Indian Hill Exempted Village School District

Five Year Forecast Financial Report

May, 2021

Prepared by Mick Davis, Treasurer

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Indian Hill Exempted Village School District

Table of Contents

Page

Table of Contents	2

Forecast Summary	3

Revenue Sources and Forecast Year‐Over‐Year Projected Overview	4 1.010 ‐ General Property Tax (Real Estate)	5 1.020 ‐ Public Utility Personal Property	6 1.030 ‐ Income Tax	7 1.035 ‐ Unrestricted Grants‐in‐Aid	8 1.040 & 1.045 ‐ Restricted Grants‐in‐Aid	9 1.050 ‐ Property Tax Allocation                                                                                                                                                                               10 1.060 ‐ All Other Operating Revenues                                                                                                                                                                    11 2.070 ‐ Total Other Financing Sources                                                                                                                                                                   12

Expenditures Overview	13 3.010 ‐ Personnel Services	14 3.020 ‐ Employee Benefits	15 3.030 ‐ Purchased Services	16 3.040 ‐ Supplies and Materials	17 3.050 ‐ Capital Outlay	18 3.060 ‐ 4.060 ‐ Intergovernmental & Debt	19 4.300 ‐ Other Objects	20 5.040 ‐ Total Other Financing Uses	21

Five Year Forecast	22

1

Forecast Purpose/Objectives

Ohio Department of Education's purposes/objectives for the five‐year forecast are:

1.     To engage the local board of education and the community in the long range planning and discussions of financial issues facing the school district.

2.     To serve as a basis for determining the school district's ability to sign the certificate required by O.R.C. §5705.412, commonly known as the "412 certificate."
3.     To provide a method for the Department of Education and Auditor of State to identify school districts with potential financial problems.

Forecast Methodology ‐ This forecast is prepared based upon historical trends and current factors. This information is then extrapolated into estimates for subsequent years. The forecast variables can change multiple times throughout the fiscal year and while cash flow monitoring helps to identify unexpected variances no process is guaranteed. The intent is to provide the district's financial trend over time and a roadmap for decisions aimed at encouraging financial sustainability and stability.

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May, 2021	Forecast Summary	Indian Hill Exempted Village School District

$45,000,000

$40,000,000
‐ $35,000,000

$30,000,000

$25,000,000

$20,000,000

$15,000,000

$10,000,000

$5,000,000

‐	‐	‐	‐ ‐

23,007,061

$0		‐	‐ 2020 Actual

‐	‐ 2021 Projected

‐	‐ 2022 Projected

‐	‐ 2023 Projected

‐	‐ 2024 Projected

‐	‐ 2025 Projected

Total Revenue	Replace/Renew Levies	New Levies	Total Expenditures	15.01 Cash Balance

Note: Cash balance includes any existing levy modeled as renewed during the forecast. Cash balance is not reduced for encumbrances.

Financial Forecast
	Fiscal Year                 Fiscal Year                 Fiscal Year 2021                           2022                           2023
	Fiscal Year                 Fiscal Year 2024                           2025

Beginning Balance
	
14,779,869	15,276,675	17,055,532
	
19,904,532	21,765,634
	
+ Revenue
+ Proposed Renew/Replacement Levies + Proposed New Levies
‐ Expenditures
	36,992,636	39,925,439	42,004,325 ‐                                  ‐                                  ‐
‐	‐	‐ (36,495,831)             (38,146,582)             (39,155,325)
	42,080,238	42,374,684 ‐                                  ‐
‐	‐ (40,219,135)             (41,133,257)
	
= Revenue Surplus or Deficit
	496,806	1,778,857	2,849,000
	1,861,103	1,241,427
	
Ending Balance with renewal levies Note: Not Reduced for Encumbrances
	15,276,675	17,055,532	19,904,532
	21,765,634	23,007,061

Analysis Without Renewal Levies Included:
Revenue Surplus or Deficit w/o Levies Ending Balance w/o Levies
	496,806                  1,778,857                  2,849,000 15,276,675               17,055,532               19,904,532
	1,861,103                  1,241,427 21,765,634               23,007,061

In FY 2021 a revenue surplus is expected. This means that expenditures are expected to be less than revenue by ‐$496,806 in FY 2021. By the last year of the forecast, FY 2025, the district is expected to have a revenue surplus where expenditures are projected to be less than revenue by ‐$1,241,427

The district's cash balance is positive at year‐end in FY 2021 and is projected to improve by FY 2025

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$33,217,948
$33,170,693
$37,766,035
$32,975,315
$37,621,355
$36,992,636
$39,925,439
$42,004,325
$42,080,238
$42,374,684
Indian Hill Exempted Village School District

