Proviso High School District 209 Financial Plan Fiscal Year 2015-2019

Proviso High School District 209 Financial Plan Fiscal Year 2015-2019 May 27, 2014

Table of Contents Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Introduction Enrollment Projections Revenue Projections EAV and TIF database tables Curriculum Updates New Program costs Increase to tech for PARCC Staffing Table Expenditure Estimates Capital Improvement Tables Grant Funded Lighting Improvement Projects Debt Structure Assumptions Used in Plan

Section 1 Introduction

Board of Education Name Position Current tenure on Board Daniel Adams President April 2001-2017 Brian Cross Vice President July 2007-2017 Francine Harrell Secretary April 2011-2015 Readith Ester Board Member April 2011-2015 Theresa Kelly Board Member April 1999-2015 Kevin McDermott Board Member April 2009-2017 Teresa McKelvy Board Member April 2013-2017 State of Illinois Financial Oversight Panel Dr. Craig Schilling, Ed.D. Chairman Socrates Rivers Merilee McCracken Edward Porter Kenneth Walls Executive Administration Dr. Nettie Collins-Hart, Ed.D, Superintendent Kim Waller-Echols, Assistant Superintendent, Curriculum and Instruction Ed Moyer, Executive Director, Assessment and Planning Brenda Horton, Executive Director, Human Resources Todd Drafall, Chief Financial Officer Dr. Bessie Karvelas, Ed.D. Principal, Proviso Math and Science Academy Oscar Hawthorne, Principal, Proviso West High School Tony Valente, Principal, Proviso East High School

Introduction The district annually updates its five- year financial plan, based on recent historical spending and conservative estimates of revenue and industry based estimates of expenditure. The primary focus of the plan is to anticipate district resources over the next five years and to determine if and when changes are needed to meet current programs, and or resources are available to offer and develop new programs. Annually, as the district develops its budget, these projections will need to be taken into account to determine the funding ability of future programs. The introduction section contains a recap of the 2014 budget with anticipated fund balances, as well as the aggregate chart of anticipating fund balances for the projected timeframe. Following this section are sections outlining the anticipated enrollment and revenue, staffing, curriculum changes and expenditures, capital needs, and debt service. The last section includes a more detail review of the assumptions used to develop the graphs and tables throughout the document. This document is largely a visual representation of those assumptions. Included in this financial plan is the following: Current staffing levels for both certified and support staff as noted in the staffing tables. A plan to introduce and update a new curriculum for the next five years A refresh cycle of current computers An increase in capital expenditures using grant funds for updating electrical services for the district The continuation of the districts current spending pattern of $1.5- $2.0 million a year in capital along with use of QZAB bonds for health life safety project Other Assumptions Revenue and expenditure assumptions for the plan are included in the last section of the plan. GSA funding is based on the current foundation level at 83% proration. The district remains on alternative formula thru the duration of the projection model except for fiscal year 2017-2018 when the projection model puts the district into foundation level funding. The increase is nominal, however it shows that the district may be on the line between alternate and foundation level funding and depending on ADA and EAV the district may cross over prior to the projection. The local tax revenue is based on conservative estimates of valuation along with the assumptions that increment, based on 2012 values, will become taxable as projected by information received from the County Clerk s Office and municipalities.

The plan includes the assumption of a cost shift starting Fiscal year 2016 for a portion of the pension costs for certified staff currently paid by the State to the Teacher Retirement System. The district s current estimate for health insurance renewal is 10% based on current experience and a recommendation from Blue Cross Blue Shield with an estimated 10% per year for the remainder of the projection. Based on those premium increases the district would be required to pay the Cadillac tax starting in 2018. The estimated tax impact for 2018 and 2019 is $654,000 annually. Budget versus Financial Plan Whereas, many of the assumptions and forecasts in this financial plan for the next fiscal year will be very close to some of the numbers used in the development of the 2015 budget, the financial plan is not the budget. The plan projects with current trends in revenue and expenditures for a longer term. A more detail account of actual expenses will be developed for the creation of the fiscal year 2014-2015 budget, which the Board will see in July. Executive summary Expenditure The financial plan reflects the up to date staffing levels for fiscal year 2015, and current contract assumptions. It also includes increases in expenditures for technology to accommodate the PARCC assessments and a replacement schedule for current computers. Additionally, there is an allocation of resources for the development and rollout of a new updated curriculum each year of the plan. New programs noted in the financial plan are also planned for. The plan includes an itemization of costs for new programs as well as the goals, the reason for the program and how success will be measured. Revenue The district is significantly funded by property taxes with a strong commercial/industrial base, almost 60% of the tax base is non- residential. Additionally, the district has 35 TIF districts, some of which are set to expire and property to come back on the tax rolls during this planning period. If those TIF districts are not dissolved as expected there could be a decrease or delay in the revenue received by the district for the expiration of the TIF. This projection does not include any anticipated revenue from TIF proceeds. Capital needs and debt service Included in the plan are several tables of capital needs by building. The district capital needs exceed the district s operating resources and its ability to issue bonded debt to fund. That said the district will need to develop a plan to issue bonds to start to elevate the long list of capital upgrades in the next fiscal year. Renovation

work will take several years to complete. If the district is able to borrow up to $20 million over the next three years along with funds from operating will significantly reduce the capital list and result in significant upgrades to the district s infrastructure. The district does have excess debt service funds that can be used to lesson the impact of any future bond issue on property tax payers. Aggregate projection Below is a short table of the anticipated revenue, expenditures and fund balances for all operating funds. Enrollment History Enrollment projection for the plan year is not divided by school, however the district does not have any strong indication that enrollment will significantly increase or decrease during the planning period. Fiscal Year Proviso East Proviso West PMSA Total Change % Change 2006 2,080 2,672 121 4,873 2007 1,973 2,672 297 4,942 69 1.42% 2008 1,872 2,711 437 5,020 78 1.58% 2009 1,905 2,644 595 5,144 124 2.47% 2010 1,971 2,564 663 5,198 54 1.05% 2011 1,942 2,459 773 5,174 (24) - 0.46% 2012 1,941 2,338 846 5,125 (49) - 0.95% 2013 1,917 2,320 817 5,054 (71) - 1.39% 2014 1,770 2,199 817 4,786 (268) - 5.30%

Conclusion The district has many resources, however, it has an equal number of liabilities and needs. The current projection indicates that at this time, given the assumptions, current programs can be funded at the current levels through 2018 without significant reduction in fund balance, however, there is limited funding for capital needs during the same time. Transfers out of operational funds to capital projects along with the current funding of programs reduces operating fund balance by almost two months of cash on hand. It also means that other new programs or initiatives would require the reduction or elimination of something currently being offered to be able to fund new programs. This plan does not include any significant expansion of technology in the schools outside of some computers added in curriculum programs, replacement of old desktop and laptops.

Proviso Township High Schools District 209 Fiscal Year 2014 Proposed Amended Budget Operation/ IMRF/Soc Working Fire Prevent Education Maintenance Debt Service Transportation Security Capital Cash Tort & Safety Total Beginning Balance (audit) 21,707,715 1,588,169 5,226,587 4,503,676 1,838,977 1,600,423 3,039,943 157,761 493,634 39,359,930 Revenue Property Taxes 40,765,869 8,091,329 5,334,360 1,516,071 2,534,594 9,493 9,493 188,246 58,449,455 Corp Personal Prop Tax 3,000,000 100,000 3,100,000 Other Local 2,267,054 151,860 28,000 532,697 1,600 20,000 1,000 2,000 3,004,211 State Aid 8,900,000 1,500,000 500,000 10,900,000 Special Ed Reimbursement 2,359,492 2,359,492 Other State 586,805 800,000 1,313,844 2,700,649 NCLB Grants 1,808,261 1,808,261 Federal Lunch and Bfast 880,000 880,000 Other Federal 348,731 348,731 On behalf payments 7,000,000 7,000,000 Total Revenue 67,916,212 10,543,189 5,362,360 3,862,612 2,634,594 1,600 29,493 10,493 190,246 90,550,799 Expenditures Salaries 31,622,331 4,816,890 175,000 36,614,221 Benefits 10,190,637 1,005,462-2,566,525 13,762,624 Purchased Services 6,378,857 986,246 80,000 2,700,386 175,000 10,320,489 Supplies/Material 1,470,581 2,084,083 63,187 3,617,851 Capital 280,000 435,059 2,250,000 2,965,059 Tuition/Other 9,144,637 411,000 4,886,100 870,000 15,311,737 Non-Capitalized Equipment 1,407,669 28,457 1,436,126 On behalf payments 7,000,000 7,000,000 Total Expenditure 67,494,712 9,767,197 4,966,100 3,808,573 2,566,525 2,250,000 - - 175,000 91,028,107 Proceeds from Bond Sales 1,411,850 1,411,850 Fund transfers (500,000) 500,000 Ending Balances 22,129,215 1,864,161 5,622,847 4,557,715 1,907,046 1,263,873 3,069,436 168,254 508,880 40,294,472 Ending Balance over (under)beginning Balance 421,500 275,992 396,260 54,039 68,069 (336,550) 29,493 10,493 15,246 934,542 Revenue over (Expenditure) 421,500 775,992 396,260 54,039 68,069 (2,248,400) 29,493 10,493 15,246 (477,308) Operating Funds Rev over (Exp) 421,500 775,992 54,039 68,069 29,493 10,493 1,359,586 Ending Balance Days cash on hand** 134 70 413 437 271 205 1,061 175 * Adjustment made by independent auditor to Fiscal year 2012. Proviso Township Treasurer refused to make adjustment to their books. Beginning balance is based on cash and is prior to audit adjustments ** Days cash on-hand excludes the expenditure of On-behalf payments made to teacher retirement system by State of Illinois for the district 5/22/14 8:14 AM budget recap.xlsx FY14 ammended budget

Projected Year-End Balances (Educational, Operations and Maintenance, Transportation, IMRF, Working Cash, and Tort Funds.) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 $40 $34,895,609 $35,550,676 $34,030,455 $32,836,241 $31,178,912 $30 $28,972,440 $25,113,106 $25,523,383 $20 $17,931,336 $18,879,999 $20,000,605 $23,092,133 $19,422,808 $19,409,685 Millions $10 $15,579,349 $10,963,674 $1,784,788 $0 $4,529,273 $6,211,783 $1,587,599 $8,362,637 $3,726,108 ($10) ($20) Educational Operations and Maintenance Transportation IMRF Working Cash Tort 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 FY End Balances Low-Point Balance 2014 PMA Financial Network, Inc. Page: 4

Aggregate - Projection Summary BUDGET REVENUE / EXPENDITURE PROJECTIONS FY 2014 FY 2015 % chg FY 2016 % chg FY 2017 % chg FY 2018 % chg FY 2019 % chg REVENUE Local $59,192,469 $56,660,418-4.28% $58,149,200 2.63% $60,422,544 3.91% $63,215,494 4.62% $63,962,734 1.18% State $15,960,141 $16,733,571 4.85% $15,467,935-7.56% $14,142,226-8.57% $13,871,613-1.91% $14,599,561 5.25% Federal $3,036,992 $3,145,173 3.56% $3,145,173 0.00% $3,145,173 0.00% $3,145,173 0.00% $3,145,173 0.00% Other $0 $0 $0 $0 $0 $0 TOTAL REVENUE $78,189,602 $76,539,162-2.11% $76,762,308 0.29% $77,709,942 1.23% $80,232,280 3.25% $81,707,469 1.84% EXPENDITURES Salary and Benefit Costs $48,261,269 $48,772,824 1.06% $50,755,464 4.07% $53,307,178 5.03% $54,745,432 2.70% $57,012,091 4.14% Other $27,368,965 $25,611,271-6.42% $26,027,065 1.62% $25,754,307-1.05% $26,193,320 1.70% $26,644,434 1.72% TOTAL EXPENDITURES $75,630,234 $74,384,095-1.65% $76,782,529 3.22% $79,061,485 2.97% $80,938,752 2.37% $83,656,525 3.36% SURPLUS / DEFICIT $2,559,368 $2,155,067 ($20,221) ($1,351,543) ($706,473) ($1,949,056) OTHER FINANCING SOURCES/USES Transfer Among Funds (Net) $0 ($1,500,000) ($1,500,000) ($1,500,000) ($1,500,000) ($1,500,000) Sale of Bonds $0 $0 $0 $0 $0 $0 Other Financing Sources $0 $0 $0 $0 $0 $0 Other Financing Uses ($500,000) $0 $0 $0 $0 $0 TOTAL OTHER FIN. SOURCES/USES ($500,000) ($1,500,000) ($1,500,000) ($1,500,000) ($1,500,000) ($1,500,000) SURPLUS / DEFICIT INCL. OTHER FIN. SOURCES $2,059,368 $655,067 ($1,520,221) ($2,851,543) ($2,206,473) ($3,449,056) BEGINNING FUND BALANCE $32,836,241 $34,895,609 $35,550,676 $34,030,455 $31,178,912 $28,972,440 PROJECTED YEAR END BALANCE $34,895,609 $35,550,676 $34,030,455 $31,178,912 $28,972,440 $25,523,383 FUND BALANCE AS % OF EXPENDITURES 46.14% 47.79% 44.32% 39.44% 35.80% 30.51% FUND BALANCE AS # OF MONTHS OF EXPEND. 5.54 5.74 5.32 4.73 4.30 3.66 2012 PMA Financial Network, Inc. Page: 3

Aggregate View - Projection Summary Financial Profile Calculation For FY 2014 Ratio Score Value Fund Balance to Rev Ratio 0.44 4 1.4 Total Score: 3.8 Exp to Rev Ratio 0.97 4 1.4 Category:Financial Recognition Days Cash On Hand 157.06 3 0.3 % of Short Term Borrowing Max Remaining 100.00 4 0.4 % of Long Term Debt Margin Remaining 67.15 3 0.3 4 3.5 3.80 3.80 3.80 3.80 3.80 3.80 3.45 3.45 3.45 3.55 3.55 3 2.5 2 1.5 0 - Watch - 2.61 2.62 - Early Warning - 3.07 3.08 - Review - 3.53 1 0.5 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2013 PMA Financial Network, Inc. Page: 30

Section 2 Enrollment Projections Revenue Projections EAV and TIF database tables

Enrollment Analysis CLASS PROGRESSION RATIOS ACTUAL PROJECTED 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 9-10: 0.804 0.760 0.642 0.673 0.649 0.772 0.774 0.744 0.774 0.804 10-11: 0.744 0.793 0.857 0.887 0.803 0.858 0.829 0.891 0.845 0.891 11-12: 0.996 1.090 0.897 0.819 0.794 0.836 0.826 0.900 0.835 0.916 ENROLLMENT HISTORY AND PROJECTIONS ENROLLMENT CHANGE 6,000 5,000 4,871 4,925 5,033 4,869 4,786 4,449 4,588 4,701 4,822 4,734 4,894 200 100 54 108 139 113 121 160 4,000 0 3,000 (100) (83) (88) 2,000 (200) (164) 1,000 (300) 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 (400) (337) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Actual Projected Actual Projected 2012 PMA Financial Network, Inc. Page: 39

Revenue Projections: Local property taxes account for 67% of revenues: q EAV: Decreased by 7.5% in LY12; projected to decrease by 4.5% in LY13 with continued minimal decreases until levels off in LY18 q Consumer Price Index: LY14 is 1.5% and projected at 2.1% future years q New Property Growth: LY12 @ $4.3million; LY13 projected @ $5 million; LY14 $22M; LY15 $30M; LY16 $50M; LY17 $8M; LY18 $6M. See attached chart for expiring TIF assumptions q Property Tax Collection Rate: 99% future years q Corporate Personal Property Replacement Tax: flat at FY14 rate Other Local Revenue Sources account for 8.4% of revenues q Summer School Tuition, interest income, fees, & rental income: projected flat at FY14 rates **note PAEC transportation refund General State Aid represents 14.6% of FY14 revenues Other state funds (mandated categoricals) are 4.8% of revenues We assume GSA foundation will remain constant at $6,119 and will be prorated at 89% of entitlement in FY14 and 83% thereafter; moves from Alternate Formula to Foundation level. Proration formula would reduce FY14 by $121,165. Transportation revenue is projected to remain relatively stable at FY14 level We assume categorical revenue will remain at FY14 levels FY14, FY15 & FY16 Operations & Maintenance Fund Revenue contains $800,000 grant from DCEO for electrical upgrades** All districts get federal dollars to support low income and special education students, plus a few smaller grants Federal revenues for Proviso represent 5% of total revenue. This totals about $3 million

Tax Year TIF expected to Expire Count of TIF DIST Grand 2014 2015 2016 2017 2018 2020 2021 2022 2023 2024 2025 2028 2029 2030 2031 2032 2033 Total BELLWOOD 1 1 1 1 2 1 4 11 BERKELEY 1 1 BROADVIEW 1 1 1 1 1 5 FOREST PARK 1 1 1 1 4 HILLSIDE 1 1 1 3 MAYWOOD 1 1 1 3 MELROSE PARK 1 1 1 1 1 1 6 NORTHLAKE 1 1 2 STONE PARK 1 1 Grand Total 2 1 4 1 1 3 2 2 4 2 1 2 2 2 5 1 1 36 2012 Increment by Municipality MELROSE PARK 28% NORTHLAKE 7% STONE PARK 0% BERKELEY 0% BROADVIEW 21% BELLWOOD 0% MAYWOOD 19% HILLSIDE 16% FOREST PARK 9%

General State Aid General State Aid Foundation Level General State Aid Revenue (in Millions) 7,000 6,000 5,000 4,000 6,119 6,119 6,119 6,119 6,119 6,119 6,119 6,119 6,119 6,119 14 12 10 8 $8.1 $9.8 $9.5 $10.9 $11.6 $10.6 $9.8 $9.5 $10.2 3,000 6 $4.9 2,000 4 1,000 2 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Actual Projected Actual Projected 2012 PMA Financial Network, Inc. Page: 37

BUDGET Aggregate - Revenue Analysis REVENUE PROJECTIONS FY 2014 FY 2015 % chg FY 2016 % chg FY 2017 % chg FY 2018 % chg FY 2019 % chg LOCAL Property Taxes $52,921,849 $51,362,191-2.95% $52,795,305 2.79% $55,030,837 4.23% $57,800,582 5.03% $58,534,659 1.27% CPPRT $3,100,000 $3,100,000 0.00% $3,100,000 0.00% $3,100,000 0.00% $3,100,000 0.00% $3,100,000 0.00% Pupil Activities $416,000 $416,000 0.00% $416,000 0.00% $416,000 0.00% $416,000 0.00% $416,000 0.00% Other Local Revenue $2,754,620 $1,782,227-35.30% $1,837,895 3.12% $1,875,707 2.06% $1,898,912 1.24% $1,912,075 0.69% TOTAL LOCAL REVENUE $59,192,469 $56,660,418-4.28% $58,149,200 2.63% $60,422,544 3.91% $63,215,494 4.62% $63,962,734 1.18% STATE General State Aid $10,900,000 $11,648,632 6.87% $10,623,669-8.80% $9,816,050-7.60% $9,519,007-3.03% $10,219,997 7.36% Other State Revenue $5,060,141 $5,084,939 0.49% $4,844,266-4.73% $4,326,176-10.69% $4,352,605 0.61% $4,379,565 0.62% TOTAL STATE REVENUE $15,960,141 $16,733,571 4.85% $15,467,935-7.56% $14,142,226-8.57% $13,871,613-1.91% $14,599,561 5.25% TOTAL FEDERAL REVENUE $3,036,992 $3,145,173 3.56% $3,145,173 0.00% $3,145,173 0.00% $3,145,173 0.00% $3,145,173 0.00% FLOW-THROUGH REVENUE $0 $0 $0 $0 $0 $0 TOTAL REVENUE $78,189,602 $76,539,162-2.11% $76,762,308 0.29% $77,709,942 1.23% $80,232,280 3.25% $81,707,469 1.84% REVENUE BY SOURCE DETAIL -FY 2014 REVENUE PROJECTION (MILLIONS) Other Local 8.0% General State Aid 13.9% Other State 6.5% Federal 3.9% Property Taxes 67.7% $90 $80 $70 $60 $50 $40 $30 $20 $10 $0 $78.2 $76.5 $76.8 $77.7 $80.2 $81.7 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 2014 PMA Financial Network, Inc. Page: 1

BUDGET Educational Fund - Revenue Analysis REVENUE PROJECTIONS FY 2014 FY 2015 % chg FY 2016 % chg FY 2017 % chg FY 2018 % chg FY 2019 % chg LOCAL Property Taxes $40,765,869 $39,717,633-2.57% $41,311,796 4.01% $43,545,664 5.41% $46,005,487 5.65% $46,859,829 1.86% CPPRT $3,000,000 $3,000,000 0.00% $3,000,000 0.00% $3,000,000 0.00% $3,000,000 0.00% $3,000,000 0.00% Pupil Activities $416,000 $416,000 0.00% $416,000 0.00% $416,000 0.00% $416,000 0.00% $416,000 0.00% Other Local Revenue $1,692,620 $1,648,340-2.62% $1,684,082 2.17% $1,710,744 1.58% $1,731,168 1.19% $1,748,483 1.00% TOTAL LOCAL REVENUE $45,874,489 $44,781,972-2.38% $46,411,878 3.64% $48,672,408 4.87% $51,152,655 5.10% $52,024,312 1.70% STATE General State Aid $8,900,000 $10,148,632 14.03% $9,123,669-10.10% $8,316,050-8.85% $8,019,007-3.57% $8,719,997 8.74% Other State Revenue $2,946,297 $2,751,146-6.62% $2,751,146 0.00% $2,751,146 0.00% $2,751,146 0.00% $2,751,146 0.00% TOTAL STATE REVENUE $11,846,297 $12,899,778 8.89% $11,874,815-7.95% $11,067,196-6.80% $10,770,153-2.68% $11,471,143 6.51% TOTAL FEDERAL REVENUE $3,036,992 $3,145,173 3.56% $3,145,173 0.00% $3,145,173 0.00% $3,145,173 0.00% $3,145,173 0.00% FLOW-THROUGH REVENUE $0 $0 $0 $0 $0 $0 TOTAL REVENUE $60,757,778 $60,826,923 0.11% $61,431,866 0.99% $62,884,777 2.37% $65,067,981 3.47% $66,640,628 2.42% REVENUE BY SOURCE DETAIL -FY 2014 REVENUE PROJECTION (MILLIONS) General State Aid 14.6% Other State 4.8% Federal 5.0% $70.0 $60.0 $50.0 $60.8 $60.8 $61.4 $62.9 $65.1 $66.6 Other Local 8.4% $40.0 $30.0 $20.0 Property Taxes 67.1% $10.0 $0.0 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 2012 PMA Financial Network, Inc. Page: 5

