Tax Budget

Fiscal Year 2020

Presented for Approval: January 8, 2019

HAMILTON COUNTY, OHIO

Office of the Board of Education Indian Hill EVSD	January 8 ,	2019

To the County Auditor:

The Board of Education of said School District, hereby submits its' annual budget for the year commencing July 1, 2019	for consideration of the County Budget Commission.

President of the Board

Indian Hill Exempted Village Schools
Schedule Of Revenue, Expenditures and Changes In Fund Balances Actual and Forecasted Operating Fund
	
	ACTUAL
	FORECASTED
	
	Fiscal Year          Fiscal Year          Fiscal Year 2016                      2017                      2018
	Fiscal Year          Fiscal Year          Fiscal Year          Fiscal Year          Fiscal Year 2019                      2020                      2021                      2022                      2023
	
Revenue:
1.010 - General Property Tax (Real Estate) 1.020 - Public Utility Personal Property 1.030 - Income Tax
1.035 - Unrestricted Grants-in-Aid 1.040 - Restricted Grants-in-Aid
1.045 - Restricted Federal Grants-in-Aid - SFSF 1.050 - Property Tax Allocation
1.060 - All Other Operating Revenues
	
23,796,994           23,706,170          27,343,946 532,842                 449,652                590,537
-	-	-1,350,118              1,406,651             1,505,970
171,449	156,623	172,886 -                               -                                   -
2,964,142             3,009,086              3,043,043 4,364,876             4,442,488              5,088,880
	
21,567,588          25,698,256          27,317,981          27,456,094          27,544,207 483,473                537,973                561,579                579,820                584,756
-	-	-	-	-1,446,446             1,448,272             1,449,779             1,451,185             1,453,179
171,366	171,385	171,390	171,395	171,401 -                               -                               -                               -                               -
3,070,781             3,090,385             3,112,661             3,131,312             3,143,566 5,605,140             4,310,140             2,815,140             2,820,140             2,825,140
	
1.070 - Total Revenue
	33,180,421	33,170,670	37,745,262
	32,344,794	35,256,411	35,428,530	35,609,946	35,722,249

Other Financing Sources:
2.010 - Proceeds from Sale of Notes
2.020 - State Emergency Loans and Advancements 2.040 - Operating Transfers-In
2.050 - Advances-In
2.060 - All Other Financing Sources 2.070 - Total Other Financing Sources
	
-	-	--	-	--	-	-
-                               -                           2,826 37,527                            21                    17,947
	
-	-	-	-	--	-	-	-	--	-	-	-	-
32,500                   30,000                   30,000                   30,000                   30,000 297,489                   15,000                   15,000                   15,000                   15,000
	
	37,527	21	20,773
	329,989	45,000	45,000	45,000	45,000
	
2.080 - Total Revenues and Other Financing Sources
	33,217,948	33,170,691	37,766,035
	32,674,783	35,301,411	35,473,530	35,654,946	35,767,249

Expenditures:
3.010 - Personnel Services
3.020 - Employees' Retirement/Insurance Benefits 3.030 - Purchased Services
3.040 - Supplies and Materials 3.050 - Capital Outlay
3.060 - Intergovernmental

Debt Service:
4.010 - Principal-All Years 4.020 - Principal - Notes 4.030 - Principal - State Loans
4.040 - Principal - State Advances 4.050 - Principal - HB264 Loan 4.055 - Principal - Other
4.060 - Interest and Fiscal Charges 4.300 - Other Objects
	
19,296,004	19,939,079	19,609,110 7,108,026             6,834,753              6,882,954 3,954,882             4,832,466              4,302,742 1,336,682             1,273,041              1,381,585 1,476,727             1,208,802              2,767,793
-	-	-

