community recommendation for the RED OAK · 2014. 10. 27. · Red Oak School District 1 Dear School...

RED OAKSCHOOL DISTRICT

September 22, 2014

community recommendation for the

FOR SECURING YOUR EDUCATIONAL FUTURE

Letter of recommendation . . . . . . . . . . . . . . . . . . . . 1

tiger Vision faciLitating team committee . . . . . . . 2

scenario J . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

tabbed presentation section . . . . . . . . . . . . . . . . . . . 61 . Communit y Engagement Session #12 . Communit y Engagement Session #23 . Communit y Engagement Session #34 . Communit y Engagement Session #45 . Communit y Engagement Session #5

contents

Red Oak School District 1

Dear School Board,

With this letter, the tiger Vision facilitating team committee (ftc) transmits a report prepared by BLDD Architects . The report assesses all aspects of our school district’s facilities and how we get to 21st century Learning environments. The study was conducted to provide the community with an independent, participatory, and data-driven assessment of all school buildings and proposed options that will inform the School District and Board of Education as we move forward to improve the educational environment for our students .

The attached presentations followed the outline:

1. Where are We now? The first step was creating a summary of the existing conditions of all facilities and repairs needed. This created the status quo .

2. Where do We Want to go? The second piece is the community engagement that occurred over six months and five public engagement sessions .

3. How do We get there? Lastly, we have the recommendation from the FTC based on the feedback from the community engagement meetings and the architect’s proposal .

Based on the architect’s conclusions, community engagement sessions, and facility team discussion, we unanimously support the two campus concept (scenario J) as presented for the current Inman and High School locations .

committee members: Gayle Allensworth, Dan Burns, Chris Deter, Janelle Erickson, Lee Fellers, John Gambs, Arryn Gillespie, Paul Griffen, Clay Ogden, Kandee Olson, Daric O’Neal, Nate Perrien, Lois Trinity, Julian Vasquez, Pete Wemhoff, Supt. Terry Schmidt, Business Manager Shirley Maxwell


tiger Vision facilitating team committee

Gayle Allensworth

Dan Burns

Chris Deter

Janelle Erickson

Lee Fellers

John Gambs

Arryn Gillespie

Terry SchmidtSuperintendent

Paul Griffen

Clay Ogden

Kandee Olson

Daric O’Neal

Nate Perrien

Lois Trinity

Julian Vasquez

Pete Wemhoff

Shirley MaxwellBusiness Manager


recommendation:scenario J - 2 campUses

Scenario J: 2 Campuses Scenario J: 2 Campuses Scenario J: 2 Campuses Scenario J

CES #1

Red Oak School District

9/16/2014

1

Community Engagement

www.redoakschooldistrict.com

Welcome

• Please introduce yourself to others at your table • Put on a name tag • Complete the information on the sign-in sheet



Welcome

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Why are we here?

•Background

•Call to Action



Purpose

• Solicit stakeholder hopes, ideas, suggestions

• Engage in meaningful dialogue and discussion

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The Process

• Facilitating Team (FT)

• Community Engagement Sessions (CES)



Facilitating Team

• Members ‐ Community Chairs ‐ Community Members ‐ Staff Representatives ‐ District Leadership ‐ Board Liaisons

• Role ‐ Process ‐ Strategy ‐ Communications ‐ Agendas ‐ Materials ‐ Final Report of Findings

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Sessions

• Participants—any Red Oak Community Schools resident

• Workshops designed/governed by FT • Topics relevant to Red Oak Community

Schools’ long-range facility plan • Dialogue/discussions in small group setting



CES Calendar/Syllabus Session Date/Time Location Topic

CES 1 Thursday, April 3, 2014 Time: 6:30 p.m. – 8:30 p.m.

Red Oak High School – Gymnasium 2011 N. 8th Street

Overview of Facility

Improvement Process



Topic

CES 3 TBD Time: 6:30 p.m. – 8:30 p.m.


Topic

CES 4 TBD Time: 6:30 p.m. – 8:30 p.m.


Topic

CES 5 TBD Time: 6:30 p.m. – 8:30 p.m. .


Topic

CES 6 TBD Time: 6:30 p.m. – 8:30 p.m.


Topic

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Typical Session Agenda

• Welcome & Review of Previous Session • Data/Informational Presentation • Instructions for Small Group Work Activity • Small Group Work (Dialogue/Decisions) • Small Group Reporting to Large Group • Closing/Preview of Next Session



Data / Informational Presentation

Group Work Activity

VERBATIM RESPONSES

Executive Summary

Consensus Points

CONSENSUS POINTS USED IN FORMATION OF RECOMMENDATIONS

Session Documentation

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Website/Social Media

Website: www.redoakschooldistrict.com



Questions/Comments

• Fill out “I Have a Question” form • Call: 712.623.6600

• Email: Terry Schmidt, Supt. [email protected]

[email protected]

• Ask questions during

Small Group time

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Sign-In Sheet

Please sign in as a record of your participation in this session. Name Mailing Address Phone Number Email Check All That Apply How did you hear about tonight's

meeting? Check All That Apply 1.

☐ Parent ☐ Red Oak CSD Alumni ☐ Staff ☐ Community Member ☐ Business Owner

☐ Mail ☐ Word of Mouth ☐ Radio ☐ School Material ☐ Was asked by ____________________ ☐ Other: __________________________

2.



3.



4.



5.



6.



7.



8.



RED OAK COMMUNITY SCHOOLS COMMUNITY ENGAGEMENT PROGRAM

Community Engagement Session #___ Table #

Sign in Sheet



Setting the Stage

Randy West, Principal BLDD Architects

“Overview of Facility Improvement Process”

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Can this say something

RED OAK COMMUNITY SCHOOLS Webster School

Grades: Pre-K Enrollment: 75 Square Footage: 11,300 SF/Student: 151 Year Built: 1952

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RED OAK COMMUNITY SCHOOLS Inman Elementary School

Grades: K-3 Enrollment: 365 Square Footage: 63,500 SF/Student: 174 Year Built: 1952 Addition: 2001

RED OAK COMMUNITY SCHOOLS Washington Intermediate School

Grades: 4-5 Enrollment: 175 Square Footage: 24,700 SF/Student: 141 Year Built: 1972 Addition: 2001

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RED OAK COMMUNITY SCHOOLS Red Oak Middle School



RED OAK COMMUNITY SCHOOLS Red Oak High School


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RED OAK COMMUNITY SCHOOLS Bancroft

Square Footage: 18,150 Year Built: 1953

Physical Needs

Functional Needs

NEEDS ASSESSMENT

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• Infrastructure / Systems • Interior Environmental Quality • Operation and Maintenance Costs • Energy Efficiency • Safety / Security • Technology

What is the physical condition of the building?

PHYSICAL NEEDS

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EDUCATIONAL ADEQUACY

• Adequate space for instructional delivery • Appropriate educational environment

“If children have interest, learning happens.”

• Capacity and utilization • Changing demographics and proximity • Educational program delivery

Does the learning environment support the educational program?

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Educational Adequacy Categories

• The School Site • Structural and Mechanical Features • Plant Maintainability • Building Safety and Security • Educational Adequacy • Environment for Education

GRADING CRITERIA

A = Excellent B = Satisfactory C = Borderline D = Poor F = Failing X = Non-existent

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EDUCATIONAL ADEQUACY SCORES

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THEN…

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Yesterday’s Educational Approach: The Factory Model

The Bell Curve of Results

Extra People

Leaders

Skilled and Unskilled Laborers

EMPLOYMENT: then and now

*Source: 1959 data- the 1960 census, Table 100, Social and Economic Characteristics of the Population. 2008 data- the U.S. Department of Labor, Bureau of Labor and Statistics, Current Population Survey, Characteristics of the Employed, Table 10

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EMPLOYMENT: then and now

*Source: 1959 data- the 1960 census, Table 100, Social and Economic Characteristics of the Population. 2008 data- the U.S. Department of Labor, Bureau of Labor and Statistics, Current Population Survey, Characteristics of the Employed, Table 10

1958-1959 • Basic Business • Bookkeeping • Business Law • Office Practice • Shorthand • Transcription • Typing 1-3

2011-2012 • Accounting 1 • Business Mrkt. Mgmt. • Business/Tech Conc. • Computer Applications • Consumer Education • Co-op Occupations 1-2 • Keyboarding • Multimedia • Video Production 1-4 • Web Design/Media Dev’t • Yearbook Production 1-2

CURRICULUM: then and now Business Education

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Universal Constructs: Essential for 21st Century Success

• Critical Thinking • Complex Communication • Creativity • Collaboration • Flexibility and Adaptability • Productivity and Accountability

Source: Iowa Department of Education

“Employers are demanding that employees demonstrate the skills to work productively in teams, communicate effectively, think innovatively and solve problems creatively. An overwhelming number of students leave their educational experience unprepared for the world of work.”

Do school facilities affect academic outcomes?

YES!

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17 separate studies all found positive health impacts from improved indoor air-quality, ranging from 13.5% up to 87% improvement.

3-4% *Schneider (2002)

IOWA ASSESSMENTS (Formerly known as ITBS)

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• Learning is no longer optional

• Meet the needs of every child

• Engage students in learning

• Anywhere/anytime learning

• Support the 4C’s:

collaboration - communication creativity - critical thinking

21ST CENTURY Learning Environments

STUDENT-CENTERED

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COLLABORATIVE

FOSTER CREATIVITY

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FLUID/FLEXIBLE

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CONNECTED TO NATURE

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CURRICULUM MAPPING

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21st Century Layout

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Master plan modeling and analysis

COST/BENEFIT comparison

Life Cycle Costs

(including first costs, energy costs, O&M costs,

and renewal costs)

Educational Adequacy

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Option total $480300

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Cover up $ amount

What does

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V

…………………… …………………… ……………………



Small Group Work Activity

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Select a Recorder and Facilitator

Recorder Responsibilities — • Complete the information on the group’s worksheet

Facilitator Responsibilities — • Facilitate Discussion • Keep Group Focused/On Task • Report Group’s Information



Small Group Worksheet

• Information on worksheet should reflect consensus/general agreement of group members

• Monitor progress to complete the worksheet in allotted time

• Only group recorder’s worksheet will be collected

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Work Activity #1:

Work Activity #1: Information Needed

SMALL GROUP WORK ACTIVITY FACILITY IMPROVEMENTS: WHAT MORE DO WE NEED TO KNOW?

COMMUNITY ENGAGEMENT SESSION (CES) #1 THURSDAY, APRIL 3, 2014 • 6:30 P.M. – 8:30 P.M. • RED OAK HIGH SCHOOL GYMNASIUM

Instructions: Each group should select a recorder and a facilitator/spokesperson. The recorder is responsible for completing the information requested on the worksheet printed on color paper and located in the center of the table. Be sure to complete the information in the box in the upper right corner of the activity sheet. This activity sheet will be collected at the conclusion of the session. The facilitator/spokesperson should facilitate discussions and keep the group focused to complete the work in the allotted time. At the end of the session the facilitator/spokesperson from each table will be asked to report his/her group's information. Please make sure the information recorded on the group’s work activity reflects the consensus or general agreement of everyone at the table, not just the opinion of one or two individuals. ACTIVITY WORK ACTIVITY #1 - WHAT MORE DO WE NEED TO KNOW? Tonight we learned a lot, from our presentation, about facility improvement plans and how they are put together, what additional information do we need to know, as part of this process, to be able to formulate recommendations for a facility improvement plan for our District. TOPICS - List your top three (3) topics: 1.

2.

3.

DATE

TABLE

RECORDER

FACILITATOR/SPOKESPERSON



Work Activity #2

Rank the following needs in priority order:

H Highest Priority

M Medium priority

L Lower priority

SMALL GROUP WORK ACTIVITY #2 FACILITY IMPROVEMENTS: WHAT MORE DO WE NEED TO KNOW?


DATE

TABLE

RECORDER


Table #

Community Engagement Session #1Small Group Work Activity

21ST CENTURY SCHOOL ATTRIBUTESPlease rate the following by the priority in which the district should address them (H = High Priority, M = Medium Priority, L = Low Priority), and then circle your 3 highest priorities and report those to the group.

1. Equitable educational opportunities across grade levels

2. Creates enhanced technology access

3. Provides environment to maximize student services

4. Enhances staff opportunities for team teaching and co-curricular instruction

5. Supports a student-centered education

7. Creates opportunity for collaboration for both students and teachers

8. Creates an engaging educational environment

9. Allows for hands on, experiential, learning by doing (STEM)

10. Acts as a community hub

11. Creates a more suitable environment for “real world” learning activities

12. Focuses on sustainable energy and resource management

13. Other

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Small Group Work Activity Reporting



Thank You! Don’t Miss Session #2

Thursday, April 24 • 6:30 – 8:30 P.M.

Red Oak High School Gymnasium

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Welcome




Welcome

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Why are we here?

•Background

•Call to Action



Purpose



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The Process





Facilitating Team



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Sessions










Improvement Process



Conditions Assessments &

District Reconfiguration Scenarios

CES 3 Thursday, May 15, 2014 Time: 6:30 p.m. – 8:30 p.m.


Topic

CES 4 Thursday, June 5, 2014 Time: 6:30 p.m. – 8:30 p.m.


Topic

CES 5 Thursday, June 19, 2014 Time: 6:30 p.m. – 8:30 p.m. .


Topic

CES 6 Tuesday, July 1, 2014 Time: 6:30 p.m. – 8:30 p.m.


Topic

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Group Work Activity

VERBATIM RESPONSES

Executive Summary

Consensus Points



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Questions/Comments



[email protected]


Small Group time

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Sign-In Sheet





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3.



4.



5.



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7.



8.





Sign in Sheet



Setting the Stage


“Conditions Assessments & District Reconfiguration Scenarios”

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Results of CES #1

Work Activity #1: Information Needed

SMALL GROUP WORK ACTIVITY FACILITY IMPROVEMENTS: WHAT MORE DO WE NEED TO KNOW?


Instructions: Each group should select a recorder and a facilitator/spokesperson. The recorder is responsible for completing the information requested on the worksheet printed on color paper and located in the center of the table. Be sure to complete the information in the box in the upper right corner of the activity sheet. This activity sheet will be collected at the conclusion of the session. The facilitator/spokesperson should facilitate discussions and keep the group focused to complete the work in the allotted time. At the end of the session the facilitator/spokesperson from each table will be asked to report his/her group's information. Please make sure the information recorded on the group’s work activity reflects the consensus or general agreement of everyone at the table, not just the opinion of one or two individuals. ACTIVITY WORK ACTIVITY #1 - WHAT MORE DO WE NEED TO KNOW? Tonight we learned a lot, from our presentation, about facility improvement plans and how they are put together, what additional information do we need to know, as part of this process, to be able to formulate recommendations for a facility improvement plan for our District. TOPICS - List your top three (3) topics: 1.

2.

3.

DATE

TABLE

RECORDER


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1. What are the plan options and could we see comparisons of the plans including costs?

2. Are the plans taking into account our school district possibly being a “regional hub” at some point?

3. What considerations have been given to outdoor space? (parking, playgrounds, activities, outdoor learning spaces, etc…)

4. Can we see a report of how efficient the buildings are? 5. Campus themed school district:

a. Middle School/High School Campus b. PK-5th Grade Campus

6. How do we compare/rank among other Hawkeye 10 schools? 7. Options for retiring old buildings? 8. Comparison of comparable school districts.

What More Do We Need To Know?

