INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT Hamilton County, Ohio

ANNUAL FINANCIAL INFORMATION REPORT For the Fiscal Year Ended June 30, 2024

This Annual Financial Information Report (“Annual Report”) pertains to the operations of the Indian Hill Exempted Village School District, Hamilton County, Ohio (the “School District”) for the fiscal year ended June 30, 2024. This Annual Report is being filed to satisfy the School District’s obligations to provide annual financial information and operating data in compliance with the continuing disclosure requirements of Rule 15c2-12 (the “Rule”) promulgated under the Securities Exchange Act of 1934. Specifically, the information in this Annual Report is provided in accordance with the continuing disclosure undertakings entered into by the School District pursuant to the Rule in connection with the following outstanding obligations of the School District:

$13,940,000 School Improvement Bonds, Series 2016, dated September 14, 2016. Final Maturity is December 1, 2027.

$71,450,000 School Facilities Construction and Improvement Bonds, Series 2021, dated August 12, 2021. Final Maturity is December 1, 2051.

The School District’s applicable base CUSIP number is 454272.

Questions regarding information contained in this AnnualReportshould be directedto: MickDavis, Treasurer, Indian Hill Exempted Village School District, 6855 Drake Road, Cincinnati, Ohio 45243; telephone: (513) 272-4500.

This Annual Report is dated March 25, 2025.

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TABLE OF CONTENTS

REGARDING THIS ANNUAL FINANCIAL INFORMATION STATEMENT........................................1 GENERAL INFORMATION .......................................................................................................................3 Actual and Projected Enrollment...............................................................................................................3 GENERAL FUND AND FINANCIAL OUTLOOK....................................................................................3 AD VALOREM PROPERTY TAXES.........................................................................................................4 Assessed Valuation....................................................................................................................................4 Largest Taxpayers .....................................................................................................................................5 Overlapping Governmental Entities..........................................................................................................6 Tax Rates...................................................................................................................................................7 History of Voted Taxes .............................................................................................................................9 Property Tax Collections...........................................................................................................................9 Delinquencies..........................................................................................................................................10 STATE SCHOOL FUNDING SYSTEM....................................................................................................11 SCHOOL DISTRICT DEBT AND OTHER LONG-TERM OBLIGATIONS ..........................................12 Security for General Obligation Debt; Bonds and BANs........................................................................13 Statutory Direct Debt Limitations...........................................................................................................14 Indirect Debt and Unvoted Property Tax Limitations.............................................................................15 Debt Outstanding.....................................................................................................................................16 Bond Anticipation Notes.........................................................................................................................16 Bond Retirement Fund ............................................................................................................................17 Future Financings....................................................................................................................................17 Long-Term Financial Obligations Other Than Bonds and Notes............................................................17 Financial Reports and Audits..................................................................................................................19 Retirement Expenses...............................................................................................................................19
DEBT TABLE A
Principal Amounts of Outstanding General Obligation (GO) Debt;
Leeway for Additional Debt Service within Direct Debt Limitations (a)..................................DT-A-1

DEBT TABLE B

Various School District and Overlapping GO Debt Allocations (Principal Amounts)..............DT-B-1

DEBT TABLE C

Projected Debt Charges Requirements on School District GO Debt.........................................DT-C-1

DEBT TABLE D

Outstanding GO Bonds..............................................................................................................DT-D-1

APPENDIX A

Historical Revenues and Expenditures General Fund

(Fiscal Years 2020 through 2024 and Forecasted Fiscal Year 2025)................................................A-1

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APPENDIX B-1
Financial Report (Cash Basis All-Funds Summary) for
Fiscal Year 2024................................................................................................................................B-1

APPENDIX B-2
Financial Report (Cash Basis All-Funds Summary) for
Fiscal Year 2023................................................................................................................................B-2

APPENDIX C

Audited Financial Statements for the Fiscal Year Ending June 30, 2024.........................................C-1

APPENDIX D

Five-Year Forecast............................................................................................................................D-1

Notes and Assumptions to the Five-Year Forecast ...................................................................................D-2

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REGARDING THIS ANNUAL FINANCIAL INFORMATION STATEMENT

This Annual Financial Information Report (“Annual Report”) does not constitute an offering of any security of the Indian Hill Exempted Village School District, Hamilton County, Ohio (the “School District”)

The information herein is subject to change without notice. The delivery of this Annual Report shall not create any implication that there has been no change in the affairs of the School District since the date hereof.

While the School District or its representatives have reviewed this Annual Report for accuracy, no other federal, state, municipal, or other governmental entity, agency, or instrumentality (including, but not limited to, the Securities and Exchange Commission (“SEC”) and the Municipal Securities Rulemaking Board (“MSRB”)) has passed, or been asked to pass, upon the accuracy or adequacy of this Annual Report and the information contained herein.

This Annual Report, which includes all appendices and exhibits hereto, has been prepared by the School District pursuant to the continuing disclosure undertakings entered into by the School District in compliance with Rule 15c2-12 (the “Rule”), promulgated under the Securities Exchange Act of 1934, for certain outstanding obligations of the School District. Certain information contained herein may not be required to be supplied under the Rule, and the School District is under no obligation to continue to provide any such additional information in the future.

This Annual Report is not sufficient to base an investment decision on but should be read in conjunction with the original offering document and all subsequent updates. Other relevant information may exist for the fiscal year to which this Annual Report pertains, and matters may have occurred or become known during or since that period that an investor would consider to be important when making an investment decision. The inclusion ofcertain information, if any, that may pertain to events that have occurred subsequent to the fiscal year to which this Annual Report pertains is provided solely for convenience, and any such information is not intended to suggest that other such information not so included is any less material or important to an investor.

All financial and other information presented in this Annual Report has been provided by the School District from its records, except for information expressly attributed to other sources. The presentation of information, including tables of receipts from taxes and other sources, is intended to show recent historic information, and is not intended to indicate future or continuing trends in the financial position or other affairs of the School District. No representation is made that past experience, as is shown by financial and other information, will necessarily continue or be repeated in the future, and no representation is made as to the materiality or completeness of that information.

Insofar as the statements contained in this Annual Report involve matters of opinion, projections, or estimates, even if not expressly stated as such, such statements are made as such and not as representations of fact or certainty, no representation is made that any of such statements have been or will be realized, and such statements should be regarded as suggesting independent investigation or consultation of other sources prior to the making of investment decisions. Certain information may not be current; however, attempts were made to date and document sources of information.

Certain information in this Annual Report may be attributed to the Ohio Municipal Advisory Council (“OMAC”). OMAC compiles information from official and other sources. OMAC believes the information that it compiles is accurate and reliable, but OMAC does not independently confirm or verify the information and does not guarantee its accuracy. OMAC has not reviewed this Annual Report to confirm that any such information attributed to it is information provided by OMAC or for any other purpose.

Any CUSIP numbers contained herein have been provided by CUSIP Global Services, which is managed on behalf of the American Bankers Association (“ABA”) by FactSet Research Systems Inc. CUSIP is a registered trademark of the ABA. Any such CUSIP numbers are provided solely for convenience. The School District is not responsible for the selection or use of any such CUSIP numbers and does not undertake any responsibility for their

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accuracy now or at any time in the future. CUSIP numbers are subject to being changed as a result of subsequent actions and events.

References herein to provisions of Ohio law, whether codified in the Ohio Revised Code (the “Revised Code”) or uncodified, or tothe provisions of the OhioConstitution or the School District’sresolutions, are references to such provisions as they presently exist. Any of these provisions may from time to time be amended, repealed or supplemented.

As used in this Annual Report, “State” or “Ohio” means the State of Ohio. Additional information concerning this Annual Report is available from Mick Davis, Treasurer, Indian Hill Exempted Village School District, 6855 Drake Road, Cincinnati, Ohio 45243, telephone: (513) 272-4500.

[Remainder of Page Intentionally Left Blank]

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GENERAL INFORMATION

Actual and Projected Enrollment

The School District’s daily average enrollments for past and current school years, together with projected enrollments for future school years, are shown below.

Actual and Projected Enrollment Indian Hill Exempted Village School District

Grade

K 1 2 3 4 5 6 7 8 9
10 11 12
Other

Totals

* Projected.

2020-21

161 153 167 164 183 175 172 154 192 177 152 156 156 2

2,164

2021-22

153 171 156 157 158 182 177 171 158 163 178 154 147 4

2,129

2022-23

160 166 182 161 158 164 187 181 177 154 165 174 155 1

2,185

2023-24

148 172 173 189 174 161 169 196 186 159 156 161 176 1

2,221

2024-25

153 162 177 172 187 179 166 172 198 167 163 156 162 5

2,219

2025-26*

159 155 168 180 174 191 181 168 175 181 165 164 156 5

2,222

2026-27*

155 164 162 170 184 173 193 182 170 160 182 166 165 5

2,231

2027-28*

154 161 164 170 174 186 176 192 180 156 162 180 167 5

2,227

Source: School District

GENERAL FUND AND FINANCIAL OUTLOOK

The General Fund is the School District’s main operating fund, from which most expenditures are paid and into which most revenues are deposited. The General Fund receives moneys from many sources, but primarily from the ad valorem property taxes levied by the Board and education aid distributions from the State For details concerning general operating fund revenues, expenditures and beginning and year-end balances in Fiscal Year 2024 and/or other recent Fiscal Years, see Ad Valorem Property Taxes, State School Funding System, and Appendices A, B and C.

Otherthan its authoritytolevy advalorempropertytaxes, the onlytax theBoard may underexisting State law impose, and only if approved by the School District’s electors, is an income tax on (i) the school district income of individuals and estates or (ii) wages, salaries, tips and other employee compensation.

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AD VALOREM PROPERTY TAXES

Assessed Valuation

The following table shows the recent assessed valuations of property subject to ad valorem taxes levied by the School District.

Collection Year

2019 2020 2021(d) 2022 2023 2024(c)

Real (a)

$1,241,426,980 1,248,278,170 1,352,653,950 1,363,512,020 1,378,845,510 1,825,331,750

Public Utility (b)

$12,874,240 15,049,600 16,168,030 17,345,760 17,780,340 21,584,110

Total Assessed Valuation

$1,254,301,220 1,263,327,770 1,368,821,980 1,380,857,780 1,396,625,850 1,846,915,860

(a)	Other than real property of railroads. The real property of public utilities, other than railroads, is assessed by the Hamilton County Auditor. Real property of railroads is assessed, together with tangible personal property of all public utilities, by the State Tax Commissioner.
(b)	Tangible personal property of all public utilities and real property of railroads; see footnote (a). (c)	Reflects sexennial reappraisal.
(d)	Reflects triennial update.

Source: Hamilton County Auditor.

Taxescollected on “Real”in one calendaryearare levied in the preceding calendaryearon assessed values as of January 1 of that preceding year. “Public Utility” (real and tangible personal) taxes collected in one calendar year are levied in the preceding calendar year on assessed values determined as of December 31 of the second year preceding the tax collection year.

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Largest Taxpayers

The following tables list the largest real estate and public utility taxpayers in the School District. Percentages of total assessed valuation are based on a total assessed valuation of $1,846,915,860 for collection year 2024.

Largest Taxpayers
Indian Hill Exempted Village School District (2024 Collection Year)

Real Estate Taxpayers

Name

Galbraith North Realty Company LLC GA HC Reit II Seasons CCRC LLC Kenwood Square SC LLC
Kenwood Pavilion 14 A LLC Kenwood Mall LLC Greenacres Foundation
Kenwood Land Acquisition LLC The Camargo Club
Nisbet Property Holdings

Public Utility Taxpayers

Name

Duke Energy Ohio Inc.

Source: Hamilton County Auditor

Type of Business

Real Estate Real Estate

Real Estate Shopping mall

Real Estate Golf Course Real Estate

Type of Business

Electric/Natural Gas Utility

Assessed Valuation

$15,894,620 11,935,230 8,415,850 7,293,370 5,792,960 5,649,530 5,383,900 5,110,980 4,977,920

Assessed Valuation

$21,584,110

Percent of School District’s Total Assessed Valuation

0.86% 0.65 0.46 0.39 0.31 0.31 0.29 0.28 0.27

Percent of School District’s Total Assessed Valuation

1.17%

Pursuant to statutory requirements for sexennial reappraisals, in 2020, the Hamilton County Auditor adjusted the true value of taxable real property to reflect then current fair market values. Those adjustments were first reflected in the duplicate for tax year 2020 (collection year 2021) and in the ad valorem taxes distributed to the School District in 2021. The County Auditor is required to adjust (but without individual appraisal of propertiesexcept in the sexennial reappraisal), and has adjusted, taxable real property value triennially to reflect true values. The County Auditor last undertook such a triennial adjustment in 2017. The results of that adjustment were first reflected in the duplicate for tax year 2017 (collection year 2018) and in the ad valorem taxes distributed to the School District in 2018.

The “assessed valuation” of real property is fixed at 35% of true value and is determined pursuant to rules of the State Tax Commissioner. An exception is that real property devoted exclusively to agricultural use is to be assessed at not more than 35% of its current agricultural use value. Real property devoted exclusively to forestry or timber growing is taxed at 50% of the local tax rate upon its assessed value.

As a result of the phase-out of taxation of tangible personal property used in general business (excluding certain public utility property) and tangible personal property used by telephone, telegraph or

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interexchange telecommunications companies, and thereduction of the percentages of true value of electric utility production equipment and natural gas utility property assessed for taxation, eligible school districts have received reimbursement payments from the State to account for the loss of property tax revenue. Such reimbursements have been combines and are to be distributed by the State in November and may of each Fiscal Year. According to the Ohio Department of Education and Workforce, the School District did not receive such reimbursement in Fiscal Year 2024.

As indicated herein, the General Assembly has from time to time exercised its power to revise the laws applicable to the determination of assessed valuation of taxable property and the amount of receipts to be produced by ad valorem taxes levied on that property, and may continue to make similar revisions.

Ohio law grants tax credits to offset increases in taxes resulting from increases in the true value of real property. Legislation classifies real property as between residential and agricultural property and all other real property, and provides for tax reduction factors to be separately computed for and applied to each class. These tax credits apply only to certain voted levies on real property, and they do not apply to unvoted levies or to voted levies to provide a specified dollar amount or to pay debt charges on general obligation debt. These credits are discussed further following Tax Table A.

Overlapping Governmental Entities

The major political subdivisions or other governmental entities that overlap all or a portion of the territory of the School District are listed below. The “(%)” figure is that approximate percentage of a recent assessed valuation of the overlapping entity that is located within the School District.

•	The County (functions allocated to counties by Ohio law, such as elections, health and human services, and judicial). (6.30%)

•	The Cities of the Village of Indian Hill (99.44%), Madeira (2.18%), and Milford (0.29%) (municipal corporation responsibilities).

•	The Village of Terrace Park (0.02%) (limited functions allocated to villages).

•	Townships of Columbia (0.07%), Sycamore (42.94%) and Symmes (9.28%) (limited functions allocated to townships by Ohio law).

•	Great Oakes Career Center (the Career Center) (vocational education program). (6.18%)

•	Cincinnati and Hamilton County Port Authority(public port facilities in the Cincinnati port and economic development activities). (6.30%)

•	Cincinnati-Hamilton County Public Library District (public library). (6.30%)

•	Hamilton County Park District (park and recreation areas). (6.30%)

•	Little Miami Joint Fire and Rescue District. (0.05%)

Source: Ohio Municipal Advisory Council.

Each of these entities operates independently, with its own separate budget, taxing power and sources of revenue. Only the County, the Cities, the Villages, the Townships and the Career Center may, as may the School District, levy ad valorem property taxes within the ten-mill limitation (subject to

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available statutory allocation of the 10 mills) described under Indirect Debt and Unvoted Property Tax Limitations.

Tax Rates

All references to tax rates under this caption are in terms of stated rates in mills per $1.00 of assessed valuation.

The following are the rates at which the School District and overlapping taxing subdivisions have in recent years levied ad valorem property taxes.

TAX TABLE A Overlapping Tax Rates

Collection Year 2020 2021 2022 2023 2024

School District	City 44.30	0.96 44.30	0.96 49.53	0.96 49.53	0.96 48.73	0.96

Career Center 2.70 2.70 2.70 2.70 2.70

County and
Others(a)	Total 24.17                    72.13 24.17                    72.13 24.88                    78.07 25.26                    78.45 25.26                    77.65

(a) In addition to County, includes Hamilton County Park District and Cincinnati-Hamilton County Public Library. Source: Hamilton County Auditor.

Statutory procedures limit, by the application of tax credits, the amount realized by each taxing subdivision from real property taxation to the amount realized from those taxes in the preceding year plus both:

•	the proceeds of any new taxes (other than renewals) approved by the electors, calculated to produce an amount equal to the amount that would have been realized if those taxes had been levied in the preceding year; and

•	amounts realized from new and existing taxes on the assessed valuation of real property added to the tax duplicate since the preceding year.

These procedures were instituted initially in 1976 to limit in part the effect of increasing property values due to appreciation on the growth of those property taxes.

The tax credit provisions do not apply to amounts realized from (i) taxes levied at whatever rate is required to produce a specified amount or an amount to pay debt charges on voted general obligations, (ii) taxes levied inside the ten-mill limitation or inside applicable municipal charter tax rates (such as those of the City), or (iii) School District levies for operating purposes once the “twenty-mill floor” has been reached. To calculate the limited amount to be realized, a reduction factor is applied to the stated rates of the levies subject to these tax credits. A resulting “effective tax rate” reflects the aggregate of those reductions, and is the rate based on which real property taxes are in fact collected. As an example, the total overlapping tax rate for the 2024 tax collection year of 77.65 mills within School District (within the City) is reduced by reduction factors of 0.484075 for residential/agricultural property and 0.399108 for all other real property, which resulted in “effective rates” of 40.061602mills for residential and agricultural property and 46.659324 mills for all other real property. See Tax Table A.

Residentialand agriculturalrealproperty tax amounts are generally furtherreduced by an additional 10% (12.5% in the case of owner-occupied residential property); however, legislation passed by the State’s

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General Assembly in 2013 eliminated such reductions for additional and replacement levies approved at elections after September 29, 2013, and for other taxes (or increases in taxes) not levied for tax year 2013. See Ad Valorem Property Taxes – Collections for a discussion of the reimbursement by the State to taxing subdivisions forthese reductions and related changesmade byStatelegislation passedby theGeneral Assembly in 2013. The School District’s existing voter-approved property taxes for current expenses and emergency requirements were not affected by this legislation because they were initially approved prior to September 29, 2013.

The following are the rates at which the School District levied property taxes for the general categories of purposes for the years shown, both inside and outside the ten-mill limitation.

TAX TABLE B School District Tax Rates

Unvoted (inside the 10-Mill Limitation

Collection Year

2019 2020 2021 2022 2023 2024

Total, all Operating

6.41 6.41 6.41 6.41 6.41 6.41

Collection Year

2019 2020 2021 2022 2023 2024

Operating

36.51 36.51 36.51 38.97 38.97 38.97

Voted

Debt Retirement	Total

1.45	37.96 1.38	37.89 1.38	37.89 4.15	43.12 4.15	43.12 3.35	42.32

The voted levies for “Debt Retirement” continue for the life of the bonds authorized by the voters, in annual amounts sufficient to pay debt charges on those bonds as they come due.

The total School District operating millage of 45.38 mills for collection year 2024 includes 38.97 in votedlevies, of which 36.51 millswere approved by the School District electorate fora continuing period of time and which do not require a renewal vote. The other 2.46 mills of voted operating millage consists of a five-year, 2.46 mill current expense levy that will be collected through tax year 2025 (collection year 2026). The remaining balance of 6.41 mills constitutes a portion of the School District’s mandated share of the unvoted 10 mills.

See the discussion of the ten-mill limitation, and the priority of claim on that millage for debt chargeson unvoted generalobligation debt, under IndirectDebtandUnvoted Property Tax Limitations.

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History of Voted Taxes

The table below provides the history of voted taxes in the School District since 1992. Issues identified in bold were passed by the voters.

History of Voted Taxes

Indian Hill Exempted Village School District

Election Date	Levy or Bond Issue Description

Voting	Voting Against For

05/04/2021

11/07/2000 05/04/1993 11/03/1992
11/03/1992

$77,000,000 Bond Issue and 2.46 Mills Current Expense Levy	55.55%	44.45% (New – 5 years)

$49,600,000 Bond Issue	53.90	46.10 2.13 Mills Current Expense Levy (New – 5 years)	61.16	38.84 $1,700,000 Bond Issue	37.21	62.79
5.10 Mills Current Expense Levy (New – 3 years)	47.85	52.15

Source: Ohio Municipal Advisory Council

The School District anticipates asking the voters to renew the five-year, 2.46 mill current expense levy being collected through tax year 2025 (collection year 2026) prior to its expiration.

Property Tax Collections

The following are the amounts billed and collected for School District ad valorem real and public utility property taxes for the tax collection years shown.

Collection
Year	Current Billed

Current Collected

Current % Collected

Delinquent
Current	Accumulated

2019	$30,015,490 2020                30,320,821 2021                31,448,183 2022                39,424,805 2023                39,505,359 2024                43,134,597

$29,479,149 29,731,777 30,652,451 38,524,085 38,513,083 42,197,220

98.21%	$644,766 98.06                 793,694 97.47                 681,522 97.72                 891,384 97.49                 937,942 97.83%           1,502,840

$677,350 1,210,074 1,095,484 1,236,165 1,320,207 1,387,890

Source: Hamilton County Auditor

Included in the “Current Billed” and “Current Collected” figures above are payments made from State revenue sources under two Statewide real property tax relief programs – the Homestead Exemption and the Property Tax Rollback Exemption. Homestead Exemptions have been available for (i) persons 65 years of age or older, (ii) persons who are totally or permanently disabled and (iii) surviving spouses of persons who were totally or permanently disabled or 65 years of age or older, and had applied and qualified for a reduction of property taxes in the year of death, so long as the surviving spouses were not younger than 59 or older than 65 years of age on the date of their deceased spouses’ deaths. The Homestead Exemption exempts $25,000 of the homestead’s market value from taxation, thereby reducing the property owner’s ad valorem property tax liability. The Homestead Exemption also provides a $50,000 reduction in a homestead’s market value available to (a) disabled veterans or (b) the surviving spouse of a public service officer, which includes police officers, firefighters, and other first responders, who died in the line of duty or as a result of an injury or illness sustained in the line of duty. The Property Tax Rollback Exemption applies to all non-business properties, and reduces each property owner’s ad valorem property tax liability by either 12.5% (for owner-occupied non-business properties) or 10% (for non-owner non-business

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occupied properties). Payments to taxing subdivisions have been made in amounts approximately equal to the Homestead and Property Tax RollbackExemptionsgranted. This State assistancereflectedinthe School District’s tax collections for 2024 was $99,842 for the elderly/disabled homestead payment and $3,616,158 for the rollback payment.

The Homestead Exemption became subject to means testing beginning in 2014, and the Property Tax Rollback Exemption and related reimbursements have been eliminated with respect to new or replacement tax levied approved at elections after September 29, 2013, and for other taxes (or increases in taxes) not levied for tax year 2013. See Tax Rates.

Real property taxes are payable in two installments, the first usually by February and the second in July.

Delinquencies

The following is a general description of delinquency procedures under Ohio law, the implementation of which may vary in practice among the counties.

Under the Revised Code, taxes levied on property become a lien of the State on the first day of January, annually, and that lien continues until the taxes, including any penalties, interest or other charges, are paid. Real estate taxes and special assessments are generally payable in two equal installments – with the first half installment due no later than January in the year following their levy and the second half installment due no later than July in the year following their levy. Current year billed taxes not paid when due are generally subject to a 10% penalty, subject to remission of on-half of the penalty if those taxes are paid within 10 days following the due date.

The property owner may execute a written delinquent tax agreement with the county treasurer to arrange a payment plan that provides for payment of tax, interest, and penalties over a period not to exceed five years. If payments are made when due under the plan, no further interest will be assessed against delinquentbalancescovered bythe plan;however,a defaultinanypaymentunderthe planorin thepayment of current taxes will invalidate the taxpayer’s participation in the plan. If a payment plan is not adhered to orifnone is arranged, foreclosure proceedings may be initiated by the county. Massforeclosure proceedings and sales are permitted after three years’ delinquency. Proceeds from delinquent property foreclosure sales become part of and are distributed as current collections to the taxing subdivisions.

In recent years, the State legislature has enacted several programs with respect to forestalling the foreclosure process or the forfeiture of property due to tax delinquency that may have the effect of delaying or eliminating the collection of certain property taxes. Notwithstanding the delay or loss of the tax revenues from those properties, an issuer of general obligation notes or bonds, such as the School District, remains obligated to pay the debt charges on those notes or bonds from the available revenues. See Security for General Obligation Debt; Bonds and BANs.

Of the 6,010 nonexempt parcels in the School District for collection year 2024, the number of delinquent parcels was 318. The total number of foreclosure proceedings was zero.

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These taxpayers accounted for more than 5% of the delinquencies identified above for collection year 2024:

Taxpayer

Indian Hill Acquisitions LLC

Amount Due(a)

$163,463

(a) Includes both taxes due and penalties assessed that are owed to all overlapping taxing subdivisions, of which approximately 65% is due the School District.

STATE SCHOOL FUNDING SYSTEM

The State’s General Assembly has historically provided financial assistance to city, exempted village, local and municipal school districts as a part of its undertaking to secure a thorough and efficient system of common schools throughout the State as required by the Ohio Constitution. The levels of that financial assistance (State Education Aid) and methods used in allocating it among the school districts have been established and frequently modified in the State’s biennial budget and other legislation passed by the General Assembly fromtime to time. As used herein, “State Budget Act” means Amended Substitute House BillNo. 110, passedby theOhio GeneralAssembly and signedbythe GovernoronJune30,2021, providing State appropriations for its 2021-2023 biennium (beginning July 1, 2021 through June 30, 2023) and enacting other statutory provisions.

The State Budget Act incorporates and adopts aspects of the “Fair School Funding Plan” (FSFP), a three-year, bipartisan effort by school district board members and administrators, State legislators, trade associations and other interested parties to create a funding model that would more equitably distribute money among the State’s school districts, with an emphasis on additional funds being provided by the State rather than being raised by school districts through local ad valorem property tax levies, school district income taxes or otherwise.

Under the State Budget Act, State Education Aid is estimated to be $8.9 billion in Fiscal Year 2022 and $9.3 billion in Fiscal Year 2023, increasing average per-pupil aid from $6,020 to $7,020, phased in overthe biennium. Generally speaking, K-12 funding willbe increased by $564 million, with approximately two thirds of the additional revenue going to the poorest school districts in the State and with the largest per-pupil increases, on average, going to urban school districts and the largest average percentage increases going to smaller urban school districts. It is anticipated that no school district will receive less net State Education Aid under the State Budget Act than it did in Fiscal Year 2021, and that net State Education Aid will increase for almost all school districts during the biennium, modestly in most instances.

The State Budget Act makes significant changes to the calculation and payment of State Education Aid. Under the State Budget Act, students will be funded where they are educated, instead of where they live. Students at community schools, STEM schools and those participating in a scholarship program (e.g. EdChoice, Autism Scholarship, Jon Peterson Special Needs Scholarship) and those participating in open enrollment will be directly funded at their educating entity. This change eliminates the deduction and transfer of funds from resident school districts to educating entities for those students. As a result, school districts with large numbers of students who leave through choice options would receive less State Education Aid without the inclusion of those students.

For purposes of determining the State share of the base cost of core foundation funding under the State Budget Act, an overall base cost is to be calculated for each school district using formulas to create estimated base costs of (i) direct classroom instruction, (ii) instructional and student support, (iii) school district leadership and accountability, (iv) building leadership and operations and (v) an athletic co-curricular activities. The school district’s calculated base cost is then to be allocated between a State share and a school district share based on the school district’s “per-pupil local capacity” which is a function of

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its ad valorem property tax valuation per-pupil and measures of income wealth in the school district. The State share for school districts with lower ad valorem property tax valuations per pupil and/or lower income wealth per-pupil is to be larger. However, in no case is the State share of the school district’s calculated base cost to be less than five percent.

Under the core foundation funding formula, in addition to the State share described above, school districts may also receive, as applicable, State Education Aid in the form of (i) targeted assistance based on relative tax valuation and income factors and student population, (ii) a weighted amount based on six categories of disabilities for special education and related services, (iii) supplemental disadvantaged pupil impact aid based on the relative proportion of a school district’s students identified as economically disadvantaged, (iv) a weighted amount for each of three English learner categories, (v) gifted funds for identification, referral, professional development, coordinators and intervention specialists, (vi) a weighted amount for each of five career-technical categories and (vii) a weighted amount for career-technical education associated services. The amount of a school district’s State Education Aid in the form of special education, English learner, gifted and career-technical education funding is generally to be determined in the same manner as its State share of the school district’s base cost.

There can be no assurance concerning future funding levels or systems or formulae for allocation of State Education Aid or full implementation of the FSFP (the State Budget Bill did not provide for the FSFP’s contemplated six-year phase-in for funding, addressing funding only in Fiscal Years 2022 and 2023). Funding has also been subject to adjustment during a biennium. As indicated above, the General Assembly hasthepowertomodify thesystem ofState schoolfundingand hasoften exercised that authority. The School District cannotpredict whether, whenorin what form any future system of State school funding will be enacted into law.

The following table presents certain information concerning State Education Aid payments to the SchoolDistrict underthe various State funding systems and formulaein placeforthe Fiscal Yearsindicated.

State Education Aid as a % of
General Fund Total Revenues	State Education Aid as a % of and Other Financing         General Fund Total Expenditures
Fiscal Year	State Education Aid	Sources(a)	and Other Financing Uses(a)

2020	$1,680,769	4.47%	4.14% 2021                       1,528,097	4.14	4.26 2022                       1,548,221	3.87	3.90 2023                       1,696,322	3.86	3.85 2024                       2,584,774	5.74	5.59

(a) See Appendix A for details regarding revenues and expenditures.

See Appendix A and the Fiscal Year 2024 Financial Statements for further information regarding other revenue sources for the General Fund and other operating funds.

SCHOOL DISTRICT DEBT AND OTHER LONG-TERM OBLIGATIONS

The following describes the security for general obligation debt such as the Bonds, applicable debt and ad valorem property tax limitations, and outstanding and projected bond and note indebtedness and certain other long-term financial obligations of the School District.

As used in the discussions that follow, the term “BANs” refers to notes issued in anticipation of the issuance of general obligation bonds.

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The School District is not, and to the knowledge of current School District officials has not ever been, in default in the payment of debt charges on any of the bonds or notes on which the School District is obligor.

Security for General Obligation Debt; Bonds and BANs

The following describes the security for the School District’s general obligation debt.

Voted Bonds. The basic security for voted School District general obligation bonds is the authorization by the electors for the Board to levy, and its levy pursuant to constitutional and statutory requirements of, ad valorem taxes, without limitation as to rate or amount, on all real and tangible personal property subject to ad valorem taxation by the Board. These taxes are outside of the ten-mill limitation and are to be sufficient in amount to pay (to the extent not paid from other sources) as they come due the debt charges on the voted bonds (subject to the provisions of bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or transfer, and other laws relating to or affecting the rights and remedies of creditors generally; to the application of equitable principles, whether considered in a proceeding at law or in equity; to the exercise of judicial discretion; and to limitations on legal remedies against public entities).

As of June 30, 2024, the School District has $74,900,000 of voted general obligation bonds outstanding. All references to the School District’s outstanding debt exclude accretions to the value of any capital appreciation bonds.

Unvoted Bonds. The basic security for the limited amount of School District unvoted general obligation bonds (see Statutory Direct Debt Limitations) is the Board’s ability to levy, and its levy pursuant to constitutional and statutory requirements of, ad valorem taxes on all real and tangible personal property subject to ad valorem taxation by the Board, within the ten-mill limitation described below. These taxes are to be sufficient in amount to pay (to the extent not paid from other sources) as they come due the debt chargeson unvoted general obligation bonds. The law provides that the levy necessary fordebt charges has priority over any levy for other purposes within that tax limitation; that priority may be subject to the provisions of bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or transfer, and other laws relating to or affecting the rights and remedies of creditors generally; to the application of equitable principles, whether considered in a proceeding at law or in equity; to the exercise of judicial discretion; and to limitations on legal remedies against public entities. See discussion under Indirect Debt and Unvoted Property Tax Limitations of the ten-mill limitation, and the priority of claim on it for debt changes on unvoted general obligation debt of the School District and all overlapping taxing subdivisions.

The School District has no unvoted general obligation bonds outstanding.

BANs. BANs may be retired at maturity from the proceeds of the sale of renewal notes or of the bonds anticipated by the BANs, or available funds of the School District, or a combination of these sources. While BANs are outstanding, Ohio law requires the levy of ad valorem property taxes in an amount not less than what would have been levied if bonds had been issued without the prior issuance of the BANs. That levy need not actually be collected if payment in fact is to be provided from other sources, such as the proceeds of the bonds anticipated or of renewal BANs. BANs, including renewal BANs, may be issued and outstanding from time to time up to a maximum period of 240 months from the date of issuance of the original notes. Any period in excess of five years must be deducted from the permitted maximum maturity of the bonds anticipated. Portions of the principal amount of BANs outstanding for more than five years must be retired in amounts at least equal to, and payable not later than, those principal maturities that would have been required if the bonds had been issued at the expiration of the initial five-year period.

The School District has no outstanding BANs.

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Statutory Direct Debt Limitations

The Revised Code provides two debt limitations on general obligation debt that are directly based on tax (assessed) valuation, applicable to all school districts, including the School District.

•	The net principal amount of both voted and unvoted debt of the School District, excluding “exempt debt” (discussed below), may not exceed 9% of the total tax (assessed) valuation of all property in the School District as listed and assessed for taxation, except in the case of a “special needs” school district. All of the School District’s current general obligation debt is subject to this limitation.

•	The net principal amount of unvoted debt of the School District, excluding exempt debt, may not exceed 1% of that valuation, as discussed below.

These two limitations, which are referred to as the “direct debt limitations,” may be amended from time to time by the General Assembly.

The School District’s ability to incur unvoted debt (whether or not exempt from the direct debt limitations) is also restricted by the indirect debt limitation discussed under Indirect Debt and Unvoted Property Tax Limitations.

The Revised Code provides as a general limitation that the net principal amount of general obligation debt of a school district incurred without a vote of the electors, in general, may not exceed 1% of the School District’s total tax valuation. A further general limitation, from which certain energy conservation and exempt debt (discussed below) may be excluded, is 1/10th of 1% of its total tax valuation; the School District at present has no outstanding unvoted debt subject to this limitation. School Districts may also issue unvoted general obligation debt and other debt under certain circumstances for energy conservation programs, which general obligation debt may not exceed 9/10ths of 1% of the School District’s tax valuation; the School District at present has no debt subject to that limitation. Debt charges on any unvoted debt, unless paid from other sources, must be paid from the millage levied within the ten-mill limitation, resulting in a reduction in money available for operating expenses.

Certain general obligation debt that the School District may issue is exempt from the 9%, 1/10th of 1%, 9/10ths of 1% and 1% direct debt limitations (exempt debt). Exempt debt includes, without limitation, securities issued to pay final judgments or court-approved settlements, securities issued to acquire school buses and other equipment used in transporting pupils, securities evidencing State solvency assistance loans, certain securities issued to acquire computers and related hardware and certain unvoted securities issued a school district’s share of the basic project cost and any additional funds necessary to participate in a cooperative project with the Commission under Chapter 3318 of the Revised Code that are secured by a pledge of proceeds of a school district income tax or a voted property tax levy. In addition certain debt under Section 133.06(I) of the Revised Code, is exempt from the 9% direct debt limitation. The School District has no such exempt debt outstanding.

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In the calculation of debt subject to the direct debt limitations, the amount in a school district’s bond retirement fund allocable to the principal amount of nonexempt debt is deducted from gross nonexemptdebt. Withoutconsideration ofamounts in the Bond RetirementFund, and based on the principal amount of outstanding debt, and the current tax (assessed) valuation, the School District’s voted and unvoted nonexempt debt capacities are:

Additional Debt Capacity Limitation (a)	Nonexempt Debt Outstanding	Within Limitation

9%	=	$166,222,427 0.1% =	$1,846,916 0.9% =	$16,622,243 1%	=	$18,469,159

$74,900,000 0 0 0

$91,322,427 1,846,916 16,622,243 18,469,159

(a)	The School District’s current tax (assessed) valuation for purposes of determining its direct debt limitations is $1,846,915,860. See the discussion above.

