What’s included in theFinancial Forecast?

TOTAL REVENUE = $40,726,704(Excludes Other Financing Sources)

Tax Revenue = 70.8% of Total Operating Revenue

Line 1.010 – General Property Tax (Real Estate) 66.6% of Total Operating Revenue

Real property is divided into two classes: Class I – Residential and Agricultural Class II – Commercial and Industrial

Line 1.020 – Tangible Personal Property Tax (Public Utility Taxes) 4.2% of Total Operating Revenue

Tax Revenue Estimate for FY14

Res/Ag $750,842 x 28.94 = $21,727,720

C/Ind $153,156 x 30.84 = 4,722,922

P/U $25,931 x 61.56 = 1,596,332

Inside Mills x 4.97 = 4,624,378

Tax Revenue estimate = $32,671,352

Other Local Revenue = 3.8% of Total Revenue

Interest Earnings on Investments Tuition (from other districts and kindergarten)

Pay to Participate Fees School Fees Rentals Administrative Fees for Auxiliary Service Payment In Lieu of Taxes (PILOT) Miscellaneous

State Revenue = 25.4% of Total Revenue

Line 1.035 - Unrestricted Grants-in-Aid 11.5% of Total Revenue

School Foundation program

Line 1.040 – Restricted Grants-in-Aid

Catastrophic Aid for special education students

Line 1.050 – Property Tax Allocation 13.8% of Total Revenue

Percentage of individual property tax bills paid by the State 12.5% of taxes due on all residential/agricultural property Includes tangible personal property replacement revenue.

Other Financing SourcesLine 2.040 - Operational Transfers-in Money transferred from other funds into the

General Fund.

Line 2.050 – Advances-in Money returned to the General Fund for

repayment of advances from other funds

Line 2.070 – All Other Financing Sources Refunds of prior year expenditures

TOTAL EXPENDITURES = $38,887,434(Excludes Other Financing Uses)

Personal Services – Line 3.01051.5% of Total Expenditures

Employee Salaries Classified Substitutes Supplementals Overtime Termination Payments (Severance) Board Members Student Workers

Employees’ Retirement/Insurance Benefits Line 3.020

(20.6% of Total Expenditures)

• Retirement – 14% of employees’ salaries• Medicare – 1.45% of employees’ salaries• Workers’ Comp rate – .008421 Insurance Premiums

Medical : 94% Single, 88% Family Dental Vision Life – 100% Board paying 80% for Administrators

• Unemployment Compensation

Board Cost for Insurance Benefits

Family Medical (SuperMed+) $1,315.86 (renewal 7/14)

Dental $146.98 Vision $38.95 Life 4.66

Total Family $1,506.45 ($18,077.40 annual*)

*Monthly premium holidays July and August, 2013.

Single Medical (SuperMed+) $560.19 Dental $78.21 Vision $15.41 Life 4.66Total Single $658.47 ($7,901.64 annual*)

Annual Insurance Costs$4,070,000

Medical Dental Vision Life

$3,552,033 $397,743 $101,504

$18,720

Purchased Services – Line 3.03018.9% of Total Expenditures

• Utility Costs (electricity, natural gas, trash removal, telephones, water & sewer)

• Transportation Services (Petermann)• Teacher Substitutes (Rachel Wixey Associates)• Legal Fees• Health Services (PSI)• Professional Meetings• Special Education Transportation • Special Education Tuition to Other Districts• GAAP Conversion• Legal Advertisements• Repairs & Maintenance (buildings & vehicles)• Data Processing (NEONET) and Technology (Smart Solutions)• Fleet and Property Insurances

Supplies & Materials – Line 3.0405% of Total Expenditures

• Core curriculum materials• Instructional materials• Textbook Replacements• Technology supplies and software• Custodial supplies• Maintenance supplies• Fuel• Library books• Administrative supplies

Capital Outlay – Line 3.0501.3% of Total Expenditures

• New Equipment• Replacement Equipment• Technology• Site Improvements• Classroom Furnishings• Maintenance vehicles• Vans

Other Objects – Line 4.3002.7% of Total Expenditures

• Summit County Auditor and Treasurer Fees Fees are assessed based on approximately 1.5% of the tax collections.

• Summit County Land Bank fees• Summit County ESC fees Fees for services provided by the Summit County Educational Service Center.

• Election Costs• Delinquent Tax Assessment Fees

Fees are approximately .2% of tax collections

• Liability Insurance• State Administrative fees

Fees are assessed based approximately 1% of rollback and homestead collections.

• Professional membership fees• Bank fees• State Auditor fees

HB264 Energy Conservation Project$729,743.96 Energy Conservation Improvement Bonds, Series 2013 issued to pay for project on September 11, 2013.

Bonds purchased by First Merit Bank at 3.39% interest.

Interest and principal payments are considered a transfer in the Forecast since this is a general fund debt obligation.

The money from the energy savings will be transferred to the bond retirement fund to pay the interest and principal in June and December.

Other Financing Uses

Line 5.010 – Operational Transfers-OutMoney transferred into another fund.

Line 5.020 – Advances-Out Money temporarily advanced to other funds