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Chardon Five Year Forecast for Fiscal Year 2009

District Type: Local
IRN: 047183
County: Geauga
Date Submitted: 4/22/2009 Date Processed: 4/25/2009

Actual Forecasted
Line 2006 2007 2008 2009 2010 2011 2012 2013
1.010 General Property (Real Estate) 15,226,460 16,138,200 17,472,107 18,045,068 18,105,969 18,168,089 18,531,451 18,902,080
1.020 Tangible Personal Property Tax 2,082,306 2,231,746 2,222,969 825,115
1.030 Income Tax 1 1
1.035 Unrestricted Grants-in-Aid 5,936,501 5,786,921 5,758,953 5,729,199 5,729,199 5,729,199 5,729,199 5,729,199
1.040 Restricted Grants-in-Aid 230,019 328,146 186,497 175,000 180,250 185,658 191,227 196,964
1.050 Property Tax Allocation 1,804,202 2,684,934 3,435,668 3,902,939 4,234,689 4,594,637 4,985,182 5,408,922
1.060 All Other Operating Revenue 536,279 638,991 669,844 1,029,653 1,132,618 1,245,880 1,370,468 1,507,515
1.070 Total Revenue 25,815,768 27,808,939 29,746,038 29,706,974 29,382,725 29,923,463 30,807,526 31,744,680
2.040 Operating Transfers-In 568,753
2.050 Advances-In 119,147 67,529 100,000 100,000 100,000 100,000
2.060 All Other Financial Sources 100,403 116,017 179,881 161,103 200,000 200,000 200,000 200,000
2.070 Total Other Financing Sources 669,156 116,017 299,028 228,632 300,000 300,000 300,000 300,000
2.080 Total Revenues and Other Financing Sources 26,484,924 27,924,956 30,045,066 29,935,606 29,682,725 30,223,463 31,107,526 32,044,680
3.010 Personnel Services 16,011,691 15,565,886 16,285,338 16,373,258 16,864,456 17,370,389 17,891,501 18,428,246
3.020 Employees' Retirement/Insurance Benefits 5,831,474 6,492,831 6,461,461 7,361,036 7,729,088 8,115,542 8,521,319 8,947,385
3.030 Purchased Services 3,061,202 3,228,549 3,589,789 4,482,084 4,616,547 4,755,043 4,897,694 5,044,625
3.040 Supplies and Materials 937,250 806,117 1,107,367 1,223,007 1,259,697 1,297,488 1,336,413 1,376,505
3.050 Capital Outlay 12,306 108,152 63,430 363,342 100,000 103,000 106,090 109,273
4.300 Other Objects 501,285 491,766 587,425 656,740 689,577 724,056 760,259 798,272
4.500 Total Expenditures 26,355,208 26,693,301 28,094,810 30,459,467 31,259,364 32,365,518 33,513,276 34,704,306
5.010 Operational Transfers - Out 991,302 65,000 1,168,169 100,000 100,000 100,000 100,000 100,000
5.020 Advances - Out 5,000 119,147 67,259 25,000 25,000 25,000 25,000 25,000
5.040 Total Other Financing Uses 996,302 184,147 1,235,428 125,000 125,000 125,000 125,000 125,000
5.050 Total Expenditure and Other Financing Uses 27,351,510 26,877,448 29,330,238 30,584,467 31,384,364 32,490,518 33,638,276 34,829,306
6.010 Excess Rev & Oth Financing Sources over(under) Exp & Oth Financing (866,586) 1,047,508 714,828 (648,861) (1,701,639) (2,267,056) (2,530,750) (2,784,626)
7.010 Beginning Cash Balance 2,082,865 1,216,279 2,263,787 2,978,615 2,329,754 628,115 (1,638,940) (4,169,690)
7.020 Ending Cash Balance 1,216,279 2,263,787 2,978,615 2,329,754 628,115 (1,638,940) (4,169,690) (6,954,316)
8.010 Outstanding Encumbrances 449,166 449,166 300,000
9.030 Budget Reserve 568,753 568,753
9.080 Total Reservations 568,753 568,753
10.010 Fund Balance June 30 for Certification of Appropriations 198,360 1,245,868 2,678,615 2,329,754 628,115 (1,638,940) (4,169,690) (6,954,316)
12.010 Fund Bal June 30 for Cert of Contracts,Salary Sched,Oth Obligations 198,360 1,245,868 2,678,615 2,329,754 628,115 (1,638,940) (4,169,690) (6,954,316)
15.010 Unreserved Fund Balance June 30 198,360 1,245,868 2,678,615 2,329,754 628,115 (1,638,940) (4,169,690) (6,954,316)

Notes to the Five Year Forecast

CHARDON LOCAL SCHOOL DISTRICT ASSUMPTIONS

Five Year Forecast - FY09 - FY13

REVENUE

1.010: Real Property Tax

Real property tax is the largest source of
revenue for the Chardon Local School District. The
district was able to pass a 6 mill renewal levy in March 2008.
The levy consisted of 4 mills Operating Levy
and 2 mill Permanent Improvement Levy. The district
does not include delinquent taxes in the revenue forecast
and the auditor certifies 98% of the collection on real and
95% of the tangible tax collection.
The district FY 09 tax revenue is based on the auditor's certificate
of resources,
and based on historical information the tax revenue is projected to
increase 3.5% per year

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The renewal levy of 6 mills(4 mills for general fund) is now in the
real estate estimate
with passage of the levy on March 4, 2008.
Calendar year 2011 is a reappraisal year and the anticipated increases
in tax revenue
will be collected in 2012. The CAT tax revenue should be received in
2012 but
no formula to distribute the tax has been established and as a result
is not in this forecast.