Revenue Sources and Forecast Year‐Over‐Year Projected Overview

$0
$0
$0
Sources of Revenue Over Time

100.0%

90.0%

80.0%

70.0%

60.0%

50.0%

40.0%

30.0%

20.0%

10.0%

0.0%

State

	Funding	

Real Estate

2020

$0
$0
State Funding

Real Estate

2025	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025

Real Estate Income Tax Prop Tax Alloc Other Sources

$6,000,000

$4,000,000

Public Utility State Funding All Othr Op Rev

13.85%

Renewal Levy Revenue

Year‐Over‐Year Dollar & Percentage Change

20.00%

14.09%	15.00%

$2,000,000

$0

($2,000,000)

($4,000,000)

($6,000,000)

‐0.14%

2017	2018

‐12.69%

2019	2020

7.93%
5.21%

‐1.67%

2021	2022	2023

0.18%	0.70%

2024	2025

10.00%

5.00%

0.00%

‐5.00%

‐10.00%

‐15.00%

Annual Dollar Change	Annual Percentage Change

3‐Year Historical Actual Average Annual Dollar Change Compared to 5‐Year Projected
	Historical Average Annual
$$ Change
	Projected Average Annual
$$ Change
	Projected Compared to Historical Variance
	Total revenue increased 5.09% or $1,483,554 annually during the past five years and is projected to increase 2.47% or $950,666 annually through FY2025. All Othr Op Rev has the most projected average annual variance compared to the historical average at ‐ $1,167,923
	
Real Estate	$309,359	$932,698	$623,340 Public Utility                                                          $50,984                $31,206                  ($19,778) Income Tax                                                                      $0                           $0                              $0 State Funding                                                        ($9,746)               $43,240                    $52,986 Prop Tax Alloc                                                       $17,822                $38,278                    $20,456 All Othr Op Rev                                               $1,083,282               ($84,641)           ($1,167,923) Other Sources                                                       $31,853               ($10,116)                ($41,969)

Total Average Annual Change                         $1,483,554              $950,666               ($532,888) 5.09%                    2.47%                     ‐2.62%

Note: Expenditure average annual change is projected to be >

($55,994) On an annual average basis, expenditures are projected to contract while revenue grows

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1.010 ‐ General Property Tax (Real Estate)

Revenue collected from taxes levied by a school district by the assessed valuation of real property using effective tax rates for class I (residential/agricultural) and class II (business).

Real Estate as % of Total Revenue

100.0% 90.0%
80.0%

70.0%	65.5%

60.0% 50.0% 40.0% 30.0% 20.0% 10.0%
0.0%
2020

$0
$0
$0
$0
$0
69.1%

$23,796,994
$23,706,171
$27,343,946
$21,710,369
$24,634,247
$25,327,152
$27,270,306
$28,911,763
$29,113,155
$29,297,739
2025
2016	2017	2018	2019	2020	2021	2022	2023	2024	2025

Renewal Levy Revenue

Year‐Over‐Year Dollar & Percentage Change

$6,000,000

$4,000,000

$2,000,000

$0

($2,000,000)

($4,000,000)

($6,000,000)

($8,000,000)

15.35%

‐0.38%

2017	2018

13.47%

7.67% 2.81%

‐20.60%

2019	2020	2021	2022

6.02%

0.70%

2023	2024

20.00% 15.00% 10.00% 5.00%
0.63%      0.00% ‐5.00% ‐10.00% ‐15.00% ‐20.00%
‐25.00% 2025

Annual Dollar Change	Annual Percentage Change

Values, Tax Rates and Gross Collections
Tax Yr	Valuation	Value Change 2019               1,248,278,170               6,851,190 2020               1,352,653,950           104,375,780 2021               1,355,378,200               2,724,250 2022               1,360,858,200               5,480,000 2023               1,387,258,200             26,400,000 2024               1,390,481,440               3,223,240

Class I Rate 22.59 21.50 24.00 24.02 23.78 23.82

Change	Class II Rate	Change
‐	20.74	‐ (1.09)	20.00                        (0.74)
2.50                       22.48                         2.48 0.02                       22.50                         0.02 (0.24)                      22.20                        (0.30) 0.05                       22.22                         0.02

Gross Collection Rate Including Delinquencies 98.9% 99.0% 99.0% 99.0% 99.0% 99.0%

Real estate property tax revenue accounts for 65.48% of total revenue. Class I or residential/agricultural taxes make up approximately 89.68% of the real estate property tax revenue. The Class I tax rate is 21.5 mills in tax year 2020. The projections reflect an average gross collection rate of 99.0% annually through tax year 2024. The revenue changed at an average annual historical rate of 2.74% and is projected to change at an average annual rate of 3.57% through FY 2025.

The District passed an operational levy in May of 2021. This levy will add approximately $3.3 million annually starting in fiscal year 2023. It will add approximately $1.8 million in fiscal year 2022.

*Projected % trends include renewal levies

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$532,842
$449,652
$590,537
$538,700
$602,605
$567,545
$835,347
$743,888
$752,521
$758,637
Indian Hill Exempted Village School District

1.020 ‐ Public Utility Personal Property

Revenue generated from public utility personal property valuations multiplied by the district's full voted tax rate.

