Five Year Forecast Financial Report

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Five Year Forecast

Financial Report

November, 2020

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Forecast Methodology - This forecast is prepared based upon historical trends and current factors. This information is then extrapolated into estimates for subsequent years. The forecast variables can change multiple times throughout the fiscal year and while cash flow monitoring helps to identify unexpected variances no process is guaranteed. The intent is to provide the district's financial trend over time and a roadmap for decisions aimed at encouraging financial sustainability and stability.

Forecast Purpose/Objectives

To serve as a basis for determining the school district's ability to sign the certificate required by O.R.C. §5705.412, commonly known as the "412 certificate."

To provide a method for the Department of Education and Auditor of State to identify school districts with potential financial problems. To engage the local board of education and the community in the long range planning and discussions of financial issues facing the school district.

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Note: Cash balance includes any existing levy modeled as renewed during the forecast. Cash balance is not reduced for encumbrances.

Financial Forecast Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year

2021 2022 2023 2024 2025

Beginning Balance 9,291,991 9,056,920 6,387,091 2,151,294 (3,530,642)

+ Revenue 47,677,693 47,123,047 47,025,396 46,941,250 46,386,523 + Proposed Renew/Replacement Levies - - - - 709,105 + Proposed New Levies - - - - -- Expenditures (47,912,764) (49,792,877) (51,261,193) (52,623,186) (54,074,678)

Ending Balance with renewal levies 9,056,920 6,387,091 2,151,294 (3,530,642) (10,509,692)

Note: Not Reduced for Encumbrances Analysis Without Renewal Levies Included:

Revenue Surplus or Deficit w/o Levies (235,071) (2,669,829) (4,235,797) (5,681,936) (7,688,155)

Ending Balance w/o Levies 9,056,920 6,387,091 2,151,294 (3,530,642) (11,218,797)

(5,681,936)

(4,235,797)

In FY 2021 a revenue shortfall is expected. This means that expenditures are expected to be greater than revenue by $235,071 in FY 2021. By the last year of the forecast, FY 2025, the district is expected to have a revenue shortfall where expenditures are projected to be greater than revenue by $7,688,155 The district would need to cut its FY 2025 projected expenses by 14.22% in order to balance its budget without additional revenue.

(6,979,050)

= Revenue Surplus or Deficit (235,071) (2,669,829)

The district's cash balance is positive at year-end in FY 2021 and is projected to worsen by FY 2025. A worsening cash balance can erode the district's financial stability over time.

-- -- -- -- -- -- -(10,509,692) -$20,000,000 -$10,000,000 $0 $10,000,000 $20,000,000 $30,000,000 $40,000,000 $50,000,000 $60,000,000

2020 Actual 2021 Projected 2022 Projected 2023 Projected 2024 Projected 2025 Projected Total Revenue Replace/Renew Levies New Levies Total Expenditures 15.01 Cash Balance

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Revenue Sources and Forecast Year-Over-Year Projected Overview

Projected RevenueRenewal Levy Revenue

2015 $0 2016 $45,686,706 2017 $46,282,959 2018 $48,440,730 2019 $48,386,066 2020 $47,302,190 2021 $47,677,693 $0 2022 $47,123,047 $0 2023 $47,025,396 $0 2024 $46,941,250 $0 2025 $46,386,523 $709,105

3-Year Historical Actual Average Annual Dollar Change Compared to 5-Year Projected

Historical Projected Projected

Average Average Compared to

Annual Annual Historical

$$ Change $$ Change Variance

Real Estate $135,441 ($72,634) ($208,075)

Public Utility $108,794 $83,517 ($25,276)

Income Tax $0 $0 $0

State Funding $210,205 $125,137 ($85,068)

Prop Tax Alloc ($311,940) ($219,887) $92,053

All Othr Op Rev $97,570 $66,978 ($30,592)

Other Sources $99,675 ($24,424) ($124,099)

Total Average Annual Change $339,744 ($41,312) ($381,056)

0.77% -0.09% -0.86%

$973,922 Note: Expenditure average annual change is projected

to be > On an annual average basis, expenditures are projected to grow faster than revenue. Total revenue increased 0.77% or $339,744 annually during the past five years and is projected to decrease -0.09% or -$41,312 annually through FY2025. Real Estate has the most projected average annual variance compared to the historical average at -$208,075

Real Estate Real Estate State Funding State Funding 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 2020 2025