BUDGET Operations and Maintenance Fund - Revenue Analysis REVENUE PROJECTIONS FY 2014 FY 2015 % chg FY 2016 % chg FY 2017 % chg FY 2018 % chg FY 2019 % chg LOCAL Property Taxes $8,091,329 $8,275,964 2.28% $8,413,368 1.66% $8,414,587 0.01% $8,567,812 1.82% $8,469,312-1.15% Earnings on Investments $17,000 $1,038-93.90% $2,463 137.37% $3,804 54.42% $4,180 9.88% $3,057-26.86% Rentals $100,000 $100,000 0.00% $100,000 0.00% $100,000 0.00% $100,000 0.00% $100,000 0.00% Other Local Revenue $1,000 $1,000 0.00% $1,000 0.00% $1,000 0.00% $1,000 0.00% $1,000 0.00% TOTAL LOCAL REVENUE $8,209,329 $8,378,002 2.05% $8,516,831 1.66% $8,519,391 0.03% $8,672,993 1.80% $8,573,369-1.15% STATE General State Aid $1,000,000 $1,500,000 50.00% $1,500,000 0.00% $1,500,000 0.00% $1,500,000 0.00% $1,500,000 0.00% Other State Revenue $800,000 $800,000 0.00% $800,000 0.00% $256,000-68.00% $256,000 0.00% $256,000 0.00% TOTAL STATE REVENUE $1,800,000 $2,300,000 27.78% $2,300,000 0.00% $1,756,000-23.65% $1,756,000 0.00% $1,756,000 0.00% TOTAL FEDERAL REVENUE $0 $0 $0 $0 $0 $0 FLOW-THROUGH REVENUE $0 $0 $0 $0 $0 $0 TOTAL REVENUE $10,009,329 $10,678,002 6.68% $10,816,831 1.30% $10,275,391-5.01% $10,428,993 1.49% $10,329,369-0.96% REVENUE BY SOURCE DETAIL -FY 2014 Other Local 1% General State Aid 10% Other State 8% $12.0 $10.0 $8.0 $6.0 $10.0 REVENUE PROJECTION (MILLIONS) $10.7 $10.8 $10.3 $10.4 $10.3 Property Taxes 81% $4.0 $2.0 $0.0 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 2012 PMA Financial Network, Inc. Page: 9

BUDGET Transportation Fund - Revenue Analysis REVENUE PROJECTIONS FY 2014 FY 2015 % chg FY 2016 % chg FY 2017 % chg FY 2018 % chg FY 2019 % chg LOCAL Property Taxes $1,516,071 $1,079,510-28.80% $885,618-17.96% $885,746 0.01% $901,875 1.82% $891,506-1.15% Transportation Fees $9,000 $9,000 0.00% $9,000 0.00% $9,000 0.00% $9,000 0.00% $9,000 0.00% Earnings on Investments $9,000 $12,203 35.58% $20,896 71.24% $23,424 12.10% $20,974-10.46% $14,546-30.65% Other Local Revenue $900,000 $0 ####### $0 $0 $0 $0 TOTAL LOCAL REVENUE $2,434,071 $1,100,713-54.78% $915,513-16.83% $918,170 0.29% $931,849 1.49% $915,052-1.80% STATE General State Aid $1,000,000 $0 ####### $0 $0 $0 $0 Other State Revenue $1,313,844 $1,533,793 16.74% $1,293,120-15.69% $1,319,030 2.00% $1,345,459 2.00% $1,372,419 2.00% TOTAL STATE REVENUE $2,313,844 $1,533,793-33.71% $1,293,120-15.69% $1,319,030 2.00% $1,345,459 2.00% $1,372,419 2.00% TOTAL FEDERAL REVENUE $0 $0 $0 $0 $0 $0 FLOW-THROUGH REVENUE $0 $0 $0 $0 $0 $0 TOTAL REVENUE $4,747,915 $2,634,505-44.51% $2,208,633-16.17% $2,237,200 1.29% $2,277,308 1.79% $2,287,471 0.45% REVENUE BY SOURCE DETAIL -FY 2014 REVENUE PROJECTION (MILLIONS) General State Aid 21.1% Other State 27.7% Other Local 19.3% Property Taxes 31.9% $5.0 $4.5 $4.0 $3.5 $3.0 $2.5 $2.0 $1.5 $1.0 $0.5 $0.0 $4.7 $2.6 $2.2 $2.2 $2.3 $2.3 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 2012 PMA Financial Network, Inc. Page: 15

Section 3 Curriculum Updates New Program costs Increase to tech for PARCC Staffing Table Expenditure Estimates

Expenditures assumptions Salaries/Contracts: Salaries and benefits comprise 64% of the expenditure budget. Custodial contract is in place and reflected in projections. Teachers and support staff still negotiating. Administrators at 3% per year. Health Insurance: Assumed 10% increase FY15; 12% FY16. then 12% thereafter Added Cadillac tax (ACA) $654,000 starting FY18. Enrollment/Staffing as noted in staffing charts Retirements: Includes 38 teacher retirees over next 5 years. Assumed TRS cost shift of.5% per year for 4 years in FY16. Purchased services, supplies, other increase by 2.4% annually except Other object in Education Fund (Special Ed tuition) and Transportation Fund which is 3% increase annually. Operations & Maintenance Fund has $500,000 transfer to Capital Projects Fund FY14 and $1,500,000 for FY 15-19 Curriculum needs: budgeted at $1.5 million annually Technology needs: budgeted at $1.1 million annually for computer replacement plan Electrical upgrades from DCEO grant budgeted in Operations & Maintenance Fund, capital expense object

New program: Alternative Learning Opportunities Program (ALOP) Revenue is based on General State Aid (GSA) with 83% proration of the current foundation level, estimate of 85% ADA of 60 students after a 25% administrative fee to West 40 to manage the ALOP.

Short synopsis of the ALOP program and how growth and success will be measured: 1. What the program is supposed to do: The Truancy ALOP is designed to meet the needs of students whose truancy has likely contributed to their lack of academic progress. The program would focus on the areas of: recovering credit and helping students graduate on time; providing counseling needed to address social, emotional and behavioral needs especially related to improving attendance; and college and career readiness. 2. The program relates to Board Goal 1: Improve Educational Performance of All Students. Specifically, the Truancy ALOP will assist in meeting the goal of attaining graduation rates of 80% or higher by the end of FY16. 3. The following metrics will be used to measure program success: Effectiveness 1. Student attendance will be monitored on a daily basis. [Metric: Number of students in daily attendance] 2. Student course completion will be monitored on a weekly basis. [Metric: Number of students on track toward course completion] 3. Students enrolled in the program will graduate on time. [Metric: Number of students graduating at the end of SY15]

The Barber/Cosmetology Program

The Barber/Cosmetology Program will provide 40 students with an opportunity to participate in a two- year cohort program that will lead to them being eligible to take the State Exam to become a licensed Barber or Cosmetologist. Matrix: the number of students who successfully complete the program in 2 years. The number of students who obtain their license and the number of students who obtain full time employment.

Estimated Technology costs for fiscal year 2015. This estimate includes what we currently expect is needed from the tech department for implementation of the PARCC testing. This also includes a refreshment cycle for desktops and laptops that has not previously been in place. Description Justification Estimated Expenditu res CONTRACTS This is the last year for the copier contract. This expenditure includes estimates for "end of contract" costs. $200,000 Copier Maintenance $200,000 PROFESSIONAL & TECH SERVICES Wiring Network Upgrades Operational Software Instructional Software Expansion of network will meet growing demand of equable access throughout the campuses. $820,000 $190,000 $200,000 $180,000 $250,000 REPAIRS & MAINTENANCE Repair of Damaged Equipment Replacing and/or buying new equipment to reduce repair costs. $5,000 $5,000 COMMUNICATIONS Communications Software Cost to purchase communications software subscriptions. $4,000 $4,000 OFFICE SUPPLIES Instructional Office Supplies Operational Office Supplies The PARCC Technology Guidelines includes requirements for supplies (headphones, calculators, etc..) for each student during testing $100,000 $50,000 $50,000 TONER Cost of toner purchase for each campus. $20,000 Printer toner cartridges $20,000

CAPITAL OUTLAY/RPLC The decision to replace desktops and laptops for the PARCC assessment is twofold. The Technology Guidelines for PARCC Assessments provides guidance in selecting the type of technology to use for the assessments. Due to the costs associated with the purchase of additional peripherals and tools needed when using other types of technology, it was decided that it would be more cost effective and applicable to our environment to administer the test on desktops and laptops. The Technology Guidelines also outlines levels of computer and network capacity that are likely to meet the growing demand for school technology that supports learning and assessments across classrooms. Laptops and desktops meeting the recommended specifications can be expected to satisfy PARCC guidelines through the 2018-2019 school year. $500,000 Desktop Lifecycle Replacement Laptop Lifecycle Replacement Tablet Lifecycle Replacement Server Lifecycle Replacement $246,000 $200,000 $15,000 $39,000 CAPITAL OUTLAY/NEW Desktops Laptops Tablets Server Printers Carts Classroom Equipment While the primary reason for purchasing new equipment will be to fill in technology gaps to meet curriculum and instruction needs, the overarching goal is to meet the specifications in the Technology Guidelines for PARCC Assessments for the network capacity. $300,000 $95,000 $50,000 $15,000 $10,000 $15,000 $15,000 $100,000 Total estimated technology costs for FY 2015 $1,949,000

Dept East SY15 FY15 Return Diff West SY15 FY15 Return Diff PMSA SY15 FY15 Return Diff District SY15 FY15 Return Vac NOTES Activities Coordinator 0 0 0 0 0 0 Applied Tech 2 3-1 3 2 1 0 5 5 0 1 Travel between East and West Art 3 3 0 2 2 0 2 2 0 7 7 0 Business 3 3 0 2 2 0 0 5 5 0 English 14 12 2 16 17-1 6 6 0 36 35 1 1 Transfer from W to E / 1 vacancy @ East ELL 2 1 1 3 3 0 0 5 4 1 1 vacancy @ East FCS 4 4 0 5 4 1 0 9 8 1 1 vacancy @ West Guidance 6 6 0 9 9 0 3 2 1 18 17 1 1 vacancy @ PMSA Library 1 1 0 1 1 0 1 1 0 3 3 0 Math 13 15-2 17 18-1 8 7 1 37 39-2 1 Transfer to PMSA / 2 OVER - reassign to Science Music 1 1 0 2 2 0 1 1 0 4 4 0 PE 9 8 1 10 11-1 4 5-1 23 24-1 1 Transfer / 1 over - reassign to Soc Studies Science 13 11 2 15 15 0 7 8-1 35 34 1 1 Transfer from PMSA / 1 vacancy @ East Social Studies 10 10 0 15 14 1 7 4 3 32 28 4 4 vacancies: 1 @ W; 3 @ PMSA Social Workers 3 3 0 3 2 1 0 6 5 1 1 vacancy @ West Special Education 17 15 2 19 19 0 0 36 34 2 2 vacancies @ E Technology 0 0 1 1 0 1 1 0 World Languages 3 3 0 4 4 0 5 4 1 12 11 1 1 vacancy @ PMSA Certified Totals 104 99 5 126 125 1 45 41 4 275 265 13 NJROTC 2 5 0 7 Psychologists 1.5 1.5 0 3 Support Totals 3.5 6.5 0 10 Grand Totals 107.5 132.5 45 285

Staffing table totals for District Dept District SY15 District SY14 District SY13 District SY12 Activities Coordinator 0 0 0 0 Applied Tech 5 5 5 4 Art 7 7 7 8 Business 5 5 7 6 English 36 45 46 50 ELL 5 FCS 9 8 9 8 Guidance 18 17 17 17 Library 3 3 3 3 Math 37 45 43 42 Music 4 4 4 4 PE 23 26 26 24 Science 35 37 37 36 Social Studies 32 30 30 32 Social Workers 6 6 7 7 Special Education 36 41 41 41 Technology 1 World Languages 12 12 13 13 Certified Totals 275 291 295 295 NJROTC 7 7 7 7 Psychologists 3 3 3 3 Support Totals 10 10 10 10 Grand Totals 285 301 305 305

Staffing Table for Proviso East Dept East SY15 East SY14 East SY13 East SY12 Activities Coordinator 0 Applied Tech 2 3 3 2 Art 3 3 3 3 Business 3 3 4 3 English 14 18 17 21 ELL 2 FCS 4 4 5 4 Guidance 6 6 6 6 Library 1 1 1 1 Math 13 17 15 15 Music 1 1 1 1 PE 9 10 10 10 Science 13 13 13 13 Social Studies 10 11 11 13 Social Workers 3 3 3 3 Special Education 17 19 19 19 Technology World Languages 3 4 4 4 Certified Totals 104 116 115 118 NJROTC 2 2 2 2 Psychologists 1.5 1.5 1 1 Support Totals 3.5 3.5 3 3 Grand Totals 107.5 119.5 118 121

Staffing Table for Proviso West Dept West SY15 West SY14 West SY13 West SY12 Activities Coordinator 0 Applied Tech 3 2 2 2 Art 2 2 2 3 Business 2 2 3 3 English 16 20 22 22 ELL 3 FCS 5 4 4 4 Guidance 9 9 9 9 Library 1 1 1 1 Math 17 19 19 18 Music 2 2 2 2 PE 10 11 11 9 Science 15 16 16 15 Social Studies 15 15 15 15 Social Workers 3 3 3 3 Special Education 19 22 22 22 Technology World Languages 4 3 4 4 Certified Totals 126 131 135 132 NJROTC 5 5 5 5 Psychologists 1.5 1.5 2 2 Support Totals 6.5 6.5 7 7 Grand Totals 132.5 137.5 142 139

Staffing table for PMSA Dept PMSA SY15 PMSA SY14 PMSA SY13 PMSA SY12 Activities Coordinator 0 0 0 Applied Tech 0 0 0 Art 2 2 2 2 Business 0 0 0 English 6 7 7 7 ELL FCS 0 0 0 Guidance 3 2 2 2 Library 1 1 1 1 Math 8 9 9 9 Music 1 1 1 1 PE 4 5 5 5 Science 7 8 8 8 Social Studies 7 4 4 4 Social Workers 0 1 1 Special Education 0 0 0 Technology 1 World Languages 5 5 5 5 Certified Totals 45 44 45 45 NJROTC 0 0 0 0 Psychologists 0 0 0 0 Support Totals 0 0 0 0 Grand Totals 45 44 45 45

Aggregate - Expenditure Analysis BUDGET EXPENDITURE PROJECTIONS FY 2014 FY 2015 % chg FY 2016 % chg FY 2017 % chg FY 2018 % chg FY 2019 % chg Salaries $36,261,843 $36,447,432 0.51% $37,476,868 2.82% $38,864,734 3.70% $38,575,956-0.74% $39,572,244 2.58% Benefits $11,999,426 $12,325,392 2.72% $13,278,596 7.73% $14,442,444 8.76% $16,169,476 11.96% $17,439,847 7.86% TOTAL SALARIES & BENEFITS $48,261,269 $48,772,824 1.06% $50,755,464 4.07% $53,307,178 5.03% $54,745,432 2.70% $57,012,091 4.14% Purchased Services $9,734,359 $9,150,000-6.00% $9,226,400 0.83% $9,304,434 0.85% $9,384,136 0.86% $9,465,543 0.87% Supplies And Materials $3,874,390 $2,778,863-28.28% $2,813,156 1.23% $2,848,272 1.25% $2,884,230 1.26% $2,921,052 1.28% Capital Outlay $723,780 $1,497,221 106.86% $1,497,221 0.00% $797,221-46.75% $797,221 0.00% $797,221 0.00% Other Objects $12,369,503 $10,420,864-15.75% $10,725,965 2.93% $11,040,058 2.93% $11,363,410 2.93% $11,696,295 2.93% Non-Capitalized Equipment $666,933 $1,764,323 164.54% $1,764,323 0.00% $1,764,323 0.00% $1,764,323 0.00% $1,764,323 0.00% Termination Benefits $0 $0 $0 $0 $0 $0 Provision For Contingencies $0 $0 $0 $0 $0 $0 TOTAL ALL OTHER $27,368,965 $25,611,271-6.42% $26,027,065 1.62% $25,754,307-1.05% $26,193,320 1.70% $26,644,434 1.72% TOTAL EXPENDITURES $75,630,234 $74,384,095-1.65% $76,782,529 3.22% $79,061,485 2.97% $80,938,752 2.37% $83,656,525 3.36% FY 2014 EXPENDITURES BY OBJECT EXPENDITURE PROJECTION (MILLIONS) Supplies And Materials 5.1% Capital Outlay 1.0% Other Objects 16.4% Non-Capitalized Equipment 0.9% $90 $80 $70 $60 $75.6 $74.4 $76.8 $79.1 $80.9 $83.7 Purchased Services 12.9% $50 $40 $30 Benefits 15.9% Salaries 47.9% $20 $10 $0 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 2012 PMA Financial Network, Inc. Page: 2

BUDGET Educational Fund - Expenditure Analysis EXPENDITURE PROJECTIONS FY 2014 FY 2015 % chg FY 2016 % chg FY 2017 % chg FY 2018 % chg FY 2019 % chg Salaries $31,342,338 $31,424,965 0.26% $32,349,243 2.94% $33,629,706 3.96% $33,231,232-1.18% $34,115,480 2.66% Benefits $8,118,250 $8,448,528 4.07% $9,253,583 9.53% $10,155,499 9.75% $11,653,469 14.75% $12,678,437 8.80% TOTAL SALARIES & BENEFITS $39,460,588 $39,873,493 1.05% $41,602,826 4.34% $43,785,204 5.25% $44,884,700 2.51% $46,793,916 4.25% Purchased Services $6,281,854 $5,550,000-11.65% $5,550,000 0.00% $5,550,000 0.00% $5,550,000 0.00% $5,550,000 0.00% Supplies And Materials $1,860,410 $1,350,000-27.44% $1,350,000 0.00% $1,350,000 0.00% $1,350,000 0.00% $1,350,000 0.00% Capital Outlay $297,221 $297,221 0.00% $297,221 0.00% $297,221 0.00% $297,221 0.00% $297,221 0.00% Other Objects $11,088,503 $9,500,000-14.33% $9,785,000 3.00% $10,078,550 3.00% $10,380,907 3.00% $10,692,334 3.00% Non-Capitalized Equipment $652,610 $1,750,000 168.15% $1,750,000 0.00% $1,750,000 0.00% $1,750,000 0.00% $1,750,000 0.00% Termination Benefits $0 $0 $0 $0 $0 $0 Provision For Contingencies $0 $0 $0 $0 $0 $0 TOTAL ALL OTHER $20,180,598 $18,447,221-8.59% $18,732,221 1.54% $19,025,771 1.57% $19,328,128 1.59% $19,639,555 1.61% TOTAL EXPENDITURES $59,641,186 $58,320,714-2.21% $60,335,047 3.45% $62,810,975 4.10% $64,212,828 2.23% $66,433,471 3.46% FY 2014 EXPENDITURES BY OBJECT EXPENDITURE PROJECTION (MILLIONS) Purchased Services 10.5% Supplies And Materials 3.1% Other Objects 18.6% Non-Capitalized Equipment 1.1% $70.0 $60.0 $50.0 $40.0 $59.6 $58.3 $60.3 $62.8 $64.2 $66.4 $30.0 Benefits 13.6% Salaries 52.6% $20.0 $10.0 $0.0 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 2012 PMA Financial Network, Inc. Page: 6

REVENUE BUDGET Educational Fund - Projection Summary REVENUE / EXPENDITURE PROJECTIONS FY 2014 FY 2015 % chg FY 2016 % chg FY 2017 % chg FY 2018 % chg FY 2019 % chg Local $45,874,489 $44,781,972-2.38% $46,411,878 3.64% $48,672,408 4.87% $51,152,655 5.10% $52,024,312 1.70% State $11,846,297 $12,899,778 8.89% $11,874,815-7.95% $11,067,196-6.80% $10,770,153-2.68% $11,471,143 6.51% Federal $3,036,992 $3,145,173 3.56% $3,145,173 0.00% $3,145,173 0.00% $3,145,173 0.00% $3,145,173 0.00% Other $0 $0 $0 $0 $0 $0 TOTAL REVENUE $60,757,778 $60,826,923 0.11% $61,431,866 0.99% $62,884,777 2.37% $65,067,981 3.47% $66,640,628 2.42% EXPENDITURES Salary and Benefit Costs $39,460,588 $39,873,493 1.05% $41,602,826 4.34% $43,785,204 5.25% $44,884,700 2.51% $46,793,916 4.25% Other $20,180,598 $18,447,221-8.59% $18,732,221 1.54% $19,025,771 1.57% $19,328,128 1.59% $19,639,555 1.61% TOTAL EXPENDITURES $59,641,186 $58,320,714-2.21% $60,335,047 3.45% $62,810,975 4.10% $64,212,828 2.23% $66,433,471 3.46% SURPLUS / DEFICIT $1,116,592 $2,506,209 $1,096,819 $73,801 $855,153 $207,157 OTHER FINANCING SOURCES/USES Transfer Among Funds (Net) $0 ($1,500,000) ($1,500,000) ($1,500,000) ($1,500,000) ($1,500,000) Sale of Bonds $0 $0 $0 $0 $0 $0 Other Financing Sources $0 $0 $0 $0 $0 $0 Other Financing Uses $0 $0 $0 $0 $0 $0 TOTAL OTHER FIN. SOURCES/USES $0 ($1,500,000) ($1,500,000) ($1,500,000) ($1,500,000) ($1,500,000) SURPLUS / DEFICIT INCL. OTHER FIN. SOURCES $1,116,592 $1,006,209 ($403,181) ($1,426,199) ($644,847) ($1,292,843) BEGINNING FUND BALANCE $21,707,715 $22,824,307 $23,830,516 $23,427,335 $22,001,136 $21,356,289 PROJECTED YEAR END BALANCE $22,824,307 $23,830,516 $23,427,335 $22,001,136 $21,356,289 $20,063,446 FUND BALANCE AS % OF EXPENDITURES 38.27% 40.86% 38.83% 35.03% 33.26% 30.20% FUND BALANCE AS # OF MONTHS OF EXPEND. 4.59 4.90 4.66 4.20 3.99 3.62 2012 PMA Financial Network, Inc. Page: 7

