Loading...
HomeMy WebLinkAbout2015_01_07 Board Minutes IDAHO FALLS SCHOOL DISTRICT NO. 91 BOARD OF TRUSTEES -- SPECIAL BOARD WORK SESSION DISTRICT OFFICE BOARD ROOM – 5:30 P.M. 690 JOHN ADAMS PARKWAY WEDNESDAY, JANUARY 7, 2015 Present from the Board of Trustees: Present from the Administration: Lisa Burtenshaw, Chair George Boland, Superintendent Dave Lent, Vice Chair Kelly Coughenour, Director of Elementary Education Deidre Warden, Treasurer Randy Hurley, Director of Secondary Education Larry Haws – Clerk Carrie Smith, Director of HR & Finance Bryan Zollinger, Trustee Jennifer Jackson, Director of Curriculum & Professional Development Camille Wood, Director of Technology Services Kerry Martin, Athletic Director Margaret Wimborne, Communications & Community Engagement Coordinator Debbie Wilkie, Recording Clerk Chairman Burtenshaw called the meeting to order at 5:37 PM. The Pledge of Allegiance was led by Trustee Haws. ADOPT AGENDA Trustee Warden made a motion to adopt the agenda as presented. Trustee Haws provided the second. Motion carried 4 ayes, 0 nays. (Trustee Zollinger arrived shortly afterwards.) WORK SESSION I.Supplemental Levy Discussion Carrie Smith, Director of HR & Finance, provided handouts and reviewed Supplemental Levy Calculations, Bond and Supplemental Levy Rates and Fund Balance Projection Model as a review of the options available for the supplemental levy renewal. Superintendent Boland reviewed that the current 6.8 million generated each year by the supplemental levy makes up about 14 percent of the general fund and it is a vital part of the district operating costs. There are a lot of unknowns 01/07/2015 D91 Board Minutes Page 1 of 2 until the legislative session is final but with the information we have received to date there is some hope for increases for education this year. Discussions were held regarding the supplemental levy rate, tax implications, the ten-year facilities plan, a future bond and expenditures needed for moving forward with the vision of the district. The supplemental levy resolution will be an action item at the January 14, 2015 board meeting in order to meet the election deadline set by the county. Trustee Zollinger made a motion to adjourn. Trustee Haws provided the second. Motion carried 5 ayes, 0 nays. Meeting adjourned at 6:36 PM. 01/07/2015 D91 Board Minutes Page 2 of 2 Supplemental Levy Calculations The market value is used to calculate the levy rate for levies for which a vote is not needed like tort and emergency levies. The total value is used to calculate the levy rate for levies and bonds that require an election and were approved after 2008. Plant Facility 2,442,805 2,442,805 2,442,805 2,442,805 Supplemental Levy 6,800,000 Bond 3,545,800 Judgments 21,129 0 0 0 Emergency Levy 319,611 0 0 0 Amount Remainine for bond and supplemental 10,831,180 10,892,811 10,954,442 Maintaining Bond at .00119 Bond at .00119 3,716,404 3,733,660 3,750,915 Supplemental