[PPT] - Logan Hocking Local School District Moodys Rating Presentation July PowerPoint Presentation

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Logan‐Hocking Local School District Moody’s Rating Presentation

July 16, 2015

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Opening and Introductions – Mike Burns
Community Overview‐ Stephen Stirn
Local & Regional Economy‐ Stephen Stirn
School District Overview – Stephen Stirn
District Assessed Values – Paul Shaw
Financial Overview – Paul Shaw
Debt Overview – Mike Burns
Summary & Closing – Mike Burns

2

AGENDA

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COMMUNITY OVERVIEW

State & School District Map

3

US Rt 33

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Close Proximity to Larger Cities
City of Lancaster (20 Minutes)
City of Athens (30 Minutes)
City of Columbus (50 Minute Drive)
Tourism – Weekend Getaways
Hocking Hills State Parks‐ #1 Tourist attraction in Ohio
Over 3 Million visitors annually, one of the nation’s largest attractions
Antique shops, vineyards, traditional dining and campgrounds
Hiking / Ziplining / Scenic Air Tours / Winery / Horseback Riding / Canoeing
Local Amenities in Close Proximity to the District
Shopping and restaurants
Hocking Mall Shopping Center
Logan Plaza Shopping Center
River Valley Mall
College & Professional Sports

COMMUNITY OVERVIEW

Local Amenities

4

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2013 US Census Bureau Estimates Logan‐Hocking LSD Hocking County Ohio Total Housing Units 11,360 13,349 5,124,221 Owner Occupied (as % of Occupied) 76.10% 76.20% 67.50% Median Value of Owner Occupied Homes Estimate $109,700 $109,800 $130,800 Total Units Constructed prior to 1940 19.80% 20.30% 21.10% Median Family Income Estimate $52,891 $52,837 $61,371 Per Capita Income Estimate $21,543 $21,037 $26,046

COMMUNITY OVERVIEW

Affordability of District

5

Source: US Census Bureau and Ohio Municipal Advisory Council

*Assumes $110,000 median home value and $53,000 earned taxable income

$1,785 $2,324 $2,365 $2,499 $2,554 $2,565 $2,813 $2,837 $3,294 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500

Logan‐Hocking LSD Amanda‐Clearcreek LSD Lancaster CSD Berne‐Union LSD Walnut Twp LSD Bloom‐Carroll LSD Liberty‐Union‐Thurston LSD Fairfield Union LSD Pickerington LSD

Low Property & Income Tax Compared to School District's in Fairfield County

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COMMUNITY OVERVIEW

Growth in District

6

Source: US Census Bureau and Ohio Municipal Advisory Council

20,030 20,530 22,796 24,026

5,000 10,000 15,000 20,000 25,000 30,000 1980 1990 2000 2010

Logan‐Hocking LSD Total Population

Steady population growth of 20.0% over the last 30 years

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Nearby Institutions Provide Employment and Excellent Education Opportunities
Ohio State University
Ohio University
Hocking College
Denison University
Capital University
Columbus State Community College
Franklin University

LOCAL & REGIONAL ECONOMY

Colleges and Universities

7

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LOCAL & REGIONAL ECONOMY

Healthcare & Assisted Living

8

Healthcare Facilities
Hocking Valley Community Hospital (10 Minute Drive)
Full service hospital with emergency, urgent, surgical, inpatient and outpatient care
About 100 beds in the existing facility
Fairfield Medical Center (20 Minute Drive)
222 bed full service and general acute health facility
Diley Ridge Medical Center (35 Minute Drive)
85,000 square foot facility including emergency and diagnostic services
Ohio Health Pickerington (45 Minute Drive)
New medical campus that opened in June, 2015
Nationwide Children’s Hospital (50 Minute Drive)
One of the largest pediatric hospitals in the United States
Inpatient, Outpatient and Surgical procedures and over 420 beds
Ohio State University Wexner Medical Center (50 Minute Drive)
900 bed hospital, Cancer Center and various other facilities
Nursing Homes & Assisted Living Facilities
Arcadia Acres Nursing Home
Kindred Transitional Care and Rehabilitation

