Logan‐Hocking Local School District

Moody’s Rating Presentation

July 16, 2015

Opening and Introductions – Mike Burns

Community Overview‐ Stephen Stirn

Local & Regional Economy‐ Stephen Stirn

School District Overview – Stephen Stirn

District Assessed Values – Paul Shaw

Financial Overview – Paul Shaw

Debt Overview – Mike Burns

Summary & Closing – Mike Burns

2

AGENDA

COMMUNITY OVERVIEWState & School District Map

3

US Rt33

Close Proximity to Larger Cities City of Lancaster (20 Minutes) City of Athens (30 Minutes) City of Columbus (50 Minute Drive)

Tourism – Weekend Getaways Hocking Hills State Parks‐ #1 Tourist attraction in Ohio

Over 3 Million visitors annually, one of the nation’s largest attractions

Antique shops, vineyards, traditional dining and campgrounds  Hiking / Ziplining / Scenic Air Tours / Winery / Horseback Riding / Canoeing

Local Amenities in Close Proximity to the District Shopping and restaurants

Hocking Mall Shopping Center Logan Plaza Shopping Center River Valley Mall

College & Professional Sports

COMMUNITY OVERVIEWLocal Amenities

4

2013 US Census Bureau Estimates Logan‐Hocking LSD Hocking County Ohio

Total Housing Units 11,360 13,349 5,124,221

Owner Occupied (as % of Occupied) 76.10% 76.20% 67.50%

Median Value of Owner Occupied Homes Estimate $109,700  $109,800  $130,800 

Total Units Constructed prior to 1940 19.80% 20.30% 21.10%

Median Family Income Estimate $52,891  $52,837  $61,371 

Per Capita Income Estimate $21,543  $21,037  $26,046 

COMMUNITY OVERVIEWAffordability of District

5Source: US Census Bureau and Ohio Municipal Advisory Council

*Assumes $110,000 median home value and $53,000 earned taxable income

$1,785

$2,324 $2,365 $2,499 $2,554 $2,565$2,813 $2,837

$3,294

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

Logan‐Hocking LSD Amanda‐Clearcreek LSD Lancaster CSD Berne‐Union LSD Walnut Twp LSD Bloom‐Carroll LSD Liberty‐Union‐ThurstonLSD

Fairfield Union LSD Pickerington LSD

Low Property & Income Tax Compared to School District's in Fairfield County

COMMUNITY OVERVIEWGrowth in District

6

Source: US Census Bureau and Ohio Municipal Advisory Council

20,030 20,530

22,79624,026

0

5,000

10,000

15,000

20,000

25,000

30,000

1980 1990 2000 2010

Logan‐Hocking LSD Total Population

Steady population growth of 20.0% over the last 30 years

Nearby Institutions Provide Employment and Excellent Education Opportunities Ohio State University Ohio University Hocking College Denison University Capital University Columbus State Community College Franklin University

LOCAL & REGIONAL ECONOMYColleges and Universities

7

LOCAL & REGIONAL ECONOMYHealthcare & Assisted Living

8

Healthcare Facilities Hocking Valley Community Hospital (10 Minute Drive)

Full service hospital with emergency, urgent, surgical, inpatient and outpatient care About 100 beds in the existing facility

Fairfield Medical Center (20 Minute Drive) 222 bed full service and general acute health facility

Diley Ridge Medical Center (35 Minute Drive) 85,000 square foot facility including emergency and diagnostic services

Ohio Health Pickerington (45 Minute Drive) New medical campus that opened in June, 2015

Nationwide Children’s Hospital (50 Minute Drive) One of the largest pediatric hospitals in the United States  Inpatient, Outpatient and Surgical procedures and over 420 beds

Ohio State University Wexner Medical Center (50 Minute Drive)  900 bed hospital, Cancer Center and various other facilities

Nursing Homes & Assisted Living Facilities Arcadia Acres Nursing Home Kindred Transitional Care and Rehabilitation