-	-	-

-	-	-457,226                523,279                 522,873
	
20,757,173	21,152,074	21,554,489	21,964,559	22,382,431 7,218,149             7,520,809             7,761,138             8,012,244             8,247,342 4,537,499             4,599,749             4,761,349             4,815,549             4,771,049 1,480,651             1,511,637             1,547,160             1,576,971             1,591,221 4,525,419             2,680,419             1,525,000             1,525,000             1,525,000
-	-	-	-	-

-	-	-	-	--	-	-	-	--	-	-	-	--	-	-	-	--	-	-	-	--	-	-	-	--	-	-	-	-
527,973	532,973	535,123	538,123	538,123
	
4.500 - Total Expenditures
	33,629,547	34,611,420	35,467,057
	39,046,864	37,997,661	37,684,259	38,432,446	39,055,166

Other Financing Uses
5.010 - Operating Transfers-Out 5.020 - Advances-Out
5.030 - All Other Financing Uses 5.040 - Total Other Financing Uses
	
-	-	-
-	2,826	32,500 5,500,000                          -                                   -
	
-                               -                               -                               -                               -30,000                   30,000                   30,000                   30,000                   30,000 -                               -                               -                               -                               -
	
	5,500,000	2,826	32,500
	30,000	30,000	30,000	30,000	30,000
	
5.050 - Total Expenditures and Other Financing Uses
	39,129,547	34,614,246	35,499,557
	39,076,864	38,027,661	37,714,259	38,462,446	39,085,166

Excess of Rev & Other Financing Uses Over (Under) 6.010 - Expenditures and Other Financing Uses
			
	(5,911,599)	(1,443,555)	2,266,478
	(6,402,081)	(2,726,250)	(2,240,729)	(2,807,500)	(3,317,917)

Cash Balance July 1 - Excluding Proposed Renewal/ 7.010 - Replacement and New Levies
	
26,959,132	21,047,533	19,603,978
	
21,870,456	15,468,375	12,742,125	10,501,396	7,693,896
	
7.020 - Cash Balance June 30
	21,047,533	19,603,978	21,870,456
	15,468,375	12,742,125	10,501,396	7,693,896	4,375,979

8.010 - Estimated Encumbrances June 30

Reservations of Fund Balance:
9.010 - Textbooks and Instructional Materials 9.020 - Capital Improvements
9.030 - Budget Reserve 9.040 - DPIA
9.050 - Debt Service
9.060 - Property Tax Advances 9.070 - Bus Purchases
9.080 - Subtotal
	
-	-	-

-	-	--	-	--	-	--	-	--	-	--	-	--	-	-
	
750,000	750,000	750,000	750,000	750,000

-	-	-	-	--	-	-	-	--	-	-	-	--	-	-	-	--	-	-	-	--	-	-	-	--	-	-	-	-
	
	-	-	-
	-	-	-	-	-
	
Fund Balance June 30 for Certification 10.010 - of Appropriations
			
	21,047,533	19,603,978	21,870,456
	14,718,375	11,992,125	9,751,396	6,943,896	3,625,979

Rev from Replacement/Renewal Levies 11.010 - Income Tax - Renewal
11.020 - Property Tax - Renewal or Replacement
11.030 - Cumulative Balance of Replacement/Renewal Levies

-	-	-
	
-	-	-	-	--	-	-	-	--	-	-	-	-
	
Fund Balance June 30 for Certification 12.010 - of Contracts, Salary and Other Obligations
			
	21,047,533	19,603,978	21,870,456
	14,718,375	11,992,125	9,751,396	6,943,896	3,625,979

Revenue from New Levies 13.010 - Income Tax - New 13.020 - Property Tax - New
13.030 - Cumulative Balance of New Levies

14.010 - Revenue from Future State Advancements

-	-	-

-	-	-
	
-	-	-	-	--	-	-	-	--	-	-	-	-

-	-	-	-	-
	
15.010 - Unreserved Fund Balance June 30
	21,047,533	19,603,978	21,870,456
	14,718,375	11,992,125	9,751,396	6,943,896	3,625,979

Indian Hill Exempted Village School District Five‐Year Forecast
Fiscal Years Ending June 30, 2019 Through 2023

Notice: All estimates are conservative and do not guarantee what will happen in estimated years.

