Allegheny Valley School District, PA

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1 Allegheny Valley School District, PA 1 Allegheny Valley School District (Allegheny County, Pennsylvania) General Obligation Bonds, Series of 2014, $15,320,000 Dated: August 20, Allegheny Valley School District (Allegheny County, Pennsylvania) General Obligation Bonds, Refunding Series B of 2013, $8,065,000 Dated: February 20, 2013 Population 2016 Cheswick Borough 1,746 Springdale Borough 3,405 Harmar Township 2,921 Springdale Township 1,636 School District 9,708 Allegheny County 1,223,348 Commonwealth of Pennsylvania 12,702,379 School District Facilities Year Built Additions/Renovations Grades Served Pupil Capacity Enrollment 2016/17 Elementary Acmentonia Primary K Colfax Upper Elementary Secondary Springdale Junior/Senior High School ; 1977; , Total 955

2 School District Enrollment Enrollments School Year Ending June 30th K Total , (est) School District Employment Fiscal Year Ended June 30, 2016 Number Type of Personnel Administrators 13 Professional / Instructional 87 Classified Support Personnel 65 Total 165 Wages and Salaries School Year Ending June 30, Instruction Support Services Noninstructional Services Total ,429,452 2,337, ,076 8,088, ,386,442 2,377, ,805 8,061, ,489,784 2,397, ,428 8,184, ,436,364 2,435, ,711 8,177, ,327,986 2,571, ,837 8,226,116

3 Pension Program Annual Retirement School Year Ending June 30, Contribution % % % % % FY 2016 Largest Real Estate Taxpayers Taxpayer Principal Business Assessed Value Allegheny Capital Growth Commercial 15,400,000 Curtiss Wright Electronics Manufacturer 15,368,700 Harmar Village Assoc. Medical / Residential 13,400,000 University of Pittsburgh Commercial 11,976,400 Pitt Ohio Trucking Commercial 11,776,400 Fox Chase LTD Commercial / Residential 10,912,700 Harmarville Hotel Associates Accommodation 9,801,600 PPG Industries Commercial 9,685,200 Target Retail Store 9,070,600 Orion Power Midwest LP Utilities 8,400,000 Total 115,791,600 Total Assessed Valuation of the Largest Taxpayers as a Percentage of the Current Assessed Valuation: 15.80% Real Estate Valuation *Not avaiable as of 12/19/2016 Year Assessed Value Market Value Ratio ,299, ,701, % ,843, ,941, % ,556, ,506, % ,791, ,475, % 2016 *

4 Tax Data of the Fiscal Year Ending June 30, 2016 Revenue Available for Tax Category Taxable Assessed Valuation Millage Rate Appropriation Current Real Estate Taxes 733,083, ,917, Less Tax Relief 394,980 Estimated Revenue 14,522,824 Current Act 511 Taxes Flat Rate Assessments: Rate Tax Levy Emergency and Municipal Services Tax $5 41,111 Total Act 511 Taxes Flat Rate Assessments Current Act 511 Taxes Proportional Assessments: Earned Income Taxes 0.50% 1,063,878 Real Estate Transfer Taxes 0.50% 152,959 Total Act 511 Taxes, Proportional Assessments 1,216,837 Act 511 Tax Limit: Property Valuation: 2016 Market Value (estiamted) $720,195, Assessed Value (estimated) $720,195,253 Ratio of Assessed to Market Value 100%

5 Real Estate Tax Collection History Year Ending Year Ending Year Ending Year Ending Year Ending Assessed Valuation* 587,533, ,809, ,354, ,354, ,673,306 Millage Current Levy 13,783,529 16,276,759 13,891,848 14,170,390 14,522, Current Year End Collections 12,431,517 12,617,227 12,758,308 13,427,719 13,674,699 Current and Delinquent Collections 13,140,192 13,193,463 13,693,191 13,961,736 14,205,575 Percent Current Collections to Current Levy 90.19% 77.52% 91.84% 94.76% 94.16% Percent Total Collections to Current Levy 95.33% 81.06% 98.57% 98.53% 97.82% Five Year Average of Current Collections to Current Levy 89.69% Five Year Average of Total Collections to Current Levy 94.26% * Less Homestead Excemption Largest Employers in the School District Fiscal Year Ended June 30, 2016 Approximate Number Employer Principal Business of Employees Curtis Wright Commercial/Industrial 766 PPG Industries Paint Maufacturer 400 Allegheny Valley School District Education 223 RRI Electrical Power 100 Millennia Tech Circuit Board Maker 83 RI Lampus Block Brick and Block Manufactruer 65 System 1 Holdings Real Estate 54 TMG Electronics Electrical 48 CDI Corporation Construction 48 Goodwill Retail 37

