1
May,2019
TEAYSVALLEYLOCALSCHOOLDISTRICT‐‐PICKAWAYCOUNTY
StacyOverly,CFO
FiveYearForecastFinancialReport
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TEAYSVALLEYLOCALSCHOOLDISTRICT‐‐PICKAWAYCOUNTY
TableofContents
Page
TableofContents 2
ForecastSummary 3
RevenueSourcesandForecastYear‐Over‐YearProjectedOverview 41.010‐GeneralPropertyTax(RealEstate) 51.020‐PublicUtilityPersonalProperty 61.030‐IncomeTax 71.035‐UnrestrictedGrants‐in‐Aid 81.040&1.045‐RestrictedGrants‐in‐Aid 91.050‐PropertyTaxAllocation 101.060‐AllOtherOperatingRevenues 112.070‐TotalOtherFinancingSources 12
ExpendituresOverview 133.010‐PersonnelServices 143.020‐EmployeeBenefits 153.030‐PurchasedServices 163.040‐SuppliesandMaterials 173.050‐CapitalOutlay 183.060‐4.060‐Intergovernmental&Debt 194.300‐OtherObjects 205.040‐TotalOtherFinancingUses 21
FiveYearForecast 22
Supplement1‐ForecastComparetoLastFiledForecast 23
Supplement2‐CashReserveIndicators 24
Supplement3‐Enrollment 25
Supplement4‐FSFPSchoolFundingProposalPotentialImpact 26
OhioDepartmentofEducation'spurposes/objectivesforthefive‐yearforecastare:
1.
2.
3.
Toengagethelocalboardofeducationandthecommunityinthelongrangeplanninganddiscussionsoffinancialissuesfacingtheschooldistrict.Toserveasabasisfordeterminingtheschooldistrict'sabilitytosignthecertificaterequiredbyO.R.C.§5705.412,commonlyknownasthe"412certificate."ToprovideamethodfortheDepartmentofEducationandAuditorofStatetoidentifyschooldistrictswithpotentialfinancialproblems.
ForecastPurpose/Objectives
ForecastMethodology‐Thisforecastispreparedbaseduponhistoricaltrendsandcurrentfactors.Thisinformationisthenextrapolatedintoestimatesforsubsequentyears.Theforecastvariablescanchangemultipletimesthroughoutthefiscalyearandwhilecashflowmonitoringhelpstoidentifyunexpectedvariancesnoprocessisguaranteed.Theintentistoprovidethedistrict'sfinancialtrendovertimeandaroadmapfordecisionsaimedatencouragingfinancialsustainabilityandstability.
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May,2019 ForecastSummary TEAYSVALLEYLOCALSCHOOLDISTRICT‐‐PICKAWAYCOUNTY
TEAYSVALLEYLOCALSCHOOLDISTRICT‐‐PICKAWAYCOUNTY
FinancialForecast FiscalYear FiscalYear FiscalYear FiscalYear FiscalYear2019 2020 2021 2022 2023
BeginningBalance 21,958,423 22,977,658 21,909,747 21,953,499 20,535,676
+Revenue 43,239,069 43,039,486 45,751,940 46,149,169 46,425,051+ProposedRenew/ReplacementLevies ‐ ‐ ‐ ‐ ‐+ProposedNewLevies ‐ ‐ ‐ ‐ ‐‐Expenditures (42,219,834) (44,107,397) (45,708,188) (47,566,992) (48,930,887)
EndingBalancewithrenewallevies 22,977,658 21,909,747 21,953,499 20,535,676 18,029,840Note:NotReducedforEncumbrances
AnalysisWithoutRenewalLeviesIncluded:RevenueSurplusorDeficitw/oLevies 1,019,235 (1,067,911) 43,752 (1,417,823) (2,505,836)EndingBalancew/oLevies 22,977,658 21,909,747 21,953,499 20,535,676 18,029,840
3
TheupdatedforecastcallsforanoperationalsurplusforFY2019(insteadofadeficit)thankstoaddedtaxrevenuerelatedtoanewcompressorstationlocatedwithintheDistrict.TheimprovedPUPPvaluesareestimatedtogeneratemorethan$11millionofadditionaltaxrevenueoverthenext5year.Nevertheless,spendingisstillexpectedtoexceedrevenuebeginninginFY2020.Thisresultisinlargepartduetothefactstatefundingisexpectedtosufferasaresultofthenewvalue.Attheendoftheday,thenetbenefittotheDistrictafteraddingmorethan$11millionintaxrevenueisonlyanticipatedtobe$2to$4millionbytheendofFY2023oncestatefundingisadjusteddown.
Althoughoperationaldeficitsarestillprojected,theyremainmanageableespeciallyinlightoftheDistrict’shealthycashreserves.Itisimportanttokeepinmind,theDistrict’scapitalspendingplancanbescaledbackiffinancesdeterioratebetweennowandthestartofagivencapitalproject.Therefore,theDistrictstillforecastssustainable inancialconditionsthroughtheendoftheforecastperiod.
**Finally,animportantdisclosuretothisforecastrelatestothefactthestateiscurrentlydeliberatinganewbiennialbudgetaswellasanewstatefundingmodel.TheCupp/PattersonFairSchoolFundingPlan(FSFP)hasreceivedsignificantpublicityandgarnereddiscussion.IncludedinExhibit4ofthisreportisthepotentialimpactofthisplan(asitexistsatthispoint)ontheDistrict’sannualoperationaltrendsandcashbalances.Whiletheplandoesproduceresultsthatarebetterthanthecurrentschoolfundingformula,effortstoremainsustainablemustcontinuetobethefocus.
=RevenueSurplusorDeficit 1,019,235 (1,067,911) 43,752 (1,417,823) (2,505,836)
$17,529,840
$0
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
2018Actual 2019Proj. 2020Proj. 2021Proj. 2022Proj. 2023Proj.
Financial Forecast - Revenue, Expenditures, Levies, and Cash Balance
Total Revenue Replace/Renew Levies New Levies Total Expenditures Cash Balance
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TEAYSVALLEYLOCALSCHOOLDISTRICT‐‐PICKAWAYCOUNTY
RevenueSourcesandForecastYear‐Over‐YearProjectedOverview
2018 2023RealEstate 21.1% 19.8%PublicUtility 2.7% 7.0%IncomeTax 17.6% 17.8%StateFunding 50.7% 48.3%PropTaxAlloc 2.8% 2.7%AllOthrOpRev 4.9% 4.4%OthrSources 0.2% 0.0%
Prev.5‐Year PROJECTED 5‐YearAvg.Annual FiscalYear FiscalYear FiscalYear FiscalYear FiscalYear Avg.AnnualChange 2019 2020 2021 2022 2023 Change
Revenue:1.010‐RealEstate 3.94% ‐0.78% 0.50% 3.16% 2.32% 1.11% 1.26%1.020‐PublicUtility ‐3.22% 110.60% 50.73% ‐1.54% ‐2.01% ‐2.05% 31.15%1.030‐IncomeTax 19.31% 4.18% 2.45% 2.42% 2.38% 2.34% 2.75%1.035‐StateFunding 4.99% 4.81% ‐6.83% 11.30% 0.00% 0.00% 1.85%1.040‐RestrictedAid 14.79% 5.33% ‐3.36% 0.78% 0.55% 0.62% 0.78%1.045‐RestrFederalSFSF n/a 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%1.050‐PropertyTaxAlloc 3.15% 2.77% 1.70% 2.90% 2.83% 1.29% 2.30%1.060‐AllOtherOperating 11.09% ‐1.66% ‐2.82% 1.85% 1.85% 1.85% 0.21%
1.070‐TotalRevenue 6.31% 5.96% ‐0.26% 6.30% 0.87% 0.60% 2.70%
2.070‐TotalOtherSources 203.64% 18.69% ‐82.90% 0.00% 0.00% 0.00% ‐12.84%2.080‐Totalw/OtherSrcs 6.36% 5.99% ‐0.46% 6.30% 0.87% 0.60% 2.66%
4
Obviously,PublicUtilitytaxrevenueisexpectedtobenefitfromthenewcompressorstationaddedtotheREXpipeline.Otherrevenuecategoriesanticipatemoremodestgrowthrates.Aspreviouslymentioned,statefundingisexpectedtosufferbecauseoftheaddedtaxvalue.ThissituationiswhystatefundingisexpectedtosupplylessoftheDistrict’soverallfundingbytheendofFY2023(seepiechartabove).Overall,revenueisexpectedtoaveragea2.66%annualgrowthrate.
