Milford EVSD

Five Year Forecast

(General Fund)

Fiscal Years 2015 through 2019

FIVE YEAR FORECAST

2015 2016 2017 2018 2019

EagleWeather.com

Sunny with a high in the

mid 80’s

Sunny with a high of 90

Sunny with a high in the

low 80’s

Mostly Sunny to partly

cloudy with a high of 68

Partly to mostly cloudy with a high in the mid 50’s

Milford EVSD

Projected Five Year Forecast

Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year

2015 2016 2017 2018 2019

Beginning Cash Balance $17,436,347 $19,713,227 $20,913,427 $18,978,052 $14,445,327

Receipts 65,870,000 64,689,150 64,689,150 64,689,150 65,689,150

Expenditures 63,593,120 63,488,950 66,624,525 69,221,875 72,142,350

Ending Cash Balance $19,713,227 $20,913,427 $18,978,052 $14,445,327 $7,992,127

Milford EVSD

What is included in the Five

Year Forecast?

Milford EVSD

Total Revenues Up $5 Million

in Fiscal Year 2015

• Property Tax Collections increased $1.7 million due to second half collections of May 2013 operating levy.

• State Funding Formula (Achievement Everywhere Budget) increased $1.7 million.

• Catastrophic funds available through the state have been increased; however, the awards FY 15 have not been released. We anticipate $750,000 again this year.

Milford EVSD

Total Revenues Flat

Expected to Rise Fiscal Years 2016 – 2019

• State Funding Formula (Achievement Everywhere

Budget) FY 16 and FY 17 proposal shows 7.5% increase in each year ($976,000 FY 16 and $1,526,000 FY 17).

• TPP also to be continued at current rate $443,800 for two more years.

Milford EVSD

Revenues (thousands) FY 2015 FY 2016 FY 2017 FY 2018 FY 2019

General Property Tax (Real Estate) $35,234 $35,383 $35,383 $35,383 $35,383

Unrestricted Grants-in-Aid 19,633 19,633 19,633 19,633 19,633

Restricted Grants-in-Aid 1572 750 750 750 750

Property Tax Allocation 5,053 4,564 4,564 4,564 4,564

All Other Revenues 4,378 4,360 4,360 4,360 5,360

Total Revenues $65,870 $64,690 $64,690 $64,690 $65,690

Milford EVSD

Total Expenditures UP $1.4 Million

In Fiscal Year 2015

• Salaries up $1.8 Million / Benefits up $600,00

• Purchased Services were $900,000 less than prior year. Most notable was the reduction in sub teacher cost – less PD necessary, Petermann contract for transportation was also at a much reduced rate.

• HB 264 Loan was paid in full in FY 14 for $154,000.

Milford EVSD

2015 TRANSFER

$4 MILLION

to building fund

Milford EVSD

Expenditures

Salaries and Benefits 2016-2019 • MEA & MCEA Negotiated Agreement 2015 - 2017

• Incremental increases for MEA and MCEA are included

in the forecast at 2% each year.

• Raises for MEA and MCEA are included in the forecast

at 1.75% FY 16 and FY 17.

• Increase in staff based on grade population and special

needs as detailed in the assumptions.

• Seven percent (7.0%) in cost of benefits FY16-19 best

estimate as district now has self-insured health

insurance through SWOOSH.

Milford EVSD

Expenditures 2016-2019

•4% increase each year for purchased

services and 3% for supplies

•Five Year Curriculum Adoption

•Five Year Technology Plan

•Five Year Maintenance Programs

(As outlined in the assumptions to the five year forecast.)

Milford EVSD

Expenditures (thousands) FY 2015 FY 2016 FY 2017 FY 2018 FY 2019

Personal Services $31,863 $33,260 $34,594 $35,470 $36,367

Employees' Retirement/Insurance Benefits 11,687 12,800 13,978 15,142 16,391

Purchased Services 12,400 13,276 13,967 14,553 15,217

Supplies and Materials 2,500 2,805 2,719 2,691 2,801

Capital Outlay 448 448 466 466 466

Other Objects 900 900 900 900 900

Total Expenditures $59,593 $63,489 $66,625 $69,222 $72,142

Transfer out 4,000

Total $63,593

Milford EVSD

Projected Five Year Forecast

Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year

2015 2016 2017 2018 2019

Beginning Cash Balance $17,436,347 $19,713,227 $20,913,427 $18,978,052 $14,445,327

Receipts 65,870,000 64,689,150 64,689,150 64,689,150 65,689,150

Expenditures 63,593,120 63,488,950 66,624,525 69,221,875 72,142,350

Ending Cash Balance $19,713,227 $20,913,427 $18,978,052 $14,445,327 $7,992,127

Milford EVSD

Questions