CEDAR FALLS COMMUNITY SCHOOL DISTRICT 2017/18 Budget Presentation - - PowerPoint PPT Presentation

2017/18 Budget Presentation

CEDAR FALLS COMMUNITY SCHOOL DISTRICT

 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

 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

• A school district’s general fund spending is limited by it’s maximum

spending authority

• Formula first determines the total spending authority
• Primarily student enrollment times cost per pupil
• Determines state aid vs. property taxes

GENERAL FUND BUDGET DETERMINATION

 Aid & Levy Worksheet – 21 Sections

• 1. Budget Enrollment
• 2. Cost per Pupil Amounts
• 3. Weighted Enrollment
• Special Education
• Sharing
• At-Risk (Now included as a part of drop-out funding)
• English Second Language (ESL)

GENERAL FUND BUDGET DETERMINATION

 Aid & Levy Worksheet Continued

• 4. District Cost Calculations
• Regular Program
• Other District Cost Calculations (TSS/PD/Early Childhood/TLC)
• AEA District Cost Calculations
• 5. Combined District Cost (Summary of Section 4)
• 6. Uniform Levy
• Basic
• Utility Replacement Adjustment
• Uniform Levy Commercial & Industrial State Replacement Adjustment

GENERAL FUND BUDGET DETERMINATION

 Aid & Levy Worksheet Continued

• 7. State Foundation Aid
• Regular Program Cost
• Preschool Foundation Aid
• 8. Additional Dollar Levy
• Combined District Cost
• Property Tax Replacement Payment (PTRP)
• Property Tax Equity & Relief (PTER) (67 schools for Fy17 - $33.48 million)
• Final Additional Levy Before Utility Replacement Adjustment
• 9. Final State Foundation Aid Calculation

GENERAL FUND BUDGET DETERMINATION

 Aid & Levy Worksheet Continued

• 10. Instructional Support Levy Calculation
• 11. Educational Improvement Program (CF currently not eligible)
• 12. Reserved for Future Use
• 13. Additional Levy Adjustment
• Utility Replacement
• C & I State Replacement Adjustment
• 14. Reserved for Future Use
• 15. Summary of General Fund Levies

GENERAL FUND BUDGET DETERMINATION

 Aid & Levy Worksheet Continued

• 16. State Aid Payments to AEA & District
• 17. Summary of General Fund Budget Spending Authority
• 18. Summary of Financing for General Fund Maximum Budget
• 19. Voted Physical Plant & Equipment Levy (PPEL)
• 20. Income Surtax Rates & General Fund Surtax Dollars
• 21. Other Property & Utility Tax Replacement Taxes
• Management Levy
• Regular Physical Plant & Equipment Levy
• Debt Service

GENERAL FUND BUDGET DETERMINATION

4,398.3 4,442.9 4,489.3 4,741.4 4,738.1 4,799.3 4,951.1 5,051.2 53.9 311.8 292.1 121.0 121.0 108.0 101.0 95.6

3,800 4,000 4,200 4,400 4,600 4,800 5,000 5,200 Oct-09 Oct-10 Oct-11 Oct-12 Oct-13 Oct-14 Oct-15 Oct-16

St Student dent

CF OE Out

CERTIFIED ENROLLMENT

SECTION 1

4,452.2 4,754.7 4,781.4 4,862.4 4,859.1 4,907.3 5,052.1 5,146.8

7.93% 8.51% 8.08% 7.22% 6.58% 5.89% 5.72% 5.67% 2.85% 3.11% 2.71% 2.90% 2.88% 3.21% 3.06% 2.99% 1.60% 1.47% 1.36% 1.31% 1.47% 1.35% 1.57% 2.08%

0% 2% 4% 6% 8% 10% 12% 14% Oct 09 Oct 10 Oct 11 Oct 12 Oct 13 Oct 14 Oct 15 Oct 16 L1 L2 L3

