FINAL BUDGET HEARING

Mr. Bob Spencer

September 10, 2019

2

Comments from the Superintendent

Topics For Discussion

• Truth In Millage (TRIM): Percent of Increase over Rolled-Back Rate

• Proposed Millage Rates

• Budget Overview

• Proposed Final Millage Rates

• Proposed Final Budget Amounts

Public Comments on Final Budget

Board Comments/Discussion on Final Budget

Superintendent’s Recommendations

1) Final Millages 2) Final Budget Amounts

Adjournment

FISCAL YEAR 2020FINAL BUDGET HEARING AGENDA

September 10, 2019

TRUTH IN MILLAGE (TRIM)

Percent of Increase overRolled-Back Rate

3

Truth in Millage (TRIM)

What is it?• In an effort to eliminate automatic revenue

growth from increasing property values, the Florida Legislature established the TRIM statutes.

• TRIM requires a calculation of the change in millage rates from one year to the next called the “Rolled-Back Rate.”

4

What is the Rolled-Back Millage Rate?

“That Millage Rate which provides the same ad valorem tax revenue (same amount of dollars) as was levied during the previous fiscal year exclusive of new construction taxable values.”

5

Truth in Millage (TRIM)

The Proposed Millage Rate is compared to the “Rolled-Back Rate” and translated into a percentage of millage increase that must be used in the published advertisements of the proposed School Board budget.

6

2019-2020 Rolled-Back Millage

7

2018-2019PRIOR YEAR

2019-2020ROLLED-

BACK

PROPOSED

2019-2020CHANGE

REQUIRED LOCAL EFFORT (RLE)-STATE LAW

2.8210 2.7160 2.8350

DISCRETIONARY 0.7480 0.7201 0.7480

CAPITAL OUTLAY 1.4800 1.4249 1.5000

TOTALS 5.0490 4.8610 5.0830

CHANGE IN MILLAGE COMPARED TO ROLLED BACK RATE 4.57%

Rolled-Back Rate (Continued)

• The proposed millage is 4.57% greater than the Rolled-Back Rate.

• Therefore, the District is considered to have a tax increase.

8

COMPARISON OF MILLAGE RATES

9

Comparison of 2019-2020 Proposed Millage with Prior Year

10

TYPE2018-2019

PRIOR YEAR

2019-2020

PROPOSEDDIFFERENCE

REQUIRED LOCAL EFFORT

ADJUSTMENT PRIOR YEAR 0.0020 0.0030 0.0010

TOTAL REQUIRED LOCAL EFFORT STATE LAW (RLE)

2.8210 2.8350 0.0140

STATE LAW CURRENT YEAR 2.8190 2.8320 0.0130

DISCRETIONARY 0.7480 0.7480 0.0000

DISCRETIONARY LOCAL CAPITAL IMPROVEMENT

1.4800 1.5000 0.0200

TOTAL 5.0490 5.0830 0.0340

Millage History Chart

11

2.991

3.4513.279 3.328 3.442 3.332 3.232

2.997 2.894 2.821 2.835

2.248 2.248 2.248 2.248 2.248 2.248 2.248 2.248 2.228 2.228 2.248

5.239

5.6995.527 5.576 5.690 5.580 5.480

5.2455.122 5.049 5.083

0.000

1.000

2.000

3.000

4.000

5.000

6.000

09-10 10-11 11-12 12-13 13-14 14-15 15-16 16-17 17-18 18-19 19-20

School District Millage History

Required State Law Discretionary Millage Total Millage

Millage Proceeds by Type (96% Collection Rate)

12

TYPE MILLAGE PROCEEDS

REQUIRED LOCAL EFFORT CURRENT YEAR

2.8320 $266,192,949

REQUIRED LOCAL EFFORT PRIOR YEAR ADJUSTMENT

0.0030 $281,984

REQUIRED LOCAL EFFORT TOTAL

2.8350 $266,474,933

DISCRETIONARY 0.7480 $70,308,025

DISCRETIONARY LOCAL CAPITAL IMPROVEMENT

1.5000 $140,992,028

TOTAL 5.0830 $477,774,986

13

2018-2019 2019-2020

Assessed Value $ 400,000 $ 407,600

Homestead Exemption (25,000) (25,000)

School Taxable Value $ 375,000 $ 382,600

Millage Rate (Per Thousand) 5.0490 5.0830

Tax $ 1,893.38 $1,944.75

Difference $51.37

School Taxation for Homeowners with Homestead Exemption

For Homesteaded owners, the maximum increase in Assessed Value this year is 1.9% (As set by Department of Revenue).

