New Cedar Falls Community School District 2011-12 Budget … · 2020. 6. 20. · State foundation...
Transcript of New Cedar Falls Community School District 2011-12 Budget … · 2020. 6. 20. · State foundation...
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2018/19 Budget Presentation
CEDAR FALLS COMMUNITY SCHOOL DISTRICT
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GOALS & PRINCIPALS OF IOWA SCHOOL’S FOUNDATION FORMULA (GENERAL FUND)
Equity in expenditures Property tax relief Equalization of method of
taxation Uniform state aid
allocation formula Predictable
Pupil-driven Provide for local
discretion and incentives ESTABLISHES MAXIMUM
SPENDING CONTROL Same formula for all Iowa
K-12 public schools and AEA’s
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FOUR KEY FACTORS IOWA PUBLIC SCHOOL FOUNDATION FORMULA
1. Enrollment Number of students enrolled on October 1st determines budget and spending
authority for the following school year 2. Equalization Legislature established a law that “cost per student” across the state will be nearly
equal to ensure every student equal access to a quality education 3. Supplemental State Aid Growth (SSA) Legislature & Governor control the annual increase in dollars available per student State foundation formula sets the expenditure ceiling for each school district’s
total spending authority and tells the school district how to fund its spending authority.
4. Balance The ratio of property tax & state aid supporting a district’s budget varies by
district. Districts with a higher “assessed valuation per student” will receive less state aid.
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Iowa Code Chapter 257.1(2) “... each school district in the state is entitled to receive foundation
aid, in an amount per pupil equal to the difference between the amount per pupil of foundation property tax in the district, and the combined foundation base per pupil or the combined district cost per pupil, whichever is less.
IOWA PUBLIC SCHOOL FOUNDATION PROGRAM - STATE AID
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Aid & Levy Budget Worksheet Implements the school foundation aid formula Calculates the amount of spending authority, state aid and property
taxes for a school district Formula first determines the total maximum spending authority Determines state aid vs. property taxes
GENERAL FUND BUDGET DETERMINATION
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4,442.9 4,489.3
4,741.4 4,738.1 4,799.3 4,951.1
5,051.2 5,027.9
311.8 292.1
121.0 121.0 108.0
101.0 95.6 99.6
3,800
4,000
4,200
4,400
4,600
4,800
5,000
5,200
Oct-10 Oct-11 Oct-12 Oct-13 Oct-14 Oct-15 Oct-16 Oct-17
Stud
ent
CF OE Out
CERTIFIED ENROLLMENT SECTION 1
4,754.7 4,781.4 4,862.4 4,859.1 4,907.3 5,052.1 5,146.8 5,127.5
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8.51% 8.08% 7.22% 6.58% 5.89% 5.72% 5.67% 5.62%
3.11% 2.71%
2.90% 2.88%
3.21% 3.06% 2.99% 3.27%
1.47% 1.36%
1.31% 1.47% 1.35% 1.57% 2.08% 2.02%
0%
2%
4%
6%
8%
10%
12%
14%
Oct 10 Oct 11 Oct 12 Oct 13 Oct 14 Oct 15 Oct 16 Oct 17L1 L2 L3
SPECIAL ED ENROLLMENT BY PERCENTAGE SECTION 3
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0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 FY18 FY19Cedar Falls CF w/o PLS State
HISTORY OF SUPPLEMENTAL STATE AID IN PERCENTAGE
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State Rank
School District 2017/18 RPDC 2017/18 RPDC/P
10/1/17 Count
2018/19 RPDC Dollar Growth % Growth
Per Pupil Growth
Enrollment Increase
12 Linn-Mar $48,737,813 $6,665 7,436.2 $50,060,498 $ 1,322,685 2.71% $ 177.87 123.7