RealEstate21.1%
PublicUtility2.7% IncomeTax
17.6%
StateFunding50.7%
PropTaxAlloc2.8%AllOthrOp
Rev4 9%
OthrSources0.2%
2018
RealEstate19.8%
PublicUtility7.0% IncomeTax
17.8%
StateFunding48.3%
PropTaxAlloc2.7%
AllOthrOpRev4.4%
OthrSources0.0%
2023
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TEAYSVALLEYLOCALSCHOOLDISTRICT‐‐PICKAWAYCOUNTY
1.010‐GeneralPropertyTax(RealEstate)
ProjectedRevenuRenewalLevyRevenue2014 $7,457,265 $12015 $7,754,060
2016 $7,883,638
2017 $8,100,905
2018 $8,617,845
2019 $8,550,502 $0
2020 $8,593,653 $0
2021 $8,865,144 $0
2022 $9,070,686 $0
2023 $9,171,272 $0
FORECASTED2018 2019 2020 2021 2022 2023
TotalWithRenewalLevies 8,617,845 8,550,502 8,593,653 8,865,144 9,070,686 9,171,272YOY$Change 516,940 (67,343) 43,151 271,491 205,542 100,586YOY%Change 6.4% ‐0.8% 0.5% 3.2% 2.3% 1.1%
PercentageofTotalRevenue 21.1% 19.8% 20.0% 19.4% 19.7% 19.8%
Values,TaxRatesandGrossCollectionsTaxYr Valuation ValueChange ClassIRate Change ClassIIRate Change2017 481,350,530 22,760,440 20.00 (0.00) 20.70 (0.07)2018 487,421,710 6,071,180 20.00 ‐ 20.47 (0.23)2019 492,380,766 4,959,056 20.04 0.04 20.47 ‐2020 514,002,574 21,621,808 20.00 (0.04) 20.10 (0.37)2021 520,002,574 6,000,000 20.00 ‐ 20.10 ‐2022 525,752,574 5,750,000 20.01 0.01 20.10 ‐
*Projected%trendsincluderenewallevies
5
Realestaterevenuesuppliesapproximately20%oftheDistrict’soverallrevenue.Propertyvaluesareexpectedtocontinuetogrowasaresultofbothnewconstructionaswellasthetri‐annualreappraisal/updateofexistingproperty.SincetheDistrict’sassessedmillageisaslowasispermitted(20effectivemills),collectionsareforecastedtogrowinconjunctionwithallfuturepropertyvaluationgrowthwhetherthatgrowthisrelatedtonewconstructionorinflationaryincreasesofexistingproperty.ThisexplainstheupwardtrajectoryofthebarchartsaboveafterFY2019.
Itisworthnoting,Fiscal2019dipsslightlyfromFY2018levelsduetoslightlybetterfirsthalfcollectionsplitduringthespring2018collection,whichboostedFY2018revenue.Additionally,FY2018sawimprovedcollectionsofpastdelinquencieswhichalsocontributedtoabetterFY2018overallcollection.Sincebothofthesesituationsrepresentedone‐timeoccurrencesinFY2018,FY2019collectionsreflectadip,butasmentionedsubsequentestimatesindicateslowbutsteadygrowth.
RevenuecollectedfromtaxesleviedbyaschooldistrictbytheassessedvaluationofrealpropertyusingeffectivetaxratesforclassI(residential/agricultural)andclassII(business).
GrossCollectionRate
103.5%
99.7%99.7%
IncludingDelinquencies
100.0%99.9%99.8%
$7,457,265
$7,754,060
$7,883,638
$8,100,905
$8,617,845
$8,550,502
$8,593,653
$8,865,144
$9,070,686
$9,171,272
$0
$0
$0
$0
$0
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
$8,000,000
$9,000,000
$10,000,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Actual Projected
ProjectedRevenue RenewalLevyRevenue
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TEAYSVALLEYLOCALSCHOOLDISTRICT‐‐PICKAWAYCOUNTY
1.020‐PublicUtilityPersonalProperty
ProjectedRevenuRenewalLevyRevenue2014 $1,144,164 $1,144,164
2015 $1,122,446 $1,122,446
2016 $1,077,695 $1,077,695
2017 $1,066,845 $1,066,845
2018 $1,085,921 $1,085,921
2019 $2,287,003 $0 $2,287,003
2020 $3,447,274 $0 $3,447,274
2021 $3,394,249 $0 $3,394,249
2022 $3,326,149 $0 $3,326,149
2023 $3,258,049 $0 $3,258,049
FORECASTED2018 2019 2020 2021 2022 2023
TotalWithRenewalLevies 1,085,921 2,287,003 3,447,274 3,394,249 3,326,149 3,258,049YOY$Change 19,076 1,201,082 1,160,271 (53,025) (68,100) (68,100)YOY%Change 1.8% 110.6% 50.7% ‐1.5% ‐2.0% ‐2.0%
PercentageofTotalRevenue 2.7% 5.3% 8.0% 7.4% 7.2% 7.0%
ValuesandTaxRatesTaxYear Valuation ValueChange FullVotedRate Change2017 47,500,050 (386,770) 22.70 ‐2018 154,026,370 106,526,320 22.70 ‐2019 151,026,370 (3,000,000) 22.70 ‐2020 148,026,370 (3,000,000) 22.70 ‐2021 145,026,370 (3,000,000) 22.70 ‐2022 142,026,370 (3,000,000) 22.70 ‐
*Projected%trendsincluderenewallevies
6
PublicUtilitytaxrevenueisexpectedtogrowsignificantlybeginningin2019.ThisrecentdevelopmentisrelatedtoanewcompressorstationaddedtotheREXpipelinein2018.Thenewstationaddedover$100millioninPUPPtaxablevalue.WhiletheDistrict’slocalGeneralFundtaxcollectionswillimprovebyapproximately$2.4millionannually,statefundingisexpectedtosuffer.Beginningin2021,theforecastassumesPUPPvalueswillgraduallydeclineduetodepreciation,whichexplainsthedeclineinassociatedrevenue.Obviously,wewillcontinuetomonitoractivityherebecauseinvestmentstoimproveexistingassetscouldoffsetadropinoverallvalue.
