independence local schools · tif valuation estimates 6 • fy‐2019 inflated tif payment. • new...

INDEPENDENCE LOCAL SCHOOLS

FISCAL YEAR 2019MAY FORECAST SUMMARY

1

Revenue/Expenditure SummaryIncome and Expense Simplified Statement ‐ Projected Fiscal Years

2

Continuously trying to push deficit spending out one year at a time.

Includes Steps, Education & Base adjustments.

Fy‐19 ‐ 2.25%, Fy‐20‐ 2.5%,

Minimal level of operating day = 90

FiscalYear FiscalYear FiscalYear FiscalYear FiscalYear2019 2020 2021 2022 2023

Beginning Balance 10,627,489 11,086,966 10,578,995 9,351,104 7,779,980

+ Revenue 18,820,115 18,755,835 18,502,802 18,778,288 18,916,575 + Proposed Renew/Replacement Levies - - - - - + Proposed New Levies - - - - - - Expenditures (18,360,638) (19,263,806) (19,730,693) (20,349,412) (20,984,567) = Revenue Surplus or Deficit 459,477 (507,971) (1,227,891) (1,571,124) (2,067,992)

Ending Balance 11,086,966 10,578,995 9,351,104 7,779,980 5,711,988

Operating Days Available: 219 200 171 138 98

Revenue & Expenditure Comparison

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BOR/BTA REFUNDS

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Current BOR/BTA Outstanding:*27 Decrease *42 Increase

General Fund Refund Projection –Including TIF Refund Estimates:

• FY‐20 $310k• FY‐21 $300k• FY‐22 $300k• Fy‐23 $300k

ESC – Refund FY‐19:• Education Service Center exempt status refund $201k.

• ESC will reimburse district in full after receipt of refund.• Contribution will be reflected in line 1.06 “Other Revenue”

of forecast.

Refunds History – All Funds

Tax Duplicate Property Valuation Projections(Not including TIF Values)

Class I Assumptions:• 2018 county reappraisal ‐ 3.5% ‐ I & II• 2021 county update. – 2.4%. – I & II• Residential is at 20 mil floor.

• Revenue growth on full millage.• Increased new construction – approximately

$2.m per year.

Class II Assumptions:• 2018 county reappraisal.• 2021 county update.• Revenue growth on Inside millage (6.1).• New construction growth in TIF projections.• Modest growth projections.

ACTUAL Agricultura #A Residential #P Class II (All)#R PP/PUPP #OJ

YOY%

-4.9%

458,014,830453,851,680448,766,240459,545,250475,643,560481,130,965486,617,199498,062,708503,137,708

YOY $Change

(23,500,040)

2018 Property Valuation Class % of Total

2012 346,030

2014 347,530

11,445,5085,075,000

2018

2018

17,533,550 456,374,110 654,440 0.1%0.4%-0.9%-1.1%2.4%3.5%1.2%1.1%2.4%1.0%

5,487,4055,486,234

177,796,484178,821,484

2013

Total455,719,670239,228,070

240,264,230251,360,430252,462,460253,806,850271,261,170274,560,243277,900,554285,429,793288,004,793

Total Class I239,574,100239,083,160240,611,760251,749,270252,851,300254,195,690271,635,690274,934,763278,275,074285,804,313288,379,313

Tax Year Agricultural PP/PUPP

198,450,590181,909,760173,393,940180,737,320174,509,960

199,757,400238,735,630347,530

Class II (All)200,039,350 16,106,220

18,952,48020,192,65022,521,00024,612,24029,497,91031,241,910

1,640,720(4,163,150)(5,085,440)

Residential

2019

10,779,01016,098,310

2020 374,520

374,520174,954,292175,400,215

374,520

2015 388,8402016 388,8402017 388,840

2021 374,5202022 374,520

Total Valuations by Property Classification

32,941,91034,461,91035,936,910

Agricultural0.08%

Residential57.03%

Class II (All)36.69%

PP/PUPP6.20%

TIF Valuation Estimates

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• Fy‐2019 Inflated TIF payment.• New TIF’s 1st and 2nd half payments

received on Fall 2018 settlement.

