MADISON AREA TECHNICAL COLLEGE DISTRICT NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012

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1 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012 NOTE N - SUBSEQUENT EVENTS (Continued) Debt Issuance On September 4, 2013, the District issued general obligation promissory notes totaling $9,215,000 with interest rates of varying amounts between 2.0% and 3.0% payable on March 1 and September 1 annually. Principal payments of varying amounts are due on March 1 of each year until maturity on March 1, Proceeds will be used for paying the cost of building remodeling and improvement projects and for paying the cost of the acquisition of moveable equipment Management evaluated subsequent events through November 13, 2013, the date the financial statements were available to be issued. Events or transactions occurring after June 30, 2013 but prior to November 13, 2013 that provided additional evidence about conditions that existed at June 30, 2013 have been recognized in the financial statements for the year ended June 30, Events or transactions that provided evidence about conditions that did not exist at June 30, 2013 but arose before the financial statements were available to be issued have not been recognized in the financial statements for the year ended June 30, This information is an integral part of the accompanying financial statements. 56

2 REQUIRED SUPPLEMENTARY INFORMATION

3 OTHER POSTEMPLOYMENT BENEFITS PLAN SCHEDULE OF FUNDING PROGRESS (UNAUDITED) Year Ended June 30, 2013 Actuarial Accrued UAAL as a Liability Percentage Actuarial Actuarial (AAL) - Unfunded of Valuation Value Projected AAL Funded Covered Covered Date of Assets Unit Credit (UAAL) Ratio Payroll Payroll 06/30/12 $ - $ 17,187,558 $ 17,189,558 0% $ 92,384, % 06/30/11-17,060,014 17,060,014 0% 90,970, % 06/30/10-11,094,579 11,094,579 0% 84,135, % The data presented above was taken from the actuarial report. 57

4 SUPPLEMENTARY INFORMATION The following supplementary information is provided to document Madison College s compliance with budgetary requirements. This accountability is an essential requirement to maintain the public trust. The method of accounting used for budgetary compliance monitoring is substantially different from the method of preparing the basic financial statements of the District. At the end of this section is a reconciliation between the two methods.

5 GENERAL FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (NON-GAAP BUDGETARY BASIS) AND ACTUAL Year Ended June 30, 2013 Adjustment Actual on a Variance Original Final to Budgetary Budgetary Favorable Budget Budget Actual Basis Basis (Unfavorable) Revenues Local government $ 90,920,000 $ 91,076,000 $ 91,137,150 $ - $ 91,137,150 $ 61,150 Intergovernmental revenue State 12,670,000 12,865,000 12,912,598-12,912,598 47,598 Federal 205, , , , ,569 Tuition and fees Statutory program fees 39,212,000 37,614,903 37,260,468-37,260,468 (354,435) Material fees 1,418,000 1,284,630 1,302,537-1,302,537 17,907 Other student fees 1,301,000 1,301,000 1,484,015-1,484, ,015 Institutional 971,000 1,099,795 1,051,364-1,051,364 (48,431) Total revenues 146,697, ,446, ,466, ,466,701 20,373 Expenditures Instruction 103,603, ,030, ,626, , ,860, ,429 Instructional resources 3,402,000 3,396,650 3,281,310 18,687 3,299,997 96,653 Student services 13,859,000 13,777,869 13,209,220 69,705 13,278, ,944 General institutional 12,821,000 13,305,381 13,087, ,942 13,298,362 7,019 Physical plant 14,720,000 14,138,109 13,717,009 (5,879) 13,711, ,979 Public service 334, , ,990 (2,262) 307,728 26,018 Total expenditures 148,739, ,981, ,231, , ,756,913 1,225,042 Excess (deficiency) of revenues over expenditures (2,042,000) (2,535,627) (764,540) (525,672) (1,290,212) 1,245,415 Other financing sources (uses) Transfers in 2,042,000 1,533,000 1,533,000-1,533,000 - Transfers out - (1,838,205) (1,838,205) - (1,838,205) - 2,042,000 (305,205) (305,205) - (305,205) - Net change in fund balance - (2,840,832) (1,069,745) (525,672) (1,595,417) 1,245,415 Fund balance at July1, ,455,252 52,455,252 52,998,069 (542,817) 52,455,252 - Fund balance at June 30, 2013 $ 52,455,252 $ 49,614,420 $ 51,928,324 $ (1,068,489) $ 50,859,835 $ 1,245,415 Fund balance Assigned for future purchases $ 1,068,489 Nonspendable - prepaid items and advances Nonspendable - noncurrent assets 732,434 2,990 Assigned for compensated absences Assigned for state aid fluctuations 9,716,495 1,331,900 Assigned for subsequent year 665,950 Assigned for subsequent years 968,914 Assigned for operations 37,441,152 $ 51,928,324 58

