westerville city school district five-year forecast fy ... yr forecast presentation... ·...

WESTERVILLE CITY SCHOOL DISTRICT

FIVE-YEAR FORECAST

FY 2015 – FY 2019

“Updated”

May 18, 2015

Dr. John Kellogg, Superintendent

Bart Griffith, Treasurer/CFO

Westerville City School District

Five-Year Forecast

Board Meeting May 18, 2015

2

PURPOSE OF THE PRESENTATION

The five-year forecast was created by the 122nd General Assembly in

1997-98 via Am. Sub. H.B. 412. It serves three primary purposes:

To provide a standardized tool for long range planning at the local level.

To serve as a basis for determining a district’s ability to sign the “412” certificate.

To provide a method for the Ohio Department of Education and the Auditor of State to identify districts headed toward financial difficulties.

Statutorily, we are required to update this model bi-annually. The first

filing shall be on or before October 31st and the second filing shall be

between April 1st and May 31st of each fiscal year. The May 31st filing is

an update of the one filed in October.

May 18, 2015

May 18, 2015 3

This sheet shows the different types of revenue we receive and the summary of

the amounts expected through Fiscal Year 2019

WESTERVILLE CITY SCHOOL DISTRICT - - FRANKLIN COUNTY

Schedule Of Revenue, Expenditures and Changes In Fund Balances

Actual and Forecasted Operating Fund

ACTUAL FORECASTED

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

2012 2013 2014 2015 2016 2017 2018 2019

Revenue:

1.010 - General Property Tax (Real Estate) 90,798,402 96,800,882 103,283,992 104,320,996 103,955,547 104,206,368 97,778,682 91,382,862

1.020 - Public Utility Personal Property 2,647,859 2,538,438 2,639,210 2,563,599 2,657,623 2,656,892 2,521,522 2,386,905

1.030 - Income Tax - - - - - - - -

1.035 - Unrestricted Grants-in-Aid 31,106,716 31,514,566 34,466,653 37,478,998 37,806,834 38,366,870 38,934,584 39,509,626

1.040 - Restricted Grants-in-Aid 1,575,978 142,984 636,331 847,144 591,540 591,942 588,363 577,960

1.045 - Restricted Federal Grants-in-Aid - SFSF - 103,074 - - - - - -

1.050 - Property Tax Allocation 14,093,990 12,441,505 14,024,271 14,138,237 14,186,111 14,265,923 13,380,912 12,494,963

1.060 - All Other Operating Revenues 4,937,158 5,977,846 6,155,504 6,480,711 6,365,903 6,397,732 6,429,721 6,461,869

1.070 - Total Revenue 145,160,103 149,519,295 161,205,961 165,829,685 165,563,557 166,485,727 159,633,784 152,814,185

Other Financing Sources:

2.010 - Proceeds from Sale of Notes - - - - - - - -

2.020 - State Emergency Loans and Advancements - - - - - - - -

2.040 - Operating Transfers-In - - - - - - - -

2.050 - Advances-In 202,381 - - - - - - -

2.060 - All Other Financing Sources 289,994 521,342 1,181,932 1,498,923 - - - -

2.070 - Total Other Financing Sources 492,375 521,342 1,181,932 1,498,923 - - - -

2.080 - Total Revenues and Other Financing Sources 145,652,478 150,040,637 162,387,893 167,328,608 165,563,557 166,485,727 159,633,784 152,814,185

4 May 18, 2015

- Valuations increased in 2014 for taxes collected in 2015.

- The district’s taxpayers have paid property taxes at an average 98.8%

- Revenue is projected to decrease in 2018 and 2019 because of the district’s

renewal levy, which is reflected as “reserved” rather than as revenue.

Real Estate – Property Tax

ACTUAL FORECASTED


2012 2013 2014 2015 2016 2017 2018 2019

Revenue:


Forecasted as of: 11/4/2014 5/12/2015

Fiscal Year Fiscal Year Dollar Percentage

Revenue: 2015 2015 Difference Variance

1.010 - General Property Tax (Real Estate) 103,379,975 104,320,996 941,021 0.91%

5 May 18, 2015

“Tangible Personal Property” on business began to be eliminated in 2006.

