INDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT Hamilton County, Ohio

ANNUAL FINANCIAL INFORMATION REPORT For the Fiscal Year Ended June 30, 2022

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, 2022. 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 continuingdisclosure 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 regardinginformation 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 23, 2023.

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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........................................................................12 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 2018 through 2022 and Forecasted Fiscal Year 2023)........................................................A-1

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APPENDIX B-1
Financial Report (Cash Basis All-Funds Summary) for
Fiscal Year 2022........................................................................................................................................B-1

APPENDIX B-2
Financial Report (Cash Basis All-Funds Summary) for
Fiscal Year 2021........................................................................................................................................B-2

APPENDIX C
Audited Financial Statements for the Fiscal Year Ending June 30, 2022.................................................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 makingan 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.

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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.

2018-19

128 139 154 169 147 148 178 191 143 153 147 164 169 3
2,033

2019-20

150 158 148 176 176 165 154 193 192 146 158 153 163 3
2,135

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*

154 161 168 183 163 155 165 186 184 170 156 168 170 1
2,184

2024-25*

159 164 163 166 181 161 158 163 188 178 172 159 164 1
2,177

2025-26*

158 163 166 165 168 183 164 161 161 176 180 175 158 1
2,179

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 2021 and/or other recent Fiscal Years, see Ad Valorem Property Taxes, State School Funding System, and Appendices A, B and C.

Otherthan its authoritytolevyad valorempropertytaxes, the onlytax theBoard mayunderexisting 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

2017 2018(d) 2019 2020 2021(c) 2022

Real (a)

$1,198,509,650 1,232,795,130 1,241,426,980 1,248,278,170 1,352,653,950 1,363,512,020

Public Utility (b)

$11,054,100 12,079,330 12,874,240 15,049,600 16,168,030 17,345,760

Total Assessed Valuation

$1,209,563,750 1,244,874,460 1,254,301,220 1,263,327,770 1,368,821,980 1,380,857,780

(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 adjustment.

Source: Hamilton County Auditor.

Taxescollected on “Real”in one calendaryearare levied in the precedingcalendaryearon 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 $1,380,857,780 for collection year 2022.

Largest Taxpayers
Indian Hill Exempted Village School District (2022 Collection Year)

Real Estate Taxpayers

Name

GA HC Reit II Seasons CCRC LLC Galbraith North Realty Company LLC BRE DDRCrockodile Sycamore Plaza LLC Kenwood Pavilion 14 A LLC
Kenwood Mall LLC Duke Energy Ohio Inc.
Kenwood Land Acquisition LLC Nisbet Property Holdings
The Camargo Club
Viking Partners Kenwood LLC

Public Utility Taxpayers

Name

Duke Energy Ohio Inc.

Source: Hamilton County Auditor

Type of Business

Real Estate Real Estate Shopping Plaza Real Estate Shopping Mall Utility Holding Real Estate Real Estate Golf Course Real Estate

Type of Business

Electric/Natural Gas Utility

Assessed Valuation

$10,052,220 9,487,890 8,290,260 7,489,810 5,792,960 5,746,480 5,383,890 4,714,000 4,211,860 3,745,000

Assessed Valuation

$17,780,340

Percent of School District’s Total Assessed Valuation

0.73% 0.69 0.60 0.54 0.42 0.42 0.39 0.34 0.31 0.27

Percent of School District’s Total Assessed Valuation

1.29%

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, the School District did not receive such reimbursement in Fiscal Year 2022.

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). (6.14%)

	The Cities of the Village of Indian Hill (99.45%), Madeira (2.64%), and Milford (0.33%) (municipal corporation responsibilities).

	The Village of Terrace Park (0.03%) (limited functions allocated to villages).

	Townships of Columbia (0.12%), Sycamore (44.90%) and Symmes (9.05%) (limited functions allocated to townships by Ohio law).

	Great Oakes Career Center (the Career Center) (vocational education program). (5.95%)

	Cincinnati and Hamilton CountyPort Authority(public port facilities in the Cincinnati port and economic development activities). (5.95%)

	Cincinnati-Hamilton County Public Library District (public library). (6.14%)

	Hamilton County Park District (park and recreation areas). (6.14%)

	Little Miami Joint Fire and Rescue District. (0.09%)

Source: OMAC.

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 2018 2019 2020 2021 2022

School
District	City 46.16                     0.96 44.37                     0.96 44.30                     0.96 44.30                     0.96 49.53                     0.96

Career	County and
Center	Others(a)	Total 2.70                     21.19	71.01 2.70                     24.17	72.20 2.70                     24.17	72.13 2.70                     24.17	72.13 2.70                     24.88	78.07

(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 2022 tax collection year of 78.07 mills within School District (within the City) is reduced by reduction factors of 0.348860 for residential/agricultural property and 0.38221 for all other real property, which resulted in “effective rates” of 48.230859 mills for residential and agricultural property and 50.834546 mills for all other real property. See Tax Table A.

Residentialand agriculturalrealpropertytax amounts are generallyfurtherreduced byan 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 taxingsubdivisions forthese reductions and related changesmadebyStatelegislation passedbytheGeneral 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

2017 2018 2019 2020 2021 2022

Total, all Operating

6.41 6.41 6.41 6.41 6.41 6.41

Collection Year

2017 2018 2019 2020 2021 2022

Operating

36.51 36.51 36.51 36.51 36.51 38.97

Voted

Debt Retirement	Total

3.24	39.75 3.24	39.75 1.45	37.96 1.38	37.89 1.38	37.89 4.15	43.12

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 2022 includes 38.97 in votedlevies, of which 36.51 millswere approved bythe School District electorate fora continuingperiod 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 TaxLimitations.