6 SPECIAL REVENUE AIDABLE FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (NON-GAAP BUDGETARY BASIS) AND ACTUAL Year Ended June 30, 2013 Adjustment Actual on a Variance Original Final to Budgetary Budgetary Favorable Budget Budget Actual Basis Basis (Unfavorable) Revenues Local government - tax levy $ 1,736,000 $ 1,580,000 $ 1,580,000 $ - $ 1,580,000 $ - Intergovernmental revenue State 757, , , ,329 30,329 Federal 3,888,000 3,888,000 4,177,331-4,177, ,331 Tuition and fees Program fees 18,000 18,000 3,156-3,156 (14,844) Material fees 20,000 20, , , ,495 Other student fees 541, , , ,117 (23,883) Institutional 2,366,000 2,366,000 1,801,394-1,801,394 (564,606) Total revenues 9,326,000 9,170,000 9,149,822-9,149,822 (20,178) Expenditures Instruction 7,326,000 7,296,000 7,276,335-7,276,335 19,665 Instructional resources 48,000 48,000 32,720-32,720 15,280 Student services 1,015,000 1,135,000 1,133,508-1,133,508 1,492 Physical Plant 30,000 30,000 16,759 16,759 13,241 General institutional 888, , , ,857 8,143 Total expenditures 9,307,000 9,307,000 9,249,179-9,249,179 57,821 Net change in fund balance 19,000 (137,000) (99,357) - (99,357) 37,643 Fund balance at July1, ,005,487 1,005,487 1,005,487-1,005,487 - Fund balance at June 30, 2013 $ 1,024,487 $ 868,487 $ 906,130 $ - $ 906,130 $ 37,643 59

7 SPECIAL REVENUE NON-AIDABLE FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (NON-GAAP BUDGETARY BASIS) AND ACTUAL Year Ended June 30, 2013 Adjustment Actual on a Variance Original Final to Budgetary Budgetary Favorable Budget Budget Actual Basis Basis (Unfavorable) Revenues Local government - tax levy $ 155,000 $ 155,000 $ 151,271 $ - $ 151,271 $ (3,729) Intergovernmental revenue State 2,308,000 2,308,000 2,314,207-2,314,207 6,207 Federal 56,902,000 61,298,000 58,317,034-58,317,034 (2,980,966) Institutional 727, , , ,464 (2,536) Total revenues 60,092,000 64,488,000 61,506,976-61,506,976 (2,981,024) Expenditures Student services 60,092,000 64,488,000 61,578,542-61,578,542 2,909,458 Net change in fund balance - - (71,566) - (71,566) (71,566) Fund balance at July1, , , , ,656 - Fund balance at June 30, 2013 $ 390,656 $ 390,656 $ 319,090 $ - $ 319,090 $ (71,566) 60

8 CAPITAL PROJECTS FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (NON-GAAP BUDGETARY BASIS) AND ACTUAL Year Ended June 30, 2013 Adjustment Actual on a Variance Original Final to Budgetary Budgetary Favorable Budget Budget Actual Basis Basis (Unfavorable) Revenues Intergovernmental revenue State $ 13,000 $ 13,000 $ 40,563 $ - $ 40,563 $ 27,563 Federal 327, , , ,528 (192,472) Institutional 1,909,000 73, , , ,881 Total revenues 2,249, , , ,062 58,972 Expenditures Capital outlay Instruction 6,757,000 14,061,560 7,205, ,791 8,139,345 5,922,215 Instructional resources 6,332,000 12,493,865 7,588, ,773 7,838,543 4,655,322 Student services 108,000 89,183 34,223 (1,822) 32,401 56,782 General institutional 2,426,000 7,500,463 2,621, ,806 3,434,492 4,065,971 Physical plant 113,695,000 72,969,965 55,979,978 7,163,209 63,143,187 9,826,778 Auxiliary service 293, , ,295 79, ,688 1,450 Public service 76,000 57,495 56,748 (14,216) 42,532 14,963 Total expenditures 129,687, ,968,669 74,202,254 9,222,934 83,425,188 24,543,481 Excess (deficiency) of revenues over expenditures (127,438,000) (107,555,579) (73,730,192) (9,222,934) (82,953,126) 24,602,453 Other financing sources Debt issued 44,070,000 39,750,000 39,750,000-39,750,000 - Premiums on debt issued , , ,021 Transfers in - 928, , ,355 - Transfers out (509,000) Total other financing sources (uses) 43,561,000 40,678,355 41,049,376-41,049, ,021 Net change in fund balance (83,877,000) (66,877,224) (32,680,816) (9,222,934) (41,903,750) 24,973,474 Fund balance at July1, ,070,248 67,070,248 71,149,196 (4,078,948) 67,070,248 - Fund balance (deficit) at June 30, 2013 $ (16,806,752) $ 193,024 $ 38,468,380 $ (13,301,882) $ 25,166,498 $ 24,973,474 61