$0
$0
$0
$0
PUPP as % of Total Revenue

100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0%
10.0%	1.6% 0.0%
2020

$0
1.8%

2025	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025

Renewal Levy Revenue

Year‐Over‐Year Dollar & Percentage Change

$300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 ($50,000) ($100,000)
($150,000)

31.33%

‐8.78% ‐15.61%

2017	2018	2019

11.86%

‐5.82%

2020	2021

47.19%

1.16%

‐10.95%

2022	2023	2024

60.00%

50.00%

40.00%

30.00%

20.00%

10.00%

0.81%      0.00%

‐10.00%

‐20.00% 2025

Annual Dollar Change	Annual Percentage Change

Values and Tax Rates
Tax Year	Valuation 2019                   15,049,600 2020                   16,168,030 2021                   16,343,030 2022                   16,418,030 2023                   16,668,030 2024                   16,743,030

Value Change 2,175,360 1,118,430
175,000 75,000 250,000 75,000

Full Voted Rate	Change 42.92                           ‐ 42.92                           ‐ 45.38                         2.46 45.38                           ‐ 45.38                           ‐ 45.38                           ‐

Gross Collection Rate Including Delinquencies 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

The public utility personal property tax revenue is generated from the personal property values, additions, and depreciation reported by the utility companies. This category currently makes up 1.60% of total district revenue. The property is taxed at the full voted tax rate which in tax year 2020 is 42.92 mills. The forecast is modeling an average gross collection rate of 100.00%. The revenue changed historically at an average annual dollar amount of $50,984 and is projected to change at an average annual dollar amount of $31,206 through FY 2025.

*Projected % trends include renewal levies

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1.030 ‐ No Income Tax

Revenue collected from income tax earmarked specifically to support schools with a voter approved tax by residents of the school district; separate from federal, state and municipal income taxes.

Income Tax as % of Total Revenue 100.0%
90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0%
$0
$0
$0
$0
$0
‐ $0
‐ $0
‐ $0
‐ $0
‐ $0
10.0%	0.0%	0.0% 0.0%

2020	2025	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025

Renewal Levy Revenue

Year‐Over‐Year Dollar & Percentage Change

$1 $1 $1 $1 $1 $1 $0 $0 $0 $0
$0		0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00% 2017                          2018                          2019                          2020                          2021                          2022                          2023                          2024

100.00% 90.00% 80.00% 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00%
0.00%       0.00% 2025

Annual Dollar Change	Annual Percentage Change

The district does not have an income tax levy.

*Projected % trends include renewal levies

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1.035 ‐ Unrestricted Grants‐in‐Aid

Funds received through the State Foundation Program with no restriction.

Unrestricted as % of Total Revenue 100.0%
$1,350,118
$1,406,651
$1,505,969
$1,451,035
$1,399,482
$1,367,438
$1,586,386
$1,590,636
$1,595,230
$1,599,903
90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0%
10.0%     	3.7%	3.8%	

0.0%		2016	2017	2018	2019	2020	2021	2022	2023	2024	2025 2020                                      2025

Year‐Over‐Year Dollar & Percentage Change

$250,000

$200,000

$150,000

$100,000

$50,000

$0

($50,000)

($100,000)

7.06% 4.19%

2017	2018

‐3.65%	‐3.55%	‐2.29%

2019	2020	2021

16.01%

0.27%	0.29%

2022	2023	2024

20.00%

15.00%

10.00%

5.00%

0.29%      0.00%

‐5.00% 2025

Annual Dollar Change	Annual Percentage Change

District Educated ADM
	
(E
	
nrollme
	
nt)
					The FY 2019 per pupil and foundation revenue amount is the base aid amount used in FY 2021. In addition to its FY 2021 base funding amount of $1,297,188 the district calculated FY 2021 categorical funding such as spec. ed., preschool, casino of $127,122. Projected amounts less than the FY 2019 base indicate state budget cuts and other assumed change. For fiscal year 2022 ‐ 2025, the district is projecting an average annual increase of 4.22% Note: Wellness funding is not included in these calculations.

														

																								

		9
		84
		28
		75
		004
		092
		,152
		,175
		2,199
		2,222
		2,247
				
		1,819
		1,88
		1,92
		1,97
		2,0
		2,0
		2,
		2,
		2
		2
		2

	FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025

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1.040 & 1.045 ‐ Restricted Grants‐in‐Aid

Funds received through the State Foundation Program or other allocations that are restricted for specific purposes.

Restricted as % of Total Revenue 100.0%
$171,449
$156,623
$172,886
$127,274
$134,553
$150,331
$150,331
$150,331
$150,331
$150,331
90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0%
10.0%	0.4%	0.4%
0.0%	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
2020	2025

Year‐Over‐Year Dollar & Percentage Change

$20,000

$10,000

$0

($10,000)

($20,000)

($30,000)

($40,000)

($50,000)

10.38%

‐8.65%

2017	2018

5.72%

‐26.38%

2019	2020

11.73%

0.00%	0.00%

2021	2022	2023

0.00%	0.00%

2024	2025

15.00% 10.00% 5.00% 0.00% ‐5.00% ‐10.00% ‐15.00% ‐20.00% ‐25.00%
‐30.00%

Annual Dollar Change	Annual Percentage Change

Restricted aid is the portion of state per pupil funding that must be classifed as restricted use. Historically the district's restricted state aid changed annually on average by ‐$7,357 and is projected to change annually on average by $3,156. Restricted funds represent 0.36% of total revenue.