Sources of Revenue Over Time

Real Estate Public Utility

Income Tax State Funding

Prop Tax Alloc All Othr Op Rev

Other Sources 1.31% 4.66% -0.11% -2.24% 0.79% -1.16% -0.21% -0.18% 0.33% -3.00% -2.00% -1.00% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% ($1,500,000) ($1,000,000) ($500,000) $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 2017 2018 2019 2020 2021 2022 2023 2024 2025

Year-Over-Year Dollar & Percentage Change

Annual Dollar Change Annual Percentage Change

$ 4 5 ,6 8 6, 70 6 $ 4 6 ,2 8 2 ,9 5 9 $ 4 8 ,4 4 0, 73 0 $ 4 8 ,3 8 6, 06 6 $ 4 7 ,3 0 2, 19 0 $ 4 7 ,6 7 7, 69 3 $ 4 7 ,1 2 3 ,0 4 7 $ 4 7 ,0 2 5, 39 6 $ 4 6 ,9 4 1, 25 0 $ 4 6 ,3 8 6, 52 3 $0 $0 $0 $0 $ 7 0 9 ,1 0 5 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

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1.010 - General Property Tax (Real Estate)

2015 $0 2016 $17,489,361 2017 $17,240,455 2018 $18,251,019 2019 $17,371,669 2020 $17,646,778 2021 $17,015,221 $0 2022 $17,122,763 $0 2023 $17,190,248 $0 2024 $17,212,347 $0 2025 $16,693,915 $589,693

Values, Tax Rates and Gross Collections

Tax Yr Valuation Value Change Class I Rate Change Class II Rate Change

2019 445,776,060 2,218,520 42.25 - 52.12 -2020 445,848,260 72,200 40.77 (1.48) 50.46 (1.66) 2021 478,548,260 32,700,000 37.45 (3.31) 49.65 (0.80) 2022 478,573,260 25,000 37.44 (0.01) 49.87 0.21 2023 478,598,260 25,000 37.43 (0.01) 50.08 0.22 2024 511,298,260 32,700,000 34.67 (2.76) 49.31 (0.77) 92.4% Including Delinquencies 96.2%

Revenue collected from taxes levied by a school district by the assessed valuation of real property using effective tax rates for class I (residential/agricultural) and class II (business).

96.2% 96.2% 96.2% Gross Collection Rate

96.2%

Real estate property tax revenue accounts for 37.31% of total revenue. Class I or residential/agricultural taxes make up approximately 58.04% of the real estate property tax revenue. The Class I tax rate is 40.77 mills in tax year 2020. The district is modeling the renewal of real estate property taxes levies through 2024. The projections reflect an average gross collection rate of 96.2% annually through tax year 2024. The revenue changed at an average annual historical rate of 0.88% and is projected to change at an average annual rate of -0.40% through FY 2025.

$1 7, 48 9 ,3 6 1 $1 7, 24 0 ,4 5 5 $1 8, 25 1 ,0 1 9 $1 7, 37 1 ,6 6 9 $1 7, 64 6 ,7 7 8 $1 7, 01 5 ,2 2 1 $1 7, 12 2 ,7 6 3 $1 7, 19 0 ,2 4 8 $ 1 7 ,2 1 2 ,3 4 7 $1 6, 69 3 ,9 1 5 $0 $0 $0 $0 $5 89 ,69 3 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Renewal Levy Revenue

-1.42% 5.86% -4.82% 1.58% -3.58% 0.63% 0.39% _0.13% 0.41% -6.00% -4.00% -2.00% 0.00% 2.00% 4.00% 6.00% 8.00% ($1,000,000) ($500,000) $0 $500,000 $1,000,000 $1,500,000 2017 2018 2019 2020 2021 2022 2023 2024 2025

Year-Over-Year Dollar & Percentage Change

37.3% 36.7% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 2020 2025

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1.020 - Public Utility Personal Property

2015 $0 2016 $1,432,284 $1,432,284 2017 $1,545,828 $1,545,828 2018 $1,664,970 $1,664,970 2019 $1,767,235 $1,767,235 2020 $1,872,209 $1,872,209 2021 $1,952,867 $0 $1,952,867 2022 $2,060,795 $0 $2,060,795 2023 $2,167,580 $0 $2,167,580 2024 $2,230,041 $0 $2,230,041 2025 $2,247,806 $41,989 $2,289,795

Values and Tax Rates

Tax Year Valuation Value Change Full Voted Rate Change 2019 24,500,320 1,259,690 78.45 (0.03) 2020 25,300,585 800,265 78.49 0.04 2021 27,300,585 2,000,000 78.27 (0.21) 2022 28,100,585 800,000 78.27 (0.00) 2023 28,900,585 800,000 78.26 (0.00) 2024 29,700,585 800,000 78.08 (0.19)

*Projected % trends include renewal levies

Including Delinquencies 100.0%

100.0%

Revenue generated from public utility personal property valuations multiplied by the district's full voted tax rate.