13 Johnston $45,942,949 $6,664 7,074.1 $47,615,767 $ 1,672,818 3.64% $ 236.47 179.9
14 Southeast Polk $45,296,541 $6,664 6,843.1 $46,060,906 $ 764,365 1.69% $ 110.70 45.9
15 Marshalltown $36,443,016 $6,705 5,458.4 $36,964,285 $ 521,268 1.43% $ 94.50 23.2
16 College $33,897,102 $6,664 5,162.7 $34,750,134 $ 853,032 2.52% $ 165.23 76.1
17 Cedar Falls* $34,334,303 $6,671 5,127.5 $34,549,095 $ 343,343 1.00% $ 66.96 (19.3)
18 Muscatine* $34,416,225 $6,664 4,935.8 $34,219,920 $ (196,305) (0.57)% $ (39.77) (148.4)
19 Pleasant Valley $32,255,164 $6,797 4,922.4 $33,787,354 $ 1,532,190 4.75% $ 311.27 176.9
20 Ottumwa* $30,942,285 $6,664 4,612.2 $31,251,708 $ 309,423 1.00% $ 67.09 (31.0)
21 Ames $28,285,752 $6,754 4,299.8 $29,328,936 $ 1,043,936 3.69% $ 242.79 111.8
22 Burlington* $29,673,177 $6,664 4,263.3 $29,767,602 $ 94,425 0.32% $ 22.15 (159.4)
SSA COMPARISON - SIMILAR SIZED SCHOOLS
* = Indicates budget guarantee for FY19
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238.3
318.0
41.6
137.3
215.3
75.4
-234.2
390.6
-10.7
118.6
-194.2 -250.0-200.0-150.0-100.0
-50.00.0
50.0100.0150.0200.0250.0300.0350.0400.0450.0
Stud
ents
S IMILAR SIZED SCHOOLS
THREE YEAR CUMULATIVE CHANGE CERTIFIED ENROLLMENT
Oct. 2015, 2016 & 2017 certified enrollment count
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$1,329,457
$1,651,701
$1,096,320
$677,142
$1,266,181
$1,003,937
-$47,585
$1,646,666
$537,936 $547,679
-$14,506 -$200,000
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
SIMILAR SIZED SCHOOLS THREE YEAR AVERAGE INCREASE
SUPPLEMENTAL STATE AID
Included any budget guarantee funds received
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FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19TIF $228,952,490 $238,279,052 $69,938,785 $262,029,070 $255,379,885 268,498,450 $155,010,642 $133,875,589Regular $1,394,788,675 $1,539,679,334 $1,765,749,164 $1,620,002,240 $1,646,442,620 1,705,405,959 $1,881,942,714 $1,952,212,278
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
Billi
ons
CEDAR FALLS CSD HISTORY OF ASSESSED VALUATION
SECTION 6
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Used by cities/counties/community colleges since 1958 City/county adopt urban renewal plans Community Colleges job training projects
City/county adopts an ordinance to initiate Tax Increment Financing Establishes a base valuation at the prior years’ taxable valuation level Increased value of TIF area is incremental valuation Revenue on base valuation goes to all taxing authorities Revenue on incremental valuation goes to TIF project with some
exceptions
TAX INCREMENT FINANCING BASICS
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$260,000
$280,000
$300,000
$320,000
$340,000
$360,000
$380,000
$400,000
Fy11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19Cedar Falls State Median Avg
ASSESSED VALUATION PER STUDENT
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65.27% 74.27% 76.21% 77.13% 73.70% 71.80%
1.21%
1.35% 1.36% 1.29% 1.21% 1.17%
32.64% 23.44% 21.66% 16.84% 21.01% 22.03%
4.02% 3.31% 4.28% 0.89% 0.95% 0.77% 0.65% 0.78% 0.73%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2013/14 2014/15 2015/16 2016/17 2017/18 2018/19Residential Ag land & bldgs Comm./Indust. Multi-residential RR/Utility/Other
NET ASSESSED VALUATION BY CLASS
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$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
Cedar Falls Dike-NH Hudson Janesville Waterloo Waverly-SR State Avg
2017/18 VALUATION PER STUDENT – AREA SCHOOL COMPARISON
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$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