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$2,964,143
$3,009,086
$3,043,043
$3,069,316
$3,062,553
$3,147,629
$3,189,133
$3,210,823
$3,232,792
$3,253,942
Indian Hill Exempted Village School District

1.050 ‐ Property Tax Allocation

Includes funds received for Tangible Personal Property Tax Reimbursement, Electric Deregulation, Homestead and Rollback.

$0
$0
$0
$0
$0
Property Tax Allocation as % of Total Revenue

100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0%
0.0%

8.1%	7.7%

2020	2025	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025

Renewal Levy Revenue

Year‐Over‐Year Dollar & Percentage Change

$100,000

$80,000

$60,000

$40,000

$20,000

$0

($20,000)

1.52%

1.13%
0.86%

2017	2018	2019

2.78%

1.32%

‐0.22%

2020	2021	2022

0.68%	0.68%

2023	2024

3.00%

2.50%

2.00%

1.50%

1.00% 0.65%      0.50%

0.00%

‐0.50% 2025

Annual Dollar Change	Annual Percentage Change

Property tax allocation primarily consists of reimbursements from the state of Ohio for local taxpayer credits or reductions. The state reduces the local taxpayer's tax bill with a 10% rollback credit, and 2.5% owner‐occupied rollback credit, plus a homestead credit for qualifying taxpayers. In FY 2021, approximately 11.6% local residential property taxes will be reimbursed by the state in the form of rollback credits and approximately 0.5% will be reimbursed in the form of qualifying homestead exemption credits.

*Projected % trends include renewal levies

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$4,364,876
$4,442,488
$5,088,881
$5,759,634
$7,692,335
$6,397,993
$6,848,937
$7,351,885
$7,191,209
$7,269,132
Indian Hill Exempted Village School District

1.060 ‐ All Other Operating Revenues

Operating revenue sources not included in other lines; examples include tuition, fees, earnings on investments, rentals, and donations.

Other Revenue as % of Total Revenue

100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0%
30.0%	20.4% 20.0%

10.0%

0.0%

2020

17.2%

2025	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025

Year‐Over‐Year Dollar & Percentage Change

$2,500,000

$2,000,000

$1,500,000

$1,000,000

$500,000

$0

($500,000)

($1,000,000)

($1,500,000)

14.55%	13.18%

1.78%

2017	2018	2019

33.56%

7.05%

‐16.83%

2020	2021	2022

7.34%

‐2.19%

2023	2024

40.00%

30.00%

20.00%

10.00%

1.08%      0.00%

‐10.00%

‐20.00% 2025

Annual Dollar Change	Annual Percentage Change

Other revenue includes tuition received by the district for non‐resident students educated by the district. It also includes interest income, payments in lieu of taxes, and miscellaneous revenue. The historical average annual change was $1,083,282. The projected average annual change is ‐$84,641 through FY 2025.

The District uses this accounting code to recognize TIF receipts from the nine properties in Kenwood currently under a TIF agreement. This TIF agreement reimburses the District all property taxes exempt from payment by the TIF. These funds are reimbursed by Sycamore Township. The approved May levy will add additional revenue to this line.

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2.070 ‐ Total Other Financing Sources

Includes proceeds from sale of notes, state emergency loans and advancements, operating transfers‐in, and all other financing sources like sale and loss of assets, and refund of prior year expenditures.

Other Sources as % of Total Revenue

100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0%
10.0%	0.3% 0.0%

2020

$37,527
$21
$20,773
$318,985
$95,581
$34,549
$45,000
$45,000
$45,000
$45,000
0.1%	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025 2025

Year‐Over‐Year Dollar & Percentage Change

$400,000

$300,000

$200,000

$100,000

$0

($100,000)

($200,000)

96608.57%

‐99.94%	1435.58%	‐70.04%	‐63.85%	30.25%	0.00%

120000.00%

100000.00%

80000.00%

60000.00%

40000.00%

20000.00%

0.00%	0.00%      0.00%

($300,000)
2017	2018	2019	2020	2021	2022	2023	2024

‐20000.00% 2025

Annual Dollar Change	Annual Percentage Change

	FORECASTED
	
	2020
	2021
	2022
	2023
	2024
	2025
	
Transfers In
	‐
	‐
	‐
	‐
	‐
	‐
	
Advances In
	78,412
	19,549
	30,000
	30,000
	30,000
	30,000
	
All Other Financing Sources
	17,169
	15,000
	15,000
	15,000
	15,000
	15,000

Other sources includes revenue that is generally classified as non‐operating. It is typically in the form of advances‐in which are the repayment of temporary loans made from the general fund to other district funds. In FY 2020 the district receipted $78,412 as advances‐in and is projecting advances of $19,549 in FY 2021. The district also receives other financing sources such as refund of prior year expenditures in this category. The district is projecting that all other financing sources will be $15,000 in FY 2021 and average $15,000 annually through FY 2025.