SLIDE 9

LOCAL & REGIONAL ECONOMY

Diversified Employment Opportunities in Region

9

Source: County CAFRs

Employer County Industry Employment

Ohio University Athens Education 4,169 Glatfelter Ross Manufacturing 2,300 Fairfield Medical Center Fairfield Healthcare 1,871 U.S. Government / Veterans Affiars Ross Government 1,300 Adena Medical Center Ross Healthcare 1,218 RCI / CCI Ross Government 1,021 Paccar / Kenworth Truck Co. Ross Manufacturing 1,003 Pickerington Local School District Fairfield Education 922 Fairfield County Fairfield Government 837 Anchor Hocking Fairfield Manufacturing 800 Lancaster City Schools Fairfield Education 684 O'Bleness Memorial Hospital Athens Healthcare 682 Athens County Government Athens Government 570 Tyonagawa Seiki Co. / YSK Corp. Ross Manufacturing 499 Southeastern Correctional Insituition Fairfield Government 465 Logan‐Hocking Schools Hocking Education 448 Canal Winchester Schools Fairfield Education 370 NIFCO Fairfield Manufacturing 365 City of Lancaster Fairfield Government 363 Ralston Foods Fairfield Manufacturing 362 Athens City School District Athens Education 359 Hocking County Government Hocking Government 322 Wal‐Mart Athens Retail 315 Hocking Valley Community Hospital Hocking Healthcare 299

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LOCAL & REGIONAL ECONOMY

Employment Opportunities in District

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Source: District 2014 CAFR

Employer Nature of Business Number Locking‐Hocking Local School District Education 448 Hocking County Government Government 322 Hocking Valley Community Hospital Health Care 299 Walmart Retail 261 Amanda Manufacturing Manufacturing 217 Smead Manufacturing Manufacturing 174 Kindred Transit Care and Rehab ‐ Logan Health Care 114 Kilbarger Construction 110 Kroger Grocery 106 Ohio EPA ‐ Logan Facility Environmental 89 General Electric Manufacturing 77

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LOCAL & REGIONAL ECONOMY

Key Employers within District

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Variety of Businesses Located within the District
Smead Manufacturing
Manufacturer and supplier of organizational office supplies
Recently decided to move all order processing to the Logan facility creating 30 new jobs
Only manufacturer east of the Mississippi for Smead
General Electric
Glass manufacturing plant, established in Logan in 1959
Rocky Boots
Manufacturer of hunting, duty, western and Rocky work boots
Warehouse located within the District
Hocking Valley Community Hospital
Full service hospital with emergency, urgent, surgical, inpatient and outpatient care
S&G Manufacturing Group
Display manufacturer for restaurants
Wal‐Mart
Supercenter located within the District
Government
Logan‐Hocking Local School District
Hocking County

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LOCAL & REGIONAL ECONOMY

No Concentration of Any One Tax Payer

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Source: Ohio Municipal Advisory Council. Does not include entities in overlapping subdivisions outside the primary county.

Rank Taxpayer Name Current Taxes Payable Real Estate Personal Property % Total AV 1 Columbia Gas Transmission $1,588,226 $373,440 $27,501,140 5.73% 2 Ohio Power Co. $727,599 $48,180 $12,721,990 2.62% 3 South Central Power $164,184 $11,460 $2,883,490 0.59% 4 Columbia Gas of Ohio $116,049 $12,190 $2,020,660 0.41% 5 Wal Mart Real Estate $112,392 $2,415,640 $0 0.49% 6 Smead Manufacturing $95,601 $2,054,770 $0 0.42% 7 AEP Ohio Transmission $70,519 $0 $1,211,670 0.24% 8 Rocky Brands Inc $63,115 $1,332,170 $0 0.27% 9 Camp O Investments $56,225 $1,208,450 $0 0.24% 10 Amanda Bent Bolt Co. $51,690 $1,110,990 $0 0.22% 11 GE Lighting Inc. $45,318 $974,030 $0 0.20% 12 Inn at Cedar Falls $24,211 $527,030 $0 0.10% 13 Cedar Grove Retreat $13,523 $328,900 $0 0.06% 14 Bolton Properties Ltd $12,388 $301,370 $0 0.06% 15 Erimark Properties $11,749 $285,780 $0 0.05%

