Property Tax Reimbursement, Electric Deregulation, Homestead and Rollback. FY Prop Tax Allocation Property Tax Allocation Actual and Projected Projected RevRenewal Levy Revenue as a % of Total Revenue $5,000,000 FY Pro $4,563,697 $4,000, $4,579, $4,543,338 $3,000, $3,812, % 2017 $3,744,388 $2,000, $3,689, $3,703,924 $1,000, $3,709,868 $359,549 $1,173, $3,366,964 $359, $2,568, $1,173, Projected Revenue Renewal Levy Revenue Property tax allocation is 7.1 percent of the district s revenue. This revenue source is received from the state of Ohio, and is the state s reimbursement for real estate property tax credits knows as rollback and homestead. The revenue parallels real estate revenue collections and also reflects the levy renewal starting in The bottom chart shows the year over year revenue trend. The District is forecasting flat revenue and assumes the renewal levies will pass. The State has eliminated this reimbursement on new levies, however, the district can maintain this source of funding if it maintains all current levies (including renewals). The green portion of the bar represents the portion of state reimbursement attributed to the renewal levies expiring in FY 2021 and % -2.0% -4.0% -6.0% -8.0% % -14.0% -16.0% -18.0% -6.13% Year-over-Year Revenue Trend Year-over- Actual 5-YeProjected 5-Year Average % -6.13% % -6.13% % -6.13% % -6.13% % -6.13% % -0.01% % -0.01% % -0.01% % -0.01% % -0.01% -0.01% Year-over-Year Revenue Variance Actual 5-Year Average Projected 5-Year Average *Projected % trends include renewal levies 10

11 $3,515,033 $3,488,694 $3,954,639 $3,945,143 $5,091,062 $4,760,664 $4,479,329 $4,503,190 $4,529,802 $4,498, All Other Operating Revenues Operating revenue sources not included in other lines; examples include tuition, fees, earnings on investments, rentals, and donations. FY Other Operating Revenue as a % of Total FY Oth 0 Revenue $6,000,000 $5,000,000 All Other Operating Revenue Actual and Projected 9.6% $4,000,000 $3,000,000 $2,000,000 $1,000,000 All other operating revenues include tuition, transportation, interest on investments, other revenue, sale of assets, payments in lieu of taxes, and Medicaid reimbursements. Also, Cuyahoga Falls receives tuition from other school districts whose students attend our schools, as well as from open enrollment. Lastly, investments are restricted by provisions of the Ohio Revised Code and are valued at cost. The District is forecasting an overall 2 percent decline from FY 17 in other operating revenue throughout the forecasted period. 5 Year-over-Year Revenue Trend % -2.40% -1 Year-over-Year Revenue Variance Actual 5-Year Average Projected 5-Year Average 11

12 $73,285 $209,927 $401,646 $327,544 $259,868 $241,837 $241,837 $241,837 $241, Total Other Financing Sources Includes proceeds from sale of notes, state emergency loans and advancements, operating transfers-in, and all other financing sources like sale and loss of assets, and refund of prior year expenditures. FY Other Financing Sources as a % of Total FY Oth Revenue 0.5% $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 Other Operating Financing Sources Actual and Projected The Tax Incrfement Financing (TIF) agreement entered into the City of Cuyahoga Falls in April 2010 requires the city to reimburse the district 22 percent of the funds collected by the city on behalf of all taxing authorities for the TIF properties. 25 Year-over-Year Revenue Trend % % -15 Year-over-Year Expenditure Variance Actual 5-Year Average Projected 5-Year Average 12

