FULTON SCHOOL DISTRICT Special Session of the Board of Education 5:00 p.m. Central Office August 26, PDF Free Download

FULTON SCHOOL DISTRICT Special Session of the Board of Education 5:00 p.m. Central Office August 26, 2015 MISSION AND VISION STATEMENT The mission of the Fulton Public School District is to engage all students to function as successful, responsible, and productive citizens. The vision of the Fulton Public School District is to be a model educational leader that is recognized for ensuring academic achievement; demonstrating excellence in programs, staff and facilities; engaging all students as lifelong learners; and is supported by positive family and community involvement. 1. Opening of the meeting by the President of the Board of Education 1.1 Call to Order 1.2 Welcome to Visitors 2. Recommendation Action 2.1 Approval of Agenda 2.2 Set 2015-2016 Tax Rate (Reference pages 1-14) 3. Information Item 3.1 The next regular meeting of the Board of Education will be September 9, 2015, at 7:00 p.m. in the Fulton High School Library 4. Adjournment from the regular meeting of the Board of Education to Executive Session, if necessary 5. Adjournment

1 Reference 2.2 August 26, 2015 Set 2015-2016 Tax Rate Background: Annually, the Board of Education is required to adopt an annual tax levy in accordance with Missouri Statutes and directions from the Missouri State Auditor s office. The total levy is based on the district assessed valuation as provided by Callaway County. The Operating Levy pursuant to law and regulations fluctuates with district assessed valuation. The Debt Service Levy is established as the amount to pay annual principal and interest plus an amount approximating one year s reserve. The Operating Levy is adjusted annually for an entity to have level ad valorem tax receipts while not over taxing or under taxing patrons. Therefore increasing assessed valuation theoretically reduces the levy while decreasing assessed valuation theoretically increases the levy exclusive of any voter action authorizing an increased levy. Our challenge comes in years when the initial assessment is revised to either a higher or lower value. Data used to calculate the Operating Levy. Maximum tax rate ceiling: $3.7500 2014 Tax rate ceiling: $3.4960 2015 Estimated Assessed Valuation: $172,290,635 2014 Final Assessed Valuation: $170,222,933 2015 AV Adjustment for 3 TIF s: ($17,330,040) Consumer Price Index allowable increase: 0.8000% District Assessed Valuation Increase: 0.8988% 2014 Operating Levy: $3.4725 New Revenue due to new construction: $18,675 New Revenue due to reassessment: $24,358 The 2015 Recommended Operating Levy is $3.4725 which reflects an Operating Levy decrease of $0.0169 from the prior year. The Debt Service Levy calculation is based on the amount of principal and interest owed plus one years reserve payment. As with the Operating Levy the actual rate may fluctuate with Assessed Valuation. Additionally, the rate will generally fluctuate with the amount due in principal and interest. Data Used to calculate the Debt Service Levy. 2015 Estimated Assessed Valuation: $172,290,635 2014 Final Assessed Valuation: $170,222,933 2015 AV Adjustment for 3 TIF s: ($17,330,040) 2014 Debt Service Levy: $0.7412 Calendar Year 2016 Principal & Interest: $1,147,410 Calendar Year 2017 Principal & Interest: $1,241,085 Estimated collection cost & delinquencies: $114,741 1