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Growth will Continue within the District Due to:
Part of the Columbus MSA
Location – “Gateway to Ohio’s Scenic Wonderland”
Available Land for Development
Hocking County Community Improvement Corporation
Active CIC encouraging new job growth in the County
67 Acre Logan‐Hocking Commerce Center Park
Hocking College Energy Institute
Active Chamber of Commerce
Diverse Workforce –skilled 18,000 member workforce
Established Businesses, Manufacturing Base, Healthcare Facilities, and Tourist Attractions
Downtown Revitalization
Leach Xpress Pipeline
Under construction and will add $5.9 Million in new property taxes to Hocking County.

LOCAL & REGIONAL ECONOMY

Potential Future Developments

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LOCAL & REGIONAL ECONOMY

Commercial & Manufacturing Developments

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Recent Commercial & Manufacturing Developments
Recent Expansion of Hocking College Energy Institute
Only two year college in Ohio for advanced energies
LEED certified Building
Amanda Manufacturing
69,000 square foot expansion worth over $5 Million
New manufacturing and office space
30 jobs created
Logan Coatings
Coats parts for Amanda Manufacturing
Production started in January 2015 with 49 jobs created

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LOCAL & REGIONAL ECONOMY

Residential Developments

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New Residential Developments
Fewer subdivisions due to large lot sizes
Cluster of homes being constructed throughout District
Scott Creek Development
Homes ranging from $120,000 to $175,000
85 Residential Lots
Scenic country feel with close access to local amenities
Proposed Phase II adjacent to current development
Brad‐Mer Acres
Homes starting at $300,000
Few lots remaining
Bowers Heights
Few lots remaining

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LOCAL & REGIONAL ECONOMY

Retail & Restaurant Developments

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Retail & Restaurant Developments
Revitalized Downtown Logan
Various shopping and community activities
Hocking Hills Market
Shops, restaurants and recreation
Hocking Hills Winery
Just opened in April 2015

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LOCAL & REGIONAL ECONOMY

Hocking County Unemployment Rate Improving

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Source: St. Louis Fed

Trending downward since peak in January 2010

3.5 5.5 7.5 9.5 11.5 13.5 15.5

Hocking County vs. Ohio Unemployment Rates

Ohio Hocking County

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SCHOOL DISTRICT OVERVIEW

Experienced Leadership Team

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Board Member Service as Board Member Present Term Expires December 31 Occupation Edgar Penrod 1996 2017 Consultant Kathy Krumlauf 1999 2015 Hospital Public Relations

Dr. Scott Anzalone

2008 2015 Family Physician Lance Bell 2014 2017 Pharmacist Corby Leach 2010 2017 Insurance Agency Owner Superintendent Stephen Stirn 2000 2016 Superintendent Treasurer Paul Shaw 1992 2017 Treasurer

All of the board members currently have or had

children enrolled at the School District

Back row (Left to Right)
Paul Shaw, Treasurer
Dr. Scott Anzalone, Vice President
Lance Bell, Board Member
Corby Leach, Board Member
Stephen Stirn, Superintendent
Front Row (Left to Right)
Kathy Krumlauf, President
Ed Penrod, Board Member
Recently named President of the Ohio School Board Association

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SCHOOL DISTRICT OVERVIEW

Key Management Initiatives

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Transparency
Maintain Strong Relationships with Community
Community Engagement Committee
Maintain High Level of Student Achievements
Dual Enrollment Programs
College Credit Plus
Advance Placement Courses
173 Participating Students
Online Education / Digital Academy Program
One to One Computers
PI Levy funding a laptop for each student in grades 7‐12 being phased in now
Improve Student Education & Achievements
Professional development of teachers
AdvancEd Performance Accreditation
North Central Accredited High School & Middle School
STEM Certification
Mark of distinction & excellence

