CEDAR FALLS COMMUNITY SCHOOL DISTRICT 2017/18 Budget Presentation
IOWA PUBLIC SCHOOL FOUNDATION PROGRAM - STATE AID Iowa Code Chapter 257.1(2)... each school district in the state is entitled to receive foundation aid, in an amount per pupil equal to the difference between the amount per pupil of foundation property tax in the district, and the combined foundation base per pupil or the combined district cost per pupil, whichever is less.
GENERAL FUND BUDGET DETERMINATION Aid & Levy Budget Worksheet Implements the school foundation aid formula Calculates the amount of spending authority, state aid and property taxes for a school district A school district s general fund spending is limited by it s maximum spending authority Formula first determines the total spending authority Primarily student enrollment times cost per pupil Determines state aid vs. property taxes
GENERAL FUND BUDGET DETERMINATION Aid & Levy Worksheet 21 Sections 1. Budget Enrollment 2. Cost per Pupil Amounts 3. Weighted Enrollment Special Education Sharing At-Risk (Now included as a part of drop-out funding) English Second Language (ESL)
GENERAL FUND BUDGET DETERMINATION Aid & Levy Worksheet Continued 4. District Cost Calculations Regular Program Other District Cost Calculations (TSS/PD/Early Childhood/TLC) AEA District Cost Calculations 5. Combined District Cost (Summary of Section 4) 6. Uniform Levy Basic Utility Replacement Adjustment Uniform Levy Commercial & Industrial State Replacement Adjustment
GENERAL FUND BUDGET DETERMINATION Aid & Levy Worksheet Continued 7. State Foundation Aid Regular Program Cost Preschool Foundation Aid 8. Additional Dollar Levy Combined District Cost Property Tax Replacement Payment (PTRP) Property Tax Equity & Relief (PTER) (67 schools for Fy17 - $33.48 million) Final Additional Levy Before Utility Replacement Adjustment 9. Final State Foundation Aid Calculation
GENERAL FUND BUDGET DETERMINATION Aid & Levy Worksheet Continued 10. Instructional Support Levy Calculation 11. Educational Improvement Program (CF currently not eligible) 12. Reserved for Future Use 13. Additional Levy Adjustment Utility Replacement C & I State Replacement Adjustment 14. Reserved for Future Use 15. Summary of General Fund Levies
GENERAL FUND BUDGET DETERMINATION Aid & Levy Worksheet Continued 16. State Aid Payments to AEA & District 17. Summary of General Fund Budget Spending Authority 18. Summary of Financing for General Fund Maximum Budget 19. Voted Physical Plant & Equipment Levy (PPEL) 20. Income Surtax Rates & General Fund Surtax Dollars 21. Other Property & Utility Tax Replacement Taxes Management Levy Regular Physical Plant & Equipment Levy Debt Service
Student CERTIFIED ENROLLMENT SECTION 1 5,200 5,000 4,452.2 4,754.7 4,781.4 4,862.4 4,859.1 4,907.3 5,052.1 5,146.8 101.0 95.6 4,800 121.0 121.0 108.0 4,600 311.8 292.1 4,400 4,200 4,000 53.9 4,398.3 4,442.9 4,489.3 4,741.4 4,738.1 4,799.3 4,951.1 5,051.2 3,800 Oct-09 Oct-10 Oct-11 Oct-12 Oct-13 Oct-14 Oct-15 Oct-16 CF OE Out
SPECIAL ED ENROLLMENT BY PERCENTAGE SECTION 3 14% 12% 10% 8% 1.60% 2.85% 1.47% 3.11% 1.36% 2.71% 1.31% 2.90% 1.47% 2.88% 1.35% 1.57% 2.08% 3.21% 3.06% 2.99% 6% 4% 2% 7.93% 8.51% 8.08% 7.22% 6.58% 5.89% 5.72% 5.67% 0% Oct 09 Oct 10 Oct 11 Oct 12 Oct 13 Oct 14 Oct 15 Oct 16 L1 L2 L3