This is further detailed in Debt Table A.

Indirect Debt and Unvoted Property Tax Limitations

Voted general obligation debt may be issued by the School District if authorized by vote of the electors. Ad valorem taxes, without limitation as to amount or rate, to pay debt charges on voted bonds are authorized by the electors at the same time they authorize the issuance of the bonds.

General obligation debt also may be issued by the School District without a vote of the electors, but subject to the 1% and 1/10th and 9/10ths of 1% limitations discussed above unless it is exempt debt. This unvoted debt may not be issued unless the ad valorem property tax for the payment of debt charges on those bonds (or the bonds in anticipation of which BANs are issued) of the combination of overlapping taxing subdivisions including the School District resulting in the highest tax required for such debt charges, in any year is 10 mills or less per $1.00 of assessed valuation. This indirect debt limitation, the product of what is commonly referred to as the “ten-mill limitation,” is imposed by a combination of provisions of the Ohio Constitution and the Revised Code.

The ten-mill limitation is the maximum aggregate millage for all purposes that may be levied on any single piece of property by all overlapping taxing subdivisions without a vote of the electors. The 10 mills are allocated pursuant to a statutory formula among certain overlapping taxing subdivisions in the County, including the School District. For collection year 2024, 9.63 mills was levied by the combination oftheSchool District and taxingsubdivisionsoverlapping portionsoftheSchool District, and theallocation of the 10 mills (sometimes referred to as the “inside millage”) was as follows: 6.41 School District, 0.96 City and 2.26 County; that allocation has remained constant for at least the last five years.

Because the School Districtis restricted in the amount ofunvoted debt it can issue, the majorimpact of the indirect debt limitation generally results from the ability ofoverlapping political subdivisions to issue unvoted general obligation debt in amounts that require unvoted taxes for the payment of debt charges on that debt to be levied at a rate in excess of the rates within the ten-mill limitation allocated by statutory formula to the subdivisions. The result of a subdivision having to draw on millage to pay debt charges in an amount exceeding its allocated rate within the ten-mill limitation would be to reduce the millage within the ten-mill limitation available to the overlapping subdivisions, including the inside millage then levied by the Board for operating purposes. To the best knowledge of current School District officials, no such reduction in the School District’s statutory share of inside millage has occurred since the ten-mill limitation has been in effect.

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Present Ohio law requires the inside millage allocated to a taxing subdivision to be used first for the payment of debt charges on its unvoted general obligation debt, unless provision has been made for that payment from other sources, with the balance usable for other purposes. To the extent this inside millage is required for debt charges of a taxing subdivision (which may exceed the formula allocation to that subdivision), the amount that would otherwise be available to that subdivision for general fund purposes is reduced. Because the inside millage that may actually be required to pay debt charges on a subdivision’s unvoted general obligation debt may exceed the formula allocation of that millage to the subdivision, the excess reduces the amount of inside millage available to overlapping subdivisions. A law applicable to all Ohio cities and villages, however, requires that any lawfully available receipts from a municipal income tax or from voted property tax levies be allocated to pay debt charges on the municipality’s unvoted debt before the formula allocations of the inside millage to overlapping subdivisions can be invaded for that purpose.

In thecase of BANsissuedin anticipation ofunvotedgeneral obligation bonds,the highest estimate of annual debt charges for the anticipated bonds is used to calculate the millage required.

The total millage theoretically required by the City, the Career Center and the County (the combination of overlapping taxing subdivisions that had issued unvoted debt then outstanding) for debt charges on their outstanding unvoted general obligation debt was estimated to be 4.24240 mills for 2025, the year of the highest potential debt charges. There thus remained 5.75760 mills within the ten-mill limitation that had yet to be allocated to debt charges and that were available to the School District and overlapping subdivisions in connection with the issuance of additional unvoted general obligation debt.

Debt Outstanding

The Debt Tables attached provide information concerning the School District’s outstanding debt represented by bonds and notes, School District and overlapping subdivisions general obligation debt allocations and debt charges on the School District’s outstanding general obligation debt. See Debt Tables.

The following table shows the principal amount of School District’s general obligation debt outstanding as of June 30 in the years shown.

Year	Total

2020	$12,260,000 2021                                            88,090,000 2022                                            81,170,000 2023                                            78,080,000 2024                                            74,900,000

Bond Anticipation Notes

None of the debt of the School District was in the form of BANs. BANs may be retired at maturity from the proceeds of the sale of renewal notes or of the bonds anticipated by the BANs, or available funds of the School District, or a combination of these sources.

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Bond Retirement Fund

The Bond Retirement Fund is the fund from which the School District pays debt charges on its general obligation debt and into which money required to be applied to those payments is deposited. See Appendix B for year-end balance, receipts and disbursements for the prior two Fiscal Years for this fund. The following table is an unaudited summary ofBond Retirement Fund receipts anddisbursements forprior Fiscal Years

Fiscal Year

2020 2021 2022 2023 2024

Receipts (a)

$1,766,377 1,823,506 83,853,290 5,861,339 5,999,886

Disbursements (a)

$1,680,745 1,680,659 81,549,119 5,713,769 5,690,798

June 30 Balance

$1,954,340 2,097,187 4,401,358 4,548,928 4,858,016

Future Financings

The School District does not anticipate financing any additional capital projects in the next five years.

Long-Term Financial Obligations Other Than Bonds and Notes

Lease-Purchase Financing

On October 26, 2022, the Board, on behalf of the School District, entered into a Base Lease and Lease-Purchase Agreement (the “Lease”) in the amount of $10,000,000 pursuant to Revised Code Section 3313.375 with Webster Bank, National Association (the “Lessor”) for the purpose of constructing, improving, furnishing, and equipping school facilities. Under the Lease, the Lessor is leasing the Project Site and the Project Facilities (both as defined in the Lease) from the School District and subleasing the Project Facilities back to the School District. The Lease consists of 20 renewable one-year (or partial year) lease terms which run from October 26, 2022 through December 1, 2042, and expire annually at the end of the School District’s Fiscal Year (with the exception of the final lease term, which expires on December 1, 2042). The Lessor’s base leasehold interest under the Lease runs through December 1, 2047, and, if the School District were to default under the Lease, the Lessor would have the right to possess and sublease the Project Site and the Project Facilities for the duration of the base lease term ending on December 1, 2047. TheBoard’sobligation tomakebaserentpayments undertheLeaseissubjectto annualappropriation by the Board and does not represent or constitute bonded indebtedness, a debt of, or a general obligation of the School District.

[Balance of Page Intentionally Left Blank]

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The following schedule presents the School District’s base rent payments due under the Lease.

Base Rent Payments Under Lease Indian Hill Exempted Village School District

Calendar Year

Prior Obligations

Principal	Interest

Total Debt Service

2025	$370,000.00 2026                       385,000.00 2027                       400,000.00 2028                       415,000.00 2029                       430,000.00 2030                       450,000.00 2031                       465,000.00 2032                       480,000.00 2033                       500,000.00 2034                       520,000.00 2035                       540,000.00 2036                       560,000.00 2037                       580,000.00 2038                       600,000.00 2039                       625,000.00 2040                       645,000.00 2041                       670,000.00 2042                       695,000.00

Total	$9,330,000.00

$349,875.00 336,000.00 321,562.50 306,562.50 291,000.00 274,875.00 258,000.00 240,562.50 222,562.50 203,812.50 184,312.50 164,062.50 143,062.50 121,312.50 98,812.50 75,375.00 51,187.50 26,062.50

$3,669,000.00

$719,875.00 721,000.00 721,562.50 721,562.50 721,000.00 724,875.00 723,000.00 720,562.50 722,562.50 723,812.50 724,312.50 724,062.50 723,062.50 721,312.50 723,812.50 720,375.00 721,187.50 721,062.50

$12,999,000.00

Source: School District

On December 10, 2020, the School District entered into an equipment lease-purchase agreement (the “Equipment Lease”) in the amount of $3,700,000 for energy conservation improvements with Capital One Public Funding, LLC. The Equipment Lease bears interest at a rate of 1.66% and the final lease payment is scheduled for December 1, 2032. As of June 30, 2024, the aggregate of the remaining payments due under the Equipment Lease was $2,845,000. The amounts due under the Equipment Lease are not considered debt and payments are subject to annual appropriation by the Board of Education.

The School District has no other long-term financial obligations, other than the bonds and lease purchase obligations described above, the retirement obligations and net pension liability described under Retirement Expenses and the compensated absences (for vacation and sick pay) obligations identified in the Notes to the School District’s audited Basic Financial Statements for Fiscal Year 2024.

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Financial Reports and Audits

The School District maintains its accounts, appropriations and other fiscal records in accordance with theprocedures established and prescribedby theOhio Auditorof State (the “StateAuditor”).The State Auditor is charged by law with the responsibility of inspecting and supervising the accounts and records of each taxing subdivision and most public agencies and institutions.

School District receipts and expenditures are compiled on a cash basis, pursuant to accounting procedures prescribed by the State Auditor that are generally applicable to all Ohio school districts. The records of these cash receipts and expenditures are converted annually for reporting purposes to a modified accrual basis of accounting for governmental funds and an accrual basis for proprietary funds. These accounting procedures conform to generally accepted accounting principles as prescribed by the Governmental Accounting Standards Board (GASB). Those principals, among other things, provide for a modified accrual basis of accounting for the general fund, all special revenue funds and the debt service (bond retirement) fund, for a full accrual basis of accounting for all other funds, and for the preparation for each fund balance sheets, statements of revenues and expenditures and statements showing changes in fund balance.

Audits are made by the State Auditor, or by private auditing firms (CPAs) at the direction of that officer, pursuant to Ohio law and under certain federal program requirements. No other independent examination or audit of the School District’s financial records is made.

The Fiscal Year 2024financial statements are currentlybeingreviewed by the StateAuditor. Those audited financial statements will be filed after they have been released by the State Auditor.

Annual financial reports are prepared by the School District and are filed as required by law with the State Auditor after the close of each Fiscal Year.

See Appendix A for an unaudited comparative cash-basis summary of general operating fund activity for the last five Fiscal Years and forecasted for Fiscal Year 2025. That summary has been prepared from the School District’s five-year forecast information. The latest five-year financial forecast was approved by the Board in November 2024. See Appendix D for the Five-Year Forecast. All funds receipts and expenditures (on a cash basis) for the two prior Fiscal Years are set forth in Appendix B.

The audited financial statements are public records, no consent to their inclusion is required, and no bring-down procedures have been undertaken by the State Auditor since their date.

Retirement Expenses

Present and retired employees of the School District are covered under two statewide public employee retirement (including disability retirement) systems. The State Teachers Retirement System (“STRS”) covers all teachers, principals, supervisors and administrators who are required to hold a certificate issued by the State Department of Education and Workforce. Other eligible full-time employees are covered by the School Employees Retirement System (“SERS”).

STRS and SERS are two of five statewide public employee retirement systems created by and operating pursuant to Ohio law, all of which currently have unfunded actuarial accrued liabilities. The General Assembly has the power to amend the format of those systems and to revise rates and methods of contributions to be madeby public employers and theiremployeesand eligibility criteria, benefits orbenefit levels for employee members. On September 12, 2012, the General Assembly passed five separate pension reform bills intended to assist each of the five retirement systems in addressing its unfunded actuarial accrued liabilities. Those bills applicable to STRS and SERS became effective on January 7, 2013.

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The law now applicable to STRS provides for (i) no change in the School District’s contribution rate with respect to its employees’ earnable salaries and (ii) an increase in the STRS employees’ contribution rate from 10% to 14% in annual increments of 1% (the last of which took effect on July 1, 2016). Among other changes and with certain transition provisions for current employees, the minimum age and service requirements for eligibility for retirement and disability benefits have been increased, the calculation of an employee’s final average salary on which pension benefits are based has been revised to include the five highest years (rather than the three highest years), STRS pension benefits are being calculated on a lower, fixed formula and provisions with respect to future annual cost-of-living adjustments have been changed to reduce those adjustments to two percent (from 3%). The STRS board has also been provided with authority to make future adjustments to the member contribution rate, retirement age and service requirements, and cost-of-living adjustments as the need or opportunity arises, and depending on the funding progress. Under current law, STRS has a maximum 30-year period to amortize its unfunded accrued pension liability. According to STRS’s most recent Actuarial Valuation and Review (dated as of October 2022), STRS’s actuarial consultant projected that the period required to fully amortize STRS’s actuarial unfunded accrued liability was 11.5 years.

The law now applicable to SERS provides for no change to the School District’s or SERS employees’ contribution rates, future cost-of-living adjustments or the calculation of an employee’s final average salary on which pension benefits (the average of the three highest years). However, among other changes and with certain transition provisions for current employees, the minimum age and service requirements for eligibility for retirement and disability benefits was increased and provisions for disability benefits and service credit purchases were revised.

The School District currently pays the employee contributions of 14% and 10% for STRS and SERS, respectively, on behalf of its Superintendent and Treasurer and administrative employees.

For further information on STRS and SERS and their pension plans, see the Notes to the Fiscal Year 2024 Financial Statements. Financial and other information for STRS and SERS can also be found on the respective website for each retirement system including its Annual Comprehensive Financial Report.

Federal law requires School District employees hired after March 31, 1986 to participate in the federal Medicare program, which requires matching employer and employee contributions, each being 1.45% of the wage base. Otherwise, School District employees who are covered by a State retirement system are not currently covered under the federal Social Security Act. STRS and SERS are not subject to the funding and vesting requirements of the federal Employee Retirement Income Security Act of 1974.

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DEBT TABLE A

Principal Amounts of Outstanding General Obligation (GO) Debt; Leeway for Additional Debt Service within Direct Debt Limitations (a)

A.	Total debt: B.	Exempt debt:
C.	Total nonexempt debt [A minus B]: D.	Unvoted Debt Limitations

E.	Total nonexempt limited tax bonds and notes outstanding:

Bonds: Notes:
F.	Debt leeway within unvoted debt limitations [D minus E]:

G.	9% of tax (assessed) valuation (voted and unvoted debt limitation):

H.	Total nonexempt bonds and notes outstanding:

Bonds: Notes:
I.	Debt leeway within 9% debt limitation [G minus H]:

1% of tax (assessed) valuations

$18,469,159

1% of tax (assessed) valuations

$0 $0

$18,469,159

1/10th of 1% of tax (assessed) valuation

$1,846,915

1/10th of 1% of tax (assessed) valuation

$0 $0

$1,846,916

$74,900,000

$74,900,000 0 $74,900,000

9/10th of 1% of tax (assessed) valuation

$16,622,242

9/10th of 1% of tax (assessed) valuation

$0 $0

$16,622,243

$166,222,427

$91,322,427

Debt leeway in this table determined without considering money in the Bond Retirement Fund.

The School District’s current tax (assessed) valuation for purposes of determining its direct debt limitation is $1,846,915,860. See School District Debt and Other Long Term Obligations – Statutory Direct Debt Limitations.

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DEBT TABLE B

Various School District and Overlapping GO Debt Allocations (Principal Amounts)

School District Nonexempt GO Debt
Total School District GO Debt (exempt and nonexempt) Highest Total Overlapping GO Debt(c)

Amount $74,900,000

74,900,000

17,957,247

Per Capita (a) $5,310.93

5,310.93

1,273.29

% of School District’s Current Assessed Valuation (b)

4.06%

4.06

0.97

(a)	Based on 2022 (estimated) Census population of 14,103.
(b)	The District’s current assessed valuation is $1,846,915,860.
(c)	Includes, in addition to “Total School District GO Debt,” allocations of total GO debt of overlapping debt issuing subdivisions (as of July 1, 2024) resulting in the calculation of highest total overlapping debt based on percent of tax (assessed) valuation of territory of the subdivisions located within the School District (% figures are resulting percent of total debt of subdivisions allocated to the School District in this manner), as follows:

$7,863,408 County (6.30%); and $3,609,107 Sycamore Township (42.94%);

Allocation of GO debt of the remaining overlapping debt issuing subdivisions is as follows:

$5,822,212 The City (99.44%); $200,233 City of Madeira (2.18%); $11,284 City of Milford (0.29%); $151 Village of Terrace Park (0.02%);
$3,609,107 Columbia Township (0.07); $477,456 Symmes Township (9.28%); and
$2,468 Little Miami Joint Fire & Rescue District (0.05%).

Sources of tax (assessed) valuation and confirmation of GO debt figures for overlapping subdivisions: OMAC and the Hamilton County Auditor.

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DEBT TABLE C

Projected Debt Charges Requirements on School District GO Debt

Year	Outstanding Bonds 2025                                        $5,870,318.76 2026                                          5,873,918.76 2027                                          6,058,193.76 2028                                          3,557,131.26 2029                                          3,557,531.26 2030                                          3,560,131.26 2031                                          3,559,731.26 2032                                          3,561,331.26 2033                                          3,559,731.26 2034                                          3,559,931.26 2035                                          3,560,831.26 2036                                          3,560,831.26 2037                                          3,559,931.26 2038                                          3,558,131.26 2039                                          3,560,431.26 2040                                          3,561,731.26 2041                                          3,557,031.26 2042                                          3,558,268.76 2043                                          3,558,337.50 2044                                          3,557,237.50 2045                                          3,561,600.00 2046                                          3,558,800.00 2047                                          3,558,600.00 2048                                          3,556,600.00 2049                                          3,560,000.00 2050                                          3,558,400.00 2051                                          3,556,800.00

Total, all paid from unlimited ad valorem taxes $5,870,318.76
5,873,918.76 6,058,193.76 3,557,131.26 3,557,531.26 3,560,131.26 3,559,731.26 3,561,331.26 3,559,731.26 3,559,931.26 3,560,831.26 3,560,831.26 3,559,931.26 3,558,131.26 3,560,431.26 3,561,731.26 3,557,031.26 3,558,268.76 3,558,337.50 3,557,237.50 3,561,600.00 3,558,800.00 3,558,600.00 3,556,600.00 3,560,000.00 3,558,400.00 3,556,800.00

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DEBT TABLE D

Outstanding GO Bonds

Issue

School Facilities Improvement Bonds, Series 2016

School Facilities Improvement Bonds, Series 2021

Total

Dated Date

09/14/2016

08/12/2021

Final Maturity

12/01/2027

12/01/2051

Original Principal Amount

$13,940,000

71,450,000

Balance Outstanding June 30, 2024

$6,835,000

68,065,000

$74,900,000

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APPENDIX A

Historical Revenues and Expenditures General Fund (Fiscal Years 2020 through 2024 and Forecasted Fiscal Year 2025)

The figures in the table below have been taken from the School District’s Five-Year Forecasts as reported to the State as required by Section 5705.391 of the Revised Code (the most recent of which was last updated in November 2024).

Revenue:

General Property Tax (Real Estate) Tangible Personal Property Tax Unrestricted Grants-in-Aid Restricted Grants-in-Aid
State Share of Local Property Taxes All Other Operating Revenues Total Revenues
Other Financing Sources: Advances-In
All Other Financing Sources

Total Other Financing Sources

Total Revenues and Other Financing Sources

Expenditures: Personal Services
Employees’ Retirement/Insurance Benefits Purchased Services
Supplies and Materials Capital Outlay Principal – Other
Interest and Fiscal Charges Other Objects
Total Expenditures Other Financing Uses:
Operational Transfers Out Advances Out

Total Other Financing Uses

Total Expenditures and Other Financing Uses

Excess of Rev & Other Financing Sources over (under) Expenditures and Other Financing Uses

Cash Balance July 1 – Excl Proposed Renewal/ Replacement and New Levies

Fund Balance June 30

2020

$24,634,247 602,605 1,399,482 279,267 3,062,553 7,692,335 $37,525,775

$78,412 17,169 95,581

$37,621,356

$21,667,178 7,453,139 4,398,282 1,286,874 6,107,228
--
480,976 $41,393,677

$0

19,549

19,549

$41,413,226

($3,791,870)

$18,571,739

$14,779,869

2021

$25,327,151 567,545 1,381,519 144,557 3,147,629 6,288,987 $36,857,388

$19,549 23,566 43,115

$36,900,503

$21,565,695 6,819,714 4,878,255 1,457,837 678,248
-29,175
436,519 $35,865,443

$0

18,605

18,605

$35,884,048

$1,016,455

$14,779,869

$15,796,325

2022

$27,509,471 796,949 1,266,932 279,267 3,210,180 6,970,868 $40,033,667

$18,605 3,445 22,050

$40,055,717

$22,135,319 7,599,775 5,591,673 1,459,815 788,150 280,000 59,096 538,213 $38,452,041

$0

1,214,045

1,214,045

$39,666,086

$389,631

$15,796,326

$15,685,957

2023

$29,547,488 802,537 1,334,754 359,546 3,239,088 7,471,247 $42,754,660

$1,214,045 1,550 1,215,595

$43,970,255

$24,386,913 8,026,066 6,726,430 1,834,178 1,436,637 285,000 278,365 512,611 $43,486,200

$553,253

51,817

605,070

$44,091,270

($121,015)

$16,185,957

$16,064,942

2024

$30,957,686 875,284 2,016,991 567,783 3,409,441 7,119,347 $44,946,532

$51,817 43,254 95,071

$45,041,603

$25,074,379 8,562,333 7,540,029 1,990,925 1,180,031 600,000 418,822 553,242 $45,919,761

$310,000

34,949

344,949

$46,264,710

($1,223,107)

$16,064,942

$14,341,835

Forecasted

2025

$32,333,288 869,935 2,332,502 709,320 3,583,165 7,298,770 $47,126,980

$30,000 406,000 436,000

$47,562,980

$26,418,730 9,108,533 7,116,608 2,001,043 860,000 655,000 401,404 576,980 $47,138,298

$310,000

30,000

340,000

$47,478,298

$84,682

$14,841,835

$14,426,517

A-1

19645711v3

APPENDIX B-1

Financial Report (Cash Basis All-Funds Summary) for Fiscal Year 2024

DESCRIPTION

General Fund Bond Retirement Building Lunchroom Trust & Agency
Public School Support District Agency Termination Benefits Capital Projects Fund Student Activity Athletic Activity Auxiliary Services One Net Connectivity State Safety Grant
Elem/Secondary Sch Emer Relief Title VI-B IDEA
Title III Title I
Title VI-B ECSE Title II-A
Title IV-A

Total

BEGINNING BALANCE

$16,064,941.13 4,548,928.47 37,733,321.30 105,863.96 35,788.98 28,617.84
0.00 106,726.60 85,000.00 62,205.12 509,367.87 44,252.52 0.00 11,115.88 15,342.50 17,207.39 0.00
0.00 0.00 1,564.99 399.95

$59,370,644.50

RECEIPTS

$45,041,602.71 5,999,885.89 1,486,962.02 759,289.66 14,129.57 89,322.62 5,484.00 180,874.09 85,000.00 116,183.28 1,067,223.31 586,870.87 7,990.12 38,340.87 20,710.12 726,969.06 4,469.82 110,172.31 4,918.30 39,765.78 10,139.17

$56,396,303.57

EXPENDITURES

$46,264,708.78 5,690,798.18 34,877,210.41 731,765.79 0.00
71,610.79 5,484.00 11,461.60 20,897.05 102,015.46 1,306,794.97 611,573.88 7,384.40 40,065.88 36,052.62 732,755.99 4,469.82 110,172.31 4,918.30 41,330.77 9,499.62

$90,680,970.62

ENDING BALANCE

$14,841,835.06 4,858,016.18 4,343,072.91 133,387.83 49,918.55 46,329.67
0.00 276,139.09 149,102.95 76,372.94 269,796.21 19,549.51 605.72 9,390.87 0.00 11,420.46 0.00
0.00 0.00 0.00 1,039.50

$25,085,977.45

B-1

19645711v3

APPENDIX B-2

Financial Report (Cash Basis All-Funds Summary) for Fiscal Year 2023

DESCRIPTION

General Fund Bond Retirement Building Lunchroom Trust & Agency
Public School Support District Agency Termination Benefits Student Activity Athletic Activity Auxiliary Services One Net Connectivity
Student Wellness and Success State Safety Grant Elem/Secondary Sch Emer Relief Title VI-B IDEA
Title I

Title VI-B ECSE Title II-A
Title IV-A

Total

BEGINNING BALANCE

$16,185,956.98

4,401,358.39 67,827,716.89 200,901.30 26,492.71 20,394.64 0.00 130,829.55 0.00 34,363.47 645,884.10 117,682.01 0.00 45,000.00 0.00 10,820.00 0.00
0.00 0.00
16,788.07

$89,664,188.11

RECEIPTS

$43,970,253.33

5,861,338.95 11,123,852.32 627,183.75 9,296.27 23,541.52 8,400.00 175,714.72 85,000.00 185,868.54 1,377,826.97 593,189.12 7,200.00 146,115.88 1,605,041.48 737,210.92 7,441.20 108,176.27 4,853.03 52,094.17

$66,719,077.60

EXPENDITURES

$44,091,269.18

5,713,768.87 41,218,247.91 722,221.09 0.00 15,318.32 8,400.00 199,817.67 0.00 158,026.89 1,514,343.20 666,618.61 7,200.00 180,000.00 1,589,698.98 730,823.53 7,441.20 108,176.27 4,853.03 67,317.25

$97,012,621.21

ENDING BALANCE

$16,094,941.13

4,548,928.47 37,733,321.30 105,863.96 35,788.98 28,617.84 0.00 106,726.60 85,000.00 62,205.12 509,367.87 44,252.52 0.00 11,115.88 15,342.50 17,207.39 0.00
0.00 0.00 1,564.99

$59,400,644.50

B-2

19645711v3

APPENDIX C

Audited Financial Statements for the Fiscal Year Ending June 30, 2024

The School District’s audited financial statements for the fiscal year ended June 30, 2024 are attached to this Annual Report.

C-1

19645711v3

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY

SINGLE AUDIT

FOR THE YEAR ENDED JUNE 30, 2024

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY JUNE 30, 2024

TABLE OF CONTENTS

TITLE	PAGE

Independent Auditor’s Report.......................................................................................................................1

Prepared by Management:

Management’s Discussion and Analysis...................................................................................................5

Basic Financial Statements:

Government-wide Financial Statements:

Statement of Net Position ................................................................................................................17

Statement of Activities......................................................................................................................18

Fund Financial Statements:

Balance Sheet
Governmental Funds ....................................................................................................................19

Reconciliation of Total Governmental Fund Balances to
Net Position of Governmental Activities .......................................................................................20

Statement of Revenues, Expenditures and Changes in Fund Balances
Governmental Funds ....................................................................................................................21

Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds
to the Statement of Activities ........................................................................................................22

Notes to the Basic Financial Statements.............................................................................................23

Required Supplementary Information:

Schedule of Revenues, Expenditures and Changes in
Fund Balance – Budget and Actual (Non-GAAP Budgetary Basis)
General Fund.................................................................................................................................67

Schedule of the District’s Proportionate Share of the
Net Pension Liability and District Pension Contributions
School Employees Retirement System (SERS) of Ohio................................................................68

Schedule of the District’s Proportionate Share of the
Net Pension Liability and District Pension Contributions
State Teachers Retirement System (STRS) of Ohio.....................................................................69

Schedule of the District’s Proportionate Share of the Net OPEB Liability and District OPEB Contributions
School Employees Retirement System (SERS) of Ohio................................................................70

Schedule of the District’s Proportionate Share of the
Net OPEB Liability/(Asset) and District OPEB Contributions
State Teachers Retirement System (STRS) of Ohio.....................................................................71

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY JUNE 30, 2024

TABLE OF CONTENTS (Continued)

TITLE	PAGE

Notes to the Required Supplementary Information...........................................................................72

Schedule of Expenditures of Federal Awards .....................................................................................79

Notes to the Schedule of Expenditures of Federal Awards.................................................................80

Independent Auditor’s Report on Internal Control Over Financial Reporting and on Compliance and Other Matters
Required by Government Auditing Standards.........................................................................................81

Independent Auditor’s Report on Compliance with Requirements Applicable to the Major Federal Program and on Internal Control Over
Compliance Required by the Uniform Guidance.....................................................................................83

Schedule of Findings ...................................................................................................................................87

65 East State Street Columbus, Ohio 43215 ContactUs@ohioauditor.gov 800-282-0370

INDEPENDENT AUDITOR’S REPORT

Indian Hill Exempted Village School District Hamilton County
6855 Drake Road Cincinnati, Ohio 45243

To the Board of Education:

Report on the Audit of the Financial Statements

Opinions

We have audited the financial statements of the governmental activities, each major fund, and the aggregate remaining fund informationof the Indian Hill Exempted Village School District, Hamilton County, Ohio (the District), as of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.

In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the Indian Hill Exempted Village School District, Hamilton County, Ohio as of June 30, 2024, and the respective changes in financial position thereof for the year then ended in accordance with the accounting principles generally accepted in the United States of America.

Basis for Opinions

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the District, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.

Efficient         "                 Effective         "                 Transparent 1

Indian Hill Exempted Village School District Hamilton County
Independent Auditor’s Report Page 2

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraudor error, andto issueanauditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS and Government Auditing Standards, we

·	exercise professional judgment and maintain professional skepticism throughout the audit.

·	identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

·	obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, no such opinion is expressed.

·	evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

·	conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis, the required budgetary comparison schedule, and schedules of net pension and other post-employment benefit liabilities and pension and other post-employment benefit contributions be presented to supplement the basic financial statements.	Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us withsufficient evidence to express an opinion or provide any assurance.

2

Indian Hill Exempted Village School District Hamilton County
Independent Auditor’s Report Page 3

Supplementary information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the District’s basic financial statements. The Schedule of Expenditures of Federal Awards as requiredbyTitle2U.S.CodeofFederalRegulations (CFR) Part200,UniformAdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards is presented for purposes of additional analysis and is not a required part of the basic financial statements.

Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally acceptedintheUnitedStates ofAmerica. Inouropinion,the ScheduleofExpendituresofFederal Awards is fairly stated, in all material respects, in relation to the basic financial statements as a whole.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated March 12, 2025, on our consideration of the District’s internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report issolely to describe the scope ofour testing of internalcontrol over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District's internal control over financial reporting and compliance.

March 12, 2025

This page intentionally left blank.

4

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 (UNAUDITED)

Thediscussionand analysisof theIndianHillExemptedVillageSchoolDistrict’s(“theDistrict”)financialperformanceprovides an overall review of the District’s financial activities for the fiscal year ended June 30, 2024. The intent of this discussion and analysis is to look at the District’s financial performance as a whole; readers should also review the basic financial statements and the notes to the basic financial statements to enhance their understanding of the District’s financial performance.

Financial Highlights

Key financial highlights for 2024 are as follows:

•	In total, net position of governmental activities increased $4,092,923, which represents a 14.80% increase from 2023’s net position.

•	General revenues accounted for $52,964,663 in revenue or 92.86% of all revenues. Program specific revenues in the form of charges for services and sales, grants and contributions accounted for $4,071,280 or 7.14% of total revenues of $57,035,943.

•	The District had $52,943,020 in expenses related to governmental activities; only $4,071,280 of these expenses was offset by program specific charges for services, grants or contributions. General revenues supporting governmental activities (primarily taxes and unrestricted grants and entitlements) of $52,964,663 were adequate to provide for these programs.

•	TheDistrict’smajor governmental fundsarethe generalfund, bondretirement fundand thebuildingfund. The generalfund had $46,515,320 in revenues and $48,178,552 in expenditures and other financing uses. During fiscal 2024, the general fund’s fund balance decreased $1,663,232 from a balance of $23,791,814 to $22,128,582.

•	The bond retirement fund had $6,054,886 in revenues and $5,690,798 in expenditures. During fiscal 2024, the bond retirement fund’s fund balance increased $364,088 from a balance of $6,723,928 to $7,088,016.

•	The building fund had $1,047,665 in revenues and $28,992,788 in expenditures. During fiscal 2024, the building fund’s fund balance decreased $27,945,123 from a balance of $30,823,698 to $2,878,575.

•	At June 30, 2024, the District has $132,522,617 in capital assets, net. This amount is net of accumulated depreciation in the amount of $51,943,182. Fiscal year 2024 depreciation expense was $2,504,997. Total net investment in capital assets was $44,920,478 at June 30, 2024.

•	At June 30, 2024, the District has $74,900,000, $12,535,000, and $34,802 in general obligation bonds, financed purchase obligations, and leases payable, respectively, outstanding. Of this total, $4,194,802 is due within one year and $83,275,000 is due in greater than one year.

Using These Basic Financial Statements (BFS)

This annual report consists of a series of financial statements and notes to those statements. These statements are organized so the reader can understand the District as a financial whole, an entire operating entity. The statements then proceed to provide an increasingly detailed look at specific financial activities.

Thestatement of net position and statementofactivitiesprovide information aboutthe activitiesofthewhole District, presenting both an aggregate view of the District’s finances and a longer-term view of those finances. Fund financial statements provide the next level of detail. For governmental funds, these statements tell how services were financed in the short-term as well as what remains for future spending. The fund financial statements also look at the District’s most significant funds with all other nonmajor funds presented in total in one column. In the case of the District, the general fund, bond retirement fund, and the building fund are by far the most significant funds, and the only governmental funds reported as major funds.

5

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 (UNAUDITED)

Reporting the District as a Whole

Statement of Net Position and the Statement of Activities

While this document contains the large number of funds used by the District to provide programs and activities, the view of the District as a whole looks at all financial transactions and asks the question, “How did we do financially during 2024?” The statement of net position and the statement of activities answer this question. These statements include all assets, deferred outflows, liabilities,deferredinflows, revenuesandexpensesusing theaccrualbasisof accountingsimilar to the accountingused by mostprivate-sectorcompanies. Thisbasisof accountingwilltakeinto account,allof thecurrentyear’srevenuesandexpenses regardless of when cash is received or paid.

These two statements report the District’s net position and changes in that position. This change in net position is important because it tells the reader that, for the District as a whole, the financial position of the District has improved or diminished. The causes of this change may be the result of many factors, some financial, some not. Non-financial factors include the District’s property tax base, currentproperty taxlawsinOhio restricting revenuegrowth,facilityconditions,requirededucationalprograms and other factors.

The statement of net position and the statement of activities, include the District’s programs and services, including instruction, support services, operation and maintenance of plant, pupil transportation, extracurricular activities, food service operations and uniform school supplies activities.

Reporting the District’s Most Significant Funds

Fund Financial Statements

The analysis of the District’s major governmental funds begins on page 13. Fund financial reports provide detailed information about the District’s major fund. The District uses many funds to account for a multitude of financial transactions. However, these fund financial statements focus on the District’ most significant funds. The District’s major governmental funds are the general fund, bond retirement fund, and the building fund. All other governmental funds are considered non-major.

Governmental Funds

Most oftheDistrict’sactivitiesarereported in governmental funds, whichfocuson howmoney flowsinto and out of thosefunds and the balances left at year-end available for spending in future periods. These funds are reported using an accounting method called modified accrual accounting, which measures cash and all other financial assets than can readily be converted to cash. The governmental fund financial statements provide a detailed short-term view of the District’s general government operations andthebasicservicesitprovides. Governmentalfund informationhelpsyoudeterminewhetherthere aremore orfewer financial resources that can be spent in the near future to finance educational programs. The relationship (or differences) between governmental activities (reported in the statement of net position and the statement of activities) and governmental funds is reconciled in the basic financial statements.

Notes to the Basic Financial Statements

The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements.

Required Supplementary Information

In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the District’snet pension liability, net OPEB liability, and budget versus actual statement for the general fund.

6

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 (UNAUDITED)

The District as a Whole

The statement of net position provides the perspective of the District as a whole. The table below provides a summary of the District’s net position at June 30, 2024 and June 30, 2023.