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SCHOOL DISTRICT OVERVIEW

School District Facilities

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School District covers 321 Square Miles
40 Buses Pickup 2,622 students on a daily basis
Covers approximately 4,760 miles/day
Capital forecast provides for bus replacement every 7 years
Funded by Permanent Improvement Fund tax levy
School Facilities Include
7 Educational facilities, an administrative building, bus garage & athletic facilities

Facilities Grades Offered Enrollment 2014‐15 Capacity # of Teachers Pupil / Teacher Ratio Year Constructed Renovation/ Addition Central Elementary School PK‐4 444 500 26 17.3 2010 Chieftain Elementary School PK‐4 401 449 24 16.1 2004 Green Elementary School PK‐4 295 350 20 15.1 2009 Hocking Hills Elementary School PK‐4 180 350 14 12.7 2004 Union Furnace Elementary School PK‐4 235 362 18 14.1 2004 Logan Middle School 5‐8 1,241 1,400 75 17.2 1991 2009 Logan High School 9‐12 1,273 1,400 60 20.6 2008 Totals 4,069 4,811 237 17.3

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SCHOOL DISTRICT OVERVIEW

Excellent School District Facilities

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Logan‐Hocking Middle School Hocking Hills Elementary School Chieftain Elementary Central Elementary School Green Elementary School Logan High School Union Furnace Elementary School

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DISTRICT ASSESSED VALUES

Growth in Assessed Valuations for the District

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Loss of $32 million due to personal tangible property tax phase out
Overall assessed value growth of 13.3% since 2005

Total 2005 AV: $428,711,806 Total 2015 AV: $485,647,382

Source: Ohio Municipal Advisory Council. Real estate values are from February report and Public Utility and Total Value are from August report sent to OMAC.

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Collection Agricultural Residential Commercial Industrial Public Utility Utility Personal Personal Tangible Mineral Total Value % Res/Ag 1996 16,379,560 131,190,120 16,623,140 8,869,520 45,637,130 24,082,470 683,480 243,640,820 61% 1997 16,721,110 136,317,890 18,445,400 8,909,490 41,163,090 27,015,209 588,500 249,102,769 61% 1998 16,835,780 140,687,740 18,677,790 8,909,490 43,823,340 27,928,291 1,942,720 259,053,831 61% 1999 21,013,650 172,342,780 22,262,970 9,309,650 41,278,410 28,090,617 733,450 295,122,837 66% 2000 21,727,440 177,730,270 23,359,080 8,907,920 42,567,510 27,102,654 728,170 302,120,054 66% 2001 22,309,230 183,034,550 25,393,770 8,905,690 40,014,940 98,640 28,730,874 863,490 309,263,874 66% 2002 25,901,310 223,076,220 28,045,020 8,945,590 36,466,430 104,020 31,010,313 770,060 354,549,813 70% 2003 26,681,750 231,378,190 30,263,080 7,930,990 38,285,640 100,480 31,059,718 825,090 366,753,978 70% 2004 27,158,570 239,874,680 30,149,510 7,531,630 39,006,680 97,180 29,106,834 805,580 374,156,524 71% 2005 31,573,130 282,470,840 35,857,890 8,599,280 38,482,050 101,810 31,638,536 1,279,880 428,711,806 73% 2006 31,967,500 291,263,260 33,960,860 7,778,350 38,627,340 113,510 31,229,875 1,284,340 436,152,175 74% 2007 32,527,660 298,110,880 34,136,250 7,941,590 38,918,040 106,060 21,259,620 1,129,190 434,038,100 76% 2008 36,864,720 336,527,490 37,344,660 7,148,650 37,175,190 101,320 16,296,013 743,710 472,204,523 79% 2009 37,191,380 342,086,210 37,711,160 7,016,370 38,054,960 99,700 8,559,000 558,930 471,060,770 81% 2010 37,175,670 348,434,250 37,989,730 7,031,380 40,312,680 102,050 884,420 541,820 472,487,110 82% 2011 37,569,500 348,717,820 38,569,340 6,791,910 41,753,470 94,450 428,770 472,330 474,413,330 81% 2012 38,695,160 352,542,350 38,414,940 6,679,090 43,230,500 93,700 470,740 479,985,410 82% 2013 39,010,620 354,195,800 39,469,290 7,062,740 44,686,660 95,080 479,000 484,999,222 81% 2014 43,043,790 343,122,170 39,536,100 7,389,780 46,575,080 94,410 476,170 480,075,400 80% 2015 43,969,590 346,826,790 39,317,280 7,378,660 47,691,640 89,520 463,390 485,647,382 80% Reappraisal Year Update Year