HISTORY OF SUPPLEMENTAL STATE AID IN PERCENTAGE 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 FY18 Cedar Falls CF w/o PLS State
SSA COMPARISON - SIMILAR SIZED SCHOOLS State Rank School District 2016/17 RPDC 2016/17 RPDC/P 10/1/16 Count 2017/18 RPDC Dollar Growth % Growth Per Pupil Growth Enrollment Increase 11 W Des Moines* $59,545,319 $6,591 8,968.9 $59,995,402 $ 450,083 0.76% $ 50.18 (43.6) 12 Linn-Mar $47,448,557 $6,592 7,312.5 $48,737,813 $ 1,289,256 2.72% $ 176.31 114.6 13 Johnston $44,529,455 $6,591 6,894.2 $45,942,949 $ 1,413,494 3.17% $ 205.03 131.1 14 Southeast Polk $44,828,687 $6,591 6,797.2 $45,296,541 $ 467,854 1.04% $ 68.83 (4.3) 15 Marshalltown $35,289,535 $6,632 5,435.2 $36,443,016 $ 1,153,481 3.27% $ 212.22 114.1 16 Cedar Falls $33,333,756 $6,598 5,146.8 $34,334,303 $ 1,000,547 3.00% $ 194.44 94.7 17 College $32,608,313 $6,664 5,086.6 $33,897,102 $ 1,228,789 3.95% $ 253.37 139.2 18 Muscatine $34,690,335 $6,664 5,084.2 $34,416,225 $ (274,110) (0.79)% $ (53.91) (85.6) 19 Pleasant Valley $30,471,823 $6,797 4,745.5 $32,255,164 $ 1,783,341 5.85% $ 375.80 213.7 20 Ottumwa $30,469,534 $6,664 4,643.2 $30,942,285 $ 472,751 1.55% $ 101.82 20.3 21 Burlington $29,908,402 $6,664 4,422.7 $29,673,177 $ (235,225) (0.79)% $ (53.19) (34.8) * = Indicated budget guarantee for Fy18
Students SIMILAR SIZED SCHOOLS THREE YEAR CUMULATIVE CHANGE CERTIFIED ENROLLMENT 400.0 350.0 359.4 300.0 250.0 277.1 239.5 285.7 200.0 150.0 167.3 162.8 100.0 50.0 50.2 45.3 0.0-50.0-100.0-150.0-200.0-177.2-171.2-250.0-244.2 Oct. 2014, 2015 & 2016 certified enrollment count
SIMILAR SIZED SCHOOLS THREE YEAR AVERAGE INCREASE SUPPLEMENTAL STATE AID $1,800,000 $1,714,497 $1,600,000 $1,400,000 $1,510,715 $1,356,885 $1,465,758 $1,200,000 $1,000,000 $1,057,865 $1,122,744 $800,000 $600,000 $785,031 $641,330 $600,906 $400,000 $200,000 $0 $131,258 $52,406 Included any budget guarantee funds received
STATE ENROLLMENT CHANGE OCT. 1, 2015 - OCT 1, 2016 600 579.0 500 400 300 200 100 Cedar Falls 94.7 (16 th ) 0-100 -200-300 -400-311.3 332 Districts
3 YEAR AVERAGE STATE ENROLLMENT CHANGE OCT. 1, 2014 - OCT 1, 2016 600 579.6 500 400 300 200 Cedar Falls 95.9 (12 th ) 100 0-100 -200-163.7 332 Districts
Billions CEDAR FALLS CSD HISTORY OF ASSESSED VALUATION SECTION 6 $2.5 $2.0 $1.5 $1.0 $0.5 $0.0 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18 Regular TIF
TAX INCREMENT FINANCING BASICS Used by cities/counties/community colleges since 1958 City/county adopt urban renewal plans Community Colleges job training projects City/county adopts an ordinance to initiate Tax Increment Financing Establishes a base valuation at the prior years taxable valuation level Increased value of TIF area is incremental valuation Revenue on base valuation goes to all taxing authorities Revenue on incremental valuation goes to TIF project with some exceptions
ASSESSED VALUATION PER STUDENT $400,000 $380,000 $360,000 $340,000 $320,000 $300,000 $280,000 $260,000 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18 Cedar Falls State Median Avg
ASSESSED VALUATION BY CATEGORY 100% 90% 80% 70% 60% 1.29% 1.10% 1.17% 0.98% 0.92% 0.96% 4.02% 3.31% 27.22% 1.33% 32.64% 1.21% 23.44% 21.66% 16.84% 21.01% 1.35% 1.36% 1.29% 1.21% 50% 40% 30% 70.16% 65.05% 74.04% 76.00% 76.93% 73.52% 20% 10% 0% 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Residential Ag land & bldgs Comm./Indust. Multi-residential RR/Utility/Other