13 Expenditures Overview Prev. 5-Year PROJECTED 5-Year Avg. Annual Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Avg. Annual Change Change Expenditures: Salaries 1.47% 0.11% 2.94% 3.61% 3.61% 3.61% 2.77% Benefits 2.39% 1.74% -0.88% 4.31% 4.48% 6.13% 3.16% Purchased Services 8.45% 2.75% -0.02% -0.08% 1.98% 0.00% 0.93% Supplies & Materials 7.64% % 10.25% 1.82% 1.82% 0.00% 0.44% Capital Outlay -8.21% % 2.00% 0.85% 0.86% 0.00% 58.11% Intergov n/a n/a n/a n/a n/a n/a n/a Debt % % n/a n/a n/a n/a % Other Objects -6.89% 5.12% 6.34% 2.09% 2.09% 0.00% 3.13% Total Expenditures 2.72% 1.79% 1.61% 2.92% 3.39% 3.32% 2.61% Total Other Uses % % 0.00% 0.00% 0.00% % % Total Exp & Other Uses 2.88% 1.02% 1.61% 2.92% 3.39% 3.19% 2.42% Operating expenditures are projected to grow at an average annual rate of 2.61 percent though the forecast period. Salaries and benefits are the largest areas of cost at 52.8 percent and 22.5 percent respectively. For the FY 2018 school year, the district had a reduction of force totaling 18 employees. Also, the district entered negotiations for its three bargaining units which agreed to increase prescription co-pays from /$20/$40 to $5/$30/$50. Also, contained in negotiations was salary increases for all staff at 2 percent and 1.5 percent in FY 18 and FY 19 respectively Salaries 52.8% 53.7% Benefits 22.5% 23.2% Purch Salaries Serv 20.5% 19.0% Supp 52.8% & Mat 2.0% 1.8% Capital Outlay 0.3% 1.2% Intergov & Deb 0.1% Benefits 22.5% Othr Objects 1.0% 1.0% Othr Uses 0.9% Salaries 53.7% 2022 Benefits 23.2% Othr Uses 0.9% Othr Objects 1.0% Intergo v & Debt 0.1% Capital Outlay 0.3% Supp & Mat 2.0% Purch Serv 20.5% Othr Uses Othr Objects 1.0% Intergov & Debt Capital Outlay 1.2% Supp & Mat 1.8 Purch Serv 19.0% 13

14 $26,378,042 $26,599,972 $26,418,007 $26,846,064 $27,895,392 $27,926,816 $28,746,519 $29,783,725 $30,858,354 $31,971, Personnel Services Employee salaries and wages, including extended time, severance pay, supplemental contracts, etc. FY Salaries as a % of Total Expenditures FY Sala 0 $35,000,000 $30,000,000 $25,000,000 $20,000,000 Personnel Services Actual and Projected 52.8% $15,000,000 $10,000,000 $5,000,000 Salary expense is the largest single expenditure at 52.8 percent of total expenditures. The district has experienced flat student growth and a decline in employees in an effort to keep salary expenditures consistent. Starting in FY , the district reduced 18 teachers despite student enrollment staying consistent. This decrease is reflected in the chart below. Salaries are projected to grow in response to employee experience, educational levels, and negotiated agreements. 5.0% Year-over-Year Expenditure Trend 4.0% 3.0% % 1.0% % Year-over-Year Expenditure Variance Actual 5-Year Average Projected 5-Year Average 14

15 $10,299,468 $9,824,505 $10,975,626 $11,612,496 $11,872,587 $12,079,669 $11,973,389 $12,489,067 $13,048,467 $13,847, Employees' Benefits Retirement for all employees, Workers Compensation, early retirement incentives, Medicare, unemployment, pickup on pickup, and all health-related insurances. FY Benefits as a % of Total Expenditures FY Ben % $16,000,000 $14,000,000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 Employees' Benefits/Insurance Benefits Actual and Projected The second largest component of the district s expenditures are related to employee fringe benefits, and total 22.5 percent of the budget. During the course of negotiations, the district along with its 3 unions agreed to increase emergency co-pays as well as prescription co-pays to help offset the increasing cost of health insurance. Employee Benefits are projected to increase 3.1 percent over the course of the forecast. 14.0% 12.0% 1 8.0% 6.0% 4.0% 2.0% -2.0% -4.0% -6.0% Year-over-Year Expenditure Trend Year-over-Year Expenditure Variance Actual 5-Year Average Projected 5-Year Average 15