Animportantsidenotethatremainsrelevantisthefactasecondpipeline(theATEXpipeline)followsnearlythesamepathastheREXline.However,thatlinehasproducednotaxrevenuefortheDistrict.ThisisduetothefactthematerialtransportedthroughtheATEXlineisexemptfromtaxes.Ourlocallegislators,aswellasotherlegislatorsfromaroundthestatehaveaheightenedawarenessofthepipelinetaxationissueandareworkingtointroducelegislationtoaddressinconsistenciesintaxpolicyrelatedtothematerialspassedthroughpublicutilitypipelines.TeaysValleywillremainanactiveparticipantinanypolicychangediscussions.
Revenuegeneratedfrompublicutilitypersonalpropertyvaluationsmultipliedbythedistrict'sfullvotedtaxrate.
GrossCollectionRateIncludingDelinquencies
100.0%100.0%100.0%100.0%100.0%100.0%
$1,144,164
$1,122,446
$1,077,695
$1,066,845
$1,085,921
$2,287,003
$3,447,274
$3,394,249
$3,326,149
$3,258,049
$0
$0
$0
$0
$0
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Actual Projected
ProjectedRevenue RenewalLevyRevenue
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TEAYSVALLEYLOCALSCHOOLDISTRICT‐‐PICKAWAYCOUNTY
1.030‐IncomeTax
ProjectedRevenuRenewalLevyRevenue2014 5,631,0762015 6,348,2662016 6,345,8302017 6,706,9592018 7,197,0632019 7,497,983 ‐2020 7,681,498 ‐2021 7,867,335 ‐2022 8,054,865 ‐2023 8,243,332 ‐
FORECASTED2018 2019 2020 2021 2022 2023
Total 7,197,063 7,497,983 7,681,498 7,867,335 8,054,865 8,243,332YOY$Change 490,104 300,920 183,515 185,837 187,530 188,467YOY%Change 7.3% 4.2% 2.4% 2.4% 2.4% 2.3%
PercentageofTotalRevenue 17.6% 17.3% 17.8% 17.2% 17.5% 17.8%
*Projected%trendsincluderenewallevies
7
FY2015representsfullcollectionofthenew1.5%tax.Theissuereplacedacontinuing0.75%traditionalincometaxlevy.Since2012,collectionshavemorethandoubleddespitethefactthetaxnowonlyappliesto"earned"incomereflectingbothpopulationgrowthcombinedwithincomegrowth.FY2019collectionsareexpectedtoincreasebymorethan4%overFY2018continuingthestronggrowthpatterns.TheforecastforFY2020throughtheremainderoftheforecastcallsforcontinuedgrowth,butatslightlylowerlevelsofbetween2%and3%peryear.
Revenuecollectedfromincometaxearmarkedspecificallytosupportschoolswithavoterapprovedtaxbyresidentsoftheschooldistrict;separatefromfederal,stateandmunicipalincometaxes.
$5,631,076
$6,348,266
$6,345,830
$6,706,959
$7,197,063
$7,497,983
$7,681,498
$7,867,335
$8,054,865
$8,243,332
‐ ‐ ‐ ‐ ‐
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
$8,000,000
$9,000,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Actual Projected
ProjectedRevenue RenewalLevyRevenue
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TEAYSVALLEYLOCALSCHOOLDISTRICT‐‐PICKAWAYCOUNTY
1.035‐UnrestrictedGrants‐in‐Aid
FORECASTED2018 2019 2020 2021 2022 2023
Total 20,255,115 21,228,645 19,779,737 22,014,630 22,013,909 22,013,329YOY$Change 1,104,397 973,530 (1,448,908) 2,234,893 (721) (580)YOY%Change 5.8% 4.8% ‐6.8% 11.3% 0.0% 0.0%
PercentageofTotalRevenue 49.7% 49.1% 46.0% 48.1% 47.7% 47.4%
CoreFundingPerPupil 6,010 6,020 6,100 6,200 6,300 6,400StateShareIndex(SSI) 51.5% 51.5% 52.6% 52.6% 49.0% 49.0%StateCoreFundingPerPupil 3,094 3,099 3,209 3,261 3,084 3,133
FormulaADM(FundedStudentCount) 3,927 4,078 4,068 4,130 4,161 4,200
FundingStatus Capped Formula Formula Formula Guarantee Guarantee
8
FundsreceivedthroughtheStateFoundationProgramwithnorestriction.
ThestateretainedthebasicframeworkoftheschoolfundingformulaforitscurrentbudgetcoveringFY2018&FY2019.However,per‐pupilfundingincreaseswerelimitedtoonly$10per‐pupil(or0.167%)eachyearofthebiennial.Theselevelsweresignificantlylowerthanincreasesincludedinthepriortwobudgets.Thestateiscurrentlydeliberatingtheupcomingbiennialandconsideringreplacingthecurrentfundingsystemwithanewframework.
Assumingpropertyvaluescontinuetoplayasignificantroleinanyfuturefundingformula,thetaxvalueaddedbythenewREXcompressorstationwillhavedownwardpressureonTeaysValley’scalculatedaid.Simplystated,thehigherthedistrict’staxvalues(localcapacity),thelowerthestateaid.
Infact,baseduponcurrentlaw,thestateisexpectedmakeaone‐timefundingadjustmentnextfiscalyear(FY2020)duetothefactourvaluesincreasedbymorethan10%in2018.Thatadjustmentisforecastedtoclawback$1.75millioninStateAidinFY2020.TheDistricthasbeenworkingwithlegislatorstominimizethisnegativeprovisionincurrentlaw.BeginninginFY2021(irrespectiveastowhetherwehaveanewformulaoracontinuationoftheexistingformula),theforecastassumesthehigher2018taxablevalueswillbeginnegativelyimpactingtheDistrict’scalculatedstateaid.Itisassumedsomuchso,theDistrict’scalculatedstatefundingwilldropbelowamountsreceivedinprioryears.Therefore,theforecastassumestheDistrictwillbeguaranteefundedbaseduponfundingamountsitreceivedinprioryears.
$16,509,406
$17,790,935
$18,533,192
$19,150,718
$20,255,115
$21,228,645
$19,779,737
$22,014,630
$22,013,909
$22,013,329
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Actual Projected
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TEAYSVALLEYLOCALSCHOOLDISTRICT‐‐PICKAWAYCOUNTY
1.040&1.045‐RestrictedGrants‐in‐Aid
FORECASTED2018 2019 2020 2021 2022 2023
Total 408,791 430,573 416,091 419,342 421,638 424,254YOY$Change 75,436 21,782 (14,482) 3,251 2,296 2,616YOY%Change 22.6% 5.3% ‐3.4% 0.8% 0.5% 0.6%
PercentageofTotalRevenue 1.0% 1.0% 1.0% 0.9% 0.9% 0.9%
EconomicDisadvantagedFunding 123,715 99,517 128,091 131,342 133,638 136,254PercentageofDisadvantagedStudents 30.1% 27.4% 30.0% 30.0% 30.0% 30.0%
9
Projectedfundinginthiscategoryiscomprisedofcareertechfunding,catastrophicaidreimbursement(associatedwithhighcostspecialneedsstudents)andeconomicdisadvantagedfunding.Sourcesreceiptedherearerestrictedinusetoonlytheirintendedpurpose.Combinedtheserevenuesourcesareprojectedtosupplyapproximately$400,000to$425,000ofrevenueannually.