The state stopped paying us in the “Tangible Personal Property” line (1.02)

and began to reimburse us in the “Property Tax Allocation” line (1.05). We

still receive “Public Utility Personal Property” reflected in line 1.02. TPP on

Business was phased out in FY 2012. Line 1.02 used to reflect an additional

$5.4 million per year.

Tangible Personal Property and

Homestead & Rollback

ACTUAL FORECASTED


2012 2013 2014 2015 2016 2017 2018 2019

Revenue:



Forecasted as of: 11/4/2014 5/12/2015



1.020 - Public Utility Personal Property 2,659,317 2,563,599 (95,718) -3.60%

1.050 - Property Tax Allocation 14,077,921 14,138,237 60,316 0.43%

State Foundation

-The district will receive approximately 38% of the state’s per pupil funding of $5,800 in Fiscal Year 2015. This share is expected to grow to about 40.4% because of the shift in the district‘s valuations. This means we receive about $2,343 per student.

-Local taxpayers are expected to provide 59.6% of funding for the district in FY 2015.

- We are also modeling Casino revenue at $51 per pupil to be received in FY 2015

and beyond.

- Ohio is currently in deliberations concerning a new school funding formula to be implemented effective July 1, 2015. Funding for the Westerville City Schools are projected to increase based on the versions being discussed.

May 18, 2015 6

7

State Foundation

May 18, 2015

- Ohio legislators approved a new funding formula for school districts that started in Fiscal Year 2014. There is still a 10.5% cap for Fiscal Year 2015 so we are still projecting an additional $3.4 Million dollars in Fiscal Year 2015. -The cap is intended to constrain year-over-year increases to local districts receiving additional money. The cap of 6.25% in 2014 and 10.5% in 2015 is preventing the district from receiving all the formula amount it is owed. This forecast models a 1.5% cap In years 2016 through 2019.

ACTUAL FORECASTED


2012 2013 2014 2015 2016 2017 2018 2019

Revenue:



Forecasted as of: 11/4/2014 5/12/2015



1.035 - Unrestricted Grants-in-Aid 37,366,242 37,478,998 112,756 0.30%

1.040 - Restricted Grants-in-Aid 572,564 847,144 274,580 47.96%

May 18, 2015 8

- Other revenue would include items such as payments in lieu of property

tax, tuition paid by other districts, special needs reimbursements, pay-to-

participate, building rental, tuition from other districts, and school fees. The

increased amount for FY 15 is due to items such as, refund of prior year

expenses received from Franklin County and an increase in expected

Catastrophic cost reimbursement. These revenue sources are projected to

remain very consistent throughout the forecast period.

Other Revenue

ACTUAL FORECASTED


2012 2013 2014 2015 2016 2017 2018 2019

Revenue:


Forecasted as of: 11/4/2014 5/12/2015



1.060 - All Other Operating Revenues 6,480,711 6,480,711 - 0.00%

1.070 - Total Revenue 164,536,729 165,829,685 1,292,956 0.79%

May 18, 2015 9

This chart shows the difference of what was “forecasted” on 10-27-14

compared to the “forecast” on 5-18-15. The projection on 5-18-15 is not the

same as “received” on June 30, 2015.

Forecast Compare - Compares Previous Forecast to Current Forecast WESTERVILLE CITY SCHOOL DISTRICT - - FRANKLIN COUNTY

For Fiscal Year: 2015

Forecasted as of: 11/4/2014 5/12/2015



1.010 - General Property Tax (Real Estate) 103,379,975 104,320,996 941,021 0.91%

1.020 - Public Utility Personal Property 2,659,317 2,563,599 (95,718) -3.60%

1.030 - Income Tax - - - 0

1.035 - Unrestricted Grants-in-Aid 37,366,242 37,478,998 112,756 0.30%

1.040 - Restricted Grants-in-Aid 572,564 847,144 274,580 47.96%

1.045 - Restricted Federal Grants-in-Aid - SFSF - - - 0

1.050 - Property Tax Allocation 14,077,921 14,138,237 60,316 0.43%

1.060 - All Other Operating Revenues 6,480,711 6,480,711 - 0.00%

1.070 - Total Revenue 164,536,729 165,829,685 1,292,956 0.79%

2.070 - Total Other Financing Sources 466,526 1,498,923 1,032,397 221.29%

2.080 - Total Revenues and Other Financing Sources 165,003,255 167,328,608 2,325,353 1.41%