16 $7,724,494 $8,798,970 $10,326,655 $10,996,655 $10,816,592 $11,114,207 $11,112,357 $11,103,996 $11,323,906 $11,323, Purchased Services Amounts paid for personal services rendered by personnel who are not on the payroll of the school district, and other services which the school district may purchase. FY Purchased Services as a % of Total Expenditures FY Pur 0 $12,000,000 $10,000,000 $8,000,000 Purchased Services Actual and Projected 20.5% $6,000,000 $4,000,000 $2,000,000 Purchased services is 20.5 percent of the districts expenditures. They are comprised of tuition paid to external providers, preschool services provided by the ESC, utilities, and services for operations. Preschool increased by approximately $225,000 in FY 2018 as well as increases to utilities and the opportunity grant. Tuition expenses for scholarships, community schools and open enrollment out of the district amounted totaled $4,333,045 in The District is working to curb purchased services expenditures throughout the forecasted period by working internally to see what services can be accompolished at the District level as opposed to outsourcing. 2 Year-over-Year Expenditure Trend 15.0% 1 5.0% % Year-over-Year Expenditure Variance Actual 5-Year Average Projected 5-Year Average 16

17 $726,273 $1,001,001 $931,208 $882,973 $1,075,146 $949,361 $1,046,646 $1,065,683 $1,085,100 $1,085, Supplies & Materials Expenditures for general supplies, instructional materials including textbooks and media material, bus fuel and tires, and all other maintenance supplies. FY Supplies & Materials as a % of Total FY Sup Expenditures 0 $1,200,000 $1,000,000 Supplies & Materials Actual and Projected 2.0% $800,000 $600,000 $400,000 $200,000 The FY 2018 level of supplies and materials is being maintained through the forecast period. This line item includes general instructional supplies, textbooks, maintenance supplies, and transporation including fuel. As shown in the table below, school building budgets and District supplies and Materials have been reduced in 4 of the last 6 years. 5 Year-over-Year Expenditure Trend Year-over-Year Expenditure Variance Actual 5-Year Average Projected 5-Year Average 17

18 $381,021 $379,142 $539,915 $283,374 $183,974 $711,729 $725,964 $732,119 $738,397 $738, Capital Outlay This line includes expenditures for items having at least a five-year life expectancy, such as land, buildings, improvements of grounds, equipment, computers/technology, furnishings, and buses. FY Capital Outlay as a % of Total Expenditures FY Cap 0 0.3% $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 Capital Outlay Actual and Projected The district is anticipating to increase its capital outlay from the General Fund. The District completed a lease/purchase agreement with Blue Bird for 2 new school buses this fiscal year ($160,000). Also, Dewitt is scheduled to have its roof repaired ($420,000). Typically, these funds would come out of the Permanent Improvement Fund (PI), but due to revenue restrictions, the district has not been able to establish additional cash to support the PI Fund. As such, the General Fund will support the full expenditures of Capital Outlay through the forecast Year-over-Year Expenditure Trend Year-over-Year Expenditure Variance Actual 5-Year Average Projected 5-Year Average 18

19 $787,889 $596,365 $558,489 $577,508 $518,038 $544,587 $579,130 $591,248 $603,608 $603, Other Objects Tota Primary components for this expenditure line are membership dues and fees, ESC contract deductions, County Auditor/Treasurer fees, audit expenses, and election expenses. Operating tran FY Other Objects as a Other Objects Actual and Projected FY % of Total Expenditures $900,000 Uses a FY Oth 0 $800,000 FY Oth Exp $700,000 $600, % $500,000 $400,000 $300,000 $200,000 $100,000 Other objects totaled 1.0 percent of the districts budget and the primary component is related to county auditor and treasurer fees for the collection of local property taxes. The district's advanced fund $70,000 in FY Year-over-Year Expenditure Trend 1 5.0% % % % Year-over-Year Expenditure Variance Actual 5-Year Average Projected 5-Year Average 19

20 $179,128 $754,462 $398,826 $64,280 $468,031 $70,000 $70,000 $70,000 $70,000 al Other Financing Uses nsfers-out, advances out to other funds, and all other general fund financing uses. - Other Financing as a % of Total penditures 0 0.9% $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 Other Financing Uses Actual and Projected general fund makes temporary loans to other district funds that are then repaid (other source). The district ds in FY 2017 that were returned in FY Moving forward, the district is projecting annual advances of Y 2018 and beyond. Year-over-Year Expenditure Trend Year-over-Year Expenditure Variance Actual 5-Year Average Projected 5-Year Average 20