100.0% 100.0% 100.0% Gross Collection Rate

99.9%

The public utility personal property tax revenue is generated from the personal property values, additions, and depreciation reported by the utility companies. This category currently makes up 3.96% of total district revenue. The property is taxed at the full voted tax rate which in tax year 2020 is 78.49 mills. The forecast is modeling an average gross collection rate of 99.96%. The revenue changed historically at an average annual dollar amount of $108,794 and is projected to change at an average annual dollar amount of $83,517 through FY 2025.

$ 1 ,4 3 2 ,2 8 4 $ 1 ,5 4 5 ,8 2 8 $ 1 ,6 6 4 ,9 7 0 $ 1 ,7 6 7 ,2 3 5 $ 1 ,8 7 2 ,2 0 9 $ 1 ,9 5 2 ,8 6 7 $ 2 ,0 6 0 ,7 9 5 $ 2 ,1 6 7 ,5 8 0 $ 2 ,2 3 0 ,0 4 1 $ 2 ,2 4 7 ,8 0 6 $0 $0 $0 $0 _$41, 98 9 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

7.93% _7.71% 6.14% _5.94% 4.31% 5.53% 5.18% 2.88% _2.68% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 2017 2018 2019 2020 2021 2022 2023 2024 2025

Year-Over-Year Dollar & Percentage Change

4.0% 4.9% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 2020 2025

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1.030 - No Income Tax

Projected RevenueRenewal Levy Revenue 2015 -2016 -2017 -2018 -2019 -2020 -2021 - -2022 - -2023 - -2024 - -2025 -

-*Projected % trends include renewal levies

Revenue collected from income tax earmarked specifically to support schools with a voter approved tax by residents of the school district; separate from federal, state and municipal income taxes.

The district does not have an income tax levy.

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0

- - - -

-2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00% 90.00% 100.00% $0 $0 $0 $0 $0 $1 $1 $1 $1 $1 $1 2017 2018 2019 2020 2021 2022 2023 2024 2025

Year-Over-Year Dollar & Percentage Change

0.0% 0.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 2020 2025

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1.035 - Unrestricted Grants-in-Aid

The FY 2019 per pupil and foundation revenue amount is the base aid amount used in FY 2021. In addition to its FY 2021 base funding amount of $19,272,135 the district calculated FY 2021 categorical funding such as spec. ed., preschool, casino of $572,987. Projected amounts less than the FY 2019 base indicate state budget cuts and other assumed change. For fiscal year 2022 - 2025, the district is projecting an average annual increase of 0.78% Note: Wellness funding is not included in these calculations.

Funds received through the State Foundation Program with no restriction.

$ 1 7 ,5 4 6, 53 1 $ 1 8 ,7 4 3, 06 4 $ 1 9 ,5 3 6 ,7 1 4 $ 2 0 ,0 8 2, 70 4 $ 1 9 ,2 2 5, 62 3 $ 1 9 ,2 7 5, 12 2 $ 1 9 ,8 8 0 ,0 5 1 $ 1 9 ,8 7 9, 57 3 $ 1 9 ,8 7 9, 05 3 $ 1 9 ,8 7 7, 83 3 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 40.6% 42.2% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 2020 2025

Unrestricted as % of Total Revenue

6.82% 4.23% 2.79% -4.27% 0.26% 3.14% 0.00% 0.00% -0.01% -6.00% -4.00% -2.00% 0.00% 2.00% 4.00% 6.00% 8.00% ($1,000,000) ($500,000) $0 $500,000 $1,000,000 $1,500,000 2017 2018 2019 2020 2021 2022 2023 2024 2025

Year-Over-Year Dollar & Percentage Change

3,1 47 3,1 18 3,0 70 3 ,0 1 4 3,0 12 3,0 47 2,981 2,9 65 2,955 2,9 45 2,922 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025

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1.040 & 1.045 - Restricted Grants-in-Aid

Funds received through the State Foundation Program or other allocations that are restricted for specific purposes.

Restricted aid is the portion of state per pupil funding that must be classifed as restricted use. Historically the district's restricted state aid changed annually on average by $49,352 and is projected to change annually on average by -$5,305. Restricted funds represent 6.83% of total revenue.

