Planning for Our Future 10 YEAR FINANCIAL PLAN REVIEW
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1 Planning for Our Future 10 YEAR FINANCIAL PLAN REVIEW
2 AGENDA Mission/District Goals Operational Plan....Boone Hall FY11 Financial Activity Tim Dettwiller The Forecast.Tim Dettwiller The Proposed Plan...Tim Dettwiller Permanent Improvement Fund..All Future Focus Groups...Boone Hall Timelines.Boone Hall Q & A..All Adjourn 2
3 DISTRICT MISSION Our mission is to provide the best opportunity for each student to become successful in higher learning and become productive, contributing, responsible citizens, thus enabling them to realize their full potential as citizens of their community and the world. 3
4 DISTRICT GOALS 1. To promote a safe, healthy, state of the art environment in which to learn. 2. To maintain fiscal accountability through the best utilization of resources provided. 3. To increase student achievement in academics, arts and athletics to the highest level possible. 4. To develop effective communication programs to keep the community informed. 5. To provide resources, guidance and opportunities for staff and students to achieve in the 21st century. 4
5 DISTRICT OVERVIEW Mission Statement District Goals Operational Plan Financial Plan 5
6 OPERATIONAL PLAN 6
7 THE OPERATIONAL PLAN The Operational Plan consists of the programs offered in our schools along with the personnel and facilities needed to deliver them. 7
8 THE DISTRICTS OPERATIONS Students 1,282 Teachers - 96 Administrators - 10 Bus Drivers 20 Support Staff 45 Sports - 13 Student Activities - 27 Buildings 6 Courses of Study 12 (High School) Cafeterias - 2 8
9 FINANCIAL ACTIVITY 9
10 GENERAL FUND ACTIVITY FY11 $14,863,941 $14,193,149 $8,948,705 $8,689,532 $929,965 July 1, 2010 Balance REVENUES EXPENDITURES RESERVATIONS June 30, 2011 Balance 10
11 REVENUES - FY11 OTHER $947,087 7% STATE FUNDING $6,148,454 46% LOCAL TAXES $6,212,414 47% 11
12 EXPENDITURES - FY11 SALARIES $7,507,022 57% BENEFITS $2,675,956 20% Purchased Services $1,930,198 15% Supplies & Materials $492,251 4% Capital Outlay $226,345 2% Other $344,179 2% Debt $32,661 0% 12
13 OPERATIONS FY11 Services Provided FACILITIES - $931K 7% INSTRUCTION - $7.8 million 59% BUSSING - $923K 7% DEBT EXTRACURRICULARS - $349K 3% TECHNOLOGY - $330K 2% SUPPORTING SERVICES - $2.84 million 22% % is of Total General Fund Expenditures 13
14 FY11 OPERATIONS - DETAILED REGULAR Instruction - 86% FACILITIES - 100% SPECIAL ED. Instruction 9% VOCATIONAL Instruction 5% BUSSING - 100% GIF DEB ACADEMIC ACTIVITIES - 22% SPEECH, OT, PT, LIBRARY - 4% ATHLETICS - 78% AIDES - 8% ATTENDANCE BOARD & LEGAL - 3% 5% SP ED & CURR - 6% TECHNOLOGY - 100% TREASURER OFFICE - 11% GUIDANCE - 6% SUPT. OFFICE - 7% TUITION /TRAIN - 1% AUDITOR & TREAS FEES- 5% N U R S E - 4 % PSYCH - 3% AUDIT & ELECTION - 1% PRINCIPAL OFFICES - 28% 14
15 THE FORECAST 15
16 THE FORECAST ACTUAL AND FORECASTED OPERATING FUND 10 YEAR FORECAST 5 Year Forecast LONG RANGE FORECAST Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year 10 YEAR TOTALS Revenue: General Property Tax (Real Estate) 6,187,667 6,196,905 5,564,033 5,071,101 5,119,852 5,145,451 5,171,179 5,197,035 5,223,020 5,249,135 54,125,377 Tangible Personal Property Tax 25,082 26,065 26,065 26,065 26,065 26,065 26,065 26,065 26,065 26, ,668 Unrestricted Grants-in-Aid 4,515,207 4,561,973 4,585,166 4,608,443 4,631,844 4,631,844 4,631,844 4,631,844 4,631,844 4,631,844 46,061,853 Restricted Grants-in-Aid 73,901 73,015 73,000 73,000 73,000 73,000 73,000 73,000 73,000 73, ,916 Property Tax Allocation 1,484,605 1,236,969 1,161,716 1,104,158 1,110,828 1,018, , , , ,971 10,415,655 All Other Revenues 980, ,327 1,000,230 1,002,232 1,007,553 1,020,171 1,032,946 1,045,881 