2 The 2015 Recommended Debt Service Levy is $0.7297 which reflects a Debt Service Levy decrease of $0.0115 from the prior year. Proposed School Year FY 14 FY 15 FY 16 Tax Year 2013 2014 2015 Assessed Value for Tax Calculation $166,076,647 $170,222,933 $172,290,635 Final Assessed Value $172,386,660 Operating Levy $3.5494 $3.4894 $3.4725 Debt Service Levy $0.7412 $0.7412 $0.7297 Total Levy $4.2906 $4.2306 $4.2022 Variance From Prior Year $0.1014 ($0.0600) ($0.0284) The total recommended Ad Valorem Levy for the 2015-2016 Year is recommend to be $4.2022 per $100 assessed valuation; which is a $0.0284 decrease from the prior year. Selected Revenue Comparison Source Original FY 16 Budget Revision per levy calculation Current Operating Levy $5,445,783 $5,384,513 Current Debt Service Levy $1,156,767 $1,131,484 RR State Assessed $303,104 $318,761 Total Selected Sources $6,905,654 $6,834,758 Net Change ($70,896) Required tax documents are included for your information and review. Recommendation: The Administration recommends establishing the Operating Tax Levy at $3.4725 per $100 assessed valuation and the Debt Service Levy at $0.7297 per $100 assessed valuation. The total Ad Valorem levy will be $4.2022. Jacque A. Cowherd, Ed.D. Superintendent 2

..., MISSOURI DEPARTMENT OF ELEMENTARY AND SECONDARY EDUCATION,;_:;,:.. DIVISION OF ADMINISTRATIVE AND FINANCIAL SERVICES - SCHOOL FINANCE SECTION -~.,_ ESTIMATE OF REQUIRED LOCAL TAXES ~~ (Submit to county clerk of each county where district has assessed valuation on or before.,,"' September 1) 3 To County Clerk (Name): Name of County: Denise Hubbard Callaway County District Code: 014-129 I District Name: Fulton 58 Mailing Address: 2 Hornet Drive Fulton, Missouri 65251 Telephone Number: 57 3-590-8000 I Fax Number: 573-590-8090 In compliance with Section 164.011, RSMo, we the undersigned, hereby submit an estimate of the amount of school money necessary to maintain the public school for a term of the data shown are correct. Name of President of Board of Education: Signature of President of Board of Education: Andy Bonderer 12 months, and certify that Date Name of Secretary of Board of Education: Signature of Secretary of Board of Education: Ruth Burt 812612015 Date Assessed valuation in this county as certified in accordance with Section 137.245, RSMo, or amended prior to September 1. $ 172 290 635 812612015 Year Beginning July 1, Year Ending June 30, Length of school term authorized is: Number of days 167 and 1 1 152.00 hours in session. A separate vote was cast in accordance with Sections 164.121, 164.131, 164.141, 164.151, RSMo, to provide for a bond issue (where applicable). Tax Rate a Yes I No Actual Tax Levy Fund Tax Rate Ceiling Unadjusted Levy b (Adjusted Levy ) Prop C Roll Back 1. Incidental d $ 3.4725 347.25 $ 3.4725 347.25 $ 3.4725 347.25 $ - 2. Teachers 0.00 $. 0.00 $. 0.00 $. 3. Debt Service 0 $ 0.7297 72.97 $ 0.7297 72.97 $ 0.7297 72.97 N/A 4. Capital Projects 0.00 $. 0.00 $. 0.00 N/A Totals $4.2022 420.22 $4.2022 420.22 $ 7,239,997.06 a. Pursuant to Section 137.073, RSMo. b. Unadjusted levy is equal to the tax rate ceiling less a voluntary reduction. It is not reduced for Proposition C Rollback. c. Adjusted levy - Reduced by Proposition C, Section 164.013, RSMo. d. Operating Funds tax rate ceiling. e. Debt Service fund celling. Estimated Revenue from M & M Surcharge Tax in this coun : $151,552.00 Estimated Revenue from State Assessed Railroad and Utilities in this county: $ 318,761 Article X, Section 11 (C), Constitution of Missouri provides that in any school district where the Board of Education is not proposing a higher tax rate for school purposes, the last tax rate approved shall continue and the tax rate need not be submitted to the voters. MO 500 0059 (Rev. 06/06) I 3

