2018 Budget Presentation - Edl · documents and items in this presentation, if any, are...

2018 Budget PresentationBudget Hearing:

October 9, 2017

Budget Adoption:

October 23, 2017

THE FIVE THINGS YOU NEED TO KNOW

ABOUT EVERY PUBLIC BUDGET:

1. How much do we propose to spend and on what would we spend it?

2. What revenues and resources will we have to support the needed expenditures?

3. Will our budget be balanced?

4. What does all this mean to the taxpayer?

5. What is our long-term outlook?

FIRST:

The Required State of

Indiana Budget Forms and

Related Budget Documents

DLGF’s State Budget Forms for 2018

Form 1 – Detail of Appropriations

Form 2 – Projected Revenues

Form 3 – Summary Totals of Appropriations and

Levies

Form 4A – Another Summary of Appropriations

Form 4B – Calculation of Levies

Required Supporting Documents:• Current Year Worksheets

• Debt Service Worksheets

• CPF and Bus Replacement Plans

“Advertised” and “Actual”

The

“Advertised”

Budget

• Required format

• Required forms

• Rates, levies, calculations

pre-ordained or strongly

recommended because

of statutory process and

state level

oversight/direction

The “Actual” Budget

• Anticipated revenues

based on formulas and

laws

• Anticipated expenditures

based on continuing

contracts and other

obligations

Projections!

DISCLAIMER: THE ESTIMATED EXPENDITURES, PROJECTIONS OF COSTS, TAX RATES, LEVIES, ANDAPPROPRIATIONS, AND ALL OTHER INFORMATION AND DATA PRESENTED HEREIN ARE INTENDED FOR INFORMATIONAL OR ANALYTICAL USE ONLY AND MAY NOT BE USED FOR ANY OTHER PURPOSE. THE STATE FORMS SHOWN IN THE OFFICIAL BUDGET (STATE FORMS 1 THROUGH 4B, THE CAPITAL PROJECTS PLAN, THE BUS REPLACEMENT PLAN, AND ALL OTHER STATE REQUIRED RELATED DOCUMENTS) CONSTITUTE THE OFFICIAL 2018 BUDGET OF THE ZIONSVILLE COMMUNITY SCHOOLS.

DIFFERENCES BETWEEN THE AMOUNTS SHOWN ON THE OFFICIAL STATE FORMS AND DOCUMENTS AND ITEMS IN THIS PRESENTATION, IF ANY, ARE SPECULATIVE, BASED ON ASSUMPTIONS ABOUT CERTAIN FUTURE EVENTS, AND CANNOT BE CONSTRUED AS CONTRADICTIONS OF OR DISCREPANCIES IN OR WITH THE OFFICIAL BUDGET.

FURTHER, THE PROJECTIONS AND ESTIMATES SHOWN, WHILE BASED ON THE MOST CURRENT INFORMATION AVAILABLE AT THE TIME OF THEIR FORMULATION, ARE SUBJECT TO UNKNOWN OR UNEXPECTED EVENTS AND CONTINGENCIES AT ANY TIME DURING THE BUDGET YEAR.

THE ACTUAL FINANCIAL RESULTS ACHIEVED MAY THEREFORE BE MATERIALLY DIFFERENT FROM THE PROJECTIONS AND ESTIMATES SHOWN.

About those Projections:The Purpose of our projections is to

inform the Board that in our opinion:

If the Board adopts “X”, the result will

be “Y.”

“Y” may not always be the result we

would like, but “X” has been carefully

formulated to yield the optimum “Y”

we can achieve from the state’s

budget process.

2018 BUDGET:

REVENUES How much revenue will we

have? What are the sources of our revenues?