2016/17 VALUATION PER STUDENT AREA SCHOOL COMPARISON $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 Cedar Falls Dike-NH Hudson Janesville Waterloo Waverly-SR State Avg
VALUATION PER STUDENT AREA SCHOOL 3 YR. COMPARISON $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 Cedar Falls Dike-NH Hudson Janesville Waterloo Waverly-SR State Avg Fy15 Fy16 Fy17
2016/17 VALUATION PER STUDENT SIMILAR SIZE SCHOOL COMPARISON $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 WDM Linn-Mar Johnston SE Polk M'town Cedar Falls College Muscatine Pleasant Valley Ottumwa Burlington
VALUATION PER STUDENT SIMILAR SIZE SCHOOL 3 YR. COMPARISON $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 WDM Linn-Mar Johnston SE Polk M'town Cedar Falls College Muscatine Pleasant Valley Ottumwa Burlington Fy15 Fy16 Fy17
2017/18 COMBINED DISTRICT COST $6,771 PER STUDENT 12.57% $ 838 per Student Additional Levy Combined District Cost Foundation Dollar Level State Foundation Aid = Foundation Dollar Level Uniform Levy 62.82% $4,191 per Student Foundation dollar cost per pupil as set by the State of Iowa x Weighted Enrollment - Uniform Levy + SSA Prop Tax Replacement Payment 24.61% $1,642 per Student Uniform Levy = $5.40 per $1,000 assessed valuation x school district assessed valuation
HISTORY OF COST PER PUPIL $6,800 $6,600 $6,400 $6,373 $6,453 $6,598 $6,671 $6,200 $6,128 $6,000 $5,800 $5,890 $5,890 $6,008 $5,600 $5,400 FY11 FY12 FY13 Fy14 Fy15 Fy16 Fy17 Fy18
HISTORICAL COMBINED DISTRICT COST MIX 70% 60% 62.53% 62.84% 61.80% 59.35% 63.08% 63.37% 63.93% 62.82% 50% 40% 37.47% 37.16% 38.20% 40.65% 37.92% 36.63% 36.07% 37.18% 30% 20% 10% 0% Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 FY18 Property Tax State Aid
COMBINED DISTRICT COST FUNDING Aid & Levy budget worksheet Uniform Levy (Section 6) Property Tax Portion = $10,162,491 (Ln 6.3) Property Tax Rate = $5.40000 Final State Foundation Aid (Section 9) Regular Program = $31,191,420 (Ln 9.12 Ln 9.11) Includes TSS, PD, TLC, Early Intervention & Property Tax Replacement Payment (PTRP)
COMBINED DISTRICT COST FUNDING Additional Levy (Section 8 minus Section 13) Gross Property Tax Additional Levy (Ln 8.4) $6,739,571 Utility Replacement Adjustment (Ln 8.38) - 38,878 AEA Statewide Reduction (Ln 8.41) + 66,618 Property Tax Replacement Payment (Ln 8.42) - 490,585 Add. Levy Utility Replacement Adjust (Ln 13.5) + 333 Add. Levy C & I State Replacement (Ln 13.21) - 257,749 Dropout Prevention Program (Ln 5.17) - 828,149 Net Additional Levy $5,191,161 Property Tax Rate = $2.75828
COMBINED DISTRICT COST FUNDING Aid & levy budget worksheet Property Tax Portion = $15,353,652 Property Tax Rate = $8.15828 Dropout Prevention (approved by BOE on Dec. 12, 2016) Property Tax Portion = $828,149 Property Tax Rate = $0.44004 Totals Property Tax Portion = $16,181,801 Property Tax Rate = $8.59832
2016/17 COMBINED DISTRICT COST TAX RATE COMPARISON $12.00 $10.78 $10.00 $8.51 $9.66 $9.61 $8.62 $8.95 $8.98 $8.00 $6.00 $4.00 $2.00 $0.00 Cedar Falls Dike-NH Hudson Janesville Waterloo Waverly-SR State Avg Includes Drop Out Prevention Funding.
