[PPT] - 11-12 ANNUAL BUDGET PRESENTATION BUDGET ASSUMPTIONS Projected PowerPoint Presentation

SLIDE 1

11-12 ANNUAL BUDGET PRESENTATION

SLIDE 2

BUDGET ASSUMPTIONS

 Projected Enrollment

5,653 5% Growth

 Property Values

$1.42 Billion 2% Growth

 Tax Rate-M&O

$1.04 - $1.17 TRE Election

 Tax Rate-I&S

$0.50 Max Debt Service Rate

 Total Tax Rate

$1.60-1.67 $1.535 2010 Rate

 Loss in State Funding

$2.4 Million (6%) 11-12

 Loss in State Funding

$3.6 Million (8.5%) 12-13

 12-13 HISD State Funding Cut Additional $1.2M

SLIDE 3

+ 20% < 7%

SLIDE 4

SLIDE 5

HISD DEMOGRAPHICS 00-01

White 76.3% Hispanic 17.9% African-American 4.5% Native American 0.4% Asian/Pacific Islander 0.9%

00-01 Comp Ed Student % 15.1%

SLIDE 6

HISD DEMOGRAPHICS 10-11

Comp Ed Student % 46%

SLIDE 7

SLIDE 8

SLIDE 9

FOOD DE BT GE NE RAL SE RVICE SE RVICE FU NCTION FU ND FU ND FU ND E stimated Rev enues 5711 - PROPERTY TAXES 13,950,000 $ 5700 - OTHER LOCAL REV ENUE 1,117,500 $ 1,127,549 $ 6,985,000 $ 5800 - STATE REV ENUE 21,980,000 $ 1,433,818 $ 1,765,701 $ Total E stimated Rev enue 37,047,500 $ 2,561,367 $ 8,750,701 $ E stimated E xpenditures 11 - Instruction 20,315,015 $ 12 - Instructional Resources 359,390 $ 13 - Curriculum and Staff Develop 777,139 $ 21 - Instructional Leadership 223,047 $ 23 - Campus Administration 2,310,245 $ 31 - G uidance & Counseling 865,011 $ 33 - Health Services 365,309 $ 34 - Pupil Transportation 1,408,740 $ 35 - Food Service 2,297,969 $ 36 - Co-Curricular Activities 1,077,917 $ 41 - G eneral Administration 1,403,401 $ 51 - Maintenance and Operations 4,810,120 $ 52 - Security and Monitoring 390,747 $ 53 - Data Processing 1,015,872 $ 61 - Community Services 339,168 $ 71 - Debt Service 580,000 $ 10,728,506 $ 93 - Payments to Fiscal Agents 415,000 $ 95 - Payments to JJAEP's 50,000 $ 99 - Other Intergov. Charges 192,000 $ Total Estimated Ex penditures 36,898,121 $ 2,297,969 $ 10,728,506 $ Ex cess/(Deficiency) 149,379 $ 263,398 $ (1,977,805) $ Total Rev enues - All Funds 48,359,568 $ Total E xpenditures - All Funds 49,924,596 $ E xcess/(Deficiency) (1,565,028) $