$0

$2,500,000

$5,000,000

$7,500,000

$10,000,000

$12,500,000

$15,000,000

$17,500,000

$20,000,000

$22,500,000

$25,000,000

$27,500,000

$30,000,000

$32,500,000

$35,000,000

$37,500,000

$40,000,000

$42,500,000

$45,000,000

2018 Projected Revenues by Fund and Source

State Aid

Property Taxes

Excise & FIT

Other

REVENUES

Sta

te A

id

Pro

pe

rty T

axe

s

REVENUES4,000

4,200

4,400

4,600

4,800

5,000

5,200

5,400

5,600

5,800

6,000

6,200

6,400

6,600

6,800

7,000

7,200

7,400

$4,000

$4,200

$4,400

$4,600

$4,800

$5,000

$5,200

$5,400

$5,600

$5,800

$6,000

$6,200

$6,400

$6,600

$6,800

$7,000

$7,200

$7,400

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Zionsville Community SchoolsGeneral Fund

Base Per Pupil Funding vs. Enrollment

$5,745.68

$5,695.68

$5,386.69

$5,311.09

$5,170.51

$5,117.71

$5,044.00

$4,960.82

$5,046.00

$5,153.00

$5,315.00

$5,394.00

$4,800

$5,000

$5,200

$5,400

$5,600

$5,800

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Zionsville Community SchoolsPer Pupil Funding

Actual 2008 to 2017 with Estimated 2018 and 2019

$3,800

$4,000

$4,200

$4,400

$4,600

$4,800

$5,000

$5,200

$5,400

$5,600

$5,800

$6,000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Zionsville Community SchoolsPer Pupil Funding in Constant Dollars

(Adjusted for inflation to 2008)Compared to Actual Funding

Per Pupil Funding - Actual

Inflation Adjusted to 2008 dollars

REVENUES

$4,000

$4,200

$4,400

$4,600

$4,800

$5,000

$5,200

$5,400

$5,600

$5,800

$6,000

$6,200

$6,400

$6,600

$6,800

$7,000

$7,200

$7,400

$7,600

$7,800

$8,000

2011 2012 2013 2014 2015 2016 2017 2018 2019

Zionsville Community SchoolsGeneral Fund Per Pupil Funding

ZCS vs. State Average vs. Highest Funded

Zionsville State Average Highest Funded School Corp

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%Free/Reduced Lunch Percentages - Highest and Lowest in Indiana

ZCS

State Average

Carmel

HSE

Muncie

Gary

East Chi

IPS

Ft. Wayne

Westfield

SW Allen

Avon

Brownsburg

$4,000

$4,200

$4,400

$4,600

$4,800

$5,000

$5,200

$5,400

$5,600

$5,800

$6,000

$6,200

$6,400

$6,600

$6,800

$7,000

$7,200

$7,400

$7,600

$7,800

$8,000

2011 2012 2013 2014 2015 2016 2017 2018 2019

Zionsville Community SchoolsGeneral Fund Per Pupil Funding

ZCS vs. State Average vs. Highest Funded

Zionsville State Average Highest Funded School Corp REVENUES

$7,534

$5,394

THE GAP!By 2019 the

difference is

$2,140 per pupil.This will be over $15

million for our entire

2019 enrollment.

June 2016

Higher Growth SeriesActual Projected

Grade 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26

K 408 452 464 473 475 474 489 506 521 535 549 563 576

1 454 461 489 512 524 525 524 542 560 576 591 606 622

2 457 483 491 518 545 557 558 557 577 595 613 628 645

3 478 479 509 515 542 574 586 587 586 606 625 645 660

4 498 499 502 532 538 566 601 613 614 613 634 655 675

Sub-Total 2,295 2,374 2,455 2,550 2,624 2,696 2,758 2,805 2,858 2,925 3,012 3,097 3,178

# Change 68 79 81 95 74 72 62 47 53 67 87 85 81

% Change 3.1% 3.4% 3.4% 3.9% 2.9% 2.7% 2.3% 1.7% 1.9% 2.3% 3.0% 2.8% 2.6%

5 473 519 513 519 550 557 589 613 625 628 627 647 668

6 466 480 547 530 534 566 572 604 629 639 642 641 663

7 486 490 504 572 556 559 593 599 633 660 670 673 672

8 511 496 488 508 581 566 570 604 611 646 672 682 685

Sub-Total 1,936 1,985 2,052 2,129 2,221 2,248 2,324 2,420 2,498 2,573 2,611 2,643 2,688