$3 ,0 02 ,56 0 $3 ,0 84 ,02 2 $3 ,2 49 ,28 7 $3 ,2 03 ,45 0 $3 ,2 32 ,07 8 $3 ,2 05 ,55 5 $ 3 ,2 0 5 ,5 55 $3 ,2 05 ,55 5 $3 ,2 05 ,55 5 $3 ,2 05 ,55 5 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 6.8% 6.8% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 2020 2025

Restricted as % of Total Revenue

2.71% 5.36% -1.41% 0.89% -0.82% 0.00% 0.00% 0.00% 0.00% -2.00% -1.00% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% ($100,000) ($50,000) $0 $50,000 $100,000 $150,000 $200,000 2017 2018 2019 2020 2021 2022 2023 2024 2025

Year-Over-Year Dollar & Percentage Change

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1.050 - Property Tax Allocation

2015 $0 2016 $4,371,571 2017 $3,923,464 2018 $3,621,568 2019 $3,309,467 2020 $2,987,644 2021 $2,646,828 $0 2022 $2,332,862 $0 2023 $2,054,835 $0 2024 $1,877,060 $0 2025 $1,810,787 $77,423

*Projected % trends include renewal levies

Includes funds received for Tangible Personal Property Tax Reimbursement, Electric Deregulation, Homestead and Rollback.

Property tax allocation primarily consists of reimbursements from the state of Ohio for local taxpayer credits or reductions. The state reduces the local taxpayer's tax bill with a 10% rollback credit, and 2.5% owner-occupied rollback credit, plus a homestead credit for qualifying taxpayers. In FY 2021, approximately 11.0% local residential property taxes will be reimbursed by the state in the form of rollback credits and approximately 4.2% will be reimbursed in the form of qualifying homestead exemption credits.

$ 4 ,3 7 1 ,5 71 $ 3 ,9 2 3 ,4 64 $ 3 ,6 2 1 ,5 68 $ 3 ,3 0 9 ,4 6 7 $ 2 ,9 8 7 ,6 44 $ 2 ,6 4 6 ,8 28 $ 2 ,3 3 2 ,8 62 $ 2 ,0 5 4 ,8 35 $ 1 ,8 7 7 ,0 60 $ 1 ,8 1 0 ,7 87 $0 $0 $0 $0 $ 7 7 ,4 2 3 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

6.3% _4.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 2020 2025

Property Tax Allocation as % of Total Revenue -10.25% -7.69% -8.62% -9.72% -11.41% _-11.86% _-11.92% -8.65% 0.59% -14.00% -12.00% -10.00% -8.00% -6.00% -4.00% -2.00% 0.00% 2.00% ($500,000) ($400,000) ($300,000) ($200,000) ($100,000) $0 $100,000 2017 2018 2019 2020 2021 2022 2023 2024 2025

Year-Over-Year Dollar & Percentage Change

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1.060 - All Other Operating Revenues

Operating revenue sources not included in other lines; examples include tuition, fees, earnings on investments, rentals, and donations.

Other revenue includes tuition received by the district for non-resident students educated by the district. It also includes interest income, payments in lieu of taxes, and miscellaneous revenue. The historical average annual change was $97,570. The projected average annual change is $66,978 through FY 2025.

$1 ,7 87 ,74 3 $1 ,6 21 ,80 6 $1 ,9 36 ,87 6 $2 ,1 55 ,26 1 $1 ,9 14 ,51 5 $2 ,2 29 ,62 9 $2 ,2 19 ,79 8 $2 ,2 26 ,38 2 $2 ,2 35 ,97 2 $ 2 ,2 4 9 ,4 04 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 4.0% 4.8% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 2020 2025

Other Revenue as % of Total Revenue

-9.28% 19.43% 11.28% -11.17% 16.46% -0.44% 0.30% 0.43% 0.60% -15.00% -10.00% -5.00% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% ($300,000) ($200,000) ($100,000) $0 $100,000 $200,000 $300,000 $400,000 2017 2018 2019 2020 2021 2022 2023 2024 2025

Year-Over-Year Dollar & Percentage Change

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2.070 - Total Other Financing Sources

FORECASTED

2020 2021 2022 2023 2024 2025

Transfers In - - - -Advances In 87,543 677,471 35,000 35,000 35,000 35,000 All Other Financing Sources 335,800 675,000 266,223 266,223 266,223 266,223

Includes proceeds from sale of notes, state emergency loans and advancements, operating transfers-in, and all other financing sources like sale and loss of assets, and refund of prior year expenditures.