Educational Fund - Projection Summary REVENUES VS EXPENDITURES FY SURPLUS / DEFICIT $70,000,000 $60,000,000 $3,000,000 $2,500,000 $2,506,209 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $2,000,000 $1,500,000 $1,000,000 $1,116,592 $1,096,819 $855,153 $10,000,000 $0 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 $500,000 $0 $207,157 $73,801 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Revenues Expenditures OTHER FINANCING SOURCES & USES YEAR END FUND BALANCE (MILLIONS) $0 ($200,000) ($400,000) ($600,000) ($800,000) ($1,000,000) ($1,200,000) ($1,400,000) $0 $25.0 $24.0 $23.0 $22.0 $21.0 $20.0 $19.0 $22.8 $23.8 $23.4 $22.0 $21.4 $20.1 ($1,600,000) ($1,500,000) ($1,500,000) ($1,500,000) ($1,500,000) ($1,500,000) FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 $18.0 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 2012 PMA Financial Network, Inc. Page: 8

Operations and Maintenance Fund - Expenditure Analysis BUDGET EXPENDITURE PROJECTIONS FY 2014 FY 2015 % chg FY 2016 % chg FY 2017 % chg FY 2018 % chg FY 2019 % chg Salaries $4,819,505 $4,920,467 2.09% $5,023,585 2.10% $5,128,907 2.10% $5,236,481 2.10% $5,346,356 2.10% Benefits $1,240,134 $1,366,613 10.20% $1,505,363 10.15% $1,656,875 10.06% $1,828,780 10.38% $2,013,464 10.10% TOTAL SALARIES & BENEFITS $6,059,639 $6,287,080 3.75% $6,528,948 3.85% $6,785,783 3.93% $7,065,261 4.12% $7,359,821 4.17% Purchased Services $737,119 $1,100,000 49.23% $1,126,400 2.40% $1,153,434 2.40% $1,181,116 2.40% $1,209,463 2.40% Supplies And Materials $1,985,793 $1,400,000-29.50% $1,433,600 2.40% $1,468,006 2.40% $1,503,239 2.40% $1,539,316 2.40% Capital Outlay $426,559 $1,200,000 181.32% $1,200,000 0.00% $500,000-58.33% $500,000 0.00% $500,000 0.00% Other Objects $411,000 $420,864 2.40% $430,965 2.40% $441,308 2.40% $451,899 2.40% $462,745 2.40% Non-Capitalized Equipment $14,323 $14,323 0.00% $14,323 0.00% $14,323 0.00% $14,323 0.00% $14,323 0.00% Termination Benefits $0 $0 $0 $0 $0 $0 Provision For Contingencies $0 $0 $0 $0 $0 $0 TOTAL ALL OTHER $3,574,794 $4,135,187 15.68% $4,205,288 1.70% $3,577,071-14.94% $3,650,577 2.05% $3,725,847 2.06% TOTAL EXPENDITURES $9,634,433 $10,422,267 8.18% $10,734,236 2.99% $10,362,854-3.46% $10,715,838 3.41% $11,085,668 3.45% FY 2014 EXPENDITURES BY OBJECT EXPENDITURE PROJECTION (MILLIONS) Supplies And Materials 20.6% Capital Outlay 4.4% Non-Capitalized Equipment 0.1% $12.0 $10.0 $8.0 $9.6 $10.4 $10.7 $10.4 $10.7 $11.1 Purchased Services 7.7% $6.0 Benefits 12.9% Salaries 50.0% $4.0 $2.0 $0.0 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 2012 PMA Financial Network, Inc. Page: 10

BUDGET Operations and Maintenance Fund - Projection Summary REVENUE / EXPENDITURE PROJECTIONS FY 2014 FY 2015 % chg FY 2016 % chg FY 2017 % chg FY 2018 % chg FY 2019 % chg REVENUE Local $8,209,329 $8,378,002 2.05% $8,516,831 1.66% $8,519,391 0.03% $8,672,993 1.80% $8,573,369-1.15% State $1,800,000 $2,300,000 27.78% $2,300,000 0.00% $1,756,000-23.65% $1,756,000 0.00% $1,756,000 0.00% Federal $0 $0 $0 $0 $0 $0 Other $0 $0 $0 $0 $0 $0 TOTAL REVENUE $10,009,329 $10,678,002 6.68% $10,816,831 1.30% $10,275,391-5.01% $10,428,993 1.49% $10,329,369-0.96% EXPENDITURES Salary and Benefit Costs $6,059,639 $6,287,080 3.75% $6,528,948 3.85% $6,785,783 3.93% $7,065,261 4.12% $7,359,821 4.17% Other $3,574,794 $4,135,187 15.68% $4,205,288 1.70% $3,577,071-14.94% $3,650,577 2.05% $3,725,847 2.06% TOTAL EXPENDITURES $9,634,433 $10,422,267 8.18% $10,734,236 2.99% $10,362,854-3.46% $10,715,838 3.41% $11,085,668 3.45% SURPLUS / DEFICIT $374,896 $255,734 $82,596 ($87,463) ($286,845) ($756,299) OTHER FINANCING SOURCES/USES Transfer Among Funds (Net) $0 $0 $0 $0 $0 $0 Sale of Bonds $0 $0 $0 $0 $0 $0 Other Financing Sources $0 $0 $0 $0 $0 $0 Other Financing Uses ($500,000) $0 $0 $0 $0 $0 TOTAL OTHER FIN. SOURCES/USES ($500,000) $0 $0 $0 $0 $0 SURPLUS / DEFICIT INCL. OTHER FIN. SOURCES ($125,104) $255,734 $82,596 ($87,463) ($286,845) ($756,299) BEGINNING FUND BALANCE $1,588,169 $1,463,065 $1,718,799 $1,801,395 $1,713,932 $1,427,087 PROJECTED YEAR END BALANCE $1,463,065 $1,718,799 $1,801,395 $1,713,932 $1,427,087 $670,789 FUND BALANCE AS % OF EXPENDITURES 15.19% 16.49% 16.78% 16.54% 13.32% 6.05% FUND BALANCE AS # OF MONTHS OF EXPEND. 1.82 1.98 2.01 1.98 1.60 0.73 2012 PMA Financial Network, Inc. Page: 11

Operations and Maintenance Fund - Projection Summary REVENUES VS. EXPENDITURES FY SURPLUS / DEFICIT $12,000,000 $10,000,000 $8,000,000 $600,000 $400,000 $200,000 $0 $374,896 $255,734 $82,596 $6,000,000 ($200,000) ($87,463) $4,000,000 ($400,000) ($286,845) $2,000,000 $0 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 ($600,000) ($800,000) ($1,000,000) ($756,299) FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Revenues Expenditures OTHER FINANCING SOURCES & USES YEAR END FUND BALANCE (THOUSANDS) $0 ($100,000) ($200,000) ($300,000) ($400,000) ($500,000) ($600,000) ($500,000) $0 $0 $0 $0 $0 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 $2,000.0 $1,800.0 $1,600.0 $1,400.0 $1,200.0 $1,000.0 $800.0 $600.0 $400.0 $200.0 $0.0 $1,718.8 $1,801.4 $1,713.9 $1,463.1 $1,427.1 $670.8 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 2012 PMA Financial Network, Inc. Page: 12

BUDGET Transportation Fund - Expenditure Analysis EXPENDITURE PROJECTIONS FY 2014 FY 2015 % chg FY 2016 % chg FY 2017 % chg FY 2018 % chg FY 2019 % chg Salaries $100,000 $102,000 2.00% $104,040 2.00% $106,121 2.00% $108,243 2.00% $110,408 2.00% Benefits $0 $0 $0 $0 $0 $0 TOTAL SALARIES & BENEFITS $100,000 $102,000 2.00% $104,040 2.00% $106,121 2.00% $108,243 2.00% $110,408 2.00% Purchased Services $2,715,386 $2,500,000-7.93% $2,550,000 2.00% $2,601,000 2.00% $2,653,020 2.00% $2,706,080 2.00% Supplies And Materials $28,187 $28,863 2.40% $29,556 2.40% $30,266 2.40% $30,992 2.40% $31,736 2.40% Capital Outlay $0 $0 $0 $0 $0 $0 Other Objects $870,000 $500,000-42.53% $510,000 2.00% $520,200 2.00% $530,604 2.00% $541,216 2.00% Non-Capitalized Equipment $0 $0 $0 $0 $0 $0 Termination Benefits $0 $0 $0 $0 $0 $0 Provision For Contingencies $0 $0 $0 $0 $0 $0 TOTAL ALL OTHER $3,613,573 $3,028,863-16.18% $3,089,556 2.00% $3,151,466 2.00% $3,214,616 2.00% $3,279,032 2.00% TOTAL EXPENDITURES $3,713,573 $3,130,863-15.69% $3,193,596 2.00% $3,257,586 2.00% $3,322,859 2.00% $3,389,440 2.00% FY 2014 EXPENDITURES BY OBJECT EXPENDITURE PROJECTION (MILLIONS) Supplies And Materials 0.8% Other Objects 23.4% Salaries 2.7% $4.0 $3.5 $3.0 $2.5 $2.0 $3.7 $3.1 $3.2 $3.3 $3.3 $3.4 $1.5 $1.0 $0.5 Purchased Services 73.1% $0.0 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 2012 PMA Financial Network, Inc. Page: 16

BUDGET Transportation Fund - Projection Summary REVENUE / EXPENDITURE PROJECTIONS FY 2014 FY 2015 % chg FY 2016 % chg FY 2017 % chg FY 2018 % chg FY 2019 % chg REVENUE Local $2,434,071 $1,100,713-54.78% $915,513-16.83% $918,170 0.29% $931,849 1.49% $915,052-1.80% State $2,313,844 $1,533,793-33.71% $1,293,120-15.69% $1,319,030 2.00% $1,345,459 2.00% $1,372,419 2.00% Federal $0 $0 $0 $0 $0 $0 Other $0 $0 $0 $0 $0 $0 TOTAL REVENUE $4,747,915 $2,634,505-44.51% $2,208,633-16.17% $2,237,200 1.29% $2,277,308 1.79% $2,287,471 0.45% EXPENDITURES Salary and Benefit Costs $100,000 $102,000 2.00% $104,040 2.00% $106,121 2.00% $108,243 2.00% $110,408 2.00% Other $3,613,573 $3,028,863-16.18% $3,089,556 2.00% $3,151,466 2.00% $3,214,616 2.00% $3,279,032 2.00% TOTAL EXPENDITURES $3,713,573 $3,130,863-15.69% $3,193,596 2.00% $3,257,586 2.00% $3,322,859 2.00% $3,389,440 2.00% SURPLUS / DEFICIT $1,034,342 ($496,358) ($984,963) ($1,020,386) ($1,045,551) ($1,101,969) OTHER FINANCING SOURCES/USES Transfer Among Funds (Net) $0 $0 $0 $0 $0 $0 Sale of Bonds $0 $0 $0 $0 $0 $0 Other Financing Sources $0 $0 $0 $0 $0 $0 Other Financing Uses $0 $0 $0 $0 $0 $0 TOTAL OTHER FIN. SOURCES/USES $0 $0 $0 $0 $0 $0 SURPLUS / DEFICIT INCL. OTHER FIN. SOURCES $1,034,342 ($496,358) ($984,963) ($1,020,386) ($1,045,551) ($1,101,969) BEGINNING FUND BALANCE $4,503,676 $5,538,018 $5,041,660 $4,056,697 $3,036,311 $1,990,760 PROJECTED YEAR END BALANCE $5,538,018 $5,041,660 $4,056,697 $3,036,311 $1,990,760 $888,791 FUND BALANCE AS % OF EXPENDITURES 149.13% 161.03% 127.03% 93.21% 59.91% 26.22% FUND BALANCE AS # OF MONTHS OF EXPEND. 17.90 19.32 15.24 11.18 7.19 3.15 2012 PMA Financial Network, Inc. Page: 17

Transportation Fund - Projection Summary REVENUES VS. EXPENDITURES FY SURPLUS / DEFICIT $5,000,000 $4,500,000 $4,000,000 $3,500,000 $1,500,000 $1,000,000 $1,034,342 $3,000,000 $2,500,000 $2,000,000 $500,000 $0 $1,500,000 $1,000,000 $500,000 ($500,000) ($1,000,000) ($496,358) $0 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Revenues Expenditures ($1,500,000) ($984,963) ($1,020,386) ($1,045,551) ($1,101,969) FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 OTHER FINANCING SOURCES & USES YEAR END FUND BALANCE (THOUSANDS) $1.0 $0.9 $0.8 $0.7 $0.6 $0.5 $0.4 $0.3 $0.2 $0.1 $0.0 $0 $0 $0 $0 $0 $0 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 $5,538.0 $5,041.7 $4,056.7 $3,036.3 $1,990.8 $888.8 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 2012 PMA Financial Network, Inc. Page: 18

Municipal Retirement/Social Security Fund - Projection Summary BUDGET REVENUE / EXPENDITURE PROJECTIONS FY 2014 FY 2015 % chg FY 2016 % chg FY 2017 % chg FY 2018 % chg FY 2019 % chg REVENUE Local $2,634,594 $2,372,329-9.95% $2,270,042-4.31% $2,270,873 0.04% $2,410,317 6.14% $2,397,814-0.52% State $0 $0 $0 $0 $0 $0 Federal $0 $0 $0 $0 $0 $0 Other $0 $0 $0 $0 $0 $0 TOTAL REVENUE $2,634,594 $2,372,329-9.95% $2,270,042-4.31% $2,270,873 0.04% $2,410,317 6.14% $2,397,814-0.52% EXPENDITURES Salary and Benefit Costs $2,641,042 $2,510,250-4.95% $2,519,650 0.37% $2,630,070 4.38% $2,687,228 2.17% $2,747,946 2.26% Other $0 $0 $0 $0 $0 $0 TOTAL EXPENDITURES $2,641,042 $2,510,250-4.95% $2,519,650 0.37% $2,630,070 4.38% $2,687,228 2.17% $2,747,946 2.26% SURPLUS / DEFICIT ($6,448) ($137,921) ($249,608) ($359,196) ($276,911) ($350,132) OTHER FINANCING SOURCES/USES Transfer Among Funds (Net) $0 $0 $0 $0 $0 $0 Sale of Bonds $0 $0 $0 $0 $0 $0 Other Financing Sources $0 $0 $0 $0 $0 $0 Other Financing Uses $0 $0 $0 $0 $0 $0 TOTAL OTHER FIN. SOURCES/USES $0 $0 $0 $0 $0 $0 SURPLUS / DEFICIT INCL. OTHER FIN. SOURCES ($6,448) ($137,921) ($249,608) ($359,196) ($276,911) ($350,132) BEGINNING FUND BALANCE $1,838,977 $1,832,529 $1,694,608 $1,445,000 $1,085,804 $808,893 PROJECTED YEAR END BALANCE $1,832,529 $1,694,608 $1,445,000 $1,085,804 $808,893 $458,761 FUND BALANCE AS % OF EXPENDITURES 69.39% 67.51% 57.35% 41.28% 30.10% 16.69% FUND BALANCE AS # OF MONTHS OF EXPEND. 8.33 8.10 6.88 4.95 3.61 2.00 2012 PMA Financial Network, Inc. Page: 19

Municipal Retirement/Social Security Fund - Projection Summary REVENUES VS. EXPENDITURES FY SURPLUS / DEFICIT $3,000,000 $2,500,000 $2,000,000 $1,500,000 $0 ($50,000) ($100,000) ($150,000) ($200,000) ($6,448) ($137,921) $1,000,000 $500,000 $0 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 ($250,000) ($300,000) ($350,000) ($400,000) ($249,608) ($276,911) ($359,196) ($350,132) FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Revenues Expenditures OTHER FINANCING SOURCES & USES YEAR END FUND BALANCE (THOUSANDS) $1.0 $0.9 $0.8 $0.7 $0.6 $0.5 $0.4 $0.3 $0.2 $0.1 $0.0 $0 $0 $0 $0 $0 $0 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 $2,000 $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 $1,832.5 $1,694.6 $1,445.0 $1,085.8 $808.9 $458.8 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 2012 PMA Financial Network, Inc. Page: 20

BUDGET Working Cash Fund - Projection Summary REVENUE / EXPENDITURE PROJECTIONS FY 2014 FY 2015 % chg FY 2016 % chg FY 2017 % chg FY 2018 % chg FY 2019 % chg REVENUE Local $29,493 $17,116-41.97% $24,248 41.67% $30,579 26.11% $35,980 17.66% $40,229 11.81% State $0 $0 $0 $0 $0 $0 Federal $0 $0 $0 $0 $0 $0 Other $0 $0 $0 $0 $0 $0 TOTAL REVENUE $29,493 $17,116-41.97% $24,248 41.67% $30,579 26.11% $35,980 17.66% $40,229 11.81% OTHER FIN. SOURCES/USES Transfer Among Funds (Net) $0 $0 $0 $0 $0 $0 Sale of Bonds $0 $0 $0 $0 $0 $0 Other Financing Sources $0 $0 $0 $0 $0 $0 Other Financing Uses $0 $0 $0 $0 $0 $0 TOTAL OTHER FIN. SOURCES/USES $0 $0 $0 $0 $0 $0 BEGINNING FUND BALANCE $3,039,943 $3,069,436 $3,086,552 $3,110,801 $3,141,380 $3,177,359 PROJECTED YEAR END BALANCE $3,069,436 $3,086,552 $3,110,801 $3,141,380 $3,177,359 $3,217,589 2012 PMA Financial Network, Inc. Page: 23

Working Cash Fund - Projection Summary TOTAL REVENUE (IN THOUSANDS) $45 $40 $35 $30 $25 $20 $15 $10 $5 $0 $40.23 $35.98 $29.49 $30.58 $24.25 $17.12 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 OTHER FINANCING SOURCES & USES YEAR END FUND BALANCE (MILLIONS) $1.0 $0.9 $0.8 $0.7 $0.6 $0.5 $0.4 $0.3 $0.2 $0.1 $0.0 $0 $0 $0 $0 $0 $0 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 $3.5 $3.0 $2.5 $2.0 $1.5 $1.0 $0.5 $0.0 $3.1 $3.1 $3.1 $3.1 $3.2 $3.2 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 2012 PMA Financial Network, Inc. Page: 24

BUDGET Tort Fund - Projection Summary REVENUE / EXPENDITURE PROJECTIONS FY 2014 FY 2015 % chg FY 2016 % chg FY 2017 % chg FY 2018 % chg FY 2019 % chg REVENUE Local $10,493 $10,287-1.97% $10,687 3.89% $11,122 4.07% $11,701 5.20% $11,957 2.19% State $0 $0 $0 $0 $0 $0 Federal $0 $0 $0 $0 $0 $0 Other $0 $0 $0 $0 $0 $0 TOTAL REVENUE $10,493 $10,287-1.97% $10,687 3.89% $11,122 4.07% $11,701 5.20% $11,957 2.19% EXPENDITURES Salary and Benefit Costs $0 $0 $0 $0 $0 $0 Other $0 $0 $0 $0 $0 $0 TOTAL EXPENDITURES $0 $0 $0 $0 $0 $0 SURPLUS / DEFICIT $10,493 $10,287 $10,687 $11,122 $11,701 $11,957 OTHER FINANCING SOURCES/USES Transfer Among Funds (Net) $0 $0 $0 $0 $0 $0 Sale of Bonds $0 $0 $0 $0 $0 $0 Other Financing Sources $0 $0 $0 $0 $0 $0 Other Financing Uses $0 $0 $0 $0 $0 $0 TOTAL OTHER FIN. SOURCES/USES $0 $0 $0 $0 $0 $0 SURPLUS / DEFICIT INCL. OTHER FIN. SOURCES $10,493 $10,287 $10,687 $11,122 $11,701 $11,957 BEGINNING FUND BALANCE $157,761 $168,254 $178,541 $189,228 $200,350 $212,050 PROJECTED YEAR END BALANCE $168,254 $178,541 $189,228 $200,350 $212,050 $224,007 FUND BALANCE AS % OF EXPENDITURES #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! FUND BALANCE AS # OF MONTHS OF EXPEND. #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 2012 PMA Financial Network, Inc. Page: 25

Tort Fund - Projection Analysis REVENUES VS. EXPENDITURES FY SURPLUS / DEFICIT $14,000.0 $12,500.0 $12,000.0 $12,000.0 $11,701 $11,957 $10,000.0 $8,000.0 $6,000.0 $11,500.0 $11,000.0 $10,500.0 $10,493 $10,287 $10,687 $11,122 $4,000.0 $10,000.0 $2,000.0 $9,500.0 $0.0 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 $9,000.0 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Revenues Expenditures OTHER FINANCING SOURCES & USES YEAR END FUND BALANCE (THOUSANDS) $1.0 $0.9 $0.8 $0.7 $0.6 $0.5 $0.4 $0.3 $0.2 $0.1 $0.0 $0 $0 $0 $0 $0 $0 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 $250.0 $200.0 $150.0 $100.0 $50.0 $0.0 $224.0 $212.1 $200.3 $189.2 $178.5 $168.3 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 2012 PMA Financial Network, Inc. Page: 26