PROFORMA- STATE AUDITOR'S REVIEW OF DATA SUBMITTED Tax Rate Summary For SCHOOL DISTRICTS Levying a Single Rate on ALL PROPERTY Fulton 5 8 School District 30-0I4-0129 Operating Funds-Schools Name of Political Subdivision Political Subdivision Code Purpose of Levy The final version of this form MUST be sent to the Coun Clerk to forward to the State Auditor's Office. The information to complete the Tax Rate Summary Page is available from prior year forms, computed on the attached forms, or computed on this page. lnformalion on lhis page lakes in10 consideralion any voluntary reduction(s) taken in previous even numbered year(s). If in an even numbered year, the political subdivision wishes to no longer use the lowered tax rate ceiling to calculate its tax rate, it can hold a public hearing and pass a resolulion, a policy slatement, or an ordinance justifying its action prior to setting and certifying ils tax rate. The information on lhe Informational Tax Rate Data page at the end of lhese forms provides the rate that would be allowed had there been no previous voluntary reduclion(s) taken in an even numbered year(s). A. Prior Year Tax Rate Ceiling as defined in Chapter 137 RSMo. Revised if the Prior Year Data Changed or a Voluntary Reduction was taken in a Non-Reassessment Year. (Prior Year Tax Rate Summa1y Page, Line F minus Line H) B. Current Year Rate Computed Pursuant to Article X, Section 22 of the Missouri Constitution and Section 137.073, RSMo. If no Voter Approved Increase (Form A, Linc 22) C. Amount of Rate Increase Authorized by Voters (If Same Purpose) Greater of the Voter Approved Increase or Voter Approved Increase Adjusted to provide the revenue available if applied to the prior assessment & increased by the CPI%. (Fotm B, Line 16) OR Increase to the Total Operating Levy up to $2.75 per Amendment 2, If Applicable. Date the School Board Decided to Use Amend. 2 (if using Amend. 2). D. Rate to Compare to Maximum Authorized Levy to Determine Tax Rate Ceiling [Line B (if no election), Otherwise Line C (if there was an election)) E. Maximum Authorized Levy Greater of the 1984 rate or most recent voter approved rate [Greater of Prior Year Line E or Current Year Li nc D (iflhere was an election), Otherwise Prior Year Line E) F. Current Year Tax Rate Ceiling (Lower of Line Dor E) Maximum Legal Rate lo Comply with Missouri Laws G 1. Less Required Proposition C (Sales Tax) Reductiontaken from Tax Rate Ceiling (Line F), If Applicable Circle the type of waiver your district has Full Partial No Attach a copy of the DESE Prop C Reduction Worksheet ifthere is no waiver. 02. Less 20% Required Reduction 1st Class Charter County School District NOT Submitting an Estimate Non Binding Tax Rate to the County(ies) taken from Tax Rate Ceiling (Line F). H. Less Voluntary Reduction By School District taken from Tax Rate Ceiling (Line F). WARN ING: A VOLUNTARY REDUCTION TAKEN IN AN EVEN-NUMBERED YEAR WILL LOWER THE TAX RATE CEILING FOR THE FOLLOWING YEAR I. Plus Allowable Recoupment Rate added lo the Tex Rate Ceiling (Line F). If Applicable (Attach Form G or H) J. Tax Rate To Be Levied (Linc F - Line GI - Line G2 - Line H +Linc I) AA. Rate To Be Levied For Debt Service If Applicable (Form C, Line 12) BB. Additional Special Purpose Rate Authorized By Voters After the Prior Year Tax Rates Were Set. Greater of the Voter Approved Increase or Voter Approved Increase Adjusted to provide the revenue available if applied to prior year assessment & increased by CPI%. (Fonn B, Linel6 ifa Different Purpose) CERTIFICATION ate) --~6"~~:...:...~Lllo."1.l.LJ...:...~- ' '7' 8/5/2015 (2015) For Political Subdivision Use in Calculating its Tax Rate 1 lk ~--Ct" (Office) of t "" -l O" (School District) levying a rate in ( i es) do hereby certify that the data set forth above and on the accompanying forms is tme and accurate to dge and belief. Please complete Line G - BB, sign this form, and return to the County Clerk{s) for final certification. Proposed rate to be entered on tax books by County Clerk Based on Certification from the Political Subdivision: Lines J..5? - Section 137.073.7 RSMo, states that no tax rate shall be extended on the tax rolls by the county clerk unless the political subdivision has complied with the foregoing provisions of this section. AA BB 4 3.4960 3.4725 3.4725 3.7500 3.4725 (Date) (County Clerk's Signature) (County) (Telephone) (Form Revised 07-2015) Tax Rate Summary Page 4

