Milford EVSD
Five Year Forecast
(General Fund)
Fiscal Years 2015 through 2019
FIVE YEAR FORECAST
2015 2016 2017 2018 2019
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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