May 18, 2015 10




ACTUAL FORECASTED


2012 2013 2014 2015 2016 2017 2018 2019

Expenditures:

3.010 - Personnel Services 90,371,231 86,167,242 79,955,851 82,995,478 87,105,456 91,239,981 95,672,235 100,390,772

3.020 - Employees' Retirement/Insurance Benefits 32,530,803 28,805,738 27,074,189 28,942,784 31,133,100 33,467,911 36,006,876 38,763,530

3.030 - Purchased Services 16,231,463 16,916,793 18,449,332 18,498,987 18,944,327 19,400,543 19,867,904 20,346,684

3.040 - Supplies and Materials 2,784,037 2,652,602 2,775,332 3,258,592 4,356,350 4,487,040 4,621,651 4,760,301

3.050 - Capital Outlay 266,782 184,639 963,250 2,920,148 3,713,752 3,825,164 3,939,919 4,058,117

3.060 - Intergovernmental - - - - - - - -

Debt Service:

4.010 - Principal-All Years - - - - - - - -

4.020 - Principal - Notes - - - - -

4.030 - Principal - State Loans - - - - -

4.040 - Principal - State Advances - - - - -

4.050 - Principal - HB264 Loan - - - - -

4.055 - Principal - Other - - - - -

4.060 - Interest and Fiscal Charges - - - - - - - -

4.300 - Other Objects 5,741,151 8,398,962 8,468,575 8,448,874 8,617,851 8,833,298 9,098,297 9,371,246

4.500 - Total Expenditures 147,925,467 143,125,976 137,686,529 145,064,862 153,870,836 161,253,936 169,206,882 177,690,649

Other Financing Uses

5.010 - Operating Transfers-Out 58,620 53,880 165,670 179,000 150,000 150,000 150,000 150,000

5.020 - Advances-Out - - - - - - - -

5.030 - All Other Financing Uses - - - 129,000 - - - -

5.040 - Total Other Financing Uses 58,620 53,880 165,670 308,000 150,000 150,000 150,000 150,000

5.050 - Total Expenditures and Other Financing Uses 147,984,087 143,179,856 137,852,199 145,372,862 154,020,836 161,403,936 169,356,882 177,840,649

Excess of Rev & Other Financing Uses Over (Under)

6.010 - Expenditures and Other Financing Uses (2,331,609) 6,860,781 24,535,694 21,955,746 11,542,721 5,081,790 (9,723,098) (25,026,464)

11 May 18, 2015

The assumptions for expenditures are as follows:

Line 3.01 – Personnel Services

-Salaries reflect the annual cost of experiential and degree advances per the

negotiated agreement in effect in fiscal year 2015.

-An increase of certified staff equal to ten full time equivalents (FTE) is included in

each year of the forecast. The amount in the forecast is $450,000.

-The 2015 estimates include a reduction in severance payments of $750,000 and

a reduction of about $1.8 million for retirement/replacement savings. An increase

in the number of staff eligible for experiential steps will increase as a result of the

retirements, and the replacements at a lower experience level and salary.

Westerville City Schools Expenditures &

Assumptions

May 18, 2015 12

3.01 Personnel Expenditures continued:

The difference between the Actual amount paid in FY 15 vs. the projected

amount in FY 15 is $1,364,236. We made several adjustments because of

issues related to staffing, retirements and severance amounts paid out.

ACTUAL FORECASTED


2012 2013 2014 2015 2016 2017 2018 2019

Expenditures:


Forecast Compare - Compares Previous Forecast to Current Forecast WESTERVILLE CITY SCHOOL DISTRICT - - FRANKLIN COUNTY


Forecasted as of: 11/4/2014 5/12/2015


Expenditures:

3.010 - Personnel Services 81,631,242 82,995,478 1,364,236 1.67%

May 18, 2015 13

Line 3.02 - Employees’

Retirement/Insurance Benefits

-Insurance premiums will increase in calendar year 2015 by 5.1%. We are using a 10% increase in

premium each of the next four fiscal years.

- January 1, 2013 we became a “Self Insured” and this saved us 2.2 Million dollars in that year. Our

fund balance at the end of September 2014 has increased by approx. 2 Million dollars compared to

the fund balance of September 2013.

- $600,000 was added to fringe benefits in Fiscal Year 2015 in anticipation of impact from the federal

government’s Affordable Care Act.