Net Position

Governmental Activities 2024

Assets

Governmental Activities 2023

Current and other assets Capital assets, net

Total assets

Deferred outflows of resources Pension
OPEB

Total deferred outflows of resources

$      73,259,242 132,522,617

205,781,859

8,925,403 1,362,850

10,288,253

$ 106,727,786 104,080,487

210,808,273

9,798,723 753,147

10,551,870

Liabilities Current liabilities
Long-term liabilities:

Due within one year

Due in more than one year:

Net pension liability

Net OPEB liability Other amounts

Total liabilities

Deferred inflows of resources

Property taxes levied for the next fiscal year Payments in lieu of taxes for the next fiscal year
Pension OPEB

Total deferred inflows of resources

7,142,968

4,412,244

39,993,898

2,263,378 94,082,060

147,894,548

23,146,385 6,267,128
2,543,301 4,465,143

36,421,957

11,399,304

4,014,324

39,741,467

1,967,167 98,408,133

155,530,395

22,391,505 6,345,080
3,809,742 5,622,737

38,169,064

Net Position

Net Investment in capital assets

Restricted Unrestricted (deficit)

Total net position

44,920,478

6,068,252 (19,235,123)

$	31,753,607

42,249,026

2,614,054 (17,202,396)

$	27,660,684

The net pension liability is reportedpursuant to Governmental Accounting StandardsBoard(GASB)Statement 68, “Accounting andFinancialReportingforPensions—anAmendmentofGASBStatement27.”Thenetotherpostemploymentbenefits(OPEB) liability/asset is reported pursuant to GASB Statement 75, “Accounting and Financial Reporting for Postemployment Benefits OtherThanPensions.” Forreasonsdiscussed below, many endusersofthisfinancial statementwill gain aclearerunderstanding of the District’s actual financial condition by adding deferred inflowsrelated to pension and OPEB, the net pension liability, and the net OPEB liability to the reported net position and subtracting deferred outflows related to pension and OPEB and the net OPEB asset.

7

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 (UNAUDITED)

Governmental Accounting Standards Board standards are national and apply to all government financial reports prepared in accordance with generally accepted accounting principles. Prior accounting for pensions (GASB 27) and postemployment benefits (GASB 45) focused on a funding approach. This approach limited pension and OPEB costs to contributions annually required by law, which may or may not be sufficient to fully fund each plan’s net pension liability or net OPEB liability. GASB 68 and GASB 75 take an earnings approach to pension and OPEB accounting; however, the nature of Ohio’s statewide pension/OPEB plans and state law governing those systems requires additional explanation in order to properly understand the information presented in these statements.

GASB 68 and GASB 75 require the net pension liability and the net OPEB liability to equal the District’s proportionate share of each plan’s collective:

1. Present value of estimated future pension/OPEB benefits attributable to active and inactive employees’ past service. 2. Minus plan assets available to pay these benefits.

GASB notes that pension and OPEB obligations, whether funded or unfunded, are part of the “employment exchange” – that is, the employee is trading his or her labor in exchange for wages, benefits, and the promise of a future pension and other postemployment benefits. GASB noted that the unfunded portion of this promise is a present obligation of the government, part of abargained-forbenefitto theemployee, and should accordinglybereportedby thegovernmentasaliability sincethey received the benefit of the exchange. However, the District is not responsible for certain key factors affecting the balance of these liabilities. In Ohio, the employee shares the obligation of funding pension benefits with the employer. Both employer and employee contribution rates are capped by State statute. A change in these caps requires action of both Houses of the General Assembly and approval of the Governor. Benefit provisions are also determined by State statute. The Ohio Revised Code permits, but does not require, the retirement systems to provide healthcare to eligible benefit recipients. The retirement systems may allocate a portion of the employer contributions to provide for these OPEB benefits.

The employee enters the employment exchange with the knowledge that the employer’s promise is limited not by contract but by law. The employer enters the exchange also knowing that there is a specific, legal limit to its contribution to the retirement system. In Ohio, there is no legal means to enforce the unfunded liability of the pension/OPEB plan as against the public employer. State law operates to mitigate/lessen the moral obligation of the public employer to the employee, because all parties enter the employment exchange with notice as to the law. The retirement system is responsible for the administration of the pension and OPEB plans.

Most long-term liabilities have set repayment schedules or, in the case of compensated absences (i.e. sick and vacation leave), are satisfied through paid time-off or termination payments. There is no repayment schedule for the net pension liability or the net OPEB liability. As explained above, changes in benefits, contribution rates, and return on investments affect the balance of these liabilities but are outside the control of the local government. In the event that contributions, investment returns, and other changes are insufficient to keep up with required payments, State statute does not assign/identify the responsible party for the unfunded portion. Due to the unique nature of how the net pension liability and the net OPEB liability are satisfied, these liabilities are separately identified within the long-term liability section of the statement of net position.

In accordance with GASB 68 and GASB 75, the District’s statements prepared on an accrual basis of accounting include an annual pension expense and an annual OPEB expense for their proportionate share of each plan’s change in net pension liability and net OPEB liability, respectively, not accounted for as deferred inflows/outflows.

Analysis of Net Position

Over time, net position can serve as a useful indicator of a government’s financial position. At June 30, 2024, the District’s assets plus deferred outflows of resources exceeded liabilities plus deferred inflows of resources by $31,753,607.

Current and other assets decreased as the District used current assets in cash to finance the maintenance and improvements to current facilities and mechanical systems, security upgrades, and replacement of the current Indian Hill Middle School. Capital assets increased as the District continued improvements financed by the Series 2021 bond issue. These projects are being capitalized as construction in progress at fiscal year-end.

8

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 (UNAUDITED)

At fiscal year-end, capital assets represented 64.40% of total assets. Capital assets include land, construction in progress, land improvements, buildings and improvements, furniture and equipment, and vehicles. Net investment in capital assets at June 30, 2024,was$44,920,478. Thesecapitalassetsareused to provideservicestothestudentsandarenotavailablefor futurespending. Although the District’s investment in capital assets is reported net of related debt, it should be noted that the resources to repay the debt must be provided from other sources, since capital assets may not be used to liquidate these liabilities.

Current liabilities decreased primarily due to contracts payable and retainage payable related to school improvement projects financed by theSeries2021 bond issue. Theprojectsarenearing completion which accountsforthedecreasein contractspayable.

Long-term liabilities decreased due to repayment of the District’s long-term debt. This decrease was partially offset by an increase in the District’s net pension liability and net OPEB liability of $252,431 and $296,211, respectively. Fluctuations in these liabilities result from changesat the pension system levelfor theState Teachers RetirementSystem (STRS)and the School Employees Retirement System (SERS). The District’s net pension liability and net OPEB liability are outside of the control of the District. The District contributes its statutorily required contributions to the pension systems; however, it is the pension systems that collect, hold and distribute pensions andOPEBto District employees, not the District. See Note 13 and Note 14 for more detail.

A portion of the District’s net position, $6,068,252 represents resources that are subject to external restriction on how they may be used. Restricted net position increased as net position restricted for the net OPEB asset increased $2,171,338 from the prior year. The remaining balance of unrestricted net position is a deficit of ($19,235,123).

Thegraph belowpresentstheDistrict’sgovernmentalactivitiesassets, deferred outflowsof resources,liabilities,deferred inflows of resources and net position at June 30, 2024 and June 30, 2023.

Governmental Activities

$250,000,000

$200,000,000

$150,000,000

$100,000,000

$216,070,112

$184,316,505

$221,360,143

$193,699,459

Net Position

Liabilities and Deferred Inflows

$50,000,000

$-

$31,753,607

Fiscal Year 2024

$27,660,684	Assets and Deferred outflows

Fiscal Year 2023

9

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 (UNAUDITED)

The table below shows the change in net position for fiscal years 2024 and 2023.

Changein Net Position

Revenues Programrevenues:
Chargesfor servicesand sales Operating grantsandcontributions Capitalgrantsandcontributions
General revenues: Propertytaxes Paymentsinlieu of taxes Grantsandentitlements Capital donationsnot restricted Investmentearnings
Change infair valueofinvestments Miscellaneous

Totalrevenues

Expenses Programexpenses:
Instruction: Regular Special Vocational Other
Support services: Pupil Instructionalstaff Boardofeducation Administration Fiscal
Business

Operations and maintenance Pupil transportation
Central

Operation of non-instructionalservices: Foodserviceoperations
Other non-instructional services Extracurricular activities
Interest andfiscal charges

Totalexpenses

Changein net position

Net position atbeginningofyear

Governmental Activities 2024

$     1,986,740 2,084,540
-

38,613,020 6,097,061 6,046,031 85,000 1,441,681
495,022 186,848

57,035,943

20,981,857 4,888,005 28,932 910,731

3,889,487 3,082,267 34,351 4,420,285 1,612,535 50,712 4,214,838 2,490,728 260,864

916,619 766,519 1,979,030 2,415,260

52,943,020

4,092,923

27,660,684

Governmental Activities 2023

$      1,927,524 2,445,730 508,450

35,795,982 6,338,262 4,879,554 -
1,267,326

971,129 183,044

54,317,001

19,898,910 4,658,700 14,974 697,922

3,782,533 2,815,800 19,923 3,833,154 955,301 50,969 3,837,477 2,802,945 219,288

864,225 814,730 2,047,923 2,588,681

49,903,455

4,413,546

23,247,138

Net position at end of year	$ 31,753,607	$	27,660,684

10

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 (UNAUDITED)

Governmental Activities

Net position of the District’s governmental activities increased $4,092,923. Total governmental expenses of $52,943,020 were offset by program revenues of $4,071,280 and general revenuesof $52,964,663. Programrevenues supported 7.69% of the total governmental expenses.

Charges for services program revenues remained comparable to the prior year. Operating grants and contributions decreased primarily due to decreased federal grant funding including Elementary and Secondary School Emergency Relief (ESSER) funding. Capital grants and contributions decreased as the District received contributions for the Home of the Braves sports complex and a school safety grant in fiscal year 2023. During fiscal year 2024, the District received capital donations not restricted to specific programs.

The primary sourcesof revenue for governmental activities are derived from property taxes, payments in lieu of taxesandgrants and entitlements. These revenue sources represent 88.99% of total governmental revenue. Property tax revenue increased primarily due to the amount of taxes collected and available by the County Auditor as advance to the District at year-end. These amountsare reported asrevenueand canvary depending upon when tax billsaresent. Paymentsin lieu of taxes(PILOT)revenue consists of Sycamore Township Tax Increment Financing (TIF) payments which decreased slightly from the prior year. Unrestricted grants and entitlements, primarily in the form of State of Ohio Foundation support, increased from the prior year.

Earningsoninvestmentsincreaseddue to improved interestrates on applicableinvestments. GAAPrequirescertaininvestments to be reported at fair value rather than cost. Fluctuations in the fair value of investments are reported as an increase (decrease) in fair value of investments. The fair value of investments fluctuate as interest rates rise or fall over time. The District intends to hold all investments to maturity thus eliminating the risk of fluctuations in fair value.

Expenses of the governmental activities increased $3,039,565 or 6.09%. On an accrual basis, the District reported $535,617 and ($919,019) in OPEB expense for fiscal year 2024 and 2023, respectively. The increase in the OPEB expense from fiscal year 2023 to fiscal year 2024 was $1,454,636. In addition, the District saw an increase in operations and maintenance expense due primarily to the current construction and placement of facilities into operation.

$58,000,000

$56,000,000

$54,000,000

$52,000,000

$50,000,000

$48,000,000

$57,035,943

$52,943,020

$54,317,001

$49,903,455

$46,000,000

Fiscal Year 2024	Fiscal Year 2023

Expenses	Revenues

11

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 (UNAUDITED)

The statement of activities shows the cost of program services and the charges for services and grants offsetting those services. Thefollowingtable shows, forgovernmental activities, the total costof services and thenet cost ofservices. That is, it identifies the cost of these services supported by tax revenue and unrestricted State grants and entitlements.

Governmental Activities

Programexpenses Instruction:

Total Cost of Services 2024

Net Cost of Services 2024

Total Cost of Services 2023

Net Cost of Services 2023

Regular Special Vocational Other
Support services: Pupil Instructional staff
Board of education Administration Fiscal
Business

Operations and maintenance Pupil transportation
Central

Operations ofnon-instructional services Food service operations
Other non-instructional services Extracurricular activities
Interest and fiscal charges

Total expenses

$     20,981,857 4,888,005 28,932
910,731

3,889,487 3,082,267 34,351 4,420,285 1,612,535 50,712 4,214,838 2,490,728 260,864

916,619 766,519 1,979,030 2,415,260

$	52,943,020

$     20,527,381 4,252,986 28,932
656,996

3,729,748 2,976,866 34,351 4,233,160 1,431,661 50,712 4,204,998 2,451,325 260,864

104,628 101,161 1,410,711 2,415,260

$	48,871,740

$     19,898,910 4,658,700 14,974
697,922

3,782,533 2,815,800 19,923 3,833,154 955,301 50,969 3,837,477 2,802,945 219,288

864,225 814,730 2,047,923 2,588,681

$	49,903,455

$      18,949,756 3,916,617 14,974
591,866

3,693,991 2,762,293 19,923 3,760,810 779,586 50,969 3,604,201 2,708,166 219,288

216,844 152,107 991,679 2,588,681

$	45,021,751

The dependence upon tax and other generalrevenues for governmental activities is apparent, 94.99% of instruction activities are supported through taxes and other general revenues. For all governmental activities, general revenue support is 92.31%. The District’s taxpayers, as a whole, are by far the primary support for District’s students.

12

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 (UNAUDITED)

The graph below presents the District’s governmental activities revenue for fiscal years 2024 and 2023.

Governmental Activities - General and Program Revenues

$60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $10,000,000
$-

$52,964,663

$4,071,280

Fiscal Year 2024

$49,435,297

$4,881,704

Fiscal Year 2023

General Revenues

Program Revenues

The District’s Funds

The District’s governmental funds reported a combined fund balance of $32,670,525, which is less than last year’s total of $62,114,525. The schedule below indicates the fund balance and the total change in fund balance as of June 30, 2024 and 2023.

FundBalance June30,2024

FundBalance
June30,2023	 Change 

General BondRetirement Building OtherGovernmental
Total

$       22,128,582 7,088,016 2,878,575 575,352
$	32,670,525

$       23,791,814 6,723,928 30,823,698 775,085
$	62,114,525

$	(1,663,232) 364,088
(27,945,123) (199,733)
$	(29,444,000)

THIS SPACE INTENTIONALLY LEFT BLANK

13

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 (UNAUDITED)

General Fund

The District’s general fund balance decreased $1,663,232 from June 30, 2023. The table that follows assists in illustrating the financial activities of the general fund.

2024	2023
 Amount 	 Amount 
Revenues

Increase (Decrease)

Percentage
 Change 

Property taxes

Payments in lieu of taxes Earnings on investments Increase (decrease) in fair
value of investments Intergovernmental Other revenues

Total

Expenditures Instruction Support services
Operation of non-instructional services Extracurricular activities
Facilities acquisition and construction Capital outlay
Debt service

Total

$ 32,573,075 6,097,061 432,738

529,796 5,994,177 888,473

$ 46,515,320

$ 25,363,210 18,253,630 86,532 1,088,086 1,903,086
-1,168,233

$ 47,862,777

$ 30,135,106 6,338,262 410,664

(32,459) 4,933,004
942,361

$ 42,726,938

$ 23,295,645 16,794,469 48,400 1,002,643 1,488,985
-715,069

$ 43,345,211

$	2,437,969 (241,201)
22,074

562,255 1,061,173
(53,888)

$	3,788,382

$     2,067,565 1,459,161 38,132 85,443 414,101
-453,164

$	4,517,566

8.09 % (3.81) % 5.38 %

1,732.20 % 21.51 % (5.72) %

8.87 %

8.88 % 8.69 % 78.79 % 8.52 % 27.81 % (100.00) % 63.37 %

10.42 %

Overall general fund revenues increased $3,788,382 or 8.87%.

Property tax revenue increased primarily due to increased collections and an increase in the amount of taxes collected and available by the County Auditor as advance to the District at year-end. These amounts are reported as revenue and can vary depending upon when tax bills are sent. State of Ohio Foundation support, which is reported as intergovernmental revenue, increased from the prior year. Although the fair value of District investments improved, the District intends to hold all investments to maturity thus eliminating the risk of fluctuations in fair value.

Overall general fund expenditures increased $4,517,566 or 10.42%. Instruction expenditures increased primarily in the area of regular instruction due to normal and customary wage and benefit increases. Support services expenditures increased primarily in fiscal services due to the implementation of a new early retirement incentive program. Facilities and acquisition and construction remained comparable to the prior year as the District completed the energy improvement project in fiscal 2024.

General Fund Budgeting Highlights

The District’s budget is prepared according to Ohio law and is based on accounting for certain transactions on a basis of cash receipts, disbursements and encumbrances. The most significant budgeted fund is the general fund.

For the general fund, original and final budgeted revenues and other financing sources were $44,500,000 and $45,550,000, respectively. Actual revenues and other financing sources for fiscal 2024 were $45,041,603, which was $508,397 less than the final budget estimates.

General fund original appropriations (appropriated expenditures and other financing uses) were $44,230,289 and final appropriations were $47,230,289. The actual budget basis expenditures and other financing uses for fiscal 2024 totaled $47,151,228, which was$79,061 less than the final budgeted appropriations. The primary area of increase from the final budget to actual expenses wasin the areaof regularandother instruction asthe District conservatively budgeted in the original and final budgets.

14

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 (UNAUDITED)

Capital Assets and Debt Administration

Capital Assets

At the end of fiscal 2024, the District had $132,522,617 invested in land, construction in progress, land improvements, buildings and improvements, furnitureandequipment,vehicles and intangiblerightto use lease equipment. Thisentire amount isreported in governmental activities. The following table shows fiscal 2024 balances compared to the fiscal 2023 balances:

Capital Assets at June 30 (Net of Depreciation)

	Governmental Activities	

Land

Construction in progress Land improvements Buildings and improvements Furniture and equipment Vehicles
Intangible right to use: Lease equipment Computer software

Total

2024

$          501,523 89,861,719 2,564,315 37,494,316 449,881 1,590,443

32,745 27,675

$ 132,522,617

2023

$          501,523 63,300,134 2,114,745 36,121,389 223,349 1,719,748

96,324 3,275

$ 104,080,487

Total increase to capital assets for 2024 was $28,442,130. This is due to additions of $30,947,127 being more than total depreciation expense of $2,504,997.

See Note 9 to the basic financial statements for additional information on the District’s capital assets.

Debt Administration

The District had general obligation bonds, lease obligations, and financed purchase notes payable outstanding at June 30, 2024. Of thistotal, $4,194,802 isduewithin oneyear and $83,275,000 isdue in greater than oneyear. Thefollowing tablesummarizes the debt outstanding.

Outstanding Debt, at Year End

Governmental Activities 2024

Governmental Activities 2023

General obligation bonds Lease obligations
Financed purchase notes payable

Total

$ 74,900,000 34,802 12,535,000

$ 87,469,802

$ 78,080,000 80,205 13,233,534

$ 91,393,739

The District’s debt activity is detailed in Note 11 to the basic financial statements.

15

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 (UNAUDITED)

Current Financial Related Activities

The District's current financial story is one of fiscal stability, and that is a result of our community’s investment in our schools and our Board of Education's commitment to operate in a fiscally responsible manner.

Due to the passage of the combined bond/levy in May 2021, work is now underway for our District to address the serious and substantial needswithinourbuildings. The bondis a 30-yearfinancial commitment that will generate approximately$77 million for our facilities. An updated modern Middle School was constructed on the site of the former Middle School. Anew wing was completed at the Elementary School that will house a STEM lab, orchestra, band, choir, foreign language and art rooms as well as a gymnasium. A new entrance and multiple renovations were completed at the Primary School that updated security, light, and mechanical equipment as well as creating and refreshing learning areas and the cafeteria. All areas were opened for staff and students in fiscal year 2024.

In August2021, theIndian HillSchoolDistricthadaverysuccessfulsaleof $71.450 millionof AAAratedtax exemptbonds. The bonds were very well received in the market, receiving roughly $110 million in orders. Interest rates in the market were near all-time lows, allowing the school district to achieve an interest rate of 2.316%. Due to inflation on materials and labor, the District was faced with an overage near $10 million. Instead of cutting the scope of the project, the District will receive an additional $10millionfromWebster Bank inOctober of 2022to complete the project asdesigned. Thisagreement will be a lease/purchase agreement with an interest rate of 3.75%.

Property valuation in the District increased by an average of 30 percent. The District saw revenue growth on the inside millage portion of the assessed property taxes. In addition, the District adjusted their tax collection rate to 20 mills, which puts the District at its minimum collectable rate. Being at the twenty-mill floor would mean that the District would receive revenue growth relative to the growth of property value in future assessments.

A collective bargaining agreement was negotiated and accepted by both the Indian Hill Educator’s Professional Organization (IHEPO) and the Indian Hill Board of Education. This agreement is for the school years 2026-2028.

TheDistrictwillcontinueto lookfor opportunitiesto providecostsavingstoourstakeholdersinallthatwedo asanorganization. The District continues to look to maintain a balanced budget; our financial outlook is stable; our focus is to continue to provide our stakeholders the excellence they expect and deserve and doing so in a fiscally responsible manner.

Contacting the District’s Financial Management

This financial report is designed to provide our citizens, taxpayers, and investors and creditors with a general overview of the District’s finances and to show the District’s accountability for the money it receives. If you have questions about this report or need additional financial information contact Mr. Michael W. Davis, Treasurer, Indian Hill Exempted Village School District, 6855 Drake Road, Cincinnati, Ohio 45243.

16

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

STATEMENT OF NET POSITION JUNE 30, 2024

Assets:

Equity in pooled cash and investments Cash in segregated accounts Receivables:
Property taxes

Payment in lieu of taxes Accounts
Accrued interest Intergovernmental
Prepayments Net OPEB asset Capital assets:
Nondepreciable capital assets Depreciable capital assets, net Capital assets, net
Total assets

Deferred outflows of resources: Pension
OPEB

Total deferred outflows of resources

Liabilities: Accounts payable Contracts payable Retainage payable
Accrued wages and benefits payable Early retirement incentive payable Intergovernmental payable
Pension and postemployment benefits payable Settlement payable
Accrued interest payable Matured bonds payable Deposits held and due to others Long-term liabilities:
Due within one year

Due in more than one year: Net pension liability
Net OPEB liability

Other amounts due in more than one year Total liabilities

Deferred inflows of resources:

Property taxes levied for the next fiscal year

Payment in lieu of taxes levied for the next fiscal year Pension
OPEB

Total deferred inflows of resources

Net position:

Net investment in capital assets Restricted for:
Capital projects OPEB
State funded programs Food service operations Extracurricula
Unrestricted (deficit)

Governmental Activities

$                 24,932,664 42,756

38,850,554 6,267,128 46,771 113,307 53,070 31,592 2,921,400

90,363,242 42,159,375 132,522,617 205,781,859

8,925,403 1,362,850 10,288,253

277,429 463,523 1,001,667 3,980,236 330,000 84,083 620,794 118,048 231,092 28,492 7,604

4,412,244

39,993,898 2,263,378 94,082,060 147,894,548

23,146,385 6,267,128 2,543,301 4,465,143 36,421,957

44,920,478

2,673,819 2,921,400 24,964 133,388 314,681
(19,235,123)

Total net position	 $	31,753,607 

SEE ACCOMPANYING NOTES TO THE BASIC FINANCIAL STATEMENTS

17

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

STATEMENT OF ACTIVITIE

FOR THE FISCAL YEAR ENDED JUNE 30, 2024

Net (Expense) Revenue and Changes in
Program Revenues	Net Position

Governmental activities: Instruction:

Charges for Expenses	Services and Sales

Operating Grants and Contributions

Governmenta Activities

Regular Special Vocational Other
Support services: Pupil Instructional staff
Board of education Administration Fiscal
Business

Operations and maintenance Pupil transportation
Central

Operation of non-instructional services Food service operations
Other non-instructional services Extracurricular activities
Interest and fiscal charges

$	20,981,857	$ 4,888,005
28,932 910,731

3,889,487 3,082,267 34,351 4,420,285 1,612,535 50,712 4,214,838 2,490,728 260,864

916,619 766,519 1,979,030
2,415,260

390,267	$ 71,398
--

---
163,154 180,874 -
9,840 --

660,845 -510,362
-

64,209	$ 563,621
-253,735

159,739 105,401 -
23,971 ---
39,403 -

151,146 665,358 57,957
-

(20,527,381) (4,252,986) (28,932) (656,996)

(3,729,748) (2,976,866) (34,351) (4,233,160) (1,431,661) (50,712) (4,204,998) (2,451,325) (260,864)

(104,628) (101,161) (1,410,711)
(2,415,260)

Totals	 $	52,943,020   $	1,986,740   $	2,084,540 	(48,871,740)

General revenues: Property taxes levied for:
General purposes Debt service
Payments in lieu of taxes

Grants and entitlements not restricted to specific programs
Capital donations not restricted to specific programs
Investment earnings

Increase in fair value of investments Miscellaneous
Total general revenues

Change in net position

Net position at beginning of year

Net position at end of year

32,709,161 5,903,859 6,097,061

6,046,031

85,000 1,441,681 495,022 186,848 52,964,663

4,092,923

27,660,684

 $	31,753,607 

SEE ACCOMPANYING NOTES TO THE BASIC FINANCIAL STATEMENTS

18

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

BALANCE SHEET GOVERNMENTAL FUNDS JUNE 30, 2024

General Assets:

Bond Retiremen

Nonmajor Governmental
Building	Funds

Total Governmental Funds

Equity in pooled cash and investments Cash in segregated accounts Receivables:
Property taxes
Payment in lieu of taxes Accounts
Accrued interest Interfund loans Intergovernmental
Prepayments

$     15,060,908 42,756

32,824,553 6,267,128 9,979 113,307 34,949
-31,592

$       4,858,016 -

6,026,001 ------

$	4,343,073	$ -

--
692 ----

670,667 -

--
36,100 --
53,070 -

$     24,932,664 42,756

38,850,554 6,267,128 46,771 113,307 34,949 53,070 31,592

Total assets	 $	54,385,172   $	10,884,017   $	4,343,765   $	759,837   $	70,372,791 

Liabilities:

Accounts payable Contracts payable Retainage payable
Accrued wages and benefits payable Compensated absences payable Early retirement incentive payable Intergovernmental payable
Pension and postemployment benefits payable Settlement payable
Interfund loans payable Deposits held and due to others Matured bonds payabl
Total liabilities

Deferred inflows of resources:

Property taxes levied for the next fiscal year Payment in lieu of taxes levied for
the next fiscal year

Delinquent property tax revenue not available Intergovernmental revenue not available Accrued interest not available
Total deferred inflows of resources

Fund balances: Nonspendable:
Prepaids Restricted:
Debt service

Capital improvements Food service operations Non-public schools State funded programs Extracurricular
Assigned:

Student instruction Student and staff support Extracurricular activities
Facilities acquisition and construction Other purposes
Unassigned (deficit)

Total fund balances

$	254,087 --
3,916,151 110,269 330,000 83,189 606,363 118,048
-7,604
28,492 5,454,203

19,520,000

6,267,128 924,553
-90,706
26,802,387

31,592

------

28,900 700,813 938 7,573 81,909
21,276,857

22,128,582

$	-------------

3,626,385

-169,616 -
-3,796,001

-

7,088,016 -----

------

7,088,016

$		-	$ 463,523
1,001,667 ---------
1,465,190

-

-----

-

-2,878,575 -
---

------

2,878,575

23,342 --
64,085 --
894 14,431 -34,949 -
-137,701

-

--
46,784 -46,784

-

-149,103 133,388 14,967 9,997 314,681

-----
(46,784)

575,352

$          277,429 463,523 1,001,667 3,980,236 110,269 330,000
84,083 620,794 118,048 34,949 7,604 28,492 7,057,094

23,146,385

6,267,128 1,094,169 46,784 90,706 30,645,172

31,592

7,088,016 3,027,678 133,388 14,967 9,997 314,681

28,900 700,813 938 7,573 81,909
21,230,073

32,670,525

Total liabilities, deferred inflows and fund balances  $	54,385,172   $	10,884,017   $	4,343,765   $	759,837   $	70,372,791 

SEE ACCOMPANYING NOTES TO THE BASIC FINANCIAL STATEMENTS

19

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES TO NET POSITION OF GOVERNMENTAL ACTIVITIES JUNE 30, 2024

Total governmental fund balances	$	32,670,525

Amounts reported for governmental activities on the statement of net position are different because:

Capital assets used in governmental activities are not financial

resources and therefore are not reported in the funds.	132,522,617

Other long-term assets are not available to pay for current-
period expenditures and therefore are deferred inflows in the funds. Property taxes receivable
Accrued interest receivable Intergovernmental receivable Total

$	1,094,169 90,706 46,784
1,231,659

Unamortized premiums on bonds issued are not recognized in the funds.

Accrued interest payable is not due and payable in the current period and therefore is not reported in the funds.

(8,225,236)

(231,092)

The net pension/OPEB assets & liabilities are not due and payable in the current period; therefore, the assets, liabilities and related deferred inflows/outflows are not reported in governmental funds.
Deferred outflows - pension Deferred inflows - pension Net pension liability Deferred outflows - OPEB Deferred inflows - OPEB Net OPEB asset
Net OPEB liability Total

Long-term liabilities, including bonds payable, are not due and payable in the current period and therefore are not reported in the funds.
General obligation bonds Leases
Financed purchase notes payable Compensated absences
Total

8,925,403 (2,543,301)
(39,993,898) 1,362,850
(4,465,143) 2,921,400 (2,263,378)

(74,900,000) (34,802) (12,535,000) (2,688,997)

(36,056,067)

(90,158,799)

Net position of governmental activities	$	31,753,607

SEE ACCOMPANYING NOTES TO THE BASIC FINANCIAL STATEMENTS

20

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2024

General Revenues:

Bond Retiremen

Nonmajor Governmenta
Building	Funds

Total Governmenta Funds

Property taxes

Payment in lieu of taxes Intergovernmental Investment earnings Tuition and fees Extracurricular
Rental income Charges for services
Contributions and donations Miscellaneous
Increase (decrease) in fair value of investments

Total revenues

$     32,573,075       $ 6,097,061 5,994,177
432,738 420,370 46,779 9,840
-46,000
365,484 529,796
46,515,320

5,883,718	$ -
171,168 --------
6,054,886

-	$ -
140,000 940,201 -
----
2,238 (34,774)
1,047,665

--
1,625,160 17,962
-668,032 -660,845 166,896 11,503 -
3,150,398

$     38,456,793 6,097,061 7,930,505 1,390,901 420,370 714,811
9,840 660,845 212,896 379,225 495,022
56,768,269

Expenditures: Current:
Instruction: Regular Special Vocational Other
Support services: Pupil Instructional staff
Board of education Administration Fiscal
Business

Operations and maintenance Pupil transportation
Central

Operation of non-instructional services: Food service operations
Other non-instructional services Extracurricular activities
Facilities acquisition and construction Debt service:
Principal retirement Interest and fiscal charges
Total expenditures

Excess of revenues over (under) expenditures

Other financing sources (uses): Transfers in
Transfers (out)

Total other financing sources (uses)

Net change in fund balances

Fund balances at beginning of year

20,208,884 4,469,314 13,792 671,220

3,734,834 2,844,356 34,411 4,113,703 1,532,814 50,712 3,503,324 2,175,590 263,886

-86,532
1,088,086 1,903,086

743,937 424,296 47,862,777

(1,347,457)

-(315,775) (315,775)

(1,663,232)

23,791,814

----

----
78,454 ----

----

3,180,000 2,432,344 5,690,798

364,088

---

364,088

6,723,928

----

----
4,229 ----

---
28,988,559

--
28,992,788

(27,945,123)

---

(27,945,123)

30,823,698

12,609 397,372 -253,735

106,077 106,520 -257,985 -
----

781,651 680,169 762,972 306,816

--
3,665,906

(515,508)

315,775 -315,775

(199,733)

775,085

20,221,493 4,866,686 13,792 924,955

3,840,911 2,950,876 34,411 4,371,688 1,615,497 50,712 3,503,324 2,175,590 263,886

781,651 766,701 1,851,058 31,198,461

3,923,937 2,856,640 86,212,269

(29,444,000)

315,775 (315,775)
-

(29,444,000)

62,114,525

Fund balances at end of year	 $	22,128,582   $	7,088,016   $	2,878,575   $	575,352   $	32,670,525 

SEE ACCOMPANYING NOTES TO THE BASIC FINANCIAL STATEMENTS

21

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED JUNE 30, 2024

Net change in fund balances - total governmental funds	$	(29,444,000)

Amounts reported for governmental activities in the statement of activities are different because:

Governmental funds report capital outlays as expenditures. However, i
the statement of activities, the cost of those assets are allocated over their estimated useful lives as depreciation expense.
Capital asset additions Current year depreciation Total

$	30,947,127 (2,504,997)
28,442,130

Revenues in the statement of activities that do not provide current financial resources are not reported as revenues in the funds.
Property taxes
Earnings on investments Intergovernmental
Total

156,227 68,742 42,705
267,674

Repayment of bond, note, financed-purchases, and lease principal is an expenditure in the governmental funds, but the repayment reduces
long-term liabilities on the statement of net position.	3,923,937

In the statement of activities, interest is accrued on outstanding bonds, whereas in governmental funds, an interest expenditure is reported when due. The following items resulted in additional interest being reported in the statement of activities:
Decrease in accrued interest payable Amortization of bond premiums Total

Contractually required contributions are reported as expenditures in governmental funds; however, the statement of net position reports these amounts as deferred outflows.
Pension OPEB Total

Except for amounts reported as deferred inflows/outflows, changes in the net pension/OPEB liability/asset are reported as pension/OPEB expense in the statement of activities.
Pension OPEB Total

16,793 424,587

3,803,179 95,597

(3,662,489) 535,617

441,380

3,898,776

(3,126,872)

Some expenses reported in the statement of activities, such as compensated absences, do not require the use of current financial resources and
therefore are not reported as expenditures the governmental funds.	(310,102)

Change in net position of governmental activities	$	4,092,923

SEE ACCOMPANYING NOTES TO THE BASIC FINANCIAL STATEMENTS

22

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 1 - DESCRIPTION OF THE SCHOOL DISTRICT

The Indian Hill Exempted Village School District (the “District”) is located in Hamilton County, including all of the City of the Village of Indian Hill, Ohio, and portions of surrounding townships. The District serves an area of approximately 23 square miles.

The District was established in 1936 through the consolidation of existing land areas and school districts. The District is organized under Sections 2 and 3, Article VI of the Constitution of the State of Ohio. Under such laws, there is no authority for a school district to have a charter or adopt local laws. The legislative power of the school district is vested in the Board of Education, consisting of five members elected at large for staggered four-year terms.

The District was originally chartered by the Ohio State Legislature. In 1853, State laws were enacted to create local Boards of Education. Today, the District operates under current standards prescribed by the Ohio State Board of Education as provided in division (D) of Section 3301.07 and Section 119.09 of the Ohio Revised Code.

The District operates under a locally elected five-member Board form of government and provides educational services as mandated by State and/or federal agencies. This Board controls the District’s instructional and support facilities staffed by 218 certified teaching and administrative personnel and 103 classified personnel to provide services to 2,200 students and other community members.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The basic financial statements of the District have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The District’s significant accounting policies are described below.

A. Reporting Entity

The reporting entity has been defined in accordance with GASB Statement No. 14, “The Financial Reporting Entity” as amended by GASB Statement No. 39, “Determining Whether Certain Organizations Are Component Units” and GASB Statement No. 61, “The Financial Reporting Entity: Omnibus an amendment of GASB StatementsNo. 14 and No.34”. Thereporting entity iscomposedof theprimary government andcomponentunits. The primary government consists of all funds, departments, boards and agencies that are not legally separate from the District. For the District, this includes general operations, food service, and student related activities of the District.