Cedar Falls Dike-NH Hudson Janesville Waterloo Waverly-SR State AvgFY16 FY17 FY18
VALUATION PER STUDENT AREA SCHOOL 3 YR. COMPARISON
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$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
$550,000
$600,000
Linn-Mar Johnston SE Polk M'town College Cedar Falls Muscatine PleasantValley
Ottumwa Ames Burlington
2017/18 VALUATION PER STUDENT SIMILAR SIZE SCHOOL COMPARISON
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$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
$550,000
$600,000
Linn-Mar Johnston SE Polk M'town College Cedar Falls Muscatine PleasantValley
Ottumwa Ames Burlington
FY16 FY17 FY18
VALUATION PER STUDENT SIMILAR SIZE SCHOOL 3 YR. COMPARISON
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12.82% $ 864 per Student
Additional Levy Combined District Cost – Foundation Dollar Level
62.08% $4,183 per Student
State Foundation Aid = Foundation Dollar Level – Uniform Levy Foundation dollar cost per pupil as set by the State of Iowa x Weighted Enrollment - Uniform Levy
+ SSA Prop Tax Replacement Payment
25.10% $1,691 per Student
Uniform Levy = $5.40 per $1,000 assessed valuation x school district assessed valuation
2018/19 COMBINED DISTRICT COST – $6,738 PER STUDENT
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$5,890 $6,008
$6,128
$6,373 $6,453 $6,598 $6,671 $6,738
$4,000
$4,500
$5,000
$5,500
$6,000
$6,500
$7,000
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
HISTORY OF COST PER PUPIL
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37.16% 38.20% 40.65%
37.92% 36.63% 36.07% 37.18% 37.92%
62.84% 61.80% 59.35%
63.08% 63.37% 63.93% 62.82% 62.08%
0%
10%
20%
30%
40%
50%
60%
70%
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19Property Tax State Aid
HISTORICAL COMBINED DISTRICT COST MIX
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Aid & Levy budget worksheet Uniform Levy (Section 6) Property Tax Portion = $10,413,395 (Ln 6.3 – Ln 5.2)
Property Tax Rate = $5.40000
Regular Program Adjustment (101% guarantee) Property Tax Portion = $128,551 (Ln 5.2)
Property Tax Rate = $0.06585
Final State Foundation Aid (Section 9) Regular Program = $31,359,887 (Ln 9.12 – Ln 9.11)
Includes TSS, PD, TLC, Early Intervention & Property Tax Replacement Payment (PTRP)
COMBINED DISTRICT COST FUNDING
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Additional Levy (Section 8 minus Section 13) Gross Property Tax Additional Levy (Ln 8.4) $6,922,399 Utility Replacement Adjustment (Ln 8.38) - 37,428 AEA Statewide Reduction (Ln 8.41) + 66,618 Property Tax Replacement Payment (Ln 8.42) - 543,105 Add. Levy Utility Replacement Adjust (Ln 13.5) + 219 Add. Levy C & I State Replacement (Ln 13.21) - 169,569 Dropout Prevention Program (Ln 5.17) - 855,139 Net Additional Levy $5,383,995
Property Tax Rate = $2.69204
COMBINED DISTRICT COST FUNDING
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Uniform and Additional Levy Property Tax Portion = $15,797,390 Property Tax Rate = $8.09204
Regular program adjustment (101% guarantee) Property Tax Portion = $128,551 Property Tax Rate = $0.06585
Dropout Prevention (approved by BOE on Nov. 27, 2017) Property Tax Portion = $855,139 Property Tax Rate = $0.43804
Totals Property Tax Portion = $16,781,080 Property Tax Rate = $8.59593
COMBINED DISTRICT COST SUMMARY
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$8.24
$9.74 $10.20
$8.42
$10.68
$8.67 $9.04
$0.00
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
Cedar Falls Dike-NH Hudson Janesville Waterloo Waverly-SR State Avg
2017/18 COMBINED DISTRICT COST – TAX RATE COMPARISON
Includes Drop Out Prevention Funding.