What More Do We Need To Know? 9. Is the land area sufficient for the buildings/additions? Traffic

flow? 10. Longevity of building expansions versus building new facility? 11. What are our expectations of educational needs? Technology

needs? 12. How is class behavior/discipline enhance by facilities or can it

be? 13. Has there been student input? Surveys and interviews? 14. Projected month of enrollment – how do we build for our

growth in the district? 15. How far away are we from the “21st Century” classroom? Are

we able to build ahead of technology? Build new? 16. How do athletics factor into our improvement plan? 17. How do these plans accommodate growth (i.e. consolidation)

or declining enrollment?

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18. What is the practicality of renovating vs. building new? Thinking about solar, thermal, wind, etc…energies?

19. Would like to see administrative costs per student. Could we see a “then” vs. “now?”

20. Environment to support community involvement/student pride & learning.

21. How can we include surrounding school districts to make our community/school more appealing to draw in more students/families?

22. How to continue long range planning for the future. (future needs, etc…modular buildings/wireless devices, etc…)

23. What student population trends have been considered? (e.g. consolidations possibilities, population trends, new families arriving in town, population demographics?

24. What would our timeline be? Is there a projected timeline?


25. Why are we renovating rather than building new? Why are we not consolidating to only two major buildings?

26. What is the goal to maximize personnel? (Buildings more inclusive to share staffing & services?)

27. What’s the time frame? 28. What are the things that will make us a school of choice (what

can we do with them)? 29. What are the costs? Where does this money come from? 30. Is this plan adaptable to future curriculum, demographics, and

changes? 31. What happens to the buildings that aren’t in need? Demo? Sale? 32. Time table? 33. Funding – where is comes from and how it will be used. How

do we get over this hurdle?


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34. Projected enrollment – how do we meet the needs of Red Oak students first?

35. How can we make our school district the “district of choice” to attract students in? (technology, college credits, buildings…)

36. Enrollment projection – consolidation possible for the next 30 years?

37. Safety issues. 38. Teacher needs and desires – what do they want and need and

will new facilities improve teaching opportunities and efficiencies?

39. How will new facilities or additions be designed to make sure growth is possible with an influx of students through consolidation?


40. How much would new facilities improve energy efficiencies and savings that could be obtained and what would happen to closed facilities (sold, destroyed, or maintained)?

41. Cost if reduced to three buildings? - Inman Middle School - Remodel High School - New High School

42. Time frame for process? 43. Future demographics – enrollment, etc…?


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CONDITIONS ASSESSMENTS

Conditions Assessment & Costs

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Enrollment Trends

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Top 3

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(PechaKucha Presentation)


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1. Allows for hands on, experiential, learning by doing

2. Allows for flexibility of learning spaces & curriculum

Top Priorities For Facility Plans

3. Creates enhanced technology access

4. Creates an engaging educational environment

5. Creates a more suitable environment for “real world” learning activities

Top Priorities For Facility Plans

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Innovation

Collaboration

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Innovation

Collaboration

Communication

Collaboration

Creativity

Critical Thinking

21st Century

Skills

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CURRICULUM MAPPING

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21st Century Layout

CASE STUDY

Eisenhower High School

Decatur Public School District #61

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front entry

front entry

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interior entry

interior entry

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student commons

information commons

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classrooms

21st century learning environments

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auditorium

auditorium

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small learning community commons

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flexible environments

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Work Activity #1

Choose your top 3 scenarios and place a check mark next to the scenario names

Scenario Selection




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Thank You! Don’t Miss Session #3

Thursday, May 15 • 6:30 – 8:30 P.M.

Red Oak High School Gymnasium

CES #3


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Welcome




Welcome

CES #3


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Why are we here?

•Background

•Call to Action



Purpose



CES #3


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The Process





Facilitating Team



CES #3


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Sessions










Improvement Process







QLEO Results &

Narrowing Solutions



Topic

CES 5 Thursday, June 19, 2014 Time: 6:30 p.m. – 8:30 p.m. .


Topic

CES 6 Tuesday, July 1, 2014 Time: 6:30 p.m. – 8:30 p.m.


Topic

CES #3


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Group Work Activity

VERBATIM RESPONSES

Executive Summary

Consensus Points



CES #3


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Questions/Comments



[email protected]


Small Group time

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Sign-In Sheet





2.



3.



4.



5.



6.



7.



8.





Sign in Sheet



Setting the Stage

Randy West, Principal BLDD Architects “QLEO Results &

Narrowing Solutions”

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CURRICULUM MAPPING

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21st Century Layout

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CES #3


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Master plan modeling and analysis

COST/BENEFIT comparison

Life Cycle Costs

(including first costs, energy costs, O&M costs,

and renewal costs)


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Building A Building B Building C

Building A Building B Building C

OPTIONS

Remodel Addition Repurpose Retire

SCENARIO

70

72

74

76

78

80

82

Scenario 1 Scenario 2 Scenario 3


$90$92$94$96$98

$100$102$104$106


Mill

ions

Life Cycle Cost

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650

651

652

653

654

655

656


Cost Benefit Ratio

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Cost Benefit Ratio Comparison

CBR

Scenario Name Construction

Costs Operating

Costs Life Cycle

Costs Square Footage

Educational Adequacy CBR

A- Conditions Assessment $16,439,000 $65,250,650 $81,689,650 280,150 60.1 61.8 E - New 4-8, Pre-K Add @ Inman, HS Ed Ad $50,910,346 $64,644,380 $115,554,725 289,650 88.3 66.4 G - New HS, MS/Wash move, Retire Web $51,344,261 $63,177,180 $114,521,442 278,950 88.0 64.3 H - New Intermediate, HS add to Tech, MS to HS $44,554,938 $65,746,596 $107,301,534 279,650 89.7 70.1 J – HS/MS campus, Inman campus $44,254,938 $62,949,413 $107,204,351 279,650 89.7 70.2

56

58

60

62

64

66

68

70

72

A G E H J

CBR

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Work Activity #1

Choose your top scenario and place a check mark next to the scenario name

Scenario Selection

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THANK YOU! Don’t Miss Session #4

Thursday, June 5• 6:30 – 8:30 P.M. Red Oak High School Gymnasium

CES #

4


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Welcome




Welcome

CES #

4


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Why are we here?

•Background

•Call to Action



Purpose



CES #

4


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The Process





Facilitating Team



CES #

4


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Sessions






CES Calendar/Syllabus

Session Date/Time Location Topic




Improvement Process







QLEO Results &

Narrowing Solutions



Secure Your

Educational Future

CES 5 To Be Determined

CES #

4


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Group Work Activity

VERBATIM RESPONSES

Executive Summary

Consensus Points



CES #

4


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Questions/Comments



[email protected]


Small Group time

CES #

4


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Sign-In Sheet





2.



3.



4.



5.



6.



7.



8.





Sign in Sheet



Setting the Stage


“Secure Your Educational Future”

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You make smarter decisions that give you more value for

every single dollar spent!

How do you secure your community’s

EDUCATIONAL FUTURE?

CES #

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front entry


interior entry

CES #

4


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student commons

information commons

CES #

4


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auditorium

CES #

4


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CES #3 Work Activity Results Individual Results

CES #3 Work Activity Results Group Results

CES #

4


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Scenario J

Scenario J: Inman Elementary

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Scenario J: Red Oak Intermediate

Scenario J: Red Oak Middle & High School

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9/16/2014

15

Scenario J: Red Oak Bus Facility

better / more suitable environment to prepare

students for

CES #

4


9/16/2014

16

-

10

20

30

40

50

60

70

80

90

100

Scenario A Scenario J


Lower energy costs

Lower O & M costs

Lower building renewal costs

+

+

= LOWER OPERATING COSTS

Costs

CES #

4


9/16/2014

17

$-

$10,000,000

$20,000,000

$30,000,000

$40,000,000

$50,000,000

$60,000,000

$70,000,000

$80,000,000

Renewal Costs O&M/Energy Non-Instructional Staffing andTransportation

Operating Costs


Cost Comparison

• Librarian aids

• Janitor / custodial

• Building / grounds

• Reception / secretary

• Counselors

Non-Instructional Staff Changes

CES #

4


9/16/2014

18

• Lawn service

• Snow removal

• Trash removal

• Janitorial services

Operating & Maintenance (O & M)

increased building flexibility & efficiency allows:

increased net usable

educational space within a lower total footprint (sf)

CES #

4


9/16/2014

19

PHASE 1 COST

High School Addition Grades 9-12

$12,500,000

Renovate Existing High School Grades 6-8

$ 4,000,000

Renovate & Addition to Inman Grades PreK-2

$ 3,500,000

Renovate & Additions to Washington Grades 3-5

$ 1,500,000

TOTAL COST $21,500,000

Phase 1

CES #

4


9/16/2014

20

PHASE 1 COST

Build New Intermediate at Inman Site

$10,500,000

Infrastructure Improvements $10,000,000

TOTAL COST $20,000,000

Phase 2


CES #

4


9/16/2014

21









CES #

4


9/16/2014

22



Work Activity:

Work Activity: School Finance




CES #

4


9/16/2014

23



Don’t Miss Session #5

To Be Announced

CES #

4


Red Oak Community School District

Discussion of Infrastructure Financing Options

As of Summer 2014

Matthew R. GillaspieSenior Vice President

[email protected]

Piper Jaffray & Co.3900 Ingersoll Avenue, Suite 110

Des Moines IA 50312

Direct Phone: 515-247-2353Toll Free: 800-333-6008Cellular: 515-979-7447

[email protected]

CES #

4


Q&A Regarding School District BondingRed Oak Community School District, IowaPrepared by: Piper Jaffray & Co.

*This is not an exhaustive list of all questions a patron might have.

Because a Piper Jaffray representative is here at our community meeting, does that mean that Piper Jaffrayis recommending that our district construct new buildings, or borrow money for the needs being presented?

NO. Neither Piper Jaffray nor its employees have an opinion about your projects. We do not livein your community, pay taxes in your community, have students in your community, own propertyin your community. The choice to build, renovate, improve, demolish, or whatever…is soley a localdecision made by school board members and local patrons. Piper Jaffray is only participating to help provide factual information related to bonding and any tax implications that may have.

From what sources can a school build new or renovate existing infrastructure?CASH DONATIONS or GRANTSVoted G.O. BondsPPEL Notes (Voted PPEL)Sales Tax Bonds

Can a school use bond money to give teachers or staff a raise or pay employment-related expenses?

ABSOLUTELY NOT. These are two separate pots of money. Debt Servicd Fund, PPEL and Sales Tax monies are ONLY to be used for infrastructure improvement.

Is it possible that a school can be laying off staff or cutting routine expenditures while also building brand new buildings?

ABSOLUTELY. This is very common. Many Iowa schools can't afford to build any newbuildings, but can afford to fund regular school costs easily. Other schools need to cut ongoingexpenditures while still being able to fund new infrastructure projects. The funding sources forthese two things is completely separate.

What Dates Can Be Used for a G.O. Bond Vote or PPEL Levy Renewal?Even Years….

1st Tuesday of February1st Tuesday of April2nd Tuesday of September1st Tuesday of December

Odd Years….1st Tuesday of February 1st Tuesday of AprileLast Tuesday of June2nd Tuesday of September

Does the PRIOR bonded debt of the District impact our ability to fund a project now?

YES. The remaining prior debt hinders your ability to fund a larger project now in two way:1. Remaining prinicpal outstanding counts toward the DEBT LIMIT2. Remaining P&I payment amounts must be calculated into the maximum debt service levy rate of $4.05 along with any new bond payments

Even if the entire community were supportive of any project the district put forth, and was willing to payany tax levy associated with it…are we still limited to the size of our project?

YES. The total amount of borrowing is limited overall by the Debt Limit which is a statutorylimit dictated by Iowa Code. Within that Debt Limt you are also limited to total borrowing sizes that do not exceed:

1. $4.05 debt service levy on G.O. Bonds2. $1.34 PPEL levy for Capital Loan Notes3. 1.20x Debt Service Coverage for Sales Tax Bonds (sales tax bonds may be further limited by other ongoing regular needs)

CES #

4


Are there Iowa school districts that are close to or at their statutory Debt Limit?YES.

Are there Iowa school districts that have no debt at all?YES.

Patrons should determine what their local students and community need, and then determine how they can fund that need. You should not simply compare your tax levy rates to neighboringdistricts to determine if a project is feasible. A neighboring district may have a very low tax rate, but they may also have not improved their buildings in 50+ years, or they may be using all of theirsales tax revenues to keep their tax rates low….but, don't have those sales tax funds then to provide for ongoing needs. You must understand the entire big picture of each district; somethingthat most patrons of your district will never truly understand when comparing one to another. Be cautious when you compare. You rarely can truly be comparing Apples-to-Apples.

The concept of MILLIONS of dollars is difficult to grasp. There is much gossip that circulates regarding tax levies and bond voting. Is there a simple way that Ican calculate what the tax impact to MY PERSONAL POCKETBOOK will be?

YES. See the "Tax Impact Worksheet" that will accompany any eventual bond proposal.The math is simple. The tax impact is typically up to 1/2 what a residential homeowner might expect, and up to 1/10 what an agricultural land owner mightexpect….due to ROLLBACK and ASSESSED vs. MARKET values of property.

Be informed. Be educated. Do not listen to gossip. If someone is saying something that seems OUTRAGEOUS, it probably is.

What can impact the FUTURE tax levies and/or the districts ability to make future bond payments?

Voted G.O. Bonds:Tax Levy RATE may go up if taxable valuation of property declines.Tax Levy RATE may go down if taxable valuation of property increases.

PPEL Notes:The levy is fixed at not more than $1.34 regardless of borrowing or not borrowing.However, if a school borrows the "maximum" amount up to a $1.34 levy and THENproperty valuations decline the levy RATE may increase slightly.

Sales Tax Bonds:Local resident student enrollment increases will bring the District more revenue, and

visa versa.Statewide retail sales increases may bring the District more revenue, and visa versa.Statewide enrollment increases may bring the District less revenue, and visa versa.*Various combinations of these moving parts may result in higher or lower total revenue

in any given year.

I don't have children in this District either because I'm not married and have no children, don't want to havechildren, or have already raised my children to adulthood. Why should I be concerned with the future of this District, and why should I pay to foot the bill of the improvements (if the community agrees that suchimpovements are desired)?

Simple: Because in Iowa every property owner or consumer paying sales tax pays for theconstruction of our schools. When you were 5-18 years old….someone else was paying for your school; your parents…but, also your neighbors, relatives and othercommunity members regardless of whether they had school-aged children attending.

CES #

4


Red O

ak Com

munity S

chool District, Iow

a

DEB

T LIMIT C

ALCU

LATION

AS OF SU

MM

ER 2014

1/1/2013 100% P

roperty Valuation:

613,715,833C

urrent "Maxim

um" P

rojected Borrow

ing Capacities, R

egardless of Need or D

esire:5%

Statutory D

ebt Limit

5.00%V

oted G.O

. Bonds

16,055,000Lim

it30,685,792

PP

EL N

otes, if Levy Extended:

5,655,000M

inus G.O

. Bonds O

utstanding (after FY14 payment):

-4,075,000S

ILO B

onds, if Abatem

ent Stops:

10,675,000M

inus PP

EL N

otes Outstanding (after FY14 paym

ent):-78,787

32,385,000*

Minus S

ales Tax Revenue B

onds Outstanding:

0M

inus Other Long-term

Debt O

utstanding:0

Rem

aining Within Lim

it:26,532,005

* This figure is before removing bonding expenses, and is P

RIN

CIP

AL

ON

LY…not counting interest expense of the borrow

ing(s).