Other sources includes revenue that is generally classified as non-operating. It is typically in the form of advances-in which are the repayment of temporary loans made from the general fund to other district funds. In FY 2020 the district receipted $87,543 as advances-in and is projecting advances of $677,471 in FY 2021. The district also receives other financing sources such as refund of prior year expenditures in this category. The district is projecting that all other financing sources will be $675,000 in FY 2021 and average $266,223 annually through FY 2025.

$56,656 $1 24 ,3 18 $1 80 ,2 96 $4 96 ,2 79 $4 23 ,3 43 $ 1 ,3 5 2 ,4 71 $ 3 0 1 ,2 23 $3 01 ,2 23 $3 01 ,2 23 $3 01 ,2 23 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.9% 0.6% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 2020 2025

Other Sources as % of Total Revenue

119.43% 45.03% 175.26% -14.70% 219.47% -77.73% 0.00% 0.00% 0.00% -100.00% -50.00% 0.00% 50.00% 100.00% 150.00% 200.00% 250.00% ($1,500,000) ($1,000,000) ($500,000) $0 $500,000 $1,000,000 $1,500,000 2017 2018 2019 2020 2021 2022 2023 2024 2025

Year-Over-Year Dollar & Percentage Change

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Expenditure Categories and Forecast Year-Over-Year Projected Overview

3-Year Historical Actual Average Annual Dollar Change Compared to 5-Year Projected

Historical Projected Projected

Average Average Compared to

Annual Annual Historical

$$ Change $$ Change Variance

Salaries $380,620 $514,033 $133,413

Benefits $223,581 $247,234 $23,653

Purchased Services $430,508 $284,118 ($146,390)

Supplies & Materials $36,684 $29,429 ($7,255)

Capital Outlay ($12,786) $5,639 $18,426

Intergov & Debt $0 $0 $0

Other Objects $60,502 $21,963 ($38,539)

Other Uses $202,076 ($128,494) ($330,570)

Total Average Annual Change $1,321,185 $973,922 ($347,263)

2.84% 1.98% -0.86%

$973,922 Note: Expenditure average annual change is projected

to be > On an annual average basis, revenues are projected to grow slower than expenditures.

Total expenditures increased 2.84% or $1,321,185 annually during the past five years and is projected to increase 1.98% or $973,922 annually through FY2025. Other Uses has the largest projected average annual variance compared to the historical average at -$330,570. Salaries Salaries Benefits Benefits 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 2020 2025

Expenditure Categories Over Time

Salaries Benefits

Purchased Services Supplies & Materials

Capital Outlay Intergov & Debt

Other Objects Other Uses

$ 4 2 ,4 9 0, 0 50 $ 4 5 ,2 4 1, 5 17 $ 4 6 ,6 8 6, 0 36 $ 4 7 ,6 0 8, 9 12 $ 4 9 ,2 0 5, 0 70 $ 4 7 ,9 1 2, 7 64 $ 4 9 ,7 9 2, 8 77 $ 5 1 ,2 6 1, 1 93 $ 5 2 ,6 2 3, 1 86 $ 5 4 ,0 7 4, 6 78 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 6.48% 3.19% 1.98% 3.35% -2.63% 3.92% 2.95% _2.66% _2.76% -4.00% -2.00% 0.00% 2.00% 4.00% 6.00% 8.00% ($1,500,000) ($1,000,000) ($500,000) $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 2017 2018 2019 2020 2021 2022 2023 2024 2025

Year-Over-Year Dollar & Percentage Change

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3.010 - Personnel Services

Employee salaries and wages, including extended time, severance pay, supplemental contracts, etc.

Salaries represent 50.07% of total expenditures and increased at a historical average annual rate of 1.60% or $380,620. This category of

expenditure is projected to grow at an average annual rate of 2.03% or $514,033 through FY 2025. The projected average annual rate of change is 0.43% more than the five year historical annual average.

$ 2 2 ,4 1 7 ,4 0 8 $ 2 3 ,4 9 4 ,6 0 6 $ 2 3 ,8 3 8 ,4 6 3 $2 4,6 3 5,0 1 8 $ 2 4 ,6 3 6 ,4 6 6 $2 4,0 6 7,9 9 1 $ 2 5 ,2 2 5 ,5 8 5 $2 5,9 5 4,6 3 6 $ 2 6 ,5 7 5 ,5 0 9 $2 7,2 0 6,6 2 9 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50.1% 50.3% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 2020 2025

Salaries as % of Total Expenditures

4.81% 1.46% 3.34% 0.01% -2.31% 4.81% 2.89% 2.39% 2.37% -3.00% -2.00% -1.00% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% ($800,000) ($600,000) ($400,000) ($200,000) $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 2017 2018 2019 2020 2021 2022 2023 2024 2025

Year-Over-Year Dollar & Percentage Change

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3.020 - Employees' Benefits

Retirement for all employees, Workers Compensation, early retirement incentives, Medicare, unemployment, pickup on pickup, and all health-related insurances.