21 Forecast Compare Comparison of Previous Forecast Amounts to Current Forecasted Numbers F.Y Column A Column B Column C Column D Previous Current Dollar Percent Forecast Forecast Difference Difference Amounts For Amounts For Between Between F.Y F.Y Previous Previous Prepared on: Prepared on: and and Revenue: 05/18/ /12/2017 Current Current 1 Real Estate & Property Allocation $30,592,953 $30,417,356 -$175, % 2 Public Utility Personal Property $299,033 $311,145 $12, % 3 Income Tax n/a 4 State Foundation Restricted & Unrestricted $16,834,986 $16,562,472 -$272, % 5 Other Revenue $4,655,809 $4,760,664 $104, % 6 Other Non Operating Revenue $241,837 $241,837 7 Total Revenue $52,624,618 $52,293,474 -$331, % Expenditures: 8 Salaries $28,454,783 $27,926,816 -$527, % 9 Fringe Benefits $12,395,847 $12,079,669 -$316, % 10 Purchased Services $11,754,653 $11,114,207 -$640, % 11 Supplies, Debt, Capital Outlay & Other $1,767,647 $2,205,678 $438, % 12 Other Non Operating Expenditures $70,000 $70, Total Expenditures $54,442,930 $53,396,370 -$1,046, % 14 Revenue Over/(Under) Expenditures -$1,818,312 -$1,102,896 $715, %* 15 Ending Cash Balance $1,072,250 $2,758,731 $1,686, %* *Percentage expressed in terms of total expenditures 21

22 Actual FORECASTED Fiscal Year: # 2022 Revenue: General Prop 27,231,217 26,727,756 26,760,398 26,857,828 19,184, Public Utility 299, , , , , Income Tax Unrestricted 15,687,384 15,794,907 15,793,484 15,847,545 # 16,356, Restricted Gr 792, , , , , Restricted Fe Property Tax 3,744,388 3,689,600 3,703,924 3,709,868 2,568, All Other Ope 5,091,062 4,760,664 4,479,329 4,503,190 4,498, Total Revenue 52,845,757 52,051,637 51,805,421 51,962,332 43,599,318 Other Financing Sources: Proceeds fro State Emerge Operating Tr Advances-In All Other Fin 259, , , , Total Other F 259, , , , Total Rev & Oth 53,105,625 52,293,474 52,047,258 52,204,169 43,599,318 Expenditures: Personnel Se 27,895,392 27,926,816 28,746,519 29,783,725 31,971, Employee Be 11,872,587 12,079,669 11,973,389 12,489,067 13,847, Purchased Se 10,816,592 11,114,207 11,112,357 11,103,996 11,323, Supplies and 1,075, ,361 1,046,646 1,065,683 1,085, Capital Outla 183, , , , , Intergovernm Debt Service: Principal-All 27, Principal - No Principal - St Principal - St Principal - HB Principal - Ot Interest and Other Object 518, , , , , Total Expenditu 52,389,447 53,326,370 54,184,005 55,765,837 59,570,547 Other Financing Uses Operating Tr Advances-Ou All Other Fin 468,031 70,000 70,000 70, Total Other F 468,031 70,000 70,000 70, Total Exp and O 52,857,478 53,396,370 54,254,005 55,835,837 59,570, Excess of Rev O 248,147 (1,102,896) (2,206,748) (3,631,669) (15,971,229) Cash Balance J 3,613,480 3,861,627 2,758, ,984 (11,224,657) Cash Balance Ju 3,861,627 2,758, ,984 (3,079,685) (27,195,886) Estimated En 408, , , , Reservations Fund Bal June 3,452,634 2,638, ,984 (3,199,685) (27,195,886) Rev from Replacement/Renewal Levies & Income & Propert ,216, Cumulativ ,035, Fund Bal June 3,452,634 2,638, ,984 (3,199,685) (15,159,954) Revenue from New Levies & Income & Propert Cumulative Unreserved Fu 3,452,634 2,638, ,984 (3,199,685) (15,159,954) 22