1.04 M&O Tax Rate HUTTO INDEPENDENT SCHOOL DISTRICT OFFICIAL ADOPTED BUDGET 2011-12

SLIDE 10

2010-11 2011-12 10-11 11-12 FUNCTION ACTUAL BUDGE T ADOPTE D BUDGE T PER PUPIL PER PUPIL INSTRUCTION 11 - Instruction 21,240,000 $ 20,315,015 $ 3,946 $ 3,594 12 - Instructional Resources, Media 243,383 $ 359,390 $ 45 $ 64 13 - Curriculum/Staff Development 995,000 $ 777,139 $ 185 $ 137 95 - Payments to JJAEP's 90,100 $ 50,000 $ 17 $ 9 Total Instruction 22,568,483 $ 21,501,544 $ 4,193 $ 3,804 $ INSTRUCTIONAL SUPPORT 21 - Instructional Leadership 205,000 $ 223,047 $ 38 $ 39 23 - School Leadership 2,205,000 $ 2,310,245 $ 410 $ 409 31 - Guidance & Counseling, Evaluation 800,000 $ 865,011 $ 149 $ 153 33 - Health Services 370,000 $ 365,309 $ 69 $ 65 36 - Co-Curricular/Extra-Curricular Activities 1,005,000 $ 1,077,917 $ 187 $ 191 Total Instructional Support 4,585,000 $ 4,841,529 $ 852 $ 856 $ CE NTRAL ADMINISTRATION 41 - General Administration 1,525,000 $ 1,403,401 $ 283 $ 248 DISTRICT OPERATIONS 51 - Maintenance and Operations 3,391,864 $ 4,810,120 $ 630 $ 851 52 - Security and Monitoring 440,000 $ 390,747 $ 82 $ 69 53 - Data Processing 1,050,000 $ 1,015,872 $ 195 $ 180 34 - Student Transportation 1,660,000 $ 1,408,740 $ 308 $ 249 35 - Food Services 2,400,000 $ 2,297,969 $ 446 $ 407 Total District Operations 8,941,864 $ 9,923,448 $ 1,661 $ 1,755 $ DE BT SE RVICE 71 - Debt Service 10,451,172 $ 10,769,172 $ 1,942 $ 1,905 OTHE R 61 - Community Services 360,000 $ 339,168 $ 67 $ 60 81 - Facilities Acquisition & Construction 190,000 $

$
$
93 - Payments to Fiscal Agents

1,420,803 $ 415,000 $ 264 $ 73 99 - Intergov Charges-Tax Appraisals 180,000 $ 192,000 $ 33 $ 34 Total Other 2,150,803 $ 946,168 $ 364 $ 167 $ Total Estimated Expenditures 50,222,322 $ 49,385,262 $

9,330 $ 8,736 $

Estimated number of Students Served 5,383 5,653

BUDGET SUMMARY HUTTO INDEPENDENT SCHOOL DISTRICT ADOPTED BUDGET SUMMARY COMPARISON - 10/11 TO 11/12 PER PUPIL COST

SLIDE 11

ORIGINAL BUDGE T AME NDE D FUNCTION BUDGE T AME NDME NTS BUDGE T E stimated Revenues 5711 - PROPERTY TAXES 14,135,912 $ (1,835,912) $ 12,300,000 $ 5700 - OTHER LOCAL REVENUE 961,000 $ 1,698,819 $ 2,659,819 $ 5800 - STATE REVENUE 21,641,542 $ 58,458 $ 21,700,000 $ 5900 - FEDERAL 1,698,706 $ (100,706) $ 1,598,000 $ 7900 - PROCEEDS FROM CAPITAL LEASE

$

200,000 $ 200,000 $ Total E stimated Revenue 38,437,160 $ (179,341) $ 38,457,819 $ E stimated E xpenditures 11 - Instruction 21,972,329 $ (732,329) $ 21,240,000 $ 12 - Instructional Resources 392,700 $ (149,317) $ 243,383 $ 13 - Curriculum and Staff Develop 1,179,280 $ (184,280) $ 995,000 $ 21 - Instructional Leadership 226,762 $ (21,762) $ 205,000 $ 23 - Campus Administration 2,586,257 $ (381,257) $ 2,205,000 $ 31 - Guidance & Counseling 842,369 $ (42,369) $ 800,000 $ 33 - Health Services 380,121 $ (10,121) $ 370,000 $ 34 - Pupil Transportation 1,680,762 $ (20,762) $ 1,660,000 $ 36 - Co-Curricular Activities 929,711 $ 75,289 $ 1,005,000 $ 41 - General Administration 1,397,565 $ 127,435 $ 1,525,000 $ 51 - Maintenance and Operations 3,466,466 $ (651,466) $ 2,815,000 $ 52 - Security and Monitoring 421,128 $ 18,872 $ 440,000 $ 53 - Data Processing 1,116,534 $ (66,534) $ 1,050,000 $ 61 - Community Services 377,502 $ (17,502) $ 360,000 $ 71 - Debt Service 518,000 $ (28,000) $ 490,000 $ 81 - Capital Leases

$

200,000 $ 190,000 $ 93 - Payments to Fiscal Agents 404,000 $ 41,000 $ 445,000 $ 95 - Payments to JJAEP's 90,100 $

$

90,100 $ 99 - Other Intergov. Charges 182,500 $ (2,500) $ 180,000 $ FUND 266 - SFSF Funds - Electric/Water 1,698,706 $