# Change -6 44 27 77 92 27 76 96 78 75 38 32 45

% Change -0.6% 4.6% 2.7% 3.8% 4.3% 1.2% 3.4% 4.1% 3.2% 3.0% 1.5% 1.2% 1.7%

9 457 487 497 481 502 576 562 566 600 607 642 667 677

10 460 459 491 499 483 505 580 566 570 604 611 646 671

11 435 459 471 496 502 485 505 580 566 570 604 611 646

12 452 418 452 464 492 501 488 508 584 569 573 608 615

Sub-Total 1,804 1,823 1,911 1,940 1,979 2,067 2,135 2,220 2,320 2,350 2,430 2,532 2,609

# Change -6 44 27 29 39 88 68 85 100 30 80 102 77

% Change -0.6% 4.6% 2.7% 1.5% 2.0% 4.4% 3.3% 4.0% 4.5% 1.3% 3.4% 4.2% 3.0%

Total Enrollment 6,035 6,182 6,418 6,619 6,824 7,011 7,217 7,445 7,676 7,848 8,053 8,272 8,475

# Change 113 147 236 201 205 187 206 228 231 172 205 219 203

% Change 1.9% 2.4% 3.8% 3.1% 3.1% 2.7% 2.9% 3.2% 3.1% 2.2% 2.6% 2.7% 2.5%

ZCS Enrollment Projections, Final Results, June 2016

Projection

for 2016-2017

school year

was off by 7!

Cumulative

Projection

for 2017-2018

school year

was off by

26!

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

ZCS ENROLLMENTS - HISTORICAL and PROJECTED

2018 BUDGET:

EXPENDITURESHow much will we spend and

on what will we spend it?

$0

$2,500,000

$5,000,000

$7,500,000

$10,000,000

$12,500,000

$15,000,000

$17,500,000

$20,000,000

$22,500,000

$25,000,000

$27,500,000

$30,000,000

$32,500,000

$35,000,000

$37,500,000

$40,000,000

$42,500,000

$45,000,000

2018 Projected Expenditures By Fund and Category

Teacher Salaries & Benefits

Other Salaries & Benefits

Spec Ed Services & Co-ops

Custodial Services

Purchased Services

Debt Service

Utilities & Property Ins

Capital Outlays

Supplies & Materials

Other

Teach

ers

Sta

ff

Deb

t S

erv

ice

Te

ac

he

rs

Proposed

Expenditures

Utilities

56.4%26.3%

3.5%

3.6%

3.2%

2.4%4.2% 0.0%

2018 General Fund Estimated Expenditures

Teacher Salaries & Benefits



Custodial Services

Purchased Services



Other

All Non-

Teaching

Staff

Salaries and

Benefits

Teachers’

Salaries and

Benefits

But See Next 2 Slides!!!

100% of Referendum Fund

will be used for teacher

salaries and benefits!

These are direct

instructional costs!

Proposed

Expenditures

62.4%

22.7%

3.0%

3.1%

2.7%

2.3%3.6% 0.0%

2018 Combined General Fund and Referendum Fund Estimated Expenditures

Teacher Salaries &Benefits



Custodial Services

Purchased Services



Other

Teachers’