LOCAL & REGIONAL ECONOMYDiversified Employment Opportunities in Region

9Source: County CAFRs

Employer County Industry EmploymentOhio University Athens Education 4,169

Glatfelter Ross Manufacturing 2,300

Fairfield Medical Center Fairfield Healthcare 1,871

U.S. Government / Veterans Affiars Ross Government 1,300

Adena Medical Center Ross Healthcare 1,218

RCI / CCI Ross Government 1,021

Paccar / Kenworth Truck Co.  Ross Manufacturing 1,003

Pickerington Local School District Fairfield Education 922

Fairfield County Fairfield Government 837

Anchor Hocking Fairfield Manufacturing 800

Lancaster City Schools Fairfield Education 684

O'Bleness Memorial Hospital Athens Healthcare 682

Athens County Government Athens Government 570

Tyonagawa Seiki Co. / YSK Corp. Ross Manufacturing 499

Southeastern Correctional Insituition Fairfield Government 465

Logan‐Hocking Schools Hocking Education 448

Canal Winchester Schools Fairfield Education 370

NIFCO Fairfield Manufacturing 365

City of Lancaster Fairfield Government 363

Ralston Foods Fairfield Manufacturing 362

Athens City School District Athens Education 359

Hocking County Government Hocking Government 322

Wal‐Mart Athens Retail 315

Hocking Valley Community Hospital Hocking Healthcare 299

LOCAL & REGIONAL ECONOMYEmployment Opportunities in District

10

Source: District 2014 CAFR

Employer Nature of Business Number

Locking‐Hocking Local School District Education 448

Hocking County Government Government 322

Hocking Valley Community Hospital Health Care 299

Walmart Retail 261

Amanda Manufacturing Manufacturing 217

Smead Manufacturing Manufacturing 174

Kindred Transit Care and Rehab ‐ Logan Health Care 114

Kilbarger Construction 110

Kroger Grocery 106

Ohio EPA ‐ Logan Facility Environmental 89

General Electric Manufacturing 77

LOCAL & REGIONAL ECONOMYKey Employers within District

11

Variety of Businesses Located within the District Smead Manufacturing

Manufacturer and supplier of organizational office supplies Recently decided to move all order processing to the Logan facility creating 30 new jobs Only manufacturer east of the Mississippi for Smead

General Electric Glass manufacturing plant, established in Logan in 1959

Rocky Boots Manufacturer of hunting, duty, western and Rocky work boots Warehouse located within the District

Hocking Valley Community Hospital Full service hospital with emergency, urgent, surgical, inpatient and outpatient care

S&G Manufacturing Group Display manufacturer for restaurants

Wal‐Mart Supercenter located within the District

Government Logan‐Hocking Local School District Hocking County

LOCAL & REGIONAL ECONOMYNo Concentration of Any One Tax Payer

12

Source: Ohio Municipal Advisory Council. Does not include entities in overlapping subdivisions outside the primary county.

Rank Taxpayer Name Current Taxes Payable Real Estate Personal 

Property % Total AV

1 Columbia Gas Transmission $1,588,226  $373,440  $27,501,140  5.73%2 Ohio Power Co. $727,599  $48,180  $12,721,990  2.62%3 South Central Power $164,184  $11,460  $2,883,490  0.59%4 Columbia Gas of Ohio $116,049  $12,190  $2,020,660  0.41%5 Wal Mart Real Estate $112,392  $2,415,640  $0  0.49%6 Smead Manufacturing $95,601  $2,054,770  $0  0.42%7 AEP Ohio Transmission $70,519  $0  $1,211,670  0.24%8 Rocky Brands Inc $63,115  $1,332,170  $0  0.27%9 Camp O Investments $56,225  $1,208,450  $0  0.24%10 Amanda Bent Bolt Co. $51,690  $1,110,990  $0  0.22%11 GE Lighting Inc. $45,318  $974,030  $0  0.20%12 Inn at Cedar Falls $24,211  $527,030  $0  0.10%13 Cedar Grove Retreat $13,523  $328,900  $0  0.06%14 Bolton Properties Ltd $12,388  $301,370  $0  0.06%15 Erimark Properties $11,749  $285,780  $0  0.05%

