FINANCING UPDATE FOR FINANCE COMMITTEE Raymond James Public Finance PREPARED BY: Elizabeth Hennessy, Managing Director PREPARED FOR School District Number 65, Cook County, Illinois (Evanston/Skokie) April 22, 2019
TABLE OF CONTENTS PUBLIC FINANCE Market Update SECTION 1 Current Situation and Financing Update SECTION 2 2
PUBLIC FINANCE SECTION 1 Market Update 3
HISTORICAL AAA MMD RATES PUBLIC FINANCE 4
HISTORICAL AAA MMD RATES PUBLIC FINANCE 5
PUBLIC FINANCE SECTION 2 Current Situation and Financing Update 6
OUTSTANDING DEBT SERVICE PUBLIC FINANCE Summary of Outstanding Debt Service Tax Rate Current Non-Referendum Tax Equalized EAV Debt Service CPI Current B&I Year Assessed Value Change Extension Base Growth(1) DSEB D/S Tax Rate 2018 3,032,954,923 0.00% 5,703,220 2.10% 6,198,675 0.204 2019 3,032,954,923 0.00% 5,811,581 1.90% 5,829,875 0.192 2020 3,032,954,923 0.00% 5,898,755 1.50% 5,547,075 0.183 2021 3,032,954,923 0.00% 5,987,237 1.50% 5,778,575 0.191 2022 3,032,954,923 0.00% 6,077,045 1.50% 5,974,813 0.197 2023 3,032,954,923 0.00% 6,168,201 1.50% 6,069,163 0.200 2024 3,032,954,923 0.00% 6,260,724 1.50% 6,106,038 0.201 2025 3,032,954,923 0.00% 6,354,635 1.50% 6,173,881 0.204 2026 3,032,954,923 0.00% 6,449,954 1.50% 6,235,794 0.206 2027 3,032,954,923 0.00% 6,546,703 1.50% 6,369,813 0.210 2028 3,032,954,923 0.00% 6,644,904 1.50% 6,412,063 0.211 2029 3,032,954,923 0.00% 6,744,578 1.50% 6,672,538 0.220 2030 3,032,954,923 0.00% 6,845,746 1.50% 6,821,125 0.225 2031 3,032,954,923 0.00% 6,948,432 1.50% 6,953,150 0.229 2032 3,032,954,923 0.00% 7,052,659 1.50% 7,100,000 0.234 2033 3,032,954,923 0.00% 7,158,449 1.50% 6,405,000 0.211 2034 3,032,954,923 0.00% 7,265,825 1.50% 7,075,000 0.233 2035 3,032,954,923 0.00% 7,374,813 1.50% - 0.000 2036 3,032,954,923 0.00% 7,485,435 1.50% - 0.000 2037 3,032,954,923 0.00% 7,597,717 1.50% - 0.000 2038 3,032,954,923 0.00% 7,711,682 1.50% - 0.000 2039 3,032,954,923 0.00% 7,827,358 1.50% - 0.000 2040 3,032,954,923 0.00% 7,944,768 1.50% - 0.000 101,523,903 (1) CPI is assumed to grow at 1.5% from LY 2020 on 7
OUTSTANDING DEBT SERVICE PUBLIC FINANCE 8
DEBT LIMIT PUBLIC FINANCE Community Consolidated School District Number 65 (Evanston/Skokie) Statutory Debt Limit Equalized Assessed Valuation 2017 3,032,954,923 Times: Statutory Debt Limit 6.90% 209,273,890 Less: Outstanding Bond Principal (79,994,931) Net Debt Limit 129,278,958 9
WORKING CASH FUND BOND LIMIT PUBLIC FINANCE Community Consolidated School District Number 65 (Evanston/Skokie) Working Cash Fund Bond Limit Equalized Assessed Valuation 2017 3,032,954,923 Times: Maximum Education Fund Extension 3.50% 106,153,422 Plus: Corporate and Personal Property Replacement Taxes (FY17 Estimate) 2,255,781 Subtotal: 108,409,203 Times: 85.00% 92,147,823 Less: Greater of Outstanding Working Cash Bonds - or Working Cash Fund Balance 12,316,984 Net Working Cash Fund Debt Limit 79,830,839 10
