FIVE YEAR FINANCIAL FORECAST ANALYSIS MAY, 2020 Presen esented Ma - PowerPoint PPT Presentation

FIVE ‐ YEAR FINANCIAL FORECAST ANALYSIS MAY, 2020 Presen esented Ma May 21, 21, 2020 2020 www.woodmoreschools.com

Actual Forecasted FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Revenues 1.010 General Property Tax (Real Estate) 4,391,661 4,039,260 4,016,911 4,010,000 3,905,000 3,680,000 3,455,000 3,470,000 1.020 Tangible Personal Property Tax 318,486 447,829 905,000 1,385,000 1,355,000 1,325,000 1,295,000 1.035 Unrestricted State Grants-in-Aid 4,889,154 4,892,560 4,902,668 4,725,000 4,550,000 4,895,000 4,895,000 4,895,000 1.040 Restricted State Grants-in-Aid 39,046 23,227 28,077 28,000 28,000 28,000 28,000 28,000 1.050 Property Tax Allocation 933,700 806,222 718,839 605,000 585,000 585,000 585,000 585,000 1.060 All Other Revenues 805,052 1,123,222 1,274,590 1,315,000 1,200,000 1,200,000 1,200,000 1,200,000 1.070 Total Revenues 11,058,613 11,202,977 11,388,914 11,588,000 11,653,000 11,743,000 11,488,000 11,473,000 Other Financing Sources 2.04,.05 Transfers, Advances – In 133,275 123,500 111,376 194,000 140,000 175,000 215,000 255,000 2.060 All Other Financing Sources 2,000 46,347 65,639 108,000 60,000 55,000 50,000 45,000 2.080 Total Revenues and Other Financing Sources 11,193,888 11,372,824 11,565,929 11,890,000 11,853,000 11,973,000 11,753,000 11,773,000 Expenditures 3.010 Personal Services 5,567,191 5,609,502 6,275,822 6,550,000 6,740,000 6,725,000 6,810,000 6,910,000 3.020 Employees' Retirement/Insurance Benefits 2,208,739 2,239,076 2,344,174 2,630,000 2,710,000 2,840,000 2,985,000 3,150,000 3.030 Purchased Services 1,833,270 2,149,791 2,113,226 2,000,000 2,165,000 2,230,000 2,280,000 2,330,000 3.040 Supplies and Materials 319,680 481,641 467,634 445,000 475,000 485,000 495,000 505,000 3.050 Capital Outlay 170,697 142,073 196,755 50,000 50,000 50,000 50,000 50,000 4.300 Other Objects 142,331 175,812 177,228 185,000 190,000 195,000 200,000 205,000 4.500 Total Expenditures 10,241,908 10,797,895 11,574,839 11,860,000 12,330,000 12,525,000 12,820,000 13,150,000 5.01,.02 Transfers/Advances-Out 123,500 183,142 284,064 140,000 175,000 215,000 255,000 295,000 5.050 Total Expenditures and Other Financing Uses 10,365,408 10,981,037 11,858,903 12,000,000 12,505,000 12,740,000 13,075,000 13,445,000 Excess of Revenues and Other Financing 6.010 Sources over (under) Expenditures and 828,480 391,787 (292,974) (110,000) (652,000) (767,000) (1,322,000) (1,672,000) Other Financing Uses 7.010 Cash Balance July 1 - Excluding Proposed 1,271,867 2,100,347 2,492,134 2,199,160 2,089,160 1,437,160 670,160 (651,840) Renewal/Replacement and New Levies 7.020 Cash Balance June 30 2,100,347 2,492,134 2,199,160 2,089,160 1,437,160 670,160 (651,840) (2,323,840) 8.01 Estimated Encumbrances June 30 156,774 184,135 149,850 75,000 75,000 75,000 75,000 75,000 10.01 Fund Balance June 30 for Certification of Appropriations 1,943,573 2,307,999 2,049,310 2,014,160 1,362,160 595,160 (726,840) (2,398,840) 11.02 Property Tax – Renewal or Replacement 300,000 600,000 600,000 11.30 Cumulative Balance of Renewal Levies 300,000 900,000 1,500,000 12.01 Fund Balance June 30 for Certification 1,943,573 2,307,999 2,049,310 2,014,160 1,362,160 895,160 173,160 (898,840) of Contracts, Salary Schedules, etc. www.woodmoreschools.com

FORECAST SUMMARY REVENUE, VENUE, EXPENDI NDITURE URES AND AND CASH CASH BA BALANC NCE FY FY 2020 2020 FY FY 2021 2021 FY FY 2022 2022 FY 2023 FY 2023 FY FY 2024 2024 Revenue $11,890,000 $11,890,000 $11,853,000 $11,853,000 $11,973,000 $11,973,000 $11,753,000 $11,753,000 $11,773,000 $11,773,000 Expe Expenditu tures $12,000,000 $12,000,000 $12,505,0 $12,505,000 00 $12,740,000 $12,740,000 $13,075,000 $13,075,000 $13,445,000 $13,445,000 Over/(U er/(Under) r) ($110,000) ($110,000) ($652,000) ($652,000) ($767,000) ($767,000) ($1,322, ($1,322,000) 000) ($1,672,000) $1,672,000) Cash Cash Bal Balance $2,089,160 $2,089,160 $1,437,160 $1,437,160 $670,160 $670,160 ($651,840) $651,840) ($2,323,840) ($2,323,840) www.woodmoreschools.com

