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Riverside Schools Five Year Forecast (5/27/2009)

Riverside Schools Five Year Forecast (5/27/2009)

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Published by carecommitteepac
Riverside Schools five year forecast. For more information go to http://www.lakecountyschools.blogspot.com/.
Riverside Schools five year forecast. For more information go to http://www.lakecountyschools.blogspot.com/.

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Published by: carecommitteepac on Sep 11, 2009
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http://fyf.oecn.k12.oh.us/genForecast.asp?IRN=47894&Format=HTML
Painesville Township Five Year Forecast for Fiscal Year 2009
District Type: LocalIRN: 047894County: LakeDate Submitted: 5/27/2009 Date Processed: 5/30/2009
 
ActualForecastedLine20062007200820092010201120122013
1.010 General Property (Real Estate) 19,116,632 20,552,180 21,887,752 22,618,227 22,829,090 23,296,224 24,149,314 26,566,3341.020 Tangible Personal Property Tax 4,511,755 2,868,792 2,444,789 1,493,671 750,000 750,000 750,000 750,0001.035 Unrestricted Grants-in-Aid 6,895,893 6,839,368 6,323,172 6,800,000 6,800,000 6,800,000 6,800,000 6,800,0001.040 Restricted Grants-in-Aid 401,280 345,918 388,368 334,100 355,000 355,000 355,000 355,0001.050 Property Tax Allocation 2,474,927 3,574,439 4,641,464 5,156,229 6,031,303 5,780,188 5,399,704 5,026,8521.060 All Other Operating Revenue 4,681,747 4,599,653 4,653,975 4,032,000 3,957,000 3,857,000 3,807,000 3,757,0001.070 Total Revenue38,082,234 38,780,350 40,339,520 40,434,227 40,722,393 40,838,412 41,261,018 43,255,1862.050 Advances-In 77,289 115,875 50,000 50,000 50,000 50,0002.060 All Other Financial Sources 2582.070 Total Other Financing Sources258 77,289 115,875 50,000 50,000 50,000 50,0002.080 Total Revenues and Other Financing Sources 38,082,492 38,857,639 40,455,395 40,434,227 40,772,393 40,888,412 41,311,018 43,305,1863.010 Personnel Services 20,863,064 21,353,831 22,367,805 23,443,156 24,243,610 25,183,585 26,160,145 27,174,7203.020 Employees' Retirement/Insurance Benefits 6,779,917 7,474,738 8,287,714 8,801,275 9,120,354 9,701,621 10,321,343 10,982,1223.030 Purchased Services 5,546,788 5,513,127 6,115,688 6,178,912 6,406,495 6,643,033 6,888,906 7,144,5093.040 Supplies and Materials 1,741,036 1,784,027 2,119,598 2,194,492 2,252,812 2,312,753 2,374,363 2,437,6893.050 Capital Outlay 222,783 57,931 172,627 125,510 79,357 80,216 81,109 82,0384.300 Other Objects 503,092 529,877 549,185 578,388 595,560 613,246 631,464 650,2284.500 Total Expenditures35,656,680 36,713,531 39,612,617 41,321,733 42,698,188 44,534,454 46,457,330 48,471,3065.010 Operational Transfers - Out 168,431 248,046 368,115 150,000 75,000 75,000 75,000 75,0005.020 Advances - Out 2,000 750 1,800 50,000 50,000 50,000 50,000 50,0005.030 All Other Financing Uses 50,000 50,000 50,000 50,000 50,0005.040 Total Other Financing Uses170,431 248,796 369,915 250,000 175,000 175,000 175,000 175,0005.050 Total Expenditure and Other Financing Uses 35,827,111 36,962,327 39,982,532 41,571,733 42,873,188 44,709,454 46,632,330 48,646,3066.010 Excess Rev & Oth Financing Sources over(under) Exp & Oth Financing 2,255,381 1,895,312 472,863 (1,137,506) (2,100,795) (3,821,042) (5,321,312) (5,341,120)7.010 Beginning Cash Balance 3,141,985 5,397,366 7,292,678 7,765,541 6,628,035 4,527,240 706,198 (4,615,114)7.020 Ending Cash Balance 5,397,366 7,292,678 7,765,541 6,628,035 4,527,240 706,198 (4,615,114) (9,956,234)8.010 Outstanding Encumbrances 599,164 1,042,749 681,622 600,000 600,000 600,000 600,000 600,0009.030 Budget Reserve 585,565 585,565 585,565 585,565 585,565 585,565 585,565 585,5659.080 Total Reservations585,565 585,565 585,565 585,565 585,565 585,565 585,565 585,56510.010 Fund Balance June 30 for Certification of Appropriations 4,212,637 5,664,364 6,498,354 5,442,470 3,341,675 (479,367) (5,800,679) (11,141,799)12.010 Fund Bal June 30 for Cert of Contracts,Salary Sched,Oth Obligations 4,212,637 5,664,364 6,498,354 5,442,470 3,341,675 (479,367) (5,800,679) (11,141,799)15.010 Unreserved Fund Balance June 30 4,212,637 5,664,364 6,498,354 5,442,470 3,341,675 (479,367) (5,800,679) (11,141,799) 
Notes to the Five Year Forecast
 
Riverside Local School DistrictAssumptionsFive-Year Forecast
 
GENERAL:This financial forecast presents, to the best of management's knowledge, theDistrict's expected revenue, expenditures and changes
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in the general fund balance for the forecast period. Accordingly, the forecastreflects its judgment as of May 14, 2009, the dateof this forecast, of the expected conditions and its expected course of action.The assumptions disclosed herein are those thatmanagement believes are significant to the forecast. There will usually bedifferences between the forecast and actual resultsbecause events and circumstances, many out of the District's control, frequentlydo not occur as expected, and those differencesmay be material.
 