REVENUE ASSUMPTIONS

Property Taxes – Line 1.01
Property tax revenue estimates are based on valuation data, scheduled updates and reappraisals combined with input from the Hamilton County Auditor. Twelve years ago, residential valuation made up 84% of the District’s property tax valuation. That valuation is nearly 88% in 2017. Commercial property makes up most of the rest of the value with 10% of the total valuation.

Historical data shows that overall residential property valuation tends to decrease slightly in non‐ reappraisal years. I have modeled growth in current valuation based on this historical trend. Hamilton County completed a re‐appraisal for tax year 2017, which will begin collection in calendar year 2018. Valuation in Hamilton County increased overall by 4.8%. However, growth in Indian Hill EVSD only increased by 2.9%. Some areas within the District saw double digit increases while the overall average was restricted by slow property value growth within the village of Indian Hill. Statewide trends would indicate that almost all residential property valuations will increase in their most recent cycles reversing the trend of the last seven years. The District remains above the 20‐mill level, which means tax rates adjust for our taxpayers as property values increase. I have modeled a modest .5% growth to property valuation for new residential construction. While new construction has recently increased, I tend to take a conservative approach to forecasting future growth as the new construction market is still very unstable and the District has very little land available for new builds. Indian Hill EVSD has no voted operational levies at this time. All of these factors combined with the fact that over 90% of the District’s income derives from property taxes means that revenue will remain stable but very flat. Estimated cash reserves make it likely that an operational levy will be placed in front of the District’s voters during this five‐year forecast cycle.

Approximately $2.8 million above the amount normally expected was collected for the first half of 2018. Another $300,000 in delinquent taxes was paid above normal expectations. This phenomenon was created by a change to income tax law. The result of this will be that the $3.1 million will be shifted from fiscal year 2019 to fiscal year 2018. Normal collections should resume in fiscal year 2020.

The Board of Revision hears challenges of property valuation and can make adjustments. The District has seven large commercial Board of Revision claims that they will contest. If the District loses or does not challenge the cases, the lost property valuation will reduce revenue by the inside millage. The remaining tax revenue will be spread among all other commercial taxpayers in the District.

Public Utility Property Tax – Line 1.02
The valuation of Public Utility Property within the district has remained stable over prior years. There was a significant drop of over 15% in fiscal year 2017. Upon investigation of the decline, it was discovered that the County Auditor has no information regarding public utility property. This is handled by the state and the Auditor’s office said they would be willing to contact them but have had little

success getting information in the past. I anticipate no further declines. This property tax rebounded in 2018. I am assuming that the income tax break applies to these properties and is responsible for some of the increase.

Unrestricted Grants‐in‐Aid (state foundation) – Line 1.035
This line of the forecast is always the most difficult to predict as the mechanisms that drive funding are constantly in motion. Funding is no longer based on an October count as it is now based on a real‐time

student count. The model is still primarily driven by property tax valuation per pupil but some other features were added to the biennium budget to help with some funding inequities. Indian Hill EVSD was a capped district in 2018 meaning that based on the funding formula, the District received less than to which it is entitled. However, because of changes to the way transportation was viewed in the funding model, in 2019 the District moves from a capped district to a guarantee district. As long as the district remains on the guarantee, there will be no chance of any inflationary increase.

IMPORTANT NOTE: Years two, three, four and five of line 1.035 of this forecast are based on the current formula. The funding formula could be substantially modified or completely changed as future budget bills are enacted. Any increase in funding over years two through five would also assume that the state legislators would continue to add funds to school funding.

Restricted Grants‐in‐Aid (SFSF & Career Tech) – Line 1.04
Restricted aid consists mainly of payments from the state for Economic Disadvantaged and Career Tech funding. The District receives very little of each. The bulk of this line consists of catastrophic aid which allows funds to be granted to the District for students who have needs that exceed a cap which is set by the state.