9 DEBT SERVICE FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (NON-GAAP BUDGETARY BASIS) AND ACTUAL Year Ended June 30, 2013 Adjustment Actual on a Variance Original Final to Budgetary Budgetary Favorable Budget Budget Actual Basis Basis (Unfavorable) Revenues Local government - tax levy $ 30,150,899 $ 30,150,899 $ 30,150,899 $ - $ 30,150,899 $ - Institutional - - 4,705-4,705 4,705 Total revenues 30,150,899 30,150,899 30,155,604-30,155,604 4,705 Expenditures Physical plant 32,997,982 32,997,982 32,849,014-32,849, ,968 Excess (deficiency) of revenues over expenditures (2,847,083) (2,847,083) (2,693,410) - (2,693,410) 153,673 Other financing sources Premiums on debt issued - - 1,437,731-1,437,731 1,437,731 Net change in fund balance (2,847,083) (2,847,083) (1,255,679) - (1,255,679) 1,591,404 Fund balance at July1, ,230,762 6,230,762 6,230,762-6,230,762 - Fund balance at June 30, 2013 $ 3,383,679 $ 3,383,679 $ 4,975,083 $ - $ 4,975,083 $ 1,591,404 62

10 ENTERPRISE FUND SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - BUDGET (NON-GAAP BUDGETARY BASIS) AND ACTUAL Year Ended June 30, 2013 Adjustment Actual on a Variance Original Final to Budgetary Budgetary Favorable Budget Budget Actual Basis Basis (Unfavorable) Operating revenues Local government - tax levy $ 115,000 $ 115,000 $ 115,000 $ - $ 115,000 $ - Intergovernmental revenue Federal 2,500 2,500 3,206-3, Auxiliary revenue 10,805,100 10,809,250 10,193,881-10,193,881 (615,369) Total revenues 10,922,600 10,926,750 10,312,087-10,312,087 (614,663) Operating expenses Auxiliary services 10,808,630 10,818,110 10,601,965-10,601, ,145 Excess (deficiency) of revenues over expenses 113, ,640 (289,878) - (289,878) (398,518) Non-operating revenues (expenses) Transfers in - 663, , ,154 - Transfers out (1,533,000) (1,533,000) (1,533,000) - (1,533,000) - Total non-operating revenues (expenses) (1,533,000) (869,846) (869,846) - (869,846) - Net change in net position (1,419,030) (761,206) (1,159,724) - (1,159,724) (398,518) Net position at July 1, ,854,999 2,854,999 2,854,999-2,854,999 - Net position at June 30, 2013 $ 1,435,969 $ 2,093,793 $ 1,695,275 $ - $ 1,695,275 $ (398,518) 63

11 INTERNAL SERVICE FUND SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - BUDGET (NON-GAAP BUDGETARY BASIS) AND ACTUAL Year Ended June 30, 2013 Adjustment Actual on a Variance Original Final to Budgetary Budgetary Favorable Budget Budget Actual Basis Basis (Unfavorable) Operating revenues Institutional $ - $ - $ 715 $ - $ 715 $ 715 Auxiliary revenue 12,143,191 12,212,592 11,957,777-11,957,777 (254,815) Total revenues 12,143,191 12,212,592 11,958,492-11,958,492 (254,100) Operating expenses Auxiliary services 13,685,814 13,755,215 12,150,889-12,150,889 1,604,326 Excess (deficiency) of revenues over expenses (1,542,623) (1,542,623) (192,397) - (192,397) 1,350,226 Non-operating revenues Transfer in - 246, , ,696 - Total non-operating revenues - 246, , ,696 - Net change in net position (1,542,623) (1,295,927) 54,299-54,299 1,350,226 Net position at July 1, ,761,762 5,761,762 5,761,762-5,761,762 - Net position at June 30, 2013 $ 4,219,139 $ 4,465,835 $ 5,816,061 $ - $ 5,816,061 $ 1,350,226 64

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13 SCHEDULE TO RECONCILE BUDGET (NON-GAAP BUDGETARY) BASIS FINANCIAL STATEMENTS TO BASIC FINANCIAL STATEMENTS Year Ended June 30, 2013 Special Special Revenue Revenue Capital General Aidable Non-Aidable Projects Fund Fund Fund Fund Revenues Local government - tax levy $ 91,137,150 $ 1,580,000 $ 151,271 $ - Intergovernmental revenue State 12,912, ,329 2,314,207 40,563 Federal 318,569 4,177,331 58,317, ,528 Tuition and fees Program fees 37,260,468 3, Material fees 1,302, , Other student fees 1,484, , Institutional 1,051,364 1,801, , ,971 Auxiliary revenue Total revenues 145,466,701 9,149,822 61,506, ,062 Expenditures Instruction 102,860,771 7,276,335-8,139,345 Instructional resources 3,299,997 32,720-7,838,543 Student services 13,278,925 1,133,508 61,578,542 32,401 General institutional 13,298, ,857-3,434,492 Physical plant 13,711,130 16,759-63,143,187 Public service 307, ,532 Auxiliary services ,688 Depreciation Student aid Total expenditures 146,756,913 9,249,179 61,578,542 83,425,188 Excess (deficiency) of revenues over expenditures (1,290,212) (99,357) (71,566) (82,953,126) Other financing sources (uses) Transfers in 1,533, ,355 Transfers out (1,838,205) Gain (loss) on the sale of assets Debt issued ,750,000 Premiums on notes issued ,021 Net change in fund balance (1,595,417) (99,357) (71,566) (41,903,750) Fund balance/net position at July 1, ,455,252 1,005, ,656 67,070,248 Fund balance/net position at June 30, 2013 $ 50,859,835 $ 906,130 $ 319,090 $ 25,166,498 65