This financial forecast includes three years of historical data and five yearsof projected data in the District's General Fund.The current fiscal year, 2009, is the first year of projected data.
 
REVENUES:Property Taxes - Property tax revenue estimates are based on current legislationand historical growth patterns, including updatesand reappraisals, and are substantiated by information provided for the upcomingfiscal year from the county auditor. The propertytax figures are based on historical collection levels.
 
1.010 General Property Tax (Real Estate)Property values are established each year by the County Auditor based on newconstruction and complete or updated values. Thevalues reflect the full reappraisal that occurred in 2006. There will alsobe a triennial update for the 2009 values collected in2010. These changes have been factored into the projection for District property values.
 
During update and reappraisal years, residential and agricultural real estateproperty is expected to increase 18.47% andcommercial and industrial real estate property is expected to increase 9.99%.During non-update and non-reappraisal years,residential and agricultural real estate property is expected to increase 4.0%and commercial and industrial real estate propertyis expected to increase 2.61%. These percentages are based on the historicalincreases from 1988 through 2007. The May 2009Revision reflects the current real estate market conditions and assumes no increase in values as part of the revaluation in 2010.
 
Tax levies are collected on a calendar basis (January through December), andour fiscal year is July through June. Real estatetaxes are settled or paid twice a year; in March and August. Because we cannotassume a renewal or replacement levy will pass byDecember 2009, the last payment on this levy will be August 2009 (fiscal year2010). To comply with the format of the forecast,the real estate taxes (line 1.010) reflect the half-year loss in fiscal year2010 and a full year loss in 2011 and 2012.
 
1.020 Tangible Personal Property TaxPersonal property tax, primarily taxes on business inventories, and equipmentare most affected by changes in inventory levels andlegislative actions that alter the assessment rate. These taxes are difficultto predict as evidenced by their historical pattern;annual percentage changes in valuation ranging from +13.5% to -22.85%.
 
House Bill 66 phases out the tax on the tangible personal property of generalbusinesses, telephone and telecommunications
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http://fyf.oecn.k12.oh.us/genForecast.asp?IRN=47894&Format=HTML
companies, and railroads. The tax on general business and railroad propertywill be eliminated by 2009, and the tax on telephoneand telecommunications property will be eliminated by 2011. The tax is phasedout by reducing the assessment rate on the propertyeach year. At the same time, the bill replaces the revenue lost due to phasingout the tax. In the first five years, schooldistricts and local governments are reimbursed fully for lost revenue; in thefollowing seven years, the reimbursements are phasedout.2006 - 2010: The "Hold-Harmless Period"The tax on tangible property is to be phased out over the period from 2006 to2009. During this "Hold Harmless Period" all taxingauthorities will be fully reimbursed relative to prior law for revenue lostdue to the taxable value reductions prescribed by HB66.Reimbursement will be made for the base year amount, except that taxing authorities are only reimbursed for inventory propertyassessment percentage reductions beyond those already in place before the passage of HB 66. This means taxing authorities are onlyreimbursed for the amount of revenue projected by using listing percentagesfor inventory property of 23% in 2006, 21% in 2007, 19%for 2008, and 17% for 2009.All qualifying fixed-rate levies will be reimbursed to reflect the losses intax revenue during the phase-out of the tangibleproperty tax.All qualifying school district emergency levies will be reimbursed at 100% ofthe base year amount beginning in 2006, subject tothe half-mill threshold adjustment for all fixed-sum levies of the school district, even if the emergency levy expires, is reduced,or is not levied by the school district for any of these years. No reimbursementwill be received for the fixed sum levies sincethe half-mill threshold was not met. The millage on these levies will be increased so that the original dollar amount of the levycontinues to be collected.HB 66 treats each of the different types of tangible property somewhat differently for the purposes of phasing out the tax ontangible property. First: all new manufacturing and machinery property put intoservice in 2005 or thereafter is excluded fromtaxation. Second: since inventory property is currently being phased out (without reimbursement), HB 66 provides reimbursement onlyfor that portion of the lost revenue that is over and above the amount thatwould be lost according to prior law. Third: telephonecompany tangible property does not begin to be phased out until tax year 2007.Due to these differences the reimbursement rates foreach of the types of property varies slightly.In tax year 2006, for example, the assessment rate on furniture and fixtures(part of the "other property" classification) isreduced by one-fourth (from 25% to 18.75%). The state reimbursement paymentof 25% of the base year amount holds schools harmless,so that they receive 100% of the base year amount by a combination of locallevies and state reimbursement payments.In tax year 2006 the assessment rate on existing manufacturing machinery andequipment is also reduced by one-fourth to 18.75percent. However, new manufacturing machinery and equipment is not listed fortaxation at all. In an effort to hold schoolsgovernments harmless, the reimbursement rate for manufacturing machinery andequipment is set at 33.8 percent of the base yearamount instead of 25 percent. The higher reimbursement rate is designed to offset the loss in local tax revenue due to the new
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