SPECIAL ED ENROLLMENT BY PERCENTAGE

SECTION 3

0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 FY18 Cedar Falls CF w/o PLS State

HISTORY OF SUPPLEMENTAL STATE AID IN PERCENTAGE

St State e Rank nk Scho hool

• l District

trict 2016/1 6/17 7 RPDC 2016/1 6/17 7 RPDC/P /P 10/1/1 1/16 6 Count nt 2017/1 7/18 8 RPDC Dolla lar r Gro rowth th % % Gro rowth th Per r Pupi upil l Gro rowth th Enro nroll llment ment Inc ncrea rease se 11 W Des Moines* $59,545,319 $6,591 8,968.9 $59,995,402 $ 450,083 0.76% $ 50.18 (43.6) 12 Linn-Mar $47,448,557 $6,592 7,312.5 $48,737,813 $ 1,289,256 2.72% $ 176.31 114.6 13 Johnston $44,529,455 $6,591 6,894.2 $45,942,949 $ 1,413,494 3.17% $ 205.03 131.1 14 Southeast Polk $44,828,687 $6,591 6,797.2 $45,296,541 $ 467,854 1.04% $ 68.83 (4.3) 15 Marshalltown $35,289,535 $6,632 5,435.2 $36,443,016 $ 1,153,481 3.27% $ 212.22 114.1 16 Cedar Falls $33,333,756 $6,598 5,146.8 $34,334,303 $ 1,000,547 3.00% $ 194.44 94.7 17 College $32,608,313 $6,664 5,086.6 $33,897,102 $ 1,228,789 3.95% $ 253.37 139.2 18 Muscatine $34,690,335 $6,664 5,084.2 $34,416,225 $ (274,110) (0.79)% $ (53.91) (85.6) 19 Pleasant Valley $30,471,823 $6,797 4,745.5 $32,255,164 $ 1,783,341 5.85% $ 375.80 213.7 20 Ottumwa $30,469,534 $6,664 4,643.2 $30,942,285 $ 472,751 1.55% $ 101.82 20.3 21 Burlington $29,908,402 $6,664 4,422.7 $29,673,177 $ (235,225) (0.79)% $ (53.19) (34.8)

SSA COMPARISON - SIMILAR SIZED SCHOOLS

* = Indicated budget guarantee for Fy18

• 177.2

167.3 277.1 162.8 50.2 239.5 285.7

• 244.2

359.4 45.3

• 171.2
• 250.0
• 200.0
• 150.0
• 100.0
• 50.0

0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0

St Students dents

SIMILAR SIZED SCHOOLS THREE YEAR CUMULATIVE CHANGE CERTIFIED ENROLLMENT

• Oct. 2014, 2015 & 2016 certified enrollment count

$785,031 $1,510,715 $1,714,497 $1,057,865 $641,330 $1,122,744 $1,356,885 $131,258 $1,465,758 $600,906 $52,406

$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

579.0

• 311.3
• 400
• 300
• 200
• 100

100 200 300 400 500 600

STATE ENROLLMENT CHANGE

• OCT. 1, 2015 - OCT 1, 2016

Cedar Falls 94.7 (16th) 332 Districts

579.6

• 163.7
• 200
• 100

100 200 300 400 500 600

3 YEAR AVERAGE STATE ENROLLMENT CHANGE

• OCT. 1, 2014 - OCT 1, 2016

Cedar Falls 95.9 (12th) 332 Districts

$0.0 $0.5 $1.0 $1.5 $2.0 $2.5 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18

Billion lions

Regular TIF

CEDAR FALLS CSD HISTORY OF ASSESSED VALUATION

SECTION 6

 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

$260,000 $280,000 $300,000 $320,000 $340,000 $360,000 $380,000 $400,000 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18 Cedar Falls State Median Avg

ASSESSED VALUATION PER STUDENT

70.16% 65.05% 74.04% 76.00% 76.93% 73.52% 1.33% 1.21% 1.35% 1.36% 1.29% 1.21% 27.22% 32.64% 23.44% 21.66% 16.84% 21.01% 4.02% 3.31% 1.29% 1.10% 1.17% 0.98% 0.92% 0.96%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18