Growth will Continue within the District Due to: Part of the Columbus MSA Location – “Gateway to Ohio’s Scenic Wonderland” Available Land for Development

Hocking County Community Improvement Corporation Active CIC encouraging new job growth in the County  67 Acre Logan‐Hocking Commerce Center Park

Hocking College Energy Institute

Active Chamber of Commerce

Diverse Workforce –skilled 18,000 member workforce Established Businesses, Manufacturing Base, Healthcare Facilities, and Tourist Attractions Downtown Revitalization Leach Xpress Pipeline

Under construction and will add $5.9 Million in new property taxes to Hocking County.

LOCAL & REGIONAL ECONOMY Potential Future Developments

13

LOCAL & REGIONAL ECONOMYCommercial & Manufacturing Developments

14

Recent Commercial & Manufacturing Developments Recent Expansion of Hocking College Energy Institute

Only two year college in Ohio for advanced energies LEED certified Building

Amanda Manufacturing 69,000 square foot expansion worth over $5 Million New manufacturing and office space 30 jobs created

Logan Coatings Coats parts for Amanda Manufacturing Production started in January 2015 with 49 jobs created

LOCAL & REGIONAL ECONOMYResidential Developments

15

New Residential Developments Fewer subdivisions due to large lot sizes Cluster of homes being constructed throughout District Scott Creek Development

Homes ranging from $120,000 to $175,000 85 Residential Lots Scenic country feel with close access to local amenities Proposed Phase II adjacent to current development

Brad‐Mer Acres Homes starting at $300,000 Few lots remaining

Bowers Heights Few lots remaining

LOCAL & REGIONAL ECONOMYRetail & Restaurant Developments

16

Retail & Restaurant Developments Revitalized Downtown Logan

Various shopping and community activities

Hocking Hills Market Shops, restaurants and recreation

Hocking Hills Winery Just opened in April 2015

LOCAL & REGIONAL ECONOMYHocking County Unemployment Rate Improving

17

Source: St. Louis Fed

Trending downward since peak in January 2010

3.5

5.5

7.5

9.5

11.5

13.5

15.5

Hocking County vs. Ohio Unemployment Rates

Ohio Hocking County

SCHOOL DISTRICT OVERVIEWExperienced Leadership Team

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Board Member Service as Board Member Present Term Expires December 31 Occupation

Edgar Penrod 1996 2017 ConsultantKathy Krumlauf 1999 2015 Hospital Public Relations

Dr. Scott Anzalone 2008 2015 Family PhysicianLance Bell 2014 2017 PharmacistCorby Leach 2010 2017 Insurance Agency Owner

SuperintendentStephen Stirn 2000 2016 SuperintendentTreasurerPaul Shaw 1992 2017 Treasurer

All of the board members currently have or had children enrolled at the School District Back row  (Left to Right) Paul Shaw, Treasurer Dr. Scott Anzalone, Vice President Lance Bell, Board Member Corby Leach, Board Member Stephen Stirn, Superintendent

Front Row (Left to Right) Kathy Krumlauf, President Ed Penrod, Board Member Recently named President of the Ohio School Board Association

SCHOOL DISTRICT OVERVIEWKey Management Initiatives

19

TransparencyMaintain Strong Relationships with Community

Community Engagement Committee

Maintain High Level of Student AchievementsDual Enrollment Programs

College Credit Plus Advance Placement Courses 

173 Participating StudentsOnline Education / Digital Academy ProgramOne to One Computers

PI Levy funding a laptop for each student in grades 7‐12 being phased in now

Improve Student Education & AchievementsProfessional development of teachersAdvancEd Performance AccreditationNorth Central Accredited High School & Middle SchoolSTEM Certification

Mark of distinction & excellence

SCHOOL DISTRICT OVERVIEWSchool District Facilities 

20

School District covers 321 Square Miles

40 Buses Pickup 2,622 students on a daily basisCovers approximately 4,760 miles/dayCapital forecast provides for bus replacement every 7 yearsFunded by Permanent Improvement Fund tax levy

