1.  Overview  FY17 Assessed Values  Current Expense Levy (Regular Levy)  Bond Levy  Excess Levy  Summary 1 FY17 Proposed Levy Rates 3/14/16

2. Overview Per WV Code 11-8-12, Boards of Education are required by law to: Set the proposed excess levy rates Submit to the State Auditor’s Office for approval Reconvene (on the 3 rd Tuesday in April) to officially adopt the approved levy rates 2 FY17 Proposed Levy Rates 3/14/16

3. Types of School Levies (Taxes) Current Expense Levy (Regular Levy) Bond Levy Excess Levy 3 FY17 Proposed Levy Rates 3/14/16

4. Overview of Levy Process Assessor – Certifies assessed value of property and projects total property tax collections. Sheriff – Prints tax statements and mail to taxpayer by July 15 th. Sheriff distributes taxes collected to the levying body by 10 th of each month. Regular Levy – Sheriff distributes taxes collected directly to JCS. Step 9 of the Public School Support Program (PSSP) formula is reduced by this amount. Bond Levy – Sheriff distributes taxes collected for the bond levy directly to Municipal Bond Commission. (JCS receives check copy from Sheriff). Excess Levy – Sheriff distributes taxes collected for the excess levy directly to JCS. 4 FY17 Proposed Levy Rates 3/14/16

5. Jefferson County Levies FY17 Proposed Levy Rates 3/14/16 5 ~75 % of Jefferson County tax collections are allocated to Jefferson County Schools (varies depending on municipality vs county) In FY15 ~ 39% of Jefferson County School Revenue was attributed to levies (property taxes) Jefferson County Levy Revenue by Type: Regular Levy41%~$16.7M Bond Levy7%~1.7M Excess Levy52%~20.1M

6. FY17 Assessed Values 6 $ 3,391,981,820 FY16 Assessed Values3,206,540,423 Increase (6%) (.0578) $ 185,441,397 Assessed values up ~ 6% (.0578) FY17 Proposed Levy Rates 3/14/16

7. Regular & Excess Levy Trend Data 7 FY11FY12FY13FY14FY15FY16 @ 2/29/16 FY17 Proposed Budget 38,499,863 37,131,070 36,261,945 36,955,34937,585,88937,956,40939,507,299 Actual 39,011,746 38,035,101 36,299,946 36,290,45636,589,32330,238,27339,507,299 Variance 511,883 904,031 38,001 (664,893)(996,566)(7,718,136)0 Variance %101.33%102.43%100.10%98.20%97.35%79.67%0 Allowance5% 4% 5% FY17 Proposed Levy Rates 3/14/16

8. Current Expense Levy (Regular Levy) Rate set by Legislature Step 9 (of 10) of the Public School Support Program (PSSP) formula for determining state aid Inverse relationship with state aid FY17 Regular levy revenue budget increase $552,973 8 FY17 Proposed Levy Rates 3/14/16

9. Bond Levy Requires voter approval 2004: $19.1M bond for 16 year term with 2020 maturity date 2012: bond was refunded but maintained maturity date of 2020 Municipal Bond Commission (MBC) determines annual levy needed to satisfy principal and interest payments Additional 5% – 10% is collected and placed in reserve until the end of bond issue 9 FY17 Proposed Levy Rates 3/14/16

10. Excess Levy Requires voter approval Excess levy has been approved by Jefferson County voters since April 16, 1946 “Excess” equals supplemental funds to support/supplement both instructional and operational needs of Jefferson County Schools Current rate is at 100% Rate set by Board of Education Current Excess Levy has a 5 year term (FY17-FY21) from July 1, 2016 to June 30, 2021 Direct relationship with assessed values FY17 excess levy revenue budget increase $956,940 10 FY17 Proposed Levy Rates 3/14/16

11. Voter Approved Current Excess Levy Call 11 PURPOSEAMOUNT WVU Extension Services (community and schools)30,000 Local public libraries90,000 Instructional, media and technology materials for students820,000 School Allocations (materials & supplies)425,000 Professional development, national certification & other teacher/service personnel benefits1,250,000 Salary assistance for teachers and service personnel not covered under the state formula (librarians, art teachers, music teachers, nurses, counselors, custodians, instructional assistants), stipends & extended contracts (coaches, band), and substitutes16,531,219 TOTAL19,146,219 FY17 Proposed Levy Rates 3/14/16

12. Excess Levy Budget Trend Data 12 YEARAMOUNT % Incr (Decr) $Incr (Decr) FY10 22,985,156-3% $ (761,624) FY11 20,095,312-14%(2,889,844) FY12 19,114,430-5%(980,882) FY13 18,430,223-4%(684,207) FY14 18,590,5091%160,286 FY15 18,934,8352%344,326 FY16 19,146,2191%211,384 FY17 20,103,1595%956,940 TOTAL -15%$(3,643,621) FY17 Proposed Levy Rates 3/14/16

13. Summary Levy rates may be raised/lowered to adjust revenue (if not @ 100%) Excess levy rate is at 100% FY17 proposed levy rates recommended at 100% 13 FY17 Proposed Levy Rates 3/14/16