FundsreceivedthroughtheStateFoundationProgramorotherallocationsthatarerestrictedforspecificpurposes.
$443,740
$402,876
$398,203
$333,355
$408,791
$430,573
$416,091
$419,342
$421,638
$424,254
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Actual Projected
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TEAYSVALLEYLOCALSCHOOLDISTRICT‐‐PICKAWAYCOUNTY
1.050‐PropertyTaxAllocation
ProjectedRevenuRenewalLevyRevenue2014 $992,967
2015 $1,044,048
2016 $1,089,437
2017 $1,100,601
2018 $1,135,331
2019 $1,166,803 $0
2020 $1,186,611 $0
2021 $1,221,072 $0
2022 $1,255,613 $0
2023 $1,271,759 $0
FORECASTED2018 2019 2020 2021 2022 2023
TotalWithRenewalLevies 1,135,331 1,166,803 1,186,611 1,221,072 1,255,613 1,271,759YOY$Change 34,730 31,472 19,808 34,461 34,541 16,146YOY%Change 3.2% 2.8% 1.7% 2.9% 2.8% 1.3%
PercentageofTotalRevenue 2.8% 2.7% 2.8% 2.7% 2.7% 2.7%
%ofResidentalRealEstate10%Rollback 9.99% 9.99% 9.99% 9.99% 9.99% 9.99%%ofResidentalRealEstate2.5%Rollback 1.58% 1.58% 1.58% 1.58% 1.58% 1.58%%ofResidentalRealEstateHomestead 1.90% 1.90% 1.90% 1.90% 1.90% 1.90%
*Projected%trendsincluderenewallevies
10
ThestateprovidespropertytaxreimbursementstoqualifyingClassI(residentialandagricultural)propertyowners.AllClassItaxpayersinTeaysValleyareprovideda10%rollbackontheirtaxeswhichispickedupbytheState.Anadditional2.5%taxincentiveor“rollback”isprovidedtoowneroccupieddwellingsandcertainothertaxpayersqualifyforanadditionalHomesteadcreditfromtheState.Sincepropertyvaluationsareexpectedtosteadilyrisethroughtheforecastedperiod,statepaidpropertytaxreimbursementsarealsoexpectedtotrendupward.
Itisnoteworthy,agriculturalpropertyvaluationincreasesfueledoverallcollectiongrowthinthiscategoryinthepast.However,beginningwiththe2017reappraisal,agriculturalpropertyvaluesareexpectedtodecline.Therefore,futuregrowthisprimarilyattributabletoresidentialpropertyincreasesandassociatedrollbackswhichareexpectedtomorethanoffsetthedecliningagriculturalcomponent.
IncludesfundsreceivedforTangiblePersonalPropertyTaxReimbursement,ElectricDeregulation,HomesteadandRollback.
$992,967
$1,044,048
$1,089,437
$1,100,601
$1,135,331
$1,166,803
$1,186,611
$1,221,072
$1,255,613
$1,271,759
$0
$0
$0 $0
$0
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Actual Projected
ProjectedRevenue RenewalLevyRevenue
PFR ReportWriter Software 2018 ©
TEAYSVALLEYLOCALSCHOOLDISTRICT‐‐PICKAWAYCOUNTY
1.060‐AllOtherOperatingRevenues
FORECASTED2018 2019 2020 2021 2022 2023
Total 2,005,645 1,972,272 1,916,622 1,952,168 1,988,309 2,025,056YOY$Change 389,269 (33,373) (55,650) 35,546 36,141 36,747YOY%Change 24.1% ‐1.7% ‐2.8% 1.9% 1.9% 1.8%
PercentageofTotalRevenue 4.9% 4.6% 4.5% 4.3% 4.3% 4.4%
11
HistorictotalsbetweenFY2014–FY2018havebeenimpactedbytheinconsistenttimingofMedicaidreimbursements.Additionally,FY2018wasimpactedbythedoublingofspecialeducationtuitionpaymentscarriedoverfromFY2017.SincerevenuewasinflatedinFY2018bytheadditionalpayments,FY2019indicatesareturntotypicallevels.
AbsentanyfurthertimingissuesrelatedtoMedicaidreimbursementsandspecialedtuitionreceipts,thiscategoryisexpectedtomaintainaslowbutsteadygrowthpattern.BasecollectionsinFY2109andbeyondanticipatea2%in lationaryincreaseandapick‐upininterestearnings.
Operatingrevenuesourcesnotincludedinotherlines;examplesincludetuition,fees,earningsoninvestments,rentals,anddonations.
$1,175,353
$1,413,391
$1,735,369
$1,616,376
$2,005,645
$1,972,272
$1,916,622
$1,952,168
$1,988,309
$2,025,056
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Actual Projected
PFR ReportWriter Software 2018 ©
TEAYSVALLEYLOCALSCHOOLDISTRICT‐‐PICKAWAYCOUNTY
2.070‐TotalOtherFinancingSources
FORECASTED2018 2019 2020 2021 2022 2023
Total 88,712 105,288 18,000 18,000 18,000 18,000YOY$Change 65,933 16,576 (87,288) ‐ ‐ ‐YOY%Change 289.4% 18.7% ‐82.9% 0.0% 0.0% 0.0%
PercentageofTotalRevenue 0.2% 0.2% 0.0% 0.0% 0.0% 0.0%
TransfersIn ‐ ‐ ‐ ‐ ‐ ‐AdvancesIn ‐ ‐ ‐ ‐ ‐ ‐
12
BothFY2014andFY2015wereimpactedbytwoconsecutiverefundsreceivedfromtheBureauofWorkers'Compensation.Eachrefundtotaledslightlymorethan$80,000.FY2016includes$32,681ofadvancereturns.FY2018&FY2019includetwomoreWorkersCompensationrefundstotaling$71,294and$75,000respectively.Futureyearsanticipateanominalamountofactivityrelatedtonon‐operatingissues.
Includesproceedsfromsaleofnotes,stateemergencyloansandadvancements,operatingtransfers‐in,andallotherfinancingsourceslikesaleandlossofassets,andrefundofprioryearexpenditures.