1,058,978 1,072,240 10,211,079 Total Revenues 13,266,984 13,085,253 12,410,210 11,884,999 11,969,143 11,915,360 11,869,482 11,830,881 11,798,982 11,773, ,804,549 Other Financing Sources: All Other Financing Sources 18,000 18,000 19,000 19,000 20,000 20,000 20,000 20,000 20,000 20, ,000 Total Other Financing Sources 18,000 18,000 19,000 19,000 20,000 20,000 20,000 20,000 20,000 20, ,000 Total Revenues and Other Financing 13,284,984 13,103,253 12,429,210 11,903,999 11,989,143 11,935,360 11,889,482 11,850,881 11,818,982 11,793, ,998,549 Sources Expenditures: Personal Services 7,404,299 7,696,336 7,906,341 8,143,531 8,387,837 8,577,477 8,771,404 8,969,715 9,172,510 9,379,890 84,409,340 Employees' Retirement/Insurance Benefits 2,797,542 3,035,105 3,273,019 3,539,833 3,834,886 4,121,440 4,429,405 4,760,382 5,116,091 5,498,380 40,406,083 Purchased Services 1,836,994 1,855,364 1,873,918 1,892,657 1,908,862 1,927,950 1,947,230 1,966,702 1,986,369 2,006,233 19,202,279 Supplies and Materials 452, , , , , , , , , ,297 4,950,325 Capital Outlay 215, , , , , , , , , ,987 2,363,737 Principal-All (History Only) 0 0 Principal-Notes 2,100, ,100,000 Principal-HB 264 Loans 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25, ,000 Interest and Fiscal Charges 6,680 5,661 4,642 4,000 3,800 3,307 2,878 2,504 2,179 1,896 37,547 Other Objects 351, , , , , , , , , ,552 3,844,037 Total Expenditures 15,189,546 13,656,877 14,143,119 14,686,424 15,263,417 15,780,265 16,323,510 16,894,850 17,496,107 18,129, ,563,349 Other Financing Uses Advances-Out 45,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15, ,000 All Other Financing Uses Total Other Financing Uses 45,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15, ,000 Total Expenditures and Other 15,234,546 13,671,877 14,158,119 14,701,424 15,278,417 15,795,265 16,338,510 16,909,850 17,511,107 18,144, ,743,349 Financing Uses Excess of Rev & Other Financing Sources over (under) Expenditures and Other Financing Uses -1,949, ,624-1,728,909-2,797,425-3,289,274-3,859,906-4,449,028-5,058,968-5,692,125-6,350,981 Cash Balance July 1 - Excl Proposed Renewal/ Replacement and New Levies 9,619,497 7,669,935 7,101,311 5,372,403 2,574, ,296-4,574,201-9,023,229-14,082,198-19,774,323 Cash Balance June 30 7,669,935 7,101,311 5,372,403 2,574, ,296-4,574,201-9,023,229-14,082,198-19,774,323-26,125,303 Estimated Encumbrances June , , , , , , , , , ,000 1,250,000 Reservation of Fund Balance Textbooks and Instructional Materials 5, ,000 Capital Improvements 25, ,000 Budget Reserve 500, , , , , , , , , , ,000 Bus Purchases Subtotal 530, , , , , , , , , , ,000 Fund Balance June 30 for Certification of Appropriations 7,014,935 6,476,311 4,747,403 1,949,978-1,339,296-5,199,201-9,648,229-14,707,198-20,399,323-26,750,303 Rev from Replacement/Renewal Levies Property Tax - Renewal or Replacement ,444 1,338,154 1,341,706 1,341,706 1,341,706 1,341,706 1,341,706 1,341,706 10,112,836 Cumulative Balance of Replacement/Renewal Levies ,444 2,062,599 3,404,305 4,746,011 6,087,718 7,429,424 8,771,130 10,112,836 Fund Balance June 30 for Certification of Contracts, Salary and Other Obligations 7,014,935 6,476,311 5,471,847 4,012,577 2,065, ,190-3,560,512-7,277,774-11,628,193-16,637,467 16
17 FORECASTED ENDING BALANCES $6,000,000 $7,014,935 $2,000,000 -$2,000, $6,000,000 -$10,000,000 -$14,000,000 -$18,000,000 $(16,637,467) 17
18 $1.9 Million THE FORECAST $19,000,000 $18,000,000 $17,000,000 Includes $2.1 M Note Payoff 18,129,235 $ 5 $16,000,000 $15,000,000 $14,000,000 M i l l i o n $13,000,000 13,114,961 $12,000, REVENUES EXPENDITURES 18
19 THE FORMULA FORMULA FORECAST VARIANCE July 1, 2011 Fund Balance $ 8,700,000 $ 8,700,000 Revenues $132,000,000 $132,000,000 Expenditures $138,700,000 $157,600,000 $-18,800,000 Ending Balance 2021 $ 2,000,000 $ -16,800,000 The Formula Shows that we are Forecasted to Spend $18.8 Million More than we can afford. 19