Residential Ag land & bldgs Comm./Indust. Multi-residential RR/Utility/Other

ASSESSED VALUATION BY CATEGORY

$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

2016/17 VALUATION PER STUDENT – AREA SCHOOL COMPARISON

$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 Fy15 Fy16 Fy17

VALUATION PER STUDENT AREA SCHOOL 3 YR. COMPARISON

$100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 $500,000

WDM Linn-Mar Johnston SE Polk M'town Cedar Falls College Muscatine Pleasant Valley Ottumwa Burlington

2016/17 VALUATION PER STUDENT SIMILAR SIZE SCHOOL COMPARISON

$100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 $500,000

WDM Linn-Mar Johnston SE Polk M'town Cedar Falls College Muscatine Pleasant Valley Ottumwa Burlington

Fy15 Fy16 Fy17

VALUATION PER STUDENT SIMILAR SIZE SCHOOL 3 YR. COMPARISON

12.57% $ 838 per Student Additional Levy Combined District Cost – Foundation Dollar Level 62.82% $4,191 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 24.61% $1,642 per Student Uniform Levy = $5.40 per $1,000 assessed valuation x school district assessed valuation

2017/18 COMBINED DISTRICT COST – $6,771 PER STUDENT

$5,890 $5,890 $6,008 $6,128 $6,373 $6,453 $6,598 $6,671

$5,400 $5,600 $5,800 $6,000 $6,200 $6,400 $6,600 $6,800 FY11 FY12 FY13 Fy14 Fy15 Fy16 Fy17 Fy18

HISTORY OF COST PER PUPIL

37.47% 37.16% 38.20% 40.65% 37.92% 36.63% 36.07% 37.18% 62.53% 62.84% 61.80% 59.35% 63.08% 63.37% 63.93% 62.82%

0% 10% 20% 30% 40% 50% 60% 70% Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 FY18 Property Tax State Aid

HISTORICAL COMBINED DISTRICT COST MIX

 Aid & Levy budget worksheet

• Uniform Levy (Section 6)
• Property Tax Portion = $10,162,491 (Ln 6.3)
• Property Tax Rate = $5.40000
• Final State Foundation Aid (Section 9)
• Regular Program = $31,191,420 (Ln 9.12 – Ln 9.11)
• Includes TSS, PD, TLC, Early Intervention & Property Tax Replacement Payment (PTRP)

COMBINED DISTRICT COST FUNDING

• Additional Levy (Section 8 minus Section 13)
• Gross Property Tax Additional Levy (Ln 8.4)

$6,739,571

• Utility Replacement Adjustment (Ln 8.38)
• 38,878
• AEA Statewide Reduction (Ln 8.41)

+ 66,618

• Property Tax Replacement Payment (Ln 8.42) - 490,585
• Add. Levy Utility Replacement Adjust (Ln 13.5) + 333
• Add. Levy C & I State Replacement (Ln 13.21)
• 257,749
• Dropout Prevention Program (Ln 5.17)
• 828,149
• Net Additional Levy

$5,191,161

• Property Tax Rate = $2.75828

COMBINED DISTRICT COST FUNDING

 Aid & levy budget worksheet

• Property Tax Portion = $15,353,652
• Property Tax Rate = $8.15828

 Dropout Prevention (approved by BOE on Dec. 12, 2016)

• Property Tax Portion = $828,149
• Property Tax Rate = $0.44004

 Totals

• Property Tax Portion = $16,181,801
• Property Tax Rate = $8.59832

COMBINED DISTRICT COST FUNDING

$8.51 $9.66 $9.61 $8.62 $10.78 $8.95 $8.98

$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

2016/17 COMBINED DISTRICT COST – TAX RATE COMPARISON

Includes Drop Out Prevention Funding.