PROFORMA- STATE AUDITOR'S REVIEW OF DATA SUBMITTED Tax Rate Form A For SCHOOL DISTRICTS Levying a Single Rate on ALL PROPERTY Fulton 58 School District 30-014-0129 Operating Funds-Schools Name of Political Subdivision Political Subdivision Code Purpose of Levy The final version of this form MUST be sent to the County Clerk to forward to the State Auditor's Office. Computation of reassessment growth and rate for compliance with Article X, Section 22 and Section 13 7.073, RS Mo. 6 8/5/2015 (2015) lnfom1ation on this page takes into consideration any voluntary rcduction{s) taken in previous even numbered ycar{s).!fin an even numbered year, the political subdivision wishes to no longer use the lowered tax rate ceiling to calculate its tax rate, it can hold a public hearing and pass a resolution, a policy statement, or an ordinance justifying its action prior to setting and certifying its tax rate. The information on the In formational Tax Rate Data page at the end of these forms provides the rate that would be allowed had there been no previous voluntary reduction(s) taken in an even numbered ycar(s). 9. Percentage Increase in Adjusted Valuation of existing property in the cun-ent year over the prior year's assessed valuation. [(Line 4 - Line 8) I Line 8] x I 00 I 0. Increase in Consumer Price Index as Certified by the State Tax Commission. 11. Adjusted Prior Year Assessed Valuation (Line 8) 12. (2014) Tax Rate Ceiling From Prior Year (Tax Rate Summary Page, Line A) 13. Maximum Prior Year Adjusted Revenue from Locally Assessed Property that existed in both years [(Line 11 x Line 12)/100] 14. Maximum Prior Year Revenue from State Assessed Property (before reductions) Provided by the Department of Elementary & Secondary Education. 15. Total Adjusted Prior Year Revenue (Line 13 +Line 14) 16. Permitted Reassessment Revenue Growth The percentage entered on Line 16 should be the lower of the actual growth (Li ne 9). the CPI (Line 10). or ~A negative figure on Line 9 is treated as a zero for Line 16 purposes. Do not enter less than 0 or more than 5%. 17. Additional Revenue Permitted (Line 15 x Line 16) 18. Total Revenue Permitted in Current Year from property that existed in both years. (Line 15 + Line 17) 19. Estimated Current Year Revenue from State Assessed Property (before reductions) The school district should use its best estimate. (i.e. same amount as Line 14, current year's Line 14 multiplied by the percentage increase in state assessed valuation per the State Tax Commission, or using the best educated guess) For Political Subdivision Use in Calculating its Tax Rate 0.8988% 0.8000% 170,222,933 3.4960 5,950,994 282,089 6,233,083 0.8000 49,865 6,282,948. If this amount declines substantially from the amount on Line 14, please provide written documentation to explain the reasons for such difference. 20. Revenue Permitted from Existing Locally Assessed Property * (Line 18 - Line 19) 21. Adjusted Current Year Assessed Valuation (Line 4) 318,761 5,964, 187. 171,752,825. 22. Maximum Tax Rate Permitted by Article X, Section 22 and Section 137.073 RSMo. [(Line 20 I Linc 21) x 100] Round a fraction to the nearest one/one hundredth of a cent. Enter this rate on Tax Rate Summary Page, Line B. 3.4725 * To compute the total property tax revenues BILLED for the current year ( including revenues from all new construction & improvements & annexed property), multiply Linc I by the rate on Line 22 and divide by I 00. T he property tax revenues BILLED would be used in estimating budgeted revenues. (Form Revised 07-2015) Form A, Page 2 of 2 6