LIMITED TAX (NON-REFERENDUM) DEBT PUBLIC FINANCE Summary of Outstanding Debt Service Tax Rate Current Non-Referendum Tax Equalized EAV Debt Service CPI Current Remaining B&I Year Change Growth(1) Assessed Value Extension Base DSEB D/S Tax Rate DSEB Capacity 2018 3,032,954,923 0.00% 5,703,220 2.10% 6,198,675 0.204 (495,455) 2019 3,032,954,923 0.00% 5,811,581 1.90% 5,829,875 (18,294) 0.192 2020 3,032,954,923 0.00% 5,898,755 1.50% 5,547,075 351,680 0.183 2021 3,032,954,923 0.00% 5,987,237 1.50% 5,778,575 208,662 0.191 2022 3,032,954,923 0.00% 6,077,045 1.50% 5,974,813 102,232 0.197 2023 3,032,954,923 0.00% 6,168,201 1.50% 6,069,163 0.200 99,038 2024 3,032,954,923 0.00% 6,260,724 1.50% 6,106,038 154,686 0.201 2025 3,032,954,923 0.00% 6,354,635 1.50% 6,173,881 180,754 0.204 2026 3,032,954,923 0.00% 6,449,954 1.50% 6,235,794 214,160 0.206 2027 3,032,954,923 0.00% 6,546,703 1.50% 6,369,813 0.210 176,890 2028 3,032,954,923 0.00% 6,644,904 1.50% 6,412,063 0.211 232,841 2029 3,032,954,923 0.00% 6,744,578 1.50% 6,672,538 72,040 0.220 2030 3,032,954,923 0.00% 6,845,746 1.50% 6,821,125 24,621 0.225 2031 3,032,954,923 0.00% 6,948,432 1.50% 6,953,150 (4,718) 0.229 2032 3,032,954,923 0.00% 7,052,659 1.50% 7,100,000 0.234 (47,341) 2033 3,032,954,923 0.00% 7,158,449 1.50% 6,405,000 753,449 0.211 2034 3,032,954,923 0.00% 7,265,825 1.50% 7,075,000 190,825 0.233 2035 3,032,954,923 0.00% 7,374,813 1.50% - 7,374,813 0.000 2036 3,032,954,923 0.00% 7,485,435 1.50% - 0.000 7,485,435 2037 3,032,954,923 0.00% 7,597,717 1.50% - 0.000 7,597,717 2038 3,032,954,923 0.00% 7,711,682 1.50% - 7,711,682 0.000 2039 3,032,954,923 0.00% 7,827,358 1.50% - 7,827,358 0.000 2040 3,032,954,923 0.00% 7,944,768 1.50% - 7,944,768 0.000 101,523,903 (1) CPI is assumed to grow at 1.5% from LY 2020 on 11
NON-REFERENDUM LIMITED BONDS PUBLIC FINANCE The District can issue bonds without a referendum to fund capital projects, if the • debt service payments fit within the District’s Debt Service Extension Base (DSEB). DSEB grows with CPI annually. The types of limited bonds the District can issue include: • Working Cash Fund Bonds Life Safety Bonds Funding Bonds Proceeds must be used for life Can be used to refund Can be used either for capital or operating; safety projects only which are debt obligations of the approved by the Board of District such as lease requires a petition period and Education, State and Regional or debt certificates; public hearing Superintendent of Schools; requires petition period requires public hearing and public hearing • The District has approximately $3.6M accumulated fund balance in the debt service fund • The options show uses those funds to increase the bond proceeds by $3M in each option • Each option assumes bonds are issued in Sept 2019 along with the refunding of the Series 2011A bonds on a tax-exempt basis- this is needed to access room under the DSEB 12
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