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FIVE YEAR FINANCIAL FORECAST MAY 2013 Cleveland Municipal School District The primary goal of the Cleveland Municipal School District is to become a premier school district in the United States of America. 1
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Five Year Forecast - Contents 2 Major Assumptions General Fund Revenues General Fund Expenditures Five Year Forecast Summary
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Cleveland Municipal School District 3 Major Assumptions
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4 Revenue: On 11/6/12 residents passed a 4 year 15 mill levy with collection beginning January 2013. Forecast includes new levy. Assumes levy will expire December 31, 2016. Half year value is $31.4 million. Forecast assumes that the property tax current collection rate will remain at 76.10% and the total collection rate will remain at 84.96%. 1% change represents $2.4 million. Cuyahoga County completed its 6 year reappraisal. Property assessed valuation decreased by $800 million from $5.7 billion to $4.9 billion. State foundation - Governors proposed bi-annual budget. Assumes FY14 and FY15 will be same as FY13 except for transportation and Charter schools. Assumes that $75.5 million guarantee will not be eliminated in FY16 and FY17. Forecast assumes the Average Daily Membership for K-12 to be: CMSDCharterTotal FY1339,08818,34457,432 FY1437,52119,59757,118 FY1536,02320,79656,819 FY1635,00121,61356,614 FY1734,13922,30356,442
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Major Assumptions continued 5 Expenditures : The district restored 50 minutes to the classroom in January 2013– 193 teachers were added – Estimated cost is $6.7 million in FY13 and $16.7 million in FY14-17. Forecast assumes 50 less employees each year in FY14-17 due to attrition. Forecast assumes $14 million of budgetary savings per year in FY14-17. Forecast shifts $3.4 million of personnel cost to the General Fund in FY14 due to a decline in federal funding (sequestration). Healthcare rates are forecasted to increase an average of 9.3% in FY14 - FY17. Forecast assumes all union agreements as currently defined including step increases. Forecast assumes a $3.2 textbook budget for all fiscal years. Forecast assumes $3.6 million of strategic investments per year. Forecast assumes investment schools each year. $3.5 million FY14, $7.0 million FY15, $10.5 million FY16-FY17. Forecast assumes $7,335 per student for charter schools in FY14 – 17.
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Cleveland Municipal School District 6 General Fund Revenues
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Cleveland Municipal School District FY 2012-2013 7
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Cleveland Municipal School District Local Taxes – Property Tax Revenue 8
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Cleveland Municipal School District Property Taxes – Current Collection Rate Current Collection Rate Year 9
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Cleveland Municipal School District Property Taxes – Total Collection Rate Current Collection Rate Year 10
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Cleveland Municipal School District State Foundation Revenue Revenue (In Millions) Fiscal Year 11
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Cleveland Municipal School District State Foundation Revenue – Excluding Charter School Portion Revenue (In Millions) Fiscal Year 12
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Cleveland Municipal School District Education Jobs 13
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Cleveland Municipal School District Property Tax Allocation – State Hold Harmless Reimbursements 14
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Cleveland Municipal School District Other Revenue Revenue (In Millions) 15
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General Fund Revenue 16 *Projected
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Cleveland Municipal School District 17 General Fund Expenditures
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Cleveland Municipal School District Where the Money Goes 18
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Cleveland Municipal School District Salaries 19
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Cleveland Municipal School District Fringe Benefits 20
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Cleveland Municipal School District Purchased Services Expenditures (In Millions) 21
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Cleveland Municipal School District Supplies, Textbooks, Equipment, and Other Expenditures 22
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General Fund Expenditures 23 *Projected
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Cleveland Municipal School District 24 Five-Year Forecast Summary
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Cleveland Municipal School District May 2013 Five-Year Forecast (in millions of dollars) 25
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QUESTIONS THE PRIMARY GOAL OF THE CLEVELAND MUNICIPAL SCHOOL DISTRICT IS TO BECOME A PREMIER SCHOOL DISTRICT IN THE UNITED STATES OF AMERICA. 26 Cleveland Municipal School District Five-Year Financial Forecast – May 2013
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