Section 4 Capital Improvement Tables Grant Funded Lighting Improvement Projects

Capital Project Fund - Projection Summary BUDGET REVENUE / EXPENDITURE PROJECTIONS FY 2014 FY 2015 % chg FY 2016 % chg FY 2017 % chg FY 2018 % chg FY 2019 % chg REVENUE Local $1,600 $0-100.00% $0 $0 $0 $0 State $0 $0 $0 $0 $0 $0 Federal $0 $0 $0 $0 $0 $0 Other $0 $0 $0 $0 $0 $0 TOTAL REVENUE $1,600 $0-100.00% $0 $0 $0 $0 EXPENDITURES Salary and Benefit Costs $0 $0 $0 $0 $0 $0 Other $2,250,000 $3,037,500 35.00% $2,000,000-34.16% $2,000,000 0.00% $2,000,000 0.00% $2,000,000 0.00% TOTAL EXPENDITURES $2,250,000 $3,037,500 35.00% $2,000,000-34.16% $2,000,000 0.00% $2,000,000 0.00% $2,000,000 0.00% SURPLUS / DEFICIT ($2,248,400) ($3,037,500) ($2,000,000) ($2,000,000) ($2,000,000) ($2,000,000) OTHER FINANCING SOURCES/USES Transfer Among Funds (Net) $0 $0 $0 $0 $0 $0 Sale of Bonds $1,411,850 $0 $0 $0 $0 $0 Other Financing Sources $500,000 $0 $0 $0 $0 $0 Other Financing Uses $0 $0 $0 $0 $0 $0 TOTAL OTHER FIN. SOURCES/USES $1,911,850 $0 $0 $0 $0 $0 SURPLUS / DEFICIT INCL. OTHER FIN. SOURCES ($336,550) ($3,037,500) ($2,000,000) ($2,000,000) ($2,000,000) ($2,000,000) BEGINNING FUND BALANCE $1,600,423 $1,263,873 ($1,773,627) ($3,773,627) ($5,773,627) ($7,773,627) PROJECTED YEAR END BALANCE $1,263,873 ($1,773,627) ($3,773,627) ($5,773,627) ($7,773,627) ($9,773,627) FUND BALANCE AS % OF EXPENDITURES 56.17% -58.39% -188.68% -288.68% -388.68% -488.68% FUND BALANCE AS # OF MONTHS OF EXPEND. 6.74 (7.01) (22.64) (34.64) (46.64) (58.64) 2012 PMA Financial Network, Inc. Page: 21

Capital Project Fund - Projection Analysis REVENUES VS. EXPENDITURES FY SURPLUS / DEFICIT $3,500,000 $0 $3,000,000 ($500,000) $2,500,000 ($1,000,000) $2,000,000 ($1,500,000) $1,500,000 $1,000,000 ($2,000,000) ($2,500,000) ($2,248,400) ($2,000,000) ($2,000,000) ($2,000,000) ($2,000,000) $500,000 $0 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 ($3,000,000) ($3,500,000) ($3,037,500) FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Revenues Expenditures OTHER FINANCING SOURCES & USES YEAR END FUND BALANCE (THOUSANDS) $2,500,000.0 $2,000.0 $1,263.9 $2,000,000.0 $1,500,000.0 $1,000,000.0 $500,000.0 $0.0 $1,911,850 $0 $0 $0 $0 $0 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 $0.0 ($2,000.0) ($4,000.0) ($6,000.0) ($8,000.0) ($10,000.0) ($12,000.0) ($1,773.6) ($3,773.6) ($5,773.6) ($7,773.6) ($9,773.6) FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 2012 PMA Financial Network, Inc. Page: 22

Fire Prevention and Safety Fund - Projection Summary BUDGET REVENUE / EXPENDITURE PROJECTIONS FY 2014 FY 2015 % chg FY 2016 % chg FY 2017 % chg FY 2018 % chg FY 2019 % chg REVENUE Local $190,246 $183,650-3.47% $183,223-0.23% $183,153-0.04% $185,996 1.55% $183,397-1.40% State $0 $0 $0 $0 $0 $0 Federal $0 $0 $0 $0 $0 $0 Other $0 $0 $0 $0 $0 $0 TOTAL REVENUE $190,246 $183,650-3.47% $183,223-0.23% $183,153-0.04% $185,996 1.55% $183,397-1.40% EXPENDITURES Salary and Benefit Costs $0 $0 $0 $0 $0 $0 Other $175,000 $275,000 57.14% $275,000 0.00% $275,000 0.00% $275,000 0.00% $275,000 0.00% TOTAL EXPENDITURES $175,000 $275,000 57.14% $275,000 0.00% $275,000 0.00% $275,000 0.00% $275,000 0.00% SURPLUS / DEFICIT $15,246 ($91,350) ($91,777) ($91,847) ($89,004) ($91,603) OTHER FINANCING SOURCES/USES Transfer Among Funds (Net) $0 $0 $0 $0 $0 $0 Sale of Bonds $0 $0 $0 $0 $0 $0 Other Financing Sources $0 $0 $0 $0 $0 $0 Other Financing Uses $0 $0 $0 $0 $0 $0 TOTAL OTHER FIN. SOURCES/USES $0 $0 $0 $0 $0 $0 SURPLUS / DEFICIT INCL. OTHER FIN. SOURCES $15,246 ($91,350) ($91,777) ($91,847) ($89,004) ($91,603) BEGINNING FUND BALANCE $493,634 $508,880 $417,530 $325,754 $233,907 $144,903 PROJECTED YEAR END BALANCE $508,880 $417,530 $325,754 $233,907 $144,903 $53,300 FUND BALANCE AS % OF EXPENDITURES 290.79% 151.83% 118.46% 85.06% 52.69% 19.38% FUND BALANCE AS # OF MONTHS OF EXPEND. 34.89 18.22 14.21 10.21 6.32 2.33 2012 PMA Financial Network, Inc. Page: 27

Fire Prevention and Safety Fund - Projection Analysis REVENUES VS. EXPENDITURES FY SURPLUS / DEFICIT $300,000 $40,000 $250,000 $20,000 $15,246 $200,000 $0 $150,000 ($20,000) $100,000 $50,000 ($40,000) ($60,000) ($80,000) $0 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 ($100,000) ($91,350) ($91,777) ($91,847) ($89,004) ($91,603) FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Revenues Expenditures OTHER FINANCING SOURCES & USES YEAR END FUND BALANCE (THOUSANDS) $1.0 $0.9 $0.8 $0.7 $0.6 $0.5 $0.4 $0.3 $0.2 $0.1 $0.0 $0 $0 $0 $0 $0 $0 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 $600.0 $500.0 $400.0 $300.0 $200.0 $100.0 $0.0 $508.9 $417.5 $325.8 $233.9 $144.9 $53.3 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 2012 PMA Financial Network, Inc. Page: 28

Phase and Scope Summary OWNER Proviso Township High School District 209 PROJECT TITLE 10 Year Life Safety and Capital Improvememnts PROJECT NO. 021015.BD DATE January 27, 2014 Completed Balance of Life Total Projects Safety YEAR 2014 2015 2016 2017 2018 2014-2018 2011-2013 2014-2018 2019-2023 Balance of Life Safety 2019-2023 LIFE SAFETY Proviso East High School $118,250 $1,557,202 $1,165,774 $2,053,475 $1,056,472 $5,951,173 $1,772,593 $4,178,580 $0 $0 Proviso West High School $155,874 $2,043,328 $1,777,416 $3,025,159 $2,365,000 $9,366,777 $1,567,454 $7,799,323 $0 $0 Proviso Math and Science Academy $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 TOTAL LIFE SAFETY $274,124 $3,600,530 $2,943,190 $5,078,634 $3,421,472 $15,317,950 $3,340,047 $11,977,903 $0 $11,977,903 Completed Balance of Total Projects Capital Improv YEAR 2014 2015 2016 2017 2018 2014-2018 2011-2013 2014-2018 2019-2023 Balance of Capital Improv 2014-2023 CAPITAL IMPROVEMENTS Proviso East High School $946,000 $768,625 $773,988 $289,713 $2,124,550 $4,902,876 $761,189 $4,141,687 $17,963,358 $17,963,358 Proviso West High School $709,500 $963,797 $1,667,050 $932,845 $59,125 $4,332,317 $397,799 $3,934,518 $11,551,843 $11,551,843 Proviso Math and Science Academy $407,963 $674,025 $107,800 $41,388 $41,388 $1,272,564 $312,406 $960,158 $1,564,800 $1,564,800 TOTAL CAPITAL IMPROVEMENTS $2,063,463 $2,406,447 $2,548,838 $1,263,946 $2,225,063 $10,507,757 $1,471,394 $9,036,363 $31,080,001 $40,116,364 TOTAL PROJECT COST $25,825,707 $4,811,441 $21,014,266 $31,080,001 $52,094,267 Last Updated: 1/27/2014 Page 1 of 13

Phase and Scope of Work - Proviso West HS OWNER Proviso Township High School District 209 PROJECT TITLE Life Safety and Capital Improvements PROJECT NO. 021015.BD DATE February 20, 2014 ITEM DESCRIPTION LIFE SAFETY CAPITAL IMPROVMENTS COMMENTS Year 2014 - Proviso West HS 1. Parking Lot Repair 2. Masonry Tuckpointing 3. Roof Replacement $300,000 4. Doors & Windows $50,000 5. Floors, Walls & Ceilings 6. 7. 8. Elevator Upgrades Plumbing Upgrade Mechanical Upgrades $81,817 $268,000 9. Electrical Upgrades 10. Misc Life Safety items not listed above 11. Misc Capitol Improvements not listed above 12. Toilet Room Upgrades 13 Other Project Costs $0 $0 Sub-total for Year 1 $131,817 $568,000 1. Bidding Contingency 10.00% $0 $0 2. Architect/Engineering Fees 8.00% $10,545 $45,440 Year 1 Project Totals $142,362 $613,440 Life Safety + Capital Improvements PW Totals $755,803 Year 2015 - Proviso West HS 1. Parking Lot Repair - Lot Facility $9,052 $210,000 2. Masonry Tuckpointing $17,201 3. Roof Replacement _ FieldHouse Metal Repair $150,000 4. Doors & Windows 5. Floors, Walls & Ceilings $46,765 6. 7. Elevator Upgrades Plumbing Upgrade $39,508 8. 9. Mechanical Upgrades Electrical Upgrades $131,253 10. Misc Life Safety items not listed above $100,000 11. Misc Capitol Improvements not listed above 12 13 2/24/14 3:21 PM 1 of 4 $0 $0

ITEM DESCRIPTION LIFE SAFETY CAPITAL IMPROVMENTS COMMENTS Other Project Costs Sub-total for Year 2 $343,779 $360,000 1. Bidding Contingency 10.00% $0 $0 2. Architect/Engineering Fees 8.00% $27,502 $28,800 Year 2 Project Totals $371,281 $388,800 Life Safety + Capital Improvements PW Totals $760,082 Year 2016 - Proviso West HS 1. Parking Lot Repair 2. Masonry Tuckpointing 3. Roof Replacement 4. Doors & Windows 5. Floors, Walls & Ceilings 6. Elevator Upgrades 7. Plumbing Upgrade 8. Mechanical Upgrades 9. Electrical Upgrades 10 Misc Life Safety items not listed above - 10 Year Life Safety List $1,800,000 11 Misc Capitol Improvements not listed above 12 Environmental, Flooring Abatement 13 Other Project Costs $0 $0 Sub-total for Year 3 $1,800,000 $0 1. Bidding Contingency 10.00% $0 $0 2. Architect/Engineering Fees 8.00% $144,000 $0 Year 3 Project Totals $1,944,000 $0 Life Safety + Capital Improvements PW Totals $1,944,000 Year 2017 - Proviso West HS 1. Parking Lot Repair 2. Masonry Tuckpointing 3. 4. Roof Replacement Doors & Windows $1,000,000 5. Floors, Walls & Ceilings 6. 7. Elevator Upgrades Plumbing Upgrade 8. Mechanical Upgrades $511,250 9. Electrical Upgrades 10 Misc Life Safety items not listed above $85,867 11 Misc Capitol Improvements not listed above 12 Environmental, Flooring Abatement 13 Toilet Room Upgrades $184,189 2/24/14 3:21 PM 2 of 4

ITEM DESCRIPTION LIFE SAFETY CAPITAL IMPROVMENTS COMMENTS Other Project Costs $0 $0 Sub-total for Year 4 $1,270,056 $511,250 1. Bidding Contingency 10.00% $0 $0 2. Architect/Engineering Fees 8.00% $101,604 $40,900 Year 4 Project Totals $1,371,661 $552,150 Life Safety + Capital Improvements PW Totals $1,923,811 Year 2018 - Proviso West HS 1. Parking Lot Repair 2. Masonry Tuckpointing 3. 4. Roof Replacement Doors & Windows $500,000 5. Floors, Walls & Ceilings 6. 7. Elevator Upgrades Plumbing Upgrade 8. Mechanical Upgrades $200,000 9. Electrical Upgrades 10 Misc Life Safety items not listed above 11 Misc Capitol Improvements not listed above 12 Environmental, Flooring Abatement 13 $0 $0 Sub-total for Year 5 $500,000 $200,000 Other Project Costs 1. Bidding Contingency 10.00% $0 $0 2 Architect/Engineering Fees 8.00% $40,000 $16,000 Year 5 Project Totals $540,000 $216,000 Life Safety + Capital Improvements PW Totals $756,000 Year 2019-2023 Additional Capital Improvements Proviso West HS 1. Upgrade kitchen and Café $1,000,000 2. Replace switchgear and upgrade panels $500,000 3. Upgrade electric vault $250,000 4. Environmental, Flooring Abatement $3,667,233 5. Doors and Windows $2,000,000 6. Upgrade mechanical equipment controls to DCD $1,000,000 7. Upgrade entire public address system and sound systems in building $1,800,000 8. Provide air conditioning in gym and fieldhouse $1,000,000 9. Replace parking lots - Lots C and D $800,000 2/24/14 3:21 PM 3 of 4

ITEM DESCRIPTION LIFE SAFETY CAPITAL IMPROVMENTS COMMENTS 10. Misc Tuckpointing $250,000 11. Misc Plumbing Upgrades $850,000 12. Provide drainage and regrade atheltic playing fields $350,000 13. Finish outdoor track $393,000 14. Replace damaged fencing $66,000 15. Additional Roofing $500,000 16. Regrade for proper drainage $10,000 17. Concrete sidewalk repairs $50,000 18. Upgrade sump pumps $100,000 Other Project Costs $0 $0 Sub-total for Year 5 $5,667,233 $8,919,000 1. Bidding Contingency 10.00% $0 $0 2. Architect/Engineering Fees 8.00% $453,379 $713,520 Year 5 Project Totals $6,120,612 $9,632,520 Five YearLife Safety + Capital Improvements PW Totals $15,753,132 Ten YearLife Safety + Capital Improvements PW Totals Ten Year Grand Total Life Safety + Capital Improvements $10,489,916 $11,402,911 $21,892,827 2/24/14 3:21 PM 4 of 4

Phase and Scope of Work - Proviso East HS OWNER Proviso Township High School District 209 PROJECT TITLE Life Safety and Capital Improvements DATE February 20, 2014 ITEM DESCRIPTION LIFE SAFETY Year 2014 - Proviso East HS 1. Parking Lot Repair CAPITAL IMPROVMENTS 2. Masonry Tuckpointing $100,000 3. Roof Replacement $500,000 4. Doors & Windows 5. Floors, Walls & Ceilings 6. Underground Storm Sewer Flooding Repair $250,000 7. Plumbing Upgrade 8. Mechanical Upgrades $60,000 9. Electrical Upgrades 10. Misc Life Safety items not listed above 10 Year Life Safety List $875,000 11. Misc Capitol Improvements not listed above 12. Feildhouse Ceiling and Lighting $432,400 Bid in COMMENTS Other Project Costs $0 $0 Sub-total for Year 1 $1,467,400 $750,000 13. Bidding Contingency 10.00% $0 $0 14. Architect/Engineering Fees 8.00% $117,392 $60,000 Year 1 Project Totals $1,584,792 $810,000 Life Safety + Capital Improvements PE totals $2,394,792 Year 2015 - Proviso East HS 1. Parking Lot Repair - 2. Masonry Tuckpointing $100,000 3. Roof Replacement $600,000 4. Doors & Windows 5. Floors, Walls & Ceilings 6. 7. 8. 9. Elevator Upgrades Plumbing Upgrade Mechanical Upgrades Electrical Upgrades 10. Misc Life Safety items not listed above 11. Misc Capitol Improvements not listed above Other Project Costs 3:19 PM 2/24/14 1 of 4 $0 $0 Sub-total for Year 2 $100,000 $600,000 13. Bidding Contingency 10.00% $0 $0 14. Architect/Engineering Fees 8.00% $8,000 $48,000 Year 2 Project Totals $108,000 $648,000

Phase and Scope of Work - Proviso East HS OWNER Proviso Township High School District 209 PROJECT TITLE Life Safety and Capital Improvements DATE February 20, 2014 CAPITAL ITEM DESCRIPTION LIFE SAFETY IMPROVMENTS COMMENTS Life Safety + Capital Improvements PE totals $756,000 Year 2016 - Proviso East HS 1. Parking Lot Repair - Courtyard $73,000 2. Masonry Tuckpointing - Clock Tower $537,000 3. 4. Roof Replacement Doors & Windows $100,000 5. Floors, Walls & Ceilings - Band Room $79,671 6. 7. Elevator Upgrades Plumbing Upgrade - Bathrooms and Misc $416,594 8. Mechanical Upgrades - Gym AHU Air Conditioning $450,000 9. Electrical Upgrades 10. Misc Life Safety items not listed above 11. Misc Capitol Improvements not listed above Other Project Costs $0 $0 Sub-total for Year 3 $1,656,265 $0 13. Bidding Contingency 10.00% $0 $0 14. Architect/Engineering Fees 8.00% $132,501 $0 Year 3 Project Totals $1,788,766 $0 Life Safety + Capital Improvements PE totals $1,788,766 Year 2017 - Proviso East HS 1. Parking Lot Repair $200,000 2. Masonry Tuckpointing $200,000 3. Roof Replacement 4. Doors & Windows $335,497 5. Floors, Walls & Ceilings 6. 7. 8. Elevator Upgrades Plumbing Upgrade Mechanical Upgrades $685,535 9. Electrical Upgrades 10. Misc Life Safety items not listed above $274,055 11. Misc Capitol Improvements not listed above 12. Bleachers Other Project Costs 3:19 PM 2/24/14 2 of 4 $0 $0 Sub-total for Year 4 $1,295,087 $400,000

Phase and Scope of Work - Proviso East HS OWNER Proviso Township High School District 209 PROJECT TITLE Life Safety and Capital Improvements DATE February 20, 2014 ITEM DESCRIPTION LIFE SAFETY CAPITAL IMPROVMENTS 14. Bidding Contingency 10.00% $0 $0 15. Architect/Engineering Fees 8.00% $103,607 $32,000 Year 4 Project Totals $1,398,694 $432,000 COMMENTS Life Safety + Capital Improvements PE totals $1,830,694 Year 2018 - Provliso East HS 1. Parking Lot Repair 2. Masonry Tuckpointing 3. 4. Roof Replacement Doors & Windows $400,000 5. Floors, Walls & Ceilings 6. 7. 8. Elevator Upgrades Plumbing Upgrade Mechanical Upgrades $315,535 9. Electrical Upgrades 10. Misc Life Safety items not listed above 11. Misc Capitol Improvements not listed above 12. Locker Rooms Other Project Costs $0 $0 Sub-total for Year 5 $715,535 $0 14. Bidding Contingency 10.00% $0 $0 15. Architect/Engineering Fees 8.00% $57,243 $0 Year 5 Project Totals $772,778 $0 Life Safety + Capital Improvements PE totals $772,778 Years 2019-2023 Additional Capital Improvements - Proviso East HS 1. Resurface outdoor track $140,000 2. Replace damage fencing $66,000 3. Replace baseball bleachers $35,000 4. Mics Mechanical Upgrades $140,000 5. Upgrade Electric $1,000,000 $1,000,000 6. Provide Air Conditioning to Auditorium $375,000 7. Upgrade all equipment in kitchen $450,000 8. Upgrade all restrooms to include ADA accessibilty $1,000,000 9. Replace all parking lots $1,100,000 10. Replace fire hydrant $5,000 11. Replace exterior dinking fountian $5,000 12. Replace girls pool, make ADA accessibile $300,000 3:19 PM 2/24/14 3 of 4

Phase and Scope of Work - Proviso East HS OWNER Proviso Township High School District 209 PROJECT TITLE Life Safety and Capital Improvements DATE February 20, 2014 ITEM DESCRIPTION LIFE SAFETY CAPITAL IMPROVMENTS 13. Replace main line steam valve $25,000 14. Replace damaged exterior concrete walks $10,000 15. Replace visitor bleachers to football field $200,000 16. Replace all domestic Hot and Cold water lines in building $3,140,000 17. Upgrade Locker rooms $800,000 18. Provide irrigation system to football field $25,000 19. Upgrade air conditioning to main office $250,000 20. Library shelving and furniture upgrades $250,000 21. Upgrade all science labs $3,300,000 22. Upgrade home economics labs $750,000 23. Add wall mount fans to classrooms $150,000 24. Replace chalkboards with marker boards $300,000 25. Additional Tuckpointing $800,000 Other Project Costs $0 $0 Sub-total $1,000,000 $14,616,000 1. Bidding Contingency 10.00% $0 $0 2. Architect/Engineering Fees 8.00% $80,000 $1,169,280 Year 5 Project Totals $1,080,000 $15,785,280 COMMENTS Five Year Life Safety + Capital Improvements PE totals $16,865,280 Ten Year Life Safety + Capital Improvements PE totals $6,733,031 $17,675,281 Ten Year Grand Total Life Safety + Capital Improvements $24,408,311 3:19 PM 2/24/14 4 of 4