DISTRICT ASSESSED VALUES

Steady Growth in Historical Assessed Valuations

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Source: Ohio Municipal Advisory Council. Real estate values are from February report and Public Utility and Total Value are from August report sent to OMAC.

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Collection Agricultural Residential Commercial Industrial Public Utility Utility Personal Personal Tangible Mineral Total Value 1997 2.09% 3.91% 10.96% 0.45% ‐9.80% 12.18% ‐13.90% 2.24% 1998 0.69% 3.21% 1.26% 0.00% 6.46% 3.38% 230.11% 3.99% 1999 24.82% 22.50% 19.19% 4.49% ‐5.81% 0.58% ‐62.25% 13.92% 2000 3.40% 3.13% 4.92% ‐4.32% 3.12% ‐3.52% ‐0.72% 2.37% 2001 2.68% 2.98% 8.71% ‐0.03% ‐6.00% 6.01% 18.58% 2.36% 2002 16.10% 21.88% 10.44% 0.45% ‐8.87% 5.45% 7.93% ‐10.82% 14.64% 2003 3.01% 3.72% 7.91% ‐11.34% 4.99% ‐3.40% 0.16% 7.15% 3.44% 2004 1.79% 3.67% ‐0.38% ‐5.04% 1.88% ‐3.28% ‐6.29% ‐2.36% 2.02% 2005 16.25% 17.76% 18.93% 14.18% ‐1.34% 4.76% 8.70% 58.88% 14.58% 2006 1.25% 3.11% ‐5.29% ‐9.55% 0.38% 11.49% ‐1.29% 0.35% 1.74% 2007 1.75% 2.35% 0.52% 2.10% 0.75% ‐6.56% ‐31.93% ‐12.08% ‐0.48% 2008 13.33% 12.89% 9.40% ‐9.98% ‐4.48% ‐4.47% ‐23.35% ‐34.14% 8.79% 2009 0.89% 1.65% 0.98% ‐1.85% 2.37% ‐1.60% ‐47.48% ‐24.85% ‐0.24% 2010 ‐0.04% 1.86% 0.74% 0.21% 5.93% 2.36% ‐89.67% ‐3.06% 0.30% 2011 1.06% 0.08% 1.53% ‐3.41% 3.57% ‐7.45% ‐51.52% ‐12.83% 0.41% 2012 3.00% 1.10% ‐0.40% ‐1.66% 3.54% ‐0.79% ‐100.00% ‐0.34% 1.17% 2013 0.82% 0.47% 2.74% 5.74% 3.37% 1.47% 1.75% 1.04% 2014 10.34% ‐3.13% 0.17% 4.63% 4.23% ‐0.70% ‐0.59% ‐1.02% 2015 2.15% 1.08% ‐0.55% ‐0.15% 2.40% ‐5.18% ‐2.68% 1.16% AGRICULTURAL RESIDENTIAL COMMERCIAL INDUSTRIAL Public Utility UTILITY PERSONAL PERS TANGIBLE MINERAL TOTAL VALUE Non U or R 1.80% 2.48% 2.47% ‐1.96% 1.49% ‐0.61% ‐23.49% 15.23% 1.62% Reappraisal 14.04% 13.45% 13.22% 5.09% ‐1.19% ‐1.34% ‐14.08% ‐5.40% 9.64% Update 13.26% 10.55% 6.67% ‐1.64% ‐3.04% 0.09% ‐7.71% ‐15.18% 7.47% All 5.55% 5.48% 4.83% ‐0.79% 0.35% ‐0.56% ‐19.76% 7.17% 3.81%

DISTRICT ASSESSED VALUES

Steady Growth in Historical Assessed Valuations

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Source: Ohio Municipal Advisory Council. Real estate values are from February report and Public Utility and Total Value are from August report sent to OMAC.