School Facilities Include7 Educational facilities, an administrative building, bus garage & athletic facilities

FacilitiesGrades Offered

Enrollment 2014‐15 Capacity

# of Teachers

Pupil / Teacher Ratio

Year Constructed

Renovation/ Addition

Central Elementary School PK‐4 444 500 26 17.3 2010Chieftain Elementary School PK‐4 401 449 24 16.1 2004Green Elementary School PK‐4 295 350 20 15.1 2009Hocking Hills Elementary School PK‐4 180 350 14 12.7 2004Union Furnace Elementary School PK‐4 235 362 18 14.1 2004Logan Middle School 5‐8 1,241 1,400 75 17.2 1991 2009Logan High School 9‐12 1,273 1,400 60 20.6 2008Totals 4,069 4,811 237 17.3

SCHOOL DISTRICT OVERVIEWExcellent School District Facilities 

21

Logan‐Hocking Middle SchoolHocking Hills Elementary School

Chieftain ElementaryCentral Elementary School Green Elementary School

Logan High School

Union Furnace Elementary School

DISTRICT ASSESSED VALUESGrowth in Assessed Valuations for the District

22

Loss of $32 million due to personal tangible property tax phase out Overall assessed value growth of 13.3% since 2005

Total 2005 AV: $428,711,806 Total 2015 AV: $485,647,382

Source:  Ohio Municipal Advisory Council. Real estate values are from February report and Public Utility and Total Value are from August report sent to OMAC. 

Collection Agricultural Residential Commercial Industrial Public UtilityUtility 

PersonalPersonal Tangible Mineral Total Value % Res/Ag

1996 16,379,560 131,190,120 16,623,140 8,869,520 45,637,130 0 24,082,470 683,480 243,640,820 61%1997 16,721,110 136,317,890 18,445,400 8,909,490 41,163,090 0 27,015,209 588,500 249,102,769 61%1998 16,835,780 140,687,740 18,677,790 8,909,490 43,823,340 0 27,928,291 1,942,720 259,053,831 61%1999 21,013,650 172,342,780 22,262,970 9,309,650 41,278,410 0 28,090,617 733,450 295,122,837 66%2000 21,727,440 177,730,270 23,359,080 8,907,920 42,567,510 0 27,102,654 728,170 302,120,054 66%2001 22,309,230 183,034,550 25,393,770 8,905,690 40,014,940 98,640 28,730,874 863,490 309,263,874 66%2002 25,901,310 223,076,220 28,045,020 8,945,590 36,466,430 104,020 31,010,313 770,060 354,549,813 70%2003 26,681,750 231,378,190 30,263,080 7,930,990 38,285,640 100,480 31,059,718 825,090 366,753,978 70%2004 27,158,570 239,874,680 30,149,510 7,531,630 39,006,680 97,180 29,106,834 805,580 374,156,524 71%2005 31,573,130 282,470,840 35,857,890 8,599,280 38,482,050 101,810 31,638,536 1,279,880 428,711,806 73%2006 31,967,500 291,263,260 33,960,860 7,778,350 38,627,340 113,510 31,229,875 1,284,340 436,152,175 74%2007 32,527,660 298,110,880 34,136,250 7,941,590 38,918,040 106,060 21,259,620 1,129,190 434,038,100 76%2008 36,864,720 336,527,490 37,344,660 7,148,650 37,175,190 101,320 16,296,013 743,710 472,204,523 79%2009 37,191,380 342,086,210 37,711,160 7,016,370 38,054,960 99,700 8,559,000 558,930 471,060,770 81%2010 37,175,670 348,434,250 37,989,730 7,031,380 40,312,680 102,050 884,420 541,820 472,487,110 82%2011 37,569,500 348,717,820 38,569,340 6,791,910 41,753,470 94,450 428,770 472,330 474,413,330 81%2012 38,695,160 352,542,350 38,414,940 6,679,090 43,230,500 93,700 0 470,740 479,985,410 82%2013 39,010,620 354,195,800 39,469,290 7,062,740 44,686,660 95,080 0 479,000 484,999,222 81%2014 43,043,790 343,122,170 39,536,100 7,389,780 46,575,080 94,410 0 476,170 480,075,400 80%2015 43,969,590 346,826,790 39,317,280 7,378,660 47,691,640 89,520 0 463,390 485,647,382 80%