Actual TY 2011

Taxable Value

Actual TY 2012 Taxable

Value


Value


Value


Value


Value


value


value

Estimated TY 2019 Taxable

value


value


value


value

310005 0 2,311,260 2,334,373 2,357,716 2,371,309 2,371,309310010 8,147,930 6,594,805 6,594,805 6,856,570 7,779,205 6,324,920 8,435,980 14,564,060 14,709,701 14,856,798 14,942,447 14,942,447310015 0 19,145 19,336 19,530 19,642 19,642310020 6,758,955 5,775,455 5,775,455 5,811,295 4,799,270 3,668,665 3,792,915 4,831,190 4,879,502 4,928,297 4,956,709 4,956,709310025 0 3,333,715 3,367,052 3,400,723 3,420,328 3,420,328310030 5,381,600 8,767,150 9,442,790 8,594,320 7,445,305 8,267,735 8,111,390 10,938,340 11,047,723 11,158,201 11,222,528 11,222,528310035 0 3,806,670 3,844,737 3,883,184 3,905,571 3,905,571310040 3,120,740 4,426,240 4,742,780 3,911,845 3,646,825 3,905,405 3,662,295 4,275,425 4,318,179 4,361,361 4,386,504 4,386,504310050 5,138,735 10,738,735 10,808,735 13,363,735 13,363,735 13,363,735 13,363,735 13,363,735 13,497,372 13,632,346 13,710,937 13,710,937310060 1,753,535 1,960,840 1,960,840 1,960,840 1,657,390 1,657,390 1,657,390 1,951,565 1,971,081 1,990,791 2,002,268 2,002,268310070 3,777,760 3,820,005 3,886,330 3,735,165 2,865,695 2,410,975 2,982,175 6,383,195 6,447,027 6,511,497 6,549,036 6,549,036310080 7,328,790 7,606,690 7,606,690 7,601,125 7,211,225 7,211,225 7,102,270 6,840,400 6,908,804 6,977,892 7,018,120 7,018,120310090 909,055 942,585 945,945 945,945 913,080 913,080 913,080 998,095 1,008,076 1,018,157 1,024,026 1,024,026310100 2,037,210 2,074,800 2,119,040 2,120,790 2,473,275 2,579,780 2,583,735 3,024,315 3,175,531 3,302,552 3,434,654 3,469,001310120 491,575 684,530 995,260 1,053,360 1,282,050 1,397,410 1,407,035 1,483,020 1,557,171 1,619,458 1,684,236 1,701,079310130 0 0 0 0 0 0310135 0 1,974,669 2,073,402 2,101,728 2,185,797 2,198,399

Assessed Valuation: 44,845,885$ 53,391,835$ 54,878,670$ 55,954,990$ 53,437,055$ 51,700,320$ 54,012,000$ 80,098,799$ 81,159,067$ 82,120,231$ 82,834,113$ 82,897,903$

New TIF Residential (Chestnut woods)

New TIF (Bowl)

New TIF (Home‐2‐Suites)

New TIF (Spring Hill)

New TIF ‐ VistaNew TIF ‐ Involta

FY Operating EstimateActual FY 2013 1,548,417Actual FY 2014 1,871,362Actual FY 2015 1,699,558Actual FY 2016 1,279,262Actual FY 2017 1,785,292Actual FY 2018 1,882,671Actual FY 2019 2,866,433Projection FY 2020 2,660,031Projection FY 2021 2,606,589Projection FY 2022 2,633,493Projection FY 2023 2,644,337

Actual FY 2015 385,093Actual FY 2016 536,895Actual FY 2017 181,200Actual FY 2018 112,006Actual FY 2019 167,347Projection FY 2020 110,000Projection FY 2021 100,000Projection FY 2022 100,000Projection FY 2023 100,000

TIF Refund Estimate

Collection Rate/Splits Analysis

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SettlementSheetAnalysis Actual Actual Actual Actual ActualCollection Year> 2018 2017 2016 2015 2014

CurrentCollectionRate(CurrentLeviedLocalTaxes):Class I Potential Tax Revenue Levied 6,699,503 6,654,938 6,542,990 6,304,097 6,278,022

Class I Current Collections per Settlement Sheet 6,553,723 6,512,567 6,408,398 6,182,757 6,159,363 Class I Collection Rate 97.8% 97.9% 97.9% 98.1% 98.1%

Class II Potential Tax Revenue Levied 5,752,345 5,646,015 5,884,598 6,380,186 6,462,152 Class II Current Collections per Settlement Sheet 5,360,010 5,514,418 5,436,294 5,664,550 6,000,166

Class II Collection Rate 93.2% 97.7% 92.4% 88.8% 92.9%

Combined Current Collection Rate both Class I and Class II 95.7% 97.8% 95.3% 93.4% 95.4%