$

1,698,706 $ Total Estimated Expenditures 39,862,792 $ (1,845,603) $ 38,007,189 $ *Note: Federal E dujob Funds used to assist with Shortfall 830,567 $ Excess/(Deficiency) (1,425,632) $ 450,630 $

HUTTO INDEPENDENT SCHOOL DISTRICT OFFICIAL AMENDED BUDGET 2010 - 2011 GENERAL FUND

SLIDE 12

ORIGINAL BUDGET AMENDED FUNCTION BUDGET AMENDMENTS BUDGET Estimated Revenues 5700 - LOCAL REVENUE 1,109,166 $

$

1,109,166 $ 5800 - STATE REVENUE 18,803 $

$

18,803 $ 5900 - FEDERAL REVENUE 1,460,031 $

$

1,460,031 $ Total Estimated Revenue 2,588,000 $

$

2,588,000 $ Estimated Expenditures 35 - Food Service 2,324,602 $ 75,398 $ 2,400,000 $ Total Estimated Expenditures 2,324,602 $ 75,398 $ 2,400,000 $ Excess/(Deficiency) 263,398 $ 188,000 $ ORIGINAL BUDGET AMENDED FUNCTION BUDGET AMENDMENTS BUDGET Estimated Revenues 5700 - LOCAL I&S TAXES 6,543,999 $

$

6,543,999 $ 5800 - STATE REVENUE 1,435,188 $

$

1,435,188 $ 7900 - SALE OF BONDS

$
$
$

Total Estimated Revenue 7,979,187 $

$

7,979,187 $ Estimated Expenditures 71 - Debt Services 10,251,172 $

$

10,251,172 $ Total Estimated Expenditures 10,251,172 $

$

10,251,172 $ Excess/(Deficiency) (2,271,985) $ (2,271,985) $

AMENDED FOOD SERVICE FUND 10-11 AMENDED DEBT SERVICE FUND 10-11

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SLIDE 14

200,000,000

400,000,000 600,000,000 800,000,000 1,000,000,000 1,200,000,000 1,400,000,000 1,600,000,000

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

99,514,235 105,497,072 124,006,727 151,693,241 182,506,814 219,346,728 330,355,257 422,000,785 534,007,931 653,819,904 792,917,854 973,397,132 1,192,136,524 1,338,539,566 1,374,876,781

1,396,874,809

1,420,000,000

Tax Year

Taxable Value

+ 20% < 4%

SLIDE 15

TAXABLE VALUES +2%

 $1,420,000,000 Billion  Top 10 Taxpayers in HISD

10% of Tax Base

 Star Ranch Apartments

$29,337,174

 Oncor Electric

$28,663,477

 Western Rim Investors (Mansions)

$25,377,340

 Wal-Mart Real Estate

$16,693,113

 Lowes Home Center Inc

$10,586,300

 Matthews-Barnes Brothers Inv

$9,653,279

 Home Depot Development

$7,576,600

 Wal-Mart #5480

$6,775,912

 Williamson County Landfill

$6,038,101

 Lowes Home Center

$5,123,481

SLIDE 16

SLIDE 17

Total School Distirct M&O Rate I&S Rate Tax Rate *Dripping Springs ISD 1.170 0.450 1.620

TRE

*Hutto ISD 1.100 0.500 1.600

*Elgin ISD 1.170 0.370 1.540

TRE Swap

*Del Valle ISD 1.040 0.490 1.530 *Manor ISD 1.040 0.475 1.515 *Leander ISD 1.040 0.4598 1.4998 *Bastrop ISD 1.040 0.441 1.481 *Pflugerville ISD 1.040 0.440 1.480 Taylor ISD 1.040 0.410 1.450 *Round Rock ISD 1.040 0.340 1.380 Georgetown ISD 1.040 0.318 1.358 Lake Travis ISD 1.040 0.2759 1.3159 Thorndale ISD 1.170 0.145 1.315 Burnet ISD 1.040 0.230 1.270 Liberty Hill ISD 1.040 0.220 1.260 Seguin ISD 1.040 0.2098 1.250 Wimberley ISD 1.090 0.143 1.2327

TRE Swap

Florence ISD 1.040 0.190 1.230 Eanes ISD 1.040 0.1725 1.2125 Thrall ISD 1.040 0.170 1.210 Lockhart ISD 1.040 0.1548 1.1948 Llano ISD 1.040 0.140 1.180