Percentage of Debt Lim

it Encumbered:

13.54%The D

EBT LIM

IT is the overriding limt, regardless of "capacity" w

ithinPercentage of D

ebt Limit Available:

86.46%levy lim

itations and/or enrollment lim

itations. Thus, the District w

ill notborrow

in excess of this amount (or, w

hatever the debt limit calculation

is at the time of any actual future borrow

ing.)

The Available Debt Lim

it figure changes annually as 100% property

valuation changes, combined w

ith the ongoing repayment of prior

outstanding principal amounts.

CES #

4


6/25/2014R

edOakC

SD-M

axScenarios 6-25-2014.xls - SUM

MA

RY

SUM

MA

RY O

F FUN

DIN

G O

PTION

SR

ed Oak C

omm

unity School D

istrict, Iowa

Prepared by P

iper Jaffray & C

o.

BO

RR

OW

ING

ON

LYB

OR

RO

WIN

G + C

AS

H C

ON

TRIB

UTIO

N

Funding Method

Funding Assum

edV

oting Requirem

entP

roperty Tax Impact

Continued A

batement of P

RIO

R

G.O

. Bonds A

ssumed

Voted P

PE

L E

xtension Assum

ed

Estimated N

ET Proceeds for Project

Costs

Accum

ulated Cash

Contributed*

Estimated N

ET Proceeds for Project

Costs

General O

bligation Bonds

Spring 2015

60% A

pproval for Bond &

50% A

pproval to Extend P

PE

LIncrease approx $1.90***

YesYes

$15,660,000$3,450,000

$19,110,000G

eneral Obligation B

ondsS

pring 201560%

Approval for B

ond & 50%

Approval to E

xtend PP

EL

Increase approx $1.90***N

oYes

$15,660,000$4,960,000

$20,620,000G

eneral Obligation B

ondsS

pring 201560%

Approval for B

ondIncrease approx $1.90***

No

No

$15,660,000$3,320,000

$18,980,000G

eneral Obligation B

ondsS

pring 201560%

Approval for B

ondIncrease approx $1.90***

YesN

o$15,660,000

$2,980,000$18,640,000

PP

EL N

otesS

pring 2015N

oneN

oneYes

No

$1,940,000$2,440,000

$4,380,000P

PE

L Notes

Spring 2015

None

None

No

No

$1,940,000$4,125,000

$6,065,000P

PE

L Notes **

Spring 2015

50% A

pproval to Extend P

PE

LN

o Increase, But E

xtendedYes

Yes$5,505,000

$2,195,000$7,700,000

PP

EL N

otes **S

pring 201550%

Approval to E

xtend PP

EL

No Increase, B

ut Extended

No

Yes$5,505,000

$4,015,000$9,520,000

SILO

Bonds

Spring 2015

None

None

YesN

o$7,965,000

$0$7,965,000

SILO

Bonds

Spring 2015

None

None

No

No

$9,490,000$2,005,000

$11,495,000S

ILO B

ondsS

pring 201550%

Approval to E

xtend PP

EL

No Increase, B

ut Extended

YesYes

$7,965,000$610,000

$8,575,000S

ILO B

ondsS

pring 201550%

Approval to E

xtend PP

EL

No Increase, B

ut Extended

No

Yes$9,490,000

$2,540,000$12,030,000

* The "accumulated cash contributed" am

ount is simply the projected m

aximum

cash accumulated betw

een now &

construction end that would not be used for other ongoing needs such as transportation, technology, m

aintenance. This am

ount would take the com

bined PP

EL/S

ILO cash balance to near-zero at som

e point, but not below zero based upon assum

ptions being made. Thus, the dedication of this am

ount of cash may not be desirable by the board

if they would prefer to leave som

e "cushion" for other needs or emergencies in the com

ing few years. D

edicating some lesser am

ount might be m

ore comfortable depending on assum

ptions board wishes to m

ake.

** In the PP

EL N

ote scenarios where the extension is assum

ed IT IS A

LSO

AS

SU

ME

D that the language for the E

XISTIN

G P

PE

L authority is revised to remove the Incom

e Surtax com

ponent requirement.

*** The $1.90 projected tax increase represents that AD

DE

D tax levy above &

beyond the District's existing G

.O. B

ond payment…

.which currentnly is beign abated 100%

with sales tax. The N

EW

bond is not projected to be abated, and thus would represent a tax

increase in whatever am

ount the bond requires.

In all scenarios, the ongoing annual expenditure of the following am

ounts from P

PE

L + SILO

are assumed:

- new bus purchase every other year

- $175,000 + inflation annually on technology- $250,000 + inflation annually on m

aintenance and other needs

TOTAL Project Funding w

ould come from

a COM

BINATIO

N of 1, 2 or 3 of the below

sources: G.O. Bonds, PPEL N

otes and SILO Bonds. They are below

independent of each other with

the exception of the accumulated cash figure. AS AN

EXAMPLE: The 1st G.O

. Bond scenario might generate $14.3 m

illion, but if a SILO borrow

ing is also completed it w

ill itself obligate SILO

funds that are not then available as "accumulated cash" to the degree the G.O

. Bond section suggests. Therefore, a $14.3 + $8.15 million project m

ight be pursued....a total funding of $22.4 m

illion....SO LO

NG AS N

OT CO

MBIN

ATION

OF BO

RROW

ING (PRIN

CIPAL AMO

UN

TS) MAY N

OT EXCEED THE STATU

TORY DEBT LIM

IT AT ANY GIVEN

TIME. Also, it is

important to note that the $1.90 tax increase referenced assum

es the Board uses sales tax funds to abate a significant portion of the G.O. Bond levy into the future. If a borrow

ing is im

plemented against the future collection of the SILO

, such an abatement m

ay not be possible to the same degree depending on various factors that are currently unkow

n to any of us; enrollm

ent changes, statewide sales tax revenue changes, ongoing expenditure levels for other needs, etc.

CES #

4


SUMMARY TAX IMPACT Red Oak Community School District, Iowa

The "NEW" bond is projected to consume the District's Debt Service Fund capacity within a $4.05 levy limit.However, the District has recently been abating the "OLD" bond payment 100% with the use of sales tax.Therefore, the $1.90 projected tax increase represents only that portion within the overall $4.05 total limitthat may be levied as property taxes. This will, of course, be dependent annually on the decision of theschool board to determine how much, if any, sales tax to use to reduce the property tax burden.

1/1/2013 Assessed

Value*1/1/2013 Rollback

Taxable Value

Less Homestead

Credit**Net Taxable

Value

Est. Tax Rate Change per $1,000

Change in Annual Tax Payment

Change in Tax Payment

per MonthResidential Property

$25,000 x 54.4002% = $13,600 - $4,850.00 = $8,750 x $1.90000 = $16.63 $1.39$35,000 x 54.4002% = $19,040 - $4,850.00 = $14,190 x 1.90000 = $26.96 $2.25$40,000 x 54.4002% = $21,760 - $4,850.00 = $16,910 x 1.90000 = $32.13 $2.68$60,000 x 54.4002% = $32,640 - $4,850.00 = $27,790 x 1.90000 = $52.80 $4.40$75,000 x 54.4002% = $40,800 - $4,850.00 = $35,950 x 1.90000 = $68.31 $5.69$90,000 x 54.4002% = $48,960 - $4,850.00 = $44,110 x 1.90000 = $83.81 $6.98

$100,000 x 54.4002% = $54,400 - $4,850.00 = $49,550 x 1.90000 = $94.15 $7.85$125,000 x 54.4002% = $68,000 - $4,850.00 = $63,150 x 1.90000 = $119.99 $10.00$150,000 x 54.4002% = $81,600 - $4,850.00 = $76,750 x 1.90000 = $145.83 $12.15$200,000 x 54.4002% = $108,800 - $4,850.00 = $103,950 x 1.90000 = $197.51 $16.46

Commercial Property$25,000 x 95.0000% = $23,750 - 0 = $23,750 x 1.90000 = $45.13 $3.76$30,000 x 95.0000% = $28,500 - 0 = $28,500 x 1.90000 = $54.15 $4.51$40,000 x 95.0000% = $38,000 - 0 = $38,000 x 1.90000 = $72.20 $6.02$50,000 x 95.0000% = $47,500 - 0 = $47,500 x 1.90000 = $90.25 $7.52$60,000 x 95.0000% = $57,000 - 0 = $57,000 x 1.90000 = $108.30 $9.03$75,000 x 95.0000% = $71,250 - 0 = $71,250 x 1.90000 = $135.38 $11.28

$100,000 x 95.0000% = $95,000 - 0 = $95,000 x 1.90000 = $180.50 $15.04$150,000 x 95.0000% = $142,500 - 0 = $142,500 x 1.90000 = $270.75 $22.56

Agricultural Property (land only on a per acre basis)*$1,200 x 43.3994% = $521 - 0 = $521 x 1.90000 = $0.99 $0.08$1,500 x 43.3994% = $651 - 0 = $651 x 1.90000 = $1.24 $0.10$1,800 x 43.3994% = $781 - 0 = $781 x 1.90000 = $1.48 $0.12$2,200 x 43.3994% = $955 - 0 = $955 x 1.90000 = $1.81 $0.15$2,500 x 43.3994% = $1,085 - 0 = $1,085 x 1.90000 = $2.06 $0.17$2,700 x 43.3994% = $1,172 - 0 = $1,172 x 1.90000 = $2.23 $0.19$2,900 x 43.3994% = $1,259 - 0 = $1,259 x 1.90000 = $2.39 $0.20$3,000 x 43.3994% = $1,302 - 0 = $1,302 x 1.90000 = $2.47 $0.21

*Assessed Value IS NOT "Market Value"…Assessed Value is determined by County Assessor while Market Value is determined by the open real estate marketplace**Homestead Credit may vary from County to County

AG LAND EXAMPLE:

Incorrect way to do it……

I'm a farmer and I know I can sell my land for $8,000 per acre. Thus, since we are talking about 1,000's of dollars in value I woulddivide that by 1,000 to get 8, and then multiply the 8 x tax increase = 8 x $1.90 = $15.20 per acre increase = my 500 acres x $15.20 = a total tax increase to me of $7,600 per year.

Correct way to do it……

I'm a farmer and I looked at my recent tax bill to find the ASSESSED VALUE OF MY LAND is $1,800/acre. Thus, according to thechart above I would take $1.48 x my 500 acres = $740 tax increase per year.

WHILE $740 IS STILL A TAX INCREASE…IT IS NOWHERE AS SIGNIFICANT AS THE INCORRECT CALCULATION OF $7,600/YEAR.

CES #

4


RedO

akCSD

-MaxScenarios 6-25-2014.xls SA

VE Info

6/25/2014 11:24 AM

Piper Jaffray Co.

District patrons have previously approved the extension of the R

evenue Purpose S

tatement to m

atch the statewide expiration date at election held S

eptember 2009

STATEWID

E TAX REPEALS PR

IOR

TAXES AS OF JU

LY 1, 2008 & Ends 12/31/2029

10/01/1310/01/12

10/01/1110/01/10

10/01/0910/01/08

10/01/0710/01/06

9/1/059/1/04

9/1/039/1/02

9/1/01S

chool District

Enrollm

entE

nrollment

Enrollm

entE

nrollment

Enrollm

entE

nrollment

Enrollm

entE

nrollment

Enrollm

entE

nrollment

Enrollm

entE

nrollment

Enrollm

ent

Red O

ak: MO

NTG

OM

ER

Y1,206.8

1,206.81,206.8

1,211.61,249.8

1,285.71,321.1

1,326.21,326.1

1,369.51,332.8

1,332.31,349.1

Red O

ak: PA

GE

0.00.0

4.04.0

6.03.0

3.02.0

2.01.0

1.01.0

1.0R

ed Oak: P

OTTA

WA

TTAM

IE0.0

0.02.0

1.00.0

0.03.0

0.00.0

1.12.1

3.03.0

Total1,206.8

1,206.81,212.8

1,216.61,255.8

1,288.71,327.1

1,328.21,328.1

1,371.61,335.9

1,336.31,353.1

Assum

ing 2% G

rowth In Taxable R

etail Sales and

Taxable Retail Sales H

istory - State of Iowa

Prior Enrollment Trend:

Historial Trends in S

tatewide E

nrollment

Year

Enrollm

entG

ainLO

CA

L RE

VE

NU

ETO

TAL

Year Ending

TaxableA

nnual %2001

1,353P

ossibleJune 30th**

Sales

Grow

th2002

1,336-17

Est'd

Annual

Possible

2013*34,800,587,109

0.760%2003

1,3360

Assumed Future Enrollm

ent:R

evenueLocal

TOTA

L2012

34,537,967,2634.966%

20041,372

36E

nrollment

Year

Fiscal Year

Enrollm

entP

er Student

Revenue

Revenues

201132,904,016,683

3.007%2005

1,328-44

Projection

20072008-09

1,327$534

709,125709,125

201031,943,592,540

-4.816%2006

1,3280

Per

20082009-10

1,289$627

808,643808,643

200933,559,887,619

1.423%2007

1,327-1

District

20092010-11

1,256$705

885,828885,828

200833,089,024,825

4.561%2008

1,289-38

Estim

ates2010

2011-121,217

$745906,462

906,4622007

31,645,718,7671.727%

20091,256

-332011

2012-131,213

$823997,627

997,6272006

31,108,387,6574.372%

20101,217

-392012

2013-141,207

$8701,050,016

1,050,0162005

29,805,300,5842.426%

20111,213

-4-35

20132014-15

1,172$887

1,039,9541,039,954

200429,099,277,162

1.374%2012

1,207-6

12014

2015-161,173

$9051,061,659

1,061,6592003

28,704,897,7830.908%

20131,207

014

20152016-17

1,187$923

1,095,8191,095,819

200228,446,628,916

-0.179%A

ctual Recent H

istoric Grow

th:-12

152016

2017-181,202

$9421,131,862

1,131,8622001

28,497,729,2753.305%

Grow

th Rate U

sed in This Scenario:

02017

2018-191,202

$9611,154,499

1,154,4992000

27,586,079,4823.046%

02018

2019-201,202

$9801,177,589

1,177,5891999

26,770,708,3165.676%

02019

2020-211,202

$9991,201,141

1,201,1411998

25,332,748,8043.277%

02020

2021-221,202

$1,0191,225,164

1,225,1641997

24,528,959,5044.228%

Dept of R

evenue Published E

stimate:

02021

2022-231,202

$1,0401,249,667

1,249,6671996

23,534,006,7094.776%

FY2014

02022

2023-241,202

$1,0611,274,661

1,274,6611995

22,461,226,8554.825%

Montgom

eryP

ageP

ottawattam

ie0

20232024-25

1,202$1,082

1,300,1541,300,154

199421,427,415,422

4.985%Jul

$62,543$0

$00

20242025-26

1,202$1,103

1,326,1571,326,157

199320,410,006,777

4.647%A

ug$62,543

$0$0

02025

2026-271,202

$1,1261,352,680

1,352,6801992

19,503,730,9024.275%

Sep

$62,543$0

$00

20262027-28

1,202$1,148

1,379,7341,379,734

199118,704,127,896

4.183%O

ct$64,707

$0$0

02027

2028-291,202

$1,1711,407,328

1,407,3281990

17,953,167,7205.229%

Nov

$64,707$0

$023,735,771

23,735,7711989

17,061,104,5765.398%

Dec

$64,707$0

$01988

16,187,378,7303.840%

Jan$56,810

$0$0

Assum

ing No G

rowth in Taxable R

etail Sales &

No C

hange in 1987

15,588,803,568Feb

$56,810$0

$0E

nrollment Figures From

October 2013 C

ountM

ar$56,810

$0$0

LOC

AL R

EV

EN

UE

TOTA

LP

revious 5 year Average:

1.068%A

pr$61,226

$0$0

Possible

Previous 10 year A

verage:1.980%

May

$61,226$0

$0E

st'd A

nnual P

ossibleP


2.170%Jun

$61,226$0

$0Assum

ed Future Enrollment:

Revenue

LocalTO

TAL

Previous 20 year A

verage:2.732%

95% D

istribution$735,860

$0$0

Year

Fiscal Year

Enrollm

entP

er Student

Revenue

Revenues

Previous 25 year A

verage:3.135%

100% Interpolation

$774,589$0

$02007

2008-091,327

$534709,125

709,125**P

rior to 2009 the fiscal year was through M

arch 31st E

st'd Supplem

ental$275,427

$0$0

20082009-10

1,289$627

808,643808,643

*Unaudited

Est'd TO

TAL

$1,050,016$0

$02009

2010-111,256

$705885,828

885,828E

st'd Avg per S

tudent$870.08

20102011-12

1,217$745

906,462906,462

20112012-13

1,213$823

997,627997,627

Actual H

istoric Sales Tax R

evenues, Accrual B

asis:2012

2013-141,207

$8701,050,016

1,050,016TO

TAL

Approxim

ate2013

2014-151,207

$8701,050,016

1,050,016Fiscal Y

earM

ontgomery

Page

Pottaw

attamie

CO

LLEC

TION

SP

er Student

20142015-16

1,207$870

1,050,0161,050,016

2005$597,087

$450$1,539

$599,076$448

20152016-17

1,207$870

1,050,0161,050,016

2006$694,232

$506$847

$695,585$507

20162017-18

1,207$870

1,050,0161,050,016

2007$711,079

$1,072$0

$712,151$536

20172018-19

1,207$870

1,050,0161,050,016

2008$782,024

$1,135$0

$783,159$590

20182019-20

1,207$870

1,050,0161,050,016

2009$705,010

$1,599$2,516

$709,125$534

20192020-21

1,207$870

1,050,0161,050,016

2010$806,746

$1,897$0

$808,643$627

20202021-22

1,207$870

1,050,0161,050,016

2011$881,596

$4,232$0

$885,828$705

20212022-23

1,207$870

1,050,0161,050,016

2012$902,528

$2,979$955

$906,462$745

20222023-24

1,207$870

1,050,0161,050,016

2013$992,600

$3,288$1,739

$997,627$823

20232024-25

1,207$870

1,050,0161,050,016

2014*$1,050,016

$0$0

$1,050,016$870

20242025-26

1,207$870

1,050,0161,050,016

*Estim

ated for FY2014

20252026-27

1,207$870

1,050,0161,050,016

20262027-28

1,207$870

1,050,0161,050,016

20272028-29

1,207$870

1,050,0161,050,016

21,107,94321,107,943

CES #

4


RedOakCSD-MaxScenarios 6-25-2014.xls - 4.05 6/25/2014 11:24 AM Piper Jaffray Co.

Debt Service Schedule General Obligation School BondsRed Oak Community School District, Iowa 1/1/2013 Taxable Valuation: 353,294,503Prepared by: Piper Jaffray & Co. Assumed Sales Tax Revenues Used to Abate G.O. Levy: $150,000

Levy if Property Levy if PortionOwners Pay of Payment is

Estimated Maximum Borrowing @ $4.05 Debt Service Levy Full Levy EXAMPLE ONLY Abated with SILO

Semi Annual Annual Prior Net Annual Estimated Assumed Net P&I EstimatedDate Principal Interest Interest P & I Outstanding P & I P & I Abatement Paid by Net P&I

Maturity Rate Payment This Issue P & I Payment Levy Using SILO Prop Taxes Levy After5/1/2015 Assumes Dated May 1, 2015 Abatement

11/1/2015 321,1005/1/2016 35,000 4.000% 321,100 677,200 752,965 1,430,165 4.04808 -150,000 1,280,165 3.62351

11/1/2016 320,4005/1/2017 40,000 4.000% 320,400 680,800 749,680 1,430,480 4.04897 -150,000 1,280,480 3.62440

11/1/2017 319,6005/1/2018 30,000 4.000% 319,600 669,200 759,145 1,428,345 4.04293 -150,000 1,278,345 3.61836

11/1/2018 319,0005/1/2019 35,000 4.000% 319,000 673,000 756,205 1,429,205 4.04536 -150,000 1,279,205 3.62079

11/1/2019 318,3005/1/2020 25,000 4.000% 318,300 661,600 765,815 1,427,415 4.04030 -150,000 1,277,415 3.61572

11/1/2020 317,8005/1/2021 795,000 4.000% 317,800 1,430,600 1,430,600 4.04931 -150,000 1,280,600 3.62474

11/1/2021 301,9005/1/2022 825,000 4.000% 301,900 1,428,800 1,428,800 4.04422 -150,000 1,278,800 3.61964

11/1/2022 285,4005/1/2023 860,000 4.000% 285,400 1,430,800 1,430,800 4.04988 -150,000 1,280,800 3.62530

11/1/2023 268,2005/1/2024 890,000 4.000% 268,200 1,426,400 1,426,400 4.03742 -150,000 1,276,400 3.61285

11/1/2024 250,4005/1/2025 930,000 4.000% 250,400 1,430,800 1,430,800 4.04988 -150,000 1,280,800 3.62530

11/1/2025 231,8005/1/2026 965,000 4.000% 231,800 1,428,600 1,428,600 4.04365 -150,000 1,278,600 3.61908

11/1/2026 212,5005/1/2027 1,005,000 4.000% 212,500 1,430,000 1,430,000 4.04761 -150,000 1,280,000 3.62304

11/1/2027 192,4005/1/2028 1,045,000 4.000% 192,400 1,429,800 1,429,800 4.04705 -150,000 1,279,800 3.62247

11/1/2028 171,5005/1/2029 1,085,000 4.000% 171,500 1,428,000 1,428,000 4.04195 -150,000 1,278,000 3.61738

11/1/2029 149,8005/1/2030 1,130,000 4.000% 149,800 1,429,600 1,429,600 4.04648 -150,000 1,279,600 3.62191

11/1/2030 127,2005/1/2031 1,175,000 4.000% 127,200 1,429,400 1,429,400 4.04592 -150,000 1,279,400 3.62134

11/1/2031 103,7005/1/2032 1,220,000 4.000% 103,700 1,427,400 1,427,400 4.04026 -150,000 1,277,400 3.61568

11/1/2032 79,3005/1/2033 1,270,000 4.000% 79,300 1,428,600 1,428,600 4.04365 -150,000 1,278,600 3.61908

11/1/2033 53,9005/1/2034 1,320,000 4.000% 53,900 1,427,800 1,427,800 4.04139 -150,000 1,277,800 3.61681

11/1/2034 27,5005/1/2035 1,375,000 4.000% 27,500 1,430,000 1,430,000 4.04761 -150,000 1,280,000 3.62304

Totals: 16,055,000 8,743,400 24,798,400 3,783,810 28,582,210 4.04510 -3,000,000 25,582,210-122,000 Minus Est'd Bonding Costs-272,935 Minus Est'd Underwriters Discount

15,660,065 Est'd Net Available for Project Costs

The district voted and approved the $4.05 qustion at 1999 election

CES #

4


RedOakCSD-MaxScenarios 6-25-2014.xls - PPEL 6/25/2014 11:24 AM Piper Jaffray Co.

Debt Service Schedule General Obligation Capital Loan NotesRed Oak Community School District, Iowa 1/1/2013 Taxable Valuation: 353,294,503Prepared by: Piper Jaffray & Co.

Taxes MUST be collected from Property Taxes (not Income Surtax) for any amount needed to repay debtRED OAK CSD's Existing Voted PPEL of $1.34 Expires FY2020 and REQUIRES at minimum 1% Income Surtax

2012 Income Surtax Paid by Red Oak CSD Taxpayers: 5,597,629Assumed 1.00% Minimum Surtax Rate Required: 1.00%

Dollars Collected from This Surtax Rate: 55,976Dollars Collected from Full Voted PPEL Rate of $1.34: 473,415

If 1% Surtax Required, Annual P&I Payment CANNOT EXCEED: 417,438

RATES ESTIMATEDESTIMATED MAXIMUM BORROWING CAPACITY for REMAINING PPEL TERM

Semi Annual Semi Annual Annual Prior Net Annual EstimatedDate Principal Interest Interest P & I P & I Outstanding P & I P & I

Maturity Rate Payment Payment This Issue P & I Payment Levy5/1/2010 Assumes Dated April 1, 2015

11/1/20105/1/2011

11/1/20115/1/2012

11/1/20125/1/2013

11/1/20135/1/2014

11/1/20145/1/2015

11/1/2015 11,261 11,2615/1/2016 395,000 0.800% 11,261 406,261 417,523 417,523 1.18180

11/1/2016 9,681 9,6815/1/2017 395,000 0.950% 9,681 404,681 414,363 414,363 1.17285

11/1/2017 7,805 7,8055/1/2018 400,000 1.100% 7,805 407,805 415,610 415,610 1.17638

11/1/2018 5,605 5,6055/1/2019 405,000 1.300% 5,605 410,605 416,210 416,210 1.17808

11/1/2019 2,973 2,9735/1/2020 410,000 1.450% 2,973 412,973 415,945 415,945 1.17733

Totals: 2,005,000 74,650 2,079,650 2,079,650 0 2,079,650 1.17729-41,500 Minus Est'd Bonding Costs-24,060 Minus Est'd Underwriters Discount


CES #

4

Red Oak School District RedOakCSD-MaxScenarios 6-25-2014.xls - PPEL-Extended6/25/2014 11:24 AM Piper Jaffray Co.



It is assumed in this scenario that the district has voted two ballot questions: 1. revise existing Voted PPEL through FY20 WITHOUT SURTAX REQUIREMENT 2. extend the Voted PPEL for added 10-years FY21-FY30Each question would require 50% voter approval




11/1/20105/1/2011

11/1/20115/1/2012

11/1/20125/1/2013

11/1/20135/1/2014

11/1/20145/1/2015

11/1/2015 74,422 74,4225/1/2016 335,000 0.800% 63,790 398,790 473,212 473,212 1.33943

11/1/2016 62,450 62,4505/1/2017 340,000 0.950% 62,450 402,450 464,900 464,900 1.31590

11/1/2017 60,835 60,8355/1/2018 340,000 1.100% 60,835 400,835 461,670 461,670 1.30676

11/1/2018 58,965 58,9655/1/2019 345,000 1.300% 58,965 403,965 462,930 462,930 1.31032

11/1/2019 56,723 56,7235/1/2020 350,000 1.450% 56,723 406,723 463,445 463,445 1.31178

11/1/2020 54,185 54,1855/1/2021 355,000 1.800% 54,185 409,185 463,370 463,370 1.31157

11/1/2021 50,990 50,9905/1/2022 360,000 2.100% 50,990 410,990 461,980 461,980 1.30763

11/1/2022 47,210 47,2105/1/2023 370,000 2.350% 47,210 417,210 464,420 464,420 1.31454

11/1/2023 42,863 42,8635/1/2024 375,000 2.500% 42,863 417,863 460,725 460,725 1.30408

11/1/2024 38,175 38,1755/1/2025 385,000 2.650% 38,175 423,175 461,350 461,350 1.30585

11/1/2025 33,074 33,0745/1/2026 395,000 2.800% 33,074 428,074 461,148 461,148 1.30528

11/1/2026 27,544 27,5445/1/2027 405,000 3.000% 27,544 432,544 460,088 460,088 1.30228

11/1/2027 21,469 21,4695/1/2028 420,000 3.150% 21,469 441,469 462,938 462,938 1.31034

11/1/2028 14,854 14,8545/1/2029 435,000 3.300% 14,854 449,854 464,708 464,708 1.31535

11/1/2029 7,676 7,6765/1/2030 445,000 3.450% 7,676 452,676 460,353 460,353 1.30303

Totals: 5,655,000 1,292,234 6,947,234 6,947,234 0 6,947,234 1.31094-50,500 Minus Est'd Bonding Costs-96,135 Minus Est'd Underwriters Discount


CES #

4


RedOakCSD-MaxScenarios 6-25-2014.xls 6/25/2014 11:24 AM Piper Jaffray Co.

Debt Service Schedule Sales Tax Revenue BondsRed Oak Community School District, IowaPrepared by: Piper Jaffray & Co.

Rates EstimatedEst'd Semi Annual Annual Plus Prior Plus TOTAL Estimated Estimated

Date Principal Interest Interest P & I Debt Annual SAVE DEBT Annual SAVE Debt ServiceMaturity Rate Payment This Issue Issued Trustee Fees OBLIGATIION Income Coverage

ASSUMING CURRENT REVENUE LEVELS7/1/2008 Assumes Dated 3/1/2015 EST'D GROWTH IN REVENUES NOT SHOWN1/1/20097/1/20091/1/20107/1/20101/1/20117/1/20111/1/20127/1/20121/1/20137/1/20131/1/20147/1/20141/1/20157/1/2015 74,543 74,543 74,543 1,050,016 14.0861/1/2016 111,8147/1/2016 555,000 2.000% 111,814 778,628 778,628 1,050,016 1.3491/1/2017 106,2647/1/2017 570,000 2.000% 106,264 782,528 782,528 1,050,016 1.3421/1/2018 100,5647/1/2018 580,000 2.000% 100,564 781,128 781,128 1,050,016 1.3441/1/2019 94,7647/1/2019 590,000 2.000% 94,764 779,528 779,528 1,050,016 1.3471/1/2020 88,8647/1/2020 605,000 2.000% 88,864 782,728 782,728 1,050,016 1.3411/1/2021 82,8147/1/2021 615,000 2.050% 82,814 780,628 780,628 1,050,016 1.3451/1/2022 76,5107/1/2022 630,000 2.250% 76,510 783,020 783,020 1,050,016 1.3411/1/2023 69,4237/1/2023 640,000 2.400% 69,423 778,845 778,845 1,050,016 1.3481/1/2024 61,7437/1/2024 660,000 2.550% 61,743 783,485 783,485 1,050,016 1.3401/1/2025 53,3287/1/2025 675,000 2.700% 53,328 781,655 781,655 1,050,016 1.3431/1/2026 44,2157/1/2026 695,000 2.850% 44,215 783,430 783,430 1,050,016 1.3401/1/2027 34,3117/1/2027 710,000 3.000% 34,311 778,623 778,623 1,050,016 1.3491/1/2028 23,6617/1/2028 735,000 3.100% 23,661 782,323 782,323 1,050,016 1.3421/1/2029 12,2697/1/2029 755,000 3.250% 12,269 779,538 779,538 1,050,016 1.3471/1/20307/1/2030 700,011

Totals: 9,015,000 1,995,625 11,010,625 0 0 11,010,625 16,450,253

ESTIMATED USES OF FUNDS ESTIMATED SOURCES OF FUNDSProject Funds Available: 7,965,000 Sales Tax Bonds: 9,015,000

Accrued Interest: 0.00Debt Service Reserve Fund: 783,485 Other SAVE Funds On Hand: ???Costs of Issuance: 93,620 Other Sources of Funds: ???Underwriting Costs: 171,285Deposit to Sinking Fund: 0.00 Earnings During Construction: ???Surplus: 1,610TOTAL 9,015,000 TOTAL 9,015,000

This worksheet refects an estimate of the "maximum" borrowing capacity that STILL PERMITS the ongoing expenditure of SILO + PPEL funds on other

annual needs. This is not a reflection of the ABSOLUTE maximum borrowing

CES #

4


RedOakCSD-MaxScenarios 6-25-2014.xls 6/25/2014 11:24 AM Piper Jaffray Co.