Salaries

and

Benefits

Proposed

Expenditures

Instruction 75.15%

Maintenance and Utilities 11.25%

Adminstration and Clerical 11.78%

Other 1.82%

Total 100.00%

Operational Expenditures

$-

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

$900,000

$1,000,000

$1,100,000

$1,200,000

$1,300,000

$1,400,000

$1,500,000

$1,600,000

$1,700,000

$1,800,000

$1,900,000

$2,000,000

2009 2010 2011 2012 2013 2014 2015 2016 2017

$1,901,288

$1,816,987

$1,569,033

$1,498,452

$1,570,120

$1,812,537

$1,900,895

$1,668,224

$1,738,435

Year

ANNUAL UTILITY COSTS2009 THROUGH 2016 WITH PROJECTION FOR 2017

Proposed

Expenditures

Scheduled Scheduled

Principal Projected Principal Projected

Total Principal Total Principal Total

Outstanding to be Paid Outstanding to be Paid Outstanding

Debt as of 7/1/2017 to Debt as of 1/1/2018 to Debt as of

06/30/17 12/31/17 12/31/17 12/31/18 12/31/18

General Obligation Bonds:

Refunding Pension Bond of 2013 4,585,000.00$ 270,000.00$ 4,315,000.00$ 545,000.00$ 3,770,000.00$

General Obligation Bond of 2017A 1,915,000.00$ -$ 1,915,000.00$ 470,000.00$ 1,445,000.00$

General Obligation Bond of 2017B 1,975,000.00$ -$ 1,975,000.00$ 505,000.00$ 1,470,000.00$

Subtotals - General Obligation Bonds 8,475,000.00$ 270,000.00$ 8,205,000.00$ 1,520,000.00$ 6,685,000.00$

Lease-Rental Bonds:

Lease Rental of 1999 CABS 2,661,989.10$ -$ 2,661,989.10$ -$ 2,661,989.10$

Lease Rental of 2000 CABS 109,848.50$ 109,848.50$ -$ -$ -$

Lease Rental of 2002 CABS 5,501,137.90$ 450,978.00$ 5,050,159.90$ 863,486.70$ 4,186,673.20$

Lease Rental of 2003Z CABS 1,127,853.00$ -$ 1,127,853.00$ -$ 1,127,853.00$

Lease Rental of 2005Z 3,650,054.40$ -$ 3,650,054.40$ -$ 3,650,054.40$

Refunding of 2005 215,000.00$ 215,000.00$ -$ -$ -$

Refunding of 2007 19,405,000.00$ 1,315,000.00$ 18,090,000.00$ 2,735,000.00$ 15,355,000.00$

Refunding of 2009 3,015,000.00$ 1,495,000.00$ 1,520,000.00$ 1,520,000.00$ -$

Refunding of 2011 7,610,000.00$ 1,415,000.00$ 6,195,000.00$ 2,915,000.00$ 3,280,000.00$

Refunding of 2012A 4,020,341.55$ -$ 4,020,341.55$ -$ 4,020,341.55$

Refunding of 2012B 4,749,475.95$ -$ 4,749,475.95$ -$ 4,749,475.95$

Refunding of 2014A 795,000.00$ 5,000.00$ 790,000.00$ 10,000.00$ 780,000.00$

Refunding of 2014B 87,200,000.00$ 1,530,000.00$ 85,670,000.00$ 5,780,000.00$ 79,890,000.00$

Subtotal - Lease-Rental Bonds 140,060,700.40$ 6,535,826.50$ 133,524,873.90$ 13,823,486.70$ 119,701,387.20$

TOTAL LONG-TERM DEBT 148,535,700.40$ 6,805,826.50$ 141,729,873.90$ 15,343,486.70$ 126,386,387.20$

Zionsville Community Schools

Summary of Debt

As of June 30, 2017 and for 2018 Budget Year

$-

$25,000,000

$50,000,000

$75,000,000

$100,000,000

$125,000,000

$150,000,000

$175,000,000

$200,000,000

$225,000,000

$250,000,000

$275,000,000

LONG-TERM BOND DEBT BALANCE

20.6% Utilities &

Insurance

33.4%

Tech Dept.

Salaries

and

Benefits

13.8%

Contracted

Services

32.0% Building

Maintenance

Estimated

Expenditures

83.4%

1.6%

9.4%

4.3% 0.9%0.3%

Estimated

Expenditures

TRANSPORTATION FUND EXPENDITURES

83.4%

Salaries

and

Benefits

9.4%

Fuel,

Tires,

Parts,

etc.