$8.20 $9.81 $9.41 $10.42 $10.71 $8.87 $8.69 $10.57 $9.39 $9.47 $10.98

$8.00 $8.50 $9.00 $9.50 $10.00 $10.50 $11.00 $11.50 WDM Linn-Mar Johnston SE Polk M'town Cedar Falls College Muscatine Pleasant Valley Ottumwa Burlington

2016/17 COMBINED DISTRICT COST – SIMILAR SIZE SCHOOL COMPARISON

Includes Drop Out Prevention Funding

$11.56 $12.28 $13.21 $14.63 $13.71 $13.90 $14.35 $15.35 $0.57 $0.57 $0.66 $0.66 $0.74 $0.74 $0.77 $0.83

$0 $2 $4 $6 $8 $10 $12 $14 $16 $18 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18

Mil illi lions

CDC Dropout

HISTORY OF COMBINED DISTRICT COST & DROPOUT PROPERTY TAX REVENUE

$8.80455 $8.80728 $8.58129 $8.23849 $8.46096 $8.40597 $8.41638 $8.15828 $0.43527 $0.40703 $0.43082 $0.37572 $0.45951 $0.44868 $0.45329 $0.44004

$0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18 CDC Dropout

HISTORY OF COMBINED DISTRICT COST & DROPOUT PROPERTY TAX RATES

 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 (Ln 10.5) $3,433,430  Less gross ISL State Aid (22.56% of total)

• $ 774,582

 Net Property Tax $2,658,848  Instructional Support State Aid + $ 0

• (0% of Gross State Aid)

 Total Adjusted ISL Dollars = $2,658,848  Less anticipated actual ISL State Aid

• $ 0

 Anticipated Actual ISL Dollars = $2,658,848  Property tax rate of $1.30531/$1,000

INSTRUCTIONAL SUPPORT LEVY

SECTION 10

$2.03 $2.15 $2.23 $2.37 $2.40 $2.45 $2.55 $2.66

$1.0 $1.2 $1.4 $1.6 $1.8 $2.0 $2.2 $2.4 $2.6 $2.8 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18

Mil illi lions

HISTORY OF INSTRUCTIONAL SUPPORT LEVY PROPERTY TAX REVENUE

$1.5497 $1.5354 $1.4512 $1.2927 $1.2749 $1.2856 $1.2915 $1.3053

$0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18

HISTORY OF INSTRUCTIONAL SUPPORT LEVY PROPERTY TAX RATES

 SBRC Approved Requests

• Increased enrollment, open enrollment out, LEP excess cost
• $624,830 – Increased enrollment, approved by BOE on Nov. 14, 2016
• $ 10,160 – ELL beyond 5 years, approved by BOE on Nov. 14, 2016
• $102,442 – LEP allowable excess cost, approved by BOE on Sept. 26, 2016
• Special Education
• $ 807,534 – Special Ed excess cost, approved by BOE on Oct. 10, 2016
• Total SBRC #1 approved requests - $1,544,966

CASH RESERVE LEVY – PART ONE

SECTION 15

 Other

• Cash flow needs

$ 598,702

• Other SBRC approved requests

$ 0

• Total request for Fy18

$ 598,702

• Amount requested was deferred from Fy17
• Change due to reduction in Fy17 CR to match published Fy17 tax levy amount.

CASH RESERVE LEVY – PART TWO

SECTION 15

2016-17 Budget

 SBRC Approved/Requested $1,544,966  Other Request (Fy17 deferral) $ 598,702  Total Cash Reserve Levy $2,143,668  Property Tax Rate of $1.13907

CASH RESERVE LEVY – SUMMARY

SECTION 15

$0.0 $0.5 $1.0 $1.5 $2.0 $2.5 Actual Fy16 Actual Fy17 Fy18 Fy19 Fy20 Fy21 Fy22 Fy23 Fy24 Fy28 Fy26

Mil illi lions

Enrollment Special Ed ELL/LEP 1 Yr Deferred/Additional

FUTURE PROJECTED SBRC REQUESTS

Projections based on RSP & Associates student enrollment growth, $604,325 average annual special education program & $120,865 average annual ELL/LEP program deficits.