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$9.65
$9.29
$10.19
$10.65
$8.71 $8.60
$10.35
$9.43
$9.89
$7.70
$10.53
$7.00
$7.50
$8.00
$8.50
$9.00
$9.50
$10.00
$10.50
$11.00
Linn-Mar Johnston SE Polk M'town College CedarFalls
Muscatine PleasantValley
Ottumwa Ames Burlington
2017/18 COMBINED DISTRICT COST – SIMILAR SIZE SCHOOL COMPARISON
Includes Drop Out Prevention Funding
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$12.28 $13.21 $14.63 $13.71 $13.90 $14.35
$15.35 $15.80
$0.13
$0.57 $0.66
$0.66 $0.74 $0.74 $0.77
$0.83 $0.86
$4
$6
$8
$10
$12
$14
$16
$18
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
Mill
ions
CDC Budget Guarantee Dropout
HISTORY OF COMBINED DISTRICT COST & DROPOUT PROPERTY TAX REVENUE
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$8.80728 $8.58129 $8.23849 $8.46096 $8.40597 $8.41638 $8.15828 $8.09204
$0.06585
$0.40703 $0.43082 $0.37572 $0.45951 $0.44868 $0.45329 $0.44004 $0.43804
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
$9.00
$10.00
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19CDC Budget Guarantee Dropout
HISTORY OF COMBINED DISTRICT COST & DROPOUT PROPERTY TAX RATES
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Included with General Fund for reporting to Dept. of Education 10 year levy approved by voters of District (Thru FY2022) 10% of regular district program cost ( L n 10 . 5 ) $3,467,765 Less gross ISL State Aid (22.72% of total) - $ 787,876 Net Property Tax $2,679,889 Instructional Support State Aid + $ 0 (0% of Gross State Aid)
Total Adjusted ISL Dollars = $2,679,889 Less anticipated actual ISL State Aid - $ 0 Anticipated Actual ISL Dollars = $2,679,889 Property tax rate of $1.28465/$1,000
INSTRUCTIONAL SUPPORT LEVY SECTION 10
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$2.15 $2.23
$2.37 $2.40 $2.45 $2.55
$2.66 $2.68
$1.0
$1.2
$1.4
$1.6
$1.8
$2.0
$2.2
$2.4
$2.6
$2.8
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
Mill
ions
HISTORY OF INSTRUCTIONAL SUPPORT LEVY
PROPERTY TAX REVENUE
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$1.5354 $1.4512
$1.2927 $1.2749 $1.2856 $1.2915 $1.3053 $1.2847
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
$1.80
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
HISTORY OF INSTRUCTIONAL SUPPORT LEVY PROPERTY TAX RATES
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SBRC Approved Requests Increased enrollment, open enrollment out, LEP excess cost $125,229 – Open enrollment out increase - approved by BOE on Oct. 23, 2017 $ 11,740 – ELL beyond 5 years - approved by BOE on Oct. 23, 2017 $100,596 – LEP allowable excess cost - approved by BOE on Oct. 9, 2017
Special Education $972,951 – Special Ed excess cost - approved by BOE on Oct. 9, 2017
Total SBRC #1 approved requests - $1,210,516
CASH RESERVE LEVY – PART ONE SECTION 15
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Other Cash flow needs $ 600,000 Other SBRC approved requests $ 0 Total request for FY19 $ 600,000
CASH RESERVE LEVY – PART TWO SECTION 15
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SBRC Approved/Requested $1,210,516 Other Requests (Cash Flow) $ 600,000 Total Cash Reserve Levy $1,810,516
Property Tax Rate of $0.92742
CASH RESERVE LEVY – SUMMARY SECTION 15