Component units are legally separate organizations for which the District is financially accountable. The District is financially accountable for an organization if the District appoints a voting majority of the organization’s Governing Board and (1) the District is able to significantly influence the programs or services performed or provided by the organization; or (2) the District is legally entitled to or can otherwise access the organization’s resources; or (3) the District is legally obligated or has otherwise assumed the responsibility to finance the deficits of, or provide financial support to, the organization; or (4) the District is obligated for the debt of the organization. Component units may also include organizations that are fiscally dependent on the District in that the District approves the budget, the issuance of debt or the levying of taxes. Certain organizations are also included as component units if the nature and significance of the relationship between the primary government and the organization is such that exclusion by the primary government would render the primary government’s financial statements incomplete or misleading. Based upon the application of these criteria, the District has no component units. The basic financial statements of the reporting entity include only those of the District (the primary government).

23

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)

JOINTLY GOVERNED ORGANIZATION

Hamilton Clermont Cooperative
The District is a participant in the Hamilton Clermont Cooperative (HCC) which is a computer consortium. HCC is an association of 31 public school districts within the boundaries of Hamilton and Clermont Counties. The organization was formed for the purpose of applying modern technology (with the aid of computers and other electronicequipment) to administrativeand instructionalfunctionsamongmember schooldistricts. TheGoverning Board of HCC consists of the superintendents and/or treasurers of the participating districts. HCC is not accumulatingsignificantfinancialresourcesnor isitexperiencing fiscalstressthatmay causean additionalfinancial benefit to or burden on members in the future. Financial information can be obtained from the HCC Board of Education, David Downs, Executive Director, at 1007 Cottonwood Drive, Loveland, Ohio 45140.

PUBLIC ENTITY RISK POOL

Southwest Ohio Organization of School Health
In prior fiscal years the District joined together with Kings Local School District, Lebanon City School District, Milford Exempted Village School District, Northwest Local School District, Southwest Local School District, Winton Woods City School District and the Forest Hills Local School District and West Clermont Local School District (collectively, the “Members”) to establish aregionalcouncil of governments, organized under Chapter 167 of the Ohio Revised Code, known as the Southwest Ohio Organization of School Health (SWOOSH). The purpose of the SWOOSH is to maximize benefits and/or reduce costs of medical, prescription drugs, vision, dental, life and/or other group insurance coverage for the Members’ employees and the eligible dependents and designated beneficiaries of such employees.

The SWOOSH is governed by a Board of Directors (Board). Each Member is represented on the Board by its superintendent or his/her designee. In addition, any Member that exceeds five hundred total employees enrolled in a policy shall appoint a second representative to the Board. No Member may have more than two voting representatives. Thefiscalagent for SWOOSHistheHamilton County EducationalServiceCenter (HCESC). The Treasurerof theForestHillsLocalSchoolDistrict, AlanaCropper, servesasthePresidentof SWOOSH. TheBoard approvesallbenefitprogramsto beoffered by orthroughtheSWOOSHand allpoliciesandcontractsto beaccepted or entered into by the SWOOSH. The Board also sets or determines all premiums and other amounts to be paid by Members. The Board also has the authority to waive premiums and other payments.

Membersassume no liability beyond thepaymentofany dues, fees, or cooperativecostsassessed by theSWOOSH and any contractual obligations for agreements entered into between the Member and the SWOOSH. Members do not assume liability for the debts of the SWOOSH and any Member withdrawing from the SWOOSH forfeits any claimto the cooperative’sassets. No Membermay withdrawduring the first twoyears after joining theSWOOSH. After thefirst two yearsof membership, a Membermay withdrawat the endof any fiscalyearby providingwritten notice of its intent to withdraw to the Board by March 1 of such fiscal year. Upon withdrawal from the SWOOSH, a school district may not become a Member again for two years and until it has fully complied with the criteria and procedures for membership established by the Board. Financial information for the SWOOSH can be obtained from Alana Cropper, Treasurer ofthe Forest HillsLocal School District at 7946 BeechmontAve., Cincinnati,Ohio 45255.

In January 2017, SWOOSH offered health insurance through Anthem Blue Cross Blue Shield on a self-insured basis. Each SWOOSH member district retains its own plan, but the self-funding is an aggregate of the estimated claims and reserve build. All other insurance benefit offerings remain on a fully insured basis.

24

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)

B. Fund Accounting

TheDistrictusesfundsto maintain itsfinancialrecordsduring theyear. Afund isdefinedasafiscalandaccounting entity with a self-balancing set of accounts. There are three categories of funds: governmental, proprietary and fiduciary.

GOVERNMENTAL FUNDS

Governmental funds are those through which most governmental functions typically are financed. Governmental fund reporting focuses on the sources, uses and balances of current financial resources. Expendable assets are assigned tothevariousgovernmental fundsaccordingto thepurposesforwhich they may or mustbeused. Current liabilities and deferred inflows of resources are assigned to the fund from which they will be paid. The difference between governmental fund assets and deferred outflows of resources and liabilities and deferred inflows of resources is reported as fund balance.

The following are the District’s major governmental funds:

Generalfund- Thisfund isused toaccountforand reportallfinancialresourcesnotaccounted forandreported in another fund. The general fund balance is available for any purpose provided it is expended or transferred according to the general laws of Ohio.

Bond Retirement Fund – Thisfund isused to account forthe accumulationofrestricted resourcesandpayment of general obligation bond and note principal, interest and related costs.

Building fund - This fund is used to accounts for debt proceeds that are restricted for acquiring or improving capital facilities, including real property.

Other governmental funds of the District are used to account for:

Nonmajor special revenue funds - Special revenue funds are used to account for and report the proceeds of specific revenue sources that are restricted or committed to expenditure for specified purposes other than debt service or capital projects.

Nonmajor capital projects funds - Capital projects funds are used to account for and report financial resources that are restricted, committed, or assigned to expenditure for capital outlays, including the acquisition or construction of capital facilities and other capital assets.

PROPRIETARY FUNDS

Proprietary funds are used to account for the District’s ongoing activities which are similar to those often found in the private sector. The District has no proprietary funds.

FIDUCIARY FUNDS

Fiduciary fund reporting focuses on net position and changes in net position. The fiduciary fund category is split into four classifications:pension trustfunds,investmenttrustfunds,privatepurposetrustfundsandcustodialfunds. Trust fundsaredistinguished fromcustodial fundsby theexistenceof a trust agreementor equivalent arrangements that have certain characteristics. Custodial funds are used to report fiduciary activities that are not required to be reported in a trust fund. The District has no fiduciary funds.

25

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)

C. Basis of Presentation and Measurement Focus

Government-Wide Financial Statements - The statement of net position and the statement of activities display information about the District as a whole. These statements include the financial activities of the primary government.

Thegovernment-widestatementof activitiespresentsa comparison between directexpensesandprogramrevenues for each function or program of the governmental activities of the District. Direct expenses are those that are specifically associated with a service, program or department and therefore clearly identifiable to a particular function. Program revenues include amounts paid by the recipient of goods or services offeredby the program and grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues not classified as program revenues are presented as general revenues of the District.

The government-wide financial statements are prepared using the economic resources measurement focus. All assets and deferred outflows of resources and all liabilities and deferred inflows of resources associated with the operation of the District are included on the statement of net position.

Fund Financial Statements - Fund financial statements report detailed information about the District. The focus of governmental fund financial statements is on major funds rather than reporting funds by type. Each major fund is presented in a separate column, and all nonmajor funds are aggregated into one column.

All governmental fundsare accounted for using a flowof currentfinancialresourcesmeasurementfocus. Withthis measurement focus, only current assets and deferred outflows of resources and current liabilities and deferred inflows of resources generally are included on the balance sheet. The statement of revenues, expenditures and changes in fund balances reports on the sources (i.e., revenues and other financing sources) and uses (i.e., expenditures and other financing uses) of current financial resources. This approach differs from the manner in which the governmental activities of the government-wide financial statements are prepared. Governmental fund financial statements therefore include reconciliations with brief explanations to better identify the relationship between the government-wide statements and the statements for governmental funds.

D. Basis of Accounting

Basisof accounting determineswhen transactionsare recorded in thefinancialrecordsand reported on thefinancial statements.	Government-wide financial statements are prepared using the accrual basis of accounting. Governmental funds use the modified accrual basis of accounting.

Revenues - Exchange and Nonexchange Transactions - Revenue resulting from exchange transactions, in which each party gives and receives essentially equal value, are recorded on the accrual basis when the exchange takes place. On a modified accrual basis, revenue is recorded in the fiscal year in which the resources are measurable and become available. Available means that the resources will be collected within the current fiscal year or are expected to be collected soon enough thereafter to be used to pay liabilities of the current fiscal year. For the District, available means expected to be received within sixty days of fiscal year end.

26

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)

Nonexchangetransactions, in whichtheDistrictreceivesvaluewithoutdirectlygiving equalvalueinreturn, include property taxes, grants, entitlements and donations. On anaccrual basis,revenue from property taxes is recognized in the fiscal year for which the taxes are levied (See Note 5). Revenue from grants, entitlements and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. Eligibility requirements include timing requirements, which specify the year when the resources are required to be used or the fiscal year when use is first permitted, matching requirements, in which the District must provide local resources to be used for a specified purpose, and expenditure requirements, in which the resources are provided to the District on a reimbursement basis. On a modified accrual basis, revenue from nonexchange transactions must also be available before it can be recognized.

Under the modified accrual basis, the following revenue sources are considered both measurable and available at fiscal year-end: property taxes available as an advance, interest, tuition, grants, student fees and rentals.

Deferred Outflows of Resources and Deferred Inflows of Resources - In addition to assets, the government-wide statement of net position will report a separate section for deferred outflows of resources. Deferred outflows of resources represent a consumption of net assets that applies to a future period and will not be recognized as an outflow of resources (expense/expenditure) until then. See Notes 13 and 14 for deferred outflows of resources related to net pension liability/asset and net OPEB liability/asset, respectively.

In addition to liabilities, both the government-wide statement of net position and the governmental fund financial statements report a separate section for deferred inflows of resources. Deferred inflows of resources represent an acquisition ofnetassetsthatappliesto afutureperiod and willnotberecognized asan inflowofresources(revenue) until that time. Deferred inflows of resources include property taxes, payments in lieu of taxes, and unavailable revenue. Property taxes and payments in lieu of taxes represent amounts for which there is an enforceable legal claim as of June 30, 2024, but which were levied to finance fiscal year 2025 operations. These amounts have been recorded as a deferred inflow of resources on both the government-wide statement of net position and the governmental fund financial statements. Unavailable revenue is reported only on the governmental funds balance sheet, and represents receivables which will not be collected within the available period. Unavailable revenue includes,but is not limitedto, delinquentproperty taxes and intergovernmental grants. These amountsare deferred and recognized as an inflow of resources in the period the amounts become available.

See Notes 13 and 14 for deferred inflows of resources related to net pension liability/asset and net OPEB liability/asset, respectively. These deferred inflows of resources are only reported on the government-wide statement of net position.

Expenses/Expenditures - On the accrual basis of accounting, expenses are recognized at the time they are incurred. The entitlement value of donated commodities received during the year is reported in the fund financial statements as an expenditure with a like amount reported as intergovernmental revenue.

The measurement focus of governmental fund accounting is on decreases in net financial resources (expenditures) rather than expenses. Expenditures are generally recognized in the accounting period in which the related fund liability is incurred, if measurable. Allocations of cost, such as depreciation and amortization, are not recognized in governmental funds.

27

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)

E. Budgets

The budgetary process is prescribed by provisions of the Ohio Revised Code and entails the preparation of budgetary documents within an established timetable. The major documents prepared are the tax budget, the certificate of estimated resources, and the appropriation resolution, all ofwhich areprepared onthebudgetarybasis of accounting. The certificate of estimated resources and the appropriations resolution are subject to amendment throughout the year with the legal restriction that appropriations cannot exceed estimated resources, as certified. All funds, other than custodial funds, are legally required to be budgeted and appropriated. The legal level of budgetary control has been established at the fund level for all funds. Any budgetary modifications at this level may only be made by resolution of the Board of Education.

Tax Budget:
Priorto January15, theSuperintendentandTreasurer submittotheBoardofEducation aproposed operating budget for the fiscal year commencing the following July 1. The budget includes proposed expenditures and the means of financing for all funds. Public hearingsare publicized and conducted toobtain taxpayers’ comments. The purpose of this budget document is to reflect the need for existing (or increased) tax rates. By no later than January 20, the Board-adopted budget is filed with Hamilton County Budget Commission for rate determination.

Estimated Resources:
By April 1, the Board of Education accepts, by formal resolution, the tax rates as determined by the Budget Commission and receives the Commission’s certificate of estimated resources, which states the projected revenue of each fund. Prior to July 1, the District must revise its budget so that total contemplated expenditures from any fundduring theensuing year willnotexceed theamountstated in thecertificateof estimated resources. Therevised budget then serves as the basis for the appropriation measure. On or about July 1, the certificate is amended to include any unencumbered cash balances from the preceding year. The certificate may be further amended during theyear if projectedincreasesordecreasesinrevenueareidentified by theDistrictTreasurer. Theamountsreported in the budgetary statements reflect the amounts from the certificate of amended resources that was in effect at the time the final appropriations were passed by the Board of Education.

Appropriations:
Upon receipt from the County Auditor of an amended certificate of estimated resources based on final assessed values and tax rates or a certificate saying no new certificate is necessary, the annual appropriation resolution is enacted by the Board of Education. Prior to the passage of the annual appropriation measure, the Board may pass a temporary appropriation measure to meet the ordinary expenses of the District. The appropriation resolution, at the fund level for all funds, must be within the estimated resources as certified by the County Budget Commission and the total of expenditures may not exceed the appropriation totals at any level of control. Any revisions that alter the level of budgetary control must be approved by the Board of Education.

The Board may pass supplemental fund appropriations so long as the total appropriations by fund do not exceed the amounts set forth in the most recent certificate of estimated resources. During the year, all supplemental appropriationswerelegallyenacted. Theappropriation resolution issubjectto amendmentby theBoard throughout the year with the restriction that appropriations may not exceed estimated revenues. The amounts reported as the originalbudgetamountsreflectthefirstappropriation for thatfund covered theentirefiscalyear, includingamounts automatically carriedover from prior year. The amountsreported as the final budgeted amountsrepresent the final appropriation amounts passed by the Board during the year.

Lapsing of Appropriations:
Atthecloseofeachfiscalyear, theunencumbered balanceof eachappropriationrevertsto therespectivefund from which it was appropriated and becomes subject to future appropriation. Encumbered appropriations are carried forward to the succeeding fiscal year and are not reappropriated.

28

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)

F. Cash and Investments

To improve cash management, cash received by the District is pooled in a central bank account. Monies for all funds are maintained in this pool. Individual fund integrity is maintained through the District’s records. Each fund’sinterestin thepoolispresented as“equity in pooled cashand investments”on thebasic financialstatements.

During fiscalyear 2024, investmentswerelimited toFederalHomeLoan Bank(FHLB) securities,FederalNational MortgageAssociation (FNMA) securities, FederalHomeLoan MortgageCorporation (FHLMC)securities, Federal Farm Credit Bank (FFCB) securities, negotiable certificates of deposit, U.S. Treasury notes, municipal bonds, commercial paper, U.S. Government money market mutual funds, and investment in the State Treasury Asset ReserveofOhio (STAROhio). Exceptfor investmentsin STAROhio,investmentsarereported atfair value, which is based on quoted market prices.

The District invested in STAR Ohio. STAR Ohio (the State Treasury Asset Reserve of Ohio), is an investment pool managed by the State Treasurer’s Office which allows governments within the State to pool their funds for investment purposes. STAR Ohio is not registered with the SEC as an investment company, but has adopted Governmental Accounting Standards Board (GASB), Statement No. 79, “Certain External Investment Pools and Pool Participants.” The District measures their investment in STAR Ohio at the net asset value (NAV) per share provided by STAR Ohio. The NAV per share is calculated on an amortized cost basis that provides an NAV per share that approximates fair value.

There were no limitations or restrictions on any participant withdrawals due to redemption notice periods, liquidity fees, or redemption gates. However, 24 hours notice in advance of all deposits and withdrawals exceeding $100 million is encouraged. STAR Ohio reserves the right to limit the transaction to $250 million, requiring the excess amount to be transacted the following business day(s), but only to the $250 million limit. All accounts of the participant will be combined for these purposes.

Under existing Ohio statutes all investment earnings are assigned to the general fund unless statutorily required to becredited toaspecificfund.TheBoard of Educationhas, by resolution, specified thefundsto receivean allocation of interest earnings. Interest revenue credited to the general fund during fiscal year 2024 amounted to $432,738, which includes $98,274 assigned from other District funds.

For presentation on the basic financial statements, investments of the cash management pool and investments with original maturities of three months or less at the time they are purchased by the District are considered cash equivalents. Investments with an initial maturity of more than three months are reported as investments. An analysis of the District’s investment account at fiscal year-end is provided in Note 4.

G. Inventory

On government-wide and fund financial statements, purchased inventories are presented at the lower of cost or market and donated commodities are presented at their entitlement value. Inventories are recorded on a first-in, first-out basis and are expensed when used. Inventories are accounted for using the consumption method.

On the fund financial statements, reported material and supplies inventory is equally offset by nonspendable fund balance in the governmental funds which indicates that it does not constitute available spendable resources even though it is a component of net current assets. Inventory consists of expendable supplies held for consumption, donated food and purchased food. At June 30, 2024, the District had no material consumable inventory.

29

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)

H. Capital Assets

General capital assets are those assets specifically related to governmental activities. These assets result from expenditures in the governmental funds. These assets are reported in the governmental activities column of the government-wide statement of net position, but are not reported in the fund financial statements.

All capital assets are capitalized at cost (or estimated historical cost) and updated for additions and retirements during theyear. Donatedcapital assetsare recorded at their acquisition valuesasof thedate received. The District follows the policy of not capitalizing assets with a cost of less than $5,000 and a useful life of less than one year. The District does not possess any infrastructure. Improvements are capitalized; the costs of normal maintenance and repairs that do not add to the value of the asset or materially extend an asset’s life are not.

All reported capital assets except land and construction in progress are depreciated/amortized. Improvements are depreciated over the remaining useful lives of the related capital assets. Depreciation/amortization is computed using the straight-line method over the following useful lives:

	Description	

Land improvements Buildings and improvements Furniture andequipment Vehicles
Intangible right to use: Lease assets

Governmental Activities
 Estimated Lives 

10- 30years 20 -40years 5 -20 years 5 -15years

3years

The District is reporting intangible right to use assets related to lease equipment. The intangible assets are being amortized in a systematic and rational manner over the shorter of the lease term or the useful life of the underlying asset.

I.	Compensated Absences

Compensated absences of the District consist of vacation leave and sick leave liability to the extent that payments to the employee for these absences are attributable to services already rendered and are not contingent on a specific event that is outside the control of the District and the employee.

Inaccordancewiththeprovisionsof GASB StatementNo. 16, “Accounting for Compensated Absences”,aliability for vacation leave is accrued if a) the employees’ rights to payment are attributable to services already rendered; andb)itisprobablethattheemployer willcompensatetheemployeesfor thebenefitsthrough paid timeofforother means, such as cash payment at termination or retirement. An accrual for earned sick leave is made to the extent that it is probable that the benefits will result in termination (severance) payments. A liability for sick leave is accrued using the vesting method; i.e., the liability is based on the sick leave accumulated at June 30, 2023, by thoseemployeeswho arecurrentlyeligibleto receivetermination(severance) payments, aswellasthoseemployees expected to become eligible in the future. For purposes of establishing a liability for sick leave on employees expected to become eligible to retire in the future, all employees over the age of fifty with at least ten years of service or any age with at least twenty years of service were considered expected to become eligible to retire in accordance with GASB Statement No. 16.

30

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)

The total liability for vacation and sick leave payments has been calculated using pay rates in effect at June 30, 2024, and reducedtothemaximumpaymentallowedby laborcontractand/orstatute, plusany applicableadditional salary related payments.

The entire compensated absence liability is reported on the government-wide financial statements.

For governmental fund financial statements, the current portion of unpaid compensated absences is the amount expectedtobepaid using expendableavailableresources. Theseamountsarerecordedintheaccount“compensated absences payable” in the fund from which the employees who have accumulated unpaid leave are paid. The noncurrent portion of the liability is not reported.

J. Interfund Balances

On fund financial statements, receivables and payables resulting from short-term interfund loans are classified as “interfund loans receivable/payable”. These amounts are eliminated in the governmental type activities columns of the statement of net position.

K. Accrued Liabilities and Long-Term Obligations

All payables, accrued liabilities, and long-term obligations are reported in the government-wide financial statements.

In general, governmental fund payables and accrued liabilities that, once incurred, are paid in a timely manner and in full from current financial resources are reported as obligations of the funds. However, compensated absences that will be paid from governmental funds are reported as a liability in the fund financial statements only to the extent that they are due for payment during the current year. Long-term bonds and lease-purchase agreements are recognized as a liability on the fund financial statements when due. Net pension/OPEB liability should be recognizedin thegovernmentalfundstotheextentthatbenefitpaymentsaredueand payableandthepension/OPEB plan’s fiduciary net position is not sufficient for payment of those benefits.

L. Unamortized Bond Premiums and Discounts/Accounting Gain or Loss

Bond premiums and discounts are amortized over the term of the bonds using the straight-line method. Bond premiumsarepresented asan additiontothefaceamountof thebonds. Bond discountsarepresented asareduction to the face amount of the bonds.

For advance refunding resulting in the defeasance of debt, the difference between the reacquisition price and the net carrying amount of the old debt is deferred and amortized as a component of interest expense. This accounting gain or loss is amortized over the remaining life of the old debt or the life of the new debt, whichever is shorter, and is presented as a deferred outflow of resources.

On the governmental fund financial statements, issuance costs, bond premiums, bond discounts, and deferred charges from refunding are recognized in the current period. The reconciliation between the bonds face value and the amount reported on the statement of net position is presented in Note 11.

31

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)

M. Fund Balance

Fund balance is divided into five classifications based primarily on the extent to which the District is bound to observe constraints imposed upon the use of the resources in the governmental funds. The classifications follow:

Nonspendable - The nonspendable fund balance classification includes amounts that cannot be spent because they arenotinspendableformorlegally required tobemaintained intact. The“notin spendableform”criterion includes items that are not expected to be converted to cash. It also includes the long-term amount of loans receivable.

Restricted - Fund balance is reported as restricted when constraints are placed on the use of resources that are either externally imposed by creditors (such as through debt covenants), grantors, contributors, or laws or regulations of other governments, or imposed by law through constitutional provisions or enabling legislation.

Committed -Thecommittedfundbalanceclassification includesamountsthatcan be usedonly forthespecific purposes imposed by a formal action (resolution) of the District Board of Education (the highest level of decisionmaking authority). Thosecommitted amountscannotbeusedforanyother purposeunlesstheDistrict Board of Education removes or changes the specified use by taking the same type of action (resolution) it employed to previously commit those amounts. Committed fund balance also incorporates contractual obligations to the extent that existing resources in the fund have been specifically committed for use in satisfying those contractual requirements.

Assigned - Amounts in the assigned fund balance classification are intended to be used by the District for specific purposes, but do not meet the criteria to be classified as restricted nor committed. In governmental funds other than the general fund, assigned fund balance represents the remaining amount that is not restricted or committed. In the general fund, assigned amounts represent intended uses established by policies of the DistrictBoard of Education,whichincludesgiving theTreasurer theauthority toconstrain moniesforintended purposes.

Unassigned - Unassigned fund balance is the residual classification for the general fund and includes all spendable amounts not contained in the other classifications. In other governmental funds, the unassigned classification is only used to report a deficit fund balance resulting from overspending for specific purposes for which amounts had been restricted, committed, or assigned.

The District applies restricted resources first when expenditures are incurred for purposes for which restricted and unrestricted (committed, assigned, and unassigned) fund balance is available. Similarly, within unrestricted fund balance, committed amounts are reduced first followed by assigned, and then unassigned amounts when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used.

N. Net Position

Net position represents the difference between assets and deferred outflows and liabilities and deferred inflows. The net position component “net investment in capital assets,” consists of capital assets, net of accumulated depreciation, reduced by the outstanding balances of any borrowing used for the acquisition, construction or improvementof those assets. Deferred outflowsof resourcesanddeferred inflowsofresourcesthat areattributable to the acquisition, construction or improvement of those assets or related debt also should be included in this componentof netposition. Netpositionisreported asrestricted when thereare limitationsimposedonitsuseeither through the enabling legislation adopted by the District or through external restrictions imposed by creditors, grantors or laws or regulations of other governments.

32

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)

The District applies restricted resources first when an expense is incurred for purposes for which both restricted and unrestricted net position is available.

O. Prepayments

Certain payments to vendors reflect the costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements. These items are reported as assets on the balance sheetusing theconsumption method. Acurrentassetfortheprepaidamountsisrecorded atthetimeofthepurchase and the expenditure/expense is reported in the year in which services are consumed.

At fiscal year-end, because prepayments are not available to finance future governmental fund expenditures, the fund balance is considered nonspendable in an amount equal to the carrying value of the asset on the fund financial statements.

P. Estimates

Thepreparation ofthebasicfinancialstatementsin conformitywith GAAPrequiresmanagementto makeestimates andassumptionsthat affect theamountsreported in the basic financial statementsand accompanying notes. Actual results may differ from those estimates.

Q. Budget Stabilization Arrangement

The District has established a budget stabilization reserve in accordance with authority established by State law. Additions to the budget stabilization reserve can only be made by formal resolution of the Board of Education. Expenditures out of the budget stabilization reserve can only be made to offset future budget deficits. At June 30, 2024, the balance in the budget stabilization reserve was $97,976. This amount is included in an unassigned fund balance of the general fund and in unrestricted net position on the statement of net position.

R. Interfund Activity

Exchange transactions between funds are reported as revenues in the seller funds and as expenditures/expenses in the purchaser funds. Flows of cash or goods from one fund to another without a requirement for repayment are reported as interfund transfers. Interfund transfers are reported as other financing sources/uses in governmental funds. Repayments from funds responsible for particular expenditures/expenses to the funds that initially paid for them are not presented on the basic financial statements. Interfund activity between governmental funds is eliminated in the statement of activities.

S. Pensions/Other Postemployment Benefits (OPEB)

For purposes of measuring the net pension/OPEB liability, net OPEB asset, deferred outflows of resources and deferred inflows of resources related pensions/OPEB, and pension/OPEB expense, information about the fiduciary net position of the pension/OPEB plans and additions to/deductions from their fiduciary net position have been determined on the same basis as they are reported by the pension/OPEB plan. For this purpose, benefit payments (including refundsof employee contributions) are recognizedwhen due and payable in accordance with the benefit terms. The pension/OPEB plans report investments at fair value.

33

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)

T. Parochial Schools

Within the District boundaries, All Saints, St. Vincent Ferrer, Springs East Montessori, Cincinnati Country Day, and Yavneh Day schools operate as parochial schools. Current State legislation provides funding to these schools. These monies are received and disbursed on behalf of the schools by the Treasurer of the District, as directed by the school. The receipt and expenditure of these State monies by the District are reflected in a nonmajor governmental fund for financial reporting purposes because the District has administrative involvement in the disbursement of the monies.

U. Extraordinary and Special Items

Extraordinaryitemsare transactionsor eventsthat are bothunusual in nature and infrequent in occurrence. Special items are transactions or events that are within the control of the Board of Education and that are either unusual in nature or infrequent in occurrence. Neither type of transaction occurred during fiscal year 2024.

V. Fair Value Measurements

The District categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1inputsare quoted prices inactivemarketsfor identical assets; Level 2inputsaresignificantother observable inputs; Level 3 inputs are significant unobservable inputs.

NOTE 3 - ACCOUNTABILITY AND COMPLIANCE

A. Change in Accounting Principles

Forfiscalyear 2024, theDistrict"hasimplemented certain paragraphsfromGASBImplementation GuideNo. 2021-1, certain paragraphs of GASB Statement No. 99, “Omnibus 2022”, GASB Statement No. 100, “Accounting Changesand Error Corrections -anamendment ofGASB Statement No.62” and Implementation Guide No.2023-1.

GASB Implementation Guide 2021-1 provides clarification on issues related to previously established GASB guidance. The implementation of GASB Implementation Guide 2021-1 did not have an effect on balances previously report by the District.

GASB Statement No. 99 is to enhance comparability in accounting and financial reporting and to improve the consistency of authoritative literature by addressing (1) practice issues that have been identified during implementationandapplicationof certain GASBStatementsand(2) accountingand financialreporting forfinancial guarantees. The implementation of GASB Statement No. 99 did not have an effect on the financial statements of the District.

GASB Statement No. 100 is to enhance accounting and financial reporting requirements for accounting changes and error corrections to provide more understandable, reliable, relevant, consistent, and comparable information for making decisions or assessing accountability. The implementation of GASB Statement No. 100 did not have an effect on the financial statements of the District.

GASB Implementation Guide 2023-1 provides clarification on issues related to previously established GASB guidance. The implementation of GASB Implementation Guide 2023-1 did not have an effect on the financial statements of the District.

34

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 3 - ACCOUNTABILITY AND COMPLIANCE - (Continued)

B. Deficit Fund Balances

Fund balances at June 30, 2024 included the following individual fund deficits:

Nonmajor governmental funds IDEAPart B
Title I
SupportingEffective Instruction
Title IV-A, Student Support andAcademic Enrichment

Deficit $ 43,047
1,044 493 2,200

$ 46,784

The general fund is liable for any deficit in these funds and provides transfers when cash is required, not when accruals occur. The deficit fund balances resulted from adjustments for accrued liabilities.

NOTE 4 - DEPOSITS AND INVESTMENTS

State statutes classify monies held by the District into three categories.

Activedepositsarepublicdepositsnecessary to meetcurrentdemandson thetreasury. Such moniesmustbemaintained either ascash in theDistricttreasury, incommercialaccountspayableor withdrawableondemand, includingnegotiable order of withdrawal (NOW) accounts, or in money market deposit accounts.

Inactive deposits are public depositsthat theBoard of Educationhasidentifiedasnotrequired for usewithinthe current five-year period of designation of depositories. Inactive deposits must either be evidenced by certificates of deposit maturing not later than the end of the current period of designation of depositories, or by savings or deposit accounts including, but not limited to, passbook accounts.

Interim deposits are deposits of interim monies. Interim monies are those monies which are not needed for immediate use, but which will be needed before the end of the current period of designation of depositories.

Interim deposits must be evidenced by time certificates of deposit maturing not more than one year from the date of deposit or by savings or deposit accounts including passbook accounts.

Interim monies may be deposited or invested in the following securities:

1. United StatesTreasury Notes, Bills,Bonds,or any other obligation or securityissued by theUnited StatesTreasury or any other obligation guaranteed as to principal and interest by the United States;

2. Bonds, notes, debentures, or any other obligations or securities issued by any federal government agency or instrumentality, including, but not limited to, the Federal National Mortgage Association, Federal Home Loan Bank, Federal Farm Credit Bank, Federal Home Loan Mortgage Corporation, and Government National Mortgage Association.	All federal agency securities shall be direct issuances of federal government agencies or instrumentalities;

3. Written repurchase agreementsin the securitieslisted above provided that the marketvalue ofthe securitiessubject to therepurchaseagreementmustexceed theprincipalvalueof theagreementby atleasttwo percentand bemarked to market daily, and that the term of the agreement must not exceed thirty days;

35

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 4 - DEPOSITS AND INVESTMENTS - (Continued)

4. Bonds and other obligations of the State of Ohio, and with certain limitations including a requirement for maturity within ten years from the date of settlement, bonds and other obligations of political subdivisions of the State of Ohio, if training requirements have been met;

5. Time certificates of deposit or savings or deposit accounts including, but not limited to, passbook accounts;

6. No-load money market mutual funds consisting exclusively of obligations described in division (1) or (2) and repurchase agreements secured by such obligations, provided that investments in securities described in this division are made only through eligible institutions;

7. The State Treasurer's investment pool, the State Treasury Asset Reserve of Ohio (STAR Ohio); and,

8. Certain bankers’ acceptances for a period not to exceed one hundred eighty days) and commercial paper notes (for a period not to exceed two hundred seventy days) in an amount not to exceed 40 percent of the interim monies available for investment at any one time if training requirements have been met.

Protection of the deposits is provided by the Federal Deposit Insurance Corporation (FDIC), by eligible securities pledged by the financial institution as security for repayment, or by the financial institutions participation in the Ohio Pooled Collateral System (OPCS), a collateral pool of eligible securities deposited with a qualified trustee and pledged to the Treasurer of State to secure the repayment of all public monies deposited in the financial institution.

Investments in stripped principal or interest obligations, reverse repurchase agreements and derivatives are prohibited. The issuance of taxable notes for the purpose of arbitrage, the use of leverage and short selling are also prohibited. Except as noted above, an investment must mature within five years from the date of purchase unless matched to a specific obligation or debt of the District, and must be purchased with the expectation that it will be held to maturity. Investments may only be made through specified dealers and institutions. Payment for investments may be made only upon delivery of the securities representing the investments to the Treasurer or, if the securities are not represented by a certificate, upon receipt of confirmation of transfer from the custodian.

A. Cash in Segregated Accounts

At June 30, 2024, the District has $42,756 in separate depository accounts for a flexible spending account (FSA), fundraising, scholarship, and miscellaneous funds held separate from the District’s internal investment pool. The balance of these depository accounts are included in “deposits with financial institutions” below.

36

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 4 - DEPOSITS AND INVESTMENTS - (Continued)

B. Deposits with Financial Institutions

At June 30, 2024, the carrying amount of all District deposits was $1,056,900. Based on the criteria described in GASB Statement No. 40, “Deposits and Investment Risk Disclosures”, as of June 30, 2024, $761,724 of the District’s bank balance of $1,291,375 was collateralized by the OPCS while $529,651 was covered by FDIC.

Custodial credit risk is the risk that, in the event of bank failure, the District will not be able to recover deposits or collateral securities that are in the possession of an outside party. The District has no deposit policy for custodial credit risk beyond the requirements of State statute. Ohio law requires that deposits either be insured or protected by (1) eligible securitiespledged to the District and deposited with a qualified trustee by the financial institution as security for repayment whose fair value at all times shall be at least 105 percent of the deposits being secured, or (2) participation in the Ohio Pooled Collateral System (OPCS), a collateral pool of eligible securities deposited with aqualified trusteeandpledgedto theTreasurerof State tosecuretherepaymentof allpublic moniesdeposited in the financial institution. OPCS requires the total fair value of the securities pledged to be 102 percent of the deposits being secured or a rate set by the Treasurer of State. For 2024, the District’s financial institutions were approved for a collateral rate of 102 percent through the OPCS. Although all statutory requirements for the deposit of money had been followed, noncompliance with Federal requirements could potentially subject the District to a successful claim by the FDIC.

C. Investments

As of June 30, 2024, the District had the following investments and maturities:

Investment Maturities

Measurement/ Investment type:
Fair Value:

Measurement
	Value	

6 months or	7 to 12
	less	          months 

13 to 18	19 to 24
 months 	 months 

Greater than
 24 months 

FHLB FNMA FHLMC FFCB
U.S. TreasuryNotes Negotiable CDs Commerical paper Municipal bonds
U.S. government money market mutual funds
Amortized Cost: STAR Ohio

Total

$      3,309,112 1,657,219 818,238 394,090 7,205,480 1,328,173 1,537,801 244,488

386,070

7,037,849

$ 23,918,520

$        247,818 $ 1,492,150
--
192,416 590,117 1,537,801 244,488

386,070

7,037,849

$ 11,728,709 $

486,826 $ -
--
24,471 247,851 -
-

-

-

759,148 $

487,179 165,069 568,979 -292,406 -
--

-

-

1,513,633

$	924,492 $ -
--
142,841 242,973 -
-

-

-

$ 1,310,306 $

1,162,797 -
249,259 394,090 6,553,346 247,232
--

-

-

8,606,724

The weighted average maturity of investments is 1.64 years.

The District’s investment in the U.S. Government money market mutual fund is valued using quoted market prices in activemarkets(Level 1inputs).TheDistrict'sinvestmentsin federalagency securities(FHLB,FNMA, FHLMC, FFCB), negotiable certificates of deposit, U.S. Treasury notes, municipal bonds, and commercial paper are valued using quoted prices in markets that are not considered to be active, dealer quotations or alternative pricing sources for similar assets or liabilities for which all significant inputs are observable, either directly or indirectly (Level 2 inputs).