SLIDE 25

FINANCIAL OVERVIEW

Stable Historical Tax Collection

25

Consistently around 90%
Tax Lien Sale – resulted in $300,000 property tax in 2014

Source: Hocking County Auditor

87.90% 88.16% 89.66% 86.80% 92.28% 60.00% 65.00% 70.00% 75.00% 80.00% 85.00% 90.00% 95.00% 100.00% 2010 2011 2012 2013 2014

Historical Tax Collection Percentage

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FINANCIAL OVERVIEW

Key Financial Management Initiatives

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Remain Fiscally Conservative
Maintain & Encourage Open Enrollment
Manage Staffing Needs Based on Enrollment
Control Health Insurance & Benefits
Partially self funded insured by South Central

Ohio Insurance Consortium

Established Health Savings Accounts and

Flexible Spending Accounts

Control Expenditures & Improve Business

Operation Efficiencies

Maintain Strong General Fund Balance
General fund balance goal of 2‐3 months
perating expenses (15% of Revenues)
Consistent with the Government Finance

Officers Association’s recommendation

Established and proven Investment policy
Continuous Improvement Plan
District Level Team – consists of

administrators, teachers and parents

Building Level Team – analyze and make

decisions

Capital Planning
Technology Improvement Plan
Bus / Textbook Improvement Plan
Energy Conservation Program
Cumulative savings of $1.6 million since

December 2010.

National Awards Winner
Designated energy specialist on staff
Proposed Multisport Practice Fieldhouse
Funded by Athletic Boosters
Monthly Reports Reviewed by Board

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FINANCIAL OVERVIEW

Staffing Management

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The District currently employs approximately 448 full time/part time equivalent staff
Continue to Make Difficult Staffing Decisions if Beneficial to the District
Three Labor Unions
Logan Education Association (LEA) – Certificated employees
Negotiated a new 3 year contract in June, 2015
Base salary increases of 2.5% in FY 2016, 2% in FY 2017 and 2% FY 2018
Reinstatement of two steps lost during prior contract
Agreement to research and explore alternative health insurance plans
Ohio Association of Public School Employees #218– Classified employees
Wage increase of 2.5% in 2014‐15 and 2015‐16
Ohio Association of Public School Employees #126– Classified employees‐Attendants
New union set up for currently employed attendants beginning spring 2015
Three year contract provides for 2.5% wage increase in 2015‐2016 and 2016‐2017

SLIDE 28

FINANCIAL OVERVIEW

Positive Historical Net Open Enrollment

28

Logan‐Hocking LSD has experienced positive open enrollment historically
Due to size of District, the District has seen fluctuations of open enrollment out due to convenience
f families living closer to other school districts.
Consistently, the open enrollment in has been greater than that going out due to academics and

extracurriculars.

Future projected open enrollment
Based upon historical trends and capacity
Actual accepted open enrollment will depend upon capacity and staffing levels.

Historical Open Enrollment

2011‐12 2012‐13 2013‐14 2014‐15 In 117 112 125 126 Out 100 94 100 110 Net In 17 18 25 16

SLIDE 29

FINANCIAL OVERVIEW

Stable Enrollment Trend

29

Source: Ohio Department of Education. 2015 Data has not yet been released for the State of Ohio.

Logan‐Hocking LSD headcount from 2005‐2015 increased 6.02%
State of Ohio headcount since 2005‐2014 decreased ‐ 4.56%

4,080 4,147 4,090 4,069 4,077 4,062

1,625 1,583 1,568 1555 1575 1578 1,272 1,306 1,287 1241 1204 1176 1,183 1,258 1,235 1273 1298 1308 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 Est. FY 2017 Est.