Reappraisal Year Update Year

DISTRICT ASSESSED VALUESSteady Growth in Historical Assessed Valuations

23Source:  Ohio Municipal Advisory Council. Real estate values are from February report and Public Utility and Total Value are from August report sent to OMAC. 

Collection Agricultural Residential Commercial Industrial Public Utility Utility PersonalPersonal Tangible Mineral Total Value

1997 2.09% 3.91% 10.96% 0.45% ‐9.80% 12.18% ‐13.90% 2.24%1998 0.69% 3.21% 1.26% 0.00% 6.46% 3.38% 230.11% 3.99%1999 24.82% 22.50% 19.19% 4.49% ‐5.81% 0.58% ‐62.25% 13.92%2000 3.40% 3.13% 4.92% ‐4.32% 3.12% ‐3.52% ‐0.72% 2.37%2001 2.68% 2.98% 8.71% ‐0.03% ‐6.00% 6.01% 18.58% 2.36%2002 16.10% 21.88% 10.44% 0.45% ‐8.87% 5.45% 7.93% ‐10.82% 14.64%2003 3.01% 3.72% 7.91% ‐11.34% 4.99% ‐3.40% 0.16% 7.15% 3.44%2004 1.79% 3.67% ‐0.38% ‐5.04% 1.88% ‐3.28% ‐6.29% ‐2.36% 2.02%2005 16.25% 17.76% 18.93% 14.18% ‐1.34% 4.76% 8.70% 58.88% 14.58%2006 1.25% 3.11% ‐5.29% ‐9.55% 0.38% 11.49% ‐1.29% 0.35% 1.74%2007 1.75% 2.35% 0.52% 2.10% 0.75% ‐6.56% ‐31.93% ‐12.08% ‐0.48%2008 13.33% 12.89% 9.40% ‐9.98% ‐4.48% ‐4.47% ‐23.35% ‐34.14% 8.79%2009 0.89% 1.65% 0.98% ‐1.85% 2.37% ‐1.60% ‐47.48% ‐24.85% ‐0.24%2010 ‐0.04% 1.86% 0.74% 0.21% 5.93% 2.36% ‐89.67% ‐3.06% 0.30%2011 1.06% 0.08% 1.53% ‐3.41% 3.57% ‐7.45% ‐51.52% ‐12.83% 0.41%2012 3.00% 1.10% ‐0.40% ‐1.66% 3.54% ‐0.79% ‐100.00% ‐0.34% 1.17%2013 0.82% 0.47% 2.74% 5.74% 3.37% 1.47% 1.75% 1.04%2014 10.34% ‐3.13% 0.17% 4.63% 4.23% ‐0.70% ‐0.59% ‐1.02%2015 2.15% 1.08% ‐0.55% ‐0.15% 2.40% ‐5.18% ‐2.68% 1.16%

AGRICULTURAL RESIDENTIAL COMMERCIAL INDUSTRIAL Public UtilityUTILITY

PERSONALPERS

TANGIBLE  MINERAL TOTAL VALUENon U or R 1.80% 2.48% 2.47% ‐1.96% 1.49% ‐0.61% ‐23.49% 15.23% 1.62%Reappraisal 14.04% 13.45% 13.22% 5.09% ‐1.19% ‐1.34% ‐14.08% ‐5.40% 9.64%Update 13.26% 10.55% 6.67% ‐1.64% ‐3.04% 0.09% ‐7.71% ‐15.18% 7.47%All 5.55% 5.48% 4.83% ‐0.79% 0.35% ‐0.56% ‐19.76% 7.17% 3.81%

DISTRICT ASSESSED VALUESSteady Growth in Historical Assessed Valuations 

24

Source:  Ohio Municipal Advisory Council. Real estate values are from February report and Public Utility and Total Value are from August report sent to OMAC. 