Benefits represent 19.14% of total expenditures and increased at a historical average annual rate of 2.50% This category of expenditure is projected to grow at an annual average rate of 2.53% through FY 2025. The projected average annual rate of change is 0.03% more than the five year historical annual average.

$ 8 ,3 8 7 ,0 2 6 $ 8 ,7 4 9 ,4 1 3 $ 9 ,0 8 4 ,5 2 5 $ 9 ,1 2 2 ,9 2 7 $ 9 ,4 2 0 ,1 5 6 $ 9 ,1 5 3 ,9 9 5 $ 9 ,5 3 5 ,5 5 6 $ 9 ,9 2 5 ,7 1 8 $ 1 0 ,3 0 9 ,3 9 9 $ 1 0 ,6 5 6 ,3 2 8 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 19.1% 19.7% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 2020 2025

Benefits as % of Total Expenditures

4.32% 3.83% 0.42% 3.26% -2.83% 4.17% 4.09% _3.87% 3.37% -4.00% -3.00% -2.00% -1.00% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% ($300,000) ($200,000) ($100,000) $0 $100,000 $200,000 $300,000 $400,000 $500,000 2017 2018 2019 2020 2021 2022 2023 2024 2025

Year-Over-Year Dollar & Percentage Change

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3.030 - Purchased Services

Amounts paid for personal services rendered by personnel who are not on the payroll of the school district, expenses for tuition paid to other districts, utilities costs and other services which the school district may purchase.

Purchased Services represent 25.72% of total expenditures and increased at a historical average annual rate of 3.66%. This category of expenditure is projected to grow at an annual average rate of 2.15% through FY 2025. The projected average annual rate of change is -1.51% less than the five year historical annual average.

$ 1 0 ,0 6 5 ,5 1 2 $ 1 1 ,3 6 4 ,1 5 7 $ 1 1 ,5 8 7 ,4 9 3 $ 1 2 ,0 2 4 ,0 7 1 $ 1 2 ,6 5 5 ,6 8 0 $1 2,7 5 2,4 0 6 $1 3,0 4 5,7 8 0 $1 3,3 4 6,1 0 8 $1 3,6 5 3,5 5 6 $ 1 4 ,0 7 6 ,2 7 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 25.7% 26.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 2020 2025

Purchased Services as % of Total Expenditures 12.90% 1.97% 3.77% 5.25% 0.76% 2.30% 2.30% 2.30% 3.10% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 2017 2018 2019 2020 2021 2022 2023 2024 2025

Year-Over-Year Dollar & Percentage Change

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3.040 - Supplies & Materials

Expenditures for general supplies, instructional materials including textbooks and media material, bus fuel and tires, and all other maintenance supplies.

Supplies & Materials represent 1.74% of total expenditures and increased at a historical average annual rate of 5.19%. This category of expenditure is projected to grow at an annual average rate of 3.24% through FY 2025. The projected average annual rate of change is -1.95% less than the five year historical annual average.

$7 51 ,5 87 $ 7 4 5 ,0 1 7 $8 70 ,4 44 $ 9 2 6 ,7 1 8 $ 8 5 5 ,0 6 8 $ 9 0 8 ,2 6 6 $ 9 3 0 ,9 7 3 $ 9 5 4 ,2 4 7 $ 9 7 8 ,1 0 3 $1 ,00 2 ,21 1 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1.7% 1.9% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 2020 2025

Supplies & Materials as % of Total Expenditures -0.87% 16.84% 6.46% -7.73% 6.22% 2.50% 2.50% 2.50% 2.46% -10.00% -5.00% 0.00% 5.00% 10.00% 15.00% 20.00% ($100,000) ($50,000) $0 $50,000 $100,000 $150,000 2017 2018 2019 2020 2021 2022 2023 2024 2025

Year-Over-Year Dollar & Percentage Change

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3.050 - Capital Outlay

This line includes expenditures for items having at least a five-year life expectancy, such as land, buildings, improvements of grounds, equipment, computers/technology, furnishings, and buses.