1.020: Personal Property Tax

HB 66 has eliminated the inventory tax on all new levies but will
hold school district harmless of any revenue loss due to inventory tax
changes
for the next five years. The reimbursement called TVLR is as follows:

FY 06 - $79,038.00
FY 07 - $596,822.00
FY 08 - $1,046,900.97
FY 09 - $1,476,494.00

1.030: Unrestricted Grants-in-Aid ( All 3100's except 3130)

Unrestricted grants-in-aid include the state foundation program,
SB 3 & SB 287 (Utility deregulation), and exempt personal property taxes
.
SB 3 & SB 287, HB95 have provisions that will affect the
future revenue of the district as follows:

HB95 - provides for the elimination of $10K exemption reimbursement

payments.
The reimbursement payments will be reduced each year over the next 10
years.

The following table illustrates the $10K exemption revenue reduction

during
the five year forecast period.

Fiscal Year Payment Revenue

Loss Actual Payment
FY03 $211,469.53 - Base Year Base
FY04 $190,322.58 - 90% of FY03 payment $21,146.95
FY05 $169,175.62 - 80% of FY03 payment $42,293.91
$189,189.04
FY06 $148,028.67 - 70% of FY03 payment $63,440.86
$134,438.18
FY07 $126,881.72 - 60% of FY03 payment $84,587.81
$ 84,347.88
FY08 $105,734.77 - 50% of FY03 payment $105,737.77
$ 68,064.66
FY09 $ 84,587.82 - 40% of FY03 payment $126,881.72
$ 33,999.26

The FY08 state foundation projections are based on updates from the
Department of Education and
taken from the latest SF 3 and Foundation Settlement Report.

1.040: Restricted Grants-in-Aid ( All 3200's)

Restricted Grants-in-Aid represents funding for school bus replacement
and special
education excess cost reimbursement.

1.050: Property Tax Allocation ( 3130)

The property tax allocation represents the Homestead and Rollback reimbu
rsement
(HERB). The district anticipates an average 3% increase for this revenu
e
line item. HB95 provides for a property tax
administration fees and rollback amounts for school districts. Starting
in
FY04, the district will be charged an estimated $15,000 under HB95.

1.060: All Other Revenue ( Except Other Financing Sources)

This revenue line item includes all other local revenue and
interest earnings.

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EXPENDITURES

3.010: Personal Services

Forecasted salary and benefit amounts are based on current negotiated
contracts and
non-negotiated employees. The terms of the current negotiated contracts
are in effect as follows:
Classified Employees Contract - FY08 - FY10
Certificated Employees Contract - FY08 - FY09
Personnel Services includes substitutes, long term substitutes, certifie
d extra classes and overtime
costs. Salaries are calculated using the percentages on projection
page.

3.020: Employees' Retirement/Insurance Benefits

Benefits include; retirement, Medicare, workers compensation, life insur
ance, health and dental insurance.
These costs are projected with a 5% increase.

3.030: Purchased Services

These expenditures include utilities, facilities contracts, professional
development.
Purchased services vary according to the needs of the district and appro
priations.

3.040: Supplies & Materials

Supplies and materials vary year-to-year
depending on the textbook replacement needs and technology needs.
The budgeting for material and supplies is established with input by
all
administrative team members during the appropriation process.

3.050: Capital Outlay

Capital outlays vary from year-to-year depending on the needs of the
district.
Bus purchases were removed from the forecast with passage of the new
Permanent Improvement Levy.

4.300: Other Objects

Other objects includes expenditures such as county auditor fees,
annual HERB Rollback fee (new), county ESC deductions and memberships.

5.010-5.040: Other Financing Uses

Other financing uses vary from year-to-year depending on the needs of
the district.

5.010: Transfers
In FY05, the district transferred from the general fund $128,646 to
the following funds:
006 - Food Service Fund - $96,225.43
031 - Underground Storage Tank - $11,000.00
035 - Severance Fund - $1,420.80
300 - Chardon Middle School Athletics - $20,000.00

In FY06, the district transferred from the general fund $407,519.25

to the following funds:
006 - Food Service Fund - $90,000.00
035 - Severance Fund - $294,519.25
300 - Chardon Middle School Athletics - $13,000.00
432 - EMIS Fund - $10,000.00

In FY07, the district transferred from the general fund $65,000.00 to

the following funds:
300 - Chardon Middle School Athletics - $15,000.00
006 - Food Service Fund - $50,000.00

In FY08, the district transferred from the general fund to the following
funds:
035 - Severance Fund - $963,663.00
300 - Middle School Athletics - $15,000.00
006 - Food Service - $181,577.73
432 - EMIS - 7,928.20

5.020: Advances-Out
Advances-Out are typically approved prior to the fiscal year end for

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state and federal funds

and these advances are anticipated to be returned to the general fund
within the same fiscal year.

5.030: All Other Financing Uses

This line item is not used.

8.010: Encumbrances
Encumbrances are projected not to change each fiscal year.

9.030: Budget Reserve

The district has taken steps to ensure at least minimum levels of fundin
g for compliance with all SB 345
set-aside requirements during the five year forecast.

NOTICE

The district's five-year forecast is based on the above assumptions

known at this point in time.
As with all forecasting models, operating fiscal results of each fiscal
year will change
if the original assumptions are modified.

The five-year forecast includes only the General Fund and any portion
of Debt Service Fund related to General
Fund debt. The district currently and does not anticipate future receip
ts of any DPIA or text book funding.

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