Five-Year Forecast Presentation Kelley Thorpe, Treasurer Presented May 5, 2014.

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Five-Year Forecast Presentation Kelley Thorpe, Treasurer Presented May 5, 2014

Still missing some critical and necessary information Pieces of the puzzle – Negotiations and programmatic changes Forecast is designed to be a fluid document that can be modified with changes in the economic environment Does not represent the entire financial picture – only considers the General Fund

Revenues: – This forecast assumes small operating revenue increase for FY15; but not beyond – Increase from ODE is planned – Decrease in property values and real estate taxes

Expenditures: – This forecast assumes a slight decrease in expenses All budget managers given a 2% reduction for FY15 Increase in severance due to retirements (STRS Changes) Have Included a 12% increase for health insurance for FY15 and 15% increase for outlying years

Fiscal Year Revenues General Property Tax (Real Estate) 27,586,034 27,406,695 27,456,695 27,561,158 27,763,566 Tangible Personal Property Tax (0) 0 0 Unrestricted State Grants-in-Aid 25,792,965 27,158,516 Restricted State Grants-in-Aid 4,131,791 Property Tax Allocation 8,109,964 7,900,136 7,750,136 7,612,203 7,486,437 All Other Revenues 3,932,332 1,532,332 Total Revenues 69,553,086 68,129,469 68,029,469 67,995,999 68,072,642

Fiscal Year Expenditures Personal Services 29,197,574 29,400,568 28,824,070 28,896,130 28,968,370 Employees' Retirement/Insurance Benefits 11,544,685 11,324,410 12,051,189 13,221,135 14,622,915 Purchased Services 23,841,580 23,742,989 24,338,409 24,792,918 25,256,518 Supplies and Materials 1,176,343 1,352,816 1,393,400 1,435,202 1,478,258 Capital Outlay 1,600, Principal-HB 264 Loans 160, , , , ,939 Interest and Fiscal Charges 77,395 84,323 75,407 66,262 56,802 Other Objects 705, , , , ,064 Total Expenditures 68,303,384 66,806,310 67,595,311 69,336,412 71,324,867

Oct FY14May FY14DifferenceReason General Property Tax (Real Estate) 27,592,794 27,586,034 (6,760) Unrestricted State Grants-in-Aid 29,674,192 25,792,965 (3,881,227) Split with Restricted Restricted State Grants-in-Aid 150,000 4,131,791 3,981,791 Property Tax Allocation 8,314,033 8,109,964 (204,069) All Other Revenues 1,532,332 1,468,332 (64,000)Without Borrowing Included Total Revenues 67,263,351 67,089,086 (174,265) - Personal Services 28,997,574 29,197, ,000More retirees than predicted Retirement/Insurance Benefits 11,670,361 11,544,685 (125,676) Purchased Services 22,716,580 23,841,580 1,125,000More students to charter/community schools Supplies and Materials 1,016,870 1,176, ,473 Capital Outlay 1,600,000 - Debt Service: 219, ,975 18,274 Other Objects 705,227 - Total Expenses 66,926,313 68,303,384 1,377,071 Cash Balance 2,760,258 2,072,921 (687,337)

Cash Balance 2,072,9212,696,0802,430,238389,825(3,562,400) Important Puzzle Pieces: 1. In negotiations with MTA; no increases to base salary included in this forecast 2. Tomorrow’s election; if fail – will need to increase expenses for maintenance/repairs 3. Programmatic changes – know we need to do something different with alternative education due to Union Day closing – but decisions have not yet been finalized