2016/17 COMBINED DISTRICT COST SIMILAR SIZE SCHOOL COMPARISON $11.50 $11.00 $10.50 $10.42 $10.71 $10.57 $10.98 $10.00 $9.81 $9.50 $9.41 $9.39 $9.47 $9.00 $8.87 $8.69 $8.50 $8.20 $8.00 WDM Linn-Mar Johnston SE Polk M'town Cedar Falls College Muscatine Pleasant Valley Ottumwa Burlington Includes Drop Out Prevention Funding
Millions HISTORY OF COMBINED DISTRICT COST & DROPOUT PROPERTY TAX REVENUE $18 $16 $14 $12 $0.57 $0.57 $0.66 $0.66 $0.74 $0.74 $0.77 $0.83 $10 $8 $6 $11.56 $12.28 $13.21 $14.63 $13.71 $13.90 $14.35 $15.35 $4 $2 $0 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18 CDC Dropout
HISTORY OF COMBINED DISTRICT COST & DROPOUT PROPERTY TAX RATES $10.00 $9.00 $8.00 $0.43527 $0.40703 $0.43082 $0.37572 $0.45951 $0.44868 $0.45329 $0.44004 $7.00 $6.00 $5.00 $4.00 $8.80455 $8.80728 $8.58129 $8.23849 $8.46096 $8.40597 $8.41638 $8.15828 $3.00 $2.00 $1.00 $0.00 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18 CDC Dropout
INSTRUCTIONAL SUPPORT LEVY SECTION 10 Included with General Fund for reporting to Dept. of Education 10 year levy approved by voters of District (Thru Fy2022) 10% of regular district program cost ( L n 10.5) $3,433,430 Less gross ISL State Aid (22.56% of total) - $ 774,582 Net Property Tax $2,658,848 Instructional Support State Aid + $ 0 (0% of Gross State Aid) Total Adjusted ISL Dollars = $2,658,848 Less anticipated actual ISL State Aid - $ 0 Anticipated Actual ISL Dollars = $2,658,848 Property tax rate of $1.30531/$1,000
Millions HISTORY OF INSTRUCTIONAL SUPPORT LEVY PROPERTY TAX REVENUE $2.8 $2.6 $2.4 $2.2 $2.0 $2.03 $2.15 $2.23 $2.37 $2.40 $2.45 $2.55 $2.66 $1.8 $1.6 $1.4 $1.2 $1.0 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18
HISTORY OF INSTRUCTIONAL SUPPORT LEVY PROPERTY TAX RATES $1.80 $1.60 $1.40 $1.5497 $1.5354 $1.4512 $1.2927 $1.2749 $1.2856 $1.2915 $1.3053 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18
CASH RESERVE LEVY PART ONE SECTION 15 SBRC Approved Requests Increased enrollment, open enrollment out, LEP excess cost $624,830 Increased enrollment, approved by BOE on Nov. 14, 2016 $ 10,160 ELL beyond 5 years, approved by BOE on Nov. 14, 2016 $102,442 LEP allowable excess cost, approved by BOE on Sept. 26, 2016 Special Education $ 807,534 Special Ed excess cost, approved by BOE on Oct. 10, 2016 Total SBRC #1 approved requests - $1,544,966
CASH RESERVE LEVY PART TWO SECTION 15 Other Cash flow needs $ 598,702 Other SBRC approved requests $ 0 Total request for Fy18 $ 598,702 Amount requested was deferred from Fy17 2016-17 Budget Change due to reduction in Fy17 CR to match published Fy17 tax levy amount.