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$39,129,547
$34,614,248
$35,499,554
$36,274,028
$41,413,227
$36,495,831
$38,146,582
$39,155,325
$40,219,135
$41,133,257
Indian Hill Exempted Village School District

Expenditure Categories and Forecast Year‐Over‐Year Projected Overview Expenditure Categories Over Time

100.0%

90.0%

80.0%

70.0%

60.0%	Benefits

50.0%

40.0%

30.0%	Salaries 20.0%

10.0%

0.0%

2020

Salaries
Purchased Services Capital Outlay Other Objects

Benefits

Salaries

2025	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025 Benefits
Supplies & Materials Intergov & Debt Other Uses

Year‐Over‐Year Dollar & Percentage Change

$6,000,000

$4,000,000

$2,000,000

$0

($2,000,000)

($4,000,000)

($6,000,000)

2.56%	2.18%

‐11.54%

2017	2018	2019

14.17%

4.52%	2.64%	2.72%

‐11.87%

2020	2021	2022	2023	2024

20.00%

15.00%

10.00%

5.00%

2.27%
0.00%

‐5.00%

‐10.00%

‐15.00% 2025

Annual Dollar Change	Annual Percentage Change

3‐Year Historical Actual Average Annual Dollar Change Compared to 5‐Year Projected
	Historical Average Annual
$$ Change
	Projected Average Annual
$$ Change
	Projected Compared to Historical Variance
	Total expenditures increased 6.30% or $2,266,326 annually during the past five years and is projected to decrease ‐0.14% or ‐$55,994 annually through FY2025. Capital Outlay has the largest projected average annual variance compared to the historical average at ‐ $2,634,254.
	
Salaries	$576,033	$310,553	($265,480) Benefits	$206,128	$279,415                   $73,287 Purchased Services                                             ($144,728)	$264,895                 $409,623 Supplies & Materials                                                $4,612                $15,592                   $10,980 Capital Outlay                                                    $1,632,808         ($1,001,446)          ($2,634,254) Intergov & Debt                                                                $0                $67,960                   $67,960 Other Objects                                                        ($14,101)                 $4,947                   $19,047 Other Uses                                                                 $5,574                   $2,090                   ($3,484)
		
Total Average Annual Change                           $2,266,326               ($55,994)          ($2,322,320) 6.30%                   ‐0.14%                    ‐6.44%

Note: Expenditure average annual change is projected
to be > ($55,994)

On an annual average basis, revenue are projected to contract while expenditures contracts

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Indian Hill Exempted Village School District

3.010 ‐ Personnel Services

Employee salaries and wages, including extended time, severance pay, supplemental contracts, etc.

Salaries as % of Total Expenditures 100.0%
90.0% 80.0%
70.0%

60.0%     	52.3%	56.5%	

50.0%

$19,296,003
$19,939,079
$19,609,110
$20,847,735
$21,667,178
$21,598,509
$21,894,715
$22,348,403
$22,781,200
$23,219,944
40.0% 30.0% 20.0% 10.0%
0.0%
2020	2025	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025

Year‐Over‐Year Dollar & Percentage Change

$1,400,000 $1,200,000 $1,000,000
$800,000
$600,000	3.33%

$400,000

$200,000

6.32%

3.93%

2.07% 1.37%

7.00% 6.00% 5.00% 4.00% 3.00%
1.94%	1.93%     2.00%

1.00%

$0	‐0.32%	0.00% ($200,000)                                                                                                                                                                                                                                                                                             ‐1.00%
($400,000)     	‐1.65%	     ‐2.00%

($600,000)		‐3.00% 2017                      2018                      2019                      2020                      2021                      2022                      2023                      2024                      2025

Annual Dollar Change	Annual Percentage Change

Salaries represent 52.32% of total expenditures and increased at a historical average annual rate of 2.86% or $576,033. This category of expenditure is projected to grow at an average annual rate of 1.40% or $310,553 through FY 2025. The projected average annual rate of change is ‐1.47% less than the five year historical annual average.

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$7,108,026
$6,834,754
$6,882,952
$7,394,948
$7,453,139
$6,812,440
$7,733,590
$8,077,898
$8,451,881
$8,850,215
Indian Hill Exempted Village School District

3.020 ‐ Employees' Benefits

Retirement for all employees, Workers Compensation, early retirement incentives, Medicare, unemployment, pickup on pickup, and all health‐ related insurances.