Property Tax Allocation (Homestead & Rollback) – Line 1.05
The property tax allocation is calculated as a fixed percentage of real property tax receipts. The growth or decline parallels the anticipated growth or decline in real property taxes. This form of funding has been eliminated for all newly voted levies which means all new levies will be fully funded by local dollars. Existing levies that are renewed will continue to receive this funding from the state.

All Other Revenues – Line 1.06
Nearly 95% of this line consists of receipts from the Sycamore Township TIF. Other receipts of this type may include open enrollment in the district, interest on investment and class fees. The District does not have an open enrollment policy. These revenues could potentially be significantly reduced if there were a challenge to property valuation. Property tax revaluation did give the District increased revenue inside the Kenwood TIF. However, the TIF revenue will be reduced after calendar year 2018 because of the 2000 bond retirement. TIF revenue will also change because of two properties are expiring. These properties will be counted as commercial properties. The district stands to lose revenue in this transaction because with the current arrangement all school district taxes, including bond reduction taxes, are being receipted to the general fund. Once the properties move to non‐TIF tax payments, this additional revenue will be lost. The addition of the properties to the traditional tax payment should further lower millage for payments to the bond reduction fund.

EXPENDITURE ASSUMPTIONS

Personnel Services and Retirement/Benefits – Lines 3.01 & 3.02
FY19 is governed by the current collective bargaining agreement for certified staff. I manually calculated

increases as our staff appears now. There will be turn over, column step moves and other adjustments that will affect the salary over time. For years FY20, FY21, FY22 and FY23 which fall outside of the CBA, I gave certified staff their steps as they appear in fiscal year 2019 and all other staff a 2% increase. Any base raise given as part of the CBA would affect personnel services. The large increase from FY18 to FY19 was a change to pay date scheduling with our certificated staff going from 26 pays in FY17 to 25 pays in FY18 and finally to 24 pays in FY19. These changes resulted in timing of payroll being after the beginning of the new fiscal year.

The benefits that are tied to salary were manually calculated using the estimated salary for each fiscal year. Other benefits were estimated using historical data and inflationary increases. Medical insurance was calculated with a 7.5% increase starting on January 1, 2019 and additional increase of 7.5% starting January 1, 2020. Each subsequent year was 5.5%. There is potential for savings with plan changes or a decrease in claims to historical levels. The treasurer will be adding an annual severance cost deducted on a payroll basis and deposited into a separate account. This will initially be set at $150,000.

Purchased Services – Line 3.03
Purchased services has been difficult to predict. Historically, it varies both by category of purchased service and in totality. Last fiscal year, large payments were made in June for summer work. My goal is to improve timing of payments in this line item so year over year can become more consistent and trends can be developed. Purchasing will also be improved by using the purchase order system as intended. The assumption for FY19 is that the overall cost of purchased service will revert back to average. In addition to this, there has been large savings in this area as legal services decreased significantly. This line has been aided by decreases to bus services through payment in lieu of transportation efforts.

Supplies & Materials– Line 3.04
Supplies & Materials trends near average in most years. I have assumed this trend will be stable and added an average of 2.0% per year for inflation.

Capital Outlay – Line 3.05
The District uses a capital outlay planning tool to analyze capital needs and to plan future projects. The high school locker rooms and choir area were renovated beginning at the end of fiscal year 2017 and completed in fiscal year 2018. This project will finalize at approximately $2.1 million and these funds were generated from the general fund reserve. The remaining funds account for many other capital needs including technology, ongoing roof projects, buses and many other items. $1 million had been set aside in fiscal year 2018 for renovation of the football locker room facility but not spent.

Other Objects – Line 4.3
Other objects include expenditures for county auditor/treasurer fees, dues, audit fees and others. The largest portion of this line item are county auditor fees for collection of property taxes.