Collection Yr. Rate: 1stHalfSplit Rate: 2ndHalfSplitActual 2014 98.1% 54.1% 92.9% 51.2%

2015 98.1% 54.1% 88.8% 56.6%2016 97.9% 54.2% 92.4% 53.1%2017 97.9% 54.4% 97.7% 58.3%2018 97.8% 58.6% 93.2% 56.7%

Estimated 2019 98.0% 54.0% 95.0% 56.0%2020 98.0% 54.0% 95.0% 56.0%2021 98.0% 54.0% 95.0% 56.0%2022 98.0% 54.0% 95.0% 56.0%2023 98.0% 54.0% 95.0% 56.0%

Class II CollectionsClass I Collections

SettlementSheetAnalysis Actual Actual Actual Actual ActualCollection Year> 2018 2017 2016 2015 2014

Delinquencies: Gross Delinquencies Collected 1st half 337,796 189,647 255,495 264,664 361,320 Gross Delinquencies Collected 2nd half 22,640 27,560 16,196 58,979 129,654

Total Annual Gross Delinquencies Collected 360,436 217,207 271,692 323,643 490,974 Delinquencies as % of Total Current Collections 3.0% 1.8% 2.3% 2.7% 4.0%

Class I Class IIParcels Residential Parcels Com./Ind.36 284,476.41$ 9 236,011.29$

6 Parcels = 201,946.70$ 8 Parcels = 232,747$ 71% 99%

Delinquent Tax Report Spring 2019

1.01 Real Estate Estimates

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Changes from 2018 to 2019• 18 – Increased collection – tax law changes.• 18 – Increased Delinquent collections.• 18 – Decreased refunds.

o Projections: Reappraisal 2018 collection 2019. Fy‐19 ESC refund $201k. Delinquencies estimated @ $250k. Refunds estimated @ $200k. Class I (residential) at 20 mil floor. Emergency Levy millage decrease 9.7 mill in second

half of Fy‐20.

TaxRevenue FiscalYear>> 2018Actual 2019 2020 2021 2022 2023Total Residential, Ag, and Business Current Taxes 12,149,801 11,682,316 12,154,398 12,016,985 12,129,442 12,221,662

Prior Year Delinquencies 365,356 260,358 250,000 250,000 250,000 250,000 Net Fiscal Year Advances - - - - - -

Refunds (161,431) (217,818) (200,000) (200,000) (200,000) (200,000) Other Adjustments - - - - - -

Total 13,423,583 12,353,726 11,724,856 12,204,398 12,066,985 12,179,442 12,271,662 Dollar Change over Prior year (628,870) 479,542 (137,413) 112,457 92,220 Percentage Change over Prior Year -5.09% 4.09% -1.13% 0.93% 0.76%

1.02 Tangible Personal Property

PUPP Includes:

Telephone companiesTelegraph companiesElectric companiesNatural gas companiesPipe‐Line companies RailroadsWater worksWater transportationHeating companiesRural electric companies

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PUPP Valuation ProjectionsTax Year P.U. Personal

Actual 2011 14,613,270$ Actual 2012 16,106,220$ 10.2%Actual 2013 17,533,550$ 8.9%Actual 2014 18,952,480$ 8.1%Actual 2015 20,192,650$ 6.5%Actual 2016 22,521,000$ 11.5%Actual 2017 24,612,240$ 9.3%Actual 2018 29,497,910$ 19.9%

Estimated 2019 31,241,910$ 5.9%Estimated 2020 32,941,910$ 5.4%Estimated 2021 34,461,910$ 4.6%Estimated 2022 35,936,910$ 4.3%

Anticipate continued growth due to new TIF developments.

Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year

2018 Actual 2019 2020 2021 2022 2023

1.02 Public Utility Personal 773,807 901,787 984,891 1,027,313 1,073,200 1,115,997 Dollar Change over Prior Year 76,402 127,980 83,104 42,422 45,887 42,797

1.035 Unrestricted (Foundation)

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The elimination of 50% of regular transportation funding ($123k) over the next two fiscal years (2018 & 2019) has moved the district from a CAP funded district to a Guarantee or formula funded district. Eliminates any growth potential in State funding.