14 Statement of Revenues, Debt Internal Expenses and Service Enterprise Service Reconciling Changes in Fund Funds Funds Total Items Net Position $ 30,150,899 $ 115,000 $ - $ 123,134,320 $ - $ 123,134, ,054,697-16,054,697 (1) - 3,206-62,950,668 (39,372,347) 23,578, ,263,624 (6,031,518) 31,232, ,586,032 (213,799) 1,372, ,001,132 (238,698) 1,762,434 4, ,879,613-3,879,613 (2) - 10,193,881 11,957,777 22,151,658 (11,958,492) 10,193,166 30,155,604 10,312,087 11,958, ,021,744 (57,814,854) 211,206, ,276,451 (7,540,703) 110,735, ,171,260 (896,257) 10,275, ,023,376 (63,469,457) 12,553, ,522,711 (1,843,616) 15,679,095 32,849, ,720,090 (94,042,785) 15,677,305 (3) ,260 (3,207) 347,053-10,601,965 12,150,889 23,547,542 (13,696,943) 9,850, ,257,608 15,257, ,305,607 13,305,607 32,849,014 10,601,965 12,150, ,611,690 (152,929,753) 203,681,937 (2,693,410) (289,878) (192,397) (87,589,946) 95,114,899 7,524, , ,696 3,371,205 (3,371,205) - - (1,533,000) - (3,371,205) 3,371, (5,465) (5,465) ,750,000 (39,750,000) - 1,437, ,808,752 (1,808,752) - (1,255,679) (1,159,724) 54,299 (46,031,194) 53,550,682 7,519,488 6,230,762 2,854,999 5,761, ,769,166 (31,857,241) 103,911,925 $ 4,975,083 $ 1,695,275 $ 5,816,061 $ 89,737,972 $ 21,693,441 $ 111,431,413 (4) 66

15 SCHEDULE TO RECONCILE BUDGET (NON-GAAP BUDGETARY) BASIS FINANCIAL STATEMENTS TO BASIC FINANCIAL STATEMENTS Year Ended June 30, 2013 BUDGETS AND BUDGETARY ACCOUNTING The District follows the procedures listed below in adopting annual budgets for all funds in accordance with legal requirements. Property taxes are levied by the various taxing municipalities located primarily in South Central Wisconsin. The District records as revenue its share of the local tax when levied. Public hearings are conducted on the proposed budget prior to District Board approval. Prior to July 1, the budget is legally enacted through approval by the District Board. Budget amendments made during the year are legally authorized. Budget transfers (between funds and functional areas within funds) and changes in budgeted revenues and expenditures (appropriations) require approval by a vote of two-thirds of the entire membership of the Board and require publishing a Class 1 public notice in the District s official newspaper within 10 days according to Wisconsin Statutes. Management exercises control over budgeted expenditures by fund and function as presented in the accompanying financial statements. Expenditures by fund and function may not exceed funds available, appropriated, or budgeted. All budget amendments must be authorized by a resolution adopted by a vote of two-thirds of the District Board. Appropriations lapse at year-end. Formal budgetary integration is employed as a planning device for all funds. The District adopts an annual operating budget that is prepared on a different basis from the financial statements, which are prepared in accordance with US GAAP. The budget differs from US GAAP by recognizing encumbrances as expenditures. (1) State grants revenue is presented on the basic financial statements as follows: Operating $ 3,462,942 Non-operating 12,591,755 $ 16,054,697 67

16 SCHEDULE TO RECONCILE BUDGET (NON-GAAP BUDGETARY) BASIS FINANCIAL STATEMENTS TO BASIC FINANCIAL STATEMENTS Year Ended June 30, 2013 (2) Institutional revenue is reported as seven separate line items on the basic financial statements: Institutional revenue Business and industry contract revenue $ 859,982 School District contract revenue 218,558 Miscellaneous revenue 1,853,790 Gifts, grants and bequest 660,950 Cost reimbursements 87,194 Investment income earned $ 199,139 3,879,613 (3) Interest expense is reported as a component of physical plant on the budgetary statements: Interest expense Physical plant $ 12,527,817 Interest expense $ 3,149,488 15,677,305 (4) Reconciliation of budgetary basis fund balance and net position as presented in the basic financial statements: Budgetary Basis fund balance $ 89,737,972 General capital assets capitalized 302,162,081 Accumulated depreciation on general capital assets (93,172,674) General obligation notes payable (173,800,000) Premiums on notes payable (7,415,935) Capital lease obligation (64,329) Compensated absences (18,003,715) Accrued interest on bonds (1,696,595) Summer school tuition earned 788,220 Summer school instructor wages paid (737,275) Unamortized bond issuance costs 1,832,688 Encumbrances outstanding at year-end 14,370,372 Net OPEB obligations (2,569,388) Net position per basic financial statements $ 111,431,422 68