$0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 Actual Fy16 Actual Fy17 Fy18 Fy19 Fy20 Fy21 Fy22 Fy23 Fy24 Fy28 Fy26 Enrollment Special Ed ELL/LEP 1 Yr. Deferred/Additional

FUTURE PROJECTED SBRC REQUESTS TAX RATE

Projections based on RSP & Associates student enrollment growth, $604,325 annual special education program deficit, $120,865 annual ELL/LEP program deficit & 2.0% annual assessed valuation increase.

$0.0 $0.5 $1.0 $1.5 $2.0 $2.5 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18

Mil illi lions

SBRC Cash Flow

HISTORY OF SBRC CASH RESERVE LEVY TAX REVENUE

$0.4665 $0.2757 $0.7459 $0.9935 $0.4870 $0.1908 $0.6453 $0.8209 $0.6663 $1.2597 $0.1416 $0.0000 $0.1235 $0.1215 $0.0000 $0.3181

$0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18 SBRC Cash Flow

HISTORY OF CASH RESERVE LEVY TAX RATES

 Total General Fund Request

Dollars Tax Rate

• Comb. District Cost

$15,353,652 8.15841

• Dropout

$ 828,149 0.44005

• Instructional Support

$ 2,658,848 1.30531

• Cash Reserve Levy

$ 2,143,668 1.13907

• Totals

$ 20,984,317 11.04284

GENERAL FUND SUMMARY

SECTION 15

$15.65 $16.25 $17.48 $19.34 $17.84 $17.54 $18.78 $20.98

$10 $12 $14 $16 $18 $20 $22 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18

Mil illi lions

HISTORY OF OPERATING FUND PROPERTY TAX REVENUE

$11.92 $11.65 $11.35 $10.90 $10.81 $10.45 $10.81 $11.04

$10.00 $10.20 $10.40 $10.60 $10.80 $11.00 $11.20 $11.40 $11.60 $11.80 $12.00 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18

HISTORY OF OPERATING FUND PROPERTY TAX RATES

 Beginning in Fy2015, commercial & industrial property valuations are being reduced through rollback. Rollback was 95% in Fy2015 and 90% beginning in Fy2016. The state is reimbursing local governments and school districts for the loss

• f 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 97% prorated payment for Fy2018.

COMMERCIAL & INDUSTRIAL (C & I) STATE REPLACEMENT ESTIMATE

 C & I Non-TIF 100% valuation $446,290,221  C & I Non-TIF taxable valuation

• $395,327,795

 Est. Non-TIF valuation reduction (GF/Mgt. Fund) $ 50,962,426  C & I TIF 100% valuation $150,071,961  C & I TIF taxable valuation

• $141,398,178

 Est. TIF valuation reduction $ 8,673,783  Est. combined valuation reduction (Debt/PPEL/ISL) $ 59,636,209  Est. General Fund C & I replacement

• ($50,962,426 / 1,000) * 9.73753 (tax rate)

$496,248 x 0.97 = $481,361  Est. Inst. Support Levy C & I replacement

• ($59,636,209 / 1,000) * 1.30531 (tax rate)

$ 77,844 x 0.97 = $ 75,508

CFCSD COMMERCIAL & INDUSTRIAL (C & I) STATE REPLACEMENT ESTIMATE

$629,377 $38,000 $30,000 $34,975 $40,400 $623,828 $2,135,261

$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000

• Misc. Other

Pools Facilities Rentals Interest Sp Ed Tuition OE Tuition

GENERAL FUND – PROJECTED OTHER LOCAL REVENUE

$235,714 $0 $556,869 $2,538,689 $1,663,806 $476,476 $3,585,158 $23,403,767

$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 State - TLC State - PreSch State - Tchr State - CDC

