Peotone CUSD 207U Referendum Open House December 10, 2019 7:00 PM - - PowerPoint PPT Presentation

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Peotone CUSD 207U Referendum Open House December 10, 2019 7:00 PM Peotone Intermediate Center, Frankfort, IL Life in a business office The reason for a business office This referendum is about providing for our kids History of Working Cash

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Peotone CUSD 207U Referendum Open House

December 10, 2019 7:00 PM Peotone Intermediate Center, Frankfort, IL

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Life in a business office

SLIDE 3

The reason for a business office

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This referendum is about providing for our kids

SLIDE 5

History of Working Cash Bonds in Peotone

1999: The community voted to issue bonds to build the new Peotone High School 2003: The community narrowly defeated an operating tax rate increase 2004: The community voted to increase the Debt Service Extension Base to allow the district to issue working cash bonds to cover the annual operational deficit

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Local Funding of District

Operating Rate Extension $11.5 Million

Total Extension $16.8 Million

B&I Extension $5.3 Million

SLIDE 7

SLIDE 8

Local Funding of District (Currently)

Based on 2019 LCT figures

Operating Rate Extension $11.5 Million

Local Capacity Target $15.5 Million

SLIDE 9

Local Funding of District (Currently)

Based on 2019 LCT figures

Operating Rate Extension + Working Cash $13.9 Million

Local Capacity Target $15.5 Million

SLIDE 10

Local Funding of District (After Rate Increase)

Based on 2019 LCT figures

Operating Rate Extension $15.5 Million Local Capacity Target $15.5 Million

SLIDE 11

Local Funding of District (Currently)

Based on 2019 LCT figures

Operating Rate Extension $11.5 Million

Local Capacity Target $15.5 Million

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The difference between current operating rate extension and local capacity target is concerning

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386 Unit Districts in Illinois 7th Worst difference by Percentage 10th Worst difference by Actual Dollars

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Peotone’s Current Tax Rate Facts

Operating rate (3.11%) ranks 368 out of 386 unit districts in Illinois EAV (property value) per pupil ranks 23 of 386 unit districts in Illinois

ALL FIGURES ARE ESTIMATED ON CURRENT DATA AND ARE SUBJECT TO CHANGE

Total rate (4.55%) ranks 262 out of 386 unit districts in Illinois

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District Operating Rate Total Rate EAV per pupil rank (of 386 unit districts) Crete Monee CUSD 201U 6.55% 8.49% 191 Valley View 365U 5.88% 7.30% 130 Beecher CUSD 200U 5.51% 6.81% 125 Kankakee SD 111 5.33% 6.28% 354 Grant Park CUSD 6 4.73% 5.56% 102 Plainfield SD 202 4.73% 5.57% 197 Manteno CUSD 5 4.72% 6.36% 128 Herscher CUSD 2 4.43% 5.03% 83 Momence CUSD 1 4.02% 5.07% 233 Reed Custer CUSD 255U 3.93% 3.93% 3 Wilmington CUSD 209U 3.29% 4.29% 68 Peotone CUSD 207U 3.11% 4.55% 23

Will and Kankakee Counties Current Tax Rate Facts

ALL FIGURES ARE ESTIMATED ON CURRENT DATA AND ARE SUBJECT TO CHANGE

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Will and Kankakee Counties Current Tax Rate Facts

ALL FIGURES ARE ESTIMATED ON CURRENT DATA AND ARE SUBJECT TO CHANGE

Last out of 12 districts 3 out of 12 districts 2 out of 12 districts

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District Operating Rate Total Rate EAV per pupil rank (of 386 unit districts) Crete Monee CUSD 201U 6.55% 8.49% 191 Valley View 365U 5.88% 7.30% 130 Beecher CUSD 200U 5.51% 6.81% 125 Kankakee SD 111 5.33% 6.28% 354 Grant Park CUSD 6 4.73% 5.56% 102 Plainfield SD 202 4.73% 5.57% 197 Manteno CUSD 5 4.72% 6.36% 128 Herscher CUSD 2 4.43% 5.03% 83 Peotone CUSD 207U 4.09% 4.09% 23 Momence CUSD 1 4.02% 5.07% 233 Reed Custer CUSD 255U 3.93% 3.93% 3 Wilmington CUSD 209U 3.29% 4.29% 68