20 THE PROPOSED FINANCIAL PLAN 20
21 THE PLAN PROCESS Identify long range financial issues Consider all Options Revenues, Spending, Program Evaluation Gain Community Input Develop a plan Communicate Communicate Communicate 21
22 THE PLAN The 10 Year Plan Will Provide the Following: Transparent Financial Planning Academics Will Become Focus of School, Not $ s Stable Financial Foundation Staff Recruitment Ability 22
23 YOU NEED TO KNOW WHAT IS A MILL? Local tax rates against property are computed in Mills. A Mill is one-tenth of a penny. 1 Mill generates the following: Assessed Tax Value 1 Mill Income $ 1,000 X = $ 1 $ 100,000 X = $ 100 $ 1,000,000 X = $ 1,000 23
24 YOU NEED TO KNOW WHAT IS THE 20 MILL FLOOR? HB920 effectively freezes tax collections at the dollar amount collected the first year the tax went into effect. As property values rise through reappraisals the effective millage rate is reduced. This reduction is called the Tax Reduction Factor Tax reduction factors are designed to prevent a school from realizing additional revenue from increases in the value of real property. The law specifies that the application of the tax reduction factor cannot cause a school district s effective tax rate to fall below 20 mills. This is referred to as the 20-mill floor.
25 YOU NEED TO KNOW WHAT IS THE 20 MILL FLOOR? To reach the floor districts can use emergency levy s and/or income taxes because they do not count toward the floor. Once at the Floor School districts can receive additional revenues from the following sources: Inflationary increases in Real Estate and Agricultural property Additions to the tax rolls (new construction). 25
26 YOU NEED TO KNOW HB920 EFFECT ON M-P TAX RATES $220,000,000 Res./Ag. Property Values $180,000,000 $140,000,000 $100,000,000 $60,000, Tax Rates
27 CURRENT AGRI. USE VALUE (CAUV) The State of Ohio increased the CAUV on all Ag. Property in Madison County. The District will see an increase in tax revenues of $1.8 Million over the next 10 years. THE PLAN REVENUE ENHANCEMENTS 27
28 THE PLAN REVENUE ENHANCEMENTS MAY 2005 was the Last Time the Community Supported an Increase in Taxes 8 Mill Current Operations Levy (Currently Rolled Back to 5.6Mills) 28
29 LEVY #1 EMERGENCY OPERATING LEVY May Mills (Effective New Mills = 2.4) Allow Current 5.6. mill Levy to Expire 8 Years (Expires 12/31/21) Homeowner Impact: $200,000 MV Home $70,000 Assessed Value (35% of MV) $70,000 x.0024 =$168 Annual Increase 10 Year Increase in District Revenues = $3.2M THE PLAN REVENUE ENHANCEMENTS 29
30 LEVY #2 EMERGENCY OPERATING LEVY May Mills 5 Years (Expires 12/31/21) Homeowner Impact: $200,000 MV Home $70,000 Assessed Value $70,000 x.025 =$175 Annual Increase 10 Year Increase in District Revenues = $3.4 M THE PLAN REVENUE ENHANCEMENTS 30
31 20 MILL FLOOR By utilizing Emergency Operating Levy s the District will move to the 20 mill floor. Moving to the Floor means the district will see annual increases in tax revenue on the first 20 mills. 10 Year District Revenue Increase = $1.4 Million* (*Assumes growth in Residential Ag. Values over next 10 years) THE PLAN REVENUE ENHANCEMENTS 31
32 FORECAST SALARIES & WAGES 10 Year Total Payroll=$84.4 Million Current Forecast Models a 1% Base increase and an Avg. step (Longevity Pay) of 2% per year. THE PLAN SALARIES & WAGES Merit Pay Stipend System Base increase Driven by District Performance 10 Year Pay Increase Cost = $12.7 Million 10 Year Savings = $3.3 Million THE PLAN - BUDGET REDUCTIONS 32