Phase and Scope of Work - PMSA OWNER Proviso Township High School District 209 PROJECT TITLE Life Safety and Capital Improvements PROJECT NO. 021015.BD DATE February 20, 2014 ITEM DESCRIPTION Year 2014 - PMSA LIFE SAFETY CAPITAL IMPROVMENTS 1. Parking Lot Repair 2. Penthouse EFIS repair $25,000 3. New Backup Generator $250,000 4. Upgrade VFD's for air handlers $90,000 Energy 5. Floors, Walls & Ceilings 6. 7. 8. 9. Elevator Upgrades Plumbing Upgrade Mechanical Upgrades Electrical Upgrades 10. Misc Life Safety items not listed above 11. Misc Capital Improvements not listed above 12. 13 COMMENTS Other Project Costs $0 $0 Sub-total for Year 1 $0 $365,000 1. Bidding Contingency 10.00% $0 $0 2. Architect/Engineering Fees 8.00% $0 $29,200 Year 1 Project Totals $0 $394,200 Life Safety + Capital Improvements PMSA $394,200 Year 2015 - PMSA 1. Parking Lot Repair 2. Masonry Tuckpointing 3. 4. Roof Replacement Doors & Windows 5. Floors, Walls & Ceilings - Carpet, Stair Rubber, Tile $325,000 6. 7. 8. 9. Elevator Upgrades Plumbing Upgrade Mechanical Upgrades Electrical Upgrades 10. Misc Life Safety items not listed above 11. Misc Capital Improvements not listed above 12 Other Project Costs $0 $0 Sub-total for Year 2 $0 $325,000 1. Bidding Contingency 10.00% $0 $0 2/24/14 3:23 PM 1 of 4

Phase and Scope of Work - PMSA OWNER Proviso Township High School District 209 PROJECT TITLE Life Safety and Capital Improvements PROJECT NO. 021015.BD DATE February 20, 2014 ITEM DESCRIPTION LIFE CAPITAL SAFETY IMPROVMENTS 2. Architect/Engineering Fees 8.00% $0 $26,000 Year 2 Project Totals $0 $351,000 COMMENTS Life Safety + Capital Improvements PMSA $351,000 Year 2016 - PMSA 1. Parking Lot Repair $650,000 2. Masonry Tuckpointing 3. 4. Roof Replacement Doors & Windows $16,000 5. Floors, Walls & Ceilings 6. 7. Elevator Upgrades Plumbing Upgrade $10,000 8 Mechanical Upgrades $150,000 9 Electrical Upgrades $82,000 10 Misc Life Safety items not listed above 11 Misc Capital Improvements not listed above $0 $0 Sub-total for Year 3 $0 $908,000 Other Project Costs 1 Bidding Contingency 10.00% $0 $0 2. Architect/Engineering Fees 8.00% $0 $72,640 Year 3 Project Totals $0 $980,640 Life Safety + Capital Improvements PMSA $980,640 Year 2017 - PMSA 1. Parking Lot Repair $200,000 2. Masonry Tuckpointing 3. 4. Roof Replacement Doors & Windows 5. Floors, Walls & Ceilings 6. 7. Elevator Upgrades Plumbing Upgrade 8 Mechanical Upgrades $50,000 9 Electrical Upgrades 10 Misc Life Safety items not listed above 11 Misc Capital Improvements not listed above $35,000 2/24/14 3:23 PM 2 of 4

Phase and Scope of Work - PMSA OWNER Proviso Township High School District 209 PROJECT TITLE Life Safety and Capital Improvements PROJECT NO. 021015.BD DATE February 20, 2014 ITEM DESCRIPTION 12. 13. LIFE SAFETY CAPITAL IMPROVMENTS COMMENTS $0 $0 Sub-total for Year 4 $0 $285,000 Other Project Costs 1 Bidding Contingency 10.00% $0 $0 2. Architect/Engineering Fees 8.00% $0 $22,800 Year 4 Project Totals $0 $307,800 Life Safety + Capital Improvements PMSA $307,800 Year 2018 - PMSA 1. Parking Lot Repair 2. Masonry Tuckpointing 3. 4. Roof Replacement Doors & Windows 5. Floors, Walls & Ceilings 6. Elevator Upgrades 7 Plumbing Upgrade 8 Mechanical Upgrades $50,000 9 Electrical Upgrades 10 Misc Life Safety items not listed above 11. Misc Capital Improvements not listed above $50,000 12. 13. $0 $0 Sub-total for Year 5 $0 $100,000 Other Project Costs 1. Bidding Contingency 10.00% $0 $0 2. Architect/Engineering Fees 8.00% $0 $8,000 Year 5 Project Totals $0 $108,000 Life Safety + Capital Improvements PMSA $108,000 Year 6-10 Addition Capital Improvements - PMSA 1. New burners for boilers Complete 2. Cooling tower curtains Complete 3. Balancing of cooling tower springs Complete 2/24/14 3:23 PM 3 of 4

Phase and Scope of Work - PMSA OWNER Proviso Township High School District 209 PROJECT TITLE Life Safety and Capital Improvements PROJECT NO. 021015.BD DATE February 20, 2014 ITEM DESCRIPTION LIFE CAPITAL SAFETY IMPROVMENTS 4. New back-up generator Year 1 5. Carpet replacement Year 2 6. Upgrade VFD's for air handler fans Year 1 7. Replace stairwell rubber material Year 2 8. Change floor tile in classrooms Year 2 9. Upgrade fire pump Complete 10. Upgrade BAS system Now 11. Parking Lot upgrades Year 3 & 4 12. COMMENTS $0 $0 Sub-total $0 $0 Other Project Costs 1 Bidding Contingency 10.00% $0 $0 2 Architect/Engineering Fees 8.00% $0 $0 Year 5 Project Totals $0 $0 Five Year Life Safety + Capital Improvements PMSA Ten Year Life Safety + Capital Improvements PMSA Ten Year Grand Total Life Safety + Capital Improvements PMSA $0 $1 $2,141,641 $2,141,641 2/24/14 3:23 PM 4 of 4

LIGHTING **SAVINGS INCLUDES ESTIMATED MAINTENANCE SAVINGS*** ISBE OUT OF ANNUAL PROJECT DESCRIPTION FY 14 $$VALUE DCEO FUNDING FUNDING POCKET SAVINGS R.O.I MATH & SCIENCE ACADEMY MULTIPURPOSE Complete $14,476.00 $9,382.00 $0.00 $5,094.00 $2,285.00 2.23 MATH & SCIENCE ACADEMY HVAC CONTROL 7/13-6/14 $75,000.00 $0.00 $0.00 $75,000.00 $18,500.00 4.05 EAST CAMPUS T12 REPLACEMENT 7/13-6/14 $100,000.00 $83,200.00 $0.00 $16,800.00 $31,389.00 0.54 WEST CAMPUS T12 REPLACEMENT 7/13-6/14 $20,993.00 $15,220.00 $0.00 $5,773.00 $10,350.00 0.56 WEST CAMPUS COMMUNITY ROOM Complete $5,200.00 $3,200.00 $0.00 $2,000.00 $600.00 3.33 WEST CAMPUS EXTERIOR LIGHTING UPGRADE Complete $155,000.00 $125,000.00 $0.00 $30,000.00 $22,875.00 1.31 $370,669.00 $236,002.00 $0.00 $134,667.00 $85,999.00 PROJECT DESCRIPTION FY 15 $$VALUE DCEO FUNDING ISBE FUNDING OUT OF POCKET ANNUAL SAVINGS R.O.I MATH & SCIENCE ACADEMY HVAC UPGRADE 7/14-6/15 $1,200,000.00 $685,000.00 $0.00 $515,000.00 $90,000.00 5.72 MATH & SCIENCE ACADEMY RECESSED CAN UPGRADE 7/14-6/15 $40,000.00 $5,600.00 $0.00 $34,400.00 $8,845.00 3.89 EAST CAMPUS POOL LIGHTING UPGRADE 7/14-6/15 $11,200.00 $7,800.00 $0.00 $3,400.00 $2,318.70 1.47 EAST CAMPUS CLASSROOM LIGHTING UPGRADE 7/14-6/15 $350,000.00 $92,400.00 $200,000.00 $57,600.00 $23,800.00 2.42 EAST CAMPUS GYM/FIELDHOUSE LIGHTING UPGRADE 7/14-6/15 $141,000.00 $92,680.00 $25,000.00 $23,320.00 $15,780.00 1.48 DIST "PLUGLOAD CONTROL" VEND/WF/WINDOW AC 7/14-6/15 $47,250.00 $47,250.00 $0.00 $0.00 $31,381.00 0.00 WEST CAMPUS GYM/FIELDHOUSE LIGHTING UPGRADE 7/14-6/15 $132,000.00 $104,600.00 $25,000.00 $2,400.00 $18,788.00 0.13 WEST CAMPUS POOL LIGHTING UPGRADE 7/14-6/15 $40,500.00 $30,850.00 $0.00 $9,650.00 $4,350.00 2.22 $1,961,950.00 $1,066,180.00 $250,000.00 $645,770.00 $195,262.70 PROJECT DESCRIPTION FY 16 $$VALUE DCEO FUNDING ISBE FUNDING OUT OF POCKET ANNUAL SAVINGS R.O.I MATH & SCIENCE ACADEMY EXTERIOR LIGHTING UPGRADE 7/15-6/16 $36,000.00 $27,000.00 $0.00 $9,000.00 $6,715.50 1.34 EAST CAMPUS EXTERIOR LIGHTING UPGRADE 7/15-6/16 $72,000.00 $54,000.00 $0.00 $18,000.00 $12,293.00 1.46 EAST CAMPUS LIGHTING CONTROL 7/15-6/16 $69,800.00 $32,850.00 $0.00 $36,950.00 $17,880.00 2.07 WEST CAMPUS LIGHTING CONTROL UPGRADE 7/15-6/16 $82,775.00 $39,100.00 $0.00 $43,675.00 $19,200.00 2.27 WEST CAMPUS T8 LIGHTING UPGRADE 7/15-6/16 $300,000.00 $195,000.00 $0.00 $105,000.00 $74,000.00 1.42 WEST CAMPUS HVAC CONTROL 7/15-6/16 $150,000.00 $60,000.00 $0.00 $90,000.00 $55,000.00 1.64 MATH & SCIENCE ACADEMY LIGHTING CONTROL 7/15-6/16 $55,000.00 $26,000.00 $0.00 $29,000.00 $10,500.00 2.76 $765,575.00 $433,950.00 $0.00 $331,625.00 $195,588.50 HVAC ISBE OUT OF ANNUAL PROJECT DESCRIPTION FY $$VALUE DCEO FUNDING FUNDING POCKET SAVINGS R.O.I Proviso East Boiler Feed Water Economizer $318,791.00 $147,778.00 $0.00 $171,013.00 $57,693.00 2.96

Section 5 Debt Structure

BUDGET Debt Service Fund - Projection Summary REVENUE / EXPENDITURE PROJECTIONS FY 2014 FY 2015 % chg FY 2016 % chg FY 2017 % chg FY 2018 % chg FY 2019 % chg REVENUE Local $5,362,360 $5,058,492-5.67% $5,044,141-0.28% $5,051,132 0.14% $5,148,322 1.92% $5,095,098-1.03% State $0 $0 $0 $0 $0 $0 Federal $0 $0 $0 $0 $0 $0 Other $0 $0 $0 $0 $0 $0 TOTAL REVENUE $5,362,360 $5,058,492-5.67% $5,044,141-0.28% $5,051,132 0.14% $5,148,322 1.92% $5,095,098-1.03% EXPENDITURES Salary and Benefit Costs $0 $0 $0 $0 $0 $0 Other $4,966,100 $4,864,500-2.05% $4,863,000-0.03% $4,857,375-0.12% $4,852,250-0.11% $4,847,125-0.11% TOTAL EXPENDITURES $4,966,100 $4,864,500-2.05% $4,863,000-0.03% $4,857,375-0.12% $4,852,250-0.11% $4,847,125-0.11% SURPLUS / DEFICIT $396,260 $193,992 $181,141 $193,757 $296,072 $247,973 OTHER FINANCING SOURCES/USES Transfer Among Funds (Net) $0 $0 $0 $0 $0 $0 Sale of Bonds $0 $0 $0 $0 $0 $0 Other Financing Sources $0 $0 $0 $0 $0 $0 Other Financing Uses $0 $0 $0 $0 $0 $0 TOTAL OTHER FIN. SOURCES/USES $0 $0 $0 $0 $0 $0 SURPLUS / DEFICIT INCL. OTHER FIN. SOURCES $396,260 $193,992 $181,141 $193,757 $296,072 $247,973 BEGINNING FUND BALANCE $5,226,587 $5,622,847 $5,816,839 $5,997,980 $6,191,737 $6,487,809 PROJECTED YEAR END BALANCE $5,622,847 $5,816,839 $5,997,980 $6,191,737 $6,487,809 $6,735,782 FUND BALANCE AS % OF EXPENDITURES 113.22% 119.58% 123.34% 127.47% 133.71% 138.96% FUND BALANCE AS # OF MONTHS OF EXPEND. 13.59 14.35 14.80 15.30 16.04 16.68 2012 PMA Financial Network, Inc. Page: 13

Debt Service Fund - Projection Analysis REVENUES VS. EXPENDITURES FY SURPLUS / DEFICIT $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $396,260 $193,992 $181,141 $193,757 $296,072 $247,973 $1,000,000 $100,000 $0 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 $50,000 $0 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Revenues Expenditures OTHER FINANCING SOURCES & USES YEAR END FUND BALANCE (MILLIONS) $1 $1 $1 $1 $1 $1 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 $6.8 $6.6 $6.4 $6.2 $6.0 $5.8 $5.6 $5.4 $5.2 $5.0 $6.7 $6.5 $6.2 $6.0 $5.8 $5.6 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 2012 PMA Financial Network, Inc. Page: 14

Proviso THSD 209 Outstanding Debt Base Master Debt Schedule Levy G.O. Ltd Tax School Bonds Series 2004 Convertible Capital Appreciation Bonds 1 G.O. Ltd Tax School Refunding Bonds Series 2008A Advance Refunding Series 2001, Capital Appreciation Bonds 1 Current Net Levy for DS YEAR Prin (11/1) Rate 2 Interest Total P&I Prin (11/15) Rate 2 Interest Total P&I YEAR 2014 4,956,000 5.000% 4,956,000 4,956,000 2014 2015 4,955,000 5.000% 4,955,000 4,955,000 2015 2016 4,954,750 5.000% 4,954,750 4,954,750 2016 2017 4,954,750 5.000% 4,954,750 4,954,750 2017 2018 4,954,750 5.000% 4,954,750 4,954,750 2018 2019 4,378,500 5.000% 4,378,500 580,000 5.460% 580,000 4,958,500 2019 2020 4,960,000 5.560% 4,960,000 4,960,000 2020 2021 4,960,000 5.650% 4,960,000 4,960,000 2021 2022 4,960,000 5.750% 4,960,000 4,960,000 2022 2023 4,960,000 5.800% 4,960,000 4,960,000 2023 2024 4,960,000 5.850% 4,960,000 4,960,000 2024 2025 4,960,000 5.900% 4,960,000 4,960,000 2025 2026 4,960,000 6.000% 4,960,000 4,960,000 2026 2027 4,960,000 6.000% 4,960,000 4,960,000 2027 2028 2028 2029 2029 2030 2030 2031 2031 2032 2032 2033 2033 2034 2034 2035 2035 2036 2036 TOTALS 29,153,750 0 29,153,750 40,260,000 0 40,260,000 69,413,750 TOTALS Levy NOTES 1 CAB's are calculated at each maturity to include accreted interest. Therefore, the interest column is blank. 2 Interest rates are actual coupons from the respective bond issues. Prepared by Ehlers and Associates, Inc. Leaders in Public Finance 1/28/2014 File: Prelim financing plan Feasible Proviso THSD 209 1 28 14/base case

Proviso THSD 209 Financial Plan Capital Bond Issues $11.4MM Outstanding Debt + New Capital Bonds = SCENARIO 1A Levy G.O. Ltd Tax School Bonds G.O. Ltd Tax School Refunding Bonds G.O. Bonds 4,5 Taxable G.O. School Facility Bonds 4,5 Series 2004 Series 2008A Series 2014B Series 2014A Estimated Net Levy for Capital Improvements (QZAB) Capital Improvements DS Convertible Capital Appreciation Bonds 1 Advance Refunding Series 2001, Capital Appreciation Bonds 1 YEAR Prin (11/1) Rate 2 Interest Total P&I Prin (11/15) Rate 2 Interest Total P&I Prin (11/1) Rate 3 Interest Total P&I Prin (11/1) Rate 2 Interest Total P&I YEAR 2014 4,956,000 5.000% 4,956,000 21,178 21,178 429,030 429,030 5,406,208 2014 2015 4,955,000 5.000% 4,955,000 21,178 21,178 429,030 429,030 5,405,208 2015 2016 4,954,750 5.000% 4,954,750 21,178 21,178 429,030 429,030 5,404,958 2016 2017 4,954,750 5.000% 4,954,750 21,178 21,178 429,030 429,030 5,404,958 2017 2018 4,954,750 5.000% 4,954,750 21,178 21,178 429,030 429,030 5,404,958 2018 2019 4,378,500 5.000% 4,378,500 580,000 5.460% 580,000 21,178 21,178 429,030 429,030 5,408,708 2019 2020 4,960,000 5.560% 4,960,000 21,178 21,178 429,030 429,030 5,410,208 2020 2021 4,960,000 5.650% 4,960,000 21,178 21,178 429,030 429,030 5,410,208 2021 2022 4,960,000 5.750% 4,960,000 21,178 21,178 429,030 429,030 5,410,208 2022 2023 4,960,000 5.800% 4,960,000 21,178 21,178 429,030 429,030 5,410,208 2023 2024 4,960,000 5.850% 4,960,000 282,370 1.500% 21,178 303,548 429,030 429,030 5,692,578 2024 2025 4,960,000 5.900% 4,960,000 282,370 1.500% 16,942 299,312 429,030 429,030 5,688,342 2025 2026 4,960,000 6.000% 4,960,000 282,370 1.500% 12,707 295,077 429,030 429,030 5,684,107 2026 2027 282,370 1.500% 8,471 290,841 4,980,000 4.700% 429,030 5,409,030 5,699,871 2027 2028 282,370 1.500% 4,236 286,606 4,020,000 4.850% 194,970 4,214,970 4,501,576 2028 2029 2029 2030 2030 2031 2031 2032 2032 2033 2033 2034 2034 2035 2035 2036 2036 TOTALS 29,153,750 0 29,153,750 35,300,000 0 35,300,000 1,411,850 275,311 1,687,161 9,000,000 6,201,390 15,201,390 81,342,301 TOTALS Levy NOTES 1 CAB's are calculated at each maturity to include accreted interest. Therefore, the interest column is blank. 2 Interest rates are actual coupons from the respective bond issues. 3 Assume low, fixed and level interest rate from sale of Qualified Zone Academy Bonds and no direct subsidy. 4 Estimated interest rates are based upon: (A) a scale run of recent bond sale results for comparable issuers and (B) a review of market indices; e.g., "AAA" MMD scale of 1/24/14. 5 Assume S&P designates District with A credit rating. Prepared by Ehlers and Associates, Inc. Leaders in Public Finance 1/28/2014 File: Prelim financing plan Feasible Proviso THSD 209 1 28 14/fin plan $11.4M cap only 1A

Proviso THSD 209 Financial Plan Capital Bond Issues $16.4MM Outstanding Debt + New Capital Bonds = SCENARIO 1A Levy G.O. Ltd Tax School Bonds G.O. Ltd Tax School Refunding Bonds G.O. Bonds 4,5 Taxable G.O. School Facility Bonds 4,5 Series 2004 Series 2008A Series 2014B Series 2014A Convertible Capital Appreciation Bonds 1 Advance Refunding Series 2001, Capital Appreciation Bonds 1 Capital Improvements (QZAB) Capital Improvements Estimated Net Levy for DS YEAR Prin (11/1) Rate 2 Interest Total P&I Prin (11/15) Rate 2 Interest Total P&I Prin (11/1) Rate 3 Interest Total P&I Prin (11/1) Rate 2 Interest Total P&I YEAR 2014 4,956,000 5.000% 4,956,000 21,178 21,178 716,250 716,250 5,693,428 2014 2015 4,955,000 5.000% 4,955,000 21,178 21,178 716,250 716,250 5,692,428 2015 2016 4,954,750 5.000% 4,954,750 21,178 21,178 716,250 716,250 5,692,178 2016 2017 4,954,750 5.000% 4,954,750 21,178 21,178 716,250 716,250 5,692,178 2017 2018 4,954,750 5.000% 4,954,750 21,178 21,178 716,250 716,250 5,692,178 2018 2019 4,378,500 5.000% 4,378,500 580,000 5.460% 580,000 21,178 21,178 716,250 716,250 5,695,928 2019 2020 4,960,000 5.560% 4,960,000 21,178 21,178 716,250 716,250 5,697,428 2020 2021 4,960,000 5.650% 4,960,000 21,178 21,178 716,250 716,250 5,697,428 2021 2022 4,960,000 5.750% 4,960,000 21,178 21,178 716,250 716,250 5,697,428 2022 2023 4,960,000 5.800% 4,960,000 21,178 21,178 716,250 716,250 5,697,428 2023 2024 4,960,000 5.850% 4,960,000 282,370 1.500% 21,178 303,548 716,250 716,250 5,979,798 2024 2025 4,960,000 5.900% 4,960,000 282,370 1.500% 16,942 299,312 716,250 716,250 5,975,562 2025 2026 4,960,000 6.000% 4,960,000 282,370 1.500% 12,707 295,077 716,250 716,250 5,971,327 2026 2027 282,370 1.500% 8,471 290,841 7,500,000 4.700% 716,250 8,216,250 8,507,091 2027 2028 282,370 1.500% 4,236 286,606 7,500,000 4.850% 363,750 7,863,750 8,150,356 2028 2029 2029 2030 2030 2031 2031 2032 2032 2033 2033 2034 2034 2035 2035 2036 2036 TOTALS 29,153,750 0 29,153,750 35,300,000 0 35,300,000 1,411,850 275,311 1,687,161 15,000,000 10,391,250 25,391,250 91,532,161 TOTALS Levy NOTES 1 CAB's are calculated at each maturity to include accreted interest. Therefore, the interest column is blank. 2 Interest rates are actual coupons from the respective bond issues. 3 Assume low, fixed and level interest rate from sale of Qualified Zone Academy Bonds and no direct subsidy. 4 Estimated interest rates are based upon: (A) a scale run of recent bond sale results for comparable issuers and (B) a review of market indices; e.g., "AAA" MMD scale of 1/24/14. 5 Assume S&P designates District with A credit rating. Prepared by Ehlers and Associates, Inc. Leaders in Public Finance 1/28/2014 File: Prelim financing plan Feasible Proviso THSD 209 1 28 14/fin plan $16.4M cap only 1B