Will and Kankakee Counties Proposed Tax Rate Facts

ALL FIGURES ARE ESTIMATED ON CURRENT DATA AND ARE SUBJECT TO CHANGE

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Homeowners will see a decrease in 2020 compared to 2019 Homeowners will see a $1.63 decrease per $1,000 of value in 2020 On a $200,000 home, this will mean an reduction of $326.64 in 2020

ALL FIGURES ARE ESTIMATED ON CURRENT DATA AND ARE SUBJECT TO CHANGE

SLIDE 19

Homeowners will see a slight increase in 2021 compared to 2019 Homeowners would see a $0.18 increase per $1,000 of value in 2021 compared to 2019 On a $200,000 home, this would mean an additional $36.67 in 2021 compared to 2019 ($3.06 per month)

ALL FIGURES ARE ESTIMATED ON CURRENT DATA AND ARE SUBJECT TO CHANGE

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Homeowners will see full tax relief in 2024 when debt is repaid Homeowners would see a $1.52 decrease per $1,000 of value in 2024 compared to 2019 On a $200,000 home, this would mean a savings of $304.30 per year

ALL FIGURES ARE ESTIMATED ON CURRENT DATA AND ARE SUBJECT TO CHANGE

SLIDE 21

Highest Debt Service vs. Proposed Rate Increase

2019 Debt Service Levy 1.4325% $5,309,258 2021 Increase in Operating Rate 1.0312% $4,310,886

Taxpayer Savings 0.4013% $998,372

vs.

ALL FIGURES ARE ESTIMATED ON CURRENT DATA AND ARE SUBJECT TO CHANGE

Keep in mind, this rate is 1.75 years in the future, so it also accounts for inflation during this time.

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Recent Working Cash Bonds Cost

Borrowed money to cover 2 years of operational deficit Cost $700,000 in interest in fees over the entire 5 year repayment schedule

ALL FIGURES ARE ESTIMATED ON CURRENT DATA AND ARE SUBJECT TO CHANGE

Takes 5 years to repay because the debt schedule has to push the repayment to future years

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Where could $350,000 per year be spent?

Starting salaries of 10 additional teachers Replace outdated SMART Boards in 75 classrooms Purchase 1,250 Chromebooks for students

SLIDE 24

HVAC/Boiler Renovations – All buildings (PHS) Roof replacements – All buildings (PHS and CSC)

LED Lighting Upgrade & Occupancy Sensors – All buildings

Asbestos Containment – All buildings except PHS Building Envelope Improvements – All buildings

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PJHS Original (1950’s) Boiler

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PES Original (1950’s) Boiler

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PHS Roof Seam

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PJHS Original (1950’s) Unit Ventilator

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PJHS Door Jam

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Total Facility Needs

$15,850,739

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What is being asked of voters?

2023 Levy with Referendum: $17,143,380 2023 Levy without Referendum: $15,280,815 Difference is $1,862,565

0.4443% Total Tax Rate Increase

ALL FIGURES ARE ESTIMATED ON CURRENT DATA AND ARE SUBJECT TO CHANGE

This estimate includes continuing to issue $2.4 million in working cash bonds each year

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Where could these additional funds be invested?

The following 5 year spending plan is A plan, not necessarily THE plan.
It certainly starts to address needs identified today, but the future

could change quickly with one expensive facility repair.

The community and Board must work together each year to budget these funds where

the need is greatest.

Some of these costs are going to come whether the referendum passes or not.

SLIDE 33

Spending Plan Year 1

Estimated New Funds Available 1,613,203.21 $ Carryover From Previous Year ‐ $ Item Estimated 2019 Cost Department Notes 6‐8 Health Adoption 75,000.00 $ Curriculum CPU Refresh from 2016‐2017 180,000.00 $ Technology 210 lab and teacher/staff devices Beginning of SmartBoard Refresh 60,000.00 $ Technology Grades 4 & 5 Annual Chromebook Refresh 25,000.00 $ Technology 60 Devices Chromebook Additions 25,000.00 $ Technology 60 Devices Principal Discretionary Budget 40,000.00 $ Building Supplies $10,000 to each building for targeted investments Minimum Wage Increases ($12.00 per hour) 38,000.00 $ Staffing Illinois State Law requires hourly increases for staff PES Boiler Replacement/HVAC Renovation 972,608.00 $ Facilities Includes some AC preparation; major renovation required to deliver to rooms PIC Septic Expansion 36,605.00 $ Facilities Allows hot lunch to be prepared on site Contingency for Asbestos Abatement 150,000.00 $ Facilities Could be included in major renovation; reserved for deteriorating floor/ceiling/insulation Total Cost* 1,602,213.00 $ Remaining Funds 10,990.21 $ *Costs are in 2019 dollars