* FAST GROWTH DISTRICTS

2011 CENTRAL TX AREA TAX RATES

SLIDE 18

TAX RATE CONSIDERATIONS

 Debt Service Tax Rate: .50 cents – Max Rate

 Delay Future Construction Projects – Elem #6  Create a 5 year Debt Restructure Plan  Adopt a Debt Service Board Policy-Sep 11  Plan will cost HISD additional interest payments in

the short-run, allow property values to grow in long

 Projected .50 cent Debt Service Tax Rate for next

several years

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 M&O Tax Rate: $1.04  12-13 School Year: Additional $1.2 million in

State Funding Cuts

 Consider TRE Election? .06 cents = $1.2M

additional revenue. .01cent = $346K

 TRE Election Timing: This budget year – Nov 11  TRE Election Community Survey  Replaces Lost State Revenue – pass down effect  Begins to slowly replenish fund balance  Prevents further cuts in programs/staffing

TAX RATE CONSIDERATIONS

SLIDE 20

TRE – ADDITIONAL PENNIES

 .01 =

$346,000

 .02 =

$573,000

 .03 =

$741,000

 .04 =

$906,000

 .05 =

$1,070,000

 .06 =

$1,230,000

 .07 =

$1,380,000

 .08 =

$1,540,000

 .09 =

$1,690,000

 .10 =

$1,840,000

 .11 =

$1,965,000

 .12 =

$2,040,000

 .13 =

$2,260,000

SLIDE 21

FINANCIAL PROJECTIONS – 1.04

ITEM AUDITED 06-07 AUDITED 07-08 AUDITED 08-09 AUDITED 09-10 PROJECTED 10-11 PROJECTED 11-12 PROJECTED 12-13

Enrollment

3,683 4,378 4,834 5,132 5,379 5,653 5,978

ADA

3,529 4,144 4,581 4,824 5,151 5,335 5,723

Taxable Value-CAD

973,379,119 1,192,136,524 1,338,539,566 1,374,876,781 1,396,874,809 1,415,000,000 1,443,000,000

% Change Taxable Value

22.8% 22.5% 12.3% 2.7% 1.6% 1.3% 2.0%

% Growth-Enrollment

22.6% 18.9% 10.4% 6.2% 4.8% 5.1% 5.7%

Tax Rate/$100 - M&O

1.36 1.04 1.04 1.04 1.04 1.04 1.04

Beginning Fund Balance

1,897,371 4,898,930 5,012,563 3,815,419 2,467,746 2,918,376 3,067,755

Local Revenue

14,194,116 13,450,532 15,077,182 14,933,611 15,159,819 15,067,500 15,400,000

State Revenue

11,511,043 17,256,484 18,679,137 20,636,652 21,700,000 21,980,000 22,537,367

Federal Revenue

13,709 1,598,000

Total Revenue

25,705,159 30,707,016 33,756,319 35,583,972 38,457,819 37,047,500 37,937,367

Expenditures

22,703,600 30,593,383 34,953,463 36,931,645 38,007,189 36,898,121 38,789,124

Net Change in Fund Balance

3,001,559 113,633 (1,197,144) (1,347,673) 450,630 149,379 (851,757)

Ending Fund Balance

4,898,930 5,012,563 3,815,419 2,467,746 2,918,376 3,067,755 2,215,998

Optimum Fund Balance

5,031,821 5,142,369 3,894,000 6,800,000 7,140,000 6,873,333 7,147,667

SLIDE 22

FINANCIAL PROJECTIONS – 1.10

ITEM AUDITED 06-07 AUDITED 07-08 AUDITED 08-09 AUDITED 09-10 PROJECTED 10-11 PROJECTED 11-12 PROJECTED 12-13

Enrollment

3,683 4,378 4,834 5,132 5,379 5,653 5,978

ADA

3,529 4,144 4,581 4,824 5,151 5,335 5,723

Taxable Value-CAD

973,379,119 1,192,136,524 1,338,539,566 1,374,876,781 1,396,874,809 1,415,000,000 1,443,000,000