0

1

2

3

4

5

6

7

8

9

10

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Nu

mb

er

of

Bu

ses

to b

e R

ep

lace

d2018 Bus Replacement Plan

Buses to be Replaced

Chart is per official plan. Actual

expected 2018 purchases will be

two Type “D” buses and perhaps

one Type “A” bus.

Estimated

Expenditures

2018 BUDGET:

CASH FLOWS AND

CASH BALANCES

Will our budget be balanced?

Projected Projected Projected

Calendar Calendar School

Year Year Year

2018 2019 2018-2019

Revenues:

General Fund 43,175,216$ 44,451,086$ 43,813,151$

Debt Service Funds (Combined) 20,684,727$ 21,494,731$ 21,089,729$

Capital Projects 4,643,063$ 4,782,355$ 4,712,709$

Transportation 3,817,265$ 3,931,783$ 3,874,524$

Bus Replacement 235,798$ 242,872$ 239,335$

Referendum Fund 6,906,172$ 7,211,425$ 7,058,799$

Rainy Day Fund 2,000$ 2,000$ 2,000$

Total Revenues 79,464,241$ 82,116,252$ 80,790,247$

ZIONSVILLE COMMUNITY SCHOOLS

PROJECTED REVENUES

FOR 2018, 2019 and 2018-2019 School Year

Projected Projected Projected

Calendar Calendar School

Year Year Year

2018 2019 2018-2019

Expenditures

General Fund 43,118,834$ 44,455,518$ 43,787,176$

Debt Service Funds (Combined) 21,586,728$ 21,338,400$ 20,753,457$

Capital Projects 4,490,000$ 4,629,190$ 4,559,595$

Transportation 3,805,038$ 3,919,189$ 3,862,114$

Bus Replacement 226,908$ 221,302$ 224,105$

Referendum Fund 6,899,082$ 7,104,022$ 7,001,552$

Rainy Day Fund -$ -$ -$

Total Expenditures 80,126,590$ 81,667,621$ 80,187,999$

Projected Net Change to Fund Balances (662,349)$ 448,632$ 602,248$

PROJECTED EXPENDITURES AND NET CHANGE TO FUND BALANCES

FOR 2018, 2019 and 2018-2019 School Year

2018 BUDGET:

TAX RATES AND

TAX LEVIESWhat does all this mean

to the taxpayer?

Statewide total is $3.03 Billion!