Proviso THSD 209 Financial Plan Capital Bond Issue $11.4MM + Current Refunding Series 2004 Outstanding Debt + New Capital Bonds = SCENARIO 4A Levy G.O. Ltd Tax School Bonds G.O. Ltd Tax School Refunding Bonds G.O. Bonds 4,6 Taxable G.O. School Facility Bonds 4,6 G.O. Ltd Tax School Refunding Bonds 5,6 Series 2004 Series 2008A Series 2014A Series 2014B Series 2016 Estimated Net Levy for Convertible Capital Advance Refunding Series 2001, Current Refunding Series 2004 Appreciation Bonds 1 Capital Appreciation Bonds 1 Capital Improvements (QZAB) Capital Improvements DS Converted Bonds YEAR Prin (11/1) Rate 2 Interest Total P&I Prin (11/15) Rate 2 Interest Total P&I Prin (11/1) Rate 3 Interest Total P&I Prin (11/1) Rate 2 Interest Total P&I Prin (11/1) Rate 3 Interest Total P&I YEAR 2014 4,956,000 5.000% 4,956,000 21,178 21,178 429,030 429,030 5,406,208 2014 2015 4,955,000 5.000% 4,955,000 21,178 21,178 429,030 429,030 5,405,208 2015 2016 21,178 21,178 429,030 429,030 4,335,000 1.400% 368,296 4,703,296 5,153,504 2016 2017 21,178 21,178 429,030 429,030 4,450,000 1.750% 254,993 4,704,993 5,155,200 2017 2018 21,178 21,178 429,030 429,030 4,525,000 1.950% 177,118 4,702,118 5,152,325 2018 2019 580,000 5.460% 580,000 21,178 21,178 429,030 429,030 4,040,000 2.200% 88,880 4,128,880 5,159,088 2019 2020 4,960,000 5.560% 4,960,000 21,178 21,178 429,030 429,030 5,410,208 2020 2021 4,960,000 5.650% 4,960,000 21,178 21,178 429,030 429,030 5,410,208 2021 2022 4,960,000 5.750% 4,960,000 21,178 21,178 429,030 429,030 5,410,208 2022 2023 4,960,000 5.800% 4,960,000 21,178 21,178 429,030 429,030 5,410,208 2023 2024 4,960,000 5.850% 4,960,000 282,370 1.500% 21,178 303,548 429,030 429,030 5,692,578 2024 2025 4,960,000 5.900% 4,960,000 282,370 1.500% 16,942 299,312 429,030 429,030 5,688,342 2025 2026 4,960,000 6.000% 4,960,000 282,370 1.500% 12,707 295,077 429,030 429,030 5,684,107 2026 2027 282,370 1.500% 8,471 290,841 4,980,000 4.700% 429,030 5,409,030 5,699,871 2027 2028 282,370 1.500% 4,236 286,606 4,020,000 4.850% 194,970 4,214,970 4,501,576 2028 2029 0 2029 2030 2030 2031 2031 2032 2032 2033 2033 2034 2034 2035 2035 2036 2036 TOTALS 9,911,000 0 9,911,000 35,300,000 0 35,300,000 1,411,850 275,311 1,687,161 9,000,000 6,201,390 15,201,390 17,350,000 889,286 18,239,286 80,338,837 TOTALS Levy NOTES 1 CAB's are calculated at each maturity to include accreted interest. Therefore, the interest column is blank. 2 Interest rates are actual coupons from the respective bond issues. 3 Assume low, fixed and level interest rate from sale of Qualified Zone Academy Bonds and no direct subsidy. 4 Estimated interest rates are based upon: (A) a scale run of recent bond sale results for comparable issuers and (B) a review of market indices; e.g., "AAA" MMD scale of 1/24/14. 5 Estimated interest rates are based upon: (A) a scale run of recent bond sale results for comparable issuers and (B) a review of market indices; e.g., "AAA" MMD scale of 1/24/14 PLUS 50 basis points due to later issue date. 6 Assume S&P designates District with A credit rating. Prepared by Ehlers and Associates, Inc. Leaders in Public Finance 1/28/2014 File: Prelim financing plan Feasible Proviso THSD 209 1 28 14/fin plan $11M cap $19 c rf 4A

Proviso THSD 209 Financial Plan Capital Bond Issue $16.4MM + Current Refunding Series 2004 Outstanding Debt + New Capital Bonds = SCENARIO 4B Levy G.O. Ltd Tax School Bonds G.O. Ltd Tax School Refunding Bonds G.O. Bonds 4,6 Taxable G.O. School Facility Bonds 4,6 G.O. Ltd Tax School Refunding Bonds 5,6 Series 2004 Series 2008A Series 2014A Series 2014B Series 2016 Estimated Net Levy for Convertible Capital Advance Refunding Series 2001, Current Refunding Series 2004 Appreciation Bonds 1 Capital Appreciation Bonds 1 Capital Improvements (QZAB) Capital Improvements DS Converted Bonds YEAR Prin (11/1) Rate 2 Interest Total P&I Prin (11/15) Rate 2 Interest Total P&I Prin (11/1) Rate 3 Interest Total P&I Prin (11/1) Rate 2 Interest Total P&I Prin (11/1) Rate 3 Interest Total P&I YEAR 2014 4,956,000 5.000% 4,956,000 21,178 21,178 716,250 716,250 5,693,428 2014 2015 4,955,000 5.000% 4,955,000 21,178 21,178 716,250 716,250 5,692,428 2015 2016 21,178 21,178 716,250 716,250 4,335,000 1.400% 368,296 4,703,296 5,440,724 2016 2017 21,178 21,178 716,250 716,250 4,450,000 1.750% 254,993 4,704,993 5,442,420 2017 2018 21,178 21,178 716,250 716,250 4,525,000 1.950% 177,118 4,702,118 5,439,545 2018 2019 580,000 5.460% 580,000 21,178 21,178 716,250 716,250 4,040,000 2.200% 88,880 4,128,880 5,446,308 2019 2020 4,960,000 5.560% 4,960,000 21,178 21,178 716,250 716,250 5,697,428 2020 2021 4,960,000 5.650% 4,960,000 21,178 21,178 716,250 716,250 5,697,428 2021 2022 4,960,000 5.750% 4,960,000 21,178 21,178 716,250 716,250 5,697,428 2022 2023 4,960,000 5.800% 4,960,000 21,178 21,178 716,250 716,250 5,697,428 2023 2024 4,960,000 5.850% 4,960,000 282,370 1.500% 21,178 303,548 716,250 716,250 5,979,798 2024 2025 4,960,000 5.900% 4,960,000 282,370 1.500% 16,942 299,312 716,250 716,250 5,975,562 2025 2026 4,960,000 6.000% 4,960,000 282,370 1.500% 12,707 295,077 716,250 716,250 5,971,327 2026 2027 282,370 1.500% 8,471 290,841 7,500,000 4.700% 716,250 8,216,250 8,507,091 2027 2028 282,370 1.500% 4,236 286,606 7,500,000 4.850% 363,750 7,863,750 8,150,356 2028 2029 0 2029 2030 2030 2031 2031 2032 2032 2033 2033 2034 2034 2035 2035 2036 2036 TOTALS 9,911,000 0 9,911,000 35,300,000 0 35,300,000 1,411,850 275,311 1,687,161 15,000,000 10,391,250 25,391,250 17,350,000 889,286 18,239,286 90,528,697 TOTALS Levy NOTES 1 CAB's are calculated at each maturity to include accreted interest. Therefore, the interest column is blank. 2 Interest rates are actual coupons from the respective bond issues. 3 Assume low, fixed and level interest rate from sale of Qualified Zone Academy Bonds and no direct subsidy. 4 Estimated interest rates are based upon: (A) a scale run of recent bond sale results for comparable issuers and (B) a review of market indices; e.g., "AAA" MMD scale of 1/24/14. 5 Estimated interest rates are based upon: (A) a scale run of recent bond sale results for comparable issuers and (B) a review of market indices; e.g., "AAA" MMD scale of 1/24/14 PLUS 50 basis points due to later issue date. 6 Assume S&P designates District with A credit rating. Prepared by Ehlers and Associates, Inc. Leaders in Public Finance 1/28/2014 File: Prelim financing plan Feasible Proviso THSD 209 1 28 14/fin plan $11M cap $19 c rf 4B

Section 6 Assumptions Used in Plan

Certified Staff Assumptions Certified Staff (FTE) Staffing Ratios 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 PreK: 0.0 0.0 0.0 0.0 0.0 0.0 0.00 0.00 0.00 0.00 0.00 0.00 PreK Special Ed: 0.0 0.0 0.0 0.0 0.0 0.0 0.00 0.00 0.00 0.00 0.00 0.00 K: 0.0 0.0 0.0 0.0 0.0 0.0 2014.00 2015.00 2016.00 2017.00 2018.00 2019.00 1: 0.0 0.0 0.0 0.0 0.0 0.0 0.00 0.00 0.00 0.00 0.00 0.00 2: 0.0 0.0 0.0 0.0 0.0 0.0 0.00 0.00 0.00 0.00 0.00 0.00 3: 0.0 0.0 0.0 0.0 0.0 0.0 0.00 0.00 0.00 0.00 0.00 0.00 4: 0.0 0.0 0.0 0.0 0.0 0.0 0.00 0.00 0.00 0.00 0.00 0.00 5: 0.0 0.0 0.0 0.0 0.0 0.0 0.00 0.00 0.00 0.00 0.00 0.00 6: 0.0 0.0 0.0 0.0 0.0 0.0 0.00 0.00 0.00 0.00 0.00 0.00 7: 0.0 0.0 0.0 0.0 0.0 0.0 0.00 0.00 0.00 0.00 0.00 0.00 8: 0.0 0.0 0.0 0.0 0.0 0.0 0.00 0.00 0.00 0.00 0.00 0.00 9: 0.0 0.0 0.0 0.0 0.0 0.0 0.00 0.00 0.00 0.00 0.00 0.00 10: 0.0 0.0 0.0 0.0 0.0 0.0 0.00 0.00 0.00 0.00 0.00 0.00 11: 0.0 0.0 0.0 0.0 0.0 0.0 0.00 0.00 0.00 0.00 0.00 0.00 Grades 9-12 214.0 198.0 198.0 198.0 198.0 198.0 0.00 0.00 0.00 0.00 0.00 0.00 Guidance Counselors 17.0 18.0 18.0 18.0 18.0 18.0 0.00 0.00 0.00 0.00 0.00 0.00 Librarians 3.0 3.0 3.0 3.0 3.0 3.0 0.00 0.00 0.00 0.00 0.00 0.00 Social Workers 6.0 6.0 6.0 6.0 6.0 6.0 3.59 3.59 3.59 3.59 3.59 3.59 Special Ed Teachers 41.0 33.0 33.0 33.0 33.0 33.0 0.00 0.00 0.00 0.00 0.00 0.00 Technology 0.0 1.0 1.0 1.0 1.0 1.0 0.00 0.00 0.00 0.00 0.00 0.00 ELL 0.0 5.0 5.0 5.0 5.0 5.0 0.00 0.00 0.00 0.00 0.00 0.00 Department Chairs/Teachers 10.0 10.0 10.0 10.0 10.0 10.0 0.00 0.00 0.00 0.00 0.00 0.00 Instructional Coach 0.0 1.0 1.0 1.0 1.0 1.0 0.00 0.00 0.00 0.00 0.00 0.00 Other_9 0.0 0.0 0.0 0.0 0.0 0.0 0.00 0.00 0.00 0.00 0.00 0.00 Other_10 0.0 0.0 0.0 0.0 0.0 0.0 0.00 0.00 0.00 0.00 0.00 0.00 Other_11 0.0 0.0 0.0 0.0 0.0 0.0 0.00 0.00 0.00 0.00 0.00 0.00 Other_12 0.0 0.0 0.0 0.0 0.0 0.0 0.00 0.00 0.00 0.00 0.00 0.00 Other_13 0.0 0.0 0.0 0.0 0.0 0.0 0.00 0.00 0.00 0.00 0.00 0.00 Other_14 0.0 0.0 0.0 0.0 0.0 0.0 0.00 0.00 0.00 0.00 0.00 0.00 Other_15 0.0 0.0 0.0 0.0 0.0 0.0 0.00 0.00 0.00 0.00 0.00 0.00 Technology 0.0 0.0 0.0 0.0 0.0 0.0 0.00 0.00 0.00 0.00 0.00 0.00 Total FTE: 291.0 275.0 275.0 275.0 275.0 275.0 Average Staffing Ratio: 0.00 0.00 0.00 0.00 0.00 0.00 2012 PMA Financial Network, Inc. Page: 42

Certified Staff Assumptions Certified Staff Changes (FTE)- Projections 2015 2016 2017 2018 2019 0 0.0 0.0 0.0 0.0 0.0 0 0.0 0.0 0.0 0.0 0.0 0 2015.0 2016.0 2017.0 2018.0 2019.0 PreK: 0.0 0.0 0.0 0.0 0.0 PreK Special Ed: 0.0 0.0 0.0 0.0 0.0 K: 0.0 0.0 0.0 0.0 0.0 1: 0.0 0.0 0.0 0.0 0.0 2: 0.0 0.0 0.0 0.0 0.0 3: 0.0 0.0 0.0 0.0 0.0 4: 0.0 0.0 0.0 0.0 0.0 5: 0.0 0.0 0.0 0.0 0.0 6: 0.0 0.0 0.0 0.0 0.0 7: 0.0 0.0 0.0 0.0 0.0 8: 0.0 0.0 0.0 0.0 0.0 9: 0.0 0.0 0.0 0.0 0.0 10: 0.0 0.0 0.0 0.0 0.0 11: 0.0 0.0 0.0 0.0 0.0 Grades 9-12 -16.0 0.0 0.0 0.0 0.0 Guidance Counselors 1.0 0.0 0.0 0.0 0.0 Librarians 0.0 0.0 0.0 0.0 0.0 Social Workers 0.0 0.0 0.0 0.0 0.0 Special Ed Teachers -8.0 0.0 0.0 0.0 0.0 Technology 1.0 0.0 0.0 0.0 0.0 ELL 5.0 0.0 0.0 0.0 0.0 Department Chairs/Teachers 0.0 0.0 0.0 0.0 0.0 Instructional Coach 1.0 0.0 0.0 0.0 0.0 Other_9 0.0 0.0 0.0 0.0 0.0 Other_10 0.0 0.0 0.0 0.0 0.0 Other_11 0.0 0.0 0.0 0.0 0.0 Other_12 0.0 0.0 0.0 0.0 0.0 Other_13 0.0 0.0 0.0 0.0 0.0 Other_15 1999.0 2016.0 2017.0 2018.0 2019.0 350.0 300.0 250.0 200.0 150.0 100.0 50.0 0.0 CERTIFIED STAFF (FTE) 291.0 275.0 275.0 275.0 275.0 275.0 2014 2015 2016 2017 2018 2019 Actual Projected 2012 PMA Financial Network, Inc. Page: 43

Equalized Assessed Valuation Analysis Levy Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 CONSUMER PRICE INDEX 0.10% 2.70% 1.50% 3.00% 1.70% 1.50% 2.10% 2.10% 2.10% 2.10% 2.10% EQUALIZED ASSESSED VALUATION $3,080,344,776 $3,065,980,436 $2,497,139,606 $2,309,493,614 $2,210,566,401 $2,155,196,577 $2,131,316,663 $2,138,690,330 $2,125,303,426 $2,131,303,426 $2,183,929,495 % CHANGE -0.47% -18.55% -7.51% -4.28% -2.50% -1.11% 0.35% -0.63% 0.28% 2.47% NEW GROWTH $5,984,880 $3,627,888 $7,594,341 $4,306,334 $5,000,000 $22,000,000 $30,000,000 $50,000,000 $8,000,000 $6,000,000 $10,000,000 % OF TOTAL EAV 0.19% 0.12% 0.30% 0.19% 0.23% 1.02% 1.41% 2.34% 0.38% 0.28% 0.46% EXISTING PROPERTIES ($17,992,228) ($576,435,171) ($191,952,326) ($103,927,213) ($77,369,824) ($53,879,914) ($42,626,333) ($21,386,903) $0 $42,626,069 % OF TOTAL EAV-1YEAR -0.58% -18.80% -7.69% -4.50% -3.50% -2.50% -2.00% -1.00% 0.00% 2.00% Total EAV Analysis (In Millions) Total EAV % Change $3,500 $3,000 $2,500 $2,000 $3,080 $3,066 $2,497 $2,309 $2,211 $2,155 $2,131 $2,139 $2,125 $2,131 $2,184 5% 0% -5% -0.47% -4.28% -2.50% -1.11% 0.35% -0.63% 0.28% 2.47% $1,500 $1,000 $500-10% -15% -7.51% $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Actual Projected -20% -18.55% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Actual Projected Existing EAV % Change New EAV Growth (In Millions) 5% 0% -5% -10% -15% -0.58% -7.69% -4.50% -3.50% -2.50% -2.00% -1.00% 0.00% 2.00% $60.0 $50.0 $40.0 $30.0 $20.0 $10.0 $6.0 $3.6 $7.6 $4.3 $5.0 $22.0 $30.0 $50.0 $8.0 $6.0 $10.0-20% -18.80% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Actual Projected $0.0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Actual Projected 2012 PMA Financial Network, Inc. Page: 44

Extension Analysis and Consumer Price Index Assumptions 2012 2013 2014 2015 2016 2017 2018 Extension Rate Extension Rate Extension Rate Extension Rate Extension Rate Extension Rate Extension Rate Education Fund 38,701,102 1.6757 30,219,574 1.3671 32,096,710 1.4893 34,062,579 1.5982 36,507,030 1.7070 37,825,401 1.7798 39,244,500 1.8413 Leasing - - - - - - - - - - - - - - Special Education - - 8,842,266 0.4000 8,620,786 0.4000 8,525,267 0.4000 8,554,761 0.4000 8,501,214 0.4000 8,525,214 0.4000 Summer School - - - - - - - - - - - - - - Other Tax Levies - - - - - - - - - - - - - - Operation & Maintenance Fund 7,600,000 0.3291 8,000,000 0.3619 8,550,000 0.3967 8,550,000 0.4012 8,550,000 0.3998 8,550,000 0.4023 8,550,000 0.4012 Facility Leasing - - - - - - - - - - - - - - Special Education - - - - - - - - - - - - - - Area Vocational Construction - - - - - - - - - - - - - - Other Tax Levies - - - - - - - - - - - - - - Bond & Interest Fund 4,941,814 0.2140 5,107,725 0.2311 5,106,150 0.2369 5,100,244 0.2393 5,094,863 0.2382 5,089,481 0.2395 5,083,575 0.2385 Area Vocational Construction - - - - - - - - - - - - - - Other Tax Levies - - - - - - - - - - - - - - Transportation Fund 1,425,000 0.0617 1,500,000 0.0679 900,000 0.0418 900,000 0.0422 900,000 0.0421 900,000 0.0423 900,000 0.0422 Special Education - - - - - - - - - - - - - - Other Tax Levies - - - - - - - - - - - - - - IMRF & Social Security Fund 1,187,500 0.0514 1,250,000 0.0565 1,100,000 0.0510 1,100,000 0.0516 1,100,000 0.0514 1,150,000 0.0541 1,150,000 0.0540 Special Education - - - - - - - - - - - - - - Social Security/Medicare-Only 1,187,500 0.0514 1,250,000 0.0565 1,100,000 0.0510 1,100,000 0.0516 1,100,000 0.0514 1,200,000 0.0565 1,150,000 0.0540 Other Tax Levies - - - - - - - - - - - - - - Capital Projects Fund - - - - - - - - - - - - - - Other Tax Levies - - - - - - - - - - - - - - Working Cash Fund 9,500 0.0004 10,000 0.0005 10,000 0.0005 10,000 0.0005 10,000 0.0005 10,000 0.0005 10,000 0.0005 Other Tax Levies - - - - - - - - - - - - - - Tort Fund 9,500 0.0004 10,000 0.0005 10,000 0.0005 10,000 0.0005 10,000 0.0005 10,000 0.0005 10,000 0.0005 Other Tax Levies - - - - - - - - - - - - - - Fire Prevention and Safety Fund 175,750 0.0076 185,000 0.0084 185,000 0.0086 185,000 0.0087 185,000 0.0087 185,000 0.0087 185,000 0.0087 Other Tax Levies - - - - - - - - - - - - - - TOTALS 55,237,666 2.3918 56,374,565 2.5502 57,678,647 2.6763 59,543,090 2.7937 62,011,654 2.8995 63,421,096 2.9841 64,808,289 3.0408 TAX-CAPPED TOTAL 50,295,852 2.1778 51,266,840 2.3192 52,572,497 2.4393 54,442,846 2.5544 56,916,792 2.6613 58,331,614 2.7446 59,724,714 2.8023 Consumer Price Index (CPI) - Levy Years Total Tax Rate (incl. Bonds) 3.5% 3.0% 2.5% 2.0% 1.5% 2.7% 1.5% 3.0% 1.7% 1.5% 2.1% 2.1% 2.1% 2.1% 2.1% 3.5% 3.0% 2.5% 2.0% 1.5% 1.75% 1.81% 2.15% 2.39% 2.55% 2.68% 2.79% 2.90% 2.98% 3.04% 3.04% 1.0% 1.0% 0.5% 0.0% 0.1% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Actual Projected 0.5% 0.0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Actual Projected 2012 PMA Financial Network, Inc. Page: 45