Elementary Middle School High School

SLIDE 30

FINANCIAL OVERVIEW

Managed Staffing Trends

30

439 441 448 452 455 455

23 20 20 20 20 20 246 243 253 257 260 260 170 178 175 175 175 175 50 100 150 200 250 300 350 400 450 500 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 Est. FY 2017 Est. Administrative Certified Non‐Certified

SLIDE 31

FINANCIAL OVERVIEW

Strong Community Support

31

Last Operating Levy Sought & Approved was in 1981
100% Passing Rate Since 1981!
No need to go to the voters for additional funds
Maintains low cost of living for residents
Provides for long‐term needs of the School District

Bond Elections

Election Date Millage Bond Issue Amount Purpose Years Result For Against Percentage For (Against) 5/8/2001 3.70 $23,680,000 Cnstrctn, Site Imprvmnts 28 Approved 3,646 2,245 61.89 % (38.11 %) 11/7/1989 5.70 $12,190,000 Building & Improvements 23 Approved 3,299 3,199 50.77 % (49.23 %)

Levy Elections

Election Date Millage New/Renewal Purpose Years Result For Against Percentage For (Against) 5/8/2001 0.50 New Permanent Improvement CT Approved 3,643 2,245 61.87 % (38.13 %)

SLIDE 32

FINANCIAL OVERVIEW

Summary of State Funding

32

A New State Budget Has Been Approved
New State Budget Approved for Fiscal Years 2016 & 2017
Final Budget Took Affect July 1, 2015
Logan‐Hocking Local School District's Funding Under New State Budget:
FY 2015 Total Funding : $21,540,592
FY 2016 Total Funding : $22,345,301 (3.7% increase from FY 2015)
FY 2017 Total Funding : $23,137,409 (3.5% increase from FY 2016)

SLIDE 33

FINANCIAL OVERVIEW

Five Year Forecast – May 2015

33

Line 2012 2013 2014 2015 2016 2017 2018 2019 1.010 General Property (Real Estate) 7,739,821 7,707,453 7,999,760 7,902,836 7,982,314 8,181,872 8,386,419 8,470,283 1.020 Tangible Personal Property Tax 1,247,011 1,273,439 1,274,858 1,335,244 1,335,244 1,335,244 1,335,244 1,335,244 1.035 Unrestricted Grants‐in‐Aid 20,151,397 20,683,662 20,484,141 20,834,242 21,886,413 22,980,733 23,440,348 23,909,156 1.040 Restricted Grants‐in‐Aid 164,928 164,928 1,008,892 868,104 851,314 857,704 866,555 875,494 1.045 Restricted Federal Grants‐in‐Aid ‐ SFSF 981,756 181,575 448 1.050 Property Tax Allocation 1,328,486 1,271,206 1,290,653 1,356,496 1,402,915 1,419,299 1,435,868 1,452,120 1.060 All Other Operating Revenue 1,985,063 1,775,362 1,968,524 2,110,740 2,092,782 1,996,863 2,061,863 2,126,863 1.070 Total Revenue 33,598,462 33,057,625 34,026,828 34,408,110 35,550,982 36,771,716 37,526,297 38,169,159 2.050 Advances‐In 142,584 206,868 162,495 50,650 50,000 50,000 50,000 50,000 2.060 All Other Financial Sources 5,941 25 478,963 249,335 2.070 Total Other Financing Sources 148,525 206,893 641,458 299,985 50,000 50,000 50,000 50,000 2.080 Total Revenues and Other Financing Sources 33,746,987 33,264,518 34,668,286 34,708,095 35,600,982 36,821,716 37,576,297 38,219,159 3.010 Personnel Services 19,535,804 19,956,191 19,369,787 19,771,591 20,403,141 21,022,563 21,694,479 22,518,870 3.020 Employees' Retirement/Insurance Benefits 8,954,084 8,940,440 9,240,142 9,249,693 9,775,526 10,267,802 10,781,193 11,320,252 3.030 Purchased Services 3,713,724 3,680,723 3,959,265 3,817,174 3,785,301 3,779,252 3,808,020 3,922,261 3.040 Supplies and Materials 926,743 860,443 986,693 986,693 959,294 1,045,073 1,076,425 1,108,718 3.050 Capital Outlay 31,792 21,656 24,951 25,000 25,000 25,000 25,000 25,000 4.300 Other Objects 362,071 396,683 501,011 495,024 520,701 531,115 541,737 552,572 4.500 Total Expenditures 33,524,218 33,856,136 34,081,849 34,345,176 35,468,963 36,670,804 37,926,854 39,447,672 5.010 Operational Transfers ‐ Out 90,228 40,536 50,000 50,000 50,000 50,000 50,000 50,000 5.020 Advances ‐ Out 94,880 151,064 40,450 50,000 50,000 50,000 50,000 50,000 5.040 Total Other Financing Uses 185,108 191,600 90,450 100,000 100,000 100,000 100,000 100,000 5.050 Total Expenditure and Other Financing Uses 33,709,326 34,047,736 34,172,299 34,445,176 35,568,963 36,770,804 38,026,854 39,547,672 6.010 Excess Rev & Oth Financing Sources over(under) Exp & Oth Financing 37,661 ‐783,218 495,987 262,919 32,019 50,912 ‐450,557 ‐1,328,513 7.010 Beginning Cash Balance 8,341,376 8,379,037 7,595,819 8,091,806 8,354,725 8,386,744 8,437,656 7,987,099 7.020 Ending Cash Balance 8,379,037 7,595,819 8,091,806 8,354,725 8,386,744 8,437,656 7,987,099 6,658,586 8.010 Outstanding Encumbrances 234,567 311,792 329,281 300,000 300,000 300,000 300,000 300,000 10.010 Fund Balance June 30 for Certification of Appropriations 8,144,470 7,284,027 7,762,525 8,054,725 8,086,744 8,137,656 7,687,099 6,358,586 12.010 Fund Bal June 30 for Cert of Contracts,Salary Sched,Oth Obligations 8,144,470 7,284,027 7,762,525 8,054,725 8,086,744 8,137,656 7,687,099 6,358,586 15.010 Unreserved Fund Balance June 30 8,144,470 7,284,027 7,762,525 8,054,725 8,086,744 8,137,656 7,687,099 6,358,586 General Fund Balance as a Percent of Revenue 24.24% 22.03% 22.81% 23.41% 22.75% 22.13% 20.48% 16.66% Actual Forecasted