Revenue Over/Under Expenditures – Line 6.01
This line is the true gauge of a school district’s financial health. When this line is negative, it indicates expenses are outpacing revenue and depleting a district’s cash balance. FY15 began a cycle of negative years on this line. This led to a decrease of the district’s cash balance (line 7.02). Because of uncontrollable circumstances of revenue being received in fiscal year 2018 instead of fiscal year 2019, fiscal year 2018 shows revenue outpacing expenses. However, in fiscal year 2019, expenses will outpace revenues by a significant amount. Fiscal Years 2020‐2022 show expenditures outpacing revenues. In order to balance the budget, the District will have to increase revenue, decrease expenses or a combination of both.

Home of the Braves – Indian Hill Exempted Village School District in conjunction with the Indian Hill Foundation is exploring a facilities project using a combination of public and private funds. This project is called Home of the Braves and phase #1 will be an athletic facility that will have a locker room that will face the football field and a second level, concession stand and restroom area that face the softball/baseball complex. Phase #2 would be a fieldhouse facility added to the north side of phase #1. Phase #1 is estimated at $3.75 million and phase #2 would be an additional $3.5 million. As this project appears to be moving towards implementation, phase #1 has been added to the five‐year forecast. The assumption for the completion of the project would be August 1, 2019. $2.75 million has been added to the capital outlay line for fiscal year 2019 and $1 million has been added to fiscal year 2020. Revenue from donations to the Foundation begin in fiscal year 2019 and are $350,000. Estimated payments of $550,000 would continue until fiscal year 2023 and $200,000 in fiscal year 2024. Phase #2 has not been added to the forecast.

Indian Hill EVSD
									
2019
	2020
	TAX BUDGET

											
				2019
	Calendar Year
	TOTAL
	2020
	Calendar Year
	TOTAL
	TOTAL
	
General Fund Revenue Summary
	1/1/2019
	7/1/2019
	CALENDAR YEAR 2019
	1/1/2020
	7/1/2020
	CALENDAR YEAR 2020
	FISCAL YEAR 2019/2020
	
				6/30/2019
	12/31/2019
		6/30/2020
	12/31/2020
			
				(2)
	(3)
		(4)
	(5)
			
1100 Receipts from Property Taxes
								
	1110 General Property Tax
	12,906,049.95
	11,499,452.75
	24,405,502.70
	12,983,135.65
	11,568,972.61
	24,552,108.26
	24,482,588.40
	
	1122 Public Utility Personal Property Tax
	331,537.43
	221,024.95
	552,562.38
	336,044.03
	224,029.35
	560,073.38
	557,068.98
	
Total Taxes
			13,237,587.38
	11,720,477.70
	24,958,065.08
	13,319,179.68
	11,793,001.96
	25,112,181.64
	25,039,657.38
	
	3131-3133 Property Tax Allocation - RE
	1,547,510.20
	1,547,510.20
	3,095,020.39
	1,557,133.93
	1,557,133.93
	3,114,267.86
	3,104,644.13
	
	3135 State Tangible PP Reimbursement
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	
Total Tax Reimbursement from State Sources
	1,547,510.20
	1,547,510.20
	3,095,020.39
	1,557,133.93
	1,557,133.93
	3,114,267.86
	3,104,644.13

Receipts from Income Taxes & T.I.F.
								
	Income Tax
		0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	
	Tax Increment Financing Receipts
	2,400,000.00
	2,400,000.00
	4,800,000.00
	2,400,000.00
	2,400,000.00
	4,800,000.00
	4,800,000.00
	
Total Income Taxes & T.I.F. Revenue
	2,400,000.00
	2,400,000.00
	4,800,000.00
	2,400,000.00
	2,400,000.00
	4,800,000.00
	4,800,000.00

3000 Receipts from State Sources
								
	3190 Unrestricted Grants-In-Aid
	679,135.55
	768,279.10
	1,447,414.66
	679,992.90
	769,078.53
	1,449,071.43
	1,448,272.00
	