ACTUAL FORECASTED


2012 2013 2014 2015 2016 2017 2018 2019

Expenditures:


Forecasted as of: 11/4/2014 5/12/2015


Expenditures:

3.020 - Employees' Retirement/Insurance Benefits 28,754,912 28,942,784 187,871 0.65%

May 18, 2015 14

Line 3.03 – Purchased Services

The district’s 2014 purchased services expenditures increased primarily because of

increased tuition paid to external providers such as community/charter schools, as well

as open enrollment out to other districts. This forecast shows a modest increase of

1.5% for Fiscal Year 2015 over the expenditures of Fiscal Year 2014 and each year

after.

ACTUAL FORECASTED


2012 2013 2014 2015 2016 2017 2018 2019

Expenditures:


Forecasted as of: 11/4/2014 5/12/2015


Expenditures:

3.030 - Purchased Services 18,603,987 18,498,987 (105,000) -0.56%

May 18, 2015 15

Line 3.04 – Supplies and Materials

We are forecasting a 3% increase over each year of the forecast.

ACTUAL FORECASTED


2012 2013 2014 2015 2016 2017 2018 2019

Expenditures:


Forecasted as of: 11/4/2014 5/12/2015


Expenditures:

3.040 - Supplies and Materials 2,858,592 3,258,592 400,000 13.99%

May 18, 2015 16

Line 3.05 – Capital Outlay

- Expenditures increased in 2014 to fund the district’s capital plan.

- Not all of the 2014 capital plan dollars were expended in2014 and therefore

additional dollars were carried forward into 2015.

- The 2015 projected expenditures were reduced by the 2014 carryover funds and

this adjusted amount is used as the basis for 2016 through 2019

ACTUAL FORECASTED


2012 2013 2014 2015 2016 2017 2018 2019

Expenditures:

3.050 - Capital Outlay 266,782 184,639 963,250 2,920,148 3,713,752 3,825,164 3,939,919 4,058,117

Forecasted as of: 11/4/2014 5/12/2015


Expenditures:

3.050 - Capital Outlay 2,920,148 2,920,148 - 0.00%

May 18, 2015 17

Line 4.3 – Other Objects

This line includes payments to other governmental agencies such as the

Franklin County Educational Service Center, Franklin and Delaware County

Auditor Fees, OSBA, Win-Win and others. Modest inflationary growth is

expected through the forecast period.

ACTUAL FORECASTED


2012 2013 2014 2015 2016 2017 2018 2019

Expenditures:

4.300 - Other Objects 5,741,151 8,398,962 8,468,575 8,448,874 8,617,851 8,833,298 9,098,297 9,371,246

Forecasted as of: 11/4/2014 5/12/2015


Expenditures:

4.300 - Other Objects 8,906,833 8,448,874 (457,959) -5.14%

May 18, 2015 18

Line 5.010 – Transfers Out

-We transfer funds to the 009 Fund to cover the cost of fees that have to be

waived as well as athletic fund transfers.

-We transfer funds ($65K) each year to the 003 Fund for “Field Turf

Replacement”. This will allow us to be able to pay for Turf Replacement

sometime in the next 10 to 12 years.

ACTUAL FORECASTED


2012 2013 2014 2015 2016 2017 2018 2019

Expenditures:



May 18, 2015 19

This chart shows the forecasted amount of expenditures as of 11-27-15

compared to the forecasted amounts on 5-18-15. The amounts listed on 5-8-

15 will be different than the actual amounts paid as of June 30, 2015


Forecasted as of: 11/4/2014 5/15/2015



2.080 - Total Revenues and Other Financing Sources 165,003,255 167,328,608 2,325,353 1.41%

Expenditures:

3.010 - Personnel Services 81,631,242 82,995,478 1,364,236 1.67%

3.020 - Employees' Retirement/Insurance Benefits 28,754,912 28,942,784 187,871 0.65%

3.030 - Purchased Services 18,603,987 18,498,987 (105,000) -0.56%

3.040 - Supplies and Materials 2,858,592 3,258,592 400,000 13.99%

3.050 - Capital Outlay 2,920,148 2,920,148 - 0.00%

3.060 - Intergovernmental - - - 0

4.010 - 4.060 - Principal, Interest & Fiscal Charges - - - 0

4.300 - Other Objects 8,906,833 8,448,874 (457,959) -5.14%

4.500 - Total Expenditures 143,675,713 145,064,862 1,389,149 0.97%

5.040 - Total Other Financing Uses 179,000 308,000 129,000 72.07%

5.050 - Total Expenditures and Other Financing Uses 143,854,713 145,372,862 1,518,149 1.06%

0

6.010 - Revenue Surplus/(Shortfall) - Line 2.080, Less 5.050 21,148,542 21,955,746 807,204 3.82%

Expenditure Variance Notes:

M

May 18, 2015 20

Revenue Overview

New Per Pupil Funding Formula – Impact

- The state of Ohio passed a new per pupil funding formula on June 26, 2013.

This new formula generates about $32 million in additional revenue for the district

from 2015 through 2019. The five year cumulative effect will add to the district’s

ending cash reserves and also improve the district’s revenue shortfall in 2019.

The state introduced a funding “cap” in 2014 with its new formula. The cap is

intended to constrain year-over-year increases to local districts receiving

additional money. The cap of 6.25% in 2014 and 10.5% in 2015 is preventing the

district from receiving all the formula amount it is owed. The forecast models a

1.5% cap in years 2016 through 2019.

- The state of Ohio is working on the passage of another funding formula change to

be effective July 1, 2015. The states assumptions going forward are not part of

this forecast.

- The district’s 2012 Emergency Levy is expected to provide a full five year life

cycle which will need to be renewed in Calendar Year 2017.

- Without the renewal levy the district is projected to experience a $25,026,464

revenue shortfall in fiscal year 2019.

May 18, 2015 21

Expenditure Overview

The forecast is modeling several items:

- Staffing increases - We are allocating an additional $450,000 for new

staffing each fiscal year.

- Health Insurance premiums increased by 5.1% this calendar year and then

projected to be 10% in each of the next four years.

- We have allocated $600,000 for additional health insurance do to the federal

government’s Affordable Care Act.

- Purchased services, supplies and other expenditures are expected to grow

between 1.5% and 3% each year of the forecast.

22 May 18, 2015




ACTUAL FORECASTED


2012 2013 2014 2015 2016 2017 2018 2019

Revenue:


Expenditures:




Cash Balance July 1 - Excluding Proposed Renewal/

7.010 - Replacement and New Levies 12,431,471 10,099,862 16,960,643 41,496,337 63,452,083 74,994,804 80,076,595 70,353,496

7.020 - Cash Balance June 30 10,099,862 16,960,643 41,496,337 63,452,083 74,994,804 80,076,595 70,353,496 45,327,033

8.010 - Estimated Encumbrances June 30 2,102,300 1,594,291 1,818,663 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000

Reservations of Fund Balance:

9.030 - Budget Reserve - - 13,000,000 19,000,000 19,000,000 19,000,000 19,000,000 19,000,000

Fund Balance June 30 for Certification

10.010 - of Appropriations 7,997,562 15,366,352 26,677,674 42,952,083 54,494,804 59,576,595 49,853,496 24,827,033

Rev from Replacement/Renewal Levies

11.020 - Property Tax - Renewal or Replacement - - - 8,303,332 16,607,876

11.030 - Cumulative Balance of Replacement/Renewal Levies - - - - - - 8,303,332 24,911,208


12.010 - of Contracts, Salary and Other Obligations 7,997,562 15,366,352 26,677,674 42,952,083 54,494,804 59,576,595 58,156,828 49,738,240

May 18, 2015 23

May 18, 2015 24

State Funding with TPP Reimbursement Projections - Using Simulations

HB 64 2,980,833 6,386,656

HB 64 (Sub) 2,082,140 4,431,999

$3

6,5

61

,64

4

$3

7,1

10

,06

9

$36,021,324 $3

9,5

42

,47

7

$4

3,4

96

,72

5

$3

8,6

43

,78

4

$4

1,5

42

,06

8

2015 2016 2017

State Funding & TPP Reimbursement Comparison

Current Forecast HB 64 HB 64 (Sub)

May 18, 2015 25




ACTUAL FORECASTED


2012 2013 2014 2015 2016 2017 2018 2019

Revenue:



1.030 - Income Tax - - - - - - - -



1.045 - Restricted Federal Grants-in-Aid - SFSF - 103,074 - - - - - -



1.070 - Total Revenue 145,160,103 149,519,295 161,205,961 165,829,685 165,563,557 166,485,727 159,633,784 152,814,185

Other Financing Sources:

2.010 - Proceeds from Sale of Notes - - - - - - - -

2.020 - State Emergency Loans and Advancements - - - - - - - -

2.040 - Operating Transfers-In - - - - - - - -

2.050 - Advances-In 202,381 - - - - - - -

2.060 - All Other Financing Sources 289,994 521,342 1,181,932 1,498,923 - - - -

2.070 - Total Other Financing Sources 492,375 521,342 1,181,932 1,498,923 - - - -


Expenditures:





3.050 - Capital Outlay 266,782 184,639 963,250 2,920,148 3,713,752 3,825,164 3,939,919 4,058,117

3.060 - Intergovernmental - - - - - - - -

Debt Service:

4.010 - Principal-All Years - - - - - - - -

4.020 - Principal - Notes - - - - -

4.030 - Principal - State Loans - - - - -

4.040 - Principal - State Advances - - - - -

4.050 - Principal - HB264 Loan - - - - -

4.055 - Principal - Other - - - - -

4.060 - Interest and Fiscal Charges - - - - - - - -

4.300 - Other Objects 5,741,151 8,398,962 8,468,575 8,448,874 8,617,851 8,833,298 9,098,297 9,371,246

4.500 - Total Expenditures 147,925,467 143,125,976 137,686,529 145,064,862 153,870,836 161,253,936 169,206,882 177,690,649



5.020 - Advances-Out - - - - - - - -

5.030 - All Other Financing Uses - - - 129,000 - - - -

5.040 - Total Other Financing Uses 58,620 53,880 165,670 308,000 150,000 150,000 150,000 150,000




Cash Balance July 1 - Excluding Proposed Renewal/

7.010 - Replacement and New Levies 12,431,471 10,099,862 16,960,643 41,496,337 63,452,083 74,994,804 80,076,595 70,353,496

7.020 - Cash Balance June 30 10,099,862 16,960,643 41,496,337 63,452,083 74,994,804 80,076,595 70,353,496 45,327,033

8.010 - Estimated Encumbrances June 30 2,102,300 1,594,291 1,818,663 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000

Reservations of Fund Balance:

9.010 - Textbooks and Instructional Materials - - - - - - - -

9.020 - Capital Improvements - - - - - - - -

9.030 - Budget Reserve - - 13,000,000 19,000,000 19,000,000 19,000,000 19,000,000 19,000,000

9.040 - DPIA - - - - - - - -

9.050 - Debt Service - - - - - - - -

9.060 - Property Tax Advances - - - - - - - -

9.070 - Bus Purchases - - - - - - - -

9.080 - Subtotal - - 13,000,000 19,000,000 19,000,000 19,000,000 19,000,000 19,000,000


10.010 - of Appropriations 7,997,562 15,366,352 26,677,674 42,952,083 54,494,804 59,576,595 49,853,496 24,827,033

Rev from Replacement/Renewal Levies

11.010 - Income Tax - Renewal - - - - -

11.020 - Property Tax - Renewal or Replacement - - - 8,303,332 16,607,876

11.030 - Cumulative Balance of Replacement/Renewal Levies - - - - - - 8,303,332 24,911,208


12.010 - of Contracts, Salary and Other Obligations 7,997,562 15,366,352 26,677,674 42,952,083 54,494,804 59,576,595 58,156,828 49,738,240

May 18, 2015 26

Financial Stability

The district has achieved a degree of financial stability with its cash balance. Reserves appear

adequate to confront the typical cash balance dip prior to the first half taxes (2015). If tax revenue

were delayed by one month it appears that the district has sufficient cash to bridge the timing

issue.

Projected Monthly Cash Flow Board Approved Cash Balance Policy 19,000,000$

$0

$20,000,000

$40,000,000

$60,000,000

$80,000,000

$100,000,000

$120,000,000

7.020 - Ending Cash Balance Board Approved Cash Balance Policy

2015 2016

General Fund Revenue

May 18, 2015 27

Real Estate 63%

Tang PP 2%

Income Tax 0%

Unres Aid 23%

Res Aid 0%

Prop Tax Alloc 8%

All Other Rev 4%

2015

May 18, 2015 28

General Fund Expenditures

29

THANK YOU

FOR YOUR

ATTENTION!!

QUESTIONS?

May 18, 2015

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