GENERAL FUND – PROJECTED STATE REVENUE

$30,072 $30,265 $41,000 $900,000 $147,883 $236,498 $147,228 $472,775

$- $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

Federal, $1,915,457, 3.25% Local, $24,474,743, 41.59% State, $32,460,479, 55.16%

TOTAL 2017/18 GENERAL FUND REVENUE

Due to rounding, percentages may not equal 100.00%

 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 2017/18

• $700,000
• Property tax rate of $0.37196/$1,000

 Est. General Fund C & I replacement

• ($50,962,426 / 1,000) * 0.37196 (tax rate) * 0.97 = $18,387

MANAGEMENT FUND

$735 $650 $550 $450 $500 $530 $500 $700

$0 $100 $200 $300 $400 $500 $600 $700 $800 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18

Thous usands ands

HISTORY OF MANAGEMENT FUND PROPERTY TAX REVENUE

$0.55987 $0.46602 $0.35722 $0.25485 $0.30864 $0.32191 $0.29319 $0.37196

$0.00 $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18

Per Thousan usand

HISTORY OF MANAGEMENT FUND PROPERTY TAX RATE

 2 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” technology greater than $500
• Purchase or lease of school buses or other vehicles
• Leasing or renting of facilities

PHYSICAL PLANT & EQUIPMENT LEVY (PPEL)

 PPEL Fund

• Amount requested for 2017/18
• $672,195 (regular) & $2,729,517 (voted) = $3,401,712
• Property tax rate of $1.67/$1,000
• Est. Inst. Support Levy C & I replacement
• ($59,636,209 / 1,000) * 1.67 (tax rate) *0.97 = $96,605

PHYSICAL PLANT & EQUIPMENT LEVY (PPEL)

$0.49 $0.51 $0.54 $0.59 $0.61 $0.62 $0.63 $0.65 $0.67 $1.98 $2.08 $2.18 $2.38 $2.46 $2.52 $2.55 $2.65 $2.73

$0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 Fy10 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18

Million llions

Regular Voted

HISTORY OF PHYSICAL PLANT & EQUIPMENT LEVY (PPEL) PROPERTY TAX REVENUE

$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 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18 Regular Voted

HISTORY OF PHYSICAL PLANT & EQUIPMENT LEVY (PPEL) PROPERTY TAX RATES

 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 2017/18

• $2,419,725
• Property tax rate of $1.18791/$1,000

 Est. General Fund C & I replacement

• ($59,636,209 / 1,000) * 0.37196 (tax rate) * 0.97 = $68,717

DEBT SERVICE LEVY

$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.42

$0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18

Mil illi lions

HISTORY OF DEBT SERVICE LEVY PROPERTY TAX REVENUE

$0.00000 $0.00000 $0.00000 $0.00000 $0.00000 $0.00000 $0.00000 $1.18791

$0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18

Per Thousan usand

HISTORY OF DEBT SERVICE LEVY PROPERTY TAX RATE

 Comb. Dist. Cost $16,181,801  Cash Res. Levy - SBRC $ 1,544,966  Cash Res. Levy - Other $ 598,702  Sub-Total – General Fund $18,325,469 $ 9.73753  Instructional Support Levy $ 2,658,848 $ 1.30531  Management Fund $ 700,000 $ 0.37196  Voted PPEL Levy $ 2,729,517 $ 1.34000  Regular PPEL Levy $ 672,195 $ 0.33000  Debt Service Levy $ 2,419,725 $ 1.18791  Total $27,505,754 $14.27271

SUMMARY

$14.15 $13.79 $13.38 $12.83 $12.78 $12.44 $12.77 $14.27 $13.08

$8 $9 $10 $11 $12 $13 $14 $15 Fy11 Fy12 Fy13 Fy14 Fy15 Fy16 Fy17 Fy18 Total w/o Debt Service