ASSUMING CURRENT REVENUE LEVELS7/1/2008 Assumes Dated 3/1/2015 EST'D GROWTH IN REVENUES NOT SHOWN1/1/20097/1/20091/1/20107/1/20101/1/20117/1/20111/1/20127/1/20121/1/20137/1/20131/1/20147/1/20141/1/20157/1/2015 610,000 2.000% 87,300 697,300 697,300 1,050,016 1.5061/1/2016 124,8507/1/2016 620,000 2.000% 124,850 869,700 869,700 1,050,016 1.2071/1/2017 118,6507/1/2017 635,000 2.000% 118,650 872,300 872,300 1,050,016 1.2041/1/2018 112,3007/1/2018 650,000 2.000% 112,300 874,600 874,600 1,050,016 1.2011/1/2019 105,8007/1/2019 660,000 2.000% 105,800 871,600 871,600 1,050,016 1.2051/1/2020 99,2007/1/2020 675,000 2.000% 99,200 873,400 873,400 1,050,016 1.2021/1/2021 92,4507/1/2021 685,000 2.050% 92,450 869,900 869,900 1,050,016 1.2071/1/2022 85,4297/1/2022 700,000 2.250% 85,429 870,858 870,858 1,050,016 1.2061/1/2023 77,5547/1/2023 715,000 2.400% 77,554 870,108 870,108 1,050,016 1.2071/1/2024 68,9747/1/2024 735,000 2.550% 68,974 872,948 872,948 1,050,016 1.2031/1/2025 59,6037/1/2025 755,000 2.700% 59,603 874,205 874,205 1,050,016 1.2011/1/2026 49,4107/1/2026 775,000 2.850% 49,410 873,820 873,820 1,050,016 1.2021/1/2027 38,3667/1/2027 795,000 3.000% 38,366 871,733 871,733 1,050,016 1.2051/1/2028 26,4417/1/2028 820,000 3.100% 26,441 872,883 872,883 1,050,016 1.2031/1/2029 13,7317/1/2029 845,000 3.250% 13,731 872,463 872,463 1,050,016 1.2041/1/20307/1/2030 700,011

Totals: 10,675,000 2,232,815 12,907,815 0 0 12,907,815 16,450,253


Accrued Interest: 0.00Debt Service Reserve Fund: 874,600 Other SAVE Funds On Hand: ???Costs of Issuance: 106,900 Other Sources of Funds: 2,755,000Underwriting Costs: 202,825Deposit to Sinking Fund: 0.00 Earnings During Construction: ???Surplus: 675TOTAL 13,430,000 TOTAL 13,430,000

Because this worksheet assumes the abatement of the G.O. Bond levy using SILO funds has been discontinued by the board, more funds are left in the SILO Fund that can be used for SILO debt repayment. Therefore, this worksheet refects an estimate

of the true "maximum" borrowing capacity even with the ongoing expenditure of SILO + PPEL funds on other needs of the district.

Borrowing above $10 million may be broken into two Series over multiple calendar years to

assure Bank Qualification...

CES #

5


9/16/2014

1



Welcome




Welcome

CES #

5


9/16/2014

2



Why are we here?

•Background

•Call to Action



Purpose



CES #

5


9/16/2014

3



The Process





Facilitating Team



CES #

5


9/16/2014

4



Sessions






CES Calendar/Syllabus

Session Date/Time Location Topic




Improvement Process







QLEO Results &

Narrowing Solutions



Secure Your

Educational Future

CES 5 To Be Determined

CES #

5


9/16/2014

5








Group Work Activity

VERBATIM RESPONSES

Executive Summary

Consensus Points



CES #

5


9/16/2014

6







Questions/Comments



[email protected]


Small Group time

CES #

5


9/16/2014

7



Sign-In Sheet





2.



3.



4.



5.



6.



7.



8.





Sign in Sheet



Setting the Stage


“Secure Your Educational Future”

CES #

5


9/16/2014

8

You make smarter decisions that give you more value for

every single dollar spent!

How do you secure your community’s

EDUCATIONAL FUTURE?

CES #

5


9/16/2014

9

front entry


interior entry

CES #

5


9/16/2014

10

student commons

information commons

CES #

5


9/16/2014

11


auditorium

CES #

5


9/16/2014

12

CES #3 Work Activity Results Individual Results

CES #3 Work Activity Results Group Results

CES #

5


9/16/2014

13

Scenario J: 2 Campuses

better / more suitable environment to prepare

students for

CES #

5


9/16/2014

14

-

10

20

30

40

50

60

70

80

90

100



Lower energy costs

Lower O & M costs

Lower building renewal costs

+

+

= LOWER OPERATING COSTS

Costs

CES #

5


9/16/2014

15

$-

$10,000,000

$20,000,000

$30,000,000

$40,000,000

$50,000,000

$60,000,000

$70,000,000

$80,000,000

Renewal Costs O&M/Energy Non-Instructional Staffing andTransportation

Operating Costs


Cost Comparison

• Lawn service

• Snow removal

• Trash removal

• Janitorial services

Operating & Maintenance (O & M)

CES #

5


9/16/2014

16

increased building flexibility & efficiency allows:

increased net usable

educational space within a lower total footprint (sf)

CES #

5


9/16/2014

17

PROJECT PROJECT DURATION

COST

High School Addition 20 months $12,500,000

Renovate Existing High School 12 months $ 3,000,000

Renovate & Addition to Inman Grades PreK-2

2 summers $ 2,000,000

New Intermediate at Inman Grades 3-4

20 months $ 6,000,000 - $ 9,000,000

TOTAL COST $23,500,000 - $26,500,000

Phasing Options

PROJECT

High School Addition

Renovate Existing High School

Renovate & Addition to Inman

New Intermed. at Inman

1 2 3 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23

20 months

12 months

summer months

summer months

20 months

MONTHS

Phasing Options

CES #

5


9/16/2014

18






CES #

5


9/16/2014

19







Work Activity:

Work Activity: School Finance

CES #

5


9/16/2014

20






CES #

5


Red Oak Community School District, Iowa General Obligation Refunding School Bonds

Series 2010Debt Service Schedule

DEBT SERVICE FUNDDate Principal Coupon Interest Total P+I Fiscal Total

DATED April 29, 201011/1/2010 290,000 0.600% 85,428.78 375,428.785/1/2011 295,000 1.000% 83,620.00 378,620.00 754,048.78

11/1/2011 295,000 1.500% 82,145.00 377,145.005/1/2012 300,000 1.500% 79,932.50 379,932.50 757,077.50

11/1/2012 300,000 2.000% 77,682.50 377,682.505/1/2013 300,000 2.000% 74,682.50 374,682.50 752,365.00

11/1/2013 305,000 2.500% 71,682.50 376,682.505/1/2014 310,000 2.500% 67,870.00 377,870.00 754,552.50

11/1/2014 310,000 2.500% 63,995.00 373,995.005/1/2015 315,000 2.500% 60,120.00 375,120.00 749,115.00

11/1/2015 320,000 2.750% 56,182.50 376,182.505/1/2016 325,000 2.800% 51,782.50 376,782.50 752,965.00

11/1/2016 330,000 2.900% 47,232.50 377,232.505/1/2017 330,000 3.100% 42,447.50 372,447.50 749,680.00

11/1/2017 345,000 3.200% 37,332.50 382,332.505/1/2018 345,000 3.300% 31,812.50 376,812.50 759,145.00

11/1/2018 355,000 3.400% 26,120.00 381,120.005/1/2019 355,000 3.550% 20,085.00 375,085.00 756,205.00

11/1/2019 370,000 3.650% 13,783.75 383,783.755/1/2020 375,000 3.750% 7,031.25 382,031.25 765,815.00

Total 6,470,000 $1,080,968.78 $7,550,968.78 $7,550,968.78

Bonds Become Callable: May 1, 2017

CES #

5


Red O

ak Com

munity S

chool District, Iow

a

DEB

T LIMIT C

ALCU

LATION

AS OF SU

MM

ER 2014

1/1/2013 100% P

roperty Valuation:

613,715,833C

urrent "Maxim

um" P

rojected Borrow

ing Capacities, R

egardless of Need or D

esire:5%

Statutory D

ebt Limit

5.00%V

oted G.O

. Bonds

17,240,000Lim

it30,685,792

PP

EL N

otes, if Levy Extended:

#RE

F!M

inus G.O

. Bonds O

utstanding (after FY14 payment):

-4,075,000S

ILO B

onds, if Abatem

ent Stops:

9,545,000M

inus PP

EL N

otes Outstanding:

0#R

EF!

*M

inus Sales Tax R

evenue Bonds O

utstanding:0

Minus O

ther Long-term D

ebt Outstanding:

0R

emaining W

ithin Limit:

26,610,792* This figure is before rem

oving bonding expenses, and is PR

INC

IPA

LO

NLY…

not counting interest expense of the borrowing(s).

Percentage of Debt Lim

it Encumbered:

13.28%The D

EBT LIM

IT is the overriding limt, regardless of "capacity" w

ithinPercentage of D

ebt Limit Available:

86.72%levy lim

itations and/or enrollment lim

itations. Thus, the District w

ill notborrow

in excess of this amount (or, w

hatever the debt limit calculation

is at the time of any actual future borrow

ing.)

The Available Debt Lim

it figure changes annually as 100% property

valuation changes, combined w

ith the ongoing repayment of prior

outstanding principal amounts.

HISTO

RIC

GEN

ERAL FU

ND

BALAN

CES

Undesignated/U

nreserved or Unassigned Fund B

alance2004$384,110

2005$414,788

2006$1,099,401

2007$842,815

2008$300,987

2009($564,016)

2010($645,513)

2011$763,574

2012$1,765,880

2013$2,637,252

2014??

CES #

5


Q&A Regarding School District BondingRed Oak Community School District, IowaPrepared by: Piper Jaffray & Co.

*This is not an exhaustive list of all questions a patron might have.

Because a Piper Jaffray representative is here at our community meeting, does that mean that Piper Jaffrayis recommending that our district construct new buildings, or borrow money for the needs being presented?

NO. Neither Piper Jaffray nor its employees have an opinion about your projects. We do not livein your community, pay taxes in your community, have students in your community, own propertyin your community. The choice to build, renovate, improve, demolish, or whatever…is soley a localdecision made by school board members and local patrons. Piper Jaffray is only participating to help provide factual information related to bonding and any tax implications that may have.

From what sources can a school build new or renovate existing infrastructure?CASH DONATIONS or GRANTSVoted G.O. BondsPPEL Notes (Voted PPEL)Sales Tax Bonds

Can a school use bond money to give teachers or staff a raise or pay employment-related expenses?

ABSOLUTELY NOT. These are two separate pots of money. Debt Servicd Fund, PPEL and Sales Tax monies are ONLY to be used for infrastructure improvement.

Is it possible that a school can be laying off staff or cutting routine expenditures while also building brand new buildings?

ABSOLUTELY. This is very common. Many Iowa schools can't afford to build any newbuildings, but can afford to fund regular school costs easily. Other schools need to cut ongoingexpenditures while still being able to fund new infrastructure projects. The funding sources forthese two things is completely separate.

What Dates Can Be Used for a G.O. Bond Vote or PPEL Levy Renewal?Even Years….

1st Tuesday of February1st Tuesday of April2nd Tuesday of September1st Tuesday of December

Odd Years….1st Tuesday of February 1st Tuesday of AprileLast Tuesday of June2nd Tuesday of September

Does the PRIOR bonded debt of the District impact our ability to fund a project now?

YES. The remaining prior debt hinders your ability to fund a larger project now in two way:1. Remaining prinicpal outstanding counts toward the DEBT LIMIT2. Remaining P&I payment amounts must be calculated into the maximum debt service levy rate of $4.05 along with any new bond payments

Even if the entire community were supportive of any project the district put forth, and was willing to payany tax levy associated with it…are we still limited to the size of our project?

YES. The total amount of borrowing is limited overall by the Debt Limit which is a statutorylimit dictated by Iowa Code. Within that Debt Limt you are also limited to total borrowing sizes that do not exceed:

1. $4.05 debt service levy on G.O. Bonds2. $1.34 PPEL levy for Capital Loan Notes3. 1.20x Debt Service Coverage for Sales Tax Bonds (sales tax bonds may be further limited by other ongoing regular needs)

CES #

5


Are there Iowa school districts that are close to or at their statutory Debt Limit?YES.

Are there Iowa school districts that have no debt at all?YES.

Patrons should determine what their local students and community need, and then determine how they can fund that need. You should not simply compare your tax levy rates to neighboringdistricts to determine if a project is feasible. A neighboring district may have a very low tax rate, but they may also have not improved their buildings in 50+ years, or they may be using all of theirsales tax revenues to keep their tax rates low….but, don't have those sales tax funds then to provide for ongoing needs. You must understand the entire big picture of each district; somethingthat most patrons of your district will never truly understand when comparing one to another. Be cautious when you compare. You rarely can truly be comparing Apples-to-Apples.

The concept of MILLIONS of dollars is difficult to grasp. There is much gossip that circulates regarding tax levies and bond voting. Is there a simple way that Ican calculate what the tax impact to MY PERSONAL POCKETBOOK will be?

YES. See the "Tax Impact Worksheet" that will accompany any eventual bond proposal.The math is simple. The tax impact is typically up to 1/2 what a residential homeowner might expect, and up to 1/10 what an agricultural land owner mightexpect….due to ROLLBACK and ASSESSED vs. MARKET values of property.

Be informed. Be educated. Do not listen to gossip. If someone is saying something that seems OUTRAGEOUS, it probably is.

What can impact the FUTURE tax levies and/or the districts ability to make future bond payments?

Voted G.O. Bonds:Tax Levy RATE may go up if taxable valuation of property declines.Tax Levy RATE may go down if taxable valuation of property increases.

PPEL Notes:The levy is fixed at not more than $1.34 regardless of borrowing or not borrowing.However, if a school borrows the "maximum" amount up to a $1.34 levy and THENproperty valuations decline the levy RATE may increase slightly.

Sales Tax Bonds:Local resident student enrollment increases will bring the District more revenue, and

visa versa.Statewide retail sales increases may bring the District more revenue, and visa versa.Statewide enrollment increases may bring the District less revenue, and visa versa.*Various combinations of these moving parts may result in higher or lower total revenue

in any given year.

I don't have children in this District either because I'm not married and have no children, don't want to havechildren, or have already raised my children to adulthood. Why should I be concerned with the future of this District, and why should I pay to foot the bill of the improvements (if the community agrees that suchimpovements are desired)?

Simple: Because in Iowa every property owner or consumer paying sales tax pays for theconstruction of our schools. When you were 5-18 years old….someone else was paying for your school; your parents…but, also your neighbors, relatives and othercommunity members regardless of whether they had school-aged children attending.

CES #

5


RedO

akCSD

-Scenarios 8-26-2014 USE TH

IS GO

ING

FOR

WA

RD

.xls SAV

E Info9/19/2014 8:04 A

MPiper Jaffray C

o.