37

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 4 - DEPOSITS AND INVESTMENTS - (Continued)

Interest Rate Risk: Interest rate risk arises because potentialpurchasersof debt securities will not agree to pay face value for those securities if interest rates subsequently increase. The Ohio Revised Code generally limits security purchases to those that mature within five years of the settlement date. The District’s investment policy addresses interest raterisk byrequiring the consideration ofcashflowrequirementsand market conditionsin determining the term of an investment, and limiting investment portfolio maturities to five years or less.

Credit Risk: The federal agency securities and U.S. Treasury notes were rated AA+/AAA and Aaa by Standard & Poor’s and Moody’s Investor Services, respectively. Commercial paper investments were rated A-1 and A-1+ by Standard & Poor’s and P-1 by Moody’s Investor Services. The municipal bonds were rated AA and AAA by Standard & Poor’s and Aa2 and Aaa by Moody’s Investor Services. Standard & Poor’s has assigned STAR Ohio and the U.S. Government money market mutual fund an AAAm money market rating. Ohio Law requires that STAR Ohio maintain the highest rating provided by at least one nationally recognized standard rating service. The District has no investment policy dealing with credit risk.

Custodial Credit Risk: For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty, the District will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. The federal agency securities, municipal bonds, and the U.S. Treasury notesare exposed to custodial credit risk in that they are uninsured, unregistered and held by the counterparty’s trust department or agent, but not in the District’s name. The District has no investment policy dealing with investment custodial risk beyond the requirement in State statute that prohibits payment for investments prior to the delivery of the securities representing such investments to the Treasurer or qualified trustee.

Concentration of Credit Risk: The District’s investment policy addresses concentration of credit risk by requiring investments to be diversified in order to reduce the risk of loss resulting from the over concentration of assets in a specific type of security, the erosion of fair value, or by default. However, the District’s investment policy does not place any limit on the amount that may be invested in any one issuer.

The following table includes the percentage of each investment type held at June 30, 2024:

Measurement/ Investment type:

Fair Value:

Measurement

Value	% of Total

FHLB FNMA FHLMC FFCB
U.S. Treasury Notes Negotiable CDs Commerical paper Municipal bonds
U.S. government money market mutual funds
Amortized Cost: STAR Ohio

Total

$     3,309,112                     13.84 1,657,219                       6.93 818,238                       3.42 394,090                       1.65 7,205,480                     30.13 1,328,173                       5.55 1,537,801                       6.43 244,488                       1.02

386,070	1.61

7,037,849	29.42

$ 23,918,520	100.00

38

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 4 - DEPOSITS AND INVESTMENTS - (Continued)

D. Reconciliation of Cash and Investments to the Statement of Net Position

The following is a reconciliation of cash and investments as reported in the note disclosure above to cash and investments as reported on the statement of net position as of June 30, 2024:

Cash and investments per note disclosure Carrying amount of deposits Investments

Total

Cash and investments per statement of net position Governmental activities

$          1,056,900 23,918,520

$	24,975,420

$	24,975,420

NOTE 5 - PROPERTY TAXES

Property taxes are levied and assessed on a calendar year basis while the District fiscal year runs from July through June. First half tax collections are received by the District in the second half of the fiscal year. Second half tax distributions occur in the first half of the following fiscal year.

Property taxes include amounts levied against all real property and public utility property. Real property tax revenues received in calendar year 2024 represent the collection of calendar year 2023 taxes. Real property taxes received in calendar year 2024 were levied after April 1, 2023, on the assessed values as of January 1,2023, the lien date.Assessed values for real property taxes are established by State statute at 35 percent of appraised fair value. Real property taxes are payable annually or semiannually. If paid annually, payment is due December 31; if paid semiannually, the first paymentisdueDecember 31, with theremainder payableby June20. Under certain circumstances, Statestatutepermits alternate payment dates to be established. Public utility property tax revenues received in calendar year 2024 represent the collection of calendar year 2023 taxes. Public utility real and personal property taxes received in calendar year2024 became a lien on December 31, 2022, were levied after April 1, 2023, and are collected with real property taxes. Public utility real property is assessed at 35 percent of true value; public utility tangible personal property is currently assessed at varying percentages of true value.

The District receives property taxes from Hamilton County. The County Auditor periodically advances to the District its portion of the taxes collected. Second-half real property tax payments collected by the County by June 30, 2024, are available to finance fiscal year 2024 operations. The amount available as an advance at June 30, 2024 and 2023 were:

Major governmentalfunds: Generalfund
Bond retirement fund

June 30, 2024 

$12,380,000 2,230,000

June 30, 2023 

$11,640,000 2,175,000

The amount of second-half real property taxes available for advance at fiscal year-end can vary based on the date the tax bills are sent.

39

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 5 - PROPERTY TAXES - (Continued)

Accrued property taxes receivable includes real property, public utility property and delinquent tangible personal property taxes which are measurable as of June 30, 2024 and for which there is an enforceable legal claim. Although total property tax collections for the next fiscal year are measurable, only the amount of real property taxes available as an advance at June 30 was levied to finance current fiscal year operations and is reported as revenue at fiscal year end. The portion of the receivable not levied to finance current fiscal year operations is offset by a credit to deferred inflows of resources.

On theaccrualbasisofaccounting, collectibledelinquentpropertytaxeshavebeen recordedasareceivableand revenue, while on a modified accrual basis of accounting the revenue has been reported as a deferred inflow of resources.

The assessed values upon which the fiscal year 2024 taxes were collected are:

2023 Second Half Collections

2024 First Half Collections

	Amount	       Percent	      Amount	         Percent

Agricultural/residential

and other real estate Public utilitypersonal

Total

$      1,378,845,510        98.73 17,780,340         1.27

$	1,396,625,850	100.00

$       1,789,816,140         98.89 20,050,000           1.11

$	1,809,866,140	100.00

Tax rate per $1,000 of assessed valuation for:

General operations Bond retirement

$ 45.38                                 45.38 4.15                                   3.35

NOTE 6 - PAYMENT IN LIEU OF TAXES

In accordance with State law, Sycamore Township (the “Township”) has entered into tax increment financing (TIF) agreements. Under these agreements, the Township redirects, but does not abate, payments in lieu of taxes (PILOT) received on the incremental increase in the value of the property to help finance infrastructure improvements. The property owners’ contractual promise to make these PILOT payments generally continues until the costs of the improvement have been paid or the agreement expires, whichever occurs first. Future development by those owners or others may result in subsequent agreements to make PILOT payments. The Township has agreed to compensate the District with a portion of the collected PILOT, which amounted to $6,097,061 during fiscal year 2024.

40

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 7 - RECEIVABLES

Receivables at June 30, 2024 consisted of taxes, payments in lieu of taxes, accounts, accrued interest, and intergovernmental grants and entitlements. All receivables are considered collectible in full due to the ability to foreclose for the nonpayment of taxes, the stable condition of State programs, and the current year guarantee of Federal funds.

A summary of the principal items of receivables reported on the statement of net position follows:

Governmental activities:

Property taxes

Payments in lieu of taxes Accounts
Accrued interest Intergovernmental

Total

$ 38,850,554 6,267,128 46,771 113,307 53,070

$ 45,330,830

Receivables have been disaggregated on the face of the basic financial statements. All receivables are expected to be collected within the subsequent year.

NOTE 8 - OTHER COMMITMENTS

The District utilizes encumbrance accounting as part of its budgetary controls. Encumbrances outstanding at year end may be reported aspart of restricted, committed, or assigned classifications of fund balance. At year end, the District’s commitments for encumbrances in the governmental funds, excluding amounts already reported in payables, were as follows:

 Year-End 

Fund General fund
Building fund
Nonmajor governmental funds

Total

$	704,338

2,909,445 43,184

$ 3,656,967

41

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 9 - CAPITAL ASSETS

Capital asset activity for the fiscal year ended June 30, 2024, was as follows:

Governmental activities:

Capital assets, not being depreciated/amortized:

Balance

 06/30/23 	 Additions 	 Deductions 

Balance

 06/30/24 

Land	$	501,523 $	- $	- $	501,523

Construction in progress

Total capital assets, not being depreciated/amortized

Capital assets, being depreciated/amortized: Intangible right-to-use:
Lease equipment Computer software
Land improvements Buildings and improvements Equipment and furniture Vehicles
Total capital assets, being depreciated/amortized

Less: accumulated depreciation/amortization:

Intangible right-to-use: Lease equipment Computer software
Land improvements Buildings and improvements Equipment and furniture Vehicles
Total accumulated depreciation/amortization

63,300,134 63,801,657

149,526 9,823 5,994,904 72,010,628 7,509,627 4,070,872 89,745,380

(53,202) (6,548) (3,880,159) (35,889,239) (7,286,278) (2,351,124)
(49,466,550)

30,485,869 30,485,869

-36,986
769,885 3,154,399 325,206 99,066

4,385,542

(63,579) (12,586) (320,315) (1,781,472) (98,674) (228,371)
(2,504,997)

(3,924,284) (3,924,284)

(18,542) (9,823)
----

(28,365)

18,542 9,823 -
---
28,365

89,861,719 90,363,242

130,984 36,986 6,764,789 75,165,027 7,834,833 4,169,938

94,102,557

(98,239) (9,311) (4,200,474) (37,670,711) (7,384,952) (2,579,495)
(51,943,182)

Total capital assets, net	$ 104,080,487 $ 32,366,414 $	(3,924,284) $ 132,522,617

Depreciation/amortization expense was charged to governmental functions as follows:

Instruction: Regular Special Vocational

Support services: Pupil Instructional staff Administration
Operations and maintenance Pupil Transportation

Operation of non-instructional services: Food service operations
Other non-instructional services

Extracurricular activities

Total depreciation/amortization expense

$ 1,053,859 76,042 15,140

38,957 172,048 107,075 296,586 454,881

134,968 1,129

154,312

$ 2,504,997

42

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 10 - FINANCED PURCHASE NOTES PAYABLE

The District has entered into the following arrangements for the financed purchase of capital assets:

During fiscal year 2021, the District entered into a financed purchase agreement with Santander Bank for $473,858 to financetheacquisitionof fiveschoolbuses. Thesourceof revenue to fund theprincipaland interestpaymentsisderived from general operating revenues of the District.

On December 10, 2020, the District entered into a financed purchase agreement with Capital One Public Funding, LLC to financeenergyimprovementsto Districtfacilities. Thetotalamountof thefinancedpurchasenotepayableagreement is $3,700,000. The financed purchase note payable agreement bears an interest rate of 1.660% with the final payment due December 1, 2032. In conjunction with the financed purchase note payable agreement, the District entered into an Escrow Agreement with TMI Trust Company (TMI) on December 10, 2020. The proceeds of the financed purchase note payable agreement were deposited with TMI and construction costs are paid by the escrow agent. During fiscal 2024, final disbursements were made from the escrow account and the balance of the monies held by TMI as escrow agent at June 30, 2024 was zero. The source of revenue to fund the principal and interest payments is derived from general operating revenues of the District.

On October 26, 2022, the District entered into a financed purchase agreement with Webster Bank to finance various improvements to District facilities. The total amount of the financed purchase note payable agreement is $10,000,000. The financed purchase note payable agreement bears an interest rate of 3.25% with the final payment due December 1, 2042. Proceeds from the financed purchase note payable and related issuance costs were reported in the building fund. The source of revenue to fund the principal and interest payments is derived from general operating revenues of the District.

Financed purchase notes payable payments are reported as function expenditures on a budgetary basis. However, on a GAAP basis, these payments have been reclassified and are reported as debt service expenditures in the general fund. During fiscal year 2024, the District made principal and interest payments of $698,534 and $422,547, respectively, on the agreements. A liability in the amount of the present value of minimum lease payments has been recorded on the statement of net position. Capital assets consisting of vehicles and building improvements have been capitalized in the amount of $473,858 and $3,154,399, respectively.

Principal and interest requirements to retire the financed purchase notes payable outstanding at June 30, 2024 are as follows:

Financed Purchase Notes Payable

 Fiscal Year 	 Principal 	 Interest 	 Total	

2025 2026 2027 2028 2029
2030-2034 2035-2039 2040-2043

Total

$	655,000	$ 670,000 690,000 710,000 730,000
3,645,000 2,800,000 2,635,000

$	12,535,000	$

401,404 382,778 363,599 343,776 323,308 1,284,990 764,090 202,032

4,065,977

$	1,056,404 1,052,778 1,053,599 1,053,776 1,053,308 4,929,990 3,564,090 2,837,032

$	16,600,977

43

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 11 - LONG-TERM OBLIGATIONS

During fiscal year 2024, the following activity occurred in the governmental activities long-term obligations.

Governmental activities:

General Obligation Bonds:

Balance
 06/30/23 	 Increases 

Balance
 Decreases 	 06/30/24 

Amount Due Within
 One Year 

Series 2016 - refunding Unamortized premium
Series 2021 - school improvement Unamortized premium

Total general obligation bonds

Other Long-Term Obligations: Financed purchase notes payable Leases payable
Net pension liability Net OPEB liability Compensated absences

Total other long-term obligations

$	8,290,000 $ 628,498
69,790,000 8,021,325

86,729,823

13,233,534 80,205 39,741,467 1,967,167 2,378,895

57,401,268

- $ -
--

-

--
252,431 296,211 522,219

1,070,861

(1,455,000) $ (142,302)
(1,725,000) (282,285)

(3,604,587)

(698,534) (45,403)
--
(101,848)

(845,785)

6,835,000 $ 486,196
68,065,000 7,739,040

83,125,236

12,535,000 34,802 39,993,898 2,263,378 2,799,266

57,626,344

1,595,000 -1,910,000 -

3,505,000

655,000 34,802 -
-217,442

907,244

Total governmental activities	$ 144,131,091 $	1,070,861 $	(4,450,372) $ 140,751,580 $	4,412,244

General Obligation Bonds
All bonds are general obligations of the District, for which its full faith and credit is pledged for repayment.

Series 2016 General Obligation Refunding Bonds
On September 14, 2016, the District issued Series 2016 General Obligation Refunding Bonds (Series 2016 Refunding Bonds) to advance refund the callable portion of the Series 2006 Refunding Bonds (principal $15,015,000; interest rate of 4.00% to 4.75%). Issuance proceeds of $15,332,019 were used to purchase securities which were placed in an irrevocable trust to provide resources for all future debt service payments on the refunded debt. This refunded debt is considered defeased (in-substance) and accordingly, has been removed from the statement of net position.

The Series 2016 Refunding Bonds are comprised of current interest bonds, par value $13,940,000. The interest rate on the current interest bonds range from 2.00% to 5.00%.

The reacquisition price exceeded the net carrying amount of the old debt (including unamortized deferred changes and unamortized premiums) by $541,394. This amount is being netted against the new debt and amortized over the remaining life of the refunded debt, which is equal to the life of the new debt issued.

44

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 11 - LONG-TERM OBLIGATIONS - (Continued)

Paymentsofprincipal and interestrelatingto theSeries2016RefundingBondsarerecorded asexpendituresinthebond retirement fund. Interest paymentson the current interest bonds are due on June 1 and December 1 each year. The final maturitystated intheissueisDecember 1, 2027. Principalandinterestrequirementsto retiretheSeries2016 Refunding Bonds outstanding at June 30, 2024 are as follows:

	Current Interest Bonds - Series 2016	

 Fiscal Year 	 Principal 	 Interest 	 Total	

2025	$ 1,595,000 2026                 1,680,000 2027                 1,725,000 2028                 1,835,000

Total	$ 6,835,000

$     175,463 114,587 72,025 25,231

$	387,306

$ 1,770,463 1,794,587 1,797,025 1,860,231

$ 7,222,306

Series 2021 School Facilities Construction and Improvement Bonds
On August 12, 2021, the District issued $71,450,000 of Series 2021 School Improvement Bonds to retire the Series 2021 School Facilities Construction and Improvement Bond Anticipation Notes. This issue is comprised of general obligation serial bonds ($55,610,000) and term bonds ($15,840,000) bonds with interest rates ranging from 2.00% to 4.00%. The bonds were issued at a premium of $8,397,692. The Series 2021 School Improvement Bonds were issued for the purpose of constructing, adding to, renovating, remodeling, furnishing, equipping and otherwise improving school district buildings and facilities, and acquiring, clearing, equipping and otherwise improving school district building and facility sites and retiring the Series 2021 Outstanding Notes previously issued for such purpose.

Interest payments on the general obligation bonds are due on June 1 and December 1 each year. The final maturity stated in the issue is December 1, 2051. Payments of principal and interest relating to the Series 2021 School Improvement Bonds are recorded as expenditures in the bond retirement fund.

The future debt service requirements for retirement of the Series 2021 School Facilities Construction and Improvement bonds follows:

	Current Interest Bonds - Series 2021	

 Fiscal Year 	 Principal 	 Interest 	 Total	

2025 2026 2027 2028 2029
2030-2034

$	1,910,000 1,985,000 2,065,000 2,265,000 1,740,000 9,815,000

$	 2,107,931 2,030,032 1,949,032 1,862,431 1,782,330 7,787,156

$       4,017,931 4,015,032 4,014,032 4,127,431 3,522,330 17,602,156

2035-2039 2040-2044 2045-2049 2050-2053

11,475,000 12,675,000 14,260,000 9,875,000

6,209,904 4,989,205 3,299,219 602,700

17,684,904 17,664,205 17,559,219 10,477,700

Total	$ 68,065,000	$ 32,619,940	$ 100,684,940

45

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 11 - LONG-TERM OBLIGATIONS - (Continued)

Leases payable
The District has entered into a lease agreement for the right-to-use lease equipment. In accordance with GASB Statement No. 87, the District will report an intangible capital asset and corresponding liability for the future scheduled payments under the leases. The lease payments will be paid from the general fund.

The District has entered into the following lease agreement for the right-to-use equipment:

Purpose

Copiers

Lease	Lease Commencement                                         End
	Date	     	Years	      	Date	

2022	3	2025

Payment

 Method 

Monthly

The following is a schedule of future lease payments under the lease agreements:

 Fiscal Year   Principal 	 Interest 	     Total	

2025	$	34,802 $	478 $	35,280

Financed Purchase Notes Payable
Thefinancedpurchasenotespayableisbeing repaid fromthegeneralfund. SeeNote10 for moredetailon theDistrict’s financed purchases agreements.

Net Pension Liability
More information on the District’s net pension liability information can be found in Note 13. The District pays obligations related to employee compensation from the fund benefitting from their service.

Net OPEB Liability/Asset
Moreinformation on theDistrict’snetOPEBliabilityinformation can befound inNote14. TheDistrictpaysobligations related to employee compensation from the fund benefitting from their service.

Compensated Absences
Compensated absences will be paid out of the fund from which the employee is paid, primarily the general fund.

Legal Debt Margins
TheOhio Revised Codeprovidesthatvotednetgeneralobligation debt of the District shall neverexceed9%of the total assessed valuation of the District. The Code further provides that unvoted indebtedness shall not exceed 1/10 of 1% of the property valuation of the District. The Code additionally states that unvoted indebtedness related to energy conservation debt shall not exceed 9/10 of 1% of the property valuation of the District. The assessed valuation used in determining the District’s legal debt margin has been modified by House Bill 530 which became effective March 30, 2006. In accordance with House Bill 530, the assessed valuation used in the District’s legal debt margin calculation excluded tangible personal property used in business, telephone or telegraph property, interexchange telecommunications company property, and personal property owned or leased by a railroad company and used in railroad operations. The effects of these debt limitations at June 30, 2024, are a voted debt margin of $95,075,969 (including available funds of $7,088,016) and an unvoted debt margin of $1,809,866.

46

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 12 - RISK MANAGEMENT

The District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees and natural disasters. During the fiscal year, the District contracted with The Ohio SchoolPlan for general liability insurancewith a$11,000,000singleoccurrenceand a$13,000,000 aggregate. Property insurance carries a $1,000 deductible.

The bus fleet and maintenance vehicles are insured by The Ohio School Plan with a $1,000 deductible and $11,000,000 limit per occurrence.

Effective January 1, 2012, the District joined the Southwest Ohio Organization of School Health (SWOOSH), a public entity risk pool, to provide medical, prescription drugs, vision, dental, life and/or other group insurance (see Note 2.A for detail). Each member district retains its own plan, but the overall health insurance plan is self-funded. All other insurance benefit offerings remain on a fully insured basis.

Post-retirement health care is provided to plan participants or their beneficiaries through the respective retirement systems discussed in Note 14. As such, no funding provisions are required by the District.

NOTE 13 - DEFINED BENEFIT PENSION PLANS

The Statewide retirement systems provide both pension benefits and other postemployment benefits (OPEB).

Net Pension Liability/Net OPEB Liability/Asset

The net pension liability and the net OPEB liability/asset reported on the statement of net position represents a liability or asset to employees for pensions and OPEB, respectively.

Pensions andOPEB are a component of exchange transactions–betweenan employer and its employees–of salaries and benefits for employee services. Pensions/OPEB are provided to an employee–on a deferred-payment basis–as part of the total compensation package offered by an employer for employee services each financial period. The obligation to sacrifice resources for pensions is a present obligation because it was created as a result of employment exchanges that already have occurred.

The net pension/OPEB liability (asset) represent the District’s proportionate share of each pension/OPEB plan’s collective actuarial present value of projected benefit payments attributable to past periods of service, net of each pension/OPEBplan’sfiduciary net position. The net pension/OPEB liability (asset) calculation is dependent on critical long-term variables, including estimated average life expectancies, earnings on investments, cost of living adjustments and others. While these estimates use the best information available, unknowable future events require adjusting these estimates annually.

The Ohio Revised Code limits the District’s obligation for this liability to annually required payments. The District cannot control benefit terms or the manner in which pensions/OPEB are financed; however, the District does receive the benefit of employees’ services in exchange for compensation including pension and OPEB.

GASB 68/75 assumes the liability is solely the obligation of the employer, because (1) they benefit from employee services; and (2) State statute requires funding to come from these employers. All pension contributions to date have comesolely fromtheseemployers(which also includespension costspaidin theformof withholdingsfromemployees). The retirement systems may allocate a portion of the employer contributions to provide for these OPEB benefits. In addition, health careplan enrolleespay aportion of thehealth care costsin theformof amonthlypremium. Statestatute requires the retirement systems to amortize unfunded pension liabilities within 30 years. If the pension amortization period exceeds 30 years, each retirement system’s board must propose corrective action to the State legislature. Any resulting legislative change to benefits or funding could significantly affect the net pension/OPEB liability (asset). Resulting adjustments to the net pension/OPEB liability (asset) would be effective when the changes are legally enforceable. The Ohio Revised Code permits, but does not require, the retirement systems to provide healthcare to eligible benefit recipients.

47

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 13 - DEFINED BENEFIT PENSION PLANS - (Continued)

The remainder of this note includes the required pension disclosures. See Note 14 for the required OPEB disclosures.

The proportionate share of each plan’s unfunded benefits is presented as a long-term net pension/OPEB liability (asset) on the accrual basis of accounting. Any liability for the contractually required pension contribution outstanding at the end of the year is included in pension and postemployment benefits payable on both the accrual and modified accrual bases of accounting.

Plan Description - School Employees Retirement System (SERS)

Plan Description- TheDistrict’snon-teachingemployeesparticipatein SERS, acost-sharingmultiple-employerdefined benefit pension plan administered by SERS. SERS provides retirement, disability and survivor benefits, annual cost-of-living adjustments, and death benefits to plan members and beneficiaries. Authority to establish and amend benefits is provided by Ohio Revised Code Chapter 3309. SERS issues a publicly available, stand-alone financial report that includes financial statements, required supplementary information and detailed information about SERS’ fiduciary net position. That report can be obtained by visiting the SERS website at www.ohsers.org under Employers/Audit Resources.

Age and service requirements for retirement are as follows:

Eligible to Retire on orbefore
August 1,2017*

Eligible to Retire after
August 1,2017

Fullbenefits

Actuarially reduced benefits

Any age with 30years ofservice credit

Age 60with 5years ofservice credit; or

Age 55with 25years ofservice credit

Age 67with 10years ofservice credit; or Age 57with 30years ofservice credit

Age 62with 10years ofservice credit; or

Age 60with 25years ofservice credit

* Members with 25years ofservice credit as ofAugust 1,2017willbe included in this plan.

Annual retirement benefits are calculated based on final average salary multiplied by a percentage that varies based on years of service; 2.2% for the first thirty years of service and 2.5% for years of service credit over 30. Final average salary is the average of the highest three years of salary.

An individual whose benefit effective date is before April 1, 2018, is eligible for a cost-of-living adjustment (COLA) on the first anniversary date of the benefit. Beginning April 1, 2018, new benefit recipients must wait until the fourth anniversary of their benefit for COLA eligibility. The COLA is added each year to the base benefit amount on the anniversary date of the benefit. A three-year COLA suspension was in effect for all benefit recipients for the years 2018, 2019, and 2020. Upon resumption of the COLA, it will be indexed to the percentage increase in the CPI-W, not to exceed 2.5% and with a floor of 0%. In 2023, the Board of Trustees approved a 2.5% cost-of-living adjustment (COLA) for eligible retirees and beneficiaries in 2024.

Funding Policy - Plan members are required to contribute 10.00% of their annual covered salary and the District is requiredto contribute14.00%ofannualcovered payroll. Thecontribution requirementsof planmembersandemployers are established and may be amended by the SERS’ Retirement Board up to statutory maximum amounts of 10.00% for plan members and 14.00% for employers. The Retirement Board, acting with the advice of the actuary, allocates the employer contribution rate among four of the System’s funds (Pension Trust Fund, Death Benefit Fund, Medicare B Fund, and Health Care Fund). For the fiscal year ended June 30, 2024, the allocation to pension, death benefits, and Medicare B was 14.00%. For fiscal year 2024, the Retirement Board did not allocate any employer contribution to the Health Care Fund.

48

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 13 - DEFINED BENEFIT PENSION PLANS - (Continued)

The District’scontractually required contribution to SERS was $813,644 for fiscal year 2024. Of this amount, $60,399 is reported as pension and postemployment benefits payable.

Plan Description - State Teachers Retirement System (STRS)

PlanDescription - Licensed teachers participate in STRS,a cost-sharingmultiple-employer public employee retirement system administered by STRS. STRS provides retirement and disability benefits to members and death and survivor benefits to beneficiaries. STRS issues a stand-alone financial report that includes financial statements, required supplementary information and detailed information about STRS’ fiduciary net position. That report can be obtained by writing to STRS, 275 E. Broad St., Columbus, OH 43215-3771, by calling (888) 227-7877, or by visiting the STRS website at www.strsoh.org.

New members have a choice of three retirement plans: a Defined Benefit (DB) Plan, a Defined Contribution (DC) Plan and a Combined (CO) Plan. Benefits are established by Ohio Revised Code Chapter 3307.

The DB plan offers an annual retirement allowance based on final average salary multiplied by a percentage that varies based on years of service. Effective August 1, 2015, the calculation is2.20%of final average salary for the fivehighest years of earnings multiplied by all years of service. Eligibility changes will be phased in until August 1, 2023, when retirement eligibility for unreduced benefits will be five years of service credit and age 65, or 35 years of service credit and at least age 60.

Eligibility changes for DB Plan members who retire with actuarially reduced benefits will be phased in until August 1, 2023 when retirement eligibility will be five years of qualifying service credit and age 60, or 30 years of service credit regardless of age.

The DC Plan allows members to place all of their member contributions and 9.53% of the 14% employer contributions into an investment account. The member determines how to allocate the member and employer money among various investment choicesoffered bySTRS. The remaining 4.47%of the14%employerrate isallocated to thedefined benefit unfunded liability. A member is eligible to receive a retirement benefit at age 50 and termination of employment. The member may elect to receive a lifetime monthly annuity or a lump sum withdrawal.

The Combined Plan offers features of both the DB Plan and the DC Plan. In the Combined Plan, 12% of the 14% member rate goes to the DC Plan and the remaining 2% is applied to the DB Plan. Member contributions to the DC Plan are allocated among investment choices by the member, and contributions to the DB Plan from the employer and the member are used to fund the defined benefit payment at a reduced level from the regular DB Plan. The defined benefit portion of theCombined Plan payment ispayable toa member on or after age 60 with fiveyearsofservice. The defined contribution portion of the account may be taken as a lump sum payment or converted to a lifetime monthly annuity after termination of employment at age 50 and after termination of employment.

New members who choose the DC Plan or Combined Plan will have another opportunity to reselect a permanent plan during their fifth year of membership. Members may remain in the same plan or transfer to another STRS plan. The optional annuitization of a member’s defined contribution account or the defined contribution portion of a member’s Combined Plan account to a lifetime benefit results in STRS bearing the risk of investment gain or loss on the account. STRS has therefore included all three plan options as one defined benefit plan for GASB 68 reporting purposes.

A DB or Combined Plan member with five or more years of credited service, who is determined to be disabled, may qualify foradisability benefit. Newmembers,onorafter July 1, 2013, musthaveatleastten yearsofqualifyingservice credit to apply for disability benefits. Members in the DC Plan who become disabled are entitled only to their account balance. Eligible survivors of members who die before service retirement may qualify for monthly benefits. If a member oftheDC Plan diesbefore retirementbenefitsbegin,themember’sdesignated beneficiary isentitledto receive the member’s account balance.

49

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 13 - DEFINED BENEFIT PENSION PLANS - (Continued)

Eligible survivors of members who die before service retirement may qualify for monthly benefits. If a member of the DC Plan dies before retirement benefits begin, the member’s designated beneficiary is entitled to receive the member’s account balance.

Funding Policy - Employer and member contribution rates are established by the State Teachers Retirement Board and limited by Chapter 3307 of the Ohio Revised Code. The fiscal year 2024 employer and employee contribution rate of 14% was equal to the statutory maximum rates. For fiscal year 2024, the full employer contribution was allocated to pension.

TheDistrict’scontractuallyrequiredcontributiontoSTRSwas$2,989,535forfiscalyear2024. Of thisamount, $446,176 is reported as pension and postemployment benefits payable.

Net Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions

The net pension liability was measured as of June 30, 2023, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. The District's proportion of the net pension liability was based on the District's share of contributions to the pension plan relative to the contributions of all participating entities.

Following is information related to the proportionate share and pension expense:

Proportion of the net pension liability prior measurement date
Proportion of the net pension liability current measurement date
Change in proportionate share

Proportionate share of the net

SERS

0.137737600%

0.138376400%

0.000638800%

STRS	Total

0.145260290%

0.150211200%

0.004950910%

pension liability                                                 $     7,646,009         $      32,347,889         $ 39,993,898 Pension expense                                                    $        625,078         $         3,037,411         $ 3,662,489

At June 30, 2024, the District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

Deferredoutflows of resources Differences between expected and
actual experience Changes of assumptions
Difference between employer contributions and proportionate share of contributions/ change in proportionate share
Contributions subsequent to the

measurement date

SERS

$     328,641 54,161

29,542

813,644

STRS

$ 1,179,336 2,664,024

866,520

2,989,535

Total

$ 1,507,977 2,718,185

896,062

3,803,179

Total deferred outflows of resources	$ 1,225,988	$ 7,699,415	$ 8,925,403

50

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 13 - DEFINED BENEFIT PENSION PLANS - (Continued)

Deferredinflows ofresources Differences betweenexpected and
actual experience

Net difference between projectedand

SERS	STRS

$	-	$	71,782

Total

$	71,782

actual earnings on pensionplaninvestments Changes of assumptions
Difference betweenemployer contributions andproportionate share of contributions/ change inproportionate share

Total deferred inflows of resources

107,469 -

66,401

$	173,870

96,945 2,005,244

195,460

$ 2,369,431

204,414 2,005,244

261,861

$ 2,543,301

$3,803,179reported asdeferred outflowsofresourcesrelated topensionresulting fromDistrictcontributionssubsequent to the measurement date will be recognized as a reduction of the net pension liability in the fiscal year ending June 30, 2025.

Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pension will be recognized in pension expense as follows:

Fiscal Year Ending June 30:

2025

SERS

$	5,326	$

STRS

(96,898)

Total

$	(91,572)

2026	(276,147) 2027                                     503,598
2028	5,697

(957,143) 3,390,498
3,992

(1,233,290) 3,894,096
9,689

Total	$	238,474	$ 2,340,449	$ 2,578,923

Actuarial Assumptions - SERS

SERS’ total pension liability was determined by their actuaries in accordance with GASB Statement No. 67, as part of theirannualactuarialvaluation for eachdefined benefitretirementplan. Actuarialvaluationsof an ongoing plan involve estimates of the value of reported amounts (e.g., salaries, credited service) and assumptions about the probability of occurrenceof eventsfar into thefuture (e.g., mortality, disabilities, retirements, employmentterminations). Actuarially determined amounts are subject to continual review and potential modifications, as actual results are compared with past expectations and new estimates are made about the future.

Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employers andplan members) and include the types of benefits provided at the time of eachvaluation and the historical pattern of sharing benefit costs between the employers and plan members to that point. The projection of benefits for financial reporting purposes does not explicitly incorporate the potential effects of legal or contractual funding limitations. Future benefits for all current plan members were projected through 2137.

Actuarial calculations reflect a long-term perspective. For a newly hired employee, actuarial calculations will take into account the employee’s entire career with the employer and also take into consideration the benefits, if any, paid to the employee after termination of employment until the death of the employee and any applicable contingent annuitant. In many cases actuarial calculations reflect several decades of service with the employer and the payment of benefits after termination.

51

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 13 - DEFINED BENEFIT PENSION PLANS - (Continued)

Key methods and assumptions used in calculating the total pension liability in the latest actuarial valuation, prepared as of June 30, 2023 and June 30, 2022, are presented below:

Wage inflation:

Current measurement date Prior measurement date
Future salary increases, including inflation: Current measurement date
Prior measurement date COLA or ad hoc COLA:
Current measurement date Prior measurement date
Investment rate of return: Current measurement date Prior measurement date
Discount rate:

Current measurement date Prior measurement date
Actuarialcost method

2.40% 2.40%

3.25% to 13.58% 3.25% to 13.58%

2.00% 2.00%

7.00% net of systemexpenses 7.00% net of systemexpenses

7.00% 7.00%
Entry age normal(levelpercent of payroll)

In 2023, mortality rates were based on the PUB-2010 General Employee Amount Weighted Below Median Healthy Retiree mortality table projected to 2017 with ages set forward 1 year and adjusted 94.20% for males and set forward 2 years and adjusted 81.35% for females. Mortality among disabled members were based upon the PUB-2010 General Disabled Retiree mortality table projected to 2017 with ages set forward 5 years and adjusted 103.3% for males and set forward 3 years and adjusted 106.8% for females. Future improvement in mortality rates is reflected by applying the MP-2020 projection scale generationally.

In the prior measurement date, mortality rates were based on the PUB-2010 General Employee Amount Weight Below Median Healthy Retiree mortality table projected to 2017 with ages set forward 1 year and adjusted 94.20% for males and set forward 2 years and adjusted 81.35% for females. Mortality among disabled members were based upon the PUB-2010 GeneralDisabled Retireemortality tableprojectedto2017 with agessetforward 5 yearsand adjusted103.3% for males and set forward 3 years and adjusted 106.8% for females. Future improvement in mortality rates is reflected by applying the MP-2020 projection scale generationally.

The most recent experience study was completed for the five-year period ended June 30, 2020.

The long-term return expectation for the Pension Plan Investments has been determined by using a building-block approachand assumesatimehorizon,asdefined in SERS’StatementofInvestmentPolicy. Ohio Revised CodeSection 3309.15 and the Board-adopted Investment Policy govern investment activity at SERS. A forecasted rate of inflation servesas the baseline for the return expectation. Variousreal return premiumsoverthe baseline inflation ratehavebeen established for each asset class. The long-term expected nominal rate of return has been determined by calculating a weighted average of the expected real return premiums for each asset class, adding the projected inflation rate, and adding the expected return from rebalancing uncorrelated asset classes.