CASH RESERVE LEVY SUMMARY SECTION 15 SBRC Approved/Requested $1,544,966 Other Request (Fy17 deferral) $ 598,702 Total Cash Reserve Levy $2,143,668 Property Tax Rate of $1.13907
Millions FUTURE PROJECTED SBRC REQUESTS $2.5 $2.0 $1.5 $1.0 $0.5 $0.0 Actual Fy16 Actual Fy17 Fy18 Fy19 Fy20 Fy21 Fy22 Fy23 Fy24 Fy28 Fy26 Enrollment Special Ed ELL/LEP 1 Yr Deferred/Additional Projections based on RSP & Associates student enrollment growth, $604,325 average annual special education program & $120,865 average annual ELL/LEP program deficits.
FUTURE PROJECTED SBRC REQUESTS TAX RATE $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 Actual Fy16 Actual Fy17 Fy18 Fy19 Fy20 Fy21 Fy22 Fy23 Fy24 Fy28 Fy26 Enrollment Special Ed ELL/LEP 1 Yr. Deferred/Additional Projections based on RSP & Associates student enrollment growth, $604,325 annual special education program deficit, $120,865 annual ELL/LEP program deficit & 2.0% annual assessed valuation increase.
Millions HISTORY OF SBRC CASH RESERVE LEVY TAX REVENUE $2.5 $2.0 $1.5 $1.0 $0.5 $0.0 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18 SBRC Cash Flow
HISTORY OF CASH RESERVE LEVY TAX RATES $1.80 $1.60 $1.40 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 $0.0000 $0.3181 $1.2597 $0.6663 $0.1416 $0.0000 $0.1235 $0.9935 $0.7459 $0.8209 $0.6453 $0.4665 $0.4870 $0.1215 $0.2757 $0.1908 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18 SBRC Cash Flow
Total General Fund Request GENERAL FUND SUMMARY SECTION 15 Dollars Tax Rate Comb. District Cost $15,353,652 8.15841 Dropout $ 828,149 0.44005 Instructional Support $ 2,658,848 1.30531 Cash Reserve Levy $ 2,143,668 1.13907 Totals $ 20,984,317 11.04284
Millions HISTORY OF OPERATING FUND PROPERTY TAX REVENUE $22 $20.98 $20 $19.34 $18.78 $18 $17.48 $17.84 $17.54 $16 $15.65 $16.25 $14 $12 $10 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18
HISTORY OF OPERATING FUND PROPERTY TAX RATES $12.00 $11.92 $11.80 $11.60 $11.65 $11.40 $11.35 $11.20 $11.00 $10.80 $10.90 $10.81 $10.81 $11.04 $10.60 $10.40 $10.45 $10.20 $10.00 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18
COMMERCIAL & INDUSTRIAL (C & I) STATE REPLACEMENT ESTIMATE Beginning in Fy2015, commercial & industrial property valuations are being reduced through rollback. Rollback was 95% in Fy2015 and 90% beginning in Fy2016. The state is reimbursing local governments and school districts for the loss of property tax receipts. Beginning in Fy2018, commercial and industrial replacement payments paid by the State of Iowa becomes limited by the total amount of payments made in Fy2017. District is estimating a 97% prorated payment for Fy2018.