17 STATISTICAL SECTION This part of the District s comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the District s overall financial health. The information was prepared by the District and was not subject to audit by the independent certified public accounting firm. Contents Financial Trends These schedules contain trend information to help the reader understand how the District s financial performance and well-being have changed over time. Revenue Capacity These schedules contain information to help the reader assess the District s most significant local revenue source, the property tax. Debt Capacity These schedules present information to help the reader assess the affordability of the District s current levels of outstanding debt and the District s ability to issue additional debt in the future. Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader understand the environment within which the District s financial activities take place Operating Information These schedules contain service and infrastructure data to help the reader understand how the information in the District s financial report relates to the services the District provides and the activities it performs. Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year. The District implemented GASB Statement 34 for the fiscal year ended June 30, 2000; schedules presenting information prepared on an accrual basis include information beginning in that year. Column Headings: The columns headed Year in this section refer to the District s fiscal year (July 1 to June 30). Certain data included in this section is only available on a calendar-year basis; and if calendar-year data is presented, it is disclosed in the notes to the specific statement or schedule included in this section.

18 NET POSITION BY COMPONENT Last Ten Fiscal Years (accrual basis of accounting) Net investment in capital assets $ 79,199,865 $ 67,916,189 $ 61,371,220 $ 73,505,606 $ 66,214,116 $ 58,791,301 $ 54,928,850 $ 52,613,011 $ 51,647,975 $ 52,231,723 Restricted for debt service 3,278,488 4,395,282 1,820,545 1,222, , ,496 90, ,970 Unrestricted 28,953,060 31,600,454 31,067,333 19,909,083 23,660,949 31,840,945 29,291,340 27,476,313 26,076,330 25,535,041 Total Net Position $ 111,431,413 $ 103,911,925 $ 94,259,098 $ 94,636,831 $ 89,875,065 $ 90,632,246 $ 84,230,227 $ 80,403,820 $ 77,814,679 $ 77,968,734 69

19 CHANGES IN NET POSITION Last Ten Fiscal Years Operating revenues Student program fees, net of scholarship $ 31,232,106 $ 31,686,298 $ 30,224,934 $ 31,542,627 $ 20,852,027 $ 15,712,428 $ 13,743,094 $ 13,442,574 $ 12,792,205 $ 12,234,484 Student material fees, net of scholarship 1,372,233 1,340,293 1,267,253 1,403,762 1,059, , , , , ,150 Other student fees, net of scholarship 1,762,434 1,170,728 1,401,037 1,546,099 1,276, , , , , ,299 Federal grants 23,578,321 23,129,978 23,502,656 20,404,153 11,108,246 27,404,089 22,931,012 21,503,259 21,440,274 20,355,863 State grants 3,462,942 3,188,602 4,252,491 3,865,494 3,496,036 3,080,955 2,931,232 2,948,711 2,974,062 2,994,541 Business and industry contract revenue 859,982 1,065, , ,530 1,316,450 1,389,907 1,167,486 1,511,054 1,634,234 1,439,065 School District contract revenue 218, , , , , , , , , ,477 Auxiliary enterprise revenues 10,193,166 10,294,766 10,633,447 11,013,767 9,937,380 9,406,511 9,601,301 9,445,740 9,081,261 8,911,531 Cost reimbursements 87,194 79,664 68,224 74,717 59,759 70,428 64,094 61,271 74,860 - Miscellaneous 1,853,790 1,615,392 3,445,334 2,324,132 1,352,221 1,191, , , , ,564 Total operating revenues 74,620,726 73,813,801 75,934,555 73,358,144 50,732,648 60,167,764 53,013,005 51,393,825 50,527,684 48,344,974 Operating expenses Instruction 110,735, ,801, ,064, ,258,865 91,498,550 85,935,547 80,017,132 76,468,051 74,599,780 69,753,071 Instructional resources 10,275,003 7,032,730 2,474,949 2,142,115 4,289,785 3,517,030 4,602,771 4,087,196 4,688,757 4,291,774 Student services 12,553,919 14,361,928 14,112,715 12,743,223 11,631,575 12,165,040 11,231,305 9,903,562 9,038,308 8,367,891 General institutional 15,679,095 15,006,634 14,731,034 13,932,730 14,232,082 10,777,244 11,154,812 11,128,367 9,632,987 6,843,844 Physical plant 12,527,817 15,435,723 13,418,770 15,563,948 12,517,470 12,581,018 11,709,673 11,118,019 9,510,622 9,159,924 Public service 347, , , , , , , , , ,815 Auxiliary enterprise services 9,850,599 9,931,538 14,270,939 10,602,225 10,553,468 9,636,203 8,969,528 8,793,276 8,888,632 8,361,416 Depreciation 15,257,608 11,484,474 9,845,434 7,355,105 5,522,519 4,226,681 4,834,726 5,021,889 4,887,685 5,077,920 Student aid 13,305,607 13,289,631 15,316,467 15,856,233 3,375,394 15,972,778 11,478,864 11,645,197 12,123,994 11,820,939 Total operating expenses 200,532, ,704, ,507, ,704, ,867, ,053, ,267, ,436, ,627, ,912,594 Operating loss (125,911,723) (116,890,342) (117,572,754) (111,346,554) (103,135,161) (94,885,942) (91,254,035) (87,042,775) (83,099,992) (75,567,620) Non-operating revenues (expenses) Property taxes 123,134, ,353, ,178,991 96,036,715 89,603,131 84,648,492 79,990,740 75,947,829 69,243,978 66,125,179 State appropriations 12,591,755 12,046,603 14,703,139 14,555,632 12,899,345 14,863,447 12,784,849 12,884,060 13,102,673 12,831,947 Federal Capital Grant ,113 6,850 19,951 78,430 Gifts, grants and bequests 660, , , , ,979 97,779 76,284 38,830 60,946 58,500 Gain (loss) on sale of capital assets (5,465) (145,712) - 54,347 59,810 35,499 14,027 (400,680) (7,309) (9,135) Investment income earned 199, ,290 57, , ,245 2,637,386 3,009,287 1,902,059 1,248, ,894 Interest expense (3,149,488) (4,678,748) (952,742) (1,047,588) (974,530) (994,642) (803,858) (747,032) (723,226) (726,319) Total non-operating revenues 133,431, ,543, ,195, ,574, ,377, ,287,961 95,080,442 89,631,916 82,945,937 78,728,496 INCREASE (DECREASE) IN NET POSITION $ 7,519,488 $ 9,652,827 $ (377,739) $ (772,240) $ (757,181) $ 6,402,019 $ 3,826,407 $ 2,589,141 $ (154,055) $ 3,160,876 * Student financial aid loans exlcuded from revenue and student aid expense starting in