52

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 13 - DEFINED BENEFIT PENSION PLANS - (Continued)

The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table:

Asset Class

Cash USEquity
Non-US Equity Developed Non-US Equity Emerging Fixed Income/GlobalBonds Private Equity RealEstate/RealAssets Private Debt/Private Credit

Total

Target Allocation

2.00 % 24.75 13.50
6.75 19.00 12.00 17.00 5.00

100.00 %

Long-TermExpected RealRate ofReturn

0.75 % 4.82 5.19 5.98 2.24 7.49 3.70
5.64

Discount Rate- Totalpensionliabilitywascalculated usingthediscountrate of 7.00%. Thediscountrate determination did not use a municipal bond rate. The projection of cash flows used to determine the discount rate assumed that employers would contribute the actuarially determined contribution rate of projected compensation over the remaining 21-year amortization period of the unfunded actuarial accrued liability. The actuarially determined contribution rate of fiscal year 2023 was 14%. Projected inflows from investment earnings were calculated using the long-term assumed investment rate of return, 7.00%. Based on those assumptions, the plan’s fiduciary net position was projected to be available to make all future benefit paymentsof current plan members. Therefore, the long-term expected rate of return on pension plan investmentswas applied to all periodsof projected benefits to determine the total pension liability.The annual money weighted rate of return, calculated as the internal rate of return on pension plan investments, for fiscal year 2023 was 6.90%.

Sensitivity of the District's Proportionate Share of the Net Pension Liability to Changes in the Discount Rate - Net pension liability is sensitive to changes in the discount rate, and to illustrate the potential impact the following table presents the net pension liability calculated using the discount rate of 7.00%, as well as what each plan’s net pension liability wouldbeif itwerecalculatedusing adiscountratethatisonepercentagepointlower(6.00%), or onepercentage point higher (8.00%) than the current rate.

1%Decrease

District's proportionate share

Current
Discount Rate	1% Increase

of the net pensionliability	$	11,285,118	$	7,646,009	$	4,580,752

53

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 13 - DEFINED BENEFIT PENSION PLANS - (Continued)

Actuarial Assumptions - STRS

Key methods and assumptions used in the latest actuarial valuation, reflecting experience study results used in the June 30, 2023 and June 30, 2022, actuarial valuation are presented below:

June 30,2023

Inflation	2.50%

June 30, 2022

2.50%

Projected salary increases Investment rate ofreturn

Discount rate ofreturn Payrollincreases
Cost-of-living adjustments

(COLA)

Varies by service from2.50% to 8.50% 7.00%, net ofinvestment
expenses, including inflation 7.00%
3.00%

0.00%

Varies by service from2.50% to 8.50% 7.00%, net ofinvestment
expenses, including inflation 7.00%
3.00%

0.00%

For the June 30, 2023 actuarial valuation, post-retirement mortality rates are based on the Pub-2010 Teachers Healthy Annuitant Mortality Table, adjusted 110% for males, projected forward generationally using mortality improvement scale MP-2020. Pre-retirement mortality rates are based on Pub-2010 Teachers Employee Table adjusted 95% for females, projected forward generationally using mortality improvement scale MP-2020. Post-retirement disabled mortality rates are based on Pub-2010 Teachers Disabled Annuitant Table projected forward generationally using mortality improvement scale MP-2020.

For the prior measurement date, post-retirement mortality rates are based on the Pub-2010 Teachers Healthy Annuitant Mortality Table, adjusted 110% for males, projected forward generationally using mortality improvement scale MP-2020. Pre-retirement mortality rates are based on Pub-2010 Teachers Employee Table adjusted 95% for females, projected forward generationally using mortality improvementscale MP-2020. Post-retirementdisabled mortality rates are based on Pub-2010 Teachers Disable Annuitant Table projected forward generationally using mortality improvement scale MP-2020.

Actuarial assumptions used in the June 30, 2023 valuation are based on the results of an actuarial experience study for the period July 1, 2015 through June 30, 2021. An actuarial experience study is done on a quinquennial basis.

54

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 13 - DEFINED BENEFIT PENSION PLANS - (Continued)

STRS’ investment consultant develops an estimate range for the investment return assumption based on the target allocation adopted by the Retirement Board. The target allocation and long-term expected rate of return for each major asset class are summarized as follows:

Asset Class

Domestic Equity InternationalEquity Alternatives
Fixed Income RealEstate Liquidity Reserves

Total

Target Allocation*

26.00 % 22.00 19.00 22.00 10.00
1.00

100.00 %

Long-TermExpected RealRate ofReturn **

6.60 % 6.80 7.38 1.75 5.75
1.00

* Final target weights reflected at October 1, 2022.

**10-Year annualized geometric nominal returns, which include the real rate ofreturn and inflationof 2.25% and isnet of investment expenses. Over a 30-year period, STRS’ investment consultant indicatesthat the above target allocations should generate a return above the actuarial rate of return, without net value added by management.

Discount Rate - The discount rate used to measure the total pension liability was 7.00% as of June 30, 2023. The projection of cash flows used to determine the discount rate assumes that member and employer contributions will be made at the statutory contribution rates in accordance with the rates described previously. For this purpose, only employer contributions that are intended to fund benefits of current plan members and their beneficiaries are included. Based on those assumptions, STRS’ fiduciary net position was projected to be available to make all projected future benefit payments to current plan members as of June 30, 2023. Therefore, the long-term expected rate of return on pension plan investments of 7.00% was applied to all periods of projected benefit payments to determine the total pension liability as of June 30, 2023.

Sensitivity of the District's Proportionate Share of the Net Pension Liability to Changes in the Discount Rate - The following table represents the net pension liability as of June 30, 2023, calculated using the current period discount rate assumption of 7.00%, as well as what the net pension liability would be if it were calculated using a discount rate that is one percentage point lower (6.00%) or one percentage point higher (8.00%) than the current assumption:

1% Decrease District's proportionate share

Current

Discount Rate	1% Increase

of the net pensionliability	$	49,743,893	$	32,347,889	$	17,635,629

Assumption and Benefit Changes Since the Prior Measurement Date - The discount rate remained at 7.00% for June 30, 2023valuation. Demographicassumptionswerechanged based on theactuarialexperiencestudyfor theperiodJuly 1, 2015 through June 30, 2021.

55

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 14 - DEFINED BENEFIT OPEB PLANS

Net OPEB Liability/Asset

See Note 13 for a description of the net OPEB liability (asset).

Plan Description - School Employees Retirement System (SERS)

Health Care Plan Description - The District contributes to the SERS Health Care Fund, administered by SERS for non-certificated retirees and their beneficiaries. For GASB 75 purposes, this plan is considered a cost-sharing other postemployment benefit (OPEB) plan. SERS’ Health Care Plan provides healthcare benefits to eligible individuals receiving retirement, disability, and survivor benefits, and to their eligible dependents. Members who retire after June 1, 1986, need 10 years of service credit, exclusive of most types of purchased credit, to qualify to participate in SERS’ health care coverage. In addition to age and service retirees, disability benefit recipients and beneficiaries who are receiving monthly benefits due to the death of a member or retiree, are eligible for SERS’ health care coverage. Most retirees and dependents choosing SERS’ health care coverage are over the age of 65 and therefore enrolled in a fully insured Medicare Advantage plan; however, SERS maintains a traditional, self-insured preferred provider organization for itsnon-Medicareretireepopulation. For bothgroups, SERSoffersa self-insured prescription drug program. Health care is a benefit that is permitted, not mandated, by statute. The financial report of the Plan is included in the SERS Annual Comprehensive Financial Report which can be obtained on SERS’ website at www.ohsers.org under Employers/Audit Resources.

Access to health care for retirees and beneficiaries is permitted in accordance with Section 3309 of the Ohio Revised Code. The Health Care Fund was established and is administered in accordance with Internal Revenue Code Section 105(e). SERS’ Retirement Board reserves the right to change or discontinue any health plan or program. Active employee members do not contribute to the Health Care Plan. The SERS Retirement Board established the rules for the premiums paid by the retirees for health care coverage for themselves and their dependents or for their surviving beneficiaries. Premiums vary depending on the plan selected, qualified years of service, Medicare eligibility, and retirement status.

FundingPolicy- StatestatutepermitsSERSto fundthehealth carebenefitsthroughemployer contributions. Each year, after the allocation for statutorily required pensions and benefits, the Retirement Board may allocate the remainder of the employer contribution of 14% of covered payroll to the Health Care Fund in accordance with the funding policy. For the fiscal year ended June 30, 2024, SERS did not allocate any employer contributions to post-employment health care. An additional health care surcharge on employers is collected for employees earning less than an actuarially determined minimum compensation amount, pro-rated if less than a full year of service credit was earned. For fiscal year 2024, this amount was $30,000. Statutes provide that no employer shall pay a health care surcharge greater than 2% of that employer’sSERS-covered payroll; nor maySERS collect in aggregate more than1.5%of the total statewide SERS-covered payroll for the health care surcharge. For fiscal year 2024, the District’s surcharge obligation was $95,597.

The surcharge added to the allocated portion of the 14% employer contribution rate is the total amount assigned to the Health Care Fund. TheDistrict’scontractually required contributionto SERSwas$95,597 for fiscalyear 2024. Of this amount, $95,597 is reported as pension and postemployment benefits payable.

56

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 14 - DEFINED BENEFIT OPEB PLANS - (Continued)

Plan Description - State Teachers Retirement System (STRS)

Plan Description - The State Teachers Retirement System of Ohio (STRS) administers a cost-sharing Health Plan administered for eligible retirees who participated in the defined benefit or combined pension plans offered by STRS. Ohio law authorizes STRS to offer this plan. Benefits include hospitalization, physicians’ fees, prescription drugs and partialreimbursementofmonthlyMedicarePartBpremiums. TheMedicarePartBmonthly reimbursementelimination date was postponed indefinitely. The Plan is included in the report of STRS which can be obtained by visiting www.strsoh.org or by calling (888) 227-7877.

Funding Policy - Ohio Revised Code Chapter 3307 authorizes STRS to offer the Plan and gives the Retirement Board discretionary authority over how much, if any, of the health care costs will be absorbed by STRS. Active employee members do not contribute to the Health Care Plan. Nearly all health care plan enrollees, for the most recent year, pay a portion of the health care costs in the form of a monthly premium. Under Ohio law, funding for post-employment health care may be deducted from employer contributions, currently 14% of covered payroll. For the fiscal year ended June 30, 2024, STRS did not allocate any employer contributions to post-employment health care.

Net OPEB Liabilities/Assets, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB

The net OPEB liability/asset was measured as of June 30, 2023, and the total OPEB liability/asset used to calculate the net OPEB liability/asset was determined by an actuarial valuation as of that date. The District's proportion of the net OPEB liability/asset was based on the District's share of contributions to the respective retirement systems relative to the contributions of all participating entities.

Following is information related to the proportionate share and OPEB expense:

Proportionof the net OPEB liability/asset prior measurement date
Proportionof the net OPEB liability/asset current measurement date
Change inproportionate share

Proportionate share of the net

SERS

0.140110600%

0.137387100%

-0.002723500%

STRS	Total

0.145260290%

0.150211200%

0.004950910%

OPEBliability Proportionate share of the net
OPEBasset

OPEB expense

$	2,263,378

$	-

$	(334,458)

$	-

$	2,921,400

$	(201,159)

$ 2,263,378

$ 2,921,400

$	(535,617)

57

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 14 - DEFINED BENEFIT OPEB PLANS - (Continued)

AtJune30, 2024, theDistrictreported deferred outflowsofresourcesand deferredinflowsof resourcesrelatedtoOPEB from the following sources:

Deferred outflows ofresources Differences between expected and
actual experience

Net difference between projected and

actual earnings on OPEB plan investments

SERS	STRS	Total

$	4,717	$	4,554	$	9,271

17,544	5,214	22,758

Changes of assumptions

Difference between employer contributions and proportionate share of contributions/ change in proportionate share
Contributions subsequent to the measurement date

Total deferred outflows of resources

765,314

29,447

95,597

$	912,619

430,363

10,100

-

$	450,231

1,195,677

39,547

95,597

$ 1,362,850

Deferred inflows ofresources Differences betweenexpectedand
actual experience

SERS

$ 1,167,307

STRS

$	445,590

Total

$ 1,612,897

Changes of assumptions

Difference betweenemployer contributions and proportionate share of contributions/ change inproportionate share

Total deferredinflows of resources

642,822

234,604

$ 2,044,733

1,927,499

47,321

$ 2,420,410

2,570,321

281,925

$ 4,465,143

$95,597 reported as deferred outflows of resources related to OPEB resulting from District contributions subsequent to the measurement date willbe recognized asa reduction ofthe netOPEBliability/asset in thefiscal year ending June30, 2025.

Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows:

Fiscal Year Ending June 30:

2025 2026 2027 2028 2029
Thereafter

SERS

$	 (391,050) (325,924) (214,471) (142,289) (103,781)
(50,196)

STRS

$	(885,686) (391,371) (151,622) (205,651) (188,645)
(147,204)

Total

$ (1,276,736) (717,295) (366,093) (347,940) (292,426)
(197,400)

Total	$ (1,227,711)	$ (1,970,179)	$ (3,197,890)

58

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 14 - DEFINED BENEFIT OPEB PLANS - (Continued)

Actuarial Assumptions - SERS

The total OPEB liability is determined by SERS’ actuaries in accordance with GASB Statement No. 74, as part of their annual actuarial valuation for each retirement plan. Actuarial valuations of an ongoing plan involve estimates of the valueof reported amounts(e.g., salaries, credited service) and assumptionsabouttheprobabilityofoccurrenceofevents far into the future (e.g., mortality, disabilities, retirements, employment terminations). Actuarially determined amounts are subject to continual review and potential modifications, as actual results are compared with past expectations and new estimates are made about the future.

Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employers andplan members) and include the types of benefits provided at the time of eachvaluation and the historical pattern of sharing benefit costs between the employers and plan members to that point. The projection of benefits for financial reporting purposes does not explicitly incorporate the potential effects of legal or contractual funding limitations.

Actuarial calculations reflect a long-term perspective. For a newly hired employee, actuarial calculations will take into account the employee's entire career with the employer and also take into consideration the benefits, if any, paid to the employee after termination of employment until the death of the employee and any applicable contingent annuitant. In manycases, actuarial calculationsreflect severaldecadesof service with the employerand thepaymentof benefitsafter termination.

Key methods and assumptions used in calculating the total OPEB liability in the latest actuarial valuation date of June 30, 2023 and June 30, 2022 are presented below:

Wage inflation:

Current measurement date Priormeasurement date
Future salary increases,including inflation: Current measurement date Priormeasurement date
Investment rate ofreturn: Current measurement date

Priormeasurement date

Municipalbond indexrate: Current measurement date Priormeasurement date
Single equivalent interest rate, net ofplan investment expense, including price inflation:
Current measurement date Priormeasurement date
Medicaltrend assumption: Current measurement date
Priormeasurement date

2.40% 2.40%

3.25% to 13.58% 3.25% to 13.58%

7.00% net ofinvestment expense,including inflation 7.00% net ofinvestment expense,including inflation

3.86% 3.69%

4.27% 4.08%

6.75to 4.40%

7.00to 4.40%

59

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 14 - DEFINED BENEFIT OPEB PLANS - (Continued)

In 2023, the following mortality assumptions were used:

Healthy Retirees- PUB-2010 GeneralEmployeeAmountWeighted BelowMedian HealthyRetireemortality table projected to 2017 with ages set forward 1 year and adjusted 94.20% for males and set forward 2 years and adjusted 81.35% for females

Disabled Retirees - PUB-2010 General Disabled Retiree mortality table projected to 2017 with ages set forward 5 years and adjusted 103.3% for males and set forward 3 years and adjusted 106.8% for females.

Contingent Survivors - PUB-2010 General Amount Weighted Below Median Contingent Survivor mortality table projected to 2017 with ages set forward 1 year and adjusted 105.5% for males and adjusted 122.5% for females.

Actives - PUB-2010 General Amount Weighted Below Median Employee mortality table.

Mortality Projection- Mortality ratesare projectedusingafully generationalprojectionwith ScaleMP-2020.

Intheprior measurementdate,mortalityrateswerebased on thePUB-2010 GeneralEmployeeAmountWeightedBelow Median Healthy Retiree mortality table projected to 2017 with ages set forward 1 year and adjusted 94.20% for males and set forward 2 years and adjusted 81.35% for females. Mortality among disabled members were based upon the PUB-2010 GeneralDisabled Retireemortality tableprojectedto2017 with agessetforward 5 yearsand adjusted103.3% for males and set forward 3 years and adjusted 106.8% for females. Future improvement in mortality rates is reflected by applying the MP-2020 projection scale generationally.

The most recent experience study was completed for the five-year period ended June 30, 2020.

The long-term expected rate of return is reviewed as part of the regular experience studies prepared every five years for SERS. The most recent five-year experience study was performed for the period covering fiscal years 2016 through 2020, and was adopted by the Board on April 15, 2021. Several factors are considered in evaluating the long-term rate of return assumption including long-term historical data, estimates inherent in current market data, and a long-normal distribution analysis in which best estimate ranges of expected future real rates of return (expected return, net of investment expenseandinflation)weredeveloped by theinvestment consultantforeach major assetclass. These ranges were combined to produce the long-term expected rate of return, 7.00%, by weighting the expected future real rates of return by the target asset allocation percentage and then adding expected inflation. The assumption is intended to be a long-term assumption and is not expected to change absent a significant change in the asset allocation, a change in the inflation assumption, or a fundamental change in the market that alters expected returns in future years.

The long-term expected nominal rate of return has been determined by calculating a weighted average of the expected real return premiums for each asset class, adding the projected inflation rate, and adding the expected return from rebalancing uncorrelated asset classes.

60

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 14 - DEFINED BENEFIT OPEB PLANS - (Continued)

Thetarget asset allocation andbest estimatesof arithmetic realratesof returnfor eachmajor asset classaresummarized as follows:

Asset Class

Cash

US Equity

Non-US Equity Developed Non-US Equity Emerging Fixed Income/GlobalBonds Private Equity RealEstate/RealAssets Private Debt/Private Credit

Total

Target Allocation

2.00 % 24.75 13.50
6.75 19.00 12.00 17.00 5.00

100.00 %

Long-TermExpected RealRate ofReturn

0.75 % 4.82 5.19 5.98 2.24 7.49 3.70
5.64

Discount Rate - The discount rate used to measure the total OPEB liability at June 30, 2023, was 4.27%. The discount rate used to measure total OPEB liability prior to June 30, 2023, was 4.08%. The projection of cash flows used to determine the discount rate assumed that contributions will be made from members and the System at the contribution rate of 1.50% of projected covered payroll each year, which includes a 1.50% payroll surcharge and no contributions from the basic benefits plan. Based on these assumptions, the OPEB plan’s fiduciary net position is projected to be depleted in 2048 by SERS' actuaries. The Fidelity General Obligation 20-year Municipal Bond Index Rate was used in the determination of the single equivalent interest rate for both the June 30, 2022 and the June 30, 2023 total OPEB liability. The Municipal Bond Index Rate is the single rate that will generate a present value of benefit payments equal to the sum of the present value determined by the long-term expected rate of return, and the present value determined by discounting those benefits after the date of depletion. The Municipal Bond Index Rate was 3.86% at June 30, 2023 and 3.69% at June 30, 2022.

Sensitivity of the District's Proportionate Share of the Net OPEB Liability to Changes in the Discount Rate and Changes in the Health Care Cost Trend Rates - The net OPEB liability is sensitive to changes in the discount rate and the health care cost trend rate. The following table presents the net OPEB liability, what the net OPEB liability would beif itwerecalculatedusingadiscountratethatis1 percentagepointlower(3.27%) andhigher(5.27%)thanthecurrent discount rate (4.27%). Also shown is what the net OPEB liability would be based on health care cost trend rates that are 1 percentage point lower(5.75%decreasing to 3.40%) and higher (7.75% decreasing to 5.40%) than the current rate (6.75% decreasing to 4.40%).

1%Decrease

District's proportionate share

Current
Discount Rate	1% Increase

of the net OPEBliability	$	2,893,243	$	2,263,378	$	1,766,702

1%Decrease

District's proportionate share

Current
TrendRate	1% Increase

of the net OPEBliability	$	1,662,825	$	2,263,378	$	3,059,190

61

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 14 - DEFINED BENEFIT OPEB PLANS - (Continued)

Actuarial Assumptions - STRS

Key methods and assumptions used in the latest actuarial valuation, reflecting experience study results used in the June 30, 2023 actuarial valuation, compared with June 30, 2022 actuarial valuation, are presented below:

June 30,2023

Inflation	2.50%

June 30, 2022

2.50%

Projected salary increases

Investment rate ofreturn

Payrollincreases

Cost-of-living adjustments (COLA)
Discount rate ofreturn Blended discount rate ofreturn
Health care cost trends

Varies by service from2.50% to 8.50%
7.00%,net ofinvestment expenses,including inflation
3.00% 0.00%

7.00%

N/A

Varies by service from2.50% to 8.50%
7.00%, net ofinvestment expenses, including inflation
3.00% 0.00%

7.00%

N/A

Medical

Pre-Medicare Medicare
Prescription Drug Pre-Medicare
Medicare

Initial

7.50% -10.94%

-11.95%

1.33%

Ultimate

4.14% 4.14%

4.14%

4.14%

Initial

7.50% -68.78%

9.00%

-5.47%

Ultimate

3.94% 3.94%

3.94%

3.94%

Projections of benefits include the historical pattern of sharing benefit costs between the employers and retired plan members.

For the June 30, 2023 actuarial valuation, for healthy retirees the post-retirement mortality rates are based on the Pub-2010 Teachers Healthy Annuitant Mortality Table, adjusted 110% for males, projected forward generationally using mortality improvement scale MP-2020;pre-retirementmortality ratesarebased on Pub-2010 TeachersEmployeeTable adjusted 95% for females, projected forward generationally using mortality improvement scale MP-2020. For disabled retirees, mortality ratesare basedonthe Pub-2010TeachersDisabled Annuitant Tableprojectedforward generationally using mortality improvement scale MP-2020.

For the prior measurement date, for healthy retirees the post-retirement mortality rates are based on the Pub-2010 TeachersHealthyAnnuitantMortality Table, adjusted 110%for males,projectedforwardgenerationally using mortality improvement scale MP-2020; pre-retirement mortality rates are based on Pub-2010 Teachers Employee Table adjusted 95% for females, projected forward generationally using mortality improvement scale MP-2020. For disabled retirees, mortality rates are based on the Pub-2010 Teachers Disabled Annuitant Table projected forward generationally using mortality improvement scale MP-2020.

62

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 14 - DEFINED BENEFIT OPEB PLANS - (Continued)

Actuarial assumptions used in the June 30, 2023 valuation are based on the results of an actuarial experience study for the period July 1, 2015 through June 30, 2021. An actuarial experience study is done on a quinquennial basis.

Assumption Changes Since the Prior Measurement Date - The discount rate remained unchanged at 7.00% for the June 30, 2023 valuation.

BenefitTermChangesSincethePriorMeasurementDate -Healthcaretrendswereupdated to reflectemerging claims and recoveries experience as well as benefit changes effective January 1, 2024.

STRS’ investment consultant develops an estimate range for the investment return assumption based on the target allocation adopted by the Retirement Board. The target allocation and long-term expected rate of return for each major asset class are summarized as follows:

Asset Class

Domestic Equity InternationalEquity Alternatives
Fixed Income RealEstate Liquidity Reserves

Total

Target Allocation*

26.00 % 22.00 19.00 22.00 10.00
1.00

100.00 %

Long-TermExpected RealRate ofReturn **

6.60 % 6.80 7.38 1.75 5.75
1.00

* Final target weights reflected at October 1, 2022.

**10-Year annualized geometric nominal returns, which include the real rate ofreturn and inflationof 2.25% and isnet of investment expenses. Over a 30-year period, STRS’ investment consultant indicatesthat the above target allocations should generate a return above the actuarial rate of return, without net value added by management.

Discount Rate - The discount rate used to measure the total OPEB liability was 7.00% as of June 30, 2023. The projection of cash flows used to determine the discount rate assumed STRS continues to allocate no employer contributionsto thehealthcare fund. Based on those assumptions,theOPEB plan’sfiduciarynetpositionwasprojected to be available to make all projected future benefit payments to current plan members as of June 30, 2023. Therefore, the long-term expected rate of return on health care fund investments of 7.00% was applied to all periods of projected health care costs to determine the total OPEB liability as of June 30, 2023.

Sensitivity of the District's Proportionate Share of the Net OPEB Asset to Changes in the Discount and Health Care Cost Trend Rate - The following table represents the net OPEB asset as of June 30, 2023, calculated using the current period discount rate assumption of 7.00%, as well as what the net OPEB asset would be if it were calculated using a discount rate that is one percentage point lower (6.00%) or one percentage point higher (8.00%) than the current assumption. Also shown is the net OPEB asset as if it were calculated using health care cost trend rates that are one percentage point lower or one percentage point higher than the current health care cost trend rates.

1%Decrease

District's proportionate share

Current
Discount Rate	1% Increase

of the net OPEBasset	$	2,472,583	$	2,921,400	$	3,312,273

63

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 14 - DEFINED BENEFIT OPEB PLANS - (Continued)

1% Decrease

District's proportionate share

Current

Trend Rate	1% Increase

of the net OPEB asset	$	3,330,411	$	2,921,400	$	2,428,754

NOTE 15 - CONTINGENCIES

A. Grants

The District receives significant financial assistance from numerousfederal, State and local agenciesin the form of grants. The disbursement of funds received under these programs generally requires compliance with terms and conditionsspecified inthegrantagreementsand aresubjecttoauditby thegrantor agencies. Anydisallowed claims resulting from such audits could become a liability of the District. However, in the opinion of management, any such disallowed claims will not have a material effect on the financial position of the District.

B. Litigation

The District is not party to any claims or lawsuits that would, in the District’s opinion, have a material effect of the basic financial statements.

C. Foundation Funding

Foundation funding is based on the annualized full-time equivalent (FTE) enrollment of each student. Traditional districts must comply with minimum hours of instruction, instead of a minimum number of school days each year. The fundingformula theOhio Departmentof EducationandWorkforce(ODEW)islegislatively required tofollow will continue to adjust as enrollment information is updated by the District, which can extend past the fiscal year-end. As of the date of this report, ODEW has not finalized the impact of enrollment adjustments to the June 30, 2024 Foundation funding for the District; therefore, the financial statement impact is not determinable at this time. ODEW and management believe this will result in either a receivable to or liability of the District.

NOTE 16 - SET-ASIDES

The District isrequired by State law to annually set-aside certain general fund revenue amounts, asdefined by statutory formula, for the acquisition and construction of capital improvements. Amounts not spent by the end of the fiscal year or offset by similarly restricted resources received during the year must be held in cash at fiscal year-end. This amount must be carried forward to be used for the same purpose in future years.	Expenditures exceeding the set-aside requirement may not be carried forward to the next fiscal year.

64

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 16 - SET-ASIDES - (Continued)

The following cash-basis information describes the change in the fiscal year-end set-aside amount for capital improvements. Disclosure of this information is required by State statute.

Capital Improvements

Set-aside balance June 30, 2023

Current year set-aside requirement

Current year qualifying expenditures

Total

Balance carried forward to fiscal year 2025

Set-aside balance June 30, 2024

$	-

463,252

(1,064,848)

$	(601,596)

$	-

$	-

NOTE 17 - INTERFUND TRANSACTIONS

A. Interfund balancesatJune 30,2024asreported onthe fund financialstatements, consist of the following individual interfund loans receivable and payable:

Receivable fund	Payable fund	 Amount 

General	onmajor governmental funds	$	34,949

The primary purpose of interfund balances is to cover costs in specific funds where revenues were not received by June 30. Interfund balances will be repaid once the anticipated revenues are received. All interfund balances are expected to be repaid within one year. Interfund balances between governmental funds are eliminated on the government-wide financial statements.

B. Interfund transfers for the fiscal year ended June 30, 2024, consisted of the following, as reported on the fund statements:

Transfers From	Transfers To	 Amount 

General fund	Nonmajor governmental funds	$	315,775

Interfund transfers represent the use of unrestricted revenues collected in the general fund that are used to finance various programs accounted for in other funds in accordance with budgetary authorizations. Interfund transfers between governmental funds are eliminated for reporting on the statement of activities. All transfers were made in compliance with Ohio Revised Code Sections 5705.14, 5705.15 and 5705.16.

65

REQUIRED SUPPLEMENTARY INFORMATION

66

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN

FUND BALANCE - BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS) GENERAL FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2024

Budgeted Amounts	Actual Amounts Budgetary

Variance with Final Budget -over (under)

Original	Final	Basis	Actual Amounts

Budgetary revenues and other financing sources

Budgetary expenditures and other financing uses

Net change in fund balance

Budgetary fund balance at beginning of year Prior year encumbrances appropriated
Budgetary fund balance at end of year

$	44,550,000	$

44,230,289

319,711

14,834,652 1,230,289
$	16,384,652	$

45,550,000	$

47,230,289

(1,680,289)

14,834,652 1,230,289
14,384,652	$

45,041,603	$

47,151,228

(2,109,625)

14,834,652 1,230,289
13,955,316	$

(508,397)

(79,061)

(429,336)

--
(429,336)

SEE ACCOMPANYING NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION

67

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

SCHEDULES OF THE REQUIRED SUPPLEMENTARY INFORMATION

SCHEDULE OF THE DISTRICT'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY AND DISTRICT PENSION CONTRIBUTIONS
SCHOOL EMPLOYEES RETIREMENT SYSTEM (SERS) OF OHIO

LAST TEN FISCAL YEARS

Fiscal

Year (1)

District's Proportion of the Net
Pension Liability

District's Proportionate Share of the Net
Pension Liability

District's Covered
Payroll

District's Proportionate Share of the Net Pension Liability as a Percentage of its
Covered Payroll

Plan Fiduciary Net Position as a Percentage of the Total Pension
Liability

2024	0.13837640%	$ 2023	0.13773760%	$ 2022	0.14123880%	$ 2021	0.14372790%	$ 2020	0.14218270%	$ 2019	0.13819580%	$ 2018	0.14906850%	$ 2017	0.15464140%	$ 2016	0.15787490%	$
2015	0.15158800%	$

7,646,009         $ 7,449,921         $ 5,211,302         $ 9,506,466         $ 8,507,040         $ 7,914,729         $ 8,906,514         $ 11,318,324         $ 9,008,495         $
7,671,782	$

5,546,629 5,109,007 4,708,243 5,049,379 4,920,281 4,761,207 5,052,064 4,760,650 4,682,458
4,449,336

137.85%	76.06% 145.82%	75.82% 110.68%	82.86% 188.27%	68.55% 172.90%	70.85% 166.23%	71.36% 176.29%	69.50% 237.75%	62.98% 192.39%	69.16%
172.43%	71.70%

Contractually Fiscal	Required
Year	Contributions

Contributions in Relation to the Contractually Required
Contributions

Contribution Deficiency
(Excess)

District's Covered
Payroll

Contributions as a Percentage of Covered
Payroll

2024	$	813,644	$ 2023	$	776,528
2022	$	715,261 2021	$	659,154 2020	$	706,913 2019	$	664,238 2018	$	642,763 2017	$	707,289 2016	$	666,491
2015	$	617,148

(813,644)	$ (776,528) (715,261) (659,154) (706,913) (664,238) (642,763) (707,289) (666,491)
(617,148)

-	$	5,811,743	14.00% -                      5,546,629	14.00% -                      5,109,007	14.00% -                      4,708,243	14.00% -                      5,049,379	14.00% -                      4,920,281	13.50% -                      4,761,207	13.50% -                      5,052,064	14.00% -                      4,760,650	14.00%
-	4,682,458	13.18%

(1) Amounts presented for each fiscal year were determined as of the District's measurement date which is the prior year-end.

SEE ACCOMPANYING NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION

68

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

SCHEDULES OF THE REQUIRED SUPPLEMENTARY INFORMATION

SCHEDULE OF THE DISTRICT'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY AND DISTRICT PENSION CONTRIBUTIONS
STATE TEACHERS RETIREMENT SYSTEM (STRS) OF OHIO

LAST TEN FISCAL YEARS

Fiscal

Year (1)

District's Proportion of the Net
Pension Liability

District's Proportionate Share of the Net
Pension Liability

District's Covered
Payroll

District's Proportionate Share of the Net Pension Liability as a Percentage of its
Covered Payroll

Plan Fiduciary Net Position as a Percentage of the Total Pension
Liability

2024	0.15021120%	$ 2023	0.14526029%	$ 2022	0.14624682%	$ 2021	0.14467771%	$ 2020	0.14295751%	$ 2019	0.13894386%	$ 2018	0.14425203%	$ 2017	0.14569108%	$ 2016	0.15100969%	$
2015	0.13322101%	$

32,347,889	$ 32,291,546	$ 18,698,971	$ 35,006,858	$ 31,614,194	$ 30,550,635	$ 34,267,379	$ 48,767,196	$ 41,734,661	$
32,403,960	$

20,298,836 18,662,814 18,159,957 17,582,221 16,914,686 16,532,179 15,913,564 15,385,029 16,072,357
14,658,546

159.36%	80.02% 173.03%	78.88% 102.97%	87.78% 199.10%	75.48% 186.90%	77.40% 184.79%	77.31% 215.33%	75.30% 316.98%	66.80% 259.67%	72.10%
221.06%	74.70%

Contractually Fiscal	Required
Year	Contributions

Contributions in Relation to the Contractually Required
Contributions

Contribution Deficiency
(Excess)

District's Covered
Payroll

Contributions as a Percentage of Covered
Payroll

2024	$	2,989,535	$ 2023	$	2,841,837
2022	$	2,612,794 2021	$	2,542,394 2020	$	2,461,511 2019	$	2,368,056 2018	$	2,314,505 2017	$	2,227,899 2016	$	2,153,904
2015	$	2,250,130

(2,989,535)	$ (2,841,837) (2,612,794) (2,542,394) (2,461,511) (2,368,056) (2,314,505) (2,227,899) (2,153,904)
(2,250,130)

-	$	21,353,821	14.00% -                    20,298,836	14.00% -                    18,662,814	14.00% -                    18,159,957	14.00% -                    17,582,221	14.00% -                    16,914,686	14.00% -                    16,532,179	14.00% -                    15,913,564	14.00% -                    15,385,029	14.00%
-	16,072,357	14.00%

(1) Amounts presented for each fiscal year were determined as of the District's measurement date which is the prior year-end.

SEE ACCOMPANYING NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION

69

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

SCHEDULES OF THE REQUIRED SUPPLEMENTARY INFORMATION

SCHEDULE OF THE DISTRICT'S PROPORTIONATE SHARE OF THE NET OPEB LIABILITY AND DISTRICT OPEB CONTRIBUTIONS
SCHOOL EMPLOYEES RETIREMENT SYSTEM (SERS) OF OHIO

LAST EIGHT AND TEN FISCAL YEARS

Fiscal

Year (1) (2)

District's Proportion of the Net
OPEB Liability

District's Proportionate Share of the Net
OPEB Liability

District's Covered
Payroll

District's Proportionate Share of the Net OPEB Liability as a Percentage of its
Covered Payroll

Plan Fiduciary Net Position as a Percentage of the Total OPEB
Liability

2024	0.13738710%	$ 2023	0.14011060%	$ 2022	0.14425280%	$ 2021	0.14521270%	$ 2020	0.14249020%	$ 2019	0.13968400%	$ 2018	0.15117360%	$
2017	0.15604927%	$

2,263,378	$ 1,967,167	$ 2,730,102	$ 3,155,947	$ 3,583,329	$ 3,875,211	$ 4,057,102	$
4,447,981	$

5,546,629 5,109,007 4,708,243 5,049,379 4,920,281 4,761,207 5,052,064
4,760,650

40.81%	30.02% 38.50%	30.34% 57.99%	24.08% 62.50%	18.17% 72.83%	15.57% 81.39%	13.57% 80.31%	12.46%
93.43%	11.49%

Contractually Fiscal	Required
Year	Contributions

Contributions in Relation to the Contractually Required
Contributions

Contribution Deficiency
(Excess)

District's Covered
Payroll

Contributions as a Percentage of Covered
Payroll

2024	$	95,597	$ 2023	$	73,444
2022	$	87,780 2021	$	86,285 2020	$	74,683 2019	$	96,479 2018	$	96,979 2017	$	81,947 2016	$	76,118
2015	$	90,374

(95,597)	$ (73,444) (87,780) (86,285) (74,683) (96,479) (96,979) (81,947) (76,118)
(90,374)

-	$	5,811,743	2.00% -                      5,546,629	1.32% -                      5,109,007	1.72% -                      4,708,243	1.83% -                      5,049,379	1.48% -                      4,920,281	1.96% -                      4,761,207	2.04% -                      5,052,064	1.62% -                      4,760,650	1.60%
-	4,682,458	1.93%

(1) Amounts presented for each fiscal year were determined as of the District's measurement date which is the prior year-end. (2) Information prior to 2017 is not available. Schedule is intended to show information for 10 years.
Additional years will be displayed as they become available.

