Buckeye Five Year Forecast for Fiscal Year 2017

District Type: Local
IRN: 048470
County: Medina
Date Submitted: 10/14/2016 Date Processed: 10/15/2016
 
Actual Forecasted
Line 2014 2015 2016 2017 2018 2019 2020 2021
1.010 General Property (Real Estate) 10,486,408 10,608,190 11,012,458 11,042,584 9,575,465 6,735,536 6,760,971 6,787,166
1.020 Tangible Personal Property Tax 1,009,632 1,029,830 1,049,406 1,065,550 961,738 834,841 839,031 839,110
1.035 Unrestricted Grants-in-Aid 4,602,824 4,935,615 4,984,442 4,948,924 4,948,924 4,948,922 4,948,922 4,948,922
1.050 Property Tax Allocation 3,903,772 3,855,514 3,903,154 2,719,299 2,477,543 2,232,304 2,238,056 2,243,443
1.060 All Other Operating Revenue 834,701 1,143,085 1,515,440 1,155,440 1,155,440 1,155,440 1,155,440 1,155,440
1.070 Total Revenue 20,837,337 21,572,234 22,464,900 20,931,797 19,119,109 15,907,043 15,942,420 15,974,081
2.050 Advances-In 5,000 5,000 5,000 5,000 5,000
2.060 All Other Financial Sources 57,546 449,227 88,117 45,000 45,000 45,000 45,000 45,000
2.070 Total Other Financing Sources 57,546 449,227 88,117 50,000 50,000 50,000 50,000 50,000
2.080 Total Revenues and Other Financing Sources 20,894,883 22,021,461 22,553,017 20,981,797 19,169,109 15,957,043 15,992,420 16,024,081
3.010 Personnel Services 9,709,900 10,212,915 10,982,338 11,330,846 11,673,688 11,965,531 12,264,669 12,571,286
3.020 Employees' Retirement/Insurance Benefits 4,799,729 4,963,043 4,781,227 4,785,071 4,863,902 4,935,500 5,058,887 5,185,359
3.030 Purchased Services 2,179,136 2,568,000 2,577,553 2,647,869 2,720,294 2,794,891 2,794,891 2,794,891
3.040 Supplies and Materials 522,087 563,437 569,046 656,343 654,467 659,286 659,286 659,286
3.050 Capital Outlay 2,330 6,060 47,565
4.300 Other Objects 939,205 429,398 472,390 479,476 481,669 483,893 486,152 481,152
4.500 Total Expenditures 18,152,387 18,742,853 19,430,119 19,899,604 20,394,020 20,839,101 21,263,884 21,691,974
5.010 Operational Transfers - Out 150,932 161,693 132,929 135,000 135,000 135,000 135,000 135,000
5.020 Advances - Out 40,998 55,189 14,242 30,000 15,000 15,000 15,000 15,000
5.040 Total Other Financing Uses 191,930 216,882 147,171 165,000 150,000 150,000 150,000 150,000
5.050 Total Expenditure and Other Financing Uses 18,344,317 18,959,735 19,577,291 20,064,604 20,544,021 20,989,102 21,413,884 21,841,974
6.010 Excess Rev & Oth Financing Sources over(under) Exp & Oth Financing 2,550,566 3,061,726 2,975,726 917,193 (1,374,912) (5,032,059) (5,421,464) (5,817,893)
7.010 Beginning Cash Balance 1,812,577 4,363,143 7,424,869 10,400,595 11,317,788 9,942,876 4,910,817 (510,647)
7.020 Ending Cash Balance 4,363,143 7,424,869 10,400,595 11,317,788 9,942,876 4,910,817 (510,647) (6,328,540)
8.010 Outstanding Encumbrances 550,833 592,254 488,031 600,000 600,000 600,000 600,000 600,000
10.010 Fund Balance June 30 for Certification of Appropriations 3,812,310 6,832,615 9,912,564 10,717,788 9,342,876 4,310,817 (1,110,647) (6,928,540)
12.010 Fund Bal June 30 for Cert of Contracts,Salary Sched,Oth Obligations 3,812,310 6,832,615 9,912,564 10,717,788 9,342,876 4,310,817 (1,110,647) (6,928,540)
15.010 Unreserved Fund Balance June 30 3,812,310 6,832,615 9,912,564 10,717,788 9,342,876 4,310,817 (1,110,647) (6,928,540)
 