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$0.38
$1.15
$1.75
$0.79
$0.31
$1.10
$1.54 $1.21
$0.87
$0.22
$0.00
$0.20
$0.20
$0.00
$0.60
$0.60
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
Mill
ions
SBRC Cash Flow
HISTORY OF SBRC CASH RESERVE LEVY TAX REVENUE
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$0.2757
$0.7459 $0.9935
$0.4870 $0.1908
$0.6453 $0.8209
$0.6201
$1.2597 $0.1416
$0.0000
$0.1235
$0.1215
$0.0000
$0.3181
$0.3074
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
$1.80
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19SBRC Cash Flow/Other
HISTORY OF CASH RESERVE LEVY TAX RATES
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Total General Fund Request Dollars Tax Rate
Comb. District Cost $15,797,390 8.19204 Budget Guarantee $ 128,551 0.06585 Dropout $ 855,139 0.43804 Instructional Support $ 2,679,889 1.28465 Cash Reserve Levy $ 1,810,516 0.92742
Totals $ 21,271,185 10.80800
GENERAL FUND SUMMARY SECTION 15
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$16.25
$17.48
$19.34
$17.84 $17.54
$18.78
$20.98 $21.27
$10
$12
$14
$16
$18
$20
$22
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
Mill
ions
HISTORY OF OPERATING FUND PROPERTY TAX REVENUE
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$11.65
$11.35
$10.90 $10.81
$10.45
$10.81
$11.04
$10.81
$10.00
$10.20
$10.40
$10.60
$10.80
$11.00
$11.20
$11.40
$11.60
$11.80
$12.00
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
HISTORY OF OPERATING FUND PROPERTY TAX RATES
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Beginning in FY2015, commercial & industrial property valuations are being reduced through rollback. Rollback was 95% in FY2015 and 90% beginning in FY2016. State of Iowa is reimbursing local governments and school districts for the loss of property tax receipts.
Beginning in FY2018, commercial and industrial replacement payments paid by the State of Iowa becomes limited by the total amount of payments made in FY2017.
District is estimating a 95% prorated payment from Fy2018 amounts.
COMMERCIAL & INDUSTRIAL (C & I) STATE REPLACEMENT ESTIMATE
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C & I Non-TIF 100% valuation $483,273,870 C & I Non-TIF taxable valuation -$429,999,239 Est. Non-TIF valuation reduction (GF/Mgt. Fund) $ 53,274,631
C & I TIF 100% valuation $140,250,834 C & I TIF taxable valuation -$131,172,997 Est. TIF valuation reduction $ 9,077,837 Est. combined valuation reduction (Debt/PPEL/ISL) $ 62,352,468
Est. General Fund C & I replacement ($53,274,631 / 1,000) * 9.52335 (tax rate) $507,353 x 0.95 = $481,985
Est. Inst. Support Levy C & I replacement ($62,352,468 / 1,000) * 1.28465 (tax rate) $ 80,101 x 0.95 = $ 76,096
CFCSD COMMERCIAL & INDUSTRIAL (C & I) STATE REPLACEMENT ESTIMATE
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$436,594
$38,000
$30,000
$34,585
$75,000
$100,800
$2,631,043
$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000
Misc. Other
Pools
Facilities
Rentals
Interest
Sp Ed Tuition
OE Tuition
GENERAL FUND – PROJECTED OTHER LOCAL REVENUE
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$231,164
$0
$558,081
$2,557,938
$2,916,266
$346,260
$345,594
$1,674,129
$468,152
$23,519,700
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000
Misc. Other
ISL
C&I Repl.
