BUCKEYE VALLEY LOCAL SCHOOLS, DELAWARE COUNTY NOTES/ASSUMPTIONS TO FIVE-YEAR FORECAST FOR APPROVAL MAY 13, 2014

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1 May 13, 2014 The following assumptions were used in projecting revenue and expenditures for Fiscal Year 2014 through This is the district s best estimates at this point in time. This forecast is subject to change due to current economic factors, the rapidly changing nature of state funding and other factors such as current legislation. REVENUES Lines Real Estate The district collects real estate taxes from four counties: Delaware, Morrow, Marion and Union. This revenue represents 41.6% of total revenue for the district. Real Estate revenue estimates are based on historical growth patterns and also taking into account the current economic state and housing market was a reappraisal year for Delaware and Morrow counties, by far our largest counties. In 2014 Delaware and Morrow counties will have an update. Overall, values have been going up in Delaware County. The number used for FY2014 is based off of historical trends and current property tax valuations from the Delaware County Auditor s office. Reappraisal happens every six years and requires that each parcel of property be visited and appraised. The update occurs 3 years after the reappraisal and can adjust values based upon market fluctuations. A 1.3% increase is estimated for FY15 and FY16 and a 1.45% increase is estimated for FY17 and FY18. Line Tangible Personal Property/ Public Utility Personal Property This line item represents not only Tangible Personal Property, but Public Utility Personal Property as well. Revenues from Tangible Personal Property have decreased sharply in this area for the past several years due to the phase-out of the tax. The state was reimbursing districts for the loss of this tax which is on line 1.05 of the forecast. Public Utility Personal Property has been growing slightly over the past 3 years; therefore, the district is increasing this line item by 2% for the remaining years of the forecast. Line Income Tax The 1% income tax represents approximately 24.5% of the district s total revenue in the General Fund. Although historically the district has seen increases each year in this line item, fiscal year

2 2009 and 2010 actually saw decreases due to the economy. Fiscal year 2011 and 2012 saw increases of over 5% each year and FY 2013 and FY 2014 showed an average of 7.5% increase, a very welcome trend. So to be on the conservative side, the forecast estimates a 2.0% increase for fiscal year 2015 and for the rest of the years of the forecast. Line Unrestricted Grants-in-Aid Unrestricted grants-in-aid represent funds received through the State Foundation statement settlements from the Ohio Department of Education (ODE). The State funding for schools is based on several factors, all of which are subject to deliberations and approval of the Ohio General Assembly. School funding for fiscal year 2014 is based upon the current simulations by ODE under the state s funding guarantee. Under the guarantee, drops in enrollment will not result in less funding unless the state lowers its 100% guaranteed funding threshold. In 2009, Ohio voters approved the construction of four full-service casinos in the State of Ohio. The Constitutional Amendment directs that school districts receive a portion of the gross casino revenue based on student populations for students who are residents of the county in which the school resides. The revenue is intended to supplement current State aid, not supplant. The estimates used are based on current enrollment and revenues supplementing, not supplanting. The amounts used are $52 per student for FY14 for a total of $115,819 and $50 per student for FY15 and beyond. Line Restricted Grants-in-Aid This line represents our Career Tech and Economic Disadvantaged money. For FY 2014 and beyond, the district anticipates receiving $2,314 in Career Tech funding. In regards to Economic Disadvantage funding, this amount is tied directly to the funding formula and will change with the formula. For FY 2014 and beyond, the district is anticipating an average of $31,826 annually. Line Restricted Federal Grants-in-Aid SFSF and ED Jobs This is our SFSF money (State Fiscal Stabilization Funds) and Education Jobs fund money. This line item has been zeroed out for the rest of the years of the forecast. Line Property Tax Allocations This is our rollback and homestead, and tangible personal property tax loss reimbursements from the state. Because the rollback and homestead amounts mirror the real estate amounts, the district has projected the same percentage increases in this line that were projected in the real