Capital Outlay represent 0.22% of total expenditures and decreased at a historical average annual amount of -$12,786. This category of expenditure is projected to grow at an annual average amount of $5,639 through FY 2025. The projected average annual change is more than the five year historical annual average.

$ 1 6 2 ,4 8 7 $ 1 4 7 ,8 0 0 $ 1 1 1 ,7 4 4 $ 8 6 ,0 46 $ 1 0 9 ,4 4 1 $ 1 2 4 ,6 9 3 $ 1 2 7 ,8 1 0 $ 1 3 1 ,0 0 6 $ 1 3 4 ,2 8 1 $ 1 3 7 ,6 3 8 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.2% 0.3% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 2020 2025 Capital Outlay -9.04% -24.39% -23.00% 27.19% 13.94% 2.50% 2.50% 2.50% 2.50% -30.00% -20.00% -10.00% 0.00% 10.00% 20.00% 30.00% ($40,000) ($30,000) ($20,000) ($10,000) $0 $10,000 $20,000 $30,000 2017 2018 2019 2020 2021 2022 2023 2024 2025

Year-Over-Year Dollar & Percentage Change

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3.060-4.060 - Intergovernmental & Debt

These lines account for pass through payments, as well as monies received by a district on behalf of another governmental entity, plus principal and interest payments for general fund borrowing.

The Intergovernmental/Debt expenditure category details general fund debt issued by the District.

$200 $0 $569 $0 $0 $0 $0 $0 $0 $0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.0% 0.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 2020 2025

Debt as % of Total Expenditures

-100.00% 0.00% -100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -120.00% -100.00% -80.00% -60.00% -40.00% -20.00% 0.00% ($800) ($600) ($400) ($200) $0 $200 $400 $600 $800 2017 2018 2019 2020 2021 2022 2023 2024 2025

Year-Over-Year Dollar & Percentage Change

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4.300 - Other Objects

Primary components for this expenditure line are membership dues and fees, ESC contract deductions, County Auditor/Treasurer fees, audit expenses, and election expenses.

Other Objects represent 1.73% of total expenditures and increased at a historical average annual rate of 8.88%. This category of expenditure is projected to grow at an annual average rate of 2.46% through FY 2025. The projected average annual rate of change is -6.42% less than the five year historical annual average.

$6 59 ,8 33 $ 6 6 9 ,2 8 2 $7 86 ,5 12 $ 7 3 8 ,0 6 7 $ 8 5 0 ,7 8 8 $ 8 7 0 ,4 1 3 $ 8 9 2 ,1 7 3 $ 9 1 4 ,4 7 8 $ 9 3 7 ,3 3 9 $ 9 6 0 ,6 0 1 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1.7% 1.8% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 2020 2025

Other Objects as % of Total Expenditures 1.43% 17.52% -6.16% 15.27% 2.31% 2.50% 2.50% 2.50% 2.48% -10.00% -5.00% 0.00% 5.00% 10.00% 15.00% 20.00% ($60,000) ($40,000) ($20,000) $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 2017 2018 2019 2020 2021 2022 2023 2024 2025

Year-Over-Year Dollar & Percentage Change

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5.040 - Total Other Financing Uses

FORECASTED

2020 2021 2022 2023 2024 2025

Transfers Out - - - -Advances Out 677,471 35,000 35,000 35,000 35,000 35,000 Other Financing Uses - - -

-Operating transfers-out, advances out to other funds, and all other general fund financing uses.

Other uses includes expenditures that are generally classified as non-operating. It is typically in the form of advances-out which are then repaid into the general fund from the other district funds. In FY 2020 the district had advances-out and has advances-out forecasted through FY 2025. The district can also move general funds permanently to other funds and as the schedule above presents, the district has no transfers forecasted through FY 2025. The table above presents the district's planned advances and transfers. The district can also have other uses of funds which is reflected in the table above.

$ 4 5 ,9 98 $ 7 1 ,2 43 $ 4 0 6 ,2 8 5 $ 7 6 ,0 65 $ 6 7 7 ,4 7 1 $ 3 5 ,0 00 $3 5,0 00 $ 3 5 ,0 00 $ 3 5 ,0 00 $3 5,0 00 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1.4% 0.1% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 2020 2025

Other Objects as % of Total Expenditures 54.88% 470.28% -81.28% 790.64% -94.83% 0.00% 0.00% 0.00% 0.00% -200.00% -100.00% 0.00% 100.00% 200.00% 300.00% 400.00% 500.00% 600.00% 700.00% 800.00% 900.00% ($800,000) ($600,000) ($400,000) ($200,000) $0 $200,000 $400,000 $600,000 $800,000 2017 2018 2019 2020 2021 2022 2023 2024 2025