AEA Flow Thru
TSS
PD
Early Intervention
TLC
4 yr old Pre Sch
CDC
GENERAL FUND – PROJECTED STATE REVENUE
State CDC includes Property Tax Replacement Payment (PTRP)
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$11,540
$22,426
$41,840
$975,000
$147,883
$236,498
$95,897
$400,000
$- $200,000 $400,000 $600,000 $800,000 $1,000,000
Misc. Other
Perkins
TAP
Medicaid
Head Start
Part B
Title IIA
Title I
GENERAL FUND – PROJECTED FEDERAL REVENUE
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Federal, $1,931,084, 3.26%
Local, $24,688,007, 41.67%
State, $32,620,412, 55.07%
TOTAL 2018/19 GENERAL FUND REVENUE
Due to rounding, percentages may not equal 100.00%
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Restricted fund Board of Education Controlled Used for property/liability/auto/workman compensation/etc. insurance
premiums Property loss deductible Early severance benefits
Amount requested for 2018/19 $600,000 Property tax rate of $0.30734/$1,000
Est. Management Fund C & I replacement ($53,274,631 / 1,000) * 0.30734 (tax rate) * 0.95 = $15,555
MANAGEMENT FUND
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$650
$550
$450 $500
$530 $500
$698
$600
$0
$100
$200
$300
$400
$500
$600
$700
$800
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
Thou
sand
s HISTORY OF MANAGEMENT FUND PROPERTY TAX
REVENUE
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$0.46602
$0.35722
$0.25485
$0.30864 $0.32191 $0.29319
$0.37196
$0.30734
$0.00
$0.05
$0.10
$0.15
$0.20
$0.25
$0.30
$0.35
$0.40
$0.45
$0.50
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
Per T
hous
and
HISTORY OF MANAGEMENT FUND PROPERTY TAX RATE
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Restricted fund with two parts Board of Education controlled – up to $0.33/$1,000 (regular) Voters approved renewal of additional $1.34/$1,000 levy for 10 years on
December 6, 2016. Levy now expires June 30, 2028 (voted). Can be used for: Purchase or improvement of grounds Construction, repairing or remodeling of schoolhouses or roads to schoolhouses
including debt for same Purchase or lease of equipment greater that $500 per unit Purchasing of “bundled” equipment and technology greater than $500
Purchase or lease of school buses or other vehicles Leasing or renting of facilities
PHYSICAL PLANT & EQUIPMENT LEVY (PPEL)
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PPEL Fund Amount requested for 2018/19 $688,409 (regular) & $2,795,358 (voted) = $3,483,767 Property tax rate of $1.67/$1,000
Est. PPEL C & I replacement ($62,352,468 / 1,000) * 1.67 (tax rate) *0.95 = $98,922
PHYSICAL PLANT & EQUIPMENT LEVY (PPEL)
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$0.54 $0.59 $0.61 $0.62 $0.63 $0.65 $0.67 $0.69
$2.18 $2.38 $2.46 $2.52 $2.55 $2.65 $2.73 $2.80
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
Mill
ions
Regular Voted
HISTORY OF PHYSICAL PLANT & EQUIPMENT LEVY (PPEL) PROPERTY TAX REVENUE
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$0.33 $0.33 $0.33 $0.33 $0.33 $0.33 $0.33 $0.33
$1.34 $1.34 $1.34 $1.34 $1.34 $1.34 $1.34 1.34
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
$1.80
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19Regular Voted
HISTORY OF PHYSICAL PLANT & EQUIPMENT LEVY (PPEL) PROPERTY TAX RATES
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Restricted fund Used to pay interest as it becomes due and the amount necessary to pay the
principal when due on bonds or other authorized indebtedness issued by the district, and to make payments required under a loan, lease-purchase agreement, or other evidence of indebtedness authorized by this code. (298A.10)
$32 million bond – Voter approved on April 5, 2016 Bonds sold February 7, 2017 – 19 years at 3.0785%
Amount requested for 2018/19 $2,423,200 Property tax rate of $1.16160/$1,000