33 FORECAST BENEFITS Current Forecast Models an average increase in Medical/Drug Insurance Premiums of 12% per year THE PLAN BENEFITS Reduce Cost through the following: Plan Design Changes Wellness program Increase Cost Share on Employee Current Split is 80/20 10 Year Cost = $12.8 Million 10 Year Savings = $5.1Million THE PLAN BUDGET REDUCTIONS 33
34 THE PLAN - IMPACT $19,000,000 $18,000,000 $19,000,000 $18,000,000 $17,000,000 $17,000,000 $16,000,000 $16,000,000 $15,000,000 $15,000,000 $14,000,000 $14,000,000 FORECAST vs THE PLAN 18,129,235 18,129,235 17,178,285 14,994,851 $13,000,000 $13,000,000 $12,000,000 $12,000,000 13,114,961 13,114, REVENUES FORECASTED EXPENDITURES FORECASTED PLAN REVENUES PLAN EXPENDITURES REVENUES EXPENDITURES 34
35 FORECAST VS PLAN ENDING BALANCES $7,000,000 $2,000,000 $2,231,964 -$3,000, $8,000,000 -$13,000,000 -$18,000,000 $(16,637,467) FORECAST PLAN 35
36 THE PLAN - SUMMARY Plan Duration 10 Years Eliminate 5.6 Mill Current Op. Levy Add 8 Mill (2.4 Effective) Em. Op. Levy 8 Years Add 2.5 Mill Em. Op. Levy 5 Years Reduce Projected Salaries $3.3 Million Reduce Projected Insurance $5.1 Million Communicate 36
37 PERMANENT IMPROVEMENT FUND 37
38 THE PI FUND Past uses New Elementary and Junior High Buildings $1,022,507 Building Repairs $ 6,500 New Scoreboards $ 14,000 Sewage Plant & HVAC Repairs $ 10,500 Auditor & Treasurer Fees $ 12,254 Football Field Upgrade $ 19,875 Woodworking Machine $ 4,300 Library & Classroom Textbooks $ 4,468 38
39 THE PI FUND The levy was renewed in 2007 Voted Tax Rate = 2.5 Mills Effective Tax Rate = 1.25 Mills Annual Revenues are $335,000 39
40 THE PI FUND REPLACEMENT LEVY Our Intent is to ask the community to replace the expiring PI Levy. Replacing the PI Levy will bring the tax rate up from the current effective rate of 1.25 mills to the original voted rate of 2.5 mills. 40
41 IF A PI REPLACEMENT Homeowner Impact: $200,000 MV Home $70,000 Assessed Value $70,000 x.0025 = $ Tax Bill Tax increase = $87.50 District Revenues = $613,662K District Increase = $278,662K THE PI FUND 41
42 PI FUND NEEDS Facility Upgrades Roofs, Doors, HVAC, Windows Energy Efficiency Improvements Renewable Energy Sources Common Space Improvements Lunchrooms, Auditorium, Gyms Technology Acquisitions ipads, Servers 42
43 TIMELINE 43
44 LEVY TIMELINES PERMANENT IMPROVEMENT 2.5 Mill Replacement 5 Years Passed Collection Period 2.5 Mill Renewal 5 Years Passed Collection Period 2.5 Mill Renewal 5 Years Passed Collection Period 2.5 Mill Replacement Proposed Collection Period OPERATING LEVY 8 Mill 3 years Passed Collection Period 8 Mill Renewal 3 years Passed Collection Period 8 Mill Renewal 3 Years Passed Collection Period EMERGENCY OP LEVY 8 Mill 8 Year Proposed Collection Period 2.5 Mill 5 Year Proposed Collection Period 44
45 TIMELINE Union Negotiations PI Levy Expires December 31 Operating levy Expires December 31 General Fund goes in the RED General Fund Balance = $-16,800,000 45
46 PROPOSED TIMELINE 2012 April - Implement 10 Year Financial Plan August - Settle Negotiations November Replace PI Levy 2013 November Pass 8 Mill Emergency Operating levy December - Remove Current Op Levy 2016 January May Revisit Financial Plan as Needed Pass 2.5 Mill Emergency Operating Levy 2017 General Fund Balance in the BLACK 2021 General Fund Balance = $2,694,800 46
47 FOCUS GROUPS 47
48 MPAC (MADISON-PLAINS ADVISORY COUNCIL) FACILITIES PLANNING TEAM This Group will work with the Administration in planning, designing, funding and building new facilities SUPERINTENDENTS ADVISORY TEAM This group will work with the Superintendent to evaluate programs, review budgets and to disseminate results to our community. FINANCIAL PLANNING TEAM This group will work with the administration to finalize and monitor the 10 Year Financial Plan. 48
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