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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

05/04/2021

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

Source: OMAC

Levy or Bond Issue Description

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

$49,600,000 Bond Issue

2.13 Mills Current Expense Levy (New – 5 years) $1,700,000 Bond Issue
5.10 Mills Current Expense Levy (New – 3 years)

Voting	Voting For              Against

55.46%	44.54%

53.90	46.10 61.16	38.84 37.21	62.79
47.85	52.15

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

2018	$32,087,705 2019                 30,015,490 2020                 30,320,821 2021                 31,448,183 2022                 39,424,805

$31,628,369	98.57% 29,479,149	98.21 29,731,777	98.06 30,652,451	97.47 38,524,085	97.72

$778,534 644,766 793,694 681,522 891,384

$712,298 677,350 1,210,074 1,095,484 1,236,165

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 occupied properties). Payments to taxing subdivisions have been made in amounts approximately equal to

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the Homestead and PropertyTax RollbackExemptionsgranted. This State assistancereflectedinthe School District’s tax collections for 2022 was $132,356 for the elderly/disabled homestead payment and $3,289,196 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, intereset, 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 defaultinanypayment underthe 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 maybe initiated bythe 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 delayor 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 6,027 nonexempt parcels in the School District for collection year 2022, the number of delinquent parcels was 374. The total number of foreclosure proceedings was zero.

These taxpayers accounted for more than 5% of the delinquencies identified above for collection year 2022:

Taxpayer Individual Taxpayer

Amount Due(a) $86,236

(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.

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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 Assemblyfromtime to time. As used herein, “State Budget Act” means Amended Substitute House BillNo. 110, passedbytheOhio GeneralAssemblyand 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. Generallyspeaking, K-12 fundingwillbe 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 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

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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 Assemblyhasthepowertomodifythe systemofState schoolfundingand hasoften exercised that authority. TheSchool District cannotpredict whether, whenorin what formanyfuture systemof 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 fundingsystems and formulaein placeforthe Fiscal Yearsindicated.

Fiscal Year

2018 2019 2020 2021 2022

State Education Aid

$1,678,856 1,578,309 1,680,769 1,528,097 1,548,221

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

4.45% 4.79 4.47 4.06 3.87

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

4.73% 4.36 4.14 4.26 3.90

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

See Appendix A and the Fiscal Year 2022 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.

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.

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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, 2022, the School District has $81,170,000 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 levynecessaryfordebt 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%	=	$124,277,200 0.1% =	$1,380,857 0.9% =	$12,427,720 1%	=	$13,808,577

$81,170,000 0 0 0

$43,107,200 1,380,857 12,427,720 13,808,577

(a)	The School District’s current tax (assessed) valuation for purposes ofdetermining its direct debt limitations is $1,380,857,780. 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 2022, the entire 10 mills was levied by the combination of the School District and taxing subdivisions overlapping portions of the School District, and the allocation of the 10 mills (sometimes referred to as the “inside millage”) was as follows: 6.41 School District, 0.99 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 generallyresults fromthe abilityof overlappingpolitical 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 the case 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 3.56649 mills for 2023, the year of the highest potential debt charges. There thus remained 6.43351 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

2018	$16,735,000 2019                                            13,580,000 2020                                            12,260,000 2021                                            88,090,000 2022                                            81,170,000

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 followingtable is an unaudited summary ofBond Retirement Fund receipts anddisbursements forprior Fiscal Years

Fiscal Year

2018 2019 2020 2021 2022

Receipts (a)

$4,427,282 2,457,576 1,766,377 1,823,506 83,853,290

Disbursements (a)

$3,644,624 3,721,513 1,680,745 1,680,659 81,549,119

June 30 Balance

$3,132,645 1,868,708 1,954,340 2,097,187 4,401,358

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 tomake base rentpayments 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

2023	$310,000.00 2024                       360,000.00 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	$10,000,000.00

$411,458.33 363,375.00 349,875.00 336,000.00 321,562.50 306,562.50 291,000.00 274,875.00 258,000.00 240,562.50 222,562.50 203,812.50 184,312.50 164,062.50 143,062.50 121,312.50 98,812.50 75,375.00 51,187.50 26,062.50

$4,443,833.33

$721,458.33 723,375.00 719,875.00 721,000.00 721,562.50 721,562.50 721,000.00 724,875.00 723,000.00 720,562.50 722,562.50 723,812.50 724,312.50 724,062.50 723,062.50 721,312.50 723,812.50 720,375.00 721,187.50 721,062.50

$14,443,833.33

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, 2022, the aggregate of the remaining payments due under the Equipment Lease was $3,742,123. The amounts due under the Equipment Lease are not considered debt and payments are subject to annual appropriation by the Board of Education.

On July 10, 2019, the School District entered into a capital lease agreement (the “Capital Lease”) in the amount of $472,858 providing for the leasing and eventual acquisition of school buses. The Capital Lease bears interest at a rate of 3.78% and the final lease payment is scheduled for August 15, 2023. As of June 30, 2022, the aggregate of the remaining payments due under the Capital Lease was $193,476.32.

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 2022.

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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 prescribedbytheOhio 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.

TheFiscal Year2022financial statements are currentlybeingreviewed bytheStateