EX. A.1 ~ October 26, 2017 Page 1 of 12 OLENTANGY LOCAL SCHOOL DISTRICT DELAWARE COUNTY SCHEDULE OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE FISCAL YEARS ENDED JUNE 30, 2015, 2016 and 2017 FORCASTED FISCAL YEARS ENDING JUNE 30, 2018 THROUGH 2022 Forecast Provided By Olentangy Local School District Treasurer’s Office Emily Hatfield, Treasurer/CFO October 26, 2017 EX. A.1 ~ October 26, 2017 Page 2 of 12 OLENTANGY LOCAL SCHOOL DISTRICT ‐ ‐ DELAWARE COUNTY Schedule Of Revenue, Expenditures and Changes In Fund Balances Actual and Forecasted Operating Fund ACTUAL FORECASTED Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year 2015 2016 2017 2018 2019 2020 2021 2022 Revenue: 1.010 ‐ General Property Tax (Real Estate) 124,775,550 129,057,847 140,825,729 153,593,130 156,474,320 159,426,014 162,801,814 166,234,832 1.020 ‐ Public Utility Personal Property 6,038,030 6,894,709 9,133,832 10,779,407 10,997,328 11,217,274 11,441,620 11,670,452 1.030 ‐ Income Tax ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 1.035 ‐ Unrestricted Grants‐in‐Aid 9,975,414 11,525,017 11,477,555 12,489,445 13,046,673 13,661,085 14,303,089 14,874,630 1.040 ‐ Restricted Grants‐in‐Aid 228,354 235,653 348,360 321,034 233,222 235,782 238,361 238,446 1.045 ‐ Restricted Federal Grants‐in‐Aid ‐ SFSF ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 1.050 ‐ Property Tax Allocation 16,158,401 16,510,061 16,984,415 17,348,549 17,755,536 18,103,222 18,499,148 18,903,125 1.060 ‐ All Other Operating Revenues 21,423,058 22,199,319 24,973,953 25,881,935 26,369,854 26,674,340 26,982,718 27,295,044 1.070 ‐ Total Revenue 178,598,807 186,422,606 203,743,844 220,413,500 224,876,933 229,317,716 234,266,750 239,216,529 Other Financing Sources: 2.010 ‐ Proceeds from Sale of Notes ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 2.020 ‐ State Emergency Loans and Advancements ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 2.040 ‐ Operating Transfers‐In ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 2.050 ‐ Advances‐In ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 2.060 ‐ All Other Financing Sources 9,923 68,488 81 25,000 25,000 25,000 25,000 25,000 2.070 ‐ Total Other Financing Sources 9,923 68,488 81 25,000 25,000 25,000 25,000 25,000 2.080 ‐ Total Revenues and Other Financing Sources 178,608,730 186,491,094 203,743,925 220,438,500 224,901,933 229,342,716 234,291,750 239,241,529 Expenditures: 3.010 ‐ Personnel Services 105,278,542 112,862,106 121,213,007 130,422,154 138,252,073 144,826,780 151,167,728 157,069,559 3.020 ‐ Employees' Retirement/Insurance Benefits 40,536,724 43,395,793 47,275,258 51,689,062 56,389,080 61,477,841 67,001,413 72,998,203 3.030 ‐ Purchased Services 12,294,606 12,716,167 13,341,992 14,820,784 15,871,188 16,512,830 17,171,544 17,858,406 3.040 ‐ Supplies and Materials 4,722,245 4,954,566 4,868,203 6,451,526 6,358,180 6,441,683 6,731,559 7,034,479 3.050 ‐ Capital Outlay 480,048 277,608 288,155 360,350 367,557 374,908 382,406 390,054 3.060 ‐ Intergovernmental ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Debt Service: 4.010 ‐ Principal‐All Years ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 4.020 ‐ Principal ‐ Notes ‐ ‐ ‐ ‐ ‐ 4.030 ‐ Principal ‐ State Loans ‐ ‐ ‐ ‐ ‐ 4.040 ‐ Principal ‐ State Advances ‐ ‐ ‐ ‐ ‐ 4.050 ‐ Principal ‐ HB264 Loan ‐ 389,500 794,400 812,900 832,700 4.055 ‐ Principal ‐ Other ‐ ‐ ‐ ‐ ‐ 4.060 ‐ Interest and Fiscal Charges ‐ HB264 Loan ‐ ‐ ‐ 64,000 116,800 159,200 140,700 120,900 4.300 ‐ Other Objects 7,423,605 9,106,557 9,928,112 11,182,659 11,719,330 12,285,516 12,882,933 13,513,401 4.500 ‐ Total Expenditures 170,735,770 183,312,797 196,914,728 214,990,534 229,463,708 242,873,159 256,291,183 269,817,702 Other Financing Uses 5.010 ‐ Operating Transfers‐Out ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 5.020 ‐ Advances‐Out ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 5.030 ‐ All Other Financing Uses ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 5.040 ‐ Total Other Financing Uses ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 5.050 ‐ Total Expenditures and Other Financing Uses 170,735,770 183,312,797 196,914,728 214,990,534 229,463,708 242,873,159 256,291,183 269,817,702 Excess of Rev & Other Financing Uses Over (Under) 6.010 ‐ Expenditures and Other Financing Uses 7,872,960 3,178,297 6,829,197 5,447,966 (4,561,775) (13,530,442) (21,999,433) (30,576,173) Cash Balance July 1 ‐ Excluding Proposed Renewal/ 7.010 ‐ Replacement and New Levies 51,214,961 59,087,921 62,266,218 69,095,415 74,543,381 69,981,606 56,451,164 34,451,730 7.020 ‐ Cash Balance June 30 59,087,921 62,266,218 69,095,415 74,543,381 69,981,606 56,451,164 34,451,730 3,875,558 8.010 ‐ Estimated Encumbrances June 30 1,656,186 2,430,269 2,761,684 2,800,000 2,850,000 2,900,000 2,950,000 3,000,000 Reservations of Fund Balance: 9.010 ‐ Textbooks and Instructional Materials ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 9.020 ‐ Capital Improvements ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 9.030 ‐ Budget Reserve ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 9.040 ‐ DPIA ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 9.050 ‐ Debt Service ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 9.060 ‐ Property Tax Advances ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 9.070 ‐ Bus Purchases ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 9.080 ‐ Subtotal ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Fund Balance June 30 for Certification 10.010 ‐ of Appropriations 57,431,735 59,835,949 66,333,731 71,743,381 67,131,606 53,551,164 31,501,730 875,558 Rev from Replacement/Renewal Levies 11.010 ‐ Income Tax ‐ Renewal ‐ ‐ ‐ ‐ ‐ 11.020 ‐ Property Tax ‐ Renewal or Replacement ‐ ‐ ‐ ‐ ‐ 11.030 ‐ Cumulative Balance of Replacement/Renewal Levies ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Fund Balance June 30 for Certification 12.010 ‐ of Contracts, Salary and Other Obligations 57,431,735 59,835,949 66,333,731 71,743,381 67,131,606 53,551,164 31,501,730 875,558 Revenue from New Levies 13.010 ‐ Income Tax ‐ New ‐ ‐ ‐ ‐ ‐ 13.020 ‐ Property Tax ‐ New ‐ ‐ ‐ ‐ ‐ 13.030 ‐ Cumulative Balance of New Levies ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 14.010 ‐ Revenue from Future State Advancements ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 15.010 ‐ Unreserved Fund Balance June 30 57,431,735 59,835,949 66,333,731 71,743,381 67,131,606 53,551,164 31,501,730 875,558 Days Unreserved Cash on Hand ‐ Based upon 365 days 123 119 123 122 107 80 45 1 EX. A.1 ~ October 26, 2017 Page 3 of 12 OLENTANGY LOCAL SCHOOL DISTRICT NOTES AND ASSUMPTIONS RELATED TO THE FIVE YEAR FORECAST October 2017 OVERVIEW Revenue The October 2017 forecast includes the impact of House Bill 49, which is the 2017 State budget . Olentangy has been the fastest growing school District in the State for over a decade, yet over that same decade our state basic aid has remained relatively flat. The current State funding formula calculates that Olentangy should receive over $50 million in state basic aid. Unfortunately, HB49 places a cap on funding growth of 5.5% for Fiscal Year (FY) 2018 and 5.8% for FY 2019 (fiscal years run July 1st through June 30th of the following year.) This limits Olentangy’s state basic aid increase to approximately $1.2 million over the next two years despite the District’s continued student growth. As a result of the HB49 formula and the growth caps, Olentangy’s state basic aid per pupil is approximately $550 per pupil, while the state average is closer to $4,550 per pupil. This amount does not adequately fund our student growth year over year. While the District appreciates all funding increases, we will continue to have important discussions with State legislative representatives regarding the insufficient funding of our District. As a consequence of the State funding received, the District continues to rely on local tax revenue to sustain operations. See Unrestricted Grants Note for additional discussion of state basic aid, as well as the Risk Assessment following the notes. Academic Excellence and Financial Efficiency The District is continually working to maximize learning for every student, while maintaining fiscal responsibility as evidenced by our cost per pupil continuing to rank near the lowest in central Ohio. At the same time, Olentangy’s academic performance index ranks second highest in central Ohio, and the 27th for the entire state. As a continual objective to find more efficient ways to deliver our educational product, District administration is in constant discussion to find ways to moderate expenditure increases, while improving academic performance. Pivotal to the accuracy of this forecast is the ability of the District to accommodate the persistent student growth. The Board passed a resolution in November, for the March 15, 2016 election, a “no new millage” bond issue to fund the construction of a new facility, the purchase of the Olentangy Academy building, and to provide resources for other facility and technology needs. Additionally, the issue included a 5.9 mill operating levy and 1.0 mill permanent improvement levy. These critical funding items were successful on the March 2016 ballot. To further accommodate student enrollment, the Board entered into a lease agreement allowing the relocation of central office staff to an existing office facility within the District, allowing space within Shanahan Middle School to be restored to classrooms. Assumptions related to the staffing and operations of the additional facilities have been included in this forecast. General Assumptions Enrollment numbers are essential for staffing assumptions and the timing of opening new buildings. The District uses the most recent enrollment projections as presented by the Facilities Committee to estimate student population in future years.