% Change Taxable Value

22.8% 22.5% 12.3% 2.7% 1.6% 1.3% 2.0%

% Growth-Enrollment

22.6% 18.9% 10.4% 6.2% 4.8% 5.1% 5.7%

Tax Rate/$100 - M&O

1.36 1.04 1.04 1.04 1.04 1.04 1.04

Beginning Fund Balance

1,897,371 4,898,930 5,012,563 3,815,419 2,467,746 2,918,376 4,215,155

Local Revenue

14,194,116 13,450,532 15,077,182 14,933,611 15,159,819 16,059,900 16,355,580

State Revenue

11,511,043 17,256,484 18,679,137 20,636,652 21,700,000 22,135,000 22,537,367

Federal Revenue

13,709 1,598,000

Total Revenue

25,705,159 30,707,016 33,756,319 35,583,972 38,457,819 38,194,900 38,892,947

Expenditures

22,703,600 30,593,383 34,953,463 36,931,645 38,007,189 36,898,121 38,789,124

Net Change in Fund Balance

3,001,559 113,633 (1,197,144) (1,347,673) 450,630 1,296,779 103,823

Ending Fund Balance

4,898,930 5,012,563 3,815,419 2,467,746 2,918,376 4,215,155 4,318,978

Optimum Fund Balance

5,031,821 5,142,369 3,894,000 6,800,000 7,140,000 6,873,333 7,147,667

SLIDE 23

FINANCIAL PROJECTIONS – 1.17

ITEM AUDITED 06-07 AUDITED 07-08 AUDITED 08-09 AUDITED 09-10 PROJECTED 10-11 PROJECTED 11-12 PROJECTED 12-13

Enrollment

3,683 4,378 4,834 5,132 5,379 5,653 5,978

ADA

3,529 4,144 4,581 4,824 5,151 5,335 5,723

Taxable Value-CAD

973,379,119 1,192,136,524 1,338,539,566 1,374,876,781 1,396,874,809 1,415,000,000 1,443,000,000

% Change Taxable Value

22.8% 22.5% 12.3% 2.7% 1.6% 1.3% 2.0%

% Growth-Enrollment

22.6% 18.9% 10.4% 6.2% 4.8% 5.1% 5.7%

Tax Rate/$100 - M&O

1.36 1.04 1.04 1.04 1.04 1.04 1.04

Beginning Fund Balance

1,897,371 4,898,930 5,012,563 3,815,419 2,467,746 2,918,376 5,737,874

Local Revenue

14,194,116 13,450,532 15,077,182 14,933,611 15,159,819 17,010,780 17,325,276

State Revenue

11,511,043 17,256,484 18,679,137 20,636,652 21,700,000 22,706,839 23,489,021

Federal Revenue

13,709 1,598,000

Total Revenue

25,705,159 30,707,016 33,756,319 35,583,972 38,457,819 39,717,619 40,814,297

Expenditures

22,703,600 30,593,383 34,953,463 36,931,645 38,007,189 36,898,121 38,789,124

Net Change in Fund Balance

3,001,559 113,633 (1,197,144) (1,347,673) 450,630 2,819,498 2,025,173

Ending Fund Balance

4,898,930 5,012,563 3,815,419 2,467,746 2,918,376 5,737,874 7,763,047

Optimum Fund Balance

5,031,821 5,142,369 3,894,000 6,800,000 7,140,000 6,873,333 7,147,667

SLIDE 24

11-12 BUDGET SUMMARY

 Total Revenue 11-12:

$37,047,500

 Total Expenditures:

$36,898,121

 11-12 Amount to Fund Balance:

$149,379

 Projected Fund Balance 11-12

$3.1M

 Optimum Fund Balance 11-12

$6.1 – 9.2M

 Projected Fund Balance 12-13

$2.2M

SLIDE 25

 $4.0 Million in projected cuts over 10-11  10% Reduction in Workforce  Salaries maintained at 10-11 levels  Maintain 10% Campus/Dept Cuts for 11-12  District Healthcare Contribution Reduced from

$297month to $275month: Savings = $149K

 Restructure Stipends/Days paid: Savings $92K  Restructure District Copier Contract – Savings $50K

