Buckeye Five Year Forecast for Fiscal Year 2017

District Type: Local
IRN: 048470
County: Medina
Date Submitted: 5/15/2017 Date Processed: 5/15/2017
 
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 11,274,671 11,465,127 11,470,063 11,518,604 11,571,452
1.020 Tangible Personal Property Tax 1,009,632 1,029,830 1,049,406 1,107,750 1,144,635 1,150,358 1,156,139 1,156,255
1.035 Unrestricted Grants-in-Aid 4,602,824 4,935,615 4,984,442 5,295,736 5,265,736 5,265,734 5,265,734 5,265,734
1.050 Property Tax Allocation 3,903,772 3,855,514 3,903,154 2,599,048 2,392,627 2,143,683 1,899,846 1,655,618
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 21,432,645 21,423,564 21,185,278 20,995,763 20,804,499
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 21,482,645 21,473,564 21,235,278 21,045,763 20,854,499
3.010 Personnel Services 9,709,900 10,212,915 10,982,338 11,725,498 12,182,572 12,516,937 12,860,478 13,181,990
3.020 Employees' Retirement/Insurance Benefits 4,799,729 4,963,043 4,781,227 4,896,045 4,966,663 5,326,768 5,719,135 6,142,028
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 522,087 563,437 569,046 636,343 639,524 642,722 645,935 649,165
3.050 Capital Outlay 2,330 6,060 47,565 262 262 262 264 263
4.300 Other Objects 939,205 429,398 472,390 490,476 492,928 495,393 497,870 500,359
4.500 Total Expenditures 18,152,387 18,742,853 19,430,119 20,396,492 21,002,243 21,776,973 22,518,572 23,268,696
5.010 Operational Transfers - Out 150,932 161,693 132,929 865,000 215,000 215,000 215,000 215,000
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 191,930 216,882 147,171 895,000 230,000 230,000 230,000 230,000
5.050 Total Expenditure and Other Financing Uses 18,344,317 18,959,735 19,577,291 21,291,492 21,232,244 22,006,974 22,748,572 23,498,696
6.010 Excess Rev & Oth Financing Sources over(under) Exp & Oth Financing 2,550,566 3,061,726 2,975,726 191,153 241,320 (771,696) (1,702,809) (2,644,197)
7.010 Beginning Cash Balance 1,812,577 4,363,143 7,424,869 10,400,595 10,591,748 10,833,068 10,061,372 8,358,563
7.020 Ending Cash Balance 4,363,143 7,424,869 10,400,595 10,591,748 10,833,068 10,061,372 8,358,563 5,714,366
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 9,991,748 10,233,068 9,461,372 7,758,563 5,114,366
12.010 Fund Bal June 30 for Cert of Contracts,Salary Sched,Oth Obligations 3,812,310 6,832,615 9,912,564 9,991,748 10,233,068 9,461,372 7,758,563 5,114,366
15.010 Unreserved Fund Balance June 30 3,812,310 6,832,615 9,912,564 9,991,748 10,233,068 9,461,372 7,758,563 5,114,366
 
 
Notes to the Five Year Forecast
 
 
5/09/17
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 May 5, 2017, 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 2016, tax budget filed in January of
2017. This forecast also includes the passage of the renewal of the 7.6
emergency levy of $3,201,100.00, which was affirmed November 2016.
Unrestricted Grants-in Aide & Restricted Grants-in-Aide
The biannual budget simulation released as of this date, reflects a substantial
decrease increase in unrestricted grants in aid.
This amount is based on the BRIDGE report (state funding model replacing the
SF3) dated May 2017 and DOES NOT INCLUDE any decrease in Tangible Personal
Property nor any 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 2016 tax budget filed in January of 2017 and the Schedule B
provided to us based on calendar year 2016. 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 a decrease of 10% for
2018, with increased contribution by employees as negotiated as well as the
spousal language noted. Benefits include State Teachers Retirement (STRS) at
14%, School Employees Retirement (SERS) at 14%, and worker¿s compensation at
.006857% for calendar year 2017. 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 2018 in
this 5 year projection. For periods 2019 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 2017. 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 and a.
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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