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Spending Plan Year 2

Estimated New Funds Available 1,694,683.44 $ Carryover From Previous Year 10,990.21 $ Item Estimated 2019 Cost Department Notes CPU Refresh from 2017‐2018 50,000.00 $ Technology 60 teacher/staff devices Continuation of SmartBoard Refresh 100,000.00 $ Technology Grades K‐3 Annual Chromebook Refresh 25,000.00 $ Technology 60 Devices Chromebook Additions 25,000.00 $ Technology 60 Devices Principal Discretionary Budget 42,000.00 $ Building Supplies $10,500 to each building for targeted investments Minimum Wage Increases ($13.00 per hour) 90,000.00 $ Staffing Illinois State Law requires hourly increases for staff PJHS Boiler Replacement/HVAC Renovation 960,000.00 $ Facilities Includes some AC preparation; major renovation required to deliver to rooms Contingency for Asbestos Abatement 150,000.00 $ Facilities Could be included in major renovation; reserved for deteriating floor/ceiling/insulation Total Cost* 1,442,000.00 $ Remaining Funds 263,673.65 $ *Costs are in 2019 dollars

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Spending Plan Year 3

Estimated New Funds Available 1,777,793.28 $ Carryover From Previous Year 263,673.65 $ Item Estimated 2019 Cost Department Notes 9‐12 ELA Adoption 75,000.00 $ Curriculum 6‐12 Social Studies Adoption 75,000.00 $ Curriculum Addition of SmartBoards 125,000.00 $ Technology Grades 6‐8 Annual Chromebook Refresh 25,000.00 $ Technology 60 Devices Chromebook Additions 25,000.00 $ Technology 60 Devices Principal Discretionary Budget 44,100.00 $ Building Supplies $11,025 to each building for targeted investments Minimum Wage Increases ($14.00 per hour) 160,000.00 $ Staffing Illinois State Law requires hourly increases for staff Wage Increases 275,000.00 $ Staffing New CBA will start; amount estimated based on priorities of Peotone Teachers' Council PHS Roof Replacement/Repairs 1,154,414.00 $ Facilities Contingency for Asbestos Abatement 150,000.00 $ Facilities Could be included in major renovation; reserved for deteriating floor/ceiling/insulation Total Cost* 2,108,514.00 $ Remaining Funds (67,047.06) $ *Costs are in 2019 dollars

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Spending Plan Year 4

Estimated New Funds Available 1,862,565.32 $ Carryover From Previous Year (67,047.06) $ Item Estimated 2019 Cost Department Notes K‐12 Math Adoption 200,000.00 $ Curriculum Addition of SmartBoards 200,000.00 $ Technology Grades 9‐12 Annual Chromebook Refresh 25,000.00 $ Technology 60 Devices Chromebook Additions 25,000.00 $ Technology 60 Devices Principal Discretionary Budget 46,300.00 $ Building Supplies $11,575 to each building for targeted investments Minimum Wage Increases ($15.00 per hour) 250,000.00 $ Staffing Illinois State Law requires hourly increases for staff Wage Increases 145,000.00 $ Staffing New CBA will start; amount estimated based on priorities of Peotone Teachers' Council PIC Boiler Replacement/HVAC Renovation 551,250.00 $ Facilities Includes some AC preparation; major renovation required to deliver to rooms CSC Roof Replacement/Repairs 140,800.00 $ Facilities Contingency for Asbestos Abatement 150,000.00 $ Facilities Could be included in major renovation; reserved for deteriating floor/ceiling/insulation Total Cost* 1,733,350.00 $ Remaining Funds 62,168.25 $ *Costs are in 2019 dollars