FINANCIAL OVERVIEWStable Historical Tax Collection

25

Consistently around 90% Tax Lien Sale – resulted in $300,000 property tax in 2014

Source: Hocking County Auditor

87.90% 88.16%89.66%

86.80%

92.28%

60.00%

65.00%

70.00%

75.00%

80.00%

85.00%

90.00%

95.00%

100.00%

2010 2011 2012 2013 2014

Historical Tax Collection Percentage

FINANCIAL OVERVIEWKey Financial Management Initiatives

26

Remain Fiscally ConservativeMaintain & Encourage Open EnrollmentManage Staffing Needs Based on EnrollmentControl Health Insurance & Benefits

Partially self funded insured by South Central Ohio Insurance ConsortiumEstablished Health Savings Accounts and Flexible Spending Accounts

Control Expenditures & Improve Business Operation Efficiencies

Maintain Strong General Fund BalanceGeneral fund balance goal of 2‐3 months operating expenses (15% of Revenues)

Consistent with the Government Finance Officers Association’s recommendation

Established and proven Investment policy

Continuous Improvement PlanDistrict Level Team – consists of administrators, teachers and parentsBuilding Level Team – analyze and make decisions

Capital PlanningTechnology Improvement PlanBus / Textbook Improvement Plan

Energy Conservation ProgramCumulative savings of $1.6 million since December 2010.National Awards WinnerDesignated energy specialist on staff

Proposed Multisport Practice FieldhouseFunded by Athletic Boosters

Monthly Reports Reviewed by Board

FINANCIAL OVERVIEWStaffing Management

27

The District currently employs approximately 448 full time/part time equivalent staff

Continue to Make Difficult Staffing Decisions if Beneficial to the District

Three Labor UnionsLogan Education Association (LEA) – Certificated employees

Negotiated a new 3 year contract in June, 2015Base salary increases of 2.5% in FY 2016, 2% in FY 2017 and 2% FY 2018Reinstatement of two steps lost during prior contractAgreement to research and explore alternative health insurance plans

Ohio Association of Public School Employees #218– Classified employeesWage increase of 2.5% in 2014‐15 and 2015‐16

Ohio Association of Public School Employees #126– Classified employees‐AttendantsNew union set up for currently employed attendants beginning spring 2015Three year contract provides for 2.5% wage increase in 2015‐2016 and 2016‐2017

FINANCIAL OVERVIEWPositive Historical Net Open Enrollment

28

Logan‐Hocking LSD has experienced positive open enrollment historically Due to size of District, the District has seen fluctuations of open enrollment out due to convenience 

of families living closer to other school districts. Consistently, the open enrollment in has been greater than that going out due to academics and 

extracurriculars.

Future projected open enrollment  Based upon historical trends and capacity Actual accepted open enrollment will depend upon capacity and staffing levels.

Historical Open Enrollment

2011‐12 2012‐13 2013‐14 2014‐15

In 117 112 125 126

Out 100 94 100 110

Net In 17 18 25 16

FINANCIAL OVERVIEWStable Enrollment Trend

29

Source: Ohio Department of Education. 2015 Data has not yet been released for the State of Ohio.

Logan‐Hocking LSD headcount from 2005‐2015 increased 6.02% State of Ohio headcount since 2005‐2014 decreased ‐ 4.56%

4,080 4,147 4,090 4,069 4,077 4,062

1,625 1,583 1,568 1555 1575 1578

1,272 1,306 1,287 1241 1204 1176

1,183 1,258 1,235 1273 1298 1308

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 Est. FY 2017 Est.

Elementary Middle School High School

FINANCIAL OVERVIEWManaged Staffing Trends

30

439 441 448 452 455 455

23 20 20 20 20 20

246 243 253 257 260 260

170 178 175 175 175 175

0

50

100

150

200

250

300

350

400

450

500

FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 Est. FY 2017 Est.