Levy with No Increase to Levy Rate 7,114,775 7,159,151 7,203,527 Bond from property tax 3,716,404 2015-2016 1% 2015-2016 1.5% 2015-2016 2% 100,000 2014-2015 Increase Increase Increase Market Value 2,900,051,821 2,929,052,339 2,943,552,598 2,958,052,857 Urban Renewal 193,976,584 193,976,584 193,976,584 193,976,584 Total 3,094,028,405 3,123,028,923 3,137,529,182 3,152,029,441 Current Levy Rate 0.004250356 Amount to be Levied at Current Rate 13,129,345 13,273,985 13,335,616 13,397,247 Plant Facility 2,442,805 2,442,805 2,442,805 2,442,805 Supplemental Levy 6,800,000 Bond 3,545,800 Judgments 21,129 0 0 0 Emergency Levy 319,611 0 0 0 Amount Remainine for bond and supplemental 10,831,180 10,892,811 10,954,442 Maintaining Bond at .00119 Bond at .00119 3,716,404 3,733,660 3,750,915 Supplemental Levy with No Increase to Levy Rate 7,114,775 7,159,151 7,203,527 Bond from property tax 3,716,404 3,733,660 3,750,915 (Personal Property Tax Replacement* 100,000 100,000 100,000 Bond Levy Equalization** 248,791 248,791 248,791 Bond payment needed 3,578,363 3,578,363 3,578,363 Additional Funds Towards Bond Redemption Balance 486,833 504,088 521,344 Maintaining Supplemental at $6,800,000 Bond 4,031,180 4,092,811 4,154,442 Supplemental Levy 6,800,000 6,800,000 6,800,000 Bond from property tax 4,031,180 4,092,811 4,154,442 Personal Property Tax Replacement* 100,000 100,000 100,000 Bond Levy Equalization** 248,791 248,791 248,791 Bond payment needed 3,578,363 3,578,363 3,578,363 Additional Funds Towards Bond Redemption Balance 801,608 863,239 924,871 *The district will also receive $319,228 from the state each year for personal property tax and agriculture replacement. This will first go towards tort and then bond. ** Bond levy equalization can change from year to year. The figure shown is based on the FY 2015 payment amount. Idaho falls SD No. 91 Analysis for Proposed $25M Bond, Assumes no increase in tax rate. Amount Bond Levy Over (Under) 478,637 ..Carry $25M Bond 0 Equalization 0 -Over Balances 478,637 202,312 0 0 680,948 402,211 0 Levy Year 2014 Net Taxable Value (1) $3,050,873,506 2 i.00% Net Total Debt Service 3,126,977 Plant Levy 2,442,805 Supplemental Levy 6,800,000 TotalLevy 12,369,782 Combined Tax Rate 4.13 Tax Rate 1.18 Bond Levy 3,605,613 2015 $3,094,028,405 1.41% 3,355,821 2,442,805 6,800,000 12,598,626 4.13 1.15 3,558,133 2016 $3,155,908,973 2.00% 3,353,321 2,442,805 6,800,000 12,596,126 4.12 1.19 3,755,532 2017 $3,219,027,153 2.00% 3,356,321 2,442,805 6,800,000 12,599,126 4.06 1.19 3,830,642 2018 $3,283,407,696 2.oac 3,356,321 2,442,805 6,800,000 12,599,126 4.01 1.19 3,907,255 2019 $3,349,075,850 2.00% 3,353,321 2,442,805 6,800,000 12,596,126 3.95 1.19 3,985,400 2020 $3,416,057,367 2.00% 3,357,321 2,442,805 6,800,000 12,600,126 3.90 1.19 4,065,108 2021 $3,484,378,514 2.00% 3,357,921 2,442,805 6,800,000 12,600,726 3.84 1.19 4,146,410 2022 $3,484,378,514 o.00% 3,355,121 2,442,805 6,800,000 12,597,926 3.84 