$90,066
$106,676
$57,158
$22,779
$88,712
$105,288
$18,000
$18,000
$18,000
$18,000
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
ActualProjected
PFR ReportWriter Software 2018 ©
TEAYSVALLEYLOCALSCHOOLDISTRICT‐‐PICKAWAYCOUNTY
ExpenditureCategoriesandForecastYear‐Over‐YearProjectedOverview
2018 2023Salaries 60.3% 57.8%Benefits 20.2% 24.3%PurchServ 13.3% 12.8%Supp&Mat 3.5% 3.2%CapitalOutlay 1.5% 0.2%Intergov&Debt 0.0% 0.0%OthrObjects 1.1% 1.0%OthrUses 0.0% 0.7%
Prev.5‐Year PROJECTED 5‐YearAvg.Annual FiscalYear FiscalYear FiscalYear FiscalYear FiscalYear Avg.AnnualChange 2019 2020 2021 2022 2023 Change
Expenditures:3.010‐Salaries 4.77% 5.78% 6.14% 4.50% 3.79% 3.84% 4.81%3.020‐Benefits 2.99% 18.94% 8.05% 7.40% 7.10% 7.27% 9.75%3.030‐PurchasedServices 9.37% 7.69% 4.82% 3.74% 3.74% 3.74% 4.74%3.040‐Supplies&Materials 6.40% 4.15% 15.29% ‐6.23% 3.00% 3.00% 3.84%3.050‐CapitalOutlay 30.97% ‐81.71% 0.00% 0.00% 0.00% 0.00% ‐16.34%3.060‐Intergov n/a n/a n/a n/a n/a n/a n/a4.010‐4.060‐Debt n/a n/a n/a n/a n/a n/a n/a4.300‐OtherObjects ‐9.00% ‐2.74% 16.68% ‐5.07% 6.98% 2.46% 3.66%4.500‐TotalExpenditures 4.69% 7.25% 6.80% 4.55% 4.55% 4.60% 5.55%
5.040‐TotalOtherUses 1414.79% 28433.94% ‐33.72% ‐20.60% ‐12.86% ‐69.36% 5659.48%5.050‐Totalw/OtherUses 4.56% 13.76% 4.47% 3.63% 4.07% 2.87% 5.76%
13
Overallexpendituresareprojectedtoincrease,onaverage,atarateof5.56%peryear.SalaryandBenefitspendingisanticipatedtoincreaseinconjunctionwithadditionalstaffaimedatimprovinginstructionalservicesandaccommodateagrowingenrollmentbase.Eachexpenditurenotegoesintofurtherdetailabouttheyear‐over‐yearchange.
SpendingalsoreflectsthegoalsandobjectivesapprovedintheDistrict'slatestcapitalspendingplan.AnyfundingshortfallsnecessarytofulfilltheapprovedcapitalspendingplanarecoveredbyGeneralFunddollars(theDistrict’sPermanentImprovementFundorMaintenanceSet‐AsideFundareusedfirst).Previously,supplementalcontributionsrequiredoftheGeneralFundwerereflectedasexpendituresfromtheCapitalOutlaycategory.BeginninginFY2019,anysupplementstobridgeshortfall’sincapitalspendingwillberecordedastransfersandreflectedonLine5.040‐TotalOtherUseslineitemoftheforecastinsteadofdirectexpensesreflectedinLine3.050–CapitalOutlay.Regardlessoftheaccountingchange,itisimportanttokeepinmindtransfersplannedtosupportthecapitalspendingplancanbescaledbackiffinancesdeterioratebetweennowandthestartofagivencapitalproject.
Salaries60.3%
Benefits20.2%
PurchServ13.3%
Supp&Mat3.5%
CapitalOutlay1.5%
Intergov&Debt0 0%
OthrObjects1.1%
OthrUses0.0%
2018
Salaries57.8%
Benefits24.3%
PurchServ12.8%
Supp&Mat3.2%
CapitalOutlay0.2%
Intergov&Debt0.0%
OthrObjects1.0%
OthrUses0.7%
2023
PFR ReportWriter Software 2018 ©
TEAYSVALLEYLOCALSCHOOLDISTRICT‐‐PICKAWAYCOUNTY
3.010‐PersonnelServices
FORECASTED2018 2019 2020 2021 2022 2023
Total 22,383,334 23,676,636 25,130,804 26,261,305 27,256,273 28,302,990YOY$Change 1,587,521 1,293,302 1,454,168 1,130,501 994,968 1,046,717YOY%Change 7.6% 5.8% 6.1% 4.5% 3.8% 3.8%
PercentageofTotalBudget 60.3% 56.1% 57.0% 57.5% 57.3% 57.8%
14
Employeesalariesandwages,includingextendedtime,severancepay,supplementalcontracts,etc.
FY2019markstheendofathree‐yearbargainingagreementbetweentheBoardandtheTVEA.Thatagreementincludedbasewageincreasesof2.5%inFY2017followedby2%increasesinbothFY2018andFY2019.Duringthespringof2019,theDistrictconcludedworkonasuccessorbargainingagreementtocoverFY2020–FY2022.ThenewcollaborativeagreementisexpectedtohelpcontinuetheDistrict’sfinancialstability.ElementsoftheagreementincludedacontinuationoftheDistrict’scurrenthealthinsuranceprogramwhichenabledaffordablebasewageincreasesforemployees(3%,2.5%and2%respectivelyforeachyearcoveredbythenewagreement).
SinceFY2014,theDistricthasstrategicallyaddedadditionalteachingstaffandsupportpersonneltoaccommodategrowingenrollment,toreplacepositionslostduringtheeconomiccrisis(2009–2013),andtosimplyimprovetheinstructionandoveralleducationalprogramofferedstudents.Mostrecently,inFY2019theDistrictaddednineadditionalteachingpositions,aguidancecounselorandabusdriver.FY2020includestheadditionoffourmoreteachingstaff,twoadministrativepositions(asstprincipalatSciotoandacurriculumcoach)andoneadditionalsecretarialpositiontosupporttheEMISandTransportationdepartments.Futureyearsassumetwoadditionalteachingstaffperyeartomaintainappropriatestudenttoteacherratios.
$17,885,556
$18,712,511
$19,523,134
$20,795,813
$22,383,334
$23,676,636
$25,130,804
$26,261,305
$27,256,273
$28,302,990
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
ActualProjected
PFR ReportWriter Software 2018 ©
TEAYSVALLEYLOCALSCHOOLDISTRICT‐‐PICKAWAYCOUNTY
3.020‐Employees'Benefits
FORECASTED2018 2019 2020 2021 2022 2023
Total 7,503,283 8,924,100 9,642,688 10,356,606 11,092,332 11,898,388YOY$Change 673,654 1,420,817 718,588 713,918 735,726 806,056YOY%Change 9.9% 18.9% 8.1% 7.4% 7.1% 7.3%
PercentageofTotalBudget 20.2% 21.1% 21.9% 22.7% 23.3% 24.3%
15
Retirementforallemployees,WorkersCompensation,earlyretirementincentives,Medicare,unemployment,pickuponpickup,andallhealth‐relatedinsurances.
EffectiveJanuary1,2014,theDistrictimplementedahighdeductiblehealthinsuranceprogramcombinedwithahealthsavingsaccount(HSA)foremployees.ChangestothehealthinsuranceplanhavehadatremendouslypositiveimpactontheDistrict’soverallbudget.Sinceimplementingtheplan,theDistricthasenjoyedstableinsurancepremiumsandmaintainedhealthyreserves.BeginninginFY2018though,premiumsincreasesbegantoreturntomoretypicalindustry‐trendlevels,althoughtheincreaseswereappliedtogreatlyreducedratesachievedfromtheinitial2014planchange.Theforecastassumesfuturepremiumswillcontinuetoincreaseatindustry‐widetrends,buttheDistrict’sinsuranceconsortiumcontinuestolookfornewopportunitiestopromotehealthandwellnessandprovideincentivestohelpmitigatethosetrendincreases.
BeginninginJanuary2017andendingJune2018(impactinghalfofFY17andfullyearofFY18),theforecastreflectsBoardshareHSAcontributionstobefundedoutoftheaccumulatedDistrictreserves.TheforecastreflectsthereturnoftheBoardshareHSAcontributionstotheGeneralFundinFY2019.