ZCS is 1.09% of the statewide total

$-

$0.2000

$0.4000

$0.6000

$0.8000

$1.0000

$1.2000

$1.4000

$1.6000

Actual 2013 Rate Actual 2014 Rate Actual 2015 Rate Actual 2016 Actual 2016

Actual Tax Rates - 2013 to 2017

Referendum Fund Bus Replacement Fund

Transportation Fund Capital Projects Fund

Pension Bond Debt Service Fund Debt Service Fund

2013 2014 2015 2016 2017

2015 Local property tax rates

compared with peer communities

Rank Locality

2014-Pay-2015

Tax Rate

1 Kokomo 3.8180$

2 Sheridan 3.4828$

3 Avon 3.1034$

4 Noblesville 3.0721$

5 Westfield 3.0430$

6 IPS 2.9210$

7 Brownsburg 2.9026$

8 MSD Wayne Twp 2.8919$

9 MSD Washington Twp 2.8702$

10 MSD Pike Township 2.8603$

11 Clark-Pleasant 2.8585$

12 West Lafayette 2.7786$

13 Lafayette 2.5518$

14 Tippecanoe 2.4153$

15 Lebanon 2.2878$

16 Zionsville 2.2542$

17 HSE 2.1505$

18 Center Grove 2.0792$

19 Carmel 2.0053$

20 MSD SW Allen 1.9336$



Rank Locality

2015-Pay-2016

Tax Rate

1 Sheridan 3.2785$

2 IPS 3.0273$


4 Avon 2.9810$



7 Westfield 2.8546$

8 Kokomo 2.8332$







15 Lebanon 2.1388$


17 HSE 2.1380$


19 Carmel 2.0706$




Rank Locality

2016-Pay-2017

Tax Rate

1 Kokomo 3.8342$

2 Sheridan 3.0743$

3 Avon 3.0545$


5 Westfield 2.8383$




9 IPS 2.6127$






15 HSE 2.2647$

16 Lebanon 2.2201$



19 Carmel 2.0486$


$0

$500,000,000

$1,000,000,000

$1,500,000,000

$2,000,000,000

$2,500,000,000

$3,000,000,000

201820172016201520142013

$2,731,652,551

$2,535,262,178

$2,408,540,759$2,200,072,446

$2,035,144,645

$1,971,825,220

$268,121,052

$264,459,818

$215,985,841

$165,345,760

$156,997,358$155,403,413

ZCS Assessed Values

Base AV TIF AV

14.13% Decrease in

School Tax Rate

drove entire bill down

almost 10%!

For 2016

The Additional Decrease in

Our Tax Rate Dropped the

Bill Another $458!

2016 School Tax Total is

$1,654 Less than in 2014

For 2017:

A NEW PICTURE

AND

A NEW TAX BILL!

For 2017

2017 School Tax Total is

$1,667 Less than in 2014

2017 TOTAL TAX BILL IS

$2,109 LESS

THAN 2014 BILL

2018 UPDATE:We are sustaining rates at a level 30 cents below the

2014 rate.Further, this tax rate level

of about $1.30 can be maintained for the next

decade and beyond.

$- $0.1000 $0.2000 $0.3000 $0.4000 $0.5000 $0.6000 $0.7000 $0.8000 $0.9000 $1.0000 $1.1000 $1.2000 $1.3000 $1.4000 $1.5000 $1.6000 $1.7000

Co

mb

ine

d T

ax R

ate

s fo

r A

ll Fu

nd

s

Year

School Property Tax Rates: Actual 2013 to 2017

Projected 2018 to 2035

$-

$250,000

$500,000

$750,000

$1,000,000

$1,250,000

$1,500,000

$1,750,000

$2,000,000

$2,250,000

$2,500,000

$2,750,000

$3,000,000

$3,250,000

$3,500,000

$3,750,000

$4,000,000

2010 2011 2012 2013 2014 2015 2016 2017

Circuit Breaker CreditsActual 2010 - 2015

Projected 2016-2017

$-

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

$4,000,000

ZCS Zionsville Boone County H-M MemLibrary

Whitestown

Circuit Breaker/Tax Cap Losses 2014 to 2017

2014

2015

2016

2017

2018 BUDGET PRESENTATION SUMMARY:

The five questions about the proposed budget:

1. How much would we actually spend and what will we spend it on? An estimated $80.1 million will be expended.

2. What revenues and resources will we have to support the needed expenditures? All combined, revenues should be about $79.4 million, which will be made up of approximately 52% State Funding, 43% Property Taxes, and 5% Other Sources.

3. Will our budget be balanced? We expect the General Fund to be balanced . The Debt Service Fund will adjust its cash balance slightly, proportionate to savings from the refinancing of the 2005 bonds. All other funds will be balanced.

4. What does all this mean to the taxpayer? The total property tax bill for 2018 should be the same as in the past several years for nearly all homeowners. Rental and agricultural property, and commercial property, likely will see either no change or a tiny decrease.

5. What is our long-term outlook? Our outlook is fair. Our General Fund’s financial position remains dependent on continued continuity in future versions of the state funding formula. The overall property tax rate,whichsupports our other funds, is expected to remain steady at around $1.30 for the forseeable future. The long-term effects of the upcoming fund restructuring in 2019 are not yet known.

Thank You for Your Kind Attention!

2018 Budget Presentation - Edl · documents and items in this presentation, if any, are...

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