1.19 4,146,410 2023 $3,484,378,514 o.00% 3,353,921 2,442,805 6,800,000 12,596,726 3.84 1.19 4,146,410 2024 $3,484,378,514 o.00% 3,354,121 2,442,805 6,800,000 12,596,926 3.84 1.19 4,146,410 2025 $3,484,378,514 0.00% 3,355,521 2,442,805 6,800,000 12,598,326 3.84 1.19 4,146,410 2026 $3,484,378,514 o.00% 3,356,221 2,442,805 6,800,000 12,599,026 3.84 1.19 4,146,410 2027 $3,484,378,514 o.o0% 3,357,021 2,442,805 6,800,000 12,599,826 3.84 1.19 4,146,410 2028 $3,484,378,514 o.00% 3,353,821 2,442,805 6,800,000 12,596,626 3.84 1.19 4,146,410 2029 $3,484,378,514 o.00% 3,357,271 2,442,805 6,800,000 12,600,076 3.84 1.19 4,146,410 2030 $3,484,378,514 o.00% 3,356,271 2,441,805 6,800,000 12,599,076 3.84 1.19 4,146,410 2031 $3,484,378,514 o.00% 3,357,771 2,442,805 6,800,000 12,600,576 3.84 1.19 4,146,410 2032 $3,484,378,514 o.00% 2,796,271 2,442,805 6,800,000 12,039,076 3.84 1.19 4,146,410 2033 $3,484,378,514 o.00% 2,796,272 2,442,805 6,800,000 12,039,077 3.84 1.19 4,146,410 2034 $3,484,378,514 o.00% 0 2,442,805 6,800,000 9,242,805 3.84 1.19 4,146,410 2035 $3,484,378,514 o.00% 0 2,442,805 6,800,000 9,242,805 3.84 1.19 4,146,410 2036 $3,484,378,514 o.00% 0 2,442,805 6,800,000 9,242,805 3.84 1.19 4,146,410 2037 $3,484,378,514 o.00% 0 2,442,805 6,800,000 9,242,805 3.84 1.19 4,146,410 2038 $3,484,378,514 o.00% 0 2,442,805 6,800,000 9,242,805 3.84 1.19 4,146,410 2039 $3,484,378,514 o.o0% 1 0 1 2,442,805 6,800,000 9,242,805 3.84 1.19 4,146,410 2040 $3,484,378,514 o.00% 0 2,442,805 6,800,000 9,242,805 3.84 1.19 4,146,410 Amount Bond Levy Over (Under) 478,637 ..Carry $25M Bond 0 Equalization 0 -Over Balances 478,637 202,312 0 0 680,948 402,211 0 0 11083,159 474,321 0 0 1,557,480 550,934 0 0 2,108,414 632,079 0 0 2,740,493 707,787 0 0 3,448,280 788,489 1,136,750 (134,664) 3,234,684 791,289 1,136,750 (134,664) 3,023,888 792,489 1,136,750 (134,664) 2,814,291 792,289 1,136,750 (134,664) 2,604,495 790,889 1,136,750 (134,664) 2,393,298 790,189 1,136,750 (134,664) 2,181,402 789,389 1,136,750 (134,664) 1,968,705 792,589 1,136,750 (134,664) 1,759,209 789,139 1,136,750 (134,664) 1,546,262 790,139 1,136,750 (134,664) 1,334,316 788,639 1,136,750 (134,664) 1,120,870 1,350,139 1,136,750 (134,664) 1,468,923 1,350,138 1,136,750 (134,664) 1,816,976 4,146,410 3,931,750 (134,664) 2,166,300 4,146,410 3,927,000 (134,664) 2,520,375 4,146,410 3,930,500 (134,664) 2,870,950 4,146,410 3,926,500 (134,664) 3,225,524 4,146,410 3,930,000 (134,664) 3,576,599 4,146,410 3,930,250 (134,664) 3,927,423 4,146,410 1 3,927,000 (134,664) 4,281,498 (1) Includes URA value. 