Milford EVSD Milford Board of Education Meeting May 15, 2014 Financial Presentation Five Year Forecast

Milford EVSD Total Appropriations by Fund Type $77.5 Million

Milford EVSD Five Year Forecast (General Fund) Fiscal Years 2014 through 2018

Projected Five Year Forecast Fiscal Year Beginning Cash Balance 14,972,63616,011,55716,431,55715,055,75710,748,957 Receipts 60,595,71463,700,00063,245,000 Expenditures 59,556,79363,280,00064,620,80067,551,80070,693,200 Ending Cash Balance 16,011,55716,431,55715,055,75710,748,9573,300,757 Reserves -300, , ,000 Adjusted Cash Balance 15,711,55716,181,55714,805,75710,548,9573,100,757

Milford EVSD What is included in the Five Year Forecast?

Milford EVSD Total Revenues Up $3.6 Million In Fiscal Year 2014 Property Tax Collections increased $1.7 million due to first half collections of May 2013 operating levy. State Funding Formula (Achievement Everywhere Budget) increased $1.3 million. Catastrophic funds available through the state have been increased; however, the awards have not been released. We anticipate $250,000 more than last year. Casino monies increased $40,000 over estimated figure. TIF collections also exceeded original estimates by $300,000.

Milford EVSD Total Revenues Up $3.1Million In Fiscal Years Property Tax Collections will increase $1.9 million with the first full year of property taxes collected from May 2013 operating levy. State Funding Formula (Achievement Everywhere Budget) calculation estimates our share will increase $1.2 million.

Milford EVSD Revenues (thousands) FY 2014FY 2015FY 2016FY 2017FY 2018 General Property Tax (Real Estate) $33,441$35,400 Unrestricted Grants-in-Aid 17,77518,980 Restricted Grants-in-Aid 500 Property Tax Allocation 4,8114,5054,050 All Other Revenues 4,0684,315 Total Revenues 60,59563,70063,245

Milford EVSD Total Expenditures Down $620,000 In Fiscal Year 2014 Salaries were $300,000 more than anticipated due to a RIF Recall for custodians, increased Aides due to student needs and over-time for custodial and maintenance staff dictated by rough winter weather. Benefits were $334,000 less than anticipated as the reserve for the SWOOSH Self-Insurance Pool has been estimated by Horan. Supplies and materials were $636,000 less than estimated as Science Textbooks for Elementary – HS levels were delayed until next fiscal year. Capital Outlay was $50,000 more due to necessary roofing repairs and maintenance costs in the district.

Milford EVSD Expenditures Salaries and Benefits Currently in Negotiations with MEA and MCEA. Incremental increases for MEA and MCEA are included in the forecast at 2% each year. No increases for Administrative or exempt staff. Increase in staff based on open enrollment, grade population and special needs as detailed in the assumptions. Ten percent (10.0%) in cost of benefits FY15-18 best estimate as district moves to self insured health insurance.

Milford EVSD Expenditures % increase each year for purchased services and 3% for supplies Five Year Curriculum Adoption Five Year Technology Plan Five Year Maintenance Projects (As outlined in the assumptions to the five year forecast.)

Milford EVSD Expenditures (thousands)FY 2014FY 2015FY 2016FY 2017FY 2018 Personal Services 30,59331,73232,50233,29134,096 Employees' Retirement/Insurance Benefits 10,95312,62513,24514,80316,523 Purchased Services 13,64813,91514,39614,95215,488 Supplies and Materials 2,7143,5773,0133,2333,220 Capital Outlay Principal-HB 264 Loans 146 Interest and Fiscal Charges 14 Other Objects Total Expenditures 59,55663,28064,62067,55170,693

Projected Five Year Forecast Fiscal Year Beginning Cash Balance 14,972,63616,011,55716,431,55715,055,75710,748,957 Receipts 60,595,71463,700,00063,245,000 Expenditures 59,556,79363,280,00064,620,80067,551,80070,693,200 Ending Cash Balance 16,011,55716,431,55715,055,75710,748,9573,300,757 Reserves -300, , ,000 Adjusted Cash Balance 15,711,55716,181,55714,805,75710,548,9573,100,757

Milford EVSD Questions

Milford EVSD Curriculum Adoptions FY14FY15FY16FY17FY18 English/Lang. Arts$130,000$385,000$450,000 Social Studies$480,000 Foreign Language$80,000$25,000$45,000 Art$20,000$140,000 Music$70,000 PE and Health $20,000 Science$515,000 Math$480,000 Total$300,000$1,160,000$480,000$450,000

Milford EVSD Technology Improvements FY14FY15FY16FY17FY18 Services$364,500$370,000$360,000 Supplies246,125170,000180,000340,000230,000 Equipment273,500386,000459,500267,500361,000 Total$884,125$926,000$999,500$967,500$951,000

Milford EVSD Maintenance FY14FY15FY16FY17FY18 Repairs$99,000$205,000$170,000 $130,000 Equipment44,000145,000105,000 Total143,000350,000275, ,000