PROFORMA - STATE AUDITOR'S REVIEW OF DATA SUBMITTED Tax Rate Form C For SCHOOL DISTRICTS Levying a Single Rate on ALL PROPERTY Fulton 58 School District 30-014-0129 Debt Service 7 8/5/2015 (2015) Name of Political Subdivision Political Subdivision Code Purpose of Levy The final version of this form MUST be sent to the County Clerk to forward to the State Auditor's Office. Debt Service Calculation for General Obligation Bonds Paid for with Property Taxes. The tax rate for Debt Service will be considered valid if, after making the payment(s) fo r which the tax was levied, the bonds remain outstanding, and the debt fund reserves do not exceed the following year's payments. Since the property taxes are levied and collected on a calendar year basis (January - December), it is recommended that this levy be computed using calendar year data. I. Total current year assessed valuation obtained from the County Clerk or Assessor. (Form A, Line I Total) 2. Amount required to pay debt se1 ive requirements during the next calendar year (i.e. Use January 2016 - December 2016 payments to complete the 2015 Form C). Include the principal and interest payments due on outstanding general obligation bond issues plus anticipated fees of any transfer agent or paying agent due during the next calendar year. 3. Estimated costs of collection (collector fees & commissions and Assessment Fund withholdings) and anticipated delinquencies. Experience in prior years is the best guide for estimating un-collectible taxes. (Usually 2% to 10% of Linc 2 above) 4. Reasonable reserve up to one year's payment It is important that the Debt Service Fund have sufficient reserves to prevent any default on the bonds. Include payments for the year following the next calendar year accounted for on Line 2. (i.e. Use January 2017 - December 2017 payments to complete the 2015 Form C). 5. Total required for debt service (Line 2 + Linc 3 +Line 4) 6. Anticipated balance at end of current calendar year. Show the anticipated bank or fund balance at December 31st of this year (this will equal the current balance minus the amount of any principal or interest due before December 31st plus any estimated investment earning due before December 3 1st). Do not add the anticipated collections of this tax into this amount. 7. Property tax revenue required for debt service (Line 5 - Line 6) Line 6 is subtracted from Line 5 because the debt service fu nd is only allowed to have the payments required for the next calendar year (Line 2) and the resonablc reserve of the following year's payment (Line 4). Any cmtent balance in the fund is already available to meet these requirements so it is revenues required for Debt Service Purposes. 8. Estimated revenue from state assessed property for debt service for the next calendar year (January - December) - Must be estimated by the school district. In most instances a good estimate would be the same amount as the state assessed revenues actually placed in the Debt Service Fund in the prior year. 9. Revenue required from locally assessed property for debt service (Line 7 - Line 8) I 0. Computation of debt service tax rate [(Line 9 I Line I) x I 00] Round a fraction to the nearest one/one hundredth of a cent. 11. Less Voluntary Reduction By School District 12. Actual rate to be levied for debt service purposes * (Line I 0 - Line 11) Enter this rate on Linc AA of the Tax Rate Summary Page. 172,290,635 1, 147,4 10 114,741 1,241,085 2,503,236 1,216,072 1,287,164 30,000 1,257,164 0.7297 to.oo * The tax rate levied may be lower than the rate computed as long as adequate funds are available to service the debt requirements. (Form Revised 07-2015) FormC 7