Est. Debt Service Levy C & I replacement ($62,352,468 / 1,000) * 1.16160 (tax rate) * 0.95 = $68,807
DEBT SERVICE LEVY
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$0.000 $0.000 $0.000 $0.000 $0.000 $0.000
$2.420 $2.423
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
Mill
ions
HISTORY OF DEBT SERVICE LEVY PROPERTY TAX REVENUE
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$0.00000 $0.00000 $0.00000 $0.00000 $0.00000 $0.00000
$1.18791 $1.16160
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
Per T
hous
and
HISTORY OF DEBT SERVICE LEVY PROPERTY TAX RATE
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Combined Distr ict Cost $15,797,390 Budget Guarantee $ 128,551 Dropout Prevention $ 855,139 Cash Res. Levy - SBRC $ 1 ,210,516 Cash Res. Levy - Other $ 600,000 Sub-Total – General Fund $18,591,596 $ 9.52335
Instruct ional Support Levy $ 2,679,889 $ 1 .28465 Management Fund $ 600,000 $ 0.30734 Voted PPEL Levy $ 2,795,358 $ 1 .34000 Regular PPEL Levy $ 688,409 $ 0.33000 Debt Service Levy $ 2,423,200 $ 1 .16160 Total $27,778,452 $13.94694
SUMMARY
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$13.79 $13.38
$12.83 $12.78 $12.44
$12.77
$14.27 $13.95
$13.08 $12.79
$8
$9
$10
$11
$12
$13
$14
$15
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19Total w/o Debt Service
TOTAL PROPERTY TAX RATE HISTORY
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Dropout Prevention 3.08%
Budget Guarantee 0.46%
Instructional Support 9.65%
Cash Reserve Levy 6.52%
Management Fund 2.16%
PPEL - Regular 2.48% PPEL - Voted
10.06%
Combined District Cost 56.87%
Debt Service 8.72%
2018/19 PROPERTY TAX BREAKDOWN
Due to rounding, percentages may not equal 100.00%
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Voted PPEL, Inst. Sup. & Debt Serv.
28.43%
DRP, CR, Mgt, Reg. PPEL, Guarantee
14.70%
Combined District Cost 56.87%
2018/19 PROPERTY TAX BREAKDOWN
Due to rounding, percentages may not equal 100.00%
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0%
10%
20%
30%
40%
50%
60%
70%
CDC Bgt Guar Dropout Inst Sup Cash Res Mgt R PPEL V PPEL Debt Serv2015/16 2016/17 2017/18 2018/19
TAX LEVY HISTORY BY PERCENTAGE
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$7.00
$8.00
$9.00
$10.00
$11.00
$12.00
$13.00
$14.00
$15.00
2017/18 2018/19
Per T
hous
and
DebtV PPELR PPELMgtCash ResISLDropoutCDC w/ Guarantee
2017/18 $14.27271/$1,000 2017/18 $13.94894/$1,000 Change - $ 0.32377/$1,000
PROPERTY TAX RATE COMPARISON
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$10
$12
$14
$16
$18
$20
$22
$24
$26
$28
2017/18 2018/19
Mill
ions
DebtV PPELR PPELMgtCash ResISLDropoutCDC w/ Guarantee
2017/18 $27,505,897 2018/19 $27,778,442 Change +$ 272,545
PROPERTY TAX REVENUE COMPARISON
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$3,483
$65,831
$16,214
-$98,427
-$333,152
$19,322
$26,990
$572,284
-$500,000 -$300,000 -$100,000 $100,000 $300,000 $500,000 $700,000
Debt Serv
V PPEL
R PPEL
Mgt
Cash Res
ISL
Dropout
CDC w/ Guarantee
2017/18 PROPERTY TAX REVENUE CHANGE
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$13.28 $12.66 $13.46 $15.69
$12.73 $11.04 $12.22 $11.88
$13.59
$8.56
$12.82
$4.09 $5.66 $6.03 $2.26
$3.91
$3.23 $2.70 $2.07
$1.07
$5.78
$3.03
$0.00
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
$18.00
$20.00
Linn-Mar Johnston SE Polk M'town College Cedar Falls Muscatine PleasantValley
Ottumwa Ames Burlington
Gen Fund All Other Funds
2017/18 TOTAL TAX RATE SIMILAR SIZE SCHOOL COMPARISON
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Iowa Code 441.21 Adjustments in value to comply with state law that allows no more than a 4%
increase in taxable value from year to year for all classes of property, except utility property which has a maximum increase of 8% per year. Rate adjustment determined by Iowa Department of Revenue. Rate adjustment is the same for all counties in Iowa.