 
Notes to the Five Year Forecast
 
 
10/11/16
Buckeye Local School District
5 Year Projection Assumptions
Forecasted Fiscal Years July 1, 2016 through June 2021
REVENUES
All revenues reflected in this forecast are General Fund Revenue Only. This
projection does not include revenue generated from Sales Tax Dollars, Bond or
Permanent Improvement Dollars as well as any Federal, State, Local Grants, or
Student Activity Funds, Cafeteria Funds or Athletic Funds.
The financial forecast presents, to the best of the treasurer¿s knowledge and
belief, the Buckeye Local School¿s expected financial position and cash flows
for the forecasted periods. Accordingly, the forecast reflects its judgments as
of October 7, 2016, the date of this forecast, of the expected conditions and
its expected course of action. The assumptions disclosed herein are those that
the District believes are significant to the forecast. There will usually be
differences between the forecasted and actual results, because events and
circumstances frequently do not occur as expected and those differences may be
material.
General Property (Real Estate) & Personal Property Tax
The general property (real estate) & Personal Property Tax revenue estimates are
based on reduction in valuations, including scheduled updates and reappraisals,
and are substantiated by information provided by the County Auditor reinforcing
the economic climate. This amount has been certified by the County Auditor
through the (valuation year) calendar year 2015, tax budget filed in January of
2016. This forecast also does not include the passage of the renewal of the 7.6
emergency levy of $3,201,100.00, which is on the ballot November 2016. This was
only a 5 year emergency passed in 2012, which is set to expire in FY 2018.
Unrestricted Grants-in Aide & Restricted Grants-in-Aide
The biannual budget simulation released as of this date, reflects an increase in
unrestricted grants in aid.
This amount is based on the BRIDGE report (state funding model replacing the
SF3) and an increase in open enrollment as reflected by our EMIS. This
projection also reflects Casino dollars that will be distributed to school
districts in fiscal year 2016 and beyond.
Homestead Rollback & Exemption (Includes CAT tax)
This amount follows the amount certified by the County Auditor through the
valuation year 2015 tax budget filed in January of 2016 and the Schedule B
provided to us based on calendar year 2015. The growth in this revenue parallels
the anticipated revenue in property taxes. This line also includes the revenue
generated from the Commercial Activity TAX which is being phased out over this 5
year forecast.
All Other
Revenues from all other sources are based the assumptions. Investment earnings
are projected higher due to new investment strategies, and other revenue is
lower due to the vacancy of Litchfield Elementary. (Revenue from pay to play
fees is not reflected in General Fund all Athletic revenue and expenses are
accounted for in the Athletic fund).
Total Other Financing Sources
This revenue in generated from refunds of prior year expenditures, sale of
assets and advances returned from other funds. ATHLETIC REVENUE, SALES TAX
REVENUE AND PERMANENT IMPROVEMENT ARE NOT REFLECTED IN THIS 5 YEAR FORECAST.
EXPENDITURES
All expenditures reflected in this forecast are General Fund Expenditures Only.
This projection does not include expenditures from Sales Tax Dollars, Bond or
Permanent Improvement Dollars as well as any Federal or State Grants, or Student
Activity Funds, Cafeteria Funds or Athletic Funds except for the Transfers to
other funds discussed below.
Personal Services and Benefits
The amounts for salaries and benefits are based on existing negotiated
agreements, staffing and settlements. The 1.4% average annual change in salaries
is projecting step increases, education changes and retirements. In FY2017
strategic staffing to reduce class sizes, and address educational needs are
reflected in this forecast. Insurance benefit reflects an increase of 10% for
2017, with increased contribution by employees as negotiated as well as the
spousal language noted. 2.5% increase for FY 18, FY 19 and FY 20. Benefits
include State Teachers Retirement (STRS) at 14%, School Employees Retirement
(SERS) at 14%, and worker¿s compensation at .006857% for calendar year 2016.
Insurance benefits, unemployment, and Medicare, are also included in this
benefit projection line. The negotiated agreements are for FY 2015 ¿ 2017 for
certified, and 2016-2018 for classified. Benefits also include additional
unemployment costs, this is minimal at this time. The district is accountable to
pay dollar for dollar for unemployment compensation for 26 weeks. No additional
programs are reflected after fiscal year 2017 in this 5 year projection. For
periods 2018 and beyond, no base salary increase is reflected but does reflect
Step Increases. Projections do not include the opening of Litchfield Elementary
and reinstatement of High School transportation and/or total or in part
elimination pay to participate fees for athletics.
Purchased Services, Supplies and Other
Anticipated expenditures in these areas are based on Superintendent
Recommendations with instructional supplies based on a per pupil expenditure for
FY 2016. Purchase services include decrease costs for the Medina County
Education Service Plan programs, increases in post secondary option, Community
School, and Autism Scholarship and increase in professional development due to
elimination of Race to the Top grant money.
Capital Outlay
Capital outlay expenditures are based on historical patterns. Decrease in
capital improvements in 2008 reflects the passage of a county wide sales tax for
capital improvements that will be available in April 2008 with the requirement
of revenue and expenditures to the permanent improvement fund. SALES TAX AND
PERMANENT IMPROVEMENT EXPENDITURES ARE NOT REFLECTED IN THIS OPERATING FORECAST.
Other, Advances and Transfers
Anticipated expenditures in these areas are based on transfers to the Athletic
Fund Cafeteria Fund, of $135,000 for FY 17 and beyond.
Encumbrances
Estimated encumbrances are based on last year¿s outstanding purchase orders.
These are items that have been approved for purchase and the purchases have not
come in, or have not been invoiced. But the District acknowledges the expense.
All unneeded purchase orders are canceled at the end of the Fiscal year.
Additional Revenue or Expenditure Assumptions ¿Operating Dollars
This 5 year forecast does include the passage of the 7.6 mill levy on the ballot
for approval in November 2016. This projection is General Fund money only and
does not include Federal or other State grants, Permanent Improvement revenue,
Sales Tax revenue or student activity accounts, athletic funds, food service or
bond dollars. Elimination of the Commercial Activity Tax is reflected. The
district has strategically invested in education while making sure the emergency
levy lasted through 2018 as promised. The district will be spending more than it
is taking in 2018 for the first time since the passage of the levy.
This 5 year forecast is based on information available to date. Delinquent taxes
will not be certified by the County Auditor to the District. The district as of
June 30, 2016 had a collection rate of 95.56% of Tax billed and with the
collection of delinquent Taxes this percentage was 98.80% of the taxes billed.
The County Auditor certifies to the district for projection purposes 98% tax
collections based off of the calendar year valuation.

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