14

2018-2019 2019-2020

Assessed Value $ 400,000 $ 415,440

Homestead Exemption N/A N/A

School Taxable Value $ 400,000 $ 415,440

Millage Rate (Per Thousand) 5.0490 5.0830

Tax $ 2,019.60 $2,111.68

Difference $92.08

School Taxation for Homeowners without Homestead Exemption

*Using the average of 3.86% increase in assessed value

*

Budget Overview

15

Budget OverviewBy Fund

TOTAL FINALBUDGET

$1,160,567,122

GENERAL $587,758,071

DEBT SERVICE $41,793,779

CAPITAL PROJECTS $359,465,943

SPECIAL REVENUE $44,311,498

NUTRITION SERVICE $38,059,130

INTERNAL SERVICE $89,178,701

FY20 Expenditure Allocation Amount per Student

All Funds Revenue and Carried Forward Balances $1,160,567,122

Less Redundancy:

Insurance Redundancy* (62,675,510)

Transfer Between Funds Redundancy* (75,974,224)

Less Non PK-12 FTE funding:

Adult Education/Workforce Development (12,505,780)

Voluntary Pre-Kindergarten (1,838,635)

Less Ending Fund Balance (290,832,986)

Total Redundancies ($443,827,135)

Net Expenditure Allocation $716,739,987

Amount Per Student FTE (All funds) 47,455 students $15,104

* State Format Mandated Entry

16

Budgeted Expenditure Amount per Student

Funds Amount per Student

Total All Funds $15,104

Nutrition Service Fund 648

Grant/Special Revenue Fund 934

Capital Projects Fund 2,535

Debt Service Fund 724

General Fund 10,263

17

18

REQUIRED LOCAL EFFORT (RLE)

ADJUSTMENT PRIOR YEAR (RLE) 0.0030

TOTAL REQUIRED LOCAL EFFORT STATE LAW (RLE) 2.8350

STATE LAW CURRENT YEAR (RLE) 2.8320

DISCRETIONARY GENERAL FUND 0.7480

DISCRETIONARY LOCAL CAPITAL IMPROVEMENT 1.5000

TOTAL 5.0830

Proposed Millage is 4.57% greater than the Rolled-Back Rate

Proposed Final Millage Rates

19

GENERAL FUND $587,758,071

DEBT SERVICE $41,793,779

CAPITAL PROJECTS $359,465,943

SPECIAL REVENUE $44,311,498

INTERNAL SERVICE $89,178,701

TOTAL $1,160,567,122

Proposed Final Budget Amounts

NUTRITION SERVICE $38,059,130

20

PUBLIC COMMENTS ON FINAL BUDGET

BOARD COMMENTS/DISCUSSION

FINAL BUDGET

21

22

REQUIRED LOCAL EFFORT (RLE)

ADJUSTMENT PRIOR YEAR (RLE) 0.0030

TOTAL REQUIRED LOCAL EFFORT STATE LAW (RLE) 2.8350

STATE LAW CURRENT YEAR (RLE) 2.8320

DISCRETIONARY GENERAL FUND 0.7480

DISCRETIONARY LOCAL CAPITAL IMPROVEMENT 1.5000

TOTAL 5.0830

Proposed Millage is 4.57% greater than the Rolled-Back Rate

ADOPT THE MILLAGE RESOLUTION

Recommendation #1

23

GENERAL FUND $587,758,071

DEBT SERVICE $41,793,779

CAPITAL PROJECTS $359,465,943

SPECIAL REVENUE $44,311,498

INTERNAL SERVICE $89,178,701

TOTAL $1,160,567,122

ADOPT THE PROPOSED FINAL BUDGET

Recommendation #2

NUTRITION SERVICE $38,059,130

FINAL BUDGET HEARING

Mr. Bob Spencer

September 10, 2019