District patrons have previously approved the extension of the R

evenue Purpose S

tatement to m

atch the statewide expiration date at election held S

eptember 2009

STATEWID

E TAX REPEALS PR

IOR

TAXES AS OF JU

LY 1, 2008 & Ends 12/31/2029

10/01/1310/01/12

10/01/1110/01/10

10/01/0910/01/08

10/01/0710/01/06

9/1/059/1/04

9/1/039/1/02

9/1/01S

chool District

Enrollm

entE

nrollment

Enrollm

entE

nrollment

Enrollm

entE

nrollment

Enrollm

entE

nrollment

Enrollm

entE

nrollment

Enrollm

entE

nrollment

Enrollm

ent

Red O

ak: MO

NTG

OM

ER

Y1,166.5

1,206.81,206.8

1,211.61,249.8

1,285.71,321.1

1,326.21,326.1

1,369.51,332.8

1,332.31,349.1

Red O

ak: PA

GE

0.00.0

4.04.0

6.03.0

3.02.0

2.01.0

1.01.0

1.0R

ed Oak: P

OTTA

WA

TTAM

IE0.0

0.02.0

1.00.0

0.03.0

0.00.0

1.12.1

3.03.0

Total1,166.5

1,206.81,212.8

1,216.61,255.8

1,288.71,327.1

1,328.21,328.1

1,371.61,335.9

1,336.31,353.1

Assum

ing 2% G

rowth In Taxable R

etail Sales and

Taxable Retail Sales H

istory - State of Iowa

Prior Enrollment Trend:

Historial Trends in S

tatewide E

nrollment

Year

Enrollm

entG

ainLO

CA

L RE

VE

NU

ETO

TAL

Year Ending

TaxableA

nnual %2001

1,353P

ossibleJune 30th**

Sales

Grow

th2002

1,336-17

Est'd

Annual

Possible

2013*34,800,587,109

0.760%2003

1,3360


ent:R

evenueLocal

TOTA

L2012

34,537,967,2634.966%

20041,372

36E

nrollment

Year

Fiscal Year

Enrollm

entP

er Student

Revenue

Revenues

201132,904,016,683

3.007%2005

1,328-44

Projection

20072008-09

1,327$534

709,125709,125

201031,943,592,540

-4.816%2006

1,3280

Per

20082009-10

1,289$627

808,643808,643

200933,559,887,619

1.423%2007

1,327-1

District

20092010-11

1,256$705

885,828885,828

200833,089,024,825

4.561%2008

1,289-38

Estim

ates2010

2011-121,217

$745906,462

906,4622007

31,645,718,7671.727%

20091,256

-332011

2012-131,213

$823997,627

997,6272006

31,108,387,6574.372%

20101,217

-392012

2013-141,207

$8701,050,016

1,050,0162005

29,805,300,5842.426%

20111,213

-42013

2014-151,167

$8871,035,251

1,035,2512004

29,099,277,1621.374%

20121,207

-61

20142015-16

1,168$905

1,056,8611,056,861

200328,704,897,783

0.908%2013

1,167-40

142015

2016-171,182

$9231,090,925

1,090,9252002

28,446,628,916-0.179%

Actual R

ecent Historic G

rowth:

-1615

20162017-18

1,197$942

1,126,8711,126,871

200128,497,729,275

3.305%G

rowth R

ate Used in This S

cenario:0

20172018-19

1,197$961

1,149,4081,149,408

200027,586,079,482

3.046%0

20182019-20

1,197$980

1,172,3961,172,396

199926,770,708,316

5.676%0

20192020-21

1,197$999

1,195,8441,195,844

199825,332,748,804

3.277%0

20202021-22

1,197$1,019

1,219,7611,219,761

199724,528,959,504

4.228%D

ept of Revenue P

ublished Estim

ate:0

20212022-23

1,197$1,040

1,244,1561,244,156

199623,534,006,709

4.776%FY

20140

20222023-24

1,197$1,061

1,269,0391,269,039

199522,461,226,855

4.825%M

ontgomery

Page

Pottaw

attamie

02023

2024-251,197

$1,0821,294,420

1,294,4201994

21,427,415,4224.985%

Jul$62,543

$0$0

02024

2025-261,197

$1,1031,320,309

1,320,3091993

20,410,006,7774.647%

Aug

$62,543$0

$00

20252026-27

1,197$1,126

1,346,7151,346,715

199219,503,730,902

4.275%S

ep$62,543

$0$0

02026

2027-281,197

$1,1481,373,649

1,373,6491991

18,704,127,8964.183%

Oct

$64,707$0

$00

20272028-29

1,197$1,171

1,401,1221,401,122

199017,953,167,720

5.229%N

ov$64,707

$0$0

23,654,42823,654,428

198917,061,104,576

5.398%D

ec$64,707

$0$0

198816,187,378,730

3.840%Jan

$56,810$0

$0A

ssuming N

o Grow

th in Taxable Retail S

ales & N

o Change in

198715,588,803,568

Feb$56,810

$0$0

Enrollm

ent Figures From O

ctober 2013 Count

Mar

$56,810$0

$0LO

CA

L RE

VE

NU

ETO

TAL

Previous 5 year A

verage:1.068%

Apr

$61,226$0

$0P

ossibleP


1.980%M

ay$61,226

$0$0

Est'd

Annual

Possible

Previous 15 year A

verage:2.170%

Jun$61,226

$0$0


ent:R

evenueLocal

TOTA

LP


2.732%95%

Distribution

$735,860$0

$0Y

earFiscal Y

earE

nrollment

Per S

tudentR

evenueR

evenuesP


3.135%100%

Interpolation$774,589

$0$0

20072008-09

1,327$534

709,125709,125

**Prior to 2009 the fiscal year w

as through March 31st

Est'd S

upplemental

$275,427$0

$02008

2009-101,289

$627808,643

808,643*U

nauditedE

st'd TOTA

L$1,050,016

$0$0

20092010-11

1,256$705

885,828885,828

Est'd A

vg per Student

$870.082010

2011-121,217

$745906,462

906,4622011

2012-131,213

$823997,627

997,627A

ctual Historic S

ales Tax Revenues, A

ccrual Basis:

20122013-14

1,207$870

1,050,0161,050,016

TOTA

LA

pproximate

20132014-15

1,167$870

1,014,9521,014,952

Fiscal Year

Montgom

eryP

ageP

ottawattam

ieC

OLLE

CTIO

NS

Per S

tudent2014

2015-161,167

$8701,014,952

1,014,9522005

$597,087$450

$1,539$599,076

$4482015

2016-171,167

$8701,014,952

1,014,9522006

$694,232$506

$847$695,585

$5072016

2017-181,167

$8701,014,952

1,014,9522007

$711,079$1,072

$0$712,151

$5362017

2018-191,167

$8701,014,952

1,014,9522008

$782,024$1,135

$0$783,159

$5902018

2019-201,167

$8701,014,952

1,014,9522009

$705,010$1,599

$2,516$709,125

$5342019

2020-211,167

$8701,014,952

1,014,9522010

$806,746$1,897

$0$808,643

$6272020

2021-221,167

$8701,014,952

1,014,9522011

$881,596$4,232

$0$885,828

$7052021

2022-231,167

$8701,014,952

1,014,9522012

$902,528$2,979

$955$906,462

$7452022

2023-241,167

$8701,014,952

1,014,9522013

$992,600$3,288

$1,739$997,627

$8232023

2024-251,167

$8701,014,952

1,014,9522014*

$1,050,016$0

$0$1,050,016

$8702024

2025-261,167

$8701,014,952

1,014,952*E

stimated for FY

20142025

2026-271,167

$8701,014,952

1,014,9522026

2027-281,167

$8701,014,952

1,014,9522027

2028-291,167

$8701,014,952

1,014,95220,581,978

20,581,978

CES #

5


SUMMARY TAX IMPACT Red Oak Community School District, Iowa

The $1.90 tax levy reflected below is the estimated INCREASE in property taxes above & beyond the tax levythat was already being collected for the payment of the prior 2010 GO Refunding Bonds (previously refunded the 2000 G.O. Bonds)

1/1/2013 Assessed

Value*1/1/2013 Rollback

Taxable Value

Less Homestead

Credit**Net Taxable

Value

Est. Tax Rate Change per $1,000

Change in Annual Tax Payment

Change in Tax Payment

per MonthResidential Property

$25,000 x 54.4002% = $13,600 - $4,850.00 = $8,750 x $1.90000 = $16.63 $1.39$35,000 x 54.4002% = $19,040 - $4,850.00 = $14,190 x 1.90000 = $26.96 $2.25$40,000 x 54.4002% = $21,760 - $4,850.00 = $16,910 x 1.90000 = $32.13 $2.68$60,000 x 54.4002% = $32,640 - $4,850.00 = $27,790 x 1.90000 = $52.80 $4.40$75,000 x 54.4002% = $40,800 - $4,850.00 = $35,950 x 1.90000 = $68.31 $5.69$90,000 x 54.4002% = $48,960 - $4,850.00 = $44,110 x 1.90000 = $83.81 $6.98

$100,000 x 54.4002% = $54,400 - $4,850.00 = $49,550 x 1.90000 = $94.15 $7.85$125,000 x 54.4002% = $68,000 - $4,850.00 = $63,150 x 1.90000 = $119.99 $10.00$150,000 x 54.4002% = $81,600 - $4,850.00 = $76,750 x 1.90000 = $145.83 $12.15$200,000 x 54.4002% = $108,800 - $4,850.00 = $103,950 x 1.90000 = $197.51 $16.46

Commercial Property$25,000 x 95.0000% = $23,750 - 0 = $23,750 x 1.90000 = $45.13 $3.76$30,000 x 95.0000% = $28,500 - 0 = $28,500 x 1.90000 = $54.15 $4.51$40,000 x 95.0000% = $38,000 - 0 = $38,000 x 1.90000 = $72.20 $6.02$50,000 x 95.0000% = $47,500 - 0 = $47,500 x 1.90000 = $90.25 $7.52$60,000 x 95.0000% = $57,000 - 0 = $57,000 x 1.90000 = $108.30 $9.03$75,000 x 95.0000% = $71,250 - 0 = $71,250 x 1.90000 = $135.38 $11.28

$100,000 x 95.0000% = $95,000 - 0 = $95,000 x 1.90000 = $180.50 $15.04$150,000 x 95.0000% = $142,500 - 0 = $142,500 x 1.90000 = $270.75 $22.56

Agricultural Property (land only on a per acre basis)*$1,200 x 43.3997% = $521 - 0 = $521 x 1.90000 = $0.99 $0.08$1,500 x 43.3997% = $651 - 0 = $651 x 1.90000 = $1.24 $0.10$1,800 x 43.3997% = $781 - 0 = $781 x 1.90000 = $1.48 $0.12$2,200 x 43.3997% = $955 - 0 = $955 x 1.90000 = $1.81 $0.15$2,500 x 43.3997% = $1,085 - 0 = $1,085 x 1.90000 = $2.06 $0.17$2,700 x 43.3997% = $1,172 - 0 = $1,172 x 1.90000 = $2.23 $0.19$2,900 x 43.3997% = $1,259 - 0 = $1,259 x 1.90000 = $2.39 $0.20$3,000 x 43.3997% = $1,302 - 0 = $1,302 x 1.90000 = $2.47 $0.21

*Assessed Value IS NOT "Market Value"…Assessed Value is determined by County Assessor while Market Value is determined by the open real estate marketplace**Homestead Credit may vary from County to County

AG LAND EXAMPLE:

Incorrect way to do it……

I'm a farmer and I know I can sell my land for $8,000 per acre. Thus, since we are talking about 1,000's of dollars in value I woulddivide that by 1,000 to get 8, and then multiply the 8 x tax increase = 8 x $1.90 = $15.20 per acre increase = my 500 acres x $15.20 = a total tax increase to me of $7,600 per year.

Correct way to do it……

I'm a farmer and I looked at my recent tax bill to find the ASSESSED VALUE OF MY LAND is $1,800/acre. Thus, according to thechart above I would take $1.48 x my 500 acres = $740 tax increase per year.

WHILE $740 IS STILL A TAX INCREASE…IT IS NOWHERE AS SIGNIFICANT AS THE INCORRECT CALCULATION OF $7,600/YEAR.

CES #

5


RedOakCSD-Scenarios 8-26-2014 USE THIS GOING FORWARD.xls - 4.059/19/2014 8:04 AM Piper Jaffray Co.

Debt Service Schedule General Obligation School BondsRed Oak Community School District, Iowa 1/1/2013 Taxable Valuation: 353,294,503Prepared by: Piper Jaffray & Co.

Levy if PropertyOwners Pay

Estimated Maximum Borrowing @ $4.05 Debt Service Levy Full Levy

Semi Annual Annual Prior Net Annual EstimatedDate Principal Interest Interest P & I Outstanding P & I P & I

Maturity Rate Payment This Issue P & I Payment Levy5/1/2015 Assumes Dated May 1, 2015

11/1/2015 284,4605/1/2016 105,000 3.300% 284,460 673,920 752,965 1,426,885 4.03880

11/1/2016 282,7285/1/2017 115,000 3.300% 282,728 680,455 749,680 1,430,135 4.04800

11/1/2017 280,8305/1/2018 110,000 3.300% 280,830 671,660 759,145 1,430,805 4.04989

11/1/2018 279,0155/1/2019 115,000 3.300% 279,015 673,030 756,205 1,429,235 4.04545

11/1/2019 277,1185/1/2020 110,000 3.300% 277,118 664,235 765,815 1,430,050 4.04776

11/1/2020 275,3035/1/2021 880,000 3.300% 275,303 1,430,605 1,430,605 4.04933

11/1/2021 260,7835/1/2022 905,000 3.300% 260,783 1,426,565 1,426,565 4.03789

11/1/2022 245,8505/1/2023 935,000 3.300% 245,850 1,426,700 1,426,700 4.03827

11/1/2023 230,4235/1/2024 965,000 3.300% 230,423 1,425,845 1,425,845 4.03585

11/1/2024 214,5005/1/2025 1,000,000 3.300% 214,500 1,429,000 1,429,000 4.04478

11/1/2025 198,0005/1/2026 1,030,000 3.300% 198,000 1,426,000 1,426,000 4.03629

11/1/2026 181,0055/1/2027 1,065,000 3.300% 181,005 1,427,010 1,427,010 4.03915

11/1/2027 163,4335/1/2028 1,100,000 3.300% 163,433 1,426,865 1,426,865 4.03874

11/1/2028 145,2835/1/2029 1,140,000 3.300% 145,283 1,430,565 1,430,565 4.04921

11/1/2029 126,4735/1/2030 1,175,000 3.300% 126,473 1,427,945 1,427,945 4.04180

11/1/2030 107,0855/1/2031 1,215,000 3.300% 107,085 1,429,170 1,429,170 4.04527

11/1/2031 87,0385/1/2032 1,255,000 3.300% 87,038 1,429,075 1,429,075 4.04500

11/1/2032 66,3305/1/2033 1,295,000 3.300% 66,330 1,427,660 1,427,660 4.04099

11/1/2033 44,9635/1/2034 1,340,000 3.300% 44,963 1,429,925 1,429,925 4.04740

11/1/2034 22,8535/1/2035 1,385,000 3.300% 22,853 1,430,705 1,430,705 4.04961

Totals: 17,240,000 7,546,935 24,786,935 3,783,810 28,570,745 4.04347-122,000 Minus Est'd Bonding Costs-293,080 Minus Est'd Underwriters Discount

16,824,920 Est'd Net Available for Project Costs1,287,360 Plus Est'd Net PPEL Note Proceeds (OR FROM CASH if available to avoid PPEL borrow)8,390,000 Plus Est'd Net Sales Tax Proceeds

26,502,280 Net Project Funds from Borrowing-26,500,000 Minus Potential "Maximum" Project Size Cost

2,280 Shortfall that must come from PPEL Borrowing, PPEL/SILO Cash accumulated,donations, grants, rebates….or, the reduction in scope of the project size

The district voted and approved the $4.05 qustion at 1999 election

CES #

5


RedOakCSD-Scenarios 8-26-2014 USE THIS GOING FORWARD.xls9/19/2014 8:04 AM Piper Jaffray Co.