	3134 State Electric Dereg Reimbursement
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	
	Restricted Grants-In-Aid
	171,413.00
	0.00
	171,413.00
	171,444.00
	0.00
	171,444.00
	171,444.00
	
	Other State Sources
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	
Total State Resources
		850,548.55
	768,279.10
	1,618,827.66
	851,436.90
	769,078.53
	1,620,515.43
	1,619,716.00

Receipts from Local Sources
								
	All Other Revenue
		235,000.00
	505,040.31
	740,040.31
	505,040.30
	525,000.00
	1,030,040.30
	1,010,080.61

Receipts from Other Financing Sources
								
	Other Financing Sources
	10,000.00
	22,500.00
	32,500.00
	22,500.00
	22,500.00
	45,000.00
	45,000.00

Total Revenue and Other Funding Sources
	18,280,646.13
	16,963,807.30
	35,244,453.43
	18,655,290.81
	17,066,714.43
	35,722,005.24
	35,619,098.11

						Should balance to the total revenue/receipts from the five-year forecast.
	35,458,851.00
	
						Note: The assumption for the October 5-year forecast was that a large part of the Kenwood TIF
	
						would expire at the completion of tax year 2018. The properties involved have extended the TIF
	
						agreement to tax year 2033, thereby effectively moving revenue for this tax budget from genera
	
						property tax to Receipts from Tax Increment Financing Receipts.

12/23/2018

Indian Hill EVSD
								
SCHEDULE OF PROJECTED REVENUE AND EXPENDITURES - For Debt Activity Funded by Taxes
						
BOND RETIREMENT FUND

								
	2019
	Calendar Year
	TOTAL
	2020
	Calendar Year
	TOTAL
	TOTAL
	
	1/1/2019
	7/1/2019
	CALENDAR YEAR 2019
	1/1/2020
	7/1/2020
	CALENDAR YEAR 2020
	FISCAL YEAR 2019/2020
	
BOND RETIREMENT REVENUE (1)
	6/30/2019
	12/31/2019
		6/30/2020
	12/31/2020
			
(1)
	(2)
	(3)
		(4)
	(5)
			
REVENUES
								
1000 Receipts from Local Sources
								
1100 Taxes
								
1110 General Property Tax & PUPP
	850,456.94
	769,761.10
	1,620,218.04
	854,117.31
	773,082.47
	1,627,199.79
	1,623,878.41
	
Total Taxes
	850,456.94
	769,761.10
	1,620,218.04
	854,117.31
	773,082.47
	1,627,199.79
	1,623,878.41

3131-3133 Property Tax Allocation
	99,259.37
	99,259.37
	198,518.73
	99,682.95
	99,682.95
	199,365.89
	198,942.31
	
3135 State Tangible Reimbursement
			0.00
			0.00
	0.00
	
Total Tax Reimbursement from State Sources
	99,259.37
	99,259.37
	198,518.73
	99,682.95
	99,682.95
	199,365.89
	198,942.31

1130 Income Tax
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	
1190 Other Receipts (Local Taxes)
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	
Total Income and Local Taxes
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00

Total Taxes
	949,716.31
	869,020.46
	1,818,736.77
	953,800.26
	872,765.42
	1,826,565.68
	1,822,820.72

1200-1800 Other Receipts-Local Sources
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	
1880 Tax Increment Financing
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	
1910 Prem. & Acc. Int. on Bonds & Notes
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	
1920 Sale of Bonds- Refunding
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	
1940 Proceeds from Sale of Notes
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	
Total of Other Revenue Sources
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00

Total Receipts from Local Sources
	949,716.31
	869,020.46
	1,818,736.77
	953,800.26
	872,765.42
	1,826,565.68
	1,822,820.72

2000 Receipts from Intermediate Sources
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	
3000 Receipts from State Sources
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	
3190 Other Unrestricted
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	
Total Revenue from State Sources
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00