Summary of Major Assumptions Revenue Assumptions Total All Counties 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Total EAV $3,080,344,776 $3,065,980,436 $2,497,139,606 $2,309,493,614 $2,210,566,401 $2,155,196,577 $2,131,316,663 $2,138,690,330 $2,125,303,426 $2,131,303,426 New Growth $5,984,880 $3,627,888 $7,594,341 $4,306,334 $5,000,000 $22,000,000 $30,000,000 $50,000,000 $8,000,000 $6,000,000 Existing EAV $3,074,359,896 $3,062,352,548 $2,489,545,265 $2,305,187,280 $2,205,566,401 $2,133,196,577 $2,101,316,663 $2,088,690,330 $2,117,303,426 $2,125,303,426 Assumptions Total EAV % Increase -0.13% -0.47% -18.55% -7.51% -4.28% -2.50% -1.11% 0.35% -0.63% 0.28% New Growth $5,984,880 $3,627,888 $7,594,341 $4,306,334 $5,000,000 $22,000,000 $30,000,000 $50,000,000 $8,000,000 $6,000,000 Existing EAV % Change -0.32% -0.58% -18.80% -7.69% -4.50% -3.50% -2.50% -2.00% -1.00% 0.00% DISTRIBUTION OF TAXES 69.41% 30.59% 2013 2014 2015 2016 2017 2018 2019 TAX COLLECTION RATE 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 CONSUMER PRICE INDEX 0.1% 2.7% 1.5% 3.0% 1.7% 1.5% 2.1% 2.1% 2.1% 2.1% 2015 2016 2017 2018 2019 INVESTMENT RATE OF RETURN 0.25% 0.50% 0.75% 1.00% 1.25% GENERAL STATE AID 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Foundation Level: $6,119 $6,119 $6,119 $6,119 $6,119 $6,119 $6,119 $6,119 $6,119 $6,119 Foundation Level Increase: $0 $0 $0 $0 $0 $0 $0 $0 $0 Proration Level: 95% 89% 89% 83% 83% 83% 83% 83% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 CPPRT -19.10% 29.68% -5.98% -0.16% -9.51% 0.00% 0.00% 0.00% 0.00% 0.00% CPPRT Amount: $ 2,814,374 $ 3,649,733 $ 3,431,497 $ 3,425,968 $ 3,100,000 $ 3,100,000 $ 3,100,000 $ 3,100,000 $ 3,100,000 $ 3,100,000 2014 PMA Financial Network, Inc. Page: 46

Summary of Major Assumptions Educational Fund - Assumptions 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total Tuition 25.08% 25.12% 89.51% -0.42% -6.20% 0.00% 0.00% 0.00% 0.00% 0.00% Total Tuition Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Tuition Amount $45,151 $56,493 $107,062 $106,615 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 Total Food Srvc -12.19% -7.92% 3.89% -24.12% 3.52% 0.00% 0.00% 0.00% 0.00% 0.00% Total Food Srvc Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Food Service Amount $525,678 $484,046 $502,861 $381,552 $395,000 $395,000 $395,000 $395,000 $395,000 $395,000 Total Pupil Activities -7.90% -3.33% -15.11% -9.97% 2.03% 0.00% 0.00% 0.00% 0.00% 0.00% Total Pupil Activities Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Pupil Activities Amount $551,852 $533,499 $452,879 $407,734 $416,000 $416,000 $416,000 $416,000 $416,000 $416,000 Total Textbooks 18.85% -20.22% -27.15% 2.17% -0.01% 0.00% 0.00% 0.00% 0.00% 0.00% Total Textbooks Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Textbooks Amount $48,837 $38,963 $28,385 $29,002 $29,000 $29,000 $29,000 $29,000 $29,000 $29,000 Total Other Revenue -47.26% 23.50% -28.14% -25.23% 6.52% 0.00% 0.00% 0.00% 0.00% 0.00% Total Other Revenue Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Revenue Amount $1,540,260 $1,902,151 $1,366,814 $1,021,994 $1,088,620 $1,088,620 $1,088,620 $1,088,620 $1,088,620 $1,088,620 Special Education 15.55% 3.86% -8.82% 58.81% -30.19% 0.00% 0.00% 0.00% 0.00% 0.00% Special Education Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Special Education Amount $2,247,128 $2,333,927 $2,128,159 $3,379,643 $2,359,492 $2,359,492 $2,359,492 $2,359,492 $2,359,492 $2,359,492 Career & Technical Education 99.82% -74.79% 197.17% -26.29% 0.00% 0.00% 0.00% 0.00% 0.00% Career & Technical Education Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Career & Tech Education Amount $102,072 $203,956 $51,415 $152,792 $112,628 $112,628 $112,628 $112,628 $112,628 $112,628 Bilingual Education -94.92% 2627.60% 31.19% 11.10% 195.64% -63.66% 0.00% 0.00% 0.00% 0.00% Bilingual Education Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Bilingual Education Amount $2,341 $63,853 $83,769 $93,071 $275,151 $100,000 $100,000 $100,000 $100,000 $100,000 Driver Education -14.92% 38.99% -43.48% 36.62% -2.78% -20.00% 0.00% 0.00% 0.00% 0.00% Driver Education Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Driver Education Amount $95,830 $133,191 $75,286 $102,859 $100,000 $80,000 $80,000 $80,000 $80,000 $80,000 Other Restricted Grants In Aid 137.90% -4.83% -49.68% 74.18% 40.34% 0.00% 0.00% 0.00% 0.00% 0.00% Other Restricted Grants In Aid Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Restricted Grants In Aid Amount $84,590 $80,503 $40,511 $70,562 $99,026 $99,026 $99,026 $99,026 $99,026 $99,026 2014 PMA Financial Network, Inc. Page: 47

Summary of Major Assumptions Educational Fund - Assumptions 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total Unrestricted Grants-In-Aid -100.00% 0.00% 0.00% 0.00% 0.00% 0.00% Total Unrestricted Grants-In-Aid Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Unrestricted Grants-In-Aid Amount $0 $176,972 $0 $0 $0 $0 $0 $0 $0 $0 Total Title V 0.00% 0.00% 0.00% 0.00% 0.00% Total Title V Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Title V Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Food Service 50.36% 3.45% 21.47% -9.47% 7.65% 0.00% 0.00% 0.00% 0.00% 0.00% Total Food Service Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Food Service Amount $718,589 $743,383 $903,005 $817,482 $880,000 $880,000 $880,000 $880,000 $880,000 $880,000 Total Title I -35.04% 33.94% -36.29% 44.79% 12.37% 0.00% 0.00% 0.00% 0.00% 0.00% Total Title I Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Title I Amount $1,174,933 $1,573,737 $1,002,559 $1,451,595 $1,631,129 $1,631,129 $1,631,129 $1,631,129 $1,631,129 $1,631,129 Total Title IV 37.89% -104.00% 11.93% -100.00% 0.00% 0.00% 0.00% 0.00% 0.00% Total Title IV Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Title IV Amount $20,146 ($805) ($901) $0 $0 $0 $0 $0 $0 $0 Federal Special Education 357.37% 25.67% -100.00% 0.00% 0.00% 0.00% 0.00% 0.00% Federal Special Education Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Federal Special Education Amount $0 $678 $3,101 $3,897 $0 $0 $0 $0 $0 $0 Total Career & Technical Education 1548.91% -48.88% -47.13% 145.38% -30.32% 0.00% 0.00% 0.00% 0.00% 0.00% Total Career & Technical Education Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Career & Tech Ed Amount $518,864 $265,218 $140,216 $344,064 $239,731 $239,731 $239,731 $239,731 $239,731 $239,731 Total Fed.-Adult Education 0.00% 0.00% 0.00% 0.00% 0.00% Total Fed.-Adult Education Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Federal Adult Education Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Title II -35.57% 104.65% -65.14% 38.35% 3.11% 0.00% 0.00% 0.00% 0.00% 0.00% Total Title II Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Title II Amount $161,481 $330,471 $115,188 $159,364 $164,313 $164,313 $164,313 $164,313 $164,313 $164,313 Medicaid Matching Funds 11.07% -2.45% -16.00% 81.39% -100.00% 0.00% 0.00% 0.00% 0.00% 0.00% Medicaid Matching Funds Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Medicaid Matching Funds Amount $189,972 $185,312 $155,670 $282,370 $0 $0 $0 $0 $0 $0 Other Restricted Grants-In-Aid 539.68% -16.84% -101.02% -305.83% 357.06% -5.60% 0.00% 0.00% 0.00% 0.00% Other Restricted Grants-In-Aid Adjustments $0 $0 $0 $0 $0 $115,000 $0 $0 $0 $0 Other Restricted Grants-In-aid Amount $1,525,460 $1,268,543 ($12,949) $26,653 $121,819 $230,000 $230,000 $230,000 $230,000 $230,000 Operations and Maintenance Fund - Assumptions 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Rentals: -21.92% 13.55% 45.50% -40.24% 12.49% 0.00% 0.00% 0.00% 0.00% 0.00% Rentals: Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Rentals Amount $90,042 $102,244 $148,761 $88,896 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 Contributions and Donations: 0.00% 0.00% 0.00% 0.00% 0.00% Contributions and Donations: Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Contributioins and Donations Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Local Revenue: -26.27% -42.39% -75.06% 136.34% -98.43% 0.00% 0.00% 0.00% 0.00% 0.00% Other Local Revenue: Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Local Revenue: Amount $187,110 $107,787 $26,882 $63,532 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 2014 PMA Financial Network, Inc. Page: 48

Summary of Major Assumptions State Revenue: 3500.00% 0.00% 0.00% -68.00% 0.00% 0.00% State Revenue: Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 State Revenue: Amount $0 $0 $0 $50,000 $1,800,000 $2,300,000 $2,300,000 $1,756,000 $1,756,000 $1,756,000 Debt Service Fund - Assumptions 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Other Local Revenue: 0.00% 0.00% 0.00% 0.00% 0.00% Other Local Revenue: Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Local Revenue Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 State Revenue: 0.00% 0.00% 0.00% 0.00% 0.00% State Revenue: Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 State Revenue Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Federal Revenue: 0.00% 0.00% 0.00% 0.00% 0.00% Federal Revenue: Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Federal Revenue Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Transportation Fund - Assumptions 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Transportation Fees: -19.23% 96.81% 65.66% -34.70% -9.59% 0.00% 0.00% 0.00% 0.00% 0.00% Transportation Fees: Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Transportation Fees Amount Other Local Revenue: -100.00% 0.00% 0.00% 0.00% 0.00% 0.00% Other Local Revenue: Adjustments $0 $0 $0 $0 $900,000 ($900,000) $0 $0 $0 $0 Other Local Revenue Amount $0 $0 $0 $1,166,999 $900,000 $0 $0 $0 $0 $0 State Revenue: 56.89% 99.31% -28.43% 40.72% 13.60% 16.74% -15.69% 2.00% 2.00% 2.00% State Revenue: Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 State Revenue Amount $1,014,651 $2,022,298 $1,447,422 $2,036,761 $2,313,844 $1,533,793 $1,293,120 $1,319,030 $1,345,459 $1,372,419 Federal Revenue: 0.00% 0.00% 0.00% 0.00% 0.00% Federal Revenue: Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Federal Revenue Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 % Change of Transportation Expenditures - Including Amort. Cap. 55.97% 11.92% -34.58% 10.97% 16.74% -15.69% 2.00% 2.00% 2.00% 2.00% Municipal Retirement / Social Security Fund - Assumptions 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Other Local Revenue: 0.00% 0.00% 0.00% 0.00% 0.00% Other Local Revenue: Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Local Revenue Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 State Revenue: 0.00% 0.00% 0.00% 0.00% 0.00% State Revenue: Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 State Revenue Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Federal Revenue: 0.00% 0.00% 0.00% 0.00% 0.00% Federal Revenue: Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Federal Revenue Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 2014 PMA Financial Network, Inc. Page: 49

Summary of Major Assumptions Capital Projects Fund - Assumptions 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Contributions and Donations: 0.00% 0.00% 0.00% 0.00% 0.00% Contributions and Donations: Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Contributions and Donations Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Local Revenue: 0.00% 0.00% 0.00% 0.00% 0.00% Other Local Revenue: Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Local Revenue Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 State Revenue: 0.00% 0.00% 0.00% 0.00% 0.00% State Revenue: Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 State Revenue Amount $0 $0 $0 $2,103,159 $0 $0 $0 $0 $0 $0 Federal Revenue: 0.00% 0.00% 0.00% 0.00% 0.00% Federal Revenue: Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Federal Revenue Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Working Cash Fund - Assumptions 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Other Local Revenue: 0.00% 0.00% 0.00% 0.00% 0.00% Other Local Revenue: Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Local Revenue Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 State Revenue: 0.00% 0.00% 0.00% 0.00% 0.00% State Revenue: Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 State Revenue Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Federal Revenue: 0.00% 0.00% 0.00% 0.00% 0.00% Federal Revenue: Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Federal Revenue Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Tort Fund - Assumptions 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Other Local Revenue: 0.00% 0.00% 0.00% 0.00% 0.00% Other Local Revenue: Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Local Revenue Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 State Revenue: 0.00% 0.00% 0.00% 0.00% 0.00% State Revenue: Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 State Revenue Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Federal Revenue: 0.00% 0.00% 0.00% 0.00% 0.00% Federal Revenue: Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Federal Revenue Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Fire Prevention and Safety Fund - Assumptions 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Other Local Revenue: 0.00% 0.00% 0.00% 0.00% 0.00% Other Local Revenue: Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Local Revenue Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 State Revenue: 0.00% 0.00% 0.00% 0.00% 0.00% State Revenue: Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 State Revenue Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Federal Revenue: 0.00% 0.00% 0.00% 0.00% 0.00% Federal Revenue: Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Federal Revenue Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 2014 PMA Financial Network, Inc. Page: 50

Summary of Major Assumptions Funds to Aggregate Educational Yes Operations and Maintenance Yes Debt Service No Transportation Yes IMRF Yes Capital Projects No Working Cash Yes Tort Yes Fire Prevention and Safety No Enrollment Assumptions 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 9: 1645 1660 1698 1757 1752 1595 1589 1646 1583 1559 1600 10: 1264 1322 1261 1090 1182 1137 1231 1230 1225 1225 1254 11: 1007 940 1049 1081 967 949 975 1020 1096 1035 1092 12: 955 1003 1025 941 885 768 793 805 918 915 948 SPED Out-of-District 0 0 0 0 0 0 0 0 0 0 0 TOTAL ENROLLMENT: 4871 4925 5033 4869 4786 4449 4588 4701 4822 4734 4894 ANNUAL CHANGE: 54 108-164 -83-337 139 113 121-88 160 % CHANGE: 1.11% 2.19% -3.26% -1.70% -7.04% 3.12% 2.46% 2.57% -1.82% 3.38% ADA: 4132.54 4158.57 4108.93 4567.07 4474.13 4159.09 4289.03 4394.67 4507.78 4425.52 4575.09 DHS Low Income Count: 3933.00 4057.00 4202.00 4130.37 3839.54 3959.49 4057.01 4161.44 4085.49 4223.58 2014 PMA Financial Network, Inc. Page: 51

Summary of Major Assumptions Certified Staff Assumptions FTE 2013 2014 2015 2016 2017 2018 2019 Guidance Counselors 0.00 17.00 18.00 18.00 18.00 18.00 18.00 Librarians 0.00 3.00 3.00 3.00 3.00 3.00 3.00 Social Workers 0.00 6.00 6.00 6.00 6.00 6.00 6.00 Special Ed Teachers 0.00 41.00 33.00 33.00 33.00 33.00 33.00 Technology 0.00 0.00 1.00 1.00 1.00 1.00 1.00 ELL 0.00 0.00 5.00 5.00 5.00 5.00 5.00 Department Chairs/Teachers 0.00 10.00 10.00 10.00 10.00 10.00 10.00 Instructional Coach 0.00 0.00 1.00 1.00 1.00 1.00 1.00 Other_9 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Other_10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Other_11 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Other_12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Other_13 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Other_14 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Other_15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Technology 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Department Chairs/Teachers 0.00 291.00 275.00 275.00 275.00 275.00 275.00 2014 PMA Financial Network, Inc. Page: 52

Summary of Major Assumptions Certified Staff Assumptions 0 0 291 275 275 275 275 275 10: 0.00 0.00 0.00 0.00 0.00 0.00 0.00 11: 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Grades 9-12 0.00 3.59 3.59 3.59 3.59 3.59 3.59 Guidance Counselors 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Librarians 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Social Workers 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Special Ed Teachers 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Technology 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ELL 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Department Chairs/Teachers 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Instructional Coach 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Other_9 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Other_10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Other_11 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Other_12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Other_13 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Other_15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2014 PMA Financial Network, Inc. Page: 53

Summary of Major Assumptions Certified Staff Assumptions #DIV/0! 0 0 0 0 0 0 0 10: 0.00 0.00 0.00 0.00 0.00 0.00 0.00 11: 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Grades 9-12 0.00 214.00-16.00 0.00 0.00 0.00 0.00 Guidance Counselors 0.00 17.00 1.00 0.00 0.00 0.00 0.00 Librarians 0.00 3.00 0.00 0.00 0.00 0.00 0.00 Social Workers 0.00 6.00 0.00 0.00 0.00 0.00 0.00 Special Ed Teachers 0.00 41.00-8.00 0.00 0.00 0.00 0.00 Technology 0.00 0.00 1.00 0.00 0.00 0.00 0.00 ELL 0.00 0.00 5.00 0.00 0.00 0.00 0.00 Department Chairs/Teachers 0.00 10.00 0.00 0.00 0.00 0.00 0.00 Instructional Coach 0.00 0.00 1.00 0.00 0.00 0.00 0.00 Other_9 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Other_10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Other_11 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Other_12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Other_13 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Other_15 2013.00 2305.00 1999.00 2016.00 2017.00 2018.00 2019.00 2014 PMA Financial Network, Inc. Page: 54

Summary of Major Assumptions Expenditure Assumptions Salary Assumptions: 2014 2015 2016 2017 2018 2019 Teachers (Including Step) 5.25% 4.75% 4.50% 2.50% 2.50% Administrators 3.00% 3.00% 3.00% 3.00% 3.00% Custodians/Security 2.00% 2.00% 2.00% 2.00% 2.00% Clerical 3.00% 2.75% 2.75% 2.50% 2.50% Aides 3.00% 2.75% 2.75% 2.50% 2.50% Transportation 2.00% 2.00% 2.00% 2.00% 2.00% Teacher Stipends/Substitutes 2.00% 2.00% 2.00% 2.00% 2.00% Other Stipends/Misc 2.00% 2.00% 2.00% 2.00% 2.00% User Defined Salaries - 3 0.00% 0.00% 0.00% 0.00% 0.00% Other 0.00% 0.00% 0.00% 0.00% 0.00% Freeze Step - Teachers Scattergram? Yes Yes Yes Yes Yes Benefits Assumptions 2014 2015 2016 2017 2018 2019 Employer FICA: 6.20% 6.20% 6.20% 6.20% 6.20% 6.20% Medicare: 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% Employer IMRF: 10.77% 9.92% 9.52% 9.88% 10.00% 10.00% Employer TRS retirement contribution 0.58% 0.58% 1.08% 1.58% 2.08% 2.58% Employer THIS (insurance) contribution 0.72% 0.72% 0.72% 0.72% 0.72% 0.72% Board Paid TRS/THIS: 1.30% 1.30% 1.80% 2.30% 2.80% 3.30% Member THIS (insurance) contribution - Teachers 0.97% 0.97% 0.97% 0.97% 0.97% 0.97% Paid by Employer? No No No No No No Member THIS (insurance) contribution - Administrators 0.97% 0.97% 0.97% 0.97% 0.97% 0.97% Paid by Employer? Yes Yes Yes Yes Yes Yes Employer TRS contribution on Federally Funded Salaries 35.41% 7.44% 7.44% 7.44% 7.44% 7.44% Member Retirement Contribution - Teachers: 9.40% 9.40% 9.40% 9.40% 9.40% 9.40% Percent paid By Employer: 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Is Negotiated TRS part of Salaries? No No No No No No Member Retirement Contribution - Administrators: 9.40% 9.40% 9.40% 9.40% 9.40% 9.40% Percent Paid By Employer: 9.40% 9.40% 9.40% 9.40% 9.40% 9.40% Is Negotiated TRS part of Salaries? No No No No No No Health Insurance 0.00% 10.00% 10.00% 10.00% 10.00% 10.00% Health Insurance Cost $ 14,710 $ 16,181 $ 17,799 $ 19,579 $ 21,537 $ 23,691 Dental Insurance 0.00% 2.00% 2.00% 2.00% 2.00% 2.00% Dental Insurance Cost $ 232 $ 237 $ 241 $ 246 $ 251 $ 256 User Defined Benefit - 1 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% User Defined Benefit Cost - 1 $ - $ - $ - $ - $ - $ - User Defined Benefit - 2 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% User Defined Benefit Cost - 2 $ - $ - $ - $ - $ - $ - User Defined Benefit - 3 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% User Defined Benefit Cost - 3 $ - $ - $ - $ - $ - $ - Other: 0.00% -1.29% 3.26% 4.98% -3.63% 2.84% 2014 PMA Financial Network, Inc. Page: 55