$6,399,874
$6,574,024
$6,891,140
$6,829,629
$7,503,283
$8,924,100
$9,642,688
$10,356,606
$11,092,332
$11,898,388
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
ActualProjected
PFR ReportWriter Software 2018 ©
TEAYSVALLEYLOCALSCHOOLDISTRICT‐‐PICKAWAYCOUNTY
3.030‐PurchasedServices
FORECASTED2018 2019 2020 2021 2022 2023
Total 4,952,105 5,332,847 5,589,775 5,798,578 6,015,302 6,240,262YOY$Change 38,264 380,742 256,928 208,803 216,724 224,960YOY%Change 0.8% 7.7% 4.8% 3.7% 3.7% 3.7%
PercentageofTotalBudget 13.3% 12.6% 12.7% 12.7% 12.6% 12.8%
16
Amountspaidforpersonalservicesrenderedbypersonnelwhoarenotonthepayrolloftheschooldistrict,andotherserviceswhichtheschooldistrictmaypurchase.
Thiscategoryaccountsforavarietyofotherexpensesincluding:specialeducationtuition,utilities,transportationcharges,rentals,aswellasoutgoingstudentenrollmentcharges.Typicalinflationarytrendsdrivecostsforthesekindsofexpensesandtheforecastassumesthiswillcontinuetobethecase.However,theDistrictcontinuestosearchforwaystobendthetrendfortheseitemsbyprioritizingenergysavingsmeasurers,insuringfacilitiesandequipmentareingoodrepairandfunctioningproperly,aswellasprovidingoptions“in‐house”toaccommodatethevariouslearningandeducationaldeliverymethodsavailabletostudents.
$4,697,234
$4,860,104
$4,804,312
$4,913,841
$4,952,105
$5,332,847
$5,589,775
$5,798,578
$6,015,302
$6,240,262
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
ActualProjected
PFR ReportWriter Software 2018 ©
TEAYSVALLEYLOCALSCHOOLDISTRICT‐‐PICKAWAYCOUNTY
3.040‐Supplies&Materials
FORECASTED2018 2019 2020 2021 2022 2023
Total 1,302,011 1,356,036 1,563,378 1,465,979 1,509,958 1,555,257YOY$Change 23,704 54,025 207,342 (97,399) 43,979 45,299YOY%Change 1.9% 4.1% 15.3% ‐6.2% 3.0% 3.0%
PercentageofTotalBudget 3.5% 3.2% 3.5% 3.2% 3.2% 3.2%
17
Expendituresforgeneralsupplies,instructionalmaterialsincludingtextbooksandmediamaterial,busfuelandtires,andallothermaintenancesupplies.
FY2017andFY2018includestheimpactofprovidingadditionalresourcestobuildinganddepartmentalbudgetallocations.SpendinginFY2019isexpectedtoendconsistenttotheprevioustwoyears.FY2020assumesasignificanttextbookadoptioninFY2020combinedwitha3%in lationarytrend.FY2021–FY2023re lectareturntotypicaltextpurchasesand3%in lationarytrendincreases.
$967,548
$1,020,600
$1,111,495
$1,278,307
$1,302,011
$1,356,036
$1,563,378
$1,465,979
$1,509,958
$1,555,257
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
ActualProjected
PFR ReportWriter Software 2018 ©
TEAYSVALLEYLOCALSCHOOLDISTRICT‐‐PICKAWAYCOUNTY
3.050‐CapitalOutlay
FORECASTED2018 2019 2020 2021 2022 2023
Total 546,654 100,000 100,000 100,000 100,000 100,000YOY$Change 234,429 (446,654) ‐ ‐ ‐ ‐YOY%Change 75.1% ‐81.7% 0.0% 0.0% 0.0% 0.0%
PercentageofTotalBudget 1.5% 0.2% 0.2% 0.2% 0.2% 0.2%
18
TheBoardapprovedaresolutioninAugustof2007toallocateaportionoftheDistrict’sinsidemillstoPermanentImprovementsbeginninginCalendaryear2008.InDecember2014,theBoardapprovedaCapitalSpendingplan,whichwasmuchmorecomprehensivethananythingpreviouslyinplace.Theplanisrevisitedannuallyandaddressesnotonlybusandfacilityneeds,butalsoeducational,safetyandtechnologypurchaseswithintheDistrict.
SincetheplanrequiresmorefundsthanthePermanentImprovementFundsuppliesonanannualbasis,aportionofcapitalspendingwasreturnedtotheGeneralFundbeginninginFY2015andthatcontinuedthroughFY2018.BeginninginFY2019,supplementsrequiredtofulfillthecapitalplanareplannedtobetransferredfromtheGeneralFundinsteadofspentfromthiscategory.The$100,000ofestimatedspendreflectedinthiscategoryafterFY2018isforpurchasesrequiredtomeetcareertechspendingobligations.
Thislineincludesexpendituresforitemshavingatleastafive‐yearlifeexpectancy,suchasland,buildings,improvementsofgrounds,equipment,computers/technology,furnishings,andbuses.
$0 $265,820
$260,925
$312,225
$546,654
$100,000
$100,000
$100,000
$100,000
$100,000
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
ActualProjected
PFR ReportWriter Software 2018 ©
TEAYSVALLEYLOCALSCHOOLDISTRICT‐‐PICKAWAYCOUNTY
3.060‐4.060‐Intergovernmental&Debt
FORECASTED2018 2019 2020 2021 2022 2023
Total ‐ ‐ ‐ ‐ ‐ ‐YOY$Change ‐ ‐ ‐ ‐ ‐ ‐YOY%Change 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
PercentageofTotalBudget 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
19
Theselinesaccountforpassthroughpayments,aswellasmoniesreceivedbyadistrictonbehalfofanothergovernmentalentity,plusprincipalandinterestpaymentsforgeneralfundborrowing.
N/A
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0
$0
$0
$0
$0
$1
$1
$1
$1$1
$1
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
ActualProjected
PFR ReportWriter Software 2018 ©
TEAYSVALLEYLOCALSCHOOLDISTRICT‐‐PICKAWAYCOUNTY
4.300‐OtherObjects
FORECASTED2018 2019 2020 2021 2022 2023
Total 417,849 406,397 474,200 450,168 481,575 493,438YOY$Change (3,949) (11,452) 67,803 (24,032) 31,407 11,863YOY%Change ‐0.9% ‐2.7% 16.7% ‐5.1% 7.0% 2.5%
PercentageofTotalBudget 1.1% 1.0% 1.1% 1.0% 1.0% 1.0%
20
Mostthiscategory’sexpensesarerelatedtofeespassedalongbyothergovernmentalagenciesforthecollectionanddistributionoftaxrelatedrevenue.Estimatesfortheseexpensesareimpactedbythetimingandpaymentsrequiredatthecountylevelleadinguptopropertyreappraisals.
Primarycomponentsforthisexpenditurelinearemembershipduesandfees,ESCcontractdeductions,CountyAuditor/Treasurerfees,auditexpenses,andelectionexpenses.