4000 Revenue from Federal Sources
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00

5000 Other Revenue Sources
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00

Total Revenue
	949,716.31
	869,020.46
	1,818,736.77
	953,800.26
	872,765.42
	1,826,565.68
	1,822,820.72

12/23/2018

SCHEDULE OF PROJECTED REVENUE AND EXPENDITURES
								
BOND RETIREMENT FUND

	2019
	Calendar Year
	TOTAL
	2020
	Calendar Year
	TOTAL
	TOTAL
	
	1/1/2019
	7/1/2019
	CALENDAR YEAR 2019
	1/1/2020
	7/1/2020
	CALENDAR YEAR 2020
	FISCAL YEAR 2019/2020
	
BOND RETIREMENT EXPENDITURES (1)
	6/30/2019
	12/31/2019
		6/30/2020
	12/31/2020
			
(1)
	(2)
	(3)
		(4)
	(5)
			
EXPENDITURES

2000 Supporting Services - Fees
	25,000.00
	25,000.00
	50,000.00
	25,000.00
	25,000.00
	50,000.00
	50,000.00

6000 Repayment of Debt Service
								
6100 Repayment of Debt Principal
	0.00
	1,220,000.00
	1,220,000.00
		1,270,000.00
	1,270,000.00
	1,220,000.00
	
6100 Repayment of Debt Interest
	231,968.75
	231,968.75
	463,937.50
	207,568.75
	207,568.75
	415,137.50
	439,537.50
	
6100 Debt Issuance Costs
			0.00
			0.00
	0.00
	
Total Repayment of Debt Service
	231,968.75
	1,451,968.75
	1,683,937.50
	207,568.75
	1,477,568.75
	1,685,137.50
	1,659,537.50

7000 Other Debt Service
								
Other Debt Service
			0.00
			0.00
	0.00
	
			0.00
			0.00
	0.00
	
			0.00
			0.00
	0.00
	
Total Other Debt Service
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00
	0.00

								
								
Total Expenditures
	256,968.75
	1,476,968.75
	1,733,937.50
	232,568.75
	1,502,568.75
	1,735,137.50
	1,709,537.50

								
Beginning Unencumbered Fund Balance
	1,159,843.54
	1,852,591.10
	1,159,843.54
	1,244,642.81
	1,965,874.32
	1,244,642.81
	1,852,591.10
	
Ending Cash Balance
	1,852,591.10
	1,244,642.81
	1,244,642.81
	1,965,874.32
	1,336,070.99
	1,336,070.99
	1,965,874.32

12/23/2018

Indian Hill EVSD

Schedule of Bond Payments

PURPOSE OF
BONDS AND NOTES
	
Authority
for Levy
Outside 10 Mill Limit*

Date
of Issue

Date Due

Serial
or Term

Rate
of Interest
	Principal and Interest Requirements
	Principal and Interest Requirements
	
						Fiscal Year
	Calendar Year
	
						Bonds and Notes Outstanding 7/1/2019
	Principal & Interest Due 7/1/2019
6/30/2020
	Amount Available from Other Sources 7/1/2019
6/30/2020
	Bonds and Notes Outstanding 1/1/2020
	Principal & Interest Due 1/1/2020
12/31/2020
	Amount Available from Other Sources 1/1/2020
12/31/2020

0

0
	
TOTAL INSIDE
						$0
	$0
	$0
	$0
	$0
	$0

2016

6/1, 12/1

13,580,000

1,659,538

12,360,000

1,685,138
		
OUTSIDE 10 MILL LIMIT

School Construction
												
TOTAL OUTSIDE
						$13,580,000
	$1,659,538
	$0
	$12,360,000
	$1,685,138
	$0

*If the levy is outside the 10 mill limit by vote, enter the words "by vote" and date of election. If outside the 10 mill limit without a vote, enter the reference to the statute under which the

levy is exempt from the 10 mill limit.

Principal & Interest from Bond Detail
	1,685,138

Total From Above:	$1,685,138