42,280,750 (2,693,284) Analysis Assumptions Dated 9/15/2020 Par Amount $25,000,000 Strcuture Wrapped Level Term 20 years Interest Rates Current as of 1/7/2015 Plus 0.75% Levy Equalization 6.37% of P&I #2 Idaho Falls SD No. 91 �L/� Analysis for Proposed $25M Bond, Assumes no increase in tax rate. �n n � ^ LLp p I n ry n rf o-1 a,+ 4 �, U)O ( (J00 Levy Year Net Taxable Value $3,050,873,506 i.00% Net Total Debt Service 3,126,977 Plant Levy 2,442,805 Supplemental Levy 6,800,000 TotalLevy 12,369,782 Combined Tax Rate 4.13 Tax Rate 1.18 Bond Levy 3,605,613 2015 $3,094,028,405 1.41% 3,355,821 2,442,805 6,800,000 12,598,626 4.13 1.15 3,558,133 2016 $3,155,908,973 2.00% 3,353,321 2,442,805 6,800,000 12,596,126 4.13 1.20 3,791,099 2017 $3,219,027,153 2.00% 3,356,321 2,442,805 6,800,000 12,599,126 4.13 1.26 4,051,777 2018 $3,283,407,696 2.00% 3,356,321 2,442,805 6,800,000 12,599,126 4.13 1.31 4,317,669 2019 $3,349,075,850 2.00% 3,353,321 2,442,805 6,800,000 12,596,126 4.13 1.37 4,588,878 2020 $3,349,075,850 o.00% 3,357,321 2,442,805 6,800,000 12,600,126 4.13 1.37 4,588,878 2021 $3,349,075,850 o.co% 3,357,921 2,442,805 6,800,000 12,600,726 4.13 1.37 4,588,878 2022 $3,349,075,850 o.00% 3,355,121 2,442,805 6,800,000 12,597,926 4.13 1.37 4,588,878 2023 $3,349,075,850 o.co% 3,353,921 2,442,805 6,800,000 12,596,726 4.13 1.37 4,588,878 2024 $3,349,075,850 o.00% 3,354,121 2,442,805 6,800,000 12,596,926 4.13 1.37 4,588,878 2025 $3,349,075,850 o.00% 3,355,521 2,442,805 6,800,000 12,598,326 4.13 1.37 4,588,878 2026 $3,349,075,850 o.00% 3,356,221 2,442,805 6,800,000 12,599,026 4.13 1.37 4,588,878 2027 $3,349,075,850 o.00% 3,357,021 2,442,805 6,800,000 12,599,826 4.13 1.37 4,588,878 2028 $3,349,075,850 o.co% 3,353,821 2,442,805 6,800,000 12,596,626 4.13 1.37 4,588,878 2029 $3,349,075,850 o.co% 3,357,271 2,442,805 6,800,000 12,600,076 4.13 1.37 4,588,878 2030 $3,349,075,850 o.00% 3,356,271 2,442}80S 6,800,000 12,599,076 4.13 1.37 4,588,878 2031 $3,349,075,850 o.co% 3,357,771 2,442;805 6,800,000 12,600,576 4.13 1.37 4,588,878 2032 $3,349,075,850 o.00% 2,796,271 2,442,805 6,800,000 12,039,076 4.13 1.37 4,588,878 2033 $3,349,075,850 o.00% 2,796,272 2,442805 6,800,000 12,039,077 4.13 1.37 4,588,878 2034 $3,349,075,850 o.00% 0 2,442,805 6,800,000 9,242,805 4.13 1.37 4,588,878 2035 $3,349,075,850 o.00% 0 2,442,805 6,800,000 9,242,805 4.13 1.37 4,588,878 2036 $3,349,075,850 o.00% 0 2,442,805 6,800,000 9,242,805 4.13 1.37 4,588,878 2037 $3,349,075,850 o.00% 0 2,442,805 6,800,000 9,242,805 4.13 1.37 4,588,878 2038 $3,349,075,850 o.00% 0 2,442,805 6,800,000 9,242,805 4.13 1.37 4,588,878 2039 $3,349,075,850 0.00% 0 2,442,805 6,800,000 9,242,805 4.13 1.37 4,588,878 2040 $3,349,075,850 o.00% 0 2,442,805 6,800,000 9,242,805 4.13 1.37 4,588,878 Amount Bond Levy Over (Under) 478,637 ..Carry $25M Bond 0 Equalization 0 -Over Balances 478,637 202,312 0 0 680,948 437,778 0 0 1,118,726 695,456 0 0 1,814,182 961,348 0 0 2,775,530 1,235,557 1,224,950 (134,882) 2,921,019 1,231,557 1,221,950 (134,882) 3,065,509 1,230,957 1,218,950 (134,882) 3,212,399 1,233,757 1,220,950 (134,882) 3,360,088 1,234,957 1,226,750 (134,882) 3,503,178 1,234,757 1,222,150 (134,882) 3,650,667 1,233,357 1,222,550 (134,882) 3,796,357 1,232,657 1,222,750 (134,882) 3,941,146 1,231,857 1,222,750 (134,882) 4,085,136 1,235,057 1,222,550 (134,882) 4,232,525 1,231,607 1,222,150 (134,882) 4,376,865 1,232,607 1,221,550 (134,882) 4,522,805 1,231,107 1,220,750 (134,882) 4,668,044 1,792,607 1,784,750 (134,882) 4,810,784 1,792,606 1,783,750 (134,882) 4,954,522 4,588,878 4,576,000 (134,882) 5,102,283 4,588,878 4,576,750 (134,882) 5,249,293 4,588,878 4,578,500 (134,882) 5,394,554 4,588,878 4,580,750 (134,882) 5,537,565 4,588,878 4,578,000 (134,882) 5,683,325 4,588,878 0 0 10,272,204 4,588,878 0 0 14,861,082 (1) Includes URA value. 42,349,250 (2,697,647) Analysis Assumptions Dated Par Amount Strcuture Term Interest Rates Levy Equalization 9/15/2018 $25,000,000 Wrapped Level 20 years Current as of 1/7/2015 Plus 0.75% 6.37% of P&I 43 FUND BALANCE PROJECTION MODEL -January 2015 Based on 486 CRUS for February payment In FY 2012, approximately $1.2 million of Medicaid revenue and expenses was moved from the General Fund to its own fund as per the auditors suggestion. Parameters Estimated increase to state revenue = Total General Fund Increase X District 27 Ratio 29 Average % Inflation 30 Average %Change in CRUS 31 Projected FY 14 $ per CRU 32 Actual/Projected Feb 15 CRUS 33 Cost of Insurance Increase of 5% 34 Cost of instructional steps 35 Cost of administrative steps 36 Cost of classified steps 37 Est. cost of certified lane changes 3,113,713.85 1% 0% $85,651 486 $270,500 ($284,025 for 16-17) $350,000 $350,000 for steps + $72,900 fringe $22,000 $22,000 for steps + $4,600 for fringe $95,948 $100,000 Audited Audited Audited Audited Audited Audited Audited Audited Budgeted Estimated Estimated FY 2006-2007 FY 2007-2008 FY 2008-2009 FY 2009-2010 FY 2010-2011 FY 2011-2012 FY 2012-2013 FY 2013-2014 FY 2014-2015 FY 2015-2016 FY 2016-2017 1 State Revenue $ 47,522,121 $ 49,448,476 $ 51,300,699 $ 42,881,953 $ 46,381,624 $ 41,730,908 $ 42,982,976 $ 43,371,701 $ 45,827,548 $ 48,827,548 $ 48,827,548 2 Supplemental Levy $ 6,808,635 $ 6,855,897 $ 6,812,113 $ 6,741,861 $ 6,796,209 $ 6,773,191 $ 6,811,431 $ 6,757,126 $ 6,800,000 $ 6,800,000 $ 6,800,000 3 All Other Revenue $ 1,674,963 $ 1,958,736 $ 2,235,701 $ 7,869,641 $ 2,626,901 $ 2,276,520 $ 1,109,512 $ 1,738,627 $ 541,884 $ 541,884 $ 541,884 Emergency Levy $ 319,611 4 Total Revenue $ 56,005,719 $ 58,263,109 $ 60,348,513 $ 57,493,455 - $ 55,804,734 $ 50,780,619 $ 50,903,919 $ 51,867,454 $ 53,489,043 $ 56,169,432 $ 56,169,432 5 Salaries $ 38,028,668 $ 39,425,307 $ 40,678,957 $ 37,610,907 $ 34,791,410 $ 34,689,000 $ 37,292,029 $ 34,630,884 $ 35,415,983 $ 35,983,931 $ 36,351,879 6 Benefits $ 11,476,298 $ 12,025,794 $ 12,387,091 $ 11,605,217 $ 10,807,435 $ 11,547,003 $ 11,999,560 $ 11,643,745 $ 12,075,865 $ 12,464,695 $ 12,867,050 7 All Other Expenditures $ 6,130,520 $ 5,774,289 $ 5,184,339 $ 5,254,249 $ 5,412,263 $ 5,351,051 $ 4,446,680 $ 4,741,202 $ 5,100,637 $ 5,151,644 $ 5,203,160 8 Liquidation of PY Encumbrances $ 699,912 $ 865,301 $ 1,295,264 $ 1,696,515 $ 1,048,272 $ 1,327,703 $ 570,898 $ 655,035 $ 1,004,189 $ 1,004,189 $ 1,004,189 9 Budget