Benefits as % of Total Expenditures

100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0%
30.0%
20.0%	18.0%

10.0%

0.0%
2020

21.5%

2016	2017	2018	2019	2020	2021	2022	2023	2024	2025

2025

Year‐Over‐Year Dollar & Percentage Change

$1,000,000 $800,000 $600,000 $400,000 $200,000 $0 ($200,000)
($400,000)

7.44%

0.71%	0.79%

‐3.84%

13.52%

4.45%	4.63%

15.00%

10.00%

4.71%     5.00%

0.00%

‐5.00%

($600,000)

($800,000)
2017	2018	2019	2020

‐8.60%

2021	2022	2023	2024

‐10.00% 2025

Annual Dollar Change	Percentage of Total Budget

Benefits represent 18.00% of total expenditures and increased at a historical average annual rate of 2.98% This category of expenditure is projected to grow at an annual average rate of 3.74% through FY 2025. The projected average annual rate of change is 0.77% more than the five year historical annual average.

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Indian Hill Exempted Village School District

3.030 ‐ Purchased Services

Amounts paid for personal services rendered by personnel who are not on the payroll of the school district, expenses for tuition paid to other districts, utilities costs and other services which the school district may purchase.

Purchased Services as % of Total Expenditures

$3,954,883
$4,832,467
$4,302,742
$4,781,196
$4,398,282
$5,320,857
$5,428,689
$5,522,725
$5,662,739
$5,722,756
100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0%
20.0%	10.6%	13.9% 10.0%
0.0%	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025

2020	2025

Year‐Over‐Year Dollar & Percentage Change

$1,000,000 $800,000 $600,000 $400,000 $200,000 $0 ($200,000) ($400,000)
($600,000)

22.19%	20.98%

11.12%

2.03%	1.73%	2.54%

‐8.01% ‐10.96%

25.00%

20.00%

15.00%

10.00%

5.00% 1.06%     0.00%

‐5.00%

‐10.00%

($800,000)
2017	2018	2019	2020	2021	2022

‐15.00% 2023	2024	2025

Annual Dollar Change	Annual Percentage Change

Purchased Services represent 10.62% of total expenditures and decreased at a historical average annual rate of ‐2.62%. This category of expenditure is projected to grow at an annual average rate of 5.67% through FY 2025. The projected average annual rate of change is 8.28% more than the five year historical annual average.

In 2020, the District outsourced custodial services, achieving a large savings in both personnel and benefits. Payment of the vendor for these services represents the large year‐over‐year growth in this category.

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Indian Hill Exempted Village School District

3.040 ‐ Supplies & Materials

Expenditures for general supplies, instructional materials including textbooks and media material, bus fuel and tires, and all other maintenance supplies.

Supplies & Materials as % of Total Expenditures

$1,336,683
$1,273,039
$1,381,586
$1,323,215
$1,286,874
$1,318,874
$1,329,703
$1,341,155
$1,353,014
$1,364,834
100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0%
10.0%     	3.1%	3.3%	

0.0%
2020	2025

2016	2017	2018	2019	2020	2021	2022	2023	2024	2025

Year‐Over‐Year Dollar & Percentage Change

$120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 ($20,000) ($40,000) ($60,000)
($80,000)

8.53%

‐4.76%

2017	2018

2.49%

‐2.75% ‐4.22%

2019	2020	2021

0.82%	0.86%	0.88%

2022	2023	2024

10.00%

8.00%

6.00%

4.00%

2.00% 0.87%     0.00%

‐2.00%

‐4.00%

‐6.00% 2025

Annual Dollar Change	Annual Percentage Change

Supplies & Materials represent 3.11% of total expenditures and increased at a historical average annual rate of 0.52%. This category of expenditure is projected to grow at an annual average rate of 1.19% through FY 2025. The projected average annual rate of change is 0.67% more than the five year historical annual average.

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		2.7%
	
Indian Hill Exempted Village School District

3.050 ‐ Capital Outlay

This line includes expenditures for items having at least a five‐year life expectancy, such as land, buildings, improvements of grounds, equipment, computers/technology, furnishings, and buses.

Capital Outlay 100.0%
90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0%
20.0%     	14.7%	

10.0%

0.0%
2020	2025

$1,476,727
$1,208,804
$2,767,792
$1,424,434
$6,107,228
$900,000
$900,000
$1,000,000
$1,100,000
$1,100,000
2016	2017	2018	2019	2020	2021	2022	2023	2024	2025

Year‐Over‐Year Dollar & Percentage Change

$6,000,000

$4,000,000

$2,000,000

$0

($2,000,000)

($4,000,000)

128.97%

‐18.14%	‐48.54%

328.75%

0.00%

‐85.26%

350.00% 300.00% 250.00% 200.00% 150.00% 100.00%
50.00% 11.11%	10.00%	0.00% 0.00%

‐50.00%

‐100.00%

($6,000,000)
2017	2018	2019	2020

‐150.00% 2021	2022	2023	2024	2025

Annual Dollar Change	Annual Percentage Change

Capital Outlay represent 14.75% of total expenditures and increased at a historical average annual amount of $1,632,808. This category of expenditure is projected to decrease at an annual average amount of ‐$1,001,446 through FY 2025. The projected average annual change is less than the five year historical annual average.