6 Current Employment Statistics Employer 2016 Employment 2015 Employment One Year Change Total Nonfarm 1,145,800 1,161, Mining & Logging 11,900 11, Construction 47,900 54, Manufacturing 87,900 87, Trade 212, , Information 18,000 18, Financial Activities 69,500 70, Professional & Bus. Services 177, , Education and Health Services 241, , Leisure and Hospitality 108, , Other Services 51,000 51, Government 119, , Series 2014 Recent Trends in Employment and Unemployment Employer 2016 Allegheny County Civilian Labor Force 652,600 Employment 618,400 Unemployment 34,300 Unemployment Rate 5.20% Pennsylvania Civilian Labor Force 6,520,600 Employment 6,153,700 Unemployment 366,900 Unemployment Rate 5.60%

7 Series 2013B Employees, Establishments and Payroll Data Allegheny County Year Number of Establishments Number of Employees Annual Payroll ($000) , ,100 $58,656 Commonwealth of Pennsylvania Year Number of Establishments Number of Employees Annual Payroll ($000) ,866 5,662,200 $52,624 Series 2013B Comparative Per Capital Personal Income Trends (estimated) Political Subdivisions Pittsburg MSA 50,756 50,128 Allegheny County 54,090 54,392 Commonwealth of Pennsylvania 49,745 50,492 United States 48,112 53,889 Series 2013B Comparative Personal Income Trends Political Subdivisions Pittsburg MSA 138,873 NA Allegheny County NA NA Commonwealth of Pennsylvania 636,857,158 NA United States 15,463,981,000 16,706,700,000

8 Debt Statement Pursuant to Section 410 Local Government Unit Debt Act Allegheny Valley School District ("Municipal Unit") Allegheny County Pennsylvania Fiscal Year Ended June 30, Gross Indebtedness Electoral Nonelectoral A. Electoral Debt None B. Nonelectoral Debt: (i.) Series of ,805,000 (ii.) Series of ,555,000 (iii.) Refunding Series B of ,820,000 Total Nonelectoral Debt 31,180,000 C. Lease Rental Debt 0 Total Nonelectoral and Lease Rental Debt 31,180, Calculation of Debt Limits and Remaining Borrowing Capacity Debt Item Remaining Debt Limit Debt Outstanding Borrowing Capacity Net Nonelectoral Debt 45,286,947 31,180,000 14,106,947

9 Calculation of Borrowing Base Total Revenue and Other Financing Sources 20,540,143 21,521,653 21,692,372 Deduct excludable items: 1. State and Federal subsidies and reimbursements related to a particular project financed by debt (281,459) (794,856) (280,086) 2. Revenues, receipts and assessments, etc. pledged for self liquidating debt 3. Interest on sinking fund 4. Grants and Gifts in Aid 5. Nonrecurring receipts Total excludable items (281,459) (794,856) (280,086) Total Revenues as defined in the Act 20,258,684 20,726,797 21,412,286 Total Revenues for the three year period ending June 30, ,397,767 Borrowing Base (arithmetic average of Total Revenues) 20,799,256

10 Allegheny Valley School District Bonded Indebtedness Fiscal Year Ended June 30, 2016 Gross Principal Before Net After State State Reimbursement Reimbursement Outstanding (Estimated) Direct Debt: General Obligation Bonds: Series of ,805,000 7,484,250 Series of ,555,000 12,217,467 Refunding of Series B of ,820,000 6,650,128 Total Direct Debt 31,180,000 26,351,845 Overlapping Debt: Municipal Debt: Borough of Cheswick 1,070,000 1,070,000 Borough of Springdale 4,284,564 4,284,564 Township of Harmar 13,125 13,125 Township of Springdale Share of County Debt 6,824,480 6,824,480 Total Overlapping Debt 12,192,169 12,192,169 Total Direct and Overlapping Debt 43,372,169 38,544,014 Debt Ratios: Direct Debt to Market Value 4.20% Direct Debt to Assessed Valuation 3.65% Direct Debt Per Capita 2,714 Direct and Overlapping Debt to Market Value 6.14% Direct and Overlapping Debt to Assessed Valuation 5.33% Direct and Overlapping Debt Per Capita 3,970

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