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Spending Plan Year 5

Estimated New Funds Available 1,949,032.79 $ Carryover From Previous Year 62,168.25 $ Item Estimated 2019 Cost Department Notes Annual Chromebook Refresh 25,000.00 $ Technology 60 Devices Chromebook Additions 25,000.00 $ Technology 60 Devices Principal Discretionary Budget 48,600.00 $ Building Supplies $12,150 to each building for targeted investments Minimum Wage Increases ($15.00 per hour) 260,000.00 $ Staffing Illinois State Law requires hourly increases for staff Wage Increases 150,000.00 $ Staffing New CBA will start; amount estimated based on priorities of Peotone Teachers' Council CSC Boiler Replacement/HVAC Renovation 786,500.00 $ Facilities Complete mechanical renovcation to occupied rooms PIC Roof Replacement/Repairs 345,576.00 $ Facilities PHS Chiller Upgrade/Replacement 420,000.00 $ Facilities Contingency for Asbestos Abatement 150,000.00 $ Facilities Could be included in major renovation; reserved for deteriating floor/ceiling/insulation Total Cost* 2,210,676.00 $ Remaining Funds** (199,474.96) $ *Costs are in 2019 dollars **Even with significant additional revenue, projections fall short of taking care of all high and medium facility needs within 5 years.

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Spending Plan Notes

6,108,553.00 $ 15,850,739.00 $ Remaining Facility Needs: (9,742,186.00) $ Notes: 1 PHS Boiler Replacement 600,000.00 $ Facilities PJHS Roof Replacement/Repairs 544,800.00 $ Facilities PES Roof Replacement/Repairs 519,636.00 $ Facilities 2 3 4 5 6 7 This plan accounts for only 5 years of recurring technology and curriculum costs. These are cyclical in nature. Technology and software has a lifespan of approximately 5 years. Our current curriculum cycle is 7 years. Facility investments for the first 5 years are limited to high and medium need projects. Further building envelope projects and efficient lighting upgrades are also desireable, but lower priority on the list of improvements. All of the Boiler/HVAC upgrades are planned to replace old equipment and provide a reliable heating source for the

building. Included in boiler renovations are preparations to provide cooling to the entire building, but further work and

investment will be required to deliver the cooling. Total Facility Costs Included in Plan: Total Facility Costs Currently Needed: The following projects are listed as medium needs that are not addressed in this 5 year spending plan due to limitation

f new funds:

With increased technology and new curriculum, it is likely additional staff would be needed to effectively execute these plans. Costs are not included in the spending plan at this time. This plan accounts for a slow phase in of Chromebooks. If the District wanted to go to a truly 1:1 solution at one time, the total investment would be approximately $500,000. These devices would be put on a replacement plan in coming years and would also require continued software and technical supports. Additional staff my be required to meet the increasing number of English Language Learners. Costs are not included in the spending plan at this time.

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Levy Increase Explanation (Excluding Continued Working Cash Bond Issues)

Percent Increase Dollar Increase Operating Levy in 2019

$11,536,353

Projected Operating Levy in 2020

$11,843,704 2.6642% $307,351

Projected Operating Levy in 2021

$16,154,590 36.3981% $4,310,886

Some have claimed the proposal to be a 40% increase; actually 36.4% if you DON'T include working cash bonds. Some have claimed the proposal to be a $5.0 million increase; actually $4.3 million if you DON’T include working cash bonds.

SLIDE 40

Levy Increase Explanation (Including Continued Working Cash Bond Issues)

Percent Increase Dollar Increase Current Operating Levy + Working Cash in 2019

$13,972,797

Projected Operating Levy + Working Cash in 2020

$14,280,148 2.1996% $307,351

Projected Operating Levy in 2021

$16,154,590 13.1262% $1,874,442

Some have claimed the proposal to be a 40% increase; actually 13.1% if you DO include working cash bonds. Some have claimed the proposal to be a $5.0 million increase; actually $1.8 million if you DO include working cash bonds.

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What would be on the ballot under this plan?

1) Limiting Rate increase of 0.9761% 2) Tax extension from $11.5 million to $15.1 million 3) Additional taxes on a $100,000 home is $325.37

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What do we wish it could say?

1) Replace 1.4325% debt service levy with a 0.9761% limiting rate increase 2) Replace $5.3 million debt service levy with an additional $4.3 million in operating levy 3) Additional taxes on a $100,000 home is $18.33 for two years, then it becomes a REDUCTION of $152.15

SLIDE 43

Reduce or eliminate interest payments on borrowed money

Increase the School District’s financial flexibility Invest in our staff to reduce turnover

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Reduce or eliminate interest payments on borrowed money

Increase the School District’s financial flexibility Invest in our staff to reduce turnover

79% Teacher Retention Rate for District (85% in 2015) 75% Teacher Retention Rate for PHS (89% in 2015) 86% Teacher Retention Rate for State of IL (85% in 2015)

SLIDE 45

Tax bills free

f District

debt Lower total tax rate in 2023 and beyond Every tax dollar stays in Peotone Thank you for attending!