Projected2018 2019 2020 2021 2022 2023

FinalFundingAmount 629,806 612,099 612,099 615,965 632,259 643,252UnfundedFormulaAboveCap $46,616 $0 $0 $0 $0 $0

Preschool 76,514 95,725 80,000 80,000 80,000 80,000 Special Education Transportation 50,979 51,765 50,000 50,000 50,000 50,000

Per Pupil, FY19: $52.00 Casino Funding 54,138 55,798 54,441 56,414 58,585 59,977 2016 TPP Hold Harmless 80% -

Career Tech - Negative Adj to Restricted (843) (843) (843) (843) (843) (843) n Disadvantaged - Negative Adj to Restricted (583) (707) (639) (651) (676) (692)

Adjustments TPP 20% 81,560 - - - - Adjustment for Current Cash Flow Trend: 2,265 9,490

893,836 823,327 795,059 800,886 819,324 831,694

1.05 Property tax Allocation

• Fy‐18 – Fy‐22 fixed‐sum emergency phase out.• Revenue remaining flat.• Reduction in Emergency levy millage second

half of Fy‐2020.

1.050‐PropertyTaxAllocation Actual Projected2018 2019 2020 2021 2022 2023

Projections are not Based Upon Previous Fiscal Year10% Rollback Total Dollars 776,089 796,874 820,686 828,706 841,478 852,606

2.5% Residential Rollback Total Dollars 162,740 168,271 173,299 174,993 177,690 180,040 Homestead Total Dollars 175,319 177,513 181,405 180,984 183,774 186,204

18,427 - - - - - Total Rollback and Homestead 1,132,575 1,142,658 1,175,389 1,184,683 1,202,942 1,218,849

- TPPFixed‐RateDirectReimbursementRevenue - - - -

TPPFixed‐SumEmergencyLevyReimbursementRevenue 95,551 74,317 53,084 31,850 10,617 - Total 1,228,126 1,216,975 1,228,473 1,216,534 1,213,559 1,218,849

1.06 Other Revenue

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Property Tax Settlements


2018 Actual 2019 2020 2021 2022 2023

1.06OtherRevenue 2,721,716 4,074,261 3,501,532 3,349,590 3,451,244 2,436,838

Projections Projections Actual Actual ActualSettlements: Fy‐20 Fy‐19 Fy‐18 Fy‐17 Fy‐16

Cleveland Clinic ‐$ ‐$ ‐$ 618,483$ ‐$ ESC Return of Refund ‐$ 201,465$ Corp. Plaza (Pending) ‐$ 53,649$ 54,822$

Park Center Plaza (Pending) ‐$ 30,710$ 31,381 Rockside Square I & II 20,000 15,000 15,000 ‐ ‐

Top Golf Payment ‐ ‐ JDI Tax yr. 2013 & 14 ‐ ‐ 36,633 36,633

JDI Tax yr. 2015 & 16 & 17 ‐ 57,868 59,133 58,332 JAGI Cleveland Holiday Inn 35,000 35,000 30,000 ‐ ‐

JAGI Springhill ‐ 52,729 Rockside 77 (Crown Center) 50,000 45,000

Kent State ‐ ‐ ‐ 25,000 25,000 Hampton Inn ‐ 17,985 17,750 20,000 20,000 Double Tree 37,500 37,500 37,500 37,500 37,500

Estimated Receivables: 142,500$ 546,906$ 245,586$ 795,948$ 119,133$

Description 2018 2019 2020 2021 2022 20231190- Other Local -TIF 1,882,671 2,866,433 2,660,031 2,606,589 2,633,493 2,644,337

Includes TopGolf settlement starting in 2nd half Fy‐21 ($100k)• Fy‐22 and beyond ‐ Full settlement $200k.

3.01 Personnel

Include steps & Ed. movement + 2% ‐ 2.25% ‐ 2.5% base raises 2018‐20.

2019 Includes additional employees. Intervention Specialist. Computer Ed. Kdg. Maintenance

2019 Includes two RIF positions. 2019 Total +2 FTE employees.

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Fixed Base Increases:2% 2.25% 2.5%

Forecasted Base Increases:1% 1% 1%


2018 Actual 2019 2020 2021 2022 2023

3.01Personnel 9,177,284 9,654,801 10,297,549 10,574,031 10,832,554 11,097,488264,648 477,517 642,748 276,482 258,523 264,9342.97% 5.20% 6.66% 2.68% 2.44% 2.45%

ESC Personnel Transfers: 2019 Movement of 1 ESC to ILS personnel. 2020 Movement of 3 ESC to ILS personnel.

3.02 Benefits

Estimated 10% increase in health costs for fiscal years 2020 – 2023.

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FY‐20198.5% health insurance rate increase.


2018 Actual 2019 2020 2021 2022 2023

3.02 Employee Benefits 3,402,806 3,662,750 4,027,559 4,273,385 4,545,369 4,840,785282,003 259,944 364,809 245,826 271,984 295,4169.04% 7.64% 9.96% 6.10% 6.36% 6.50%

3.03 Purchase Services

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Purchase Services Include: Utilities. Professional development. Legal services. ESC services. Building‐transportation

contracted services. Special ed. services, etc.

Purposed Actual Actual Actual Actual Actual ActualFy‐19 Fy‐18 Fy‐17 Fy‐16 Fy‐15 Fy‐14 Fy‐13

Utilities 482,500 420,367 420,555 356,846 485,691 449,946 425,916 ESC Personnel 1,073,625 1,143,164 1,084,227 1,017,443 1,048,293 1,032,193 988,487 Building repairs 172,000 134,453 122,653 176,105 247,501 133,500 161,649

Legal/PR/Evaluations 145,000 131,285 115,044 100,123 121,540 122,484 115,940

Noteworthy Purchase Services


2018 Actual 2019 2020 2021 2022 2023

3.03 Purchase Services 3,468,319 3,511,234 3,349,127 3,466,346 3,570,336 3,677,446249,153 42,915 (162,107) 117,219 103,990 107,1107.74% 1.24% ‐4.62% 3.50% 3.00% 3.00%

3.04 Supplies3.05 Equipment

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2018 Actual 2019 2020 2021 2022 2023

3.04 Supplies 653,368 600,000 600,000 600,000 600,000 600,000


2018 Actual 2019 2020 2021 2022 2023

3.05 Capital Outlay 204,717 285,258 293,202 150,002 150,002 150,002

Technology Projects:• Network switch's, severs, backup systems and additional Access points @ buildings.• Security camera updates – H.S.• Infrastructure updates @ M.S. to support new broadcast equip.• Data projector replacement in all buildings.• New CleverTouch devices for 4th & 7th grade i‐teams & H.S. media center.• Technology infrastructure for HIS media center – microphones, sound, command system,

motorized projection screen & High‐resolution projector.

Curriculum• No major textbook adoption.• Random replacement.• AP and Physics replacement.

Debt Service H.B. 264Energy Conservation Improvement Bonds

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2018 2019 2020 2021 2022 2023 Projections are not Based Upon Previous Fiscal Year

4.050‐Principal‐HB264Loan 85,000 85,000 90,000 90,000 90,000 95,000 4.060‐InterestandFiscalCharge 22,456 20,544 18,418 16,100 13,700 11,200

Total[4.060] 107,456$ 105,544$ 108,418$ 106,100$ 103,700$ 106,200$

4.3 Other

• Looked at historical data & trends.• Includes:

• Liability insurance.• Board expenses.• Organizational dues/fees• County auditor/treasurer

fees.• Yearly financial report.• Auditing services (2yr. Cycle).

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2018 Actual 2019 2020 2021 2022 2023

4.3 Other Objects 275,358 251,051 297,951 270,851 307,451 272,651

Purposed Actual Actual Actual Actual Actual

Fy‐19 Fy‐18 Fy‐17 Fy‐16 Fy‐15 Fy‐14

County Auditor/Treas. Fees 191,493$ 205,978$ 179,588$ 183,224$ 214,993$ 225,309$

Financial Rpt./Audit Fee 5,200 30,840 6,000 46,300 5,000 43,000

ESC Deductions 6,750 6,716 6,578 6,416 6,630 6,769

Liability Ins. 6,865 6,710 19,892 19,670 20,354 21,371

5.01 Transfer Out

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Manuscript debt payments 2012‐2015.

2018 – Increase café & athletic transfer to avoid deficit spending in Fy‐2019.• Auditors recommendations.

Actual2018 2019 2020 2021 2022 2023

5.010‐OperatingTransfers‐OutCafeteria 80,000 50,000 50,000 50,000 50,000 50,000 Athletic 100,000 40,000 40,000 40,000 40,000 40,000

Capital Projects - 200,000 200,000 200,000 150,000 150,000 Total[5.010] 180,000$ 290,000$ 290,000$ 290,000$ 240,000$ 240,000$

Projected

independence local schools · tif valuation estimates 6 • fy‐2019 inflated tif payment. • new...

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