Summary of Major Assumptions Expenditure Assumptions Educational Fund - Assumptions 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Purchased Services 10.80% -1.30% -59.65% -22.61% 28.40% -11.65% 0.00% 0.00% 0.00% 0.00% Purchased Services Adjustments ($9,106,960) $0 $0 $0 $0 $0 $0 $0 $0 $0 Purchased Services Amount $6,769,074 $15,669,808 $6,322,001 $4,892,416 $6,281,854 $5,550,000 $5,550,000 $5,550,000 $5,550,000 $5,550,000 Supplies and Materials 38.06% -34.14% 20.98% -22.20% 121.06% 4.82% 0.00% 0.00% 0.00% 0.00% Supplies and Materials Adjustments $0 $0 $0 $0 $0 ($600,000) $0 $0 $0 $0 Supplies and Materials Amount $1,357,477 $894,081 $1,081,697 $841,599 $1,860,410 $1,350,000 $1,350,000 $1,350,000 $1,350,000 $1,350,000 Capital Outlay 121.97% -31.70% 84.85% -61.33% 50.55% 0.00% 0.00% 0.00% 0.00% 0.00% Capital Outlay Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Capital Outlay Amount $404,362 $276,193 $510,539 $197,426 $297,221 $297,221 $297,221 $297,221 $297,221 $297,221 Other Objects 15.53% 2.08% 10979.35% 3.69% 18.21% -14.33% 3.00% 3.00% 3.00% 3.00% Other Objects Adjustments $9,106,960 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Objects Amount $9,186,948 $81,652 $9,046,507 $9,380,625 $11,088,503 $9,500,000 $9,785,000 $10,078,550 $10,380,907 $10,692,334 Non-Capitalized Equipment 492.26% -26.48% 4.65% 39.21% 84.47% 168.15% 0.00% 0.00% 0.00% 0.00% Non-Capitalized Equipment Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Non-Capitalized Equipment Amount $330,293 $242,816 $254,118 $353,770 $652,610 $1,750,000 $1,750,000 $1,750,000 $1,750,000 $1,750,000 Termination Benefits 0.00% 0.00% 0.00% 0.00% 0.00% Termination Benefits Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Termination Benefits Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Operations and Maintenance Fund - Assumptions 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Purchased Services -17.52% 12.00% -1.84% -54.84% -34.66% 49.23% 2.40% 2.40% 2.40% 2.40% Purchased Services Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Purchased Services Amount $2,272,505 $2,545,218 $2,498,357 $1,128,185 $737,119 $1,100,000 $1,126,400 $1,153,434 $1,181,116 $1,209,463 Supplies and Materials -24.31% -6.54% 75.27% 347.38% 25.44% -29.50% 2.40% 2.40% 2.40% 2.40% Supplies and Materials Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Supplies and Materials Amount $216,028 $201,889 $353,855 $1,583,068 $1,985,793 $1,400,000 $1,433,600 $1,468,006 $1,503,239 $1,539,316 Capital Outlay 428.81% -47.64% 68.02% 35.81% 20.73% 181.32% 0.00% 0.00% 0.00% 0.00% Capital Outlay Adjustments $0 $0 $0 $0 $0 $0 $0 ($700,000) $0 $0 Capital Outlay Amount $295,739 $154,839 $260,157 $353,318 $426,559 $1,200,000 $1,200,000 $500,000 $500,000 $500,000 Other Objects 0.00% -100.00% 2.40% 2.40% 2.40% 2.40% 2.40% Other Objects Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Objects Amount $0 $232 $232 $0 $411,000 $420,864 $430,965 $441,308 $451,899 $462,745 Non-Capitalized Equipment -100.00% 95.29% -70.01% 22.82% 0.00% 0.00% 0.00% 0.00% 0.00% Non-Capitalized Equipment Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Non-Capitalized Equipment Amount $0 $19,911 $38,884 $11,662 $14,323 $14,323 $14,323 $14,323 $14,323 $14,323 Termination Benefits 0.00% 0.00% 0.00% 0.00% 0.00% Termination Benefits Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Termination Benefits Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 2014 PMA Financial Network, Inc. Page: 56

Summary of Major Assumptions Expenditure Assumptions Transportation Fund - Assumptions 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Purchased Services 59.91% 12.10% -35.29% 12.82% -9.50% -7.93% 2.00% 2.00% 2.00% 2.00% Purchased Services Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Purchased Services Amount $3,666,150 $4,109,760 $2,659,549 $3,000,372 $2,715,386 $2,500,000 $2,550,000 $2,601,000 $2,653,020 $2,706,080 Supplies and Materials 64.84% 54.61% 22.61% -26.44% -9.31% 2.40% 2.40% 2.40% 2.40% 2.40% Supplies and Materials Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Supplies and Materials Amount $22,286 $34,457 $42,247 $31,079 $28,187 $28,863 $29,556 $30,266 $30,992 $31,736 Capital Outlay 0.00% 0.00% 0.00% 0.00% 0.00% Capital Outlay Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Capital Outlay Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Objects -42.53% 2.00% 2.00% 2.00% 2.00% Other Objects Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Objects Amount $0 $0 $0 $0 $870,000 $500,000 $510,000 $520,200 $530,604 $541,216 Non-Capitalized Equipment 0.00% 0.00% 0.00% 0.00% 0.00% Non-Capitalized Equipment Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Non-Capitalized Equipment Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Termination Benefits 0.00% 0.00% 0.00% 0.00% 0.00% Termination Benefits Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Termination Benefits Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Capital Projects Fund - Assumptions 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Purchased Services 0.00% -100.00% 0.00% 0.00% 0.00% 0.00% 0.00% Purchased Services Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Purchased Services Amount $2,500 $1,123,124 $0 $10,529 $0 $0 $0 $0 $0 $0 Supplies and Materials 0.00% 0.00% 0.00% 0.00% 0.00% Supplies and Materials Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Supplies and Materials Amount $0 $2,189 $0 $0 $0 $0 $0 $0 $0 $0 Capital Outlay -10.13% 35.00% -34.16% 0.00% 0.00% 0.00% Capital Outlay Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Capital Outlay Amount $0 $0 $113,690 $2,503,616 $2,250,000 $3,037,500 $2,000,000 $2,000,000 $2,000,000 $2,000,000 Other Objects 0.00% 0.00% 0.00% 0.00% 0.00% Other Objects Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Objects Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Non-Capitalized Equipment 0.00% 0.00% 0.00% 0.00% 0.00% Non-Capitalized Equipment Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Non-Capitalized Equipment Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Termination Benefits 0.00% 0.00% 0.00% 0.00% 0.00% Termination Benefits Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Termination Benefits Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 2014 PMA Financial Network, Inc. Page: 57

Summary of Major Assumptions Expenditure Assumptions Tort Fund - Assumptions 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Purchased Services -100.00% 0.00% 0.00% 0.00% 0.00% 0.00% Purchased Services Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Purchased Services Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Supplies and Materials 0.00% 0.00% 0.00% 0.00% 0.00% Supplies and Materials Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Supplies and Materials Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Capital Outlay 0.00% 0.00% 0.00% 0.00% 0.00% Capital Outlay Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Capital Outlay Amount $276,083 $298,480 $0 $0 $0 $0 $0 $0 $0 $0 Other Objects 0.00% 0.00% 0.00% 0.00% 0.00% Other Objects Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Objects Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Non-Capitalized Equipment 0.00% 0.00% 0.00% 0.00% 0.00% Non-Capitalized Equipment Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Non-Capitalized Equipment Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Termination Benefits 0.00% 0.00% 0.00% 0.00% 0.00% Termination Benefits Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Termination Benefits Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Fire Prevention and Safety Fund - Assumptions 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Purchased Services -100.00% 72.88% 57.14% 0.00% 0.00% 0.00% 0.00% Purchased Services Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Purchased Services Amount $0 $197,224 $135,024 $101,229 $175,000 $275,000 $275,000 $275,000 $275,000 $275,000 Supplies and Materials 0.00% 0.00% 0.00% 0.00% 0.00% Supplies and Materials Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Supplies and Materials Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Capital Outlay 0.00% 0.00% 0.00% 0.00% 0.00% Capital Outlay Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Capital Outlay Amount $0 $0 $896 $0 $0 $0 $0 $0 $0 $0 Other Objects 0.00% 0.00% 0.00% 0.00% 0.00% Other Objects Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Objects Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Non-Capitalized Equipment 0.00% 0.00% 0.00% 0.00% 0.00% Non-Capitalized Equipment Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Non-Capitalized Equipment Amount $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Termination Benefits 0.00% 0.00% 0.00% 0.00% 0.00% Termination Benefits Adjustments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 2014 PMA Financial Network, Inc. Page: 58

General State Aid Worksheet for the 2012-2013 Claim Payable in 2013-2014 TAX YEAR: 2012 Complete if Subject to PTELL (Tax Caps) 2010-2011 Audited ADA 4,108.93 2011 Original EAV $2,497,139,606 2011-2012 Audited ADA 4,567.07 Foundation Level = 6,119.00 2011 Limiting RATE 1.95119 2012-2013 ADA 4,474.13 2010 Original EAV $3,065,980,436 Average of Last 3 Year's ADA 4,383.38 2011 Original EAV $2,497,139,606 2010 OTR 1.64020 2. ADA used for 2012-2013 GSA 4,474.13 Adjustments $6,335,630 2011 Extension Limitation Ratio 0.968800 3. 2011 CPPRT (Rec'd in 2012) $3,104,757.75 A. 2011 Adjusted Real EAV $2,503,475,236 Prior Year EAV used for GSA Calc $2,390,472,486 4. Calculation Rate 0.0105 Prior Year EAV*ELR $2,315,889,744 7. Available Local Resources $27,421,600.06 8. Available Local Resources per ADA $6,128.92 2010: DHS Low Income Count 3933.00 EAV Used for GSA Calc $2,315,889,744 9. Percentage of Foundation Level 1.0016 2011: DHS Low Income Count 4057.00 2012: DHS Low Income Count 4202.00 1997-1998 Hold Harmless Base $1,590,416.18 6. District Low Income Concentration 0.9083 Section A - Foundation Formula Section B - Alternate Formula Section C - Flat Grant Formula 10. Foundation Level X ADA $0.00 13. Line 9 minus.93 0.0716 19. FLAT GRANT FORMULA AMOUNT $0.00 11. Available Local Resources $0.00 14. Line 13 divided by.82 0.0873 ($218 x ADA) 12. FOUNDATION FORMULA AMOUNT $0.00 15. Line 14 times.02 0.0017 16..07 minus Line 15 0.0683 17. Amount per ADA $417.92 18. ALTERNATE FORMULA AMOUNT $1,869,828.40 Section D - Poverty Grant If Line 6 <.15 then LIC=355 22. GROSS GSA ENTITLEMENT $1,869,828.40 Otherwise ((Line 6^2)/2700)+294.25 23. GENERAL STATE AID $12,118,976.09 Total Adjustments $0 LIC Factor $2,522 Hold Harmless Base $1,590,416 FY2014 Calculated Poverty Grant Amt $10,249,148 Proration Level 89% Loss Due to Proration -$1,333,087 21. POVERTY GRANT $10,249,147.69 GSA $10,785,888.72 2013 PMA Financial Network, Inc. Page: 31

General State Aid Worksheet for the 2013-2014 Claim Payable in 2014-2015 TAX YEAR: 2013 Complete if Subject to PTELL (Tax Caps) 2011-2012 Audited ADA 4,567.07 2012 Original EAV $2,309,493,614 2012-2013 Audited ADA 4,474.13 Foundation Level = 6,119.00 2012 Limiting RATE 2.17779 2013-2014 ADA 4,159.09 2011 Original EAV $2,497,139,606 Average of Last 3 Year's ADA 4,400.10 2012 Original EAV $2,309,493,614 2011 OTR 1.95119 2. ADA used for 2013-2014 GSA 4,400.10 Adjustments $0 2012 Extension Limitation Ratio 1.032200 3. 2012 CPPRT (Rec'd in 2013) $3,262,984.00 A. 2012 Adjusted Real EAV $2,309,493,614 Prior Year EAV used for GSA Calc $2,315,889,744 4. Calculation Rate 0.0105 Prior Year EAV*ELR $2,390,461,394 7. Available Local Resources $27,512,666.94 8. Available Local Resources per ADA $6,252.74 2011: DHS Low Income Count 4057.00 EAV Used for GSA Calc $2,309,493,614 9. Percentage of Foundation Level 1.0218 2012: DHS Low Income Count 4202.00 2013: DHS Low Income Count 4130.37 1997-1998 Hold Harmless Base $1,590,416.18 6. District Low Income Concentration 0.9930 Section A - Foundation Formula Section B - Alternate Formula Section C - Flat Grant Formula 10. Foundation Level X ADA $0.00 13. Line 9 minus.93 0.0918 19. FLAT GRANT FORMULA AMOUNT $0.00 11. Available Local Resources $0.00 14. Line 13 divided by.82 0.1119 ($218 x ADA) 12. FOUNDATION FORMULA AMOUNT $0.00 15. Line 14 times.02 0.0022 16..07 minus Line 15 0.0678 17. Amount per ADA $414.86 18. ALTERNATE FORMULA AMOUNT $1,825,424.09 Section D - Poverty Grant If Line 6 <.15 then LIC=355 22. GROSS GSA ENTITLEMENT $1,825,424.09 Otherwise ((Line 6^2)/2700)+294.25 23. GENERAL STATE AID $14,034,496.49 Total Adjustments $0 LIC Factor $2,956 Hold Harmless Base $1,590,416 FY2015 Calculated Poverty Grant Amt $12,209,072 Proration Level 83% Loss Due to Proration -$2,385,864 21. POVERTY GRANT $12,209,072.40 GSA $11,648,632.09 2013 PMA Financial Network, Inc. Page: 32

General State Aid Worksheet for the 2014-2015 Claim Payable in 2015-2016 TAX YEAR: 2014 Complete if Subject to PTELL (Tax Caps) 2012-2013 Audited ADA 4,474.13 2013 Original EAV $2,210,566,401 2013-2014 Audited ADA 4,159.09 Foundation Level = 6,119.00 2013 Limiting RATE 2.31917 2014-2015 ADA 4,289.03 2012 Original EAV $2,309,493,614 Average of Last 3 Year's ADA 4,307.42 2013 Original EAV $2,210,566,401 2012 OTR 2.17779 2. ADA used for 2014-2015 GSA 4,307.42 Adjustments $0 2013 Extension Limitation Ratio 1.019300 3. 2013 CPPRT (Rec'd in 2014) $3,100,000.00 A. 2013 Adjusted Real EAV $2,210,566,401 Prior Year EAV used for GSA Calc $2,309,493,614 4. Calculation Rate 0.0105 Prior Year EAV*ELR $2,354,066,841 7. Available Local Resources $26,310,947.21 8. Available Local Resources per ADA $6,108.28 2012: DHS Low Income Count 4202.00 EAV Used for GSA Calc $2,210,566,401 9. Percentage of Foundation Level 0.9982 2013: DHS Low Income Count 4130.37 2014: DHS Low Income Count 3839.54 1997-1998 Hold Harmless Base $1,590,416.18 6. District Low Income Concentration 0.9460 Section A - Foundation Formula Section B - Alternate Formula Section C - Flat Grant Formula 10. Foundation Level X ADA $0.00 13. Line 9 minus.93 0.0682 19. FLAT GRANT FORMULA AMOUNT $0.00 11. Available Local Resources $0.00 14. Line 13 divided by.82 0.0831 ($218 x ADA) 12. FOUNDATION FORMULA AMOUNT $0.00 15. Line 14 times.02 0.0016 16..07 minus Line 15 0.0684 17. Amount per ADA $418.53 18. ALTERNATE FORMULA AMOUNT $1,802,783.40 Section D - Poverty Grant If Line 6 <.15 then LIC=355 22. GROSS GSA ENTITLEMENT $1,802,783.40 Otherwise ((Line 6^2)/2700)+294.25 23. GENERAL STATE AID $12,799,601.32 Total Adjustments $0 LIC Factor $2,710 Hold Harmless Base $1,590,416 FY2016 Calculated Poverty Grant Amt $10,996,818 Proration Level 83% Loss Due to Proration -$2,175,932 21. POVERTY GRANT $10,996,817.92 GSA $10,623,669.09 2013 PMA Financial Network, Inc. Page: 33

General State Aid Worksheet for the 2015-2016 Claim Payable in 2016-2017 TAX YEAR: 2015 Complete if Subject to PTELL (Tax Caps) 2013-2014 Audited ADA 4,159.09 2014 Original EAV $2,155,196,577 2014-2015 Audited ADA 4,289.03 Foundation Level = 6,119.00 2014 Limiting RATE 2.43934 2015-2016 ADA 4,394.67 2013 Original EAV $2,210,566,401 Average of Last 3 Year's ADA 4,280.93 2014 Original EAV $2,155,196,577 2013 OTR 2.31917 2. ADA used for 2015-2016 GSA 4,394.67 Adjustments $0 2014 Extension Limitation Ratio 1.025400 3. 2014 CPPRT (Rec'd in 2015) $3,100,000.00 A. 2014 Adjusted Real EAV $2,155,196,577 Prior Year EAV used for GSA Calc $2,210,566,401 4. Calculation Rate 0.0105 Prior Year EAV*ELR $2,266,714,788 7. Available Local Resources $25,729,564.06 8. Available Local Resources per ADA $5,854.72 2013: DHS Low Income Count 4130.37 EAV Used for GSA Calc $2,155,196,577 9. Percentage of Foundation Level 0.9568 2014: DHS Low Income Count 3839.54 2015: DHS Low Income Count 3959.49 1997-1998 Hold Harmless Base $1,590,416.18 6. District Low Income Concentration 0.9048 Section A - Foundation Formula Section B - Alternate Formula Section C - Flat Grant Formula 10. Foundation Level X ADA $0.00 13. Line 9 minus.93 0.0268 19. FLAT GRANT FORMULA AMOUNT $0.00 11. Available Local Resources $0.00 14. Line 13 divided by.82 0.0326 ($218 x ADA) 12. FOUNDATION FORMULA AMOUNT $0.00 15. Line 14 times.02 0.0006 16..07 minus Line 15 0.0694 17. Amount per ADA $424.65 18. ALTERNATE FORMULA AMOUNT $1,866,196.12 Section D - Poverty Grant If Line 6 <.15 then LIC=355 22. GROSS GSA ENTITLEMENT $1,866,196.12 Otherwise ((Line 6^2)/2700)+294.25 23. GENERAL STATE AID $11,826,566.04 Total Adjustments $0 LIC Factor $2,505 Hold Harmless Base $1,590,416 FY2017 Calculated Poverty Grant Amt $9,960,370 Proration Level 83% Loss Due to Proration -$2,010,516 21. POVERTY GRANT $9,960,369.92 GSA $9,816,049.82 2013 PMA Financial Network, Inc. Page: 34

General State Aid Worksheet for the 2016-2017 Claim Payable in 2017-2018 TAX YEAR: 2016 Complete if Subject to PTELL (Tax Caps) 2014-2015 Audited ADA 4,289.03 2015 Original EAV $2,131,316,663 2015-2016 Audited ADA 4,394.67 Foundation Level = 6,119.00 2015 Limiting RATE 2.55442 2016-2017 ADA 4,507.78 2014 Original EAV $2,155,196,577 Average of Last 3 Year's ADA 4,397.16 2015 Original EAV $2,131,316,663 2014 OTR 2.43934 2. ADA used for 2016-2017 GSA 4,507.78 Adjustments $0 2015 Extension Limitation Ratio 1.035500 3. 2015 CPPRT (Rec'd in 2016) $3,100,000.00 A. 2015 Adjusted Real EAV $2,131,316,663 Prior Year EAV used for GSA Calc $2,155,196,577 4. Calculation Rate 0.0105 Prior Year EAV*ELR $2,231,706,056 7. Available Local Resources $25,478,824.96 8. Available Local Resources per ADA $5,652.18 2014: DHS Low Income Count 3839.54 EAV Used for GSA Calc $2,131,316,663 9. Percentage of Foundation Level 0.9237 2015: DHS Low Income Count 3959.49 2016: DHS Low Income Count 4057.01 1997-1998 Hold Harmless Base $1,590,416.18 6. District Low Income Concentration 0.8767 Section A - Foundation Formula Section B - Alternate Formula Section C - Flat Grant Formula 10. Foundation Level X ADA $27,583,131.10 13. Line 9 minus.93 0.0000 19. FLAT GRANT FORMULA AMOUNT $0.00 11. Available Local Resources $25,478,824.96 14. Line 13 divided by.82 0.0000 ($218 x ADA) 12. FOUNDATION FORMULA AMOUNT $2,104,306.14 15. Line 14 times.02 0.0000 16..07 minus Line 15 0.0000 17. Amount per ADA $0.00 18. ALTERNATE FORMULA AMOUNT $0.00 Section D - Poverty Grant If Line 6 <.15 then LIC=355 22. GROSS GSA ENTITLEMENT $2,104,306.14 Otherwise ((Line 6^2)/2700)+294.25 23. GENERAL STATE AID $11,468,683.51 Total Adjustments $0 LIC Factor $2,370 Hold Harmless Base $1,590,416 FY2018 Calculated Poverty Grant Amt $9,364,377 Proration Level 83% Loss Due to Proration -$1,949,676 21. POVERTY GRANT $9,364,377.37 GSA $9,519,007.31 2013 PMA Financial Network, Inc. Page: 35

General State Aid Worksheet for the 2017-2018 Claim Payable in 2018-2019 TAX YEAR: 2017 Complete if Subject to PTELL (Tax Caps) 2015-2016 Audited ADA 4,394.67 2016 Original EAV $2,138,690,330 2016-2017 Audited ADA 4,507.78 Foundation Level = 6,119.00 2016 Limiting RATE 2.66129 2017-2018 ADA 4,425.52 2015 Original EAV $2,131,316,663 Average of Last 3 Year's ADA 4,442.66 2016 Original EAV $2,138,690,330 2015 OTR 2.55442 2. ADA used for 2017-2018 GSA 4,442.66 Adjustments $0 2016 Extension Limitation Ratio 1.045400 3. 2016 CPPRT (Rec'd in 2017) $3,100,000.00 A. 2016 Adjusted Real EAV $2,138,690,330 Prior Year EAV used for GSA Calc $2,131,316,663 4. Calculation Rate 0.0105 Prior Year EAV*ELR $2,228,078,439 7. Available Local Resources $25,556,248.46 8. Available Local Resources per ADA $5,752.46 2015: DHS Low Income Count 3959.49 EAV Used for GSA Calc $2,138,690,330 9. Percentage of Foundation Level 0.9400 2016: DHS Low Income Count 4057.01 2017: DHS Low Income Count 4161.44 1997-1998 Hold Harmless Base $1,590,416.18 6. District Low Income Concentration 0.9173 Section A - Foundation Formula Section B - Alternate Formula Section C - Flat Grant Formula 10. Foundation Level X ADA $0.00 13. Line 9 minus.93 0.0100 19. FLAT GRANT FORMULA AMOUNT $0.00 11. Available Local Resources $0.00 14. Line 13 divided by.82 0.0121 ($218 x ADA) 12. FOUNDATION FORMULA AMOUNT $0.00 15. Line 14 times.02 0.0002 16..07 minus Line 15 0.0698 17. Amount per ADA $427.10 18. ALTERNATE FORMULA AMOUNT $1,897,458.87 Section D - Poverty Grant If Line 6 <.15 then LIC=355 22. GROSS GSA ENTITLEMENT $1,897,458.87 Otherwise ((Line 6^2)/2700)+294.25 23. GENERAL STATE AID $12,313,249.17 Total Adjustments $0 LIC Factor $2,566 Hold Harmless Base $1,590,416 FY2019 Calculated Poverty Grant Amt $10,415,790 Proration Level 83% Loss Due to Proration -$2,093,252 21. POVERTY GRANT $10,415,790.30 GSA $10,219,996.81 2013 PMA Financial Network, Inc. Page: 36