SLIDE 34

FINANCIAL OVERVIEW

Historical Bond Millage Rates

34

Source: Financial Audits ‐‐ *Totals include General Fund and Debt Service Fund 0.00 1.00 2.00 3.00 4.00 5.00 6.00

Logan‐Hocking LSD Bond Issue Historical Millage Rates

1990 Bond Issue 2001 Bond Issue

SLIDE 35

DEBT OVERVIEW

Current Debt Outstanding

35

Current Debt Outstanding
Refunding Bonds, Series 2005
$8,224,987 currently outstanding
Optional call date of December 1, 2015
Refunding Bonds, Series 2006
$6,119,991 currently outstanding
Optional call date of June 1, 2016
Current Net Debt Outstanding of $14,344,978
Net Debt Per Capita of $582
Net Debt Per Percent of Assessed Value of 2.95%
Refund the Series 2005 Refunding Bonds for Interest Savings
Maximum Par Amount of $7,570,000
Final Maturity will remain the same (2025)
Participate in the Ohio State Credit Enhancement Program
Anticipated Timing
Anticipate receiving rating by July 24th
Anticipate pricing bonds on July 30th
Anticipate Closing & Funding on September 8th

SLIDE 36

SUMMARY & CLOSING

Maintain a “Aa2” Underlying Bond Rating

36

Rural Lifestyle within the District
Significant Employment Opportunities Within a 45 Minute Commute
Affordability of District Compared to Districts in Fairfield County
Strong Tourism Industry
Very Healthy Fund & Cash Balances
Fund Balance as Percent of Revenues = 26.8% (“Aaa”)
Cash Balance as Percent of Revenues = 35.2% (“Aaa”)
Low Net Direct Debt Outstanding
Net Direct Debt / Full Value = 1.05% (“Aa1”)
Net Direct Debt / Operating Revenues = .39x (“Aa1”)
Steadily Growing Tax Base
Assessed Values Only Dropped 3x in 20 Years
Significant land available for future development
Stable Enrollment Trend
Non‐Reliant on Operating Levies
Strong Conservative Management Team