TOTAL PROPERTY TAX RATE HISTORY

Dropout Prevention 3.01% Instructional Support 9.67% Cash Reserve Levy 7.79% Management Fund 2.54% PPEL - Regular 2.44% PPEL - Voted 9.92% Combined District Cost 55.82% Debt Service 8.80%

2017/18 PROPERTY TAX BREAKDOWN

Due to rounding, percentages may not equal 100.00%

Voted PPEL, Inst. Sup. & Debt Serv. 28.39% DRP, CR, Mgt, Reg. PPEL 15.79% Combined District Cost 55.82%

2017/18 PROPERTY TAX BREAKDOWN

Due to rounding, percentages may not equal 100.00%

0% 10% 20% 30% 40% 50% 60% 70% CDC Dropout Inst Sup Cash Res Mgt R PPEL V PPEL Debt Serv 2014/15 2015/16 2016/17 2017/18

TAX LEVY HISTORY BY PERCENTAGE

$7.00 $8.00 $9.00 $10.00 $11.00 $12.00 $13.00 $14.00 $15.00 2016/17 2017/18

Per r Thousa usand nd

Debt V PPEL R PPEL Mgt Cash Res ISL Dropout CDC

 2016/17 $12.76973/$1,000  2017/18 $14.27271/$1,000  Change +$ 1.50298/$1,000

PROPERTY TAX RATE COMPARISON

$10 $12 $14 $16 $18 $20 $22 $24 $26 $28 2016/17 2017/18

Millions

• ns

Debt V PPEL R PPEL Mgt Cash Res ISL Dropout CDC

 2016/17 $22,571,394  2017/18 $27,505,754  Change +$ 4,934,360

PROPERTY TAX REVENUE COMPARISON

$2,419,725 $84,485 $20,807 $200,000 $1,036,938 $119,322 $55,102 $997,981

$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000

Debt Serv V PPEL R PPEL Mgt Cash Res ISL Dropout CDC

2017/18 PROPERTY TAX REVENUE CHANGE

 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)

40% 42% 44% 46% 48% 50% 52% 54% 56% 58% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

RESIDENTIAL ROLLBACK HISTORY

Assessment Yr.

Fiscal Yr. F2009 F2010 F2011 F2012 F2013 F2014 F2015 F2016 F2017 F2018

• 2016/17

2017/18  Prop. Value $100,000 $100,000  Rollback x 0.556259 0.569391  Tax Rate x 0.01276973 0.01427271  Gross Tax = $ 710.33 $ 812.68  Est. Homestead - $ 62.00 $ 62.53  Net Tax = $ 648.33 $ 750.15  Change w/o Debt Service $ 34.18  Debt Service $ 67.64  Total Change $ 101.82

PROJECTED RESIDENTIAL PROPERTY TAX

 March 27, 2017 – Establish Proposed Budget  March 29, 2017 – Publish Proposed Budget  April 10, 2017 – Public Hearing & Adoption of Budget  April 17, 2017 – File Budget with County Auditor

2017/18 BUDGET TIMELINES

 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.

2016/17 SCHOOL BUDGET AMENDMENT

 Amendment to 2016-17 Budget

• Instruction
• Amend expenditures from $40,700,355 to $41,444,549
• TLC Grant, technology equipment & staffing due to increased enrollment
• Total Support Services
• Amend expenditures from $16,392,197 to $17,005,312
• Technology equipment & staffing due to increased enrollment
• Non-instructional Programs
• No Change
• Other Expenditures
• Amend expenditures from $12,361,198 to $34,912,469
• Refinancing of Series 2011 revenue bonds & construction projects

 Public hearing required

2016/17 SCHOOL BUDGET AMENDMENT

 March 27, 2017 – Establish Proposed Budget Amendment  March 29, 2017 – Publish Proposed Budget Amendment  April 10, 2017 – Public Hearing & Adoption of Budget Amendment  April 17, 2017 – File Budget Amendment with County Auditor

2016/17 BUDGET AMENDMENT TIMELINES

QUESTIONS?