11-12 BUDGET SUMMARY

SLIDE 26

11-12 BUDGET SUMMARY

 EduJob Federal Funds: $826,000  Athletic Fees: $25, $12.50, $2.50  Lease 4 additional buses/refinance original bus fleet

lease: 10-11 yearly payment: $469,530

 11-12 yearly payment: $490,341 2.85% Interest

 Salaries: 10-11

$30.4 million

 Salaries: 11-12

$29.2 million 79%

 TRE Election – Recover Potential lost State Funds

SLIDE 27

FOOD DE BT GE NE RAL SE RVICE SE RVICE FU NCTION FU ND FU ND FU ND E stimated Rev enues 5711 - PROPERTY TAXES 13,950,000 $ 5700 - OTHER LOCAL REV ENUE 1,117,500 $ 1,127,549 $ 6,985,000 $ 5800 - STATE REV ENUE 21,980,000 $ 1,433,818 $ 1,765,701 $ Total E stimated Rev enue 37,047,500 $ 2,561,367 $ 8,750,701 $ E stimated E xpenditures 11 - Instruction 20,315,015 $ 12 - Instructional Resources 359,390 $ 13 - Curriculum and Staff Develop 777,139 $ 21 - Instructional Leadership 223,047 $ 23 - Campus Administration 2,310,245 $ 31 - G uidance & Counseling 865,011 $ 33 - Health Services 365,309 $ 34 - Pupil Transportation 1,408,740 $ 35 - Food Service 2,297,969 $ 36 - Co-Curricular Activities 1,077,917 $ 41 - G eneral Administration 1,403,401 $ 51 - Maintenance and Operations 4,810,120 $ 52 - Security and Monitoring 390,747 $ 53 - Data Processing 1,015,872 $ 61 - Community Services 339,168 $ 71 - Debt Service 580,000 $ 10,728,506 $ 93 - Payments to Fiscal Agents 415,000 $ 95 - Payments to JJAEP's 50,000 $ 99 - Other Intergov. Charges 192,000 $ Total Estimated Ex penditures 36,898,121 $ 2,297,969 $ 10,728,506 $ Ex cess/(Deficiency) 149,379 $ 263,398 $ (1,977,805) $ Total Rev enues - All Funds 48,359,568 $ Total E xpenditures - All Funds 49,924,596 $ E xcess/(Deficiency) (1,565,028) $

1.04 M&O Tax Rate HUTTO INDEPENDENT SCHOOL DISTRICT OFFICIAL ADOPTED BUDGET 2011-12

SLIDE 28

FOOD DE BT GE NE RAL SE RVICE SE RVICE FU NCTION FU ND FU ND FU ND E stimated Rev enues 5711 - PROPERTY TAXES 14,942,400 $ 5700 - OTHER LOCAL REV ENUE 1,117,500 $ 1,127,549 $ 6,985,000 $ 5800 - STATE REV ENUE 22,135,000 $ 1,433,818 $ 1,765,701 $ Total E stimated Rev enue 38,194,900 $ 2,561,367 $ 8,750,701 $ E stimated E xpenditures 11 - Instruction 20,315,015 $ 12 - Instructional Resources 359,390 $ 13 - Curriculum and Staff Develop 777,139 $ 21 - Instructional Leadership 223,047 $ 23 - Campus Administration 2,310,245 $ 31 - G uidance & Counseling 865,011 $ 33 - Health Services 365,309 $ 34 - Pupil Transportation 1,408,740 $ 35 - Food Service 2,297,969 $ 36 - Co-Curricular Activities 1,077,917 $ 41 - G eneral Administration 1,403,401 $ 51 - Maintenance and Operations 4,810,120 $ 52 - Security and Monitoring 390,747 $ 53 - Data Processing 1,015,872 $ 61 - Community Services 339,168 $ 71 - Debt Service 580,000 $ 10,728,506 $ 93 - Payments to Fiscal Agents 415,000 $ 95 - Payments to JJAEP's 50,000 $ 99 - Other Intergov. Charges 192,000 $ Total Estimated Ex penditures 36,898,121 $ 2,297,969 $ 10,728,506 $ Ex cess/(Deficiency) 1,296,779 $ 263,398 $ (1,977,805) $ Total Rev enues - All Funds 49,506,968 $ Total E xpenditures - All Funds 49,924,596 $ E xcess/(Deficiency) (417,628) $

HUTTO INDEPENDENT SCHOOL DISTRICT OFFICIAL ADOPTED BUDGET 2011-12 1.10 M&O Tax Rate

SLIDE 29