Please e‐mail all questions, comments, and concerns to Referendum2020@peotoneschools.org

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Appendices

SLIDE 47 Levy Year Paid in Calendar Year For Fiscal Year Bond and Interest Tax Rate Debt Extension Operational Rate Operational Levy Total Rate Total Extension Total Rate Change to 2019 Total Levy per $1,000 to 2019 Annual Effect on $200,000 Home to 2019 Monthly Effect on $200,000 Home to 2019 2017 2018 2019 1.3959 $5,020,016 3.1329 $11,266,800 4.5288 $16,286,817 ‐ ‐ ‐ ‐ 2018 2019 2020 1.4325 $5,309,258 3.1127 $11,536,353 4.5452 $16,845,612 ‐ ‐ ‐ ‐ 2019 2020 2021 0.9976 $3,864,345 3.0576 $11,843,704 4.0553 $15,837,833 (0.4900) $(1.63) $(326.64) $(27.22) 2020 2021 2022 0.5115 $2,020,747 4.0888 $16,154,590 4.6002 $18,175,337 0.0550 $0.18 $36.67 $3.06 2021 2022 2023 0.5015 $2,021,049 4.0888 $16,477,682 4.5903 $18,498,731 0.0450 $0.15 $30.03 $2.50 2022 2023 2024 0.2301 $945,693 4.0888 $16,807,235 4.3188 $17,752,929 (0.2264) $(0.75) $(150.93) $(12.58) 2023 2024 2025 0.0000 $ ‐ 4.0888 $17,143,380 4.0888 $17,143,380 (0.4565) $(1.52) $(304.30) $(25.36) 2024 2025 2026 0.0000 $ ‐ 4.0888 $17,486,248 4.0888 $17,486,248 (0.4565) $(1.52) $(304.30) $(25.36)

Estimate of Tax Levy Changes

ALL FIGURES ARE ESTIMATED ON CURRENT DATA AND ARE SUBJECT TO CHANGE

SLIDE 48 Levy Year Paid in Calendar Year For Fiscal Year Bond and Interest Tax Rate Debt Extension Operational Rate Operational Levy Total Rate Total Extension Total Rate Change to 2019 Total Levy per $1,000 to 2019 Annual Effect on $200,000 Home to 2019 Monthly Effect on $200,000 Home to 2019 2017 2018 2019 1.3959 $5,020,016 3.1329 $11,266,800 4.5288 $16,286,817 ‐ ‐ ‐ ‐ 2018 2019 2020 1.4325 $5,309,258 3.1127 $11,536,353 4.5452 $16,845,612 ‐ ‐ ‐ ‐ 2019 2020 2021 0.9976 $3,864,345 3.0576 $11,843,704 4.0553 $15,837,833 (0.4900) $(1.63) $(326.64) $(27.22) 2020 2021 2022 0.5115 $2,020,747 4.0888 $16,154,590 4.6002 $18,175,337 0.0550 $0.18 $36.67 $3.06 2021 2022 2023 0.5015 $2,021,049 4.0888 $16,477,682 4.5903 $18,498,731 0.0450 $0.15 $30.03 $2.50 2022 2023 2024 0.2301 $945,693 4.0888 $16,807,235 4.3188 $17,752,929 (0.2264) $(0.75) $(150.93) $(12.58) 2023 2024 2025 0.0000 $ ‐ 4.0888 $17,143,380 4.0888 $17,143,380 (0.4565) $(1.52) $(304.30) $(25.36) 2024 2025 2026 0.0000 $ ‐ 4.0888 $17,486,248 4.0888 $17,486,248 (0.4565) $(1.52) $(304.30) $(25.36)

Estimate of Tax Levy Changes

ALL FIGURES ARE ESTIMATED ON CURRENT DATA AND ARE SUBJECT TO CHANGE

$0.00 Outstanding Debt! Lower Total Tax Rate than 2019!