Reductions 10 Budget Additions, ongoing 11 Budget Additions, 1 time 12 Total Expenses $ 56,335,398 $ 58,090,691 $ 59,545,651 $ 56,166,888 $ 52,059,380 $ 52,914,757 $ 54,309,167 $ 51,670,866 $ 53,596,675 $ 54,604,459 $ 55,626,279 13 Beginning Fund Balance $ 6,293,949 $ 5,964,270 $ 6,136,688 $ 6,939,550 $ 8,266,136 $ 12,011,492 $ 9,877,354 $ 6,472,111 $ 6,668,699 $ 6,561,067 $ 8,126,040 14 Revenues over (under) expenses $ (329,679) $ 172,418 $ 802,862 $ 1,326,567 $ 3,745,355 $ (2,134,138) $ (3,405,248) $ 196,588 ($107,632) $1,564,973 $543,153 15 Ending Fund Balance $ 5,964,270 $ 6,136,688 $ 6,939,550 $ 8,266,136 $ 12,011,492 $ 9,877,354 $ 6,472,111 $ 6,668,699 '$ 6,561,067 $ 8,126,040 $ 8,669,194 16 Reserve for Inventory $ 362,653 $ 390,473 $ 303,442 $ 307,839 $ 264,835 $ 260,506 $ 290,379 $ 265,974 $ 265,974 $ 265,974 $ 265,974 17 Reserve for Encumbrances $ 392,550 $ 576,403 $ 666,710 $ 416,216 $ 666,442 $ 315,902 $ 570,887 $ 517,906 $ 517,906 $ 517,906 $ 517,906 18 Reserve for Specific Programs $ 477,491 $ 718,861 $ 1,029,805 $ 632,056 $ 159,813 $ 69,768 $ 84,148 $ 486,283 $ 486,283 $ 486,283 $ 486,283 19 Reserve for Compensated Absences $ 113,347 $ 128,534 $ 117,011 $ 116,420 $ 104,502 $ 166,352 $ 172,561 $ 79,889 $ 79,889 $ 79,889 $ 79,889 20 Assigned for Specific Programs $ 1,052,456 $ 1,108,157 $ 1,109,050 $ 1,884,364 $ 1,884,364 $ 1,884,364 $ 1,884,364 21 Subtotal of Reserves & Committed $ 1,346,041 $ 1,814,271 $ 2,116,968 $ 1,472,531 $ 2,248,048 $ 1,920,685 $ 2,227,025 $ 3,234,416 $ 3,234,416 $ 3,234,416 $ 3,234,416 22 Contingency (Liquid Fund Balance) $ 4,618,229 $ -4,322,417 , $ 4,822,582 $ 6,793,605 $ 9,763,444 $ 7,956,669 $ 4,245,086 $ , 8,434,283 $ 3,326,651 $ 4,891,624 $ ' 5,434,778 23 Contingency Maximum % 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 24 Contingency Maximum $ $ 2,816,770 $ 2,904,535 $ 2,977,283 $ 2,808,344 $ 2,602,969 $ 2,645,738 $ 2,715,458 $ 2,583,543 $ 2,629,624 $ 2,680,014 $ 2,731,104 25 Contingency Difference (Line 22 - 24) $ 1,801,459 $ 1,417,882 $ 1,845,299 $ 3,985,261 $ 7,160,475 $ 5,310,931 $ 1,529,628 $ 850,740 $ 697,027 $ 2,211,611 $ 2,703,673 26 Liquid Fund Balance % 8.20% 7.44% 8.10% 12.10% 18.75% 15.04% 7.82% 6.65% 6.21% 8.96% 9.77% Based on 486 CRUS for February payment In FY 2012, approximately $1.2 million of Medicaid revenue and expenses was moved from the General Fund to its own fund as per the auditors suggestion. Parameters Estimated increase to state revenue = Total General Fund Increase X District 27 Ratio 29 Average % Inflation 30 Average %Change in CRUS 31 Projected FY 14 $ per CRU 32 Actual/Projected Feb 15 CRUS 33 Cost of Insurance Increase of 5% 34 Cost of instructional steps 35 Cost of administrative steps 36 Cost of classified steps 37 Est. cost of certified lane changes 3,113,713.85 1% 0% $85,651 486 $270,500 ($284,025 for 16-17) $350,000 $350,000 for steps + $72,900 fringe $22,000 $22,000 for steps + $4,600 for fringe $95,948 $100,000