PROFORMA-STATE AUDITOR'S REVIEW OF DATA SUBMITTED Informational Tax Rate Data For SCHOOL DISTRICTS Levying a Single Rate on ALL PROPERTY Fulton 58 School District 30-014-0129 Operating Funds-Schools Name of Political Subdivision Political Subdivision Code Purpose of Levy This page shows the information that would have been on the line items for the Summary Page, Forni A, and/or Forni B had no voluntary reduction(s) been taken in prior even numbered ycar(s). The information on this page should not be used in the current year unless the taxing authority wishes to reverse any voluntary reduction(s) taken in prior even numbered year(s) and follows the following steps in an even numbered year. Step I Step 2 The governing body should hold a public hearing and adopt a resolution, a policy statement, or an ordinance justifying its action prior to selling and certifying its tax rate. Submit a copy of the resolution, policy statement, or ordinance to the State Auditor's Office for review. Informational Tax Rate Summary Page Information A. Prior Year Tax Rate Ceiling (Prior Year Informational Tax Rate Data, Line F) B. Current Year Rate Computed (Informational Form A, Line 22 below) C. Amount of Increase Authorized by Voters for Current Year (Informational Form B, Line 16 below) 8/5/2015 (2015) Based on Prior Year Tax Rate Ceiling as if No Voluntary Reductions were Taken D. Rate to Compare to Maximum Authorized Levy [Linc B (if no election), Otherwise Line C (if there was an election)] 3.4725 E. Maximum Authorized Levy [Greater of Prior Year Line E or Current Year Linc D (if there was an election), Otherwise Prior Year Line E] 3.7500 ------- F. Tax Rate Ceiling if No Voluntary Reductions were Taken in a Prior Even Numbered Year (Lower of Line Dor E) 3.4725 Informational Form A. Page 2 Information 9. Percentage Increase in Adjusted Valuation [(Form A, Line 4 - Line 8) I Line 8 x I 00] I 0. Increase in Consumer Price Index as Certified by the State Tax Commission. 11. Adjusted Prior Year Assessed Valuation (Form A, Line 8) 12. (2014) Tax Rate Ceiling From Prior Year (Informational Summary Page, Line A from above) 13. Maximum Prior Year Adjusted Revenue from Locally Assessed Property that existed in both years. [(Linc 11 x Linc 12) I I 00] 14. Maximum Prior Year Adjusted Revenue from State Assessed Property (before reductions). Provided by DESE IS. Total Adjusted Prior Year Revenue (Line 13 +Line 14) 16. Permitted Reassessment Revenue Growth The percentage entered on Line 16 should be the lower of the actual growth (Line 9), the CPI (Line IOl. or 5%. A negative figure on Line 9 is treated as a zero for Linc 16 purposes. Do not enter less than 0, nor more than 5%. 17. Additional Reassessment Revenue Permitted (Line 15 x Linc 16) 18. Total Revenue Permitted in Current Year from property that existed in both years. (Linc 15 +Line 17) 19. Estimated Current Year Revenue from State Assessed Property (before reductions) estimated by school district 20. Revenue Permitted from Existing Locally Assessed Property (Line 18 - Line 19) 21. Adjusted Current Year Assessed Valuation (Form A, Line 4) 22. Maximum Tax Rate Permitted by Article X, Section 22 and Section 137.073 RSMo. If No Voluntary Reduction was Taken [(Linc 20 I Linc 21) x 100] Informational Form B. Page 2 Information 7. Prior Year Tax Rate Ceiling to Apply Voter Approved Increase to. (Infonnational Tax Rate Summary Page, Linc A if Increase to an Existing Rate, Otherwise 0) 8. Voter Approved Increased Tax Rate to Adjust (lf an "Increase or ballot, Linc 6a +Linc 7. lfan "Increase to" ballot, Line 6b) 9. Adjusted Prior Year Assessed Valuation (Form A, Line 8) I 0. Maximum Prior Year Adjusted Revenue from property that existed in both years. (Line 8 x Linc 9 I I 00) 11. Consumer Price Index (CPI) as Certified by the State Tax Commission. 12. Permitted Revenue Growth for CPI (Line I 0 x Line 11 ) 13. Total Revenue Allowed from the Additional Voter Approved Increase from property that existed in both years. (Linc I 0 + Linc 12) 14. Adjusted Current Year Assessed Valuation (Form A, Line 4) IS. Adjusted Voter Approved Increased Tax Rate (Line 13 I Line 14 x 100) 16. Amount of Rate Increase Authorized by Voters for the Current Y car (If Linc 8 > Line 15, then Line 8, Otherwise, Line 15) 8 3.4960 3.4725 0.8988% 0.8000% 170,222,933 3.4960 5,950,994 282,089 6,233,083 0.8000 49,865 6,282,948 318,761 S,964,187 171,752,825 3.4725 (Form Revised 07-20 IS) Informational Tax Rate Data 8