20 DISTRIBUTION OF REAL PROPERTY VALUE ON AN EQUALIZED BASIS COLUMBIA, DANE, JEFFERSON, MARQUETTE, AND SAUK COUNTIES (1) Last Ten Calendar Years (Jan. 1 to Dec. 31) Calendar Year Residential Commercial Manufacturing Agriculture and Ag Forest Undeveloped Forest Other Personal Property Total District Equalized Total Direct Tax Rate ,136,537,000 10,691,275,100 1,140,936, ,168, ,127, ,330,600 1,347,675,400 1,330,869,100 48,820,919,500 46,955,056, % of Total 67.9% 21.9% 2.3% 0.5% 0.5% 1.3% 2.8% 2.7% ,067,498,900 11,702,660,600 1,166,731, ,704, ,134, ,331,400 1,472,898,500 1,390,835,800 53,928,795,800 53,262,965, % of Total 68.7% 21.7% 2.2% 0.5% 0.3% 1.3% 2.7% 2.6% ,540,610,200 12,769,261,000 1,258,830, ,411, ,526, ,507,900 1,577,912,800 1,451,194,200 59,704,254,400 58,990,853, % of Total 69.6% 21.4% 2.1% 0.8% 0.3% 0.7% 2.6% 2.4% ,235,793,100 13,794,575,000 1,303,094, ,186, ,256, ,743,800 1,633,800,400 1,554,720,600 65,746,170,400 64,919,717, % of Total 70.3% 21.0% 2.0% 0.9% 0.4% 0.6% 2.5% 2.4% ,154,867,100 15,046,258,900 1,391,779, ,366, ,295, ,138,100 1,672,150,600 1,619,675,000 70,173,530,200 69,274,786, % of Total 70.0% 21.4% 2.0% 0.9% 0.3% 0.6% 2.4% 2.3% ,872,236,300 15,584,109,200 1,446,066, ,833, ,613, ,146,100 1,797,773,200 1,766,662,700 72,806,441,000 71,847,552, % of Total 69.9% 21.4% 2.0% 0.9% 0.4% 0.6% 2.5% 2.4% ,600,204,900 16,119,589,400 1,427,680, ,563, ,615, ,641,200 1,790,582,000 1,840,161,500 73,117,038,500 72,154,407, % of Total 69.2% 22.0% 2.0% 0.9% 0.4% 0.6% 2.4% 2.5% ,374,961,900 16,356,586,600 1,429,021, ,579, ,221, ,712,000 1,709,273,200 1,794,513,100 70,984,868,900 70,035,643, % of Total 68.1% 23.0% 2.0% 0.9% 0.4% 0.6% 2.4% 2.5% ,281,413,000 15,761,347,200 1,422,285, ,588, ,517, ,942,900 1,689,525,100 1,704,475,500 70,112,094,900 69,185,451, % of Total 68.9% 22.5% 2.0% 0.9% 0.4% 0.5% 2.4% 2.4% ,009,477,900 15,732,402,000 1,400,086, ,345, ,804, ,649,500 1,701,923,900 1,697,416,500 68,774,107,100 67,889,606, % of Total 68.4% 22.9% 2.0% 0.9% 0.4% 0.5% 2.5% 2.5% Notes: (1) The District is comprised of almost all of five (5) counties (Columbia, Dane, Jefferson, Marquette, and Sauk) and parts of seven (7) other counties (Adams, Dodge, Green, Iowa, Juneau, Richland, and Rock). Real property values are presented for Columbia, Dane, Jefferson, Marquette, and Sauk counties. These five counties comprise over 96% of the District's total equalized valuation. Therefore, the above total column will be greater than the actual total equalized value for the District. (2) Due to varying assessment policies in the municipalities contained in the District, the District uses equalized value of taxable property for tax levy purposes. This equalized value of property approximates estimated actual (full) value of taxable property in the State of Wisconsin. The District Equalized Valuation is the equalized value of property, excluding tax incremental financing districts, with the district. Amount shown is for the five counties listed only. 71