ASSUMING CURRENT REVENUE LEVELS7/1/2008 Assumes Dated 3/1/2015 EST'D GROWTH IN REVENUES NOT SHOWN1/1/20097/1/20091/1/20107/1/20101/1/20117/1/20111/1/20127/1/20121/1/20137/1/20131/1/20147/1/20141/1/20157/1/2015 111,358 111,358 111,358 1,050,016 9.4291/1/2016 167,0387/1/2016 540,000 3.500% 167,038 874,075 874,075 1,050,016 1.2011/1/2017 157,5887/1/2017 560,000 3.500% 157,588 875,175 875,175 1,050,016 1.2001/1/2018 147,7887/1/2018 580,000 3.500% 147,788 875,575 875,575 1,050,016 1.1991/1/2019 137,6387/1/2019 600,000 3.500% 137,638 875,275 875,275 1,050,016 1.2001/1/2020 127,1387/1/2020 620,000 3.500% 127,138 874,275 874,275 1,050,016 1.2011/1/2021 116,2887/1/2021 640,000 3.500% 116,288 872,575 872,575 1,050,016 1.2031/1/2022 105,0887/1/2022 665,000 3.500% 105,088 875,175 875,175 1,050,016 1.2001/1/2023 93,4507/1/2023 685,000 3.500% 93,450 871,900 871,900 1,050,016 1.2041/1/2024 81,4637/1/2024 710,000 3.500% 81,463 872,925 872,925 1,050,016 1.2031/1/2025 69,0387/1/2025 735,000 3.500% 69,038 873,075 873,075 1,050,016 1.2031/1/2026 56,1757/1/2026 760,000 3.500% 56,175 872,350 872,350 1,050,016 1.2041/1/2027 42,8757/1/2027 790,000 3.500% 42,875 875,750 875,750 1,050,016 1.1991/1/2028 29,0507/1/2028 815,000 3.500% 29,050 873,100 873,100 1,050,016 1.2031/1/2029 14,7887/1/2029 845,000 3.500% 14,788 874,575 874,575 1,050,016 1.2011/1/20307/1/2030 700,011

Totals: 9,545,000 2,802,158 12,347,158 0 0 12,347,158 16,450,253


Accrued Interest: 0.00Debt Service Reserve Fund: 875,750 Other SAVE Funds On Hand: ???Costs of Issuance: 97,860 Other Sources of Funds: ???Underwriting Costs: 181,355Deposit to Sinking Fund: 0.00 Earnings During Construction: ???Surplus: 35TOTAL 9,545,000 TOTAL 9,545,000

This "average rate" assumption is equivalent to the G.O. scenario, but is for a repayment that is only 14 years instead of 20 years; thus,

it is not apples-to-apples comparison of interest rates...

CES #

5


RedOakCSD-Scenarios 8-26-2014 USE THIS GOING FORWARD.xls - PPEL9/19/2014 8:04 AM Piper Jaffray Co.



2012 Income Surtax Paid by Red Oak CSD Taxpayers: 5,597,629Assumed 1.00% Minimum Surtax Rate Required: 1.00%

Dollars Collected from This Surtax Rate: 55,976Dollars Collected from Full Voted PPEL Rate of $1.34: 473,415

If 1% Surtax Required, Annual P&I Payment CANNOT EXCEED: 417,438




11/1/20105/1/2011

11/1/20115/1/2012

11/1/20125/1/2013

11/1/20135/1/2014

11/1/20145/1/2015

11/1/2015 7,553 7,5535/1/2016 265,000 0.800% 7,553 272,553 280,105 280,105 0.79284

11/1/2016 6,493 6,4935/1/2017 265,000 0.950% 6,493 271,493 277,985 277,985 0.78684

11/1/2017 5,234 5,2345/1/2018 270,000 1.100% 5,234 275,234 280,468 280,468 0.79386

11/1/2018 3,749 3,7495/1/2019 270,000 1.300% 3,749 273,749 277,498 277,498 0.78546

11/1/2019 1,994 1,9945/1/2020 275,000 1.450% 1,994 276,994 278,988 278,988 0.78967

Totals: 1,345,000 50,043 1,395,043 1,395,043 0 1,395,043 0.78973-41,500 Minus Est'd Bonding Costs-16,140 Minus Est'd Underwriters Discount


THIS PPEL BORROWING MAY NOT BE NECESSARY. THE DISTRICT MAY HAVE SUFFICIENT CASH ACCUMULATED IN PPEL/SILO TO FUND ANY SHORTFALL IN THE OVERALL $23-26 MILLION PROJECT SCOPE. IF CASH IS USED THIS BORROWING ESTIMATE SHOULD BE REMOVED FROM THE SCENARIO

AND CASH FLOW WORKSHEET.

CES #

5


RedO

akCSD


IS GO

ING

FOR

WA

RD

.xls9/19/2014 8:04 A

MPiper Jaffray

Co.

Estimated Sales Tax C

ollections 1/1/2009 Taxable Valuation:

295,190,563Actual H

istoric Annual Increase in Taxable Valuation (1995-2012):2.12%

Red O

ak Com

munity School D

istrict, Iowa

1/1/2010 Taxable Valuation:315,330,510

Annual Increase in Taxable Valuation Assumed H

ere (for PPEL):1.50%

Prepared by: Piper Jaffray & Co.

1/1/2011 Taxable Valuation:327,953,374

Current C

ash Balance, June 2013:Annual Inflation R

ate Used for Annual Expenditures:

3.00%1/1/2012 Taxable Valuation:

338,070,083 PPEL Fund

$505,5611/1/2013 Taxable Valuation:

353,294,503 SILO

Fund$1,720,479

Minim

um Future C

ash Balance Estimated:

$2,036,267Voted PPEL A

uthority for $1.34 Expires FY2020*Estim

ated Ending Balances$2,226,040

CU

RR

ENTLY SO

ME V-PPEL is collected as Incom

e SurtaxW

OR

KSH

EET ASSU

MES PPEL IS R

ENEW

ED B

EYON

D FY2020

(+)(+)

(+)(-)

(-)(-)

(-)(-)

(-)(-)

(-)(+)

(+)=

Payment

Payment

Sales TaxVoted PPEL

Board PPELR

evenuesR

evenuesR

evenuesR

evenuesR

evenuesR

evenuesR

evenuesR

evenuesInterest Earned

Interest EarnedEstim

atedPaym

entC

ollectionR

eceivedEstim

ated forR

evenuesR

evenuesU

sed to U

sed toU

sed toU

sed forU

sed ForU

sed ForU

sed to U

sed ForO

n Sales TaxO

n Reserve

Excess Cash

Received

Month

by . . . C

ollectionEstim

atedEstim

atedPay 2015

Pay ExistingBuy

TechnologyAnnual

"OTH

ER"

Pay 2015Abatem

entBalance @

Balance @O

n Hand

by . . .$1.34

$0.33Sales Tax B

ondsBus Loan

BusesM

aintenanceProjects

PPEL Notes

of GO

Bonds0.50%

1.00%Jul-12

1-Sep-1265,501

9/1/2012Aug-12

1-Oct-12

65,501219,729

54,11210/1/2012

Sep-121-N

ov-1265,501

11/1/2012M

akeup1-N

ov-1279,855

11/1/2012O

ct-121-D

ec-1267,767

12/1/2012N

ov-121-Jan-13

67,7671/1/2013

Dec-12

1-Feb-1367,767

2/1/2013Jan-13

1-Mar-13

59,4973/1/2013

Feb-131-Apr-13

59,497219,729

54,1124/1/2013

Mar-13

1-May-13

59,4975/1/2013

Apr-131-Jun-13

64,1226/1/2013

May-13

1-Jul-1364,122

2,226,0407/1/2013

Jun-131-Aug-13

234,282-175,000

-250,000945

2,036,2678/1/2013

Jul-131-Sep-13

62,543865

2,099,6759/1/2013

Aug-131-O

ct-1362,543

226,50755,782

8632,445,369

10/1/2013Sep-13

1-Nov-13

62,5431,038

2,508,95111/1/2013

Makeup

1-Nov-13

56,803-376,683

2,189,07111/1/2013

Oct-13

1-Dec-13

64,707900

2,254,67812/1/2013

Nov-13

1-Jan-1464,707

0957

2,320,3431/1/2014

Dec-13

1-Feb-1464,707

9852,386,035

2/1/2014Jan-14

1-Mar-14

56,810915

2,443,7603/1/2014

Feb-141-Apr-14

56,810226,507

55,7821,038

2,783,8964/1/2014

Mar-14

1-May-14

56,810-377,870

1,1442,463,981

5/1/2014Apr-14

1-Jun-1461,226

-82,3021,046

2,443,9516/1/2014

May-14

1-Jul-1461,226

01,004

8,7582,514,940

7/1/2014Jun-14

1-Aug-14336,654

-180,250-257,500

1,0682,414,911

8/1/2014Jul-14

1-Sep-1481,957

1,0262,497,894

9/1/2014Aug-14

1-Oct-14

81,957236,707

58,2941,027

2,875,87910/1/2014

Sep-141-N

ov-1481,957

1,2212,959,058

11/1/2014M

akeup1-N

ov-1439,501

2,998,55811/1/2014

Oct-14

1-Dec-14

81,9571,232

3,081,74812/1/2014

Nov-14

1-Jan-1581,957

01,309

3,165,0141/1/2015

Dec-14

1-Feb-1581,957

1,3443,248,315

2/1/2015Jan-15

1-Mar-15

81,9571,246

3,331,5193/1/2015

Feb-151-Apr-15

81,957236,707

58,2941,415

3,709,8924/1/2015

Mar-15

1-May-15

81,9571,525

3,793,3745/1/2015

Apr-151-Jun-15

81,957-82,302

1,6113,794,640

6/1/2015M

ay-151-Jul-15

81,957-111,358

-95,0001,559

8,7583,680,556

7/1/2015Jun-15

1-Aug-1581,957

-185,658-265,225

1,5633,313,194

8/1/2015Jul-15

1-Sep-1583,668

1,4073,398,269

9/1/2015Aug-15

1-Oct-15

83,668240,258

59,1681,397

3,782,76010/1/2015

Sep-151-N

ov-1583,668

1,6063,868,034

11/1/2015M

akeup1-N

ov-1551,763

-7,5533,912,244

11/1/2015O

ct-151-D

ec-1583,668

1,6083,997,520

12/1/2015N

ov-151-Jan-16

83,668-167,038

1,6983,915,848

1/1/2016D

ec-151-Feb-16

83,6681,663

4,001,1792/1/2016

Jan-161-M

ar-1683,668

1,5904,086,437

3/1/2016Feb-16

1-Apr-1683,668

240,25859,168

1,7354,471,266

4/1/2016M

ar-161-M

ay-1683,668

-272,5531,838

4,284,2205/1/2016

Apr-161-Jun-16

83,6681,819

4,369,7076/1/2016

May-16

1-Jul-1683,668

-707,038-97,850

1,7968,758

3,659,0417/1/2016

Jun-161-Aug-16

83,668-191,227

-273,1821,554

3,279,8548/1/2016

Jul-161-Sep-16

86,3651,393

3,367,6129/1/2016

Aug-161-O

ct-1686,365

243,86260,056

1,3843,759,278

10/1/2016Sep-16

1-Nov-16

86,3651,596

3,847,23911/1/2016

Makeup

1-Nov-16

52,843-6,493

3,893,59011/1/2016

Oct-16

1-Dec-16

86,3651,600

3,981,55512/1/2016

Assumed new

bus purchase

every year, plus inflation, once

existing bus loan is retired...

Sales Tax Bond payments w

ould likely be transferred in MO

NTHLY

pro-rata amounts ahead of paym

ents. This worksheet show

s the paym

ents being made on their due date for sim

plicity...

Ongoing expenditures for transportation, technology &

maintenance

shown here are assum

ptions. Red Oak CSD has been spending an

average of around $800,000 annually over the past 4 years on such item

s....changes to this assumption w

ill impact the am

ount of SILO

Bond borrowing perm

itted as well as the ability to continue to abate

the G.O. Bond levy, if desired...

Currently it is assum

ed that the abatem

ent of the G.O

. Bonds does not continue

beyond FY2014. If it does, then

there may not be

sufficient revenues to fund the entire 2015-

2017 project from

sales tax and/or PPEL borrow

ings added to the G.O

. Bond.

CES #

5


RedO

akCSD


IS GO

ING

FOR

WA

RD

.xls9/19/2014 8:04 A

MPiper Jaffray

Co.

(+)(+)

(+)(-)

(-)(-)

(-)(-)

(-)(-)

(-)(+)

(+)=

Payment

Payment

Sales TaxVoted PPEL

Board PPELR

evenuesR

evenuesR

evenuesR

evenuesR

evenuesR

evenuesR

evenuesR



atedPaym

entC

ollectionR

eceivedEstim

ated forR

evenuesR

evenuesU

sed to U

sed toU

sed toU

sed forU

sed ForU

sed ForU

sed to U

sed ForO

n Sales TaxO

n Reserve

Excess Cash

Received

Month

by . . . C

ollectionEstim

atedEstim

atedPay 2015

Pay ExistingBuy

TechnologyAnnual

"OTH

ER"