DENISE HUBBARD COUNTY CLERK 10 E. 5th Street Fulton, MO 65251 CLERK OF THE COMMISSION CALLAWAY COUNTY, MISSOURI 9 Phone(573)642-0730 Fax (573) 642-7181 NOTICE OF 2015 AGGREGATE ASSESSED VALUATION As required by Section 137.245.3, I, Denise Hubbard, County Clerk of Callaway County, State of Missouri, do hereby certify that the following is the aggregate assessed valuation of: FULTON PUBLIC SCHOOL DISTRICT #58 a political subdivision in Callaway County, for the year 2015 as shown on the assessment lists on July 1, 2015. I have included railroad and utility valuations as reported by the State Tax Commission for all political subdivisions other than school districts. REAL ESTATE Reside ntia I 96,780,940 Agricultural 2,903,340 Commercial 50,153,510 Railroad & Utility Local Assessed 30,620 TOtal Real Estate 149,868,410 PERSONAL County 38,881,155 Railroad & Utility Local ' Assessed 874,110 Total Personal Property 39,755,265 TIF #1-6,327,890 TIF #2-7,864,060 TIF #3-3,141,090 TOTAL CURRENT VALUATION 172,290,635 This information is transmitted to assist you in complying with Section 67.110, RSMo., which requires that notice be given and public hearing held before tax rates are set. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the County Commission of Callaway CounWat n1y office in Fulton, Missouri this 8th day of July, 2015 VJ\'""' 61--\\v,bba DJ DENISE HUBBARD, COUNTY CLERK The following data has been provided by the County Assessor's office: New Construction and Improvements Increase Personal Property Total 9 537,810 0 537,810

10 August 2015 Max tax rate ceiling $3.7500 2014 Tax rate ceiling $3.4960 2015 Estimated AV $172,290,635 2014 Final Assessed Valuation $170,222,933 2015 AV Adjustment for 3 TIF s($17,330,040) 10

11 Consumer Price Index allowable increase 0.8000% District Assessed Valuation increase 0.8988% 2014 Operating Levy $3.4894 New Revenue due to construction $18,675 New Revenue due to reassessment $24,358 2015 Estimated AV $172,290,635 2014 Final AV $170,222,933 2015 AV Adjustment for 3 TIF s($17,330,040) 2014 Debt Service Levy $0.7412 11

12 Calendar Year 2016 Principal and Interest $1,147,410 Calendar Year 2017 Principal and Interest $1,241,085 Estimated collection cost and delinquencies $114,741 School Year FY14 FY15 Proposed FY16 Tax Year 2013 2014 2015 AV for Tax Collection $166,076,647 $170,222,933 $172,290,635 Final AV $172,386,660 12

13 FY14 2013 FY15 2014 Proposed FY16 2015 Operating Levy $3.5494 $3.4894 $3.4725 Debt Service Levy $0.7412 $0.7412 $0.7297 Total Levy $4.2906 $4.2306 $4.2022 Variance from Prior Year $0.1014 ($0.0600) ($0.0284) Source Original FY16 Budget Revision per levy calculation Current Operating Levy $5,445,783 $5,384,513 Current Debt Service Levy $1,156,767 $1,131,484 State Assessed Utilities $303,104 $318,761 Total Selected Sources $6,905,654 $6,834,758 Net Change ($70,896) 13

14 Tax Year 2015 Fiscal Year 2015 2016 Operating Levy $3.4725 Debt Service Levy.7297 Total $4.2022 14