21 DIRECT AND OVERLAPPING (2) PROPERTY TAX RATES Last Ten Years (Rate per $1,000 of Equalized Value) Calendar Year Taxes are Payable District direct rates Operational (1) $ $ $ $ $ $ $ $ $ $ $ Debt Service Total Direct Rate Adams County T Dell Prairie T Jackson T New Haven T Springville C Wisconsin Dells Columbia County T Arlington T Caledonia T Columbus T Courtland T Dekorra T Fort Winnebago T Fountain Prairie T Hampden T Leeds T Lewiston T Lodi T Lowville T Marcellon T Newport T Otsego T Pacific T Randolph T Scott T Springvale T West Point T Wyocena V Arlington V Cambria V Doylestown Legend: T - Town, V - Village, C - City 72

22 DIRECT AND OVERLAPPING (2) PROPERTY TAX RATES Last Ten Years (Rate per $1,000 of Equalized Value) Calendar Year Taxes are Payable V Fall River V Friesland V Pardeeville V Poynette V Randolph V Rio V Wyocena C Columbus C Lodi C Portage C Wisconsin Dells Dane County T Albion T Berry T Black Earth T Blooming Grove T Blue Mounds T Bristol T Burke T Christiana T Cottage Grove T Cross Plains T Dane T Deerfield T Dunkirk T Dunn T Madison T Mazomanie T Medina T Middleton T Montrose T Oregon T Perry T Pleasant Springs T Primrose T Roxbury Legend: T - Town, V - Village, C - City 73

23 DIRECT AND OVERLAPPING (2) PROPERTY TAX RATES Last Ten Years (Rate per $1,000 of Equalized Value) Calendar Year Taxes are Payable T Rutland T Springdale T Springfield T Sun Prairie T Vermont T Verona T Vienna T Westport T Windsor T York V Belleville V Black Earth V Blue Mounds V Brooklyn V Cambridge V Cottage Grove V Cross Plains V Dane V Deerfield V Deforest V Maple Bluff V Marshall V Mazomanie V McFarland V Mount Horeb V Oregon V Rockdale V Shorewood Hills V Waunakee C Edgerton C Fitchburg C Madison C Middleton C Monona C Stoughton C Sun Prairie C Verona Legend: T - Town, V - Village, C - City 74

24 DIRECT AND OVERLAPPING (2) PROPERTY TAX RATES Last Ten Years (Rate per $1,000 of Equalized Value) Calendar Year Taxes are Payable Dodge County T Calamus T Clyman T Elba T Emmet T Fox Lake T Lebanon T Lowell T Portland T Shields T Westford V Randolph C Watertown Green County T Adams T Brooklyn T Exeter T New Glarus T Washington T York V Belleville V Brooklyn V New Glarus Legend: T - Town, V - Village, C - City 75

25 DIRECT AND OVERLAPPING (2) PROPERTY TAX RATES Last Ten Years (Rate per $1,000 of Equalized Value) Calendar Year Taxes are Payable Iowa County T Arena T Clyde T Dodgeville T Moscow T Ridgeway T Wyoming V Arena Jefferson County T Aztalan T Cold Spring T Concord T Farmington T Hebron T Ixonia T Jefferson T Koshkonong T Lake Mills T Milford T Oakland T Palmyra T Sullivan T Sumner T Waterloo T Watertown V Cambridge V Johnson Creek V Sullivan C Fort Atkinson C Jefferson C Lake Mills C Waterloo C Watertown C Whitewater Legend: T - Town, V - Village, C - City 76