ASSESSMENT & VALUATION OF PROPERTY ASSESSMENT LIMITATIONS ORDER (ROLLBACK)
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40%
42%
44%
46%
48%
50%
52%
54%
56%
58%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
RESIDENTIAL ROLLBACK HISTORY
Assessment Yr.
Fiscal Yr. F2010 F2011 F2012 F2013 F2014 F2015 F2016 F2017 F2017 F2019
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2017/18 2018/19
Prop. Value $100,000 $100,000 Rollback x 0.569391 0.556209 Tax Rate x 0.01427271 0.01394694 Gross Tax = $ 812.68 $ 775,74 Est. Homestead - $ 66.96 $ 66.96 Net Tax = $ 745.72 $ 708.78
Change w/o Debt Service $ - 33.91 Debt Service $ - 3.03 Total Change $ - 36.94
PROJECTED RESIDENTIAL PROPERTY TAX
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Property Value 2017/18 2018/19 Change $100,000 $ 745.72 $ 708.78 - $ 36.94 $200,000 $1,558.39 $1,484.52 - $ 73.87 $300,000 $2,371.07 $2,260.26 - $110.81
PROJECTED RESIDENTIAL PROPERTY TAX
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Districts eligible for the regular program budget adjustment (101% guarantee) must adopt a resolution.
Copy of resolution (board minutes) due to Department of Management no later than April 15th.
Resolution “If necessary, the Board of Education of the Cedar Falls Community School
District, will levy property tax for fiscal year 2018-2019 for the regular program budget adjustment as allowed under section 257.14, Code of Iowa.”
BUDGET ADJUSTMENT (GUARANTEE) RESOLUTION
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March 26, 2018 – Establish Proposed Budget March 28, 2018 – Publish Proposed Budget April 9, 2018 – Public Hearing & Adoption of Budget April 16, 2018 – File Budget with County Auditor
2018/19 BUDGET TIMELINES
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Iowa Code Section 24.9 Budget estimates adopted and certified in accordance with this chapter may
be amended and increased as the need arises ...... to permit appropriation and expenditure during the fiscal year covered by the budget of amounts of cash anticipated to be available during the year from sources other than taxation and which had not been estimated and appropriated for expenditure during the fiscal year of the budget sought to be amended.
Iowa Code Section 257.7(2) If actual miscellaneous income for a budget year exceeds the anticipated
miscellaneous income in the certified budget for that year …… a school district may amend its certified budget.
2017/18 SCHOOL BUDGET AMENDMENT
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Amendment to 2017-18 Budget Instruction Amend expenditures from $42,751,853 to $43,577,509 Technology equipment & staffing
Total Support Services No Change
Non-instructional Programs No Change
Other Expenditures No Change
Public hearing required
2017/18 SCHOOL BUDGET AMENDMENT
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March 26, 2018 – Establish Proposed Budget Amendment March 28, 2018 – Publish Proposed Budget Amendment April 9, 2018 – Public Hearing & Adoption of Budget Amendment April 16, 2018 – File Budget Amendment with County Auditor
2017/18 BUDGET AMENDMENT TIMELINES
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QUESTIONS?