SLIDE 49

ALL FIGURES ARE ESTIMATED ON CURRENT DATA AND ARE SUBJECT TO CHANGE $16,286,817 $16,845,612 $15,708,049 $18,175,337 $18,498,731 $17,752,929 $17,143,380 $17,486,248 $17,835,973 $18,192,692 $18,556,546 $18,927,677

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Projected Total Levy with Proposal

TAXES PAID IN 2019 NOT AFFECTED INCREASED RATE DEBT FREE NORMAL GROWTH AT RATE OF INFLATION TAXES PAID IN 2018

SLIDE 50

$3,019.19 $3,030.15 $2,703.51 $3,066.82 $3,060.18 $2,879.22 $2,725.85 $2,725.85 $2,725.85 $2,725.85 $2,725.85 $2,725.85

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Sample Bill (School District Portion) on $200,000 Home ALL FIGURES ARE ESTIMATED ON CURRENT DATA AND ARE SUBJECT TO CHANGE

SLIDE 51

Estimate of Tax Levy Without Changes

Levy Year Paid in Calendar Year For Fiscal Year Bond and Interest Tax Rate Debt Extension Operational Rate Operational Levy Total Rate Total Extension Total Rate Change to 2019 Total Levy per $1,000 to 2019 Annual Effect on $200,000 Home to 2019 Monthly Effect on $200,000 Home to 2019 2017 2018 2019 1.3959 $5,020,016 3.1329 $11,266,800 4.5288 $16,286,817 ‐ ‐ ‐ ‐ 2018 2019 2020 1.4325 $5,309,258 3.1127 $11,536,353 4.5452 $16,845,612 ‐ ‐ ‐ ‐ 2019 2020 2021 0.9976 $3,864,345 3.0576 $11,843,704 4.0553 $15,708,049 (0.4900) $(1.63) $(326.64) $(27.22) 2020 2021 2022 0.9793 $3,869,276 3.0576 $12,080,578 4.0369 $15,949,854 (0.5083) $(1.69) $(338.85) $(28.24) 2021 2022 2023 0.6106 $2,460,808 3.0576 $12,322,190 3.6683 $14,782,998 (0.8770) $(2.92) $(584.65) $(48.72) 2022 2023 2024 0.5987 $2,460,808 3.0576 $12,568,634 3.6563 $15,029,442 (0.8889) $(2.96) $(592.63) $(49.39) 2023 2024 2025 0.5869 $2,460,808 3.0576 $12,820,006 3.6445 $15,280,815 (0.9007) $(3.00) $(600.46) $(50.04) 2024 2025 2026 0.5754 $2,460,808 3.0576 $13,076,406 3.6330 $15,537,215 (0.9122) $(3.04) $(608.13) $(50.68)

ALL FIGURES ARE ESTIMATED ON CURRENT DATA AND ARE SUBJECT TO CHANGE

SLIDE 52

Estimate of Tax Levy Without Changes

Levy Year Paid in Calendar Year For Fiscal Year Bond and Interest Tax Rate Debt Extension Operational Rate Operational Levy Total Rate Total Extension Annual Shortfall of Adequacy 2017 2018 2019 1.3959 $5,020,016 3.1329 $11,266,800 4.5288 $16,286,817 ‐ 2018 2019 2020 1.4325 $5,309,258 3.1127 $11,536,353 4.5452 $16,845,612 ‐ 2019 2020 2021 0.9976 $3,864,345 3.0576 $11,843,704 4.0553 $15,708,049 $(129,784) 2020 2021 2022 0.9793 $3,869,276 3.0576 $12,080,578 4.0369 $15,949,854 $(204,736) 2021 2022 2023 0.6106 $2,460,808 3.0576 $12,322,190 3.6683 $14,782,998 $(1,694,683) 2022 2023 2024 0.5987 $2,460,808 3.0576 $12,568,634 3.6563 $15,029,442 $(1,777,793) 2023 2024 2025 0.5869 $2,460,808 3.0576 $12,820,006 3.6445 $15,280,815 $(1,862,565) 2024 2025 2026 0.5754 $2,460,808 3.0576 $13,076,406 3.6330 $15,537,215 $(1,949,033)

ALL FIGURES ARE ESTIMATED ON CURRENT DATA AND ARE SUBJECT TO CHANGE Current Working Cash Bonds Are Spent Current Working Cash Bonds Are Repaid