3 estate line and then added in the Tangible Personal Property Tax loss reimbursements that we were receiving. The new state budget last year called for an acceleration of the phase-out of the Tangible Personal Property (TPP) tax loss reimbursements from the state. Districts receiving less than 2% of their total revenue from TPP reimbursements did not receive any in Fiscal Year Buckeye Valley s TPP reimbursements were 2.9% of total revenue, therefore we still received something in FY12 but nothing for any years following that. The loss to the district in FY12 over what was previously projected was approximately $261,000; the total loss from FY11 to FY12 was approximately $396,000. Therefore, from Fiscal Year 2013 and beyond, there is no TPP loss reimbursements projected on this line. Line All Other Revenues This figure includes open enrollment payments, SF14 tuition, fees, rentals, interest; pay to participate fees and all other revenue. The significant increase in FY 2014 is due to the following; reclassification of the Delaware Revenue Sharing Money that the district receives from Delaware City Schools for children who live in Buckeye Valley School District but attend Delaware City Schools totaling $88,000; reimbursement from Medicaid from FY 2011 totaling $126,000; refund from Delaware county for real estate assessment fees totaling $128,340 Line All other financing Sources This figure includes any refund that the district received from a prior fiscal year. From FY 2013 to FY 2014 the amounts increased significantly due to the following refunds. 1.) Bureau of Worker s Compensation in the amount of $68,604 2.) Overpayment of SERS in the amount of $44,625 3.) Refund of Run out Claims from CDMU in the amount of $151,548 4.) Refund from Insurance Company for Lawsuit Settlement in the amount of $12,474 5.) Refund from ERATE- $14,471 Going forward, these amounts are not the norm and will not be projected forward. EXPENDITURES Line Personal Services Personal Services (Salaries) represent 51% of the total expenditures of the general fund. The district completed negotiations with the BVTA (Buckeye Valley Teachers Association) in July,

4 2013 for a three year contract. Base salary will increase at 1.5%, for the FY 2014, FY2015, and FY In addition, all members eligible for step movement will advance one step per year during the life of this contract. In addition, those members who were employed during the and school years, who did not advance any steps during those two school years, will advance one additional step during the school year. The district completed negotiations with the OAPSE union in August, 2012 for a three year contract with a reopener in the second two years for salary/benefits only. In August 2013, the district completed the reopener with the OAPSE union. Base salary will increase 2% in FY 2014 and FY In addition, all members eligible for step movement will advance one step per year during the life of this contract. Administrator salaries were given a 1.5% on the base and a step increase for FY In April 2014, the board adopted a new administrative compensation plan that will phase out the pickup on pick-up on any existing administrative contracts. Administrators who are currently in a contract will receive a 2.5% increase each year until their current contract expires. Any new administrators that are hired will be placed on the plan with no pick-up on pick-up. Very conservative increases have been projected into future years based on uncertainties such as education movement, mandated positions, negotiated agreements, and historical trends over time. Line 3.02 Employees Retirement/Insurance Benefits Benefits represent approximately 22% of the total expenditures in the general fund. This includes retirement, unemployment, workers compensation, Medicare, health insurance, dental insurance, vision insurance and life insurance. Because the retirement amounts mirror the personal services increases, the district has projected the same percentage increases in this line that were projected above. The district changed to a new health insurance plan with the Stark County COG effective with family health coverage going down slightly but family dental going up significantly. For FY 2014 and FY 2015, the district received a 5.0% increase in insurance premiums. Going forward, the district is projecting a 10% increase in premiums each fiscal year of the five year forecast. However, per the new negotiated agreement that was settled in August 2013, the certificated staff will pay 11% of the premium in FY 2014, 12% in FY 2015, and 13% in FY 2016.

5 Line 3.03 Purchased Services The purchased services line represents 13% of the total general fund budget and includes copier leases and charges; repairs; mileage and meeting expenses; utilities; postage; legal expenditures; community school charges; and property and fleet insurance. The significant increase in this line item for FY 2014 is from the reclassification of expense from the Central Ohio Education Service Center (ESC). The district receives a vast array of services from the ESC which include: Occupational Therapist, Physical Therapists, LPN, Speech Pathologist, School Psychologist; etc. In prior years, this amount was represented in line Looking forward, the ESC expenses will continue to be presented in this line item. Line 3.04 Supplies and Materials The supplies and material line represents 4.3% of the total general fund budget and examples include, but are not limited to, general supplies, instructional materials including textbooks and media materials, bus fuel and tires, and all other maintenance supplies Small increases have been estimated over the life of the forecast. The district is currently looking into cost saving measures for the subsequent years for this line item. Line 3.05 Capital Outlay There are no Capital Outlay expenses for the district in the general fund because the 1.5 mill permanent improvement dollars pay for equipment purchases. With the elimination of the Bus Purchase money from the state, this line item is now set to 0. Line 4.30 Other Objects The other object line represents 8.8% of the total general fund budget and includes the contract for GAAP preparation, audit expenses, auditor and treasurer fees, election expenses and liability insurance. The significant decrease for FY 2014 is from the reclassification of expense from the Central Ohio Education Service Center (ESC). Please see explanation in Line 3.03-Purchased Services. This item will see increases that mirror the real estate collections due to the fees.

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