In May 2021, the District's taxpayers passed a $77 million construction project. In addition to replacing the District's aging middle school, the project will provide updates to security and infrastructure of all of the District's buildings. This will provide relief for the District's finances as the need for capital projects will subside substantially. Ongoing capital outlays will be for buses and technology.

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3.060‐4.060 ‐ Intergovernmental & Debt

These lines account for pass through payments, as well as monies received by a district on behalf of another governmental entity, plus principal and interest payments for general fund borrowing.

Debt as % of Total Expenditures 100.0%
$29,175
$339,050
$339,400
$339,600
$339,800
90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0%
$0
$0
$0
$0
$0
10.0%	0.0%	0.8% 0.0%
2020	2025	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025

$350,000

$300,000

$250,000

$200,000

$150,000

$100,000

$50,000

Year‐Over‐Year Dollar & Percentage Change

1062.13%

1200.00%

1000.00%

800.00%

600.00%

400.00%

200.00%

$0		0.00% 2017

0.00%	0.00%	0.00%	0.00%
2018	2019	2020	2021	2022

0.10%	0.06% 2023                      2024

0.06%     0.00% 2025

Annual Dollar Change	Annual Percentage Change

The Intergovernmental/Debt expenditure category details general fund debt issued by the District.

In November of 2020, the District finalized a lease/purchase agreement with a principal value of $3.7 million at an interest rate of 1.7% for twelve years. This program provides updates to lighting, HVAC, and plumbing throughout the District. Aspects of this project will create significant savings by replacing old equipment with new, efficient equipment. The program provided capital at a lower interest rate for a smaller period of payback than a bond.

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Indian Hill Exempted Village School District

4.300 ‐ Other Objects

Primary components for this expenditure line are membership dues and fees, ESC contract deductions, County Auditor/Treasurer fees, audit expenses, and election expenses.

Other Objects as % of Total Expenditures

100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0%
10.0%	1.2% 0.0%
2020

$457,226
$523,278
$522,872
$420,091
$480,976
$485,976
$490,836
$495,744
$500,702
$505,709
1.2%

2025	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025

Year‐Over‐Year Dollar & Percentage Change

$80,000 $60,000 $40,000 $20,000 $0 ($20,000) ($40,000) ($60,000) ($80,000)
($100,000)

14.45%	14.49%

‐0.08%	1.04%	1.00%	1.00%	1.00%

‐19.66%

20.00% 15.00% 10.00%
5.00% 1.00%     0.00%

‐5.00% ‐10.00% ‐15.00%
‐20.00%

($120,000)
2017	2018	2019	2020	2021	2022	2023	2024

‐25.00% 2025

Annual Dollar Change	Annual Percentage Change

Other Objects represent 1.16% of total expenditures and decreased at a historical average annual rate of ‐1.75%. This category of expenditure is projected to grow at an annual average rate of 1.01% through FY 2025. The projected average annual rate of change is 2.76% more than the five year historical annual average.

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$5,500,000
$2,826
$32,500
$82,409
$19,549
$30,000
$30,000
$30,000
$30,000
$30,000
Indian Hill Exempted Village School District

5.040 ‐ Total Other Financing Uses

Operating transfers‐out, advances out to other funds, and all other general fund financing uses.

Other Objects as % of Total Expenditures

100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0%
10.0%	0.0% 0.0%

2020

0.1%

2025	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025

$1,000,000

$0

($1,000,000)

($2,000,000)

($3,000,000)

Year‐Over‐Year Dollar & Percentage Change

1050.04%

1200.00%

1000.00%

800.00%

600.00%

400.00%

($4,000,000)

($5,000,000)

($6,000,000)

‐99.95%

2017	2018

153.56%

2019

53.46% ‐76.28%

2020	2021

0.00%	0.00%

2022	2023

200.00%

0.00%	0.00% 0.00%

‐200.00% 2024	2025

Annual Dollar Change	Annual Percentage Change

	FORECASTED
	
	2020
	2021
	2022
	2023
	2024
	2025
	
Transfers Out
	‐
	‐
	‐
	‐
	‐
	‐
	
Advances Out
	19,549
	30,000
	30,000
	30,000
	30,000
	30,000
	
Other Financing Uses
	‐
	‐
	‐
	‐
	‐
	‐

Other uses includes expenditures that are generally classified as non‐operating. It is typically in the form of advances‐out which are then repaid into the general fund from the other district funds. In FY 2020 the district had advances‐out and has advances‐out forecasted through FY 2025. The district can also move general funds permanently to other funds and as the schedule above presents, the district has no transfers forecasted through FY 2025. The table above presents the district's planned advances and transfers. The district can also have other uses of funds which is reflected in the table above.