Administrative Certified Non‐Certified

FINANCIAL OVERVIEWStrong Community Support

31

Last Operating Levy Sought & Approved was in 1981 100% Passing Rate Since 1981!

No need to go to the voters for additional funds Maintains low cost of living for residents Provides for long‐term needs of the School District

Bond ElectionsElection Date Millage Bond Issue Amount Purpose Years Result For Against Percentage For (Against)5/8/2001 3.70 $23,680,000 Cnstrctn, Site Imprvmnts 28 Approved 3,646  2,245  61.89 % (38.11 %) 11/7/1989 5.70 $12,190,000 Building & Improvements 23 Approved 3,299  3,199  50.77 % (49.23 %) 

Levy ElectionsElection Date Millage New/Renewal Purpose Years Result For  Against Percentage For (Against) 5/8/2001 0.50 New Permanent Improvement CT Approved 3,643  2,245  61.87 % (38.13 %)

FINANCIAL OVERVIEWSummary of State Funding

32

A New State Budget Has Been Approved New State Budget Approved for Fiscal Years 2016 & 2017

Final Budget Took Affect July 1, 2015

Logan‐Hocking Local School District's Funding Under New State Budget: FY 2015 Total Funding : $21,540,592  FY 2016 Total Funding : $22,345,301 (3.7% increase from FY 2015) FY 2017 Total Funding : $23,137,409 (3.5% increase from FY 2016)

FINANCIAL OVERVIEWFive Year Forecast – May 2015

33

Line 2012 2013 2014 2015 2016 2017 2018 20191.010 General  Property (Real  Estate) 7,739,821 7,707,453 7,999,760 7,902,836 7,982,314 8,181,872 8,386,419 8,470,2831.020 Tangible Personal  Property Tax 1,247,011 1,273,439 1,274,858 1,335,244 1,335,244 1,335,244 1,335,244 1,335,2441.035 Unrestricted Grants‐in‐Aid 20,151,397 20,683,662 20,484,141 20,834,242 21,886,413 22,980,733 23,440,348 23,909,1561.040 Restricted Grants‐in‐Aid 164,928 164,928 1,008,892 868,104 851,314 857,704 866,555 875,4941.045 Restricted Federal  Grants‐in‐Aid ‐ SFSF 981,756 181,575 4481.050 Property Tax Allocation 1,328,486 1,271,206 1,290,653 1,356,496 1,402,915 1,419,299 1,435,868 1,452,1201.060 All  Other Operating Revenue 1,985,063 1,775,362 1,968,524 2,110,740 2,092,782 1,996,863 2,061,863 2,126,8631.070 Total  Revenue 33,598,462 33,057,625 34,026,828 34,408,110 35,550,982 36,771,716 37,526,297 38,169,1592.050 Advances‐In 142,584 206,868 162,495 50,650 50,000 50,000 50,000 50,0002.060 All  Other Financial  Sources 5,941 25 478,963 249,3352.070 Total  Other Financing Sources 148,525 206,893 641,458 299,985 50,000 50,000 50,000 50,0002.080 Total  Revenues  and Other Financing Sources 33,746,987 33,264,518 34,668,286 34,708,095 35,600,982 36,821,716 37,576,297 38,219,1593.010 Personnel  Services 19,535,804 19,956,191 19,369,787 19,771,591 20,403,141 21,022,563 21,694,479 22,518,8703.020 Employees' Retirement/Insurance Benefits 8,954,084 8,940,440 9,240,142 9,249,693 9,775,526 10,267,802 10,781,193 11,320,2523.030 Purchased Services 3,713,724 3,680,723 3,959,265 3,817,174 3,785,301 3,779,252 3,808,020 3,922,2613.040 Supplies  and Materials 926,743 860,443 986,693 986,693 959,294 1,045,073 1,076,425 1,108,7183.050 Capital  Outlay 31,792 21,656 24,951 25,000 25,000 25,000 25,000 25,0004.300 Other Objects 362,071 396,683 501,011 495,024 520,701 531,115 541,737 552,5724.500 Total  Expenditures 33,524,218 33,856,136 34,081,849 34,345,176 35,468,963 36,670,804 37,926,854 39,447,6725.010 Operational  Transfers  ‐ Out 90,228 40,536 50,000 50,000 50,000 50,000 50,000 50,0005.020 Advances  ‐ Out 94,880 151,064 40,450 50,000 50,000 50,000 50,000 50,0005.040 Total  Other Financing Uses 185,108 191,600 90,450 100,000 100,000 100,000 100,000 100,0005.050 Total  Expenditure and Other Financing Uses 33,709,326 34,047,736 34,172,299 34,445,176 35,568,963 36,770,804 38,026,854 39,547,6726.010 Excess Rev & Oth Financing Sources  over(under) Exp & Oth Financing 37,661 ‐783,218 495,987 262,919 32,019 50,912 ‐450,557 ‐1,328,5137.010 Beginning Cash Balance 8,341,376 8,379,037 7,595,819 8,091,806 8,354,725 8,386,744 8,437,656 7,987,0997.020 Ending Cash Balance 8,379,037 7,595,819 8,091,806 8,354,725 8,386,744 8,437,656 7,987,099 6,658,5868.010 Outstanding Encumbrances 234,567 311,792 329,281 300,000 300,000 300,000 300,000 300,00010.010 Fund Balance June 30 for Certification of Appropriations 8,144,470 7,284,027 7,762,525 8,054,725 8,086,744 8,137,656 7,687,099 6,358,58612.010 Fund Bal  June 30 for Cert of Contracts,Salary Sched,Oth Obligations 8,144,470 7,284,027 7,762,525 8,054,725 8,086,744 8,137,656 7,687,099 6,358,58615.010 Unreserved Fund Balance June 30 8,144,470 7,284,027 7,762,525 8,054,725 8,086,744 8,137,656 7,687,099 6,358,586General  Fund Balance as  a Percent of Revenue 24.24% 22.03% 22.81% 23.41% 22.75% 22.13% 20.48% 16.66%

Actual Forecasted

FINANCIAL OVERVIEWHistorical Bond Millage Rates

34Source: Financial Audits  ‐‐ *Totals include General Fund and Debt Service Fund

0.00

1.00

2.00

3.00

4.00

5.00

6.00

Logan‐Hocking LSD Bond Issue Historical Millage Rates

1990 Bond Issue 2001 Bond Issue

DEBT OVERVIEWCurrent Debt Outstanding

35

Current Debt Outstanding Refunding Bonds, Series 2005

$8,224,987 currently outstanding  Optional call date of December 1, 2015

Refunding Bonds, Series 2006 $6,119,991 currently outstanding Optional call date of June 1, 2016

Current Net Debt Outstanding of $14,344,978 Net Debt Per Capita of $582 Net Debt Per Percent of Assessed Value of 2.95%

Refund the Series 2005 Refunding Bonds for Interest Savings Maximum Par Amount of $7,570,000 Final Maturity will remain the same (2025) Participate in the Ohio State Credit Enhancement Program

Anticipated Timing Anticipate receiving rating by July 24th Anticipate pricing bonds on July 30th Anticipate Closing & Funding on September 8th

SUMMARY & CLOSINGMaintain a “Aa2” Underlying Bond Rating

36

Rural Lifestyle within the DistrictSignificant Employment Opportunities Within a 45 Minute  CommuteAffordability of District Compared to Districts in Fairfield CountyStrong Tourism Industry 

Very Healthy Fund & Cash BalancesFund Balance as Percent of Revenues = 26.8% (“Aaa”)Cash Balance as Percent of Revenues = 35.2% (“Aaa”)

Low Net Direct Debt OutstandingNet Direct Debt / Full Value = 1.05% (“Aa1”)Net Direct Debt / Operating Revenues = .39x (“Aa1”)

Steadily Growing Tax Base  Assessed Values Only Dropped 3x in 20 YearsSignificant land available for future development

Stable Enrollment Trend Non‐Reliant on Operating Levies Strong Conservative Management  Team