$391,741
$286,625
$364,286
$421,798
$417,849
$406,397
$474,200
$450,168
$481,575
$493,438
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
ActualProjected
PFR ReportWriter Software 2018 ©
TEAYSVALLEYLOCALSCHOOLDISTRICT‐‐PICKAWAYCOUNTY
5.040‐TotalOtherFinancingUses
FORECASTED
2018 2019 2020 2021 2022 2023
Total 8,495 2,423,818 1,606,552 1,275,552 1,111,552 340,552YOY$Change 8,495 2,415,323 (817,266) (331,000) (164,000) (771,000)YOY%Change 0.0% 28433.9% ‐33.7% ‐20.6% ‐12.9% ‐69.4%
PercentageofTotalBudget 0.0% 5.7% 3.6% 2.8% 2.3% 0.7%
TransfersOut ‐ 2,408,818 1,591,552 1,260,552 1,096,552 325,552AdvancesOut 8,495 15,000 15,000 15,000 15,000 15,000
21
Operatingtransfers‐out,advancesouttootherfunds,andallothergeneralfundfinancinguses.
Theuptickinexpensesreflectedin2016isrelatedtoatransferof$400,000totheDistrict'sPIfundtosupplementa$1,993,206energyconservationproject.TheremainderoftheprojectwasfundedwithsavingsgeneratedfromrefinancingtheDistrict'soutstanding2005bonds.Theenergysavingsachievedfromtheprojectsinceitscompletionareon‐tracktoberepaytheinitialcapitaloutlayin8years.
BeginninginFY2019,thiscategoryalsoreflectstheGeneralFund’scommitmenttobridgeanyfundingshortfallnecessarytoaccomplishtheadoptedCapitalSpendingplan(theDistrict’sPermanentImprovementFundorMaintenanceSet‐AsideFundareusedfirst).However,thisspendingplancanbescaledbackiffinancesdeterioratebetweennowandthestartofagivencapitalproject.
Outsideoftheselimitedpurposes,advancesandtransfersareusedsparinglyandonlywhenotherspendingcategoriesdonotappropriatelycapturetheessenceofatransaction.Nominalotheractivityisexpected.
$32,681
$6,642
$400,000
$0 $8,495
$2,423,818
$1,606,552
$1,275,552
$1,111,552
$340,552
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
ActualProjected
PFR ReportWriter Software 2018 ©
TEAYSVALLEYLOCALSCHOOLDISTRICT‐‐PICKAWAYCOUNTYFiveYearForecast
Actual FORECASTEDFiscalYear: 2018 2019 2020 2021 2022 2023
Revenue:1.010‐GeneralPropertyTax(RealEstate) 8,617,845 8,550,502 8,593,653 8,865,144 9,070,686 9,171,2721.020‐PublicUtilityPersonalProperty 1,085,921 2,287,003 3,447,274 3,394,249 3,326,149 3,258,0491.030‐IncomeTax 7,197,063 7,497,983 7,681,498 7,867,335 8,054,865 8,243,3321.035‐UnrestrictedGrants‐in‐Aid 20,255,115 21,228,645 19,779,737 22,014,630 22,013,909 22,013,3291.040‐RestrictedGrants‐in‐Aid 408,791 430,573 416,091 419,342 421,638 424,2541.050‐PropertyTaxAllocation 1,135,331 1,166,803 1,186,611 1,221,072 1,255,613 1,271,7591.060‐AllOtherOperatingRevenues 2,005,645 1,972,272 1,916,622 1,952,168 1,988,309 2,025,056
1.070‐TotalRevenue 40,705,712 43,133,781 43,021,486 45,733,940 46,131,169 46,407,051OtherFinancingSources:2.010‐ProceedsfromSaleofNotes ‐ ‐ ‐ ‐ ‐ ‐2.020‐StateEmergencyLoansandAdv ‐ ‐ ‐ ‐ ‐ ‐2.040‐OperatingTransfers‐In ‐ ‐ ‐ ‐ ‐ ‐2.050‐Advances‐In ‐ ‐ ‐ ‐ ‐ ‐2.060‐AllOtherFinancingSources 88,712 105,288 18,000 18,000 18,000 18,0002.070‐TotalOtherFinancingSources 88,712 105,288 18,000 18,000 18,000 18,000
2.080‐TotalRev&OtherSources 40,794,424 43,239,069 43,039,486 45,751,940 46,149,169 46,425,051Expenditures:3.010‐PersonnelServices 22,383,334 23,676,636 25,130,804 26,261,305 27,256,273 28,302,9903.020‐EmployeeBenefits 7,503,283 8,924,100 9,642,688 10,356,606 11,092,332 11,898,388
3.030‐PurchasedServices 4,952,105 5,332,847 5,589,775 5,798,578 6,015,302 6,240,262
3.040‐SuppliesandMaterials 1,302,011 1,356,036 1,563,378 1,465,979 1,509,958 1,555,257
3.050‐CapitalOutlay 546,654 100,000 100,000 100,000 100,000 100,000
Intergovernmental&DebtService ‐ ‐ ‐ ‐ ‐ ‐
4.300‐OtherObjects 417,849 406,397 474,200 450,168 481,575 493,438
4.500‐TotalExpenditures 37,105,237 39,796,016 42,500,845 44,432,636 46,455,440 48,590,335OtherFinancingUses5.010‐OperatingTransfers‐Out ‐ 2,408,818 1,591,552 1,260,552 1,096,552 325,5525.020‐Advances‐Out 8,495 15,000 15,000 15,000 15,000 15,0005.030‐AllOtherFinancingUses ‐ ‐ ‐ ‐ ‐ ‐5.040‐TotalOtherFinancingUses 8,495 2,423,818 1,606,552 1,275,552 1,111,552 340,552
5.050‐TotalExpandOtherFinancingUses 37,113,731 42,219,834 44,107,397 45,708,188 47,566,992 48,930,887
6.010‐ExcessofRevOver/(Under)Exp 3,680,692 1,019,235 (1,067,911) 43,752 (1,417,823) (2,505,836)
7.010‐CashBalanceJuly1(NoLevies) 18,277,731 21,958,423 22,977,658 21,909,747 21,953,499 20,535,6767.020‐CashBalanceJune30(NoLevies) 21,958,423 22,977,658 21,909,747 21,953,499 20,535,676 18,029,840
Reservations8.010‐EstimatedEncumbrancesJune30 1,073,519 500,000 500,000 500,000 500,000 500,0009.080‐ReservationsSubtotal ‐ ‐ ‐ ‐ ‐ ‐
10.010‐FundBalJune30forCertofApp 20,884,905 22,477,658 21,409,747 21,453,499 20,035,676 17,529,840RevfromReplacement/RenewalLevies11.010&11.020‐RenewalLevies ‐ ‐ ‐ ‐ ‐11.030‐CumulativeBalanceofLevies ‐ ‐ ‐ ‐ ‐ ‐
12.010‐FundBalJune30forCertofObligations 20,884,905 22,477,658 21,409,747 21,453,499 20,035,676 17,529,840RevenuefromNewLevies13.010&13.020‐NewLevies ‐ ‐ ‐ ‐ ‐13.030‐CumulativeBalanceofNewLevies ‐ ‐ ‐ ‐ ‐ ‐
15.010‐UnreservedFundBalanceJune30 20,884,905 22,477,658 21,409,747 21,453,499 20,035,676 17,529,840
22
PFR ReportWriter Software 2018 ©
Supplement1‐ForecastCompare TEAYSVALLEYLOCALSCHOOLDISTRICT‐‐PICKAWAYCOUNTY
23
Obviously,annualchangesmadetoforecastcanhaveanimpactthatcarriesforwardintofutureyearsora“cumulative”impact.**Sincelastfiling,afewofthemorenotableadjustmentstotheforecastinclude:
Revenue:Line1.03PubUtility‐Reflectstheimpactof2018PUPPvaluationincrease.Localcollectionsareanticipatedtoincreasebymorethan$2.5millionannually,butthebenefitisexpectedtobepartiallyoffsetbyalossofstateaid.