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Indian Hill Exempted Village School District Five Year Forecast

Fiscal Year:
	Actual
	FORECASTED
	
	2020
	2021	2022	2023	2024	2025
	
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 1.050 ‐ Property Tax Allocation
1.060 ‐ All Other Operating Revenues
	
24,634,247 602,605
‐ 1,399,482
134,553 3,062,553 7,692,335
	
25,327,152                27,270,306                28,911,763                29,113,155                29,297,739 567,545                      835,347                      743,888                      752,521                      758,637
‐	‐	‐	‐	‐ 1,367,438                   1,586,386                   1,590,636                   1,595,230                   1,599,903
150,331	150,331	150,331	150,331	150,331 3,147,629                   3,189,133                   3,210,823                   3,232,792                   3,253,942 6,397,993                   6,848,937                   7,351,885                   7,191,209                   7,269,132
	
1.070 ‐ Total Revenue
	37,525,775
	36,958,088	39,880,440	41,959,326	42,035,238	42,329,684
	
Other Financing Sources:
2.010 ‐ Proceeds from Sale of Notes 2.020 ‐ State Emergency Loans and Adv 2.040 ‐ Operating Transfers‐In
2.050 ‐ Advances‐In
2.060 ‐ All Other Financing Sources 2.070 ‐ Total Other Financing Sources
	
‐ ‐ ‐
78,412 17,169
	
‐	‐	‐	‐	‐ ‐	‐	‐	‐	‐ ‐	‐	‐	‐	‐
19,549                        30,000                        30,000                        30,000                        30,000 15,000                        15,000                        15,000                        15,000                        15,000
	
	95,581
	34,549	45,000	45,000	45,000	45,000
	
2.080 ‐ Total Rev & Other Sources
	37,621,355
	36,992,636	39,925,439	42,004,325	42,080,238	42,374,684
	
Expenditures:
3.010 ‐ Personnel Services 3.020 ‐ Employee Benefits 3.030 ‐ Purchased Services 3.040 ‐ Supplies and Materials 3.050 ‐ Capital Outlay
Intergovernmental & Debt Service
4.300 ‐ Other Objects
	
21,667,178 7,453,139 4,398,282 1,286,874 6,107,228
‐
480,976
	
21,598,509                21,894,715                22,348,403                22,781,200                23,219,944 6,812,440                   7,733,590                   8,077,898                   8,451,881                   8,850,215 5,320,857                   5,428,689                   5,522,725                   5,662,739                   5,722,756 1,318,874                   1,329,703                   1,341,155                   1,353,014                   1,364,834 900,000                      900,000                   1,000,000                   1,100,000                   1,100,000 29,175                      339,050                      339,400                      339,600                      339,800
485,976	490,836	495,744	500,702	505,709
	
4.500 ‐ Total Expenditures
	41,393,678
	36,465,831	38,116,583	39,125,325	40,189,135	41,103,257
	
Other Financing Uses
5.010 ‐ Operating Transfers‐Out 5.020 ‐ Advances‐Out
5.030 ‐ All Other Financing Uses 5.040 ‐ Total Other Financing Uses
	
‐ 19,549
‐
	
‐	‐	‐	‐	‐ 30,000                        30,000                        30,000                        30,000                        30,000
‐	‐	‐	‐	‐
	
	19,549
	30,000	30,000	30,000	30,000	30,000
	
5.050 ‐ Total Exp and Other Financing Uses
	41,413,227
	36,495,831	38,146,582	39,155,325	40,219,135	41,133,257

6.010 ‐ Excess of Rev Over/(Under) Exp
	(3,791,871)
	496,806	1,778,857	2,849,000	1,861,103	1,241,427

7.010 ‐ Cash Balance July 1 (No Levies)
	18,571,741
	14,779,869	15,276,675	17,055,532	19,904,532	21,765,634
	
7.020 ‐ Cash Balance June 30 (No Levies)
	14,779,869
	15,276,675	17,055,532	19,904,532	21,765,634	23,007,061

	Reservations
		
8.010 ‐ Estimated Encumbrances June 30 9.080 ‐ Reservations Subtotal
	‐ ‐
	‐                                    ‐                                    ‐                                    ‐                                    ‐ ‐                                    ‐                                    ‐                                    ‐                                    ‐
	
10.010 ‐ Fund Bal June 30 for Cert of App
	14,779,869
	15,276,675	17,055,532	19,904,532	21,765,634	23,007,061
	
Rev from Replacement/Renewal Levies 11.010 & 11.020 ‐ Renewal Levies 11.030 ‐ Cumulative Balance of Levies

‐
	
‐                                    ‐                                    ‐                                    ‐                                    ‐ ‐                                    ‐                                    ‐                                    ‐                                    ‐
	
12.010 ‐ Fund Bal June 30 for Cert of Obligations
	14,779,869
	15,276,675	17,055,532	19,904,532	21,765,634	23,007,061
	
Revenue from New Levies 13.010 & 13.020 ‐ New Levies
13.030 ‐ Cumulative Balance of New Levies

‐
	
‐                                    ‐                                    ‐                                    ‐                                    ‐ ‐                                    ‐                                    ‐                                    ‐                                    ‐
	
15.010 ‐ Unreserved Fund Balance June 30
	14,779,869
	15,276,675	17,055,532	19,904,532	21,765,634	23,007,061

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