Year-Over-Year Dollar & Percentage Change

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Five Year Forecast

Actual FORECASTED

Fiscal Year: 2020 2021 2022 2023 2024 2025

Revenue:

1.010 - General Property Tax (Real Estate) 17,646,778 17,015,221 17,122,763 17,190,248 17,212,347 16,693,915

1.020 - Public Utility Personal Property 1,872,209 1,952,867 2,060,795 2,167,580 2,230,041 2,247,806

1.030 - Income Tax - - - - -

-1.035 - Unrestricted Grants-in-Aid 19,225,623 19,275,122 19,880,051 19,879,573 19,879,053 19,877,833

1.040 - Restricted Grants-in-Aid 3,232,078 3,205,555 3,205,555 3,205,555 3,205,555 3,205,555

1.050 - Property Tax Allocation 2,987,644 2,646,828 2,332,862 2,054,835 1,877,060 1,810,787

1.060 - All Other Operating Revenues 1,914,515 2,229,629 2,219,798 2,226,382 2,235,972 2,249,404

1.070 - Total Revenue 46,878,847 46,325,222 46,821,824 46,724,173 46,640,028 46,085,300

Other Financing Sources:

2.010 - Proceeds from Sale of Notes - - - - -

-2.020 - State Emergency Loans and Adv - - - - -

-2.040 - Operating Transfers-In - - - - -

-2.050 - Advances-In 87,543 677,471 35,000 35,000 35,000 35,000

2.060 - All Other Financing Sources 335,800 675,000 266,223 266,223 266,223 266,223

2.070 - Total Other Financing Sources 423,343 1,352,471 301,223 301,223 301,223 301,223

2.080 - Total Rev & Other Sources 47,302,190 47,677,693 47,123,047 47,025,396 46,941,250 46,386,523

Expenditures:

3.010 - Personnel Services 24,636,466 24,067,991 25,225,585 25,954,636 26,575,509 27,206,629

3.020 - Employee Benefits 9,420,156 9,153,995 9,535,556 9,925,718 10,309,399 10,656,328

3.030 - Purchased Services 12,655,680 12,752,406 13,045,780 13,346,108 13,653,556 14,076,270

3.040 - Supplies and Materials 855,068 908,266 930,973 954,247 978,103 1,002,211

3.050 - Capital Outlay 109,441 124,693 127,810 131,006 134,281 137,638

Intergovernmental & Debt Service - - - - -

-4.300 - Other Objects 850,788 870,413 892,173 914,478 937,339 960,601

4.500 - Total Expenditures 48,527,599 47,877,764 49,757,877 51,226,193 52,588,186 54,039,678

Other Financing Uses

5.010 - Operating Transfers-Out - - - - -

-5.020 - Advances-Out 677,471 35,000 35,000 35,000 35,000 35,000

5.030 - All Other Financing Uses - - - - -

-5.040 - Total Other Financing Uses 677,471 35,000 35,000 35,000 35,000 35,000

5.050 - Total Exp and Other Financing Uses 49,205,070 47,912,764 49,792,877 51,261,193 52,623,186 54,074,678

6.010 - Excess of Rev Over/(Under) Exp (1,902,880) (235,071) (2,669,829) (4,235,797) (5,681,936) (7,688,155)

7.010 - Cash Balance July 1 (No Levies) 11,194,872 9,291,991 9,056,920 6,387,091 2,151,294 (3,530,642)

7.020 - Cash Balance June 30 (No Levies) 9,291,991 9,056,920 6,387,091 2,151,294 (3,530,642) (11,218,797)

Reservations

8.010 - Estimated Encumbrances June 30 - - - - -

-9.080 - Reservations Subtotal - - - - -

-10.010 - Fund Bal June 30 for Cert of App 9,291,991 9,056,920 6,387,091 2,151,294 (3,530,642) (11,218,797)

Rev from Replacement/Renewal Levies

11.010 & 11.020 - Renewal Levies - - - - 709,105

11.030 - Cumulative Balance of Levies - - - - - 709,105

12.010 - Fund Bal June 30 for Cert of Obligations 9,291,991 9,056,920 6,387,091 2,151,294 (3,530,642) (10,509,692)

Revenue from New Levies

13.010 & 13.020 - New Levies - - - -

-13.030 - Cumulative Balance of New Levies - - - - -

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Five Year Forecast Financial Report