CFCSD COMMERCIAL & INDUSTRIAL (C & I) STATE REPLACEMENT ESTIMATE C & I Non-TIF 100% valuation $446,290,221 C & I Non-TIF taxable valuation -$395,327,795 Est. Non-TIF valuation reduction (GF/Mgt. Fund) $ 50,962,426 C & I TIF 100% valuation $150,071,961 C & I TIF taxable valuation -$141,398,178 Est. TIF valuation reduction $ 8,673,783 Est. combined valuation reduction (Debt/PPEL/ISL) $ 59,636,209 Est. General Fund C & I replacement ($50,962,426 / 1,000) * 9.73753 (tax rate) $496,248 x 0.97 = $481,361 Est. Inst. Support Levy C & I replacement ($59,636,209 / 1,000) * 1.30531 (tax rate) $ 77,844 x 0.97 = $ 75,508
GENERAL FUND PROJECTED OTHER LOCAL REVENUE OE Tuition $2,135,261 Sp Ed Tuition $623,828 Interest $40,400 Rentals $34,975 Facilities $30,000 Pools $38,000 Misc. Other $629,377 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000
GENERAL FUND PROJECTED STATE REVENUE State - CDC $23,403,767 State - Tchr $3,585,158 State - PreSch State - TLC AEA Flow Thru C&I Repl. ISL Misc. Other $476,476 $1,663,806 $2,538,689 $556,869 $0 $235,714 $0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000
GENERAL FUND PROJECTED FEDERAL REVENUE Title I $472,775 Title IIA $147,228 Part B $236,498 Head Start $147,883 Medicaid $900,000 TAP Perkins Misc. Other $41,000 $30,265 $30,072 $- $200,000 $400,000 $600,000 $800,000 $1,000,000
TOTAL 2017/18 GENERAL FUND REVENUE Federal, $1,915,457, 3.25% State, $32,460,479, 55.16% Due to rounding, percentages may not equal 100.00% Local, $24,474,743, 41.59%
MANAGEMENT FUND Restricted fund Board of Education Controlled Used for property/liability/auto/workman compensation/etc. insurance premiums Property loss deductible Early severance benefits Amount requested for 2017/18 $700,000 Property tax rate of $0.37196/$1,000 Est. General Fund C & I replacement ($50,962,426 / 1,000) * 0.37196 (tax rate) * 0.97 = $18,387
Thousands HISTORY OF MANAGEMENT FUND PROPERTY TAX REVENUE $800 $700 $735 $650 $700 $600 $500 $550 $450 $500 $530 $500 $400 $300 $200 $100 $0 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18
Per Thousand HISTORY OF MANAGEMENT FUND PROPERTY TAX RATE $0.60 $0.55987 $0.50 $0.46602 $0.40 $0.30 $0.35722 $0.25485 $0.30864 $0.32191 $0.29319 $0.37196 $0.20 $0.10 $0.00 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18
PHYSICAL PLANT & EQUIPMENT LEVY (PPEL) 2 Parts Board of Education Controlled up to $0.33/$1,000 (regular) Voters approved renewal of additional $1.34/$1,000 levy for 10 years on December 6, 2016. Levy now expires June 30, 2028 (voted). Can be used for: Purchase or improvement of grounds Construction, repairing or remodeling of schoolhouses or roads to schoolhouses including debt for same Purchase or lease of equipment greater that $500 per unit Purchasing of bundled technology greater than $500 Purchase or lease of school buses or other vehicles Leasing or renting of facilities
PHYSICAL PLANT & EQUIPMENT LEVY (PPEL) PPEL Fund Amount requested for 2017/18 $672,195 (regular) & $2,729,517 (voted) = $3,401,712 Property tax rate of $1.67/$1,000 Est. Inst. Support Levy C & I replacement ($59,636,209 / 1,000) * 1.67 (tax rate) *0.97 = $96,605