Pay 2015Abatem

entBalance @

Balance @O

n Hand

by . . .$1.34

$0.33Sales Tax B

ondsBus Loan

BusesM

aintenanceProjects

PPEL Notes

of GO

Bonds0.50%

1.00%N

ov-161-Jan-17

86,365-157,588

1,6913,912,023

1/1/2017D

ec-161-Feb-17

86,3651,661

4,000,0492/1/2017

Jan-171-M

ar-1786,365

1,5344,087,948

3/1/2017Feb-17

1-Apr-1786,365

243,86260,056

1,7364,479,967

4/1/2017M

ar-171-M

ay-1786,365

-271,4931,841

4,296,6805/1/2017

Apr-171-Jun-17

86,3651,825

4,384,8706/1/2017

May-17

1-Jul-1786,365

-717,588-100,786

1,8028,758

3,663,4217/1/2017

Jun-171-Aug-17

86,365-196,964

-281,3771,556

3,273,0008/1/2017

Jul-171-Sep-17

89,2111,390

3,363,6019/1/2017

Aug-171-O

ct-1789,211

247,52060,956

1,3823,762,670

10/1/2017Sep-17

1-Nov-17

89,2111,598

3,853,47811/1/2017

Makeup

1-Nov-17

54,546-5,234

3,902,79111/1/2017

Oct-17

1-Dec-17

89,2111,604

3,993,60512/1/2017

Nov-17

1-Jan-1889,211

-147,7881,696

3,936,7241/1/2018

Dec-17

1-Feb-1889,211

1,6724,027,607

2/1/2018Jan-18

1-Mar-18

89,2111,545

4,118,3623/1/2018

Feb-181-Apr-18

89,211247,520

60,9561,749

4,517,7984/1/2018

Mar-18

1-May-18

89,211-275,234

1,8574,333,631

5/1/2018Apr-18

1-Jun-1889,211

1,8404,424,682

6/1/2018M

ay-181-Jul-18

89,211-727,788

-103,8091,818

8,7583,692,872

7/1/2018Jun-18

1-Aug-1889,211

-202,873-289,819

1,5683,290,959

8/1/2018Jul-18

1-Sep-1890,995

1,3983,383,351

9/1/2018Aug-18

1-Oct-18

90,995251,233

61,8711,390

3,788,84010/1/2018

Sep-181-N

ov-1890,995

1,6093,881,444

11/1/2018M

akeup1-N

ov-1856,344

-3,7493,934,038

11/1/2018O

ct-181-D

ec-1890,995

1,6174,026,650

12/1/2018N

ov-181-Jan-19

90,995-137,638

1,7103,981,717

1/1/2019D

ec-181-Feb-19

90,9951,691

4,074,4032/1/2019

Jan-191-M

ar-1990,995

1,5634,166,960

3/1/2019Feb-19

1-Apr-1990,995

251,23361,871

1,7704,572,828

4/1/2019M

ar-191-M

ay-1990,995

-273,7491,879

4,391,9535/1/2019

Apr-191-Jun-19

90,9951,865

4,484,8136/1/2019

May-19

1-Jul-1990,995

-737,638-106,923

1,8438,758

3,741,8487/1/2019

Jun-191-Aug-19

90,995-208,959

-298,5131,589

3,326,9598/1/2019

Jul-191-Sep-19

92,8151,413

3,421,1879/1/2019

Aug-191-O

ct-1992,815

255,00162,799

1,4063,833,207

10/1/2019Sep-19

1-Nov-19

92,8151,628

3,927,65011/1/2019

Makeup

1-Nov-19

57,470-1,994

3,983,12611/1/2019

Oct-19

1-Dec-19

92,8151,637

4,077,57812/1/2019

Nov-19

1-Jan-2092,815

-127,1381,732

4,044,9871/1/2020

Dec-19

1-Feb-2092,815

1,7184,139,519

2/1/2020Jan-20

1-Mar-20

92,8151,644

4,233,9783/1/2020

Feb-201-Apr-20

92,815255,001

62,7991,798

4,646,3914/1/2020

Mar-20

1-May-20

92,815-276,994

1,9094,464,121

5/1/2020Apr-20

1-Jun-2092,815

1,8964,558,832

6/1/2020M

ay-201-Jul-20

92,815-747,138

-110,1311,873

8,7583,805,009

7/1/2020Jun-20

1-Aug-2092,815

-215,228-307,468

1,6163,376,743

8/1/2020Jul-20

1-Sep-2094,671

1,4343,472,848

9/1/2020Aug-20

1-Oct-20

94,671258,826

63,7411,427

3,891,51310/1/2020

Sep-201-N

ov-2094,671

1,6533,987,836

11/1/2020M

akeup1-N

ov-2058,620

4,046,45611/1/2020

Oct-20

1-Dec-20

94,6711,663

4,142,79012/1/2020

Nov-20

1-Jan-2194,671

-116,2881,759

4,122,9331/1/2021

Dec-20

1-Feb-2194,671

1,7514,219,355

2/1/2021Jan-21

1-Mar-21

94,6711,618

4,315,6443/1/2021

Feb-211-Apr-21

94,671258,826

63,7411,833

4,734,7154/1/2021

Mar-21

1-May-21

94,6711,946

4,831,3315/1/2021

Apr-211-Jun-21

94,6712,052

4,928,0546/1/2021

May-21

1-Jul-2194,671

-756,288-113,435

2,0258,758

4,163,7857/1/2021

Jun-211-Aug-21

94,671-221,685

-316,6931,768

3,721,8478/1/2021

Jul-211-Sep-21

96,5641,581

3,819,9929/1/2021

Aug-211-O

ct-2196,564

262,70864,697

1,5704,245,532

10/1/2021Sep-21

1-Nov-21

96,5641,803

4,343,89911/1/2021

Makeup

1-Nov-21

59,7924,403,691

11/1/2021O

ct-211-D

ec-2196,564

1,8104,502,065

12/1/2021

CES #

5


RedO

akCSD


IS GO

ING

FOR

WA

RD

.xls9/19/2014 8:04 A

MPiper Jaffray

Co.

(+)(+)

(+)(-)

(-)(-)

(-)(-)

(-)(-)

(-)(+)

(+)=

Payment

Payment

Sales TaxVoted PPEL

Board PPELR

evenuesR

evenuesR

evenuesR

evenuesR

evenuesR

evenuesR

evenuesR



atedPaym

entC

ollectionR

eceivedEstim

ated forR

evenuesR

evenuesU

sed to U

sed toU

sed toU

sed forU

sed ForU

sed ForU

sed to U

sed ForO

n Sales TaxO

n Reserve

Excess Cash

Received

Month

by . . . C

ollectionEstim

atedEstim

atedPay 2015

Pay ExistingBuy

TechnologyAnnual

"OTH

ER"

Pay 2015Abatem

entBalance @

Balance @O

n Hand

by . . .$1.34

$0.33Sales Tax B

ondsBus Loan

BusesM

aintenanceProjects

PPEL Notes

of GO

Bonds0.50%

1.00%N

ov-211-Jan-22

96,564-105,088

1,9124,495,454

1/1/2022D

ec-211-Feb-22

96,5641,909

4,593,9272/1/2022

Jan-221-M

ar-2296,564

1,7624,692,254

3/1/2022Feb-22

1-Apr-2296,564

262,70864,697

1,9935,118,216

4/1/2022M

ar-221-M

ay-2296,564

2,1035,216,884

5/1/2022Apr-22

1-Jun-2296,564

2,2155,315,664

6/1/2022M

ay-221-Jul-22

96,564-770,088

-116,8382,185

8,7584,536,245

7/1/2022Jun-22

1-Aug-2296,564

-228,335-326,193

1,9264,080,207

8/1/2022Jul-22

1-Sep-2298,496

1,7334,180,435

9/1/2022Aug-22

1-Oct-22

98,496266,649

65,6671,718

4,612,96510/1/2022

Sep-221-N

ov-2298,496

1,9594,713,420

11/1/2022M

akeup1-N

ov-2260,988

4,774,40811/1/2022

Oct-22

1-Dec-22

98,4961,962

4,874,86612/1/2022

Nov-22

1-Jan-2398,496

-93,4502,070

4,881,9821/1/2023

Dec-22

1-Feb-2398,496

2,0734,982,550

2/1/2023Jan-23

1-Mar-23

98,4961,911

5,082,9573/1/2023

Feb-231-Apr-23

98,496266,649

65,6672,159

5,515,9284/1/2023

Mar-23

1-May-23

98,4962,267

5,616,6905/1/2023

Apr-231-Jun-23

98,4962,385

5,717,5716/1/2023

May-23

1-Jul-2398,496

-778,450-120,343

2,3508,758

4,928,3817/1/2023

Jun-231-Aug-23

98,496-235,185

-335,9792,093

4,457,8058/1/2023

Jul-231-Sep-23

100,4661,893

4,560,1649/1/2023

Aug-231-O

ct-23100,466

270,64966,652

1,8744,999,804

10/1/2023Sep-23

1-Nov-23

100,4662,123

5,102,39311/1/2023

Makeup

1-Nov-23

62,2085,164,601

11/1/2023O

ct-231-D

ec-23100,466

2,1225,267,189

12/1/2023N

ov-231-Jan-24

100,466-81,463

2,2375,288,429

1/1/2024D

ec-231-Feb-24

100,4662,246

5,391,1402/1/2024

Jan-241-M

ar-24100,466

2,1425,493,748

3/1/2024Feb-24

1-Apr-24100,466

270,64966,652

2,3335,933,847

4/1/2024M

ar-241-M

ay-24100,466

2,4396,036,752

5/1/2024Apr-24

1-Jun-24100,466

2,5646,139,781

6/1/2024M

ay-241-Jul-24

100,466-791,463

-123,9532,523

8,7585,336,111

7/1/2024Jun-24

1-Aug-24100,466

-242,241-346,058

2,2664,850,543

8/1/2024Jul-24

1-Sep-24102,475

2,0604,955,078

9/1/2024Aug-24

1-Oct-24

102,475274,709

67,6522,036

5,401,95010/1/2024

Sep-241-N

ov-24102,475

2,2945,506,719

11/1/2024M

akeup1-N

ov-2463,452

5,570,17111/1/2024

Oct-24

1-Dec-24

102,4752,289

5,674,93512/1/2024

Nov-24

1-Jan-25102,475

-69,0382,410

5,710,7821/1/2025

Dec-24

1-Feb-25102,475

2,4255,815,682

2/1/2025Jan-25

1-Mar-25

102,4752,231

5,920,3883/1/2025

Feb-251-Apr-25

102,475274,709

67,6522,514

6,367,7374/1/2025

Mar-25

1-May-25

102,4752,617

6,472,8295/1/2025

Apr-251-Jun-25

102,4752,749

6,578,0536/1/2025

May-25

1-Jul-25102,475

-804,038-127,672

2,7038,758

5,760,2797/1/2025

Jun-251-Aug-25

102,475-249,508

-356,4402,446

5,259,2528/1/2025

Jul-251-Sep-25

104,5242,233

5,366,0109/1/2025

Aug-251-O

ct-25104,524

278,82968,667

2,2055,820,235

10/1/2025Sep-25

1-Nov-25

104,5242,472

5,927,23111/1/2025

Makeup

1-Nov-25

64,7215,991,952

11/1/2025O

ct-251-D

ec-25104,524

2,4626,098,939

12/1/2025N

ov-251-Jan-26

104,524-56,175

2,5906,149,879

1/1/2026D

ec-251-Feb-26

104,5242,612

6,257,0152/1/2026

Jan-261-M

ar-26104,524

2,4006,363,939

3/1/2026Feb-26

1-Apr-26104,524

278,82968,667

2,7026,818,662

4/1/2026M

ar-261-M

ay-26104,524

2,8026,925,989

5/1/2026Apr-26

1-Jun-26104,524

2,9417,033,454

6/1/2026M

ay-261-Jul-26

104,524-816,175

-131,5022,890

8,7586,201,949

7/1/2026Jun-26

1-Aug-26104,524

-256,993-367,133

2,6345,684,981

8/1/2026Jul-26

1-Sep-26106,615

2,4145,794,010

9/1/2026Aug-26

1-Oct-26

106,615283,012

69,6972,381

6,255,71410/1/2026

Sep-261-N

ov-26106,615

2,6576,364,986

11/1/2026M

akeup1-N

ov-2666,015

6,431,00111/1/2026

Oct-26

1-Dec-26

106,6152,643

6,540,25912/1/2026

Nov-26

1-Jan-27106,615

-42,8752,777

6,606,7761/1/2027

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evenuesR

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evenuesR

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$0.33Sales Tax B

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aintenanceProjects

PPEL Notes

of GO

Bonds0.50%

1.00%D

ec-261-Feb-27

106,6152,806

6,716,1972/1/2027

Jan-271-M

ar-27106,615

2,5766,825,388

3/1/2027Feb-27

1-Apr-27106,615

283,01269,697

2,8987,287,609

4/1/2027M

ar-271-M

ay-27106,615

2,9957,397,219

5/1/2027Apr-27

1-Jun-27106,615

3,1417,506,975

6/1/2027M

ay-271-Jul-27

106,615-832,875

-135,4473,085

8,7586,657,111

7/1/2027Jun-27

1-Aug-27106,615

-264,703-378,147

2,8276,123,702

8/1/2027Jul-27

1-Sep-27108,747

2,6006,235,050

9/1/2027Aug-27

1-Oct-27

108,747287,257

70,7422,562

6,704,35810/1/2027

Sep-271-N

ov-27108,747

2,8476,815,953

11/1/2027M

akeup1-N

ov-2767,336

6,883,28811/1/2027

Oct-27

1-Dec-27

108,7472,829

6,994,86412/1/2027

Nov-27

1-Jan-28108,747

-29,0502,970

7,077,5321/1/2028

Dec-27

1-Feb-28108,747

3,0067,189,285

2/1/2028Jan-28

1-Mar-28

108,7472,856

7,300,8883/1/2028

Feb-281-Apr-28

108,747287,257

70,7423,100

7,770,7344/1/2028

Mar-28

1-May-28

108,7473,193

7,882,6755/1/2028

Apr-281-Jun-28

108,7473,347

7,994,7706/1/2028

May-28

1-Jul-28108,747

-844,050-139,511

3,2868,758

7,131,9997/1/2028

Jun-281-Aug-28

108,747-272,644

-389,4923,029

6,581,6398/1/2028

Jul-281-Sep-28

110,9222,795

6,695,3569/1/2028

Aug-281-O

ct-28110,922

291,56671,803

2,7527,172,399

10/1/2028Sep-28

1-Nov-28

110,9223,046

7,286,36711/1/2028

Makeup

1-Nov-28

68,6827,355,049

11/1/2028O

ct-281-D

ec-28110,922

3,0237,468,994

12/1/2028N

ov-281-Jan-29

110,922-14,788

3,1727,568,301

1/1/2029D

ec-281-Feb-29

110,9223,214

7,682,4372/1/2029

Jan-291-M

ar-29110,922

2,9477,796,305

3/1/2029Feb-29

1-Apr-29110,922

291,56671,803

3,3118,273,907

4/1/2029M

ar-291-M

ay-29110,922

3,4008,388,230

5/1/2029Apr-29

1-Jun-29110,922

3,5628,502,714

6/1/2029M

ay-291-Jul-29

110,922-859,788

-143,6963,494

884,5088,498,155

7/1/2029Jun-29

1-Aug-29110,922

-280,824-401,177

3,6097,930,685

8/1/2029Jul-29

1-Sep-29110,922

3,3688,044,975

9/1/2029Aug-29

1-Oct-29

110,922295,939

72,8813,306

8,528,02310/1/2029

Sep-291-N

ov-29110,922

3,6218,642,567

11/1/2029M

akeup1-N

ov-2970,056

8,712,62311/1/2029

Oct-29

1-Dec-29

110,9223,581

8,827,12612/1/2029

Nov-29

1-Jan-30110,922

3,7498,941,796

1/1/2030D

ec-291-Feb-30

110,9223,797

9,056,5162/1/2030

Jan-301-M

ar-303,474

9,059,9893/1/2030

Feb-301-Apr-30

295,93972,881

3,8479,432,656

4/1/2030M

ar-301-M

ay-303,876

9,436,5335/1/2030

Apr-301-Jun-30

4,0079,440,540

6/1/2030M

ay-301-Jul-30

-148,0073,880

9,296,4137/1/2030

Jun-301-Aug-30

-289,248-413,212

3,9488,597,900

8/1/2030Jul-30

1-Sep-303,651

8,601,5529/1/2030

Aug-301-O

ct-3073,974

3,5358,679,060

10/1/2030Sep-30

1-Nov-30

3,6868,682,746

11/1/2030M

akeup1-N

ov-3035,028

8,717,77411/1/2030

Totals:23,646,807

10,200,0162,585,918

-12,347,158-164,604

-1,914,904-4,097,526

-5,853,6090

-1,395,043-754,553

445,4181,015,870

community recommendation for the RED OAK · 2014. 10. 27. · Red Oak School District 1 Dear School...

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Transcript of community recommendation for the RED OAK · 2014. 10. 27. · Red Oak School District 1 Dear School...