Milford EVSD

Five Year Forecast(General Fund)

Fiscal Years 2015 through 2019

Projected Five Year Forecast(thousands)

Fiscal Year 2015

Fiscal Year 2016

Fiscal Year 2017

Fiscal Year 2018

Fiscal Year 2019

Beginning Cash Balance

$17,436 19,907 19,452 15,667 9,355

Receipts64,773 63,750 63,750 63,750 64,750

Expenditures 62,302 64,205 67,535 70,062 72,915

Ending CashBalance

$19,907 $19,452 $15,667 $9,355 $1,190

Milford EVSD

Estimated

Revenues

2015 - 2019

Milford EVSD

Milford EVSD

Real Estate Taxes

• Current total tax base is $875,940,530

• Current voted millage is 74.5 mills and the effective millage is 39.09 mills for residential and 49.23 mills for commercial

• Collections of $39.41 million for both real

estate taxes and homestead and rollback

Milford EVSD

Unrestricted Grants in AidState Funding 2015

2nd year of Biennium Budget

Total State Funding Formula w/o Cap $ 21,544,430

Total State Funding Formula w/ Cap $ 18,931,000

Transportation Special Education 380,000

Preschool Special Education 223,000 Total State Funding 2015 $19,534,000

Milford EVSD

Property Tax Allocation

• Homestead and Rollback $4,300,000

• Current State TPP Reimbursed $ 443,800

Milford EVSD

Restricted Grants in Aid

• Catastrophic Aide 1,000,000

Milford EVSD

Other State Receipts

• E-Rate 95,000• Medicare Reimbursement 200,000• Casino

300,000

Milford EVSD

Other Local Receipts

• Revenue In-lieu-of Taxes $2,275,000• Athletic & Activities Fees 135,000• Tuition 323,000• Open Enrollment 550,000• Rental of Facilities 85,000

• Administration of Auxiliary Program 15,000• Other 375,000

Milford EVSD

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

General Property Tax (Real Estate) $35,116 $35,100 $35,100 $35,100 $35,100

Unrestricted Grants-in-Aid 19,534 19,500 19,500 19,500 19,500

Restricted Grants-in-Aid 1,000 500 500 500 500

Property Tax Allocation 4,744 4,300 4,300 4,300 4,300

All Other Revenues 4,379 4,350 4,350 4,350 5,350

Total Revenues 64,773 63,750 63,750 63,750 64,750

Milford EVSD

Estimated

Expenditures

2015-2019

Milford EVSD

Total Appropriations 2015by Object

• Salaries $32,103,900• Benefits 12,148,900• Purchased Services 13,619,632

• Supplies and Materials 3,009,704 • Capital Outlay 447,925• Other Expenditures 971,650

Milford EVSD

Salaries and Benefits

Increases:

• Fiscal Year 2015 – 2% Raise

• Fiscal Year 2016 – 1.75% Raise

• Fiscal Year 2017 – 1.75% Raise• Fiscal Years 15-19 (2%) Steps

• Class sizes were used to estimate staffing needs 2015- 2019

• Health Insurance increase 7% as of 1/1/15.• Annual insurance increases 7% through 2019

Milford EVSD

Purchased Services$13,619,700

Major Areas of Expenditures 2015:•Contracted Bus Services 4,900,000•Tuition – Private, Special Education, Community Open Enrollment 4,644,988 Post Secondary

•Utilities:

Telephone 141,000

Electric 1,019,500

Water and Sewage 108,300

Gas 171,300•Sub Teachers 500,000•Professional and Technical Services 245,400•Data Processing Services 304,500

•2016 – 2019 4% increase annually

Milford EVSD

Supplies & Materials$3,009,700

Major Areas of Expenditures:•Textbooks $1,274,000•Fuel 481,000•Instructional 279,481•Building Maintenance 386,000•Instructional Software &

computer supplies 335,453•2016-2019 3% increase annually

Milford EVSD

Capital Outlay$447,900

Areas of Expenditures

Equipment $ 142,900

Technical Equipment $ 305,000

Milford EVSD

Other Expenditures$971,600

Major Areas of Expenditures

County Board of Education $130,000

Property Tax Collection Fees $ 530,000

Milford EVSD

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

Personal Services 32,104 33,350 34,639 35,467 36,315

Employees' Retirement/Insurance Benefits 12,149 13,322 14,588 15,846 17,197

Purchased Services 13,619 13,906 14,409 14,881 15,457

Supplies and Materials 3,010 2,430 2,633 2,602 2,680

Capital Outlay 448 397 466 466 466

Other Objects 972 800 800 800 800

Total Expenditures 62,302 64,205 67,535 70,062 72,915

Projected Five Year Forecast(thousands)

Fiscal Year 2015

Fiscal Year 2016

Fiscal Year 2017

Fiscal Year 2018

Fiscal Year 2019

Beginning Cash Balance

$17,436 19,907 19,452 15,667 9,355

Receipts64,773 63,750 63,750 63,750 64,750

Expenditures 62,302 64,205 67,535 70,062 72,915

Ending CashBalance

$19,907 $19,452 $15,667 $9,355 $1,190

Milford EVSD

Questions