Millions HISTORY OF PHYSICAL PLANT & EQUIPMENT LEVY (PPEL) PROPERTY TAX REVENUE $4.0 $3.5 $3.0 $2.5 $2.0 $1.5 $1.0 $1.98 $2.08 $2.18 $2.38 $2.46 $2.52 $2.55 $2.65 $2.73 $0.5 $0.0 $0.49 $0.51 $0.54 $0.59 $0.61 $0.62 $0.63 $0.65 $0.67 Fy10 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18 Regular Voted
HISTORY OF PHYSICAL PLANT & EQUIPMENT LEVY (PPEL) PROPERTY TAX RATES $1.80 $1.60 $1.40 $1.20 $1.00 $1.34 $1.34 $1.34 $1.34 $1.34 $1.34 $1.34 $1.34 $0.80 $0.60 $0.40 $0.20 $0.00 $0.33 $0.33 $0.33 $0.33 $0.33 $0.33 $0.33 $0.33 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18 Regular Voted
DEBT SERVICE LEVY Restricted fund Used to pay interest as it becomes due and the amount necessary to pay the principal when due on bonds or other authorized indebtedness issued by the district, and to make payments required under a loan, lease-purchase agreement, or other evidence of indebtedness authorized by this code. (298A.10) $32 million bond Voter approved on April 5, 2016 Bonds sold February 7, 2017 19 years at 3.0785% Amount requested for 2017/18 $2,419,725 Property tax rate of $1.18791/$1,000 Est. General Fund C & I replacement ($59,636,209 / 1,000) * 0.37196 (tax rate) * 0.97 = $68,717
Millions HISTORY OF DEBT SERVICE LEVY PROPERTY TAX REVENUE $3.0 $2.5 $2.42 $2.0 $1.5 $1.0 $0.5 $0.0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18
Per Thousand HISTORY OF DEBT SERVICE LEVY PROPERTY TAX RATE $1.40 $1.20 $1.18791 $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 $0.00000 $0.00000 $0.00000 $0.00000 $0.00000 $0.00000 $0.00000 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18
SUMMARY Comb. Dist. Cost $16,181,801 Cash Res. Levy - SBRC $ 1,544,966 Cash Res. Levy - Other $ 598,702 Sub-Total General Fund $18,325,469 $ 9.73753 Instructional Support Levy $ 2,658,848 $ 1.30531 Management Fund $ 700,000 $ 0.37196 Voted PPEL Levy $ 2,729,517 $ 1.34000 Regular PPEL Levy $ 672,195 $ 0.33000 Debt Service Levy $ 2,419,725 $ 1.18791 Total $27,505,754 $14.27271
TOTAL PROPERTY TAX RATE HISTORY $15 $14 $13 $12 $14.15 $13.79 $13.38 $12.83 $12.78 $12.44 $12.77 $14.27 $13.08 $11 $10 $9 $8 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18 Total w/o Debt Service
2017/18 PROPERTY TAX BREAKDOWN Debt Service 8.80% Dropout Prevention 3.01% Combined District Cost 55.82% Instructional Support 9.67% Cash Reserve Levy 7.79% Due to rounding, percentages may not equal 100.00% PPEL - Voted 9.92% Management Fund 2.54% PPEL - Regular 2.44%
2017/18 PROPERTY TAX BREAKDOWN Voted PPEL, Inst. Sup. & Debt Serv. 28.39% Combined District Cost 55.82% DRP, CR, Mgt, Reg. PPEL 15.79% Due to rounding, percentages may not equal 100.00%
TAX LEVY HISTORY BY PERCENTAGE 70% 60% 50% 40% 30% 20% 10% 0% CDC Dropout Inst Sup Cash Res Mgt R PPEL V PPEL Debt Serv 2014/15 2015/16 2016/17 2017/18
Per Thousand PROPERTY TAX RATE COMPARISON $15.00 $14.00 $13.00 $12.00 $11.00 $10.00 $9.00 $8.00 Debt V PPEL R PPEL Mgt Cash Res ISL Dropout CDC $7.00 2016/17 2017/18 2016/17 $12.76973/$1,000 2017/18 $14.27271/$1,000 Change +$ 1.50298/$1,000
