10/16/2017 OCTOBER 17, 2017 1
10/16/2017 Welcome/Intro Recent Events Five-year Forecast Wrap-up and Summary 2
10/16/2017 CFO 27 year career Worked for career center, county and K-12 Undergrad in Finance-Insurance MBA Hold dual licensure (treasurer/bus. mgr.) Certified SFO designation Experience at both State and National levels 3
10/16/2017 What has transpired over last year? 4
10/16/2017 Old system (Harris) One of very few remaining in Ohio Support Issues Costly Outdated New System (PowerSchool) Accommodate change in way we do business More efficient Able to handle State Reporting Increased Accountability 5
10/16/2017 State Auditor Award Year-end June 30, 2016 Accurate reporting Clean opinion 6
10/16/2017 Moody's Upgrades Brunswick C.S.D., OH's GO to A2 Negative outlook has been removed Upgrade reflects the district’s improved financial position following consecutive years of surplus operations driven by State aid increases and restriction of expenditure growth Credit Strengths Sizable tax base Improved cash reserves following consecutive operating surpluses Manageable debt burden Benefits Lower borrowing costs Independent third-party analysis of financial operations 7
10/16/2017 On November 7 th the residents of Brunswick will see Issue 17, a 2.3 mill bond issue, on the ballot for the Brunswick City School District. Money generated by Issue 17 will be used to build one new middle school on the district’s property that sits behind Edwards and Visintainer Middle Schools. This project will not only consolidate the district’s three middle schools, but also solve problems related to the age and condition of those buildings. The Need Visintainer - 67 years old ; Edwards - 95 years old Rated 2 nd and 3 rd worst buildings according to the Exceptional Needs Program for the State of Ohio Two trailers for additional classroom space Visintainer floods during heavy rains Edwards has foundation issues Music classes travel between buildings Performing arts spaces and athletic facilities are limited or non-existent 8
10/16/2017 The Benefit 21 st Century learning spaces - flexible, encourage active student learning, support curriculum More opportunities for students - academics, arts, extracurricular, athletics Provides elementary roof repairs and window replacements (lowers energy costs) Strong Schools = Strong Community = Strong Property Values Energy efficient buildings (middle school will be LEED certified) Financial State money available - $18.3 million (37% of the cost) Low millage (2.3 mills) for taxpayers Good time to borrow money - lower interest rates, improved bond rating One middle school translates to lower operating and maintenance costs First bond issue in 17 years 9
10/16/2017 Cost for Homeowners Home Value Monthly Cost $100,000 $6.71 $150,000 $10.06 $200,000 $13.42 Through the OFCC (Ohio Facilities Construction Commission), Brunswick is eligible to receive approximately $18 million (37% of the cost) covered by the State of Ohio. Being able to address facilities and reduce the cost to the community makes this the best time to build. The district cannot receive the state money until a bond issue is passed. 10
10/16/2017 October 2017 11
10/16/2017 Revenue Updated with actual data from FY17 Factored in County Auditor information regarding tax valuation Triennial Update in 2016; Reappraisal 2019 Adjustment for emergency levy collection Updated estimates for State funding according to the most recent biennial budget. Noted impact of the loss of personal property tax reimbursement beginning FY18 12
10/16/2017 Expenses Updated data (actual FY17) Factored in Expenses Personnel costs thru FY19 then projection for FY20-22 Health benefits based on trend 11.5% FY18; 8-9% in subsequent years Adjustment to purchased services for substitute costs and 2% growth factor Supplies/materials 2-3% growth factor Capital outlay relatively flat Sales Tax funding $583k Federal-State Diesel Bus Grant Award 13
10/16/2017 MAY 2017 OCT. 2017 14
10/16/2017 5-YEAR FORECAST 90 80 70 60 REVENUE 50 Millions 40 EXPENSES 30 FUND 20 BALANCE 10 0 FY18 FY19 FY20 FY21 FY22 -10 May 2017 - Estimates based on Oct. 2017 Assumptions -Assumes Emergency Levy Renewals 15
10/16/2017 Mark C. Pepera, CFO mpepera@bcsoh.org 16
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