Line1.03IncomeTax:ThecumulativeimpactofthehigherthananticipatedfirstthreequarterlyschoolincometaxdistributionsreceivedFY2019.
Line1.035State–Alossinfuturestateaidduetothehigher2018PUPPvalues.Higherlocalvalueswilldrivedownfuturestatesharepercentagesassumingacontinuationofthecurrentfundingformula.
Expenditures:Line3.01Salariesand3.02Fringes–Includestheimpactofnew3‐yearbargainingagreementbetweenBoardandTVEAcoveringFY2020‐FY2022.
Line3.03PurchasedService:OutgoingopenenrollmentandESCchargesareslightlyhigherthanoriginalestimates.
CurrentFiveYearForecastChangetoNetOperatingRevenue(Line6.01)ComparedtoLastFiledForecastLastFiledForecastDate:10/01/2018
FY2018 FY2019 FY2020 FY2021 FY2022 FY2023
Revenue 0 1,728,487 418,631 1,885,695 1,196,209 425,755
Expenditures 0 188,261 730,781 755,365 781,093 807,976
Net Annual Change 0 1,540,226 (312,150) 1,130,330 415,116 (382,221)
As % of Budget 0.0% 3.6% ‐0.7% 2.5% 0.9% ‐0.8%
5‐YearCumulativeChangeFY2019‐2023
5YrCumulative 5YrCumulative
Revenue Change Expenditure Change
1.01 Real Estate 58,038 3.01 Salaries 739,818
1.02 Pub Utility 10,469,969 3.02 Benefits 239,057
1.03 Income Tax 935,406 3.03 Purchased Serv. 1,865,286
1.035,1.040 State (5,620,699) 3.04 Supplies 397,557
1.05 Prop Tax Alloc. 47,220 3.05 Capital ‐
1.060 All Other (247,445) 4.3 Other Exp 21,758
2.xx Other Sources 12,288 Intergov + Debt + Other ‐
Cumulative Revenue Change 5,654,777 Cumulative Expenditure Change 3,263,476
NetCumulativeFive‐YearChange $2,391,301 FavorableNetCumulativeCashChangeas%ofBudget 1.05%
NetCumulativeChangeinLevyReservation $0
Note:NetCumulativeFive‐YearChangeW/RenewalLevyReservationVariance $2,391,301
‐
1,540,226
(312,150)
1,130,330
415,116
(382,221)
Current Net Annual Revenue & Expenditure Changes Compared to Last Filed Forecast
PFR ReportWriter Software 2018 ©
Supplement2‐CashReserveIndicators TEAYSVALLEYLOCALSCHOOLDISTRICT‐‐PICKAWAYCOUNTY
24
DespitetheminimalrevenuesurplusprojectedforFY2021,theDistrict’scashreservesareanticipatedtoremaincomfortablyabovestandardbenchmarkmeasures.ThebreakevenresultprojectedforFY2021signalsacontinuedneedtoproperlyplantoavoidalesssustainabledownwardtrend.Fortunately,TeaysValleyhastheabilitytomodifyspendingdedicatedtocapitalprojectsiftheneedbecomespressingpriortoconsideringmoredrasticoperationalcuts.
PFR ReportWriter Software 2018 ©
Supplement3‐Enrollment TEAYSVALLEYLOCALSCHOOLDISTRICT‐‐PICKAWAYCOUNTY
25
HeadCountSummary/Analysis TEAYSVALLEYLOCALSCHOOLDISTRICT‐‐PICKAWAYCOUNTY
2019 2020 2021 2022 2023
PriorYearActual/EstimatedEnrollment(OctoberCount) 4,006 4,093 4,088 4,150 4,180
ProjectedChangestoPriorYearEnrollmentNetAll‐GradeLevelMobilityFactor(Change)toPriorYear 50 51 51 51 48
NewKindergartnersIn 310 259 286 265 275LossofSeniorsfromPriorYear ‐274 ‐314 ‐275 ‐286 ‐284
NetChangeinOutgoingandIncomingPupils 36 ‐55 11 ‐21 ‐9
CurrentYearEstimatedEnrollment(SimulatedOctoberCount) 4,093 4,088 4,150 4,180 4,219DistrictHeadCount Grade
K 310 259 286 265 2751 324 335 280 309 2862 273 329 340 284 3143 339 280 336 348 2914 339 347 286 344 3565 318 345 353 291 3506 340 332 360 368 3047 335 346 338 367 3758 283 338 349 340 3709 319 295 352 363 35410 304 303 280 334 34511 295 306 304 281 33612 314 275 286 284 263
TotalCanDifferbyRounding 4,093 4,088 4,150 4,180 4,219Year‐Over‐YearPercentageChange 2.16% ‐0.11% 1.51% 0.73% 0.94%
20073,490
2008 2009 2010 2011 2012 2013 2014 2015 20163,580 3,600 3,659 3,684 3,733 3,757 3,786 3,872 3,9832017 2018 2019P 2020P 2021P 2022P 2023P3,935 4,006 4,093 4,088 4,150 4,180 4,219
HistoricChange 0.8% 2.3% 2.9% ‐1.2% 1.8%
ProjectedChange 2.16% ‐0.11% 1.51% 0.73% 0.94%
3,490
4,0064,219
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019P 2020P 2021P 2022P 2023P
Historicvs.ProjectedEnrollment
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Supplement4‐PotentialFSFPStateFundingImpact TEAYSVALLEYLOCALSCHOOLDISTRICT‐‐PICKAWAYCOUNTY
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ThetwographsabovedemonstratetheimpactoftheadditioalPUPPvalues.
1.TheBlueLine=CurrentForecast‐Spring2019Filing
2.TheGreenLine=CURRENTForecastIncludingPotentialImpactofCupp/PattersonFSFP
ImpactofCupp/PattersonFairSchoolFundingPlan
Fiscal 2019 Fiscal 2020 Fiscal 2021 Fiscal 2022 Fiscal 2023
Current 1,019,235 (1,067,911) 43,752 (1,417,823) (2,505,836)
Cupp/Patterson FSFP 1,019,235 219,893 1,716,541 255,687 (831,746)
‐$3,000,000
‐$2,500,000
‐$2,000,000
‐$1,500,000
‐$1,000,000
‐$500,000
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
General Fund Revenue Over/Under Expenditures
Fiscal 2019 Fiscal 2020 Fiscal 2021 Fiscal 2022 Fiscal 2023
Current 22,977,658 21,909,747 21,953,499 20,535,676 18,029,840
Cupp/Patterson FSFP 22,977,658 23,197,551 24,914,092 25,169,779 24,338,033
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
General Fund Cash Balance Projection
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