Millions PROPERTY TAX REVENUE COMPARISON $28 $26 $24 $22 $20 $18 $16 $14 $12 $10 2016/17 $22,571,394 2017/18 $27,505,754 Change +$ 4,934,360 2016/17 2017/18 Debt V PPEL R PPEL Mgt Cash Res ISL Dropout CDC
2017/18 PROPERTY TAX REVENUE CHANGE CDC $997,981 Dropout ISL $55,102 $119,322 Cash Res $1,036,938 Mgt $200,000 R PPEL V PPEL $20,807 $84,485 Debt Serv $2,419,725 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000
ASSESSMENT & VALUATION OF PROPERTY ASSESSMENT LIMITATIONS ORDER (ROLLBACK) Iowa Code 441.21 Adjustments in value to comply with state law that allows no more than a 4% increase in taxable value from year to year for all classes of property, except utility property which has a maximum increase of 8% per year. Rate adjustment determined by Iowa Department of Revenue. Rate adjustment is the same for all counties in Iowa.
RESIDENTIAL ROLLBACK HISTORY 58% 56% 54% 52% 50% 48% 46% 44% 42% 40% Assessment Yr. 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Fiscal Yr. F2009 F2010 F2011 F2012 F2013 F2014 F2015 F2016 F2017 F2018
PROJECTED RESIDENTIAL PROPERTY TAX 2016/17 2017/18 Prop. Value $100,000 $100,000 Rollback x 0.556259 0.569391 Tax Rate x 0.01276973 0.01427271 Gross Tax = $ 710.33 $ 812.68 Est. Homestead - $ 62.00 $ 62.53 Net Tax = $ 648.33 $ 750.15 Change w/o Debt Service $ 34.18 Debt Service $ 67.64 Total Change $ 101.82
2017/18 BUDGET TIMELINES March 27, 2017 Establish Proposed Budget March 29, 2017 Publish Proposed Budget April 10, 2017 Public Hearing & Adoption of Budget April 17, 2017 File Budget with County Auditor
2016/17 SCHOOL BUDGET AMENDMENT Iowa Code Section 24.9 Budget estimates adopted and certified in accordance with this chapter may be amended and increased as the need arises... to permit appropriation and expenditure during the fiscal year covered by the budget of amounts of cash anticipated to be available during the year from sources other than taxation and which had not been estimated and appropriated for expenditure during the fiscal year of the budget sought to be amended. Iowa Code Section 257.7(2) If actual miscellaneous income for a budget year exceeds the anticipated miscellaneous income in the certified budget for that year a school district may amend its certified budget.
2016/17 SCHOOL BUDGET AMENDMENT Amendment to 2016-17 Budget Instruction Amend expenditures from $40,700,355 to $41,444,549 TLC Grant, technology equipment & staffing due to increased enrollment Total Support Services Amend expenditures from $16,392,197 to $17,005,312 Technology equipment & staffing due to increased enrollment Non-instructional Programs No Change Other Expenditures Amend expenditures from $12,361,198 to $34,912,469 Refinancing of Series 2011 revenue bonds & construction projects Public hearing required
2016/17 BUDGET AMENDMENT TIMELINES March 27, 2017 Establish Proposed Budget Amendment March 29, 2017 Publish Proposed Budget Amendment April 10, 2017 Public Hearing & Adoption of Budget Amendment April 17, 2017 File Budget Amendment with County Auditor
QUESTIONS?