26 DIRECT AND OVERLAPPING (2) PROPERTY TAX RATES Last Ten Years (Rate per $1,000 of Equalized Value) Calendar Year Taxes are Payable Juneau County T Lindina T Lyndon T Seven Mile Creek T Summit T Wonewoc V Union Center V Wonewoc C Wisconsin Dells (3) (3) (3) Marquette County T Buffalo T Crystal Lake T Douglas T Harris T Mecan T Montello T Moundville T Neshkoro T Newton T Oxford T Packwaukee T Shields T Springfield T Westfield V Endeavor V Neshkoro V Oxford V Westfield C Montello Richland County T Buena Vista T Ithaca T Westford V Lone Rock Legend: T - Town, V - Village, C - City 77

27 DIRECT AND OVERLAPPING (2) PROPERTY TAX RATES Last Ten Years (Rate per $1,000 of Equalized Value) Calendar Year Taxes are Payable Rock County T Porter T Union Sauk County T Baraboo T Bear Creek T Dellona T Delton T Excelsior T Fairfield T Franklin T Freedom T Greenfield T Honey Creek T Ironton T La Valle T Merrimac T Prairie Du Sac T Reedsburg T Spring Green T Sumpter T Troy T Washington T Westfield T Winfield T Woodland V Ironton V Lake Delton V La Valle V Loganville V Merrimac V North Freedom V Plain V Prairie Du Sac V Rock Springs Legend: T - Town, V - Village, C - City 78

28 DIRECT AND OVERLAPPING (2) PROPERTY TAX RATES Last Ten Years (Rate per $1,000 of Equalized Value) Calendar Year Taxes are Payable V Sauk City V Spring Green V West Baraboo C Baraboo C Reedsburg C Wisconsin Dells Source: Town, Village, and City Taxes, Wisconsin Department of Revenue, Division of State and Local Finance, Bureau of Local Government Services Notes: (1) The operational property tax includes tax levies for all district funds except the debt service fund. By state statutes, the operational rate may not exceed $1.50. (2) Tax rates shown for overlapping governments are the Full Value Rates - Gross. This rate is the total property tax divided by the full value of all taxable general property in the municipality, excluding tax incremental financing (TIF) districts. Total property tax includes state taxes and special charges on counties and tax districts, state trust fund loans, general county and county special purpose taxes, local taxes, county special charges, special purpose district taxes, and school taxes (elementary, secondary, and technical college). It reflects the amount of surplus funds applied (if any) by a tax district to reduce any of the above apportionments or charges. It does not include special assessments and charges to individuals, delinquent taxes, omitted taxes, forest crop taxes, managed forest land taxes, or occupational taxes. (3) The City of Wisconsin Dells expanded into Juneau County and was first taxed in Legend: T - Town, V - Village, C - City 79

29 PROPERTY TAX LEVIES AND COLLECTIONS Last Ten Fiscal Years Fiscal Year Taxes Levied Collected within the Fiscal Year of the Levy Collections Collected within the Fiscal Year of the Levy Ended for the Fiscal Percentage of in Subsequent Percentage June 30, Year Amount Levy Years Amount of Levy ,586,241 47,841, ,745,046 66,586, ,467,595 49,027, ,440,274 70,467, ,604,660 54,627, ,977,533 75,604, ,718,990 55,796, ,922,679 78,718, ,637,000 57,932, ,704,371 82,637, ,432,605 60,123, ,309,367 87,432, ,919,048 65,084, ,834,336 94,919, ,225,150 71,405, ,819, ,225, ,392,167 82,610, ,781, ,392, ,076,899 86,673, ,403, ,076, Tax Levies, Rates, and Collections Personal property taxes, special assessments, special charges, and special taxes must be paid to the town, city or village treasurer in full by January 31. Real property taxes may be paid in full by January 31, or in two equal installments payable by January 31 and July 31. Municipalities also have the option of adopting payment plans which allow taxpayers to pay their real property taxes and special assessments in three or more installments, provided that the first installment is paid by January 31, one-half of the taxes are paid by April 30, and the remainder is paid by July 31. Amounts paid on or before January 31 are paid to the town, city or village treasurer. Amounts paid after January 31 are paid to the county treasurer unless the municipality has authorized payment in three or more installments; in which case payment is made to the town, city or village treasurer. Any amounts paid after July 31 are paid to the county treasurer. For municipalities which have not adopted an installment payment plan, the town, city or village treasurer settles with other taxing jurisdictions for collections through the preceding month on January 15 and February 20. For municipalities which have adopted an installment payment plan, the town, city or village treasurer settles with other taxing jurisdictions for collections through the preceding month on January 15, February 15, and the 15th day of each month following a month in which an installment payment is due. On or before August 20, the country treasurer must settle in full with the underlying taxing districts for all real property taxes and special taxes. The county board may authorize its county treasurer to also settle in full with the underlying taxing districts for all special assessments and special charges. The county may then recover any tax delinquencies by enforcing the lien on the property, retaining any penalties or interest on the delinquencies for which it has settled. Since, in practice, all delinquent real estate taxes are withheld from the county's share of taxes, the district receives 100 percent of the real estate taxes it levies. 80