FORECAST SUMMARY REVENUE, VENUE, EXPENDI NDITURE URES AND AND CASH CASH BA BALANC NCE (Incl ncludes udes re renewa wal le levie vies) FY FY 2020 2020 FY FY 2021 2021 FY FY 2022 2022 FY FY 2023 2023 FY FY 2024 2024 Revenue $11,890,000 $11,890,000 $11,853,000 $11,853,000 $12,273,000 $12,273,000 $12,353,000 $12,353,000 $12,373,000 $12,373,000 Expe Expenditu tures $12,000,000 $12,000,000 $12,505,0 $12,505,000 00 $12,740,000 $12,740,000 $13,075,000 $13,075,000 $13,445,000 $13,445,000 Over/(U er/(Under) r) ($110,000) ($110,000) ($652,000) ($652,000) ($467,000) ($467,000) ($722,0 ($722,000) 00) ($1,072,000) ($1,072,000) Cash Cash Bal Balance $2,089,160 $2,089,160 $1,437,16 $1,437,160 $970,160 $970,160 $248,160 $248,160 ($823,840) $823,840) www.woodmoreschools.com

Revenue Factors Actual Forecasted FY 2017 FY 2018 FY 2019 Avg Chg FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 General 4,391,661 4,039,260 4,016,911 -4.3% 1.010 Property Tax 4,010,000 3,905,000 3,680,000 3,455,000 3,470,000 (Real Estate) “Public Utility” 1.020 Personal 318,486 447,829 905,000 1,385,000 1,355,000 1,325,000 1,295,000 Property Tax 1.050 Property Tax 933,700 806,222 718.839 -12.2% 605,000 585,000 585,000 585,000 585,000 Allocation 11.020 Property Tax - 300,000 600,000 600,000 Renewals LINE 1.010, 11.020 General Property Tax Real Estate • Collections for class I real estate (Res/Ag) and class II real estate (all other) • Calendar year 2018 was a reappraisal year in Ottawa County & 2021 is an update year • Calendar year 2018 was an update year in Sandusky County & 2021 is a reappraisal yr • $600,000 Emergency Levy of five years was approved in November, 2016 • $829,000 Emergency Levy of five years was approved in May, 2019 • Changes in the Current Agricultural Use Value (CAUV) essentially only affects collections on our 4.0 inside mills. • The district is currently on the “20 Mill floor” established by HB920 in 1976 www.woodmoreschools.com

Revenue Factors (cont.) Actual Forecasted FY 2017 FY 2018 FY 2019 Avg Chg FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 General 1.010 Property Tax 4,391,661 4,039,260 4,016,911 -4.3% 4,010,000 3,905,000 3,680,000 3,455,000 3,470,000 (Real Estate) “Public Utility” 1.020 Personal 318,486 447,829 905,000 1,385,000 1,355,000 1,325,000 1,295,000 Property Tax 1.050 Property Tax 933,700 806,222 718.839 -12.2% 605,000 585,000 585,000 585,000 585,000 Allocation 11.020 Property Tax - 300,000 600,000 600,000 Renewals Line 1.020 Public Utility Personal Property Tax • Began receiving NEXUS revenue in Calendar Year 2020 • Initial assessed value is $48,009,180 • NEXUS appealed for the valuation to be set at $22,655,320 • Taxes are not owed on the appealed amount and NEXUS did choose to tender pay their taxes, paying the amount due on $22,655,320 • This type of appeal can be a several year process to resolve • Will have no affect on our state funding in FY20 and FY21 (no formula is being used) www.woodmoreschools.com

Revenue Factors (cont.) Actual Forecasted FY 2017 FY 2018 FY 2019 Avg Chg FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 General 4,391,661 4,039,260 4,016,911 -4.3% 1.010 Property Tax 4,010,000 3,905,000 3,680,000 3,455,000 3,470,000 (Real Estate) “Public Utility” 1.020 Personal 318,486 447,829 905,000 1,385,000 1,355,000 1,325,000 1,295,000 Property Tax 1.050 Property Tax 933,700 806,222 718.839 -12.2% 605,000 585,000 585,000 585,000 585,000 Allocation 11.020 Property Tax - 300,000 600,000 600,000 Renewals Line 1.050 Property Tax Allocation • Tangible Personal Property reimbursements are shown below Fiscal Year Reimbursement Fiscal Year Reimbursement Received Received 2021 $0.00 2015 $588,052.06 2020 $18,842.38 2014 $588,052.06 2019 $118,284.76 2013 $588,052.06 2018 $217,727.16 2012 $774,825.72 2017 $317,169.56 2011 $1,078,584.73 2016 $452,610.82 2010 $1,064,469.25 www.woodmoreschools.com

CY2019 values for CY2020 collections Total Valuation $219,810,490 4.00 Inside Mills collects fully Residential / AG $148,219,470 Public Utility Personal collects fully All other $13,562,200 Public Utility Personal $57,891,990 Public Utility Personal increased $49,261,510 Res/Ag Effective All other Voted rate Total tax % of total Rate effective rate Inside Mills 4.00 4.00 4.00 $879,242 12.48% 1976 Current Expense 23.20 10.702577 14.702953 $3,130,841 44.43% 1980 Current Expense 6.50 3.564723 5.774294 $983,762 13.96% 1986 Current Expense 3.00 1.732725 2.879175 $469,942 6.67% Emergency $829,000 4.20 $923,204 13.11% Emergency $600,000 3.00 $659,431 9.36% Total General Fund 20.000025 $7,046,422 Change in valuation from CY18 to CY19: $2,169,080; CY19 to CY20: $50,184,610 Change in revenue from CY18 to CY19: $73,098; CY19 to CY20: $1,950,760 www.woodmoreschools.com