SEE ACCOMPANYING NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION

70

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

SCHEDULES OF THE REQUIRED SUPPLEMENTARY INFORMATION

SCHEDULE OF THE DISTRICT'S PROPORTIONATE SHARE OF THE NET OPEB LIABILITY/(ASSET) AND DISTRICT OPEB CONTRIBUTIONS
STATE TEACHERS RETIREMENT SYSTEM (STRS) OF OHIO

LAST EIGHT AND TEN FISCAL YEARS

Fiscal

Year (1) (2)

District's Proportion
of the Net OPEB

Liability/(Asset)

District's Proportionate Share of the Net OPEB
Liability/(Asset)

District's Covered
Payroll

District's Proportionate Share of the Net OPEB Liability/(Asset) as a Percentage of its
Covered Payroll

Plan Fiduciary Net Position as a Percentage of the Total OPEB
Liability/(Asset)

2024	0.15021120%	$ 2023	0.14526029%	$ 2022	0.14624682%	$ 2021	0.14467771%	$ 2020	0.14295751%	$ 2019	0.13894386%	$ 2018	0.14425203%	$
2017	0.14569108%	$

(2,921,400)        $ (3,761,272)        $ (3,083,495)        $ (2,542,710)        $ (2,367,719)        $ (2,232,686)        $ 5,628,182         $
7,791,597	$

20,298,836 18,662,814 18,159,957 17,582,221 16,914,686 16,532,179 15,913,564
15,385,029

14.39%	168.52% 20.15%	230.73% 16.98%	174.73% 14.46%	182.10% 14.00%	174.74% 13.51%	176.00% 35.37%                         47.10%
50.64%	37.30%

Contractually Fiscal	Required
Year	Contributions

Contributions in Relation to the Contractually Required
Contributions

Contribution Deficiency
(Excess)

District's Covered
Payroll

Contributions as a Percentage of Covered
Payroll

2024	$	-	$	-	$ 2023                                        -                                   -
2022	-	-2021	-	-2020	-	-2019	-	-2018	-	-2017	-	-2016	-	-
2015	-	-

-	$	21,353,821	0.00% -                    20,298,836	0.00% -                    18,662,814	0.00% -                    18,159,957	0.00% -                    17,582,221	0.00% -                    16,914,686	0.00% -                    16,532,179	0.00% -                    15,913,564	0.00% -                    15,385,029	0.00%
-	16,072,357	0.00%

(1) Amounts presented for each fiscal year were determined as of the District's measurement date which is the prior year-end. (2) Information prior to 2017 is not available. Schedule is intended to show information for 10 years.
Additional years will be displayed as they become available.

SEE ACCOMPANYING NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION

71

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 1 - BUDGETARY PROCESS

While reporting financial position, results ofoperations, andchanges in fund balance on the basis of generally accepted accountingprinciples(GAAP), the budgetarybasisasprovidedby lawisbased uponaccountingfor certain transactions on a basis of cash receipts and disbursements.

The statement of revenue, expenditures and changes in fund balance - budget and actual (non-GAAP budgetary basis) presented for the general fund is presented on the budgetary basis to provide a meaningful comparison of actual results with the budget. The major differences between the budget basis and the GAAP basis are that:

(a) Revenues and other financing sources are recorded when received in cash (budget basis) as opposed to when susceptible to accrual (GAAP basis);

(b) Expendituresand otherfinancing usesarerecordedwhen paidin cash (budgetbasis)asopposed to whentheliability is incurred (GAAP basis);

(c) In order to determine compliance with Ohio law, and to reserve that portion of the applicable appropriation, total outstanding encumbrances (budget basis) are recorded as the equivalent of an expenditure, as opposed to assigned or committed fund balance for that portion of outstanding encumbrances not already recognized as an account payable (GAAP basis); and

(d) Some funds are included in the general fund (GAAP basis), but have separate legally adopted budgets (budget basis).

The adjustments necessary to convert the results of operations for the year on the budget basis to the GAAP basis is as follows:

Net Change in Fund Balance

Budget basis

Net adjustment for revenue accruals Net adjustment for expenditure accruals Net adjustment for other sources/uses Funds budgeted elsewhere
Adjustments for encumbrances

GAAP Basis

General fund

$ (2,109,625) 1,280,722
(1,299,417) (60,122) (361,309)
886,519

$ (1,663,232)

As part of Governmental Accounting Standards Board Statement No. 54, “Fund Balance Reporting”, certain funds that are legally budgeted in separate special revenue funds are considered part of the general fund on a GAAP basis. This includes the special trust fund, the termination benefits fund, and the public school support fund.

72

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 2 - PENSIONS & OTHER POSTEMPLOYMENT BENEFITS (OPEB)

PENSION

SCHOOL EMPLOYEES RETIREMENT SYSTEM (SERS) OF OHIO

Change in benefit terms:

·	There were no changes in benefit terms from the amounts reported for fiscal year 2015. ·	There were no changes in benefit terms from the amounts reported for fiscal year 2016. ·	There were no changes in benefit terms from the amounts reported for fiscal year 2017.
·	For fiscal year 2018, SERS changed from a fixed 3% annual increase to a Cost of Living Adjustment (COLA) based on the changes in the Consumer Price Index (CPI-W), with a cap of 2.5% and a floor of 0%.
·	For fiscal year 2019, with the authority granted the Board under Senate Bill 8, the Board has enacted a three year COLA delay for future benefit recipients commencing benefits on or after April 1, 2018.
·	There were no changes in benefit terms from the amounts previously reported for fiscal year 2020. ·	There were no changes in benefit terms from the amounts previously reported for fiscal year 2021. ·	For fiscal year 2022, SERS changed from a Cost of Living Adjustment (COLA) of 2.5% to 2.0%. ·	There were no changes in benefit terms from the amounts reported for fiscal year 2023.
·	There were no changes in benefit terms from the amounts reported for fiscal year 2024.

Change in assumptions:

·	There were no changes in methods and assumptions used in the calculation of actuarial determined contributions for fiscal year 2015.
·	There were no changes in methods and assumptions used in the calculation of actuarial determined contributions for fiscal year 2016.
·	For fiscal year 2017, the following changes of assumptions affected the total pension liability since the prior measurement date: (a) the assumed rate of inflation was reduced from 3.25% to 3.00%, (b) payroll growth assumption was reduced from 4.00% to 3.50%, (c) assumed real wage growth was reduced from 0.75% to 0.50%, (d) ratesofwithdrawal, retirementanddisability wereupdatedto reflectrecentexperience, (e) mortality among activememberswasupdatedtoRP-2014BlueCollar Mortality Tablewithfully generationalprojection and a five year age set-back for both males and females, (f) mortality among service retired members and beneficiaries was updated to the following RP-2014 Blue Collar Mortality Table with fully generational projectionwithScaleBB, 120%of maleratesand 110%offemalerates, (g)mortality among disabledmembers was updated to RP-2000 Disabled Mortality Table, 90% for male rates and 100% for female rates, set back five yearsisused for the period after disability retirement and (h) the discount rate wasreduced from 7.75%to 7.50%.
·	There were no changes in methods and assumptions used in the calculation of actuarial determined contributions for fiscal year 2018.
·	There were no changes in methods and assumptions used in the calculation of actuarial determined contributions for fiscal year 2019.
·	There were no changes in methods and assumptions used in the calculation of actuarial determined contributions for fiscal year 2020.
·	There were no changes in methods and assumptions used in the calculation of actuarial determined contributions for fiscal year 2021.
·	For fiscal year 2022, the following changes of assumptions affected the total pension liability since the prior measurementdate:(a)wageinflation decreased from3.00%to 2.40%, (b)futuresalary increaseschangedfrom 3.50%-18.20% to 3.25%-13.58%, (c) investment rate of return decreased from 7.50% to 7.00%, (d) discount rate decreased from 7.50% to 7.00% and (e) mortality tables changed from the RP-2014 Blue Collar mortality table to the PUB-2010 General Employee Amount Weighted Below Median Healthy Retiree mortality table.

73

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 2 - PENSIONS & OTHER POSTEMPLOYMENT BENEFITS (OPEB) - (Continued)

·	There were no changes in methods and assumptions used in the calculation of actuarial determined contributions for fiscal year 2023.
·	There were no changes in methods and assumptions used in the calculation of actuarial determined contributions for fiscal year 2024.

STATE TEACHERS RETIREMENT SYSTEM (STRS) OF OHIO

Change in benefit terms:

·	There were no changes in benefit terms from the amounts reported for fiscal year 2015. ·	There were no changes in benefit terms from the amounts reported for fiscal year 2016. ·	There were no changes in benefit terms from the amounts reported for fiscal year 2017. ·	For fiscal year 2018, STRS decreased the Cost of Living Adjustment (COLA) to zero.
·	There were no changes in benefit terms from amounts previously reported for fiscal year 2019. ·	There were no changes in benefit terms from amounts previously reported for fiscal year 2020. ·	There were no changes in benefit terms from amounts previously reported for fiscal year 2021. ·	There were no changes in benefit terms from amounts previously reported for fiscal year 2022. ·	There were no changes in benefit terms from amounts previously reported for fiscal year 2023.

Changes in assumptions:

·	There were no changes in methods and assumptions used in the calculation of actuarial determined contributions for fiscal year 2015.
·	There were no changes in methods and assumptions used in the calculation of actuarial determined contributions for fiscal year 2016.
·	There were no changes in methods and assumptions used in the calculation of actuarial determined contributions for fiscal year 2017.
·	For fiscal year 2018, the following changes of assumption affected the total pension liability since the prior measurementdate:(a) thelong-termexpected rateof returnwasreduced from7.75% to 7.45%,(b)theinflation assumption was lowered from 2.75% to 2.50%, (c) the payroll growth assumption was lowered to 3.00%, (d) total salary increases rate was lowered by decreasing the merit component of the individual salary increases, in addition to a decrease of 0.25% due to lower inflation, (e) the healthy and disabled mortality assumptions were updated to the RP-2014 mortality tables with generational improvement scale MP-2016 and (f) rates of retirement, termination and disability were modified to better reflect anticipated future experience.
·	There were no changes in methods and assumptions used in the calculation of actuarial determined contributions for fiscal year 2019.
·	There were no changes in methods and assumptions used in the calculation of actuarial determined contributions for fiscal year 2020.
·	There were no changes in methods and assumptions used in the calculation of actuarial determined contributions for fiscal year 2021.
·	For fiscal year 2022, the following changes of assumption affected the total pension liability since the prior measurement date: (a) the long-term expected rate of return was reduced from 7.45% to 7.00% and (b) the discount rate of return was reduced from 7.45% to 7.00%.
·	For fiscal year 2023, the following changes of assumption affected the total pension liability since the prior measurement date: the projected salary increases went from 12.50% at age 20 to 2.50% at age 65 to varies by service from 2.50% to 8.50%.
·	There were no changes in methods and assumptions used in the calculation of actuarial determined contributions for fiscal year 2024.

74

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 2 - PENSIONS & OTHER POSTEMPLOYMENT BENEFITS (OPEB) - (Continued)

OTHER POSTEMPLOYMENT BENEFITS (OPEB)

SCHOOL EMPLOYEES RETIREMENT SYSTEM (SERS) OF OHIO

Change in benefit terms:

·	There were no changes in benefit terms from the amounts reported for fiscal year 2017. ·	There were no changes in benefit terms from the amounts reported for fiscal year 2018. ·	There were no changes in benefit terms from the amounts reported for fiscal year 2019. ·	There were no changes in benefit terms from the amounts reported for fiscal year 2020. ·	There were no changes in benefit terms from the amounts reported for fiscal year 2021. ·	There were no changes in benefit terms from the amounts reported for fiscal year 2022. ·	There were no changes in benefit terms from the amounts reported for fiscal year 2023. ·	There were no changes in benefit terms from the amounts reported for fiscal year 2024.

Change in assumptions:

·	There were no changes in methods and assumptions used in the calculation of actuarial determined contributions for fiscal year 2017.
·	For fiscal year 2018, the following changes of assumptions affected the total OPEB liability since the prior measurement date: (a) assumed rate of inflation was reduced from 3.25% to 3.00%, (b) payroll growth assumption was reduced from 4.00% to 3.50%, (c) assumed real wage growth was reduced from 0.75% to 0.50%, (d) rates of withdrawal, retirement, and disability were updated to reflect recent experience, (e) mortality among active members was updated to the following: RP-2014 Blue Collar Mortality Table with fully generational projection and a five-year age set-back for both males and females, (f) mortality among service retired members and beneficiaries was updated to the following: RP-2014 Blue Collar Mortality Table with fully generational projection with Scale BB, 120% of male rates, and 110% of female rates, (g) mortality among disabled memberswasupdated to thefollowing:RP-2000 Disabled MortalityTable, 90% formalerates and100% for femalerates, setback fiveyearsisusedfor theperiod after disability retirement, (h)themunicipal bondindex rateincreasedfrom2.92%to 3.56%and(i) thesingleequivalentinterestrate, netof plan investment expense, including price inflation increased from 2.98% to 3.63%.
·	For fiscal year 2019, the following changes of assumptions affected the total OPEB liability since the prior measurement date: (a) the discount rate increased from 3.63% to 3.70%, (b) the health care cost trend rates for Medicare were changed from a range of 5.50%-5.00% to a range of 5.375%-4.75% and Pre-Medicare were changed froma range of 7.50%-5.00%toa rangeof7.25%-4.75%, (c) themunicipal bond indexrate increased from3.56%to 3.62%and(d) thesingleequivalentinterestrate, netofplan investmentexpense, including price inflation increased from 3.63% to 3.70%.
·	For fiscal year 2020, the following changes of assumptions affected the total OPEB liability since the prior measurement date: (a) the discount rate decreased from 3.70% to3.22%, (b) the health care cost trendrates for Medicare were changed from a range of 5.375%-4.75% to a range of 5.25%-4.75% and Pre-Medicare were changedfromarangeof 7.25%-4.75%to arangeof 7.00%-4.75%, (c) themunicipalbond indexratedecreased from3.62%to 3.13%and(d) thesingleequivalentinterestrate, netofplaninvestmentexpense, including price inflation decreased from 3.70% to 3.22%.
·	For fiscal year 2021, the following changes of assumptions affected the total OPEB liability since the prior measurement date: (a) thediscountratedecreased from3.22%to2.63% and (b) themunicipal bond index rate decreased from 3.13% to 2.45%, and (c) the single equivalent interest rate, net of plan investment expense, including price inflation decreased from 3.22% to 2.63%.

75

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 2 - PENSIONS & OTHER POSTEMPLOYMENT BENEFITS (OPEB) - (Continued)

·	For fiscal year 2022, the following changes of assumptions affected the total OPEB liability since the prior measurementdate:(a)wageinflation decreased from3.00%to 2.40%, (b)futuresalary increaseschangedfrom 3.50%-18.20% to 3.25%-13.58%, (c) investment rate of return decreased from 7.50% to 7.00%, (d) discount rate decreased from 7.50% to 7.00% and (e) mortality tables changed from the RP-2014 Blue Collar mortality table to the PUB-2010 General Employee Amount Weighted Below Median Healthy Retiree mortality table.
·	For fiscal year 2023, the following changes of assumptions affected the total OPEB liability since the prior measurementdate: (a) municipal bondindexratewentfrom1.92% to 3.69%, (b)single equivalent interest rate when from 2.27% to 4.08% and (c) medical trend assumptions went from 5.125% to 4.40% Medicare and 6.75% to 4.40% Pre-Medicare to 7.00% to 4.40%.
·	For fiscal year 2024, the following changes of assumptions affect the total OPEB liability since the prior measurementdate: (a) municipal bondindexratewentfrom3.69% to 3.86%, (b)single equivalent interest rate when from 4.08% to 4.27% and (c) medical trend assumptions went from 7.00% to 4.40% to 6.75% to 4.40%.

STATE TEACHERS RETIREMENT SYSTEM (STRS) OF OHIO

Change in benefit terms:

·	There were no changes in benefit terms from the amounts previously reported for fiscal year 2017.
·	For fiscal year 2018, STRS reduced the subsidy multiplier for non-Medicare benefit recipients from 2.1% to 1.9% per year of service. Medicare Part B premium reimbursements were discontinued for certain survivors and beneficiaries and all remaining Medicare Part B premium reimbursements will be discontinued beginning January 2019.
·	For fiscal year 2019, STRS increased the subsidy multiplier for non-Medicare benefit recipients from 1.9% to 1.944% per year of service effective January 1, 2019. The non-Medicare frozen subsidy base premium was increased January 1, 2019 and all remaining Medicare Part B premium reimbursements will be discontinued beginning January 1, 2020.
·	For fiscal year 2020, STRS increased the subsidy percentage from 1.944% to 1.984% effective January 1, 2020. The Medicare subsidy percentages were adjusted effective January 1, 2021 to 2.1% for the Medicare plan. The Medicare Part B monthly reimbursement elimination date was postponed to January 1, 2021.
·	For fiscal year 2021, the non-Medicare subsidy percentage was increased effective January 1, 2021 from 1.984%to 2.055%peryearof service.Thenon-Medicarefrozensubsidy basepremiumwasincreasedeffective January 1, 2021. The Medicare subsidy percentages were adjusted effective January 1, 2021 to 2.1% for the AMA Medicare plan. The Medicare Part B monthly reimbursement elimination date was postponed indefinitely.
·	For fiscal year 2022, the non-Medicare subsidy percentage was increased effective January 1, 2022 from 2.055% to 2.100%. The non-Medicare frozen subsidy base premium was increased effective January 1, 2022. The Medicare Part D subsidy was updated to reflect it is expected to be negative in CY2022. The Part B monthly reimbursement elimination date was postponed indefinitely.
·     There were no changes in benefit terms from the amounts previously reported for fiscal year 2023. ·     There were no changes in benefit terms from the amounts previously reported for fiscal year 2024.

76

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY, OHIO

NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION FOR THE FISCAL YEAR ENDED JUNE 30, 2024

NOTE 2 - PENSIONS & OTHER POSTEMPLOYMENT BENEFITS (OPEB) - (Continued)

Change in assumptions:

·	There were no changes in methods and assumptions used in the calculation of actuarial determined contributions for fiscal year 2017.
·	For fiscal year 2018, the following changes of assumptions affected the total OPEB liability since the prior measurementdate:(a) thediscountratewasincreased from3.26%to 4.13%based on themethodology defined under GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans (OPEB), (b) the long term expected rate of return was reduced from 7.75% to 7.45%, (c) valuation year per capitahealth carecostswereupdated,and thesalary scalewasmodified, (d)thepercentageof futureretirees electing each option was updated based on current data and the percentage of future disabled retirees and terminated vested participants electing health coverage were decreased and (e) the assumed mortality, disability, retirement, withdrawal and future health care cost trend rates were modified along with the portion of rebated prescription drug costs.
·	For fiscal year 2019, the following changes of assumptions affected the total OPEB liability/asset since the prior measurement date: (a) the discount rate was increased from the blended rate of 4.13% to the long-term expected rate of return of 7.45% based on the methodology defined under GASB Statement No. 74, Financial ReportingforPostemploymentBenefitPlansOtherThanPensionPlans(OPEB) and(b)decreasein healthcare cost trend rates from 6.00%-11.00% initial; 4.50% ultimate down to Medical Pre-Medicare 6.00% and Medicare 5.00% initial; 4.00% ultimate and Prescription Drug Pre-Medicare 8.00% and Medicare (5.23%) initial; 4.00% ultimate.
·	For fiscal year 2020, health care cost trend rates were changed to the following: medical pre-Medicare from 6.00% initial - 4.00% ultimate down to 5.87% initial - 4.00% ultimate; medical Medicare from 5.00% initial -4.00% ultimate down to 4.93% initial - 4.00% ultimate; prescription drug pre-Medicare from 8.00% initial -4.00%ultimate down to7.73%initial - 4.00% ultimate and (5.23%)initial - 4.00% ultimate up to 9.62%initial - 4.00% ultimate.
·	For fiscal year 2021, health care cost trend rates were changed to the following: medical pre-Medicare from 5.87% initial - 4.00% ultimate down to 5.00% initial - 4.00% ultimate; medical Medicare from 4.93% initial -4.00% ultimate down to -6.69% initial - 4.00% ultimate; prescription drug pre-Medicare from 7.73% initial -4.00%ultimatedown to 6.50%initial -4.00%ultimate; prescription drug Medicare from9.62% initial -4.00% ultimate up to 11.87% initial - 4.00% ultimate.
·	For fiscal year 2022, the following changes of assumption affected the total OPEB liability since the prior measurementdate:(a) thelong-termexpected rateof returnwasreduced from7.45% to 7.00%,(b)thediscount rate of return was reduced from 7.45% to 7.00% and (c) health care cost trend rates were changed to the following: medical Medicare from -6.69% initial - 4.00% ultimate down to -16.18% initial - 4.00% ultimate; prescription drug Medicare from 11.87% initial - 4.00% ultimate up to 29.98% initial - 4.00% ultimate.
·	For fiscal year 2023, the following changes of assumption affected the total OPEB liability since the prior measurement date: (a) projected salary increase went from 12.50% at age 20 to 2.50% at age 65 to varies by servicesfrom2.50% to 8.50%and (b) health care costtrend rateswerechangedto thefollowing:Pre-Medicare from 5.00% initial - 4.00% ultimate to 7.50% initial - 3.94% ultimate; medical Medicare from -16.18% initial - 4.00% ultimate to -68.78% initial - 3.94% ultimate; prescription drug Pre-Medicare from 6.50% initial -4.00% ultimate to 9.00% initial - 3.94% ultimate; Medicare from 29.98% initial - 4.00% ultimate to -5.47% initial - 3.94% ultimate.
·	For fiscal year 2024, the following changes of assumption affected the total OPEB liability since the prior measurement date: (a) health care cost trend rates were changed to the following: Pre-Medicare from 7.50% initial - 3.94% ultimate to 7.50% initial - 4.14% ultimate; medical Medicare from -68.78% initial - 3.94% ultimate to -10.94% initial - 4.14% ultimate; prescription drug Pre-Medicare from 9.00% initial - 3.94% ultimate to -11.95% initial - 4.14% ultimate; Medicare from -5.47% initial - 3.94% ultimate to 1.33% initial -4.14% ultimate.

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INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY

SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS FOR THE YEAR ENDED JUNE 30, 2024

FEDERAL GRANTOR Pass Through Grantor
Program / Cluster Title

Federal AL
Number

Pass Through Entity Identifying
Number

Provided to
Subrecipients

Total Federal

Expenditures

U.S. DEPARTMENT OF AGRICULTURE

Passed Through Ohio Department of Education and Workforce

Child Nutrition Cluster

National School Lunch Program - Lunch National School Lunch Program - Lunch Covid Food Pro Man

Non-Cash Assistance (Food Distribution):

National School Lunch Program

10.555	GRF	593 10.555                     3L60                                                              42,027 10.555                     3L60                                                              20,311

10.555	3L60	52,701

Total Nutrition Cluster

Total U.S. Department of Agriculture

115,632

115,632

U.S. DEPARTMENT OF EDUCATION AND WORKFORCE Passed Through Ohio Department of Education and Workforce

Title I, Part A Cluster:

Grants to Local Education Agencies (Title I)	84.010	3M00	110,172

Total Title I, Part A	110,172

Special Education Cluster:

Special Education Grants to States (IDEA part B) Special Education Grants to States (IDEA part B) Special Education Grants to States (ARP-IDEA part B)
IDEA Preschool Grant

84.027                    3M20 84.027                    3M20 84.027X                   3M20
84.173	3C50

2,488 623,043 81,724
4,918

Total Special Education Cluster	712,173

Student Support & Academic Enrichment Student Support & Academic Enrichment Title III - Immigrant
Title III - Immigrant

American Rescue Plan Elementary and Secondary School Emergency Relief Fund (ARP ESSER) American Rescue Plan Elementary and Secondary School Emergency Relief Fund

Title II-A - Improving Teacher Quality

Title II-A - Improving Teacher Quality

84.424	3HI0	400 84.424	3HI0                                                                7,320 84.365                     3Y70                                                               2,036 84.365                     3Y70                                                               2,434

84.425U	3HS0	15,343

84.425D                   3HS0                                                               2,868 84.367                     3Y60                                                               1,525
84.367	3Y60	33,112

Total U.S. Department of Education and Workforce

Total Expenditures of Federal Awards

887,383

$1,003,015

The accompanying notes are an integral part of this schedule. 79

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY

NOTES TO THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 2 CFR 200.510(b)(6)
FOR THE YEAR ENDED JUNE 30, 2024

NOTE A – BASIS OF PRESENTATION

The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activityof IndianHillExemptedVillageSchoolDistrict,HamiltonCounty,Ohio(theDistrict) ,underprograms of the federal government for the year ended June 30, 2024. The information on this Schedule is prepared in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the District, it is not intended to and does not present the financial position, changes in net position, or cash flows of the District.

NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirement, Cost Principles, and Audit Requirements for Federal Awards.

NOTE C – INDIRECT COST RATE

The District has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.

NOTE D - CHILD NUTRITION CLUSTER

The District commingles cash receipts from the U.S. Department of Agriculture with similar State grants. When reporting expenditures on this Schedule, the District assumes it expends federal monies first.

NOTE E – FOOD DONATION PROGRAM

TheDistrict reports commodities consumedontheScheduleat the entitlement value. TheDistrict allocated donated food commodities to the respective program that benefitted from the use of those donated food commodities.

80

65 East State Street Columbus, Ohio 43215 ContactUs@ohioauditor.gov 800-282-0370

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS REQUIRED BY GOVERNMENT AUDITING STANDARDS

Indian Hill Exempted Village School District Hamilton County
6855 Drake Road Cincinnati, Ohio 45243

To the Board of Education:

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards), the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of the Indian Hill Exempted Village School District, Hamilton County, Ohio (the District), as of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements and have issued our report thereon dated March 12, 2025.

Report on Internal Control Over Financial Reporting

In planningandperformingour audit of thefinancial statements,weconsideredthe District’s internalcontrol over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the District’s internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the District’s financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies ininternalcontrolthat weconsidertobematerialweaknesses. However, materialweaknesses or significant deficiencies may exist that were not identified.

Report on Compliance and Other Matters

As part of obtaining reasonable assurance about whether the District’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objectiveof our audit andaccordingly, wedonot express suchanopinion. The resultsof our tests disclosed noinstances ofnoncomplianceor othermattersthat arerequiredtobereportedunderGovernmentAuditing Standards.

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Indian Hill Exempted Village School District Hamilton County
Independent Auditor’s Report On Internal Control Over Financial Reporting And On Compliance And Other Matters Required By Government Auditing Standards
Page 2

Purpose of This Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

March 12, 2025

82

65 East State Street Columbus, Ohio 43215 ContactUs@ohioauditor.gov 800-282-0370

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO THE MAJOR FEDERAL PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE

Indian Hill Exempted Village School District Hamilton County
6855 Drake Road Cincinnati, Ohio 45243

To the Board of Education:

Report on Compliance for the Major Federal Program

Opinion on the Major Federal Program

We have audited the Indian Hill Exempted Village School District, Hamilton County, Ohio (the District’s), compliance with the types of compliance requirements identified as subject to audit in the U.S. Office of Management and Budget (OMB) Compliance Supplement that could have a direct and material effect on Indian Hill Exempted Village School District’s major federal program for the year ended June 30, 2024. IndianHillExemptedVillageSchoolDistrict’smajor federalprogram isidentifiedintheSummaryofAuditor’s Results section of the accompanying schedule of findings.

In our opinion, Indian Hill Exempted Village School District, Hamilton County, Ohio complied, in all material respects, with the compliance requirements referred to above that could have a direct and material effect on its major federal program for the year ended June 30, 2024.

Basis for Opinion on the Major Federal Program

We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America (GAAS); the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards); and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Our responsibilities under those standards and the Uniform Guidance are further described in the Auditor's Responsibilities for the Audit of Compliance section of our report.

We are required to be independent of the District and to meet our other ethical responsibilities, in accordance with relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on compliance for the major federal program. Our audit does not provide a legal determination of the District's compliance with the compliance requirements referred to above.

Responsibilities of Management for Compliance

The District’s Management is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control over compliance with the requirements of laws, statutes, regulations, rules, and provisions of contracts or grant agreements applicable to the District’s federal programs.

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Indian Hill Exempted Village School District Hamilton County
Independent Auditor’s Report on Compliance with Requirements
Applicable to the Major Federal Program and on Internal Control Over Compliance Required by the Uniform Guidance
Page 2

Auditor’s Responsibilities for the Audit of Compliance

Our objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred,whether dueto fraud or error, and express an opinion on the District's compliance based on our audit. Reasonable assurance is a high level of assurance but is not absoluteassurance and therefore is not a guarantee that an audit conducted in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance will always detect material noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Noncompliance with the compliance requirements referred to above is considered material, if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the District's compliance with the requirements of the major federal program as a whole.

In performing an audit in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance, we:

·	exercise professional judgment and maintain professional skepticism throughout the audit.

·	identify and assess the risks of material noncompliance, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the District’s compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances.
·	obtain an understanding of the District's internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of the District's internal control over compliance. Accordingly, no such opinion is expressed.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit.

Report on Internal Control Over Compliance

A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combinationofdeficiencies,ininternalcontrolover compliance,suchthatthereisareasonablepossibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.

Our consideration of internal control over compliance was for the limited purpose described in the Auditor’s Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies in internal control over compliance. Given these limitations, during our audit we did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal control over compliance may exist that were not identified.

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Indian Hill Exempted Village School District Hamilton County
Independent Auditor’s Report on Compliance with Requirements
Applicable to the Major Federal Program and on Internal Control Over Compliance Required by the Uniform Guidance
Page 3

Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed.

The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of this testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose.

March 12, 2025

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86

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT HAMILTON COUNTY

SCHEDULE OF FINDINGS 2 CFR § 200.515 JUNE 30, 2024

1. SUMMARY OF AUDITOR’S RESULTS

(d)(1)(i)
	Type of Financial Statement Opinion
	Unmodified
	
(d)(1)(ii)
	Were there any material weaknesses in internal control reported at the financial statement level (GAGAS)?
	No
	
(d)(1)(ii)
	Were there any significant deficiencies in internal control reported at the financial statement level (GAGAS)?
	No
	
(d)(1)(iii)
	Was there any reported material noncompliance at the financial statement level (GAGAS)?
	No
	
(d)(1)(iv)
	Were there any material weaknesses in internal control reported for major federal programs?
	No
	
(d)(1)(iv)
	Were there any significant deficiencies in internal control reported for major federal programs?
	No
	
(d)(1)(v)
	Type of Major Programs’ Compliance Opinion
	Unmodified
	
(d)(1)(vi)
	Are there any reportable findings under 2 CFR § 200.516(a)?
	No
	
(d)(1)(vii)
	Major Programs (list):
	84.027	&	84.173	-	Special Education Cluster
	
(d)(1)(viii)
	Dollar Threshold: Type A\B Programs
	Type A: > $ 750,000 Type B: all others
	
(d)(1)(ix)
	Low Risk Auditee under 2 CFR § 200.520?
	Yes

2. FINDINGS RELATED TO THE FINANCIAL STATEMENTS REQUIRED TO BE REPORTED IN ACCORDANCE WITH GAGAS

None

3. FINDINGS AND QUESTIONED COSTS FOR FEDERAL AWARDS

None

87

INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT

HAMILTON COUNTY

AUDITOR OF STATEOF OHIO CERTIFICATION

This is a true and correct copy of the report, which is required to be filed pursuant to Section 117.26, Revised Code, and which is filed in the Office of the Ohio Auditor of State in Columbus, Ohio.

Certified for Release 3/25/2025

65 East State Street, Columbus, Ohio 43215 Phone: 614-466-4514 or 800-282-0370

This report is a matter of public record and is available online at www.ohioauditor.gov

APPENDIX D

Five-Year Forecast

Following is a summary of a five-year financial projection prepared by the Treasurer of the School District through June 30, 2029, in compliance with Revised Code Section 5705.391 (see discussion in APPENDIX A under “FINANCES OF THE SCHOOL DISTRICT – Five-Year Projection”).	The projection is based upon certain assumptions required to be made in accordance with rules promulgated by the Department of Education and Workforce, including the assumption that no revenues from future voter-approved tax levies will be available. A complete version of the projection may be obtained from the Treasurer’s office or from the Department of Education and Workforce. Readers of this Official Statement are cautioned that actual circumstances may differ from the assumptions required to be used in preparation of this projection. As a result, the actual future financial situation of the School District may be materially different from that stated in this projection, and investors are cautioned not to place undue reliance on such forward-looking statements.

	Actual
	Forecasted
	
Forecast Line and Description
	2022
	2023
	2024
	2025
	2026
	2027
	2028
	2029
	
01.010: General Property Tax (Real Estate)
	27,509,471       29,547,488       30,957,686 796,949            802,537            875,284 1,266,932         1,334,754         2,016,991 279,267            359,546            567,783 3,210,180         3,239,088         3,409,441 6,970,868         7,471,247         7,119,347
	32,333,288       32,260,529       32,900,267       33,441,411       33,624,500 869,935            861,766            871,140            879,591            905,432 2,332,502         2,731,356         3,095,764         3,224,890         3,302,883 709,320            720,008            728,822            733,323            735,315 3,583,165         3,614,204         3,692,189         3,765,617         3,787,378 7,298,770         7,332,441         7,268,492         7,154,283         7,091,625
	
01.020: Tangible Personal Property Tax 01.035: Unrestricted Grants-in-Aid 01.040: Restricted Grants-in-Aid
01.050: State Share of Local Property Taxes 01.060: All Other Operating Revenue 01.070: Total Revenue
02.050: Advances-In
02.060: All Other Financing Sources 02.070: Total Other Financing Sources
02.080: Total Revenue and Other Financing Sources
03.010: Personal Services - Employee Salaries & Wages 03.020: Employees' Retirement and Insurance Benefits 03.030: Purchased Services
03.040: Supplies and Materials 03.050: Capital Outlay
04.055: Principal - Other
04.060: Interest and Fiscal Charges 04.300: Other Objects
04.500: Total Expenditures 05.010: Operational Transfers-Out 05.020: Advances-Out
05.040: Total Other Financing Uses
05.050: Total Expenditures and Other Financing Uses
06.010: Excess Of Revenues and Other Financing Sources over (under) Expenditures and Other Financing Uses
07.010: Beginning Cash Balance July 1- Excluding Proposed Renewal/Replacement and New Levies
07.020: Ending Cash Balance June 30- Excluding Proposed Renewal/Replacement and New Levies
08.010: Estimated Encumbrances June 30
10.010: Fund Balance June 30For Certification of Appropriations 11.020: Property Tax - Renewal or Replacement
11.300: Cumulative Balance of Replacement/Renewal Levies 12.010: Fund Balance June 30For Certificates of Contracts Salary Schedules, and Other Obligations
15.010: Unreserved Fund Balance June 30
			
	40,033,667       42,754,660       44,946,532 18,605         1,214,045               51,817 3,445                 1,550              43,254
	47,126,980       47,520,304       48,556,674       49,199,115       49,447,133 30,000               30,000              30,000              30,000              30,000 406,000                 5,000                 5,000                 5,000                 5,000
	
	22,050         1,215,595               95,071 40,055,717       43,970,255       45,041,603
	436,000               35,000              35,000              35,000              35,000 47,562,980       47,555,304       48,591,674       49,234,115       49,482,133
	
	22,135,319       24,386,913       25,074,379 7,599,775         8,026,066         8,562,333 5,591,673         6,726,430         7,540,029 1,459,815         1,834,178         1,990,925 788,150         1,436,637         1,180,031 280,000            285,000            600,000 59,096            278,365            418,822 538,213            512,611            553,242
	26,418,730       26,975,510       28,043,891       28,964,403       29,347,011 9,108,533         9,617,624       10,064,708       10,528,440       10,910,542 7,116,608         7,196,376         7,300,759         7,316,663         7,389,830 2,001,043         2,020,201         2,031,645         2,051,962         2,072,482 860,000            981,395            563,439            613,439            663,439 655,000            670,000            690,000            710,000            730,000 401,404            382,777            363,600            343,776            323,308 576,980            587,080            594,242            603,691            611,777
	
	38,452,041       43,486,200       45,919,761 0            553,253            310,000 1,214,045               51,817              34,949
	47,138,298       48,430,963       49,652,284       51,132,374       52,048,389 310,000            310,000            310,000            310,000            310,000 30,000               30,000              30,000              30,000              30,000
	
	1,214,045            605,070            344,949 39,666,086       44,091,270       46,264,710
	340,000            340,000            340,000            340,000            340,000 47,478,298       48,770,963       49,992,284       51,472,374       52,388,389

389,631	(121,015)      (1,223,107)
	
84,682	(1,215,659)      (1,400,610)      (2,238,259)      (2,906,256)

15,796,326	16,185,957	16,064,942

16,185,957       16,064,942       14,841,835 500,000                        0            500,000 15,685,957       16,064,942       14,341,835 0                        0                        0
0	0	0

15,685,957       16,064,942       14,341,835 15,685,957       16,064,942       14,341,835
	
14,841,835	14,926,517	13,710,858	12,310,248	10,071,989

14,926,517       13,710,858       12,310,248       10,071,989         7,165,733 500,000            500,000            500,000            500,000            500,000 14,426,517       13,210,858       11,810,248         9,571,989         6,665,733 0                        0              70,389            146,990            155,680
0	0	70,389	217,379	373,059

14,426,517       13,210,858       11,880,637         9,789,368         7,038,792 14,426,517       13,210,858       11,880,637         9,789,368         7,038,792

D-1

19645711v3

Notes and Assumptions to the Five-Year Forecast

(Attached)

D-2

19645711v3

Indian Hill Exempted Village School District

02
2Fiscal Year 5 November

Five Year Forecast Report

Prepared By: Mick Davis CFO/Treasurer
Indian Hill Exempted Village School District

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Indian Hill Exempted Village School District

Table of Contents

Forecast Summary	3

Forecast Analysis	4

Revenue Overview	5 1.010 ‐ General Property Tax (Real Estate)	6 1.020 ‐ Public Utility Personal Property	7 1.030 ‐ Income Tax	8 1.035 ‐ Unrestricted Grants‐in‐Aid	9 1.040 & 1.045 ‐ Restricted Grants‐in‐Aid                                                                                                                            10 1.050 ‐ State Share‐Local Property Taxes                                                                                                                           11 1.060 ‐ All Other Operating Revenues                                                                                                                                 12 2.070 ‐ Total Other Financing Sources                                                                                                                                13

Expenditures Overview	14 3.010 ‐ Personnel Services	15 3.020 ‐ Employee Benefits	16 3.030 ‐ Purchased Services	17 3.040 ‐ Supplies and Materials	18 3.050 ‐ Capital Outlay	19 3.060 ‐ 4.060 ‐ Intergovernmental & Debt	20 4.300 ‐ Other Objects	21 5.040 ‐ Total Other Financing Uses	22

Five Year Forecast	23

Appendix
Financial Health Indicators                                                                                                                                                     24 Current to Prior Forecast Compare                                                                                                                                      25

Forecast Purpose/Objectives

Ohio Department of Education and Workforce'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

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0

$60,000,000

Forecast Summary	Indian Hill Exempted Village School District

Projected Revenue, Expenditures, and Cash Balance

$50,000,000

$40,000,000

$30,000,000

$20,000,000

$10,000,000	$7,538,792

$0

2024	2025	2026	2027	2028	2029

Revenue	Expenditures	Cash Balance

Financial Forecast Summary

Financial Forecast Summary

	Fiscal Year                 Fiscal Year                 Fiscal Year 2025                          2026                          2027
	Fiscal Year                 Fiscal Year 2028                          2029

Beginning Balance (Line 7.010)
+ Renewal/New Levies Modeled
	
14,841,835	14,926,517	13,710,858
	
12,380,636	10,289,366
	
+ Revenue
‐ Expenditures
	47,562,980               47,555,304               48,662,063 (47,478,298)            (48,770,963)            (49,992,285)
	49,381,105               49,637,813 (51,472,374)            (52,388,388)

= Revenue Surplus or Deficit
	
84,682	(1,215,659)	(1,330,222)
	
(2,091,269)	(2,750,575)
	
Line 7.020 Ending Balance with Renewal/New Levies
	14,926,517	13,710,858	12,380,636
	10,289,366	7,538,792

Financial Summary Notes
Financial Summary Notes

Expenditure growth is projected to outpace revenue change. By the end of 2029, the cash balance is projected to decline by a total of $7,303,043 compared to 2024. For fiscal year 2029, expenditures are currently projected to exceed revenue, resulting in a revenue shortfall the final year of the forecast period.

For revenue, projected change is expected to be less than the historical average. Over the past five years, revenue increased by 6.59% ($2,413,258 annually). However, it is projected to increase by 1.98% ($919,242 annually) through fiscal year 2029. Notably, Real Estate, is expected to be $1,295,567 less per year compared to history, and is the biggest driver of trend change on the revenue side.

For expenditures, projected change is expected to be at a slower pace than the historical trend. Expenditures increased by 5.49% ($1,998,136 annually) during the past 5‐year period, and are projected to increase by 2.65% ($1,224,736 annually) through 2029. The forecast line with the most change on the expense side, Purchased Services, is anticpated to be $581,806 less per year in the projected period compared to historical averages.

It is assumed the District would not renew the current levy based on reaching the 20‐mill floor for type I valuation. Type II would not reach the 20‐mill floor based on the current estimates but would not yield enough revenue to require a renewal of the current levy.

Disclosure Items:
	2025	2026	2027	2028	2029
	
Modeled Renewal Levies ‐ Annual Amount Modeled New Levies ‐ Annual Amount
Encumbrances (not subtracted from Cash Balance)
	‐	‐	70,389	146,990	155,680 ‐	‐                                      ‐                                      ‐                                      ‐
500,000	500,000	500,000	500,000	500,000
	
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projected to change by 1.98%
are projected to cha	52%
Su
Revenue
Revenue
Forecast Analysis	Indian Hill Exempted Village School District Revenue Compared to Expenditures

$54

$52

$50

Millions $$$
$48

$46

$44

$42

$40
2024	2025

2026

Total Revenue W/Renewals

2027	2028	2029

Total Expenditures

70%
From 2025 to 2029, total revenues are 16%	projected to change by 1.98%
14%

Expenditure change is expected to outpace nge by 2.From 2025 to 2029, total expenses are revenue change.	projected to change by 2.52%

Revenue Surplus/(Shortfall) as a Percentage of Revenue

> 10% Revenue Surplus/(Shortfall) as a Percentage of Revenue	Surplus

Current Forecast              2022                 2023 Surplus/(Shortfall)                 1.%                   ‐.3%

2024                  2025 ‐2.7%                   .2%

2026	2027 ‐2.6%                  ‐2.7%

2028	2029 ‐4.2%                 ‐5.5%

Shortfall > 2% ofrplus

Shortfall > 8% of Revenue
Reve
Shortfall > 2% of Shortfall >15% ofnue

Shortfall > 8% of Revenue

Shortfall >15% of Revenue

The district is trending toward revenue shortfall with the expenditures growing faster than revenue.

A revenue increase of 5.54% is needed to balance the budget in fiscal year 2029, or a $2,750,575 reduction in expenditures. ‐ The largest contributor to the projected revenue trend is the change in Real Estate.
‐ The expenditure most impacting the changing trend is Purchased Services.

Days Cash on Hand at Fiscal Year‐end	Days Cash on Hand at Fiscal Year‐end

117	115

2024	2025

103
90

2026	2027

73

53

2028	2029

*based on 365 days

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Revenue Overview	Indian Hill Exempted Village School District

16%

Revenue Sources

Local Taxes
Real Estate Tax	67.98% Public Utility Tax                                  1.83% Income Tax                                           0.00%

14%

70%

State Sources
State Funding	4.90% Restricted Aid	1.49% State Share of Local Tax	7.53%

All Other Revenue
Other Revenue                                  15.35% Other Sources                                      0.92%

Annual Revenue Actual + Projected

$70,389	$146,990	$155,680

$37,621,355
$36,900,503
$40,055,717
$43,970,253
$45,041,603
$47,562,980
$47,555,304
$48,591,674
$49,234,115
$49,482,133
2020	2021	2022	2023	2024	2025	2026	2027	2028	2029

Renewal Levy Revenue

Historic Revenue Change versus Projected Revenue Change

	Historical Average Annual
$$ Change
	Projected Average Annual
$$ Change
	Projected Compared to Historical Variance
	Over the past five years, revenue increased by 6.59% ($2,413,258 annually). However, it is projected to increase by 1.98% ($919,242 annually) through fiscal year 2029. Notably, Real Estate, is expected to be $1,295,567 less per year compared to history, and is the biggest driver of trend change on the revenue side.
	
Real Estate	$1,849,463	$553,896	($1,295,567) Public Utility                                                         $67,317                $16,386                 ($50,931) Income Tax                                                                     $0                          $0                              $0 State Funding                                                    $201,293	$290,685                    $89,392 State Share of Property Tax                               $68,025                $75,833                      $7,808 All Othr Op Rev                                                 $271,943                 ($5,544)              ($277,487) Other Sources                                                    ($44,783)              ($12,014)                  $32,768
		
Total Average Annual Change                        $2,413,258              $919,242            ($1,494,016) 6.59%                    1.98%                     ‐4.61%

For Comparison: Expenditure average annual change is projected to be >

$1,224,736 On an annual average basis, expenditures are projected to grow faster than revenue.

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Indian Hill Exempted Village School District

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 property tax revenue accounts for 67.98% of total district general fund revenue.

67.98%

$45,728	$96,217	$102,668

$24,634,247
$25,327,151
$27,509,471
$29,547,488
$30,957,686
$32,333,288
$32,260,529
$32,900,267
$33,441,411
$33,624,500
2020	2021	2022	2023	2024	2025	2026	2027	2028	2029

Renewal Levy Revenue

Key Assumptions & Notes

Values, Tax Rates and Gross Collections
Tax Yr	Valuation	Value Change 2023              1,789,816,140           410,970,630 2024              1,797,044,380               7,228,240 2025              1,810,869,380             13,825,000 2026              1,879,219,380             68,350,000 2027              1,886,094,380               6,875,000 2028              1,894,844,380               8,750,000

Class I Rate 20.00 20.05 20.07 20.00 20.05 20.06

Change	Class 2 Rate	Change
‐	20.94	‐ 0.05	21.11                         0.18 0.01	21.13                         0.02
(0.07)                      20.64                        (0.49) 0.05                       20.69                         0.05 0.01                       20.71                         0.02

Gross Collection Rate Including Delinquencies 100.7% 98.5% 98.5% 98.5% 98.5% 98.5%

Class I, or residential/agricultural taxes make up approximately 89.96% of the real estate property tax revenue. The Class I tax rate is 20.05 mills in tax year 2024. The district is modeling the renewal of real estate property taxes levies through 2024. The projections reflect an average gross collection rate of 98.5% annually through tax year 2028. The revenue changed at an average annual historical rate of 7.42% and is projected to change at an average annual rate of 1.74% through fiscal year 2029.

If the current 20‐mill floor remains in place through the District's next revauluation, the District's Type I real estate would increase in relation to the valuation increase. The current assumption is an increase of approximately 3%. This figure is a much lower projection than the last revaluation when the District received a 30% increase. However, it is more in line with historical values.

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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.

1.83%	Public Utility Personal Property tax revenue accounts for 1.83% of total district general fund revenue.

$24,662	$50,246	$51,783

$602,605
$567,545
$796,949
$802,537
$875,284
$869,935
$861,766
$871,140
$879,591
$905,432
2020	2021	2022	2023	2024	2025	2026	2027	2028	2029

Renewal Levy Revenue

Key Assumptions & Notes

Values and Tax Rates
Tax Year	Valuation 2023                   20,050,000 2024                   18,550,000 2025                   19,300,000 2026                   20,050,000 2027                   20,800,000 2028                   21,300,000

Value Change	Full Voted Rate	Change 2,269,660                       45.38                           ‐
(1,500,000)	45.38	‐ 750,000	45.38	‐ 750,000	45.38	‐ 750,000	45.38	‐ 500,000	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. The property is taxed at the full voted tax rate which in tax year 2024 is 45.38 mills. The forecast is modeling an average gross collection rate of 100.00%. The revenue changed historically at an average annual dollar amount of $67,317 and is projected to change at an average annual dollar amount of $16,386 through fiscal year 2029.

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1.030 ‐ School District 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.

0.00%

The district does not have a School District Income Tax levy.

$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
2020	2021	2022	2023	2024	2025	2026	2027	2028	2029

Renewal Levy Revenue

Key Assumptions & Notes

The district does not have an income tax levy.

Estimates project that a 0.25% alternative base or earned income tax would yield approximately $4.1 million annually.

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Indian Hill Exempted Village School District

1.035 ‐ Unrestricted Grants‐in‐Aid

Funds received through the State Foundation Program with no restriction.

4.90%	 Unrestricted State Aid revenue accounts for 4.90% of total district general fund revenue.

$1,399,482
$1,381,519
$1,266,932
$1,334,754
$2,016,991
$2,332,502
$2,731,356
$3,095,764
$3,224,890
$3,302,883
2020	2021	2022	2023	2024	2025	2026	2027	2028	2029

Key Assumptions & Notes

2,102
2,067
2,031
2,100
2,127
2,125
2,137
2,146
2,154
2,177

District Educated Enrollment 2,500

2,000
	Beginning in fiscal year 2022, Ohio adopted the Fair School Funding Plan (FSFP). Funding is driven by a base cost methodology that incorporates the four components identified as necessary to the education process. The Base Cost is currently calculated for two years using a statewide average from historical actual data.

For Indian Hill Exempted Village School District, the calculated Base Cost total is $17,117,037 in 2025.
The State's Share of the calculated Base Cost total is $1,710,114, or $805 per pupil.
The FSFP also started funding students where they attended school. Therefore district educated enrollment is now used for per pupil funding. At the same time, the FSFP eliminated tuition transfer payments from school districts, which impacts the expense side of the forecast.

District enrollment is projected to grow over the next five years. The forecast calls for a modest annual increase.

1,500

1,000

500
		
0
2020       2021       2022       2023       2024       2025       2026       2027       2028       2029

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Indian Hill Exempted Village School District

1.040 & 1.045 ‐ Restricted Grants‐in‐Aid

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

1.49%	 Restricted State Aid revenue accounts for 1.49% of total district general fund revenue.

$134,553
$144,557
$279,267
$359,546
$567,783
$709,320
$720,008
$728,822
$733,323
$735,315
2020	2021	2022	2023	2024	2025	2026	2027	2028	2029

Key Assumptions & Notes

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 $141,075 and is projected to change annually on average by $33,506. Restricted funds represent 1.49% of the district's total revenue. Starting in fiscal year 2022, the district's Success & Wellness funding became restricted; the state's share of this funding recorded as restricted is $63,224. This funding has implications on general fund expenditures in that certain spending now occuring in a fund external to the general fund could shift to the general fund. The expenditures in this forecast are adjusted to reflect this change.

This is a key growth area of the forecast. The threshold (formerly known as catastropic) cost program for use by traditional school districts, community schools and JVSD’s to receive reimbursement for costs exceeding the state‐determined threshold to educate preK‐12 students, including any student in Grade 23 (students who have deferred their diploma), with disabilities in Categories 2‐6. This reimbursement is available to the financially responsible district or school for any child in disability categories 2,3,4, or 5 whose educational and related expenses exceeded $27,375, and any child in category 6 whose expenses exceeded $32,850 in the prior fiscal year. The increase for Indian Hill EVSD is twofold. First, there has been an increase to the amount of funds put into the program by the State. Second, the number of students at Indian Hill meeting the criteria has increased.

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Indian Hill Exempted Village School District

1.050 ‐ State Share of Local Property Taxes

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

7.53%	 State Share of Local Property tax revenue accounts for 7.53% of total district general fund revenue.

$528	$1,228

$3,062,553
$3,147,629
$3,210,180
$3,239,088
$3,409,441
$3,583,165
$3,614,204
$3,692,189
$3,765,617
$3,787,378
2020	2021	2022	2023	2024	2025	2026	2027	2028	2029

Renewal Levy Revenue

Key Assumptions & Notes

State Share of Local Property Taxes primarily consists of reimbursements from the state of Ohio for local taxpayer credits or reductions to their tax bill. 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 fiscal year 2025, approximately 10.6% local residential property taxes will be reimbursed by the state in the form of rollback credits and approximately 0.3% will be reimbursed in the form of qualifying homestead exemption credits.

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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.

15.35%	 All Other Revenue accounts for 15.35% of total district general fund revenue.

$7,692,335
$6,288,987
$6,970,868
$7,471,247
$7,119,347
$7,298,770
$7,332,441
$7,268,492
$7,154,283
$7,091,625
2020	2021	2022	2023	2024	2025	2026	2027	2028	2029

Key Assumptions & Notes

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 $271,943. The projected average annual change is ‐$5,544 through fiscal year 2029.

The key component of this category is the District's collection of a Tax Increment Financing (TIF) program for several properties in the Kenwood area. This program is monitored by Sycamore Township and the agreement holds the school districts involved harmless. Payments of the taxes that would be generated through traditional tax levying are collected by Sycamore Township and paid directly to the District. This is a bi‐annual payment coinciding with payments of traditional property taxes.

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Indian Hill Exempted Village School District

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.

0.92%	 Other Sources of revenue accounts for 0.92% of total district general fund revenue.

$95,581
$43,114
$22,050
$1,215,595
$95,071
$436,000
$35,000
$35,000
$35,000
$35,000
2020	2021	2022	2023	2024	2025	2026	2027	2028	2029

Key Assumptions & Notes

	FORECASTED
	
	2024
	2025
	2026
	2027
	2028
	2029
	
Transfers In
	‐
	‐
	‐
	‐
	‐
	‐
	
Advances In
	51,817
	30,000
	30,000
	30,000
	30,000
	30,000
	
All Other Financing Sources
	43,254
	406,000
	5,000
	5,000
	5,000
	5,000

Other sources includes revenue that is generally classified as non‐operating. Return advances‐in are the most common revenue source. In 2024 the district receipted $51,817 as advances‐in and is projecting advances of $30,000 in fiscal year 2025. 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 $406,000 in 2025 and average $5,000 annually through 2029.

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Expenditure Overview	Indian Hill Exempted Village School District

Expenditure Categories

10%

15%

75%

Personnel Costs
Salaries                                                                           55.64% Benefits                                                                          19.18%

Purchased Services	14.99%

All Other Expenditures
Supplies, Capital, Debt, Other Obj                              9.47% Other Uses                                                                       0.72%

Annual Expenditures Actual + Projected

$41,413,227
$35,884,047
$39,666,086
$44,091,269
$46,264,709
$47,478,298
$48,770,963
$49,992,285
$51,472,374
$52,388,388
2020	2021	2022	2023	2024	2025	2026	2027	2028	2029

Historic Expenditures Change versus Projected Expenditures Change

	Historical Average Annual
$$ Change
	Projected Average Annual
$$ Change
	Projected Compared to Historical Variance
	Expenditures increased by 5.49% ($1,998,136 annually) during the past 5‐year period, and are projected to increase by 2.65% ($1,224,736 annually) through 2029. The forecast line with the most change on the expense side, Purchased Services, is anticpated to be $581,806 less per year in the projected period compared to historical averages.
	
Salaries	$845,329	$854,526	$9,198 Benefits	$233,477	$469,642                 $236,165 Purchased Services	$551,767               ($30,040)             ($581,806) Supplies & Materials	$133,542                $16,311              ($117,231) Capital Outlay                                                       ($48,881)           ($103,318)               ($54,438) Intergov & Debt	$203,765                  $6,897              ($196,867) Other Objects                                                        $26,630                $11,707                ($14,923) Other Uses                                                             $52,508                    ($990)               ($53,498)
		
Total Average Annual Change                           $1,998,136           $1,224,736              ($773,400) 5.49%                    2.52%                    ‐2.97%

For Comparison: Revenue average annual change is projected to be >

$919,242 On an annual average basis, revenues are projected to grow slower than expenditures.

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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.

55.64%             Salaries account for 55.64% of the district's total general fund spending.

$21,667,178
$21,565,695
$22,135,319
$24,386,913
$25,074,379
$26,418,730
$26,975,510
$28,043,891
$28,964,403
$29,347,011
2020	2021	2022	2023	2024	2025	2026	2027	2028	2029

Key Assumptions & Notes

Salaries represent 55.64% of total expenditures and increased at a historical average annual rate of 3.82% (or $845,329). This category of expenditure is projected to grow at an annual average rate of 3.21% (or $854,526) through fiscal year 2029. The projected average annual rate of change is 0.61% less than the five year historical annual average.

The Indian Hill Educators Professional Organization and the District negotiated a three year extension to the Collective Bargaining Agreement that will last through June of 2028. The agreement includes an annual increase of the base salary. This increase gives Indian Hill the ability to be professionally competive within the education industry, allowing the District to recruit and retain the top educators. With the completed CBA, it removes many of the assumptions of this expense category for the next four years.
Noted Assumptions: Two teacher retirements per year replaced with a Master Column Step Four; No new positions;

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3.020 ‐ Employees' Benefits

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

19.18%	 Benefits account for 19.18% of the district's total general fund spending.

$7,453,139
$6,819,714
$7,599,775
$8,026,066
$8,562,333
$9,108,533
$9,617,624
$10,064,708
$10,528,440
$10,910,542
2020	2021	2022	2023	2024	2025	2026	2027	2028	2029

Key Assumptions & Notes

Benefits represent 19.18% of total expenditures and increased at a historical average annual rate of 3.20%. This category of expenditure is projected to grow at an annual average rate of 4.97% through fiscal year 2029. The projected average annual rate of change is 1.77% more than the five year historical annual average.

In addition to the effects that the Collective Bargaining Agreement had on the Personnel expenditure, the CBA affected the Benefits expenditure category. Retirement contributions compose a significant percentage of this category and those expenses rose with the increase to base salaries. The District committed to increase Health Savings Account contributions for the first time since High Deductible Health Plans were instituted uniformly to all employees. Medical Insurance continues to the highest expense in this category. Renewals have historically been below market average. The assumption for this forecast that the renewals will be between 7‐8% annually.

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Indian Hill Exempted Village School District

3.030 ‐ Purchased Services

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

14.99%	 Purchased Services account for 14.99% of the district's total general fund spending.

$4,398,282
$4,878,255
$5,591,673
$6,726,430
$7,540,029
$7,116,608
$7,196,376
$7,300,759
$7,316,663
$7,389,830
2020	2021	2022	2023	2024	2025	2026	2027	2028	2029

Key Assumptions & Notes

Purchased Services represent 14.99% of total expenditures and increased at a historical average annual rate of 9.98%. This category of expenditure is projected to decrease at an annual average rate of 0.37% through fiscal year 2029. Starting in 2022, the Fair School Funding Plan (State Funding) only accounted for district educated enrollment, thereby reducing district tuition costs for open enrollment 'out,' community schools, STEM, and scholarship students. This change resulted in lower district costs, but also less per pupil state revenue since per pupil funding is now paid directly by the state to the district students attend.

This expenditure category is very broad in the type of expenses that it represents. Included within this category is student services, outside tuition, professional development, legal fees, communication, consulting fees, substitutes, guest speakers, architectural fees, custodial services, and utilities. Many of these expenses have risen significantly over the last three years from inflation and increased utilization. In 2025, the category should see a decrease in expenditure because there should be no need for architectural services as the District should not need any planning for facilites. There should also be a decrease in legal fees because the District's large construction project has concluded.

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3.040 ‐ Supplies & Materials

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

4.21%
Supplies and Materials account for 4.21%

of the district's total general fund spending.

$1,286,874
$1,457,837
$1,459,815
$1,834,178
$1,990,925
$2,001,043
$2,020,201
$2,031,645
$2,051,962
$2,072,482
2020	2021	2022	2023	2024	2025	2026	2027	2028	2029

Key Assumptions & Notes

Supplies & Materials represent 4.21% of total expenditures and increased at a historical average annual rate of 8.97%. This category of expenditure is projected to grow at an annual average rate of 0.81% through fiscal year 2029. The projected average annual rate of change is 8.17% less than the five year historical annual average.

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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.

1.81%
Capital Outlay account for 1.81% of the

district's total general fund spending.

$6,107,228
$678,248
$788,150
$1,436,637
$1,180,031
$860,000
$981,395
$563,439
$613,439
$663,439
2020	2021	2022	2023	2024	2025	2026	2027	2028	2029

Key Assumptions & Notes

Capital Outlay represent 1.81% of total expenditures and decreased at a historical average annual amount of $48,881. This category of expenditure is projected to decrease at an annual average rate of $103,318 through 2029. The projected average annual change is less than the five year historical annual average.

This category includes the purchase of two buses per year, small facilities projects, as well as an estimated $600,000 for a roof replacement split between fiscal year 2025 and 2026.

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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.

2.23%	 Intergovernmental and Debt account for 2.23% of the district's total general fund spending.

$0
$29,175
$339,096
$563,365
$1,018,822
$1,056,404
$1,052,777
$1,053,600
$1,053,776
$1,053,308
2020	2021	2022	2023	2024	2025	2026	2027	2028	2029

Key Assumptions & Notes

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

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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.

1.22%
Other Objects account for 1.22% of the

district's total general fund spending.

$480,976
$436,519
$538,213
$512,611
$553,242
$576,980
$587,080
$594,242
$603,691
$611,777
2020	2021	2022	2023	2024	2025	2026	2027	2028	2029

Key Assumptions & Notes

Other Objects represent 1.22% of total expenditures and increased at a historical average annual rate of 6.34%. This category of expenditure is projected to grow at an annual average rate of 2.04% through fiscal year 2029. The projected average annual rate of change is 4.31% less than the five year historical annual average.

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5.040 ‐ Total Other Financing Uses

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

0.72%

Other Uses account for 0.72% of the district's total general fund spending.

$19,549
$18,605
$1,214,045
$605,070
$344,949
$340,000
$340,000
$340,000
$340,000
$340,000
2020	2021	2022	2023	2024	2025	2026	2027	2028	2029

Key Assumptions & Notes

	FORECASTED
	
	2024
	2025
	2026
	2027
	2028
	2029
	
Transfers Out
	310,000
	310,000
	310,000
	310,000
	310,000
	310,000
	
Advances Out
	34,949
	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 2024 the district had advances‐out and has advances‐out forecasted through fiscal year 2029. The district can also move general funds permanently to other funds, and as the schedule above presents, the district has transfers forecasted through fiscal year 2029. 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 November Fiscal Year

Fiscal Year:
	Actual
	FORECASTED
	
	2024
	2025	2026	2027	2028	2029
	
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 ‐ State Share‐Local Property Taxes 1.060 ‐ All Other Operating Revenues
	
30,957,686 875,284
‐ 2,016,991
567,783 3,409,441 7,119,347
	
32,333,288                32,260,529                32,900,267                33,441,411                33,624,500 869,935                     861,766                     871,140                     879,591                     905,432
‐	‐	‐	‐	‐ 2,332,502                  2,731,356                  3,095,764                  3,224,890                  3,302,883
709,320	720,008	728,822	733,323	735,315 3,583,165                  3,614,204                  3,692,189                  3,765,617                  3,787,378 7,298,770                  7,332,441                  7,268,492                  7,154,283                  7,091,625
	
1.070 ‐ Total Revenue
	44,946,532
	47,126,980	47,520,304	48,556,674	49,199,115	49,447,133
	
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
	
‐ ‐ ‐
51,817 43,254
	
‐	‐	‐	‐	‐ ‐	‐	‐	‐	‐ ‐	‐	‐	‐	‐
30,000                        30,000                        30,000                        30,000                        30,000 406,000                          5,000                          5,000                          5,000                          5,000
	
	95,071
	436,000	35,000	35,000	35,000	35,000
	
2.080 ‐ Total Rev & Other Sources
	45,041,603
	47,562,980	47,555,304	48,591,674	49,234,115	49,482,133
	
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
	
25,074,379 8,562,333 7,540,029 1,990,925 1,180,031 1,018,822
553,242
	
26,418,730                26,975,510                28,043,891                28,964,403                29,347,011 9,108,533                  9,617,624                10,064,708                10,528,440                10,910,542 7,116,608                  7,196,376                  7,300,759                  7,316,663                  7,389,830 2,001,043                  2,020,201                  2,031,645                  2,051,962                  2,072,482 860,000                     981,395                     563,439                     613,439                     663,439 1,056,404                  1,052,777                  1,053,600                  1,053,776                  1,053,308
576,980	587,080	594,242	603,691	611,777
	
4.500 ‐ Total Expenditures
	45,919,760
	47,138,298	48,430,963	49,652,285	51,132,374	52,048,388
	
Other Financing Uses
5.010 ‐ Operating Transfers‐Out 5.020 ‐ Advances‐Out
5.030 ‐ All Other Financing Uses 5.040 ‐ Total Other Financing Uses
	
310,000 34,949
‐
	
310,000                     310,000                     310,000                     310,000                     310,000 30,000                        30,000                        30,000                        30,000                        30,000
‐	‐	‐	‐	‐
	
	344,949
	340,000	340,000	340,000	340,000	340,000
	
5.050 ‐ Total Exp and Other Financing Uses
	46,264,709
	47,478,298	48,770,963	49,992,285	51,472,374	52,388,388

6.010 ‐ Excess of Rev Over/(Under) Exp
	(1,223,106)
	84,682	(1,215,659)	(1,400,611)	(2,238,259)	(2,906,255)

7.010 ‐ Cash Balance July 1 (No Levies)
	16,064,941
	14,841,835	14,926,517	13,710,858	12,310,247	10,071,987
	
7.020 ‐ Cash Balance June 30 (No Levies)
	14,841,835
	14,926,517	13,710,858	12,310,247	10,071,987	7,165,733

	Reservations
		
8.010 ‐ Estimated Encumbrances June 30 9.080 ‐ Reservations Subtotal
	500,000 ‐
	500,000	500,000	500,000	500,000	500,000 ‐                                   ‐                                   ‐                                   ‐                                   ‐
	
10.010 ‐ Fund Bal June 30 for Cert of App
	14,341,835
	14,426,517	13,210,858	11,810,247	9,571,987	6,665,733
	
Rev from Replacement/Renewal Levies 11.010 & 11.020 ‐ Renewal Levies 11.030 ‐ Cumulative Balance of Levies

‐
	
‐                                   ‐                            70,389                     146,990                     155,680 ‐                                   ‐                            70,389                     217,379                     373,059
	
12.010 ‐ Fund Bal June 30 for Cert of Obligations
	14,341,835
	14,426,517	13,210,858	11,880,636	9,789,366	7,038,792
	
Revenue from New Levies 13.010 & 13.020 ‐ New Levies
13.030 ‐ Cumulative Balance of New Levies

‐
	
‐                                   ‐                                   ‐                                   ‐                                   ‐ ‐                                   ‐                                   ‐                                   ‐                                   ‐
	
15.010 ‐ Unreserved Fund Balance June 30
	14,341,835
	14,426,517	13,210,858	11,880,636	9,789,366	7,038,792

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Su
Revenue
Financial Health Indicators	Indian Hill Exempted Village School District

Revenue Surplus/(Shortfall) ‐ Current Forecast

Revenue Surplus/(Shortfall) as a % of Revenue

Revenue Surplus/(Shortfall)

Revenue Surplus/(Shortfall) ‐ Current Forecast

> 10% Surplus

Shortfall >2% of rplus

Shortfall >8% of
venue
Re Shortfall > 2% of Revenue

Shortfal >
Shortfall >15%lof8% of Revenue

Current Forecast             2022                 2023 Surplus/(Shortfall)               1.%                   ‐.3%

2024                  2025 ‐2.7%                   .2%

2026	2027 ‐2.6%                  ‐2.7%

2028	2029 ‐4.2%                 ‐5.5%

The district is trending toward revenue shortfall with the expenditures growing faster than revenue.

A revenue increase of 5.54% is needed to balance the budget in fiscal year 2029, or a $2,750,575 reduction in expenditures. ‐ The largest contributor to the projected revenue trend is the change in Real Estate.
‐ The expenditure most impacting the changing trend is Purchased Services.

Days Cash on Hand ‐ Current Forecast

117	115
103
90

73

Days Cash on Hand ‐ Current Forecast	53

Days cash on hand is projected to decline and is less than 60 days by 2029.

2024	2025	2026	2027	2028	2029	*based on 365 days

5‐Year Average Annual Change ‐ Inflation, Revenue and Expenditures

Historical Annual Change
	Projected Annual Change

		

		
		
5.67%	6.59%	5.49%
	2.30%	1.98%	2.52%

Average projected annual expenditure change is greater than inflation, and more than revenue.

Inflation	Revenue	Expenditures

CPI (Inflation) Source: Federal Reserve Bank of St. Louis (September 23, 2024) https://alfred.stlouisfed.org
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130
135
115
Current to Prior Forecast Comparison	Indian Hill Exempted Village School District

s/(Shortfall) ‐ Current Compared to Prior Forecast
Revenue SurpluRevenue Surplus/(Shortfall) ‐ Current Compared to Prior Forecast

Surplus

The district's current forecast is trending toward revenue shortfall.

Shortfall >2% of Revenue

Shortfall >8% of Revenue

Shortfall >15% of

2022 Prior Forecast	1.0%
Current Forecast	1.0%

2023                   2024 ‐0.3%                  ‐1.6%
‐0.3%	‐2.7%

2025                   2026                   2027                   2028 0.6%                    1.8%                    1.9%                    1.2%
0.2%	‐2.6%	‐2.7%	‐4.2%

Note: 2029 not included in prior forecast

Days Cash on Hand ‐ Current Compared to Prior Forecast

122	117	124

Days Cash on Hand ‐ Current Compared to Prior Forecast

103	90

137

73

Days cash on hand is forecasted to decrease, which is a variance in trend compared to the prior forecast.

2024	2025	2026	2027	2028

Days Cash on Hand Prior Forecast	Days Cash on Hand Current Forecast	*based on 365 days

Revenue and Expenditure Variances ‐ Current Compared to Prior Forecast

Cumulative Favorable Revenue Variance

1.01 Real Estate 1.035,1.040 State
1.060 All Other 2.xx Other Sources All Other Revenue Categories

Revenue Variance
1.54%	$3,614,977 Largest Revenue Variances
0.91%	$2,123,384 0.53%	$1,232,230 0.11%                            $262,503 0.00%                               ($3,140)

The current revenue forecast is up by 1.54% compared to the prior forecast.

NET cumulative forecast impact for the forecast period 2024 ‐ 2028 of Revenue and Expense variances is ‐3.30% (or ‐$7,644,298).

The current forecast for expenditures is up by 4.84% compared to the prior forecast.

Expenditure Variance
4.84%	$11,259,274 Cumulative Unfavorable Expenditure Variance Largest Expenditure Variances

2.00%	$4,665,407 3.01 Salaries
1.70%	$3,956,134 3.03 Purchased Serv. 0.46%	$1,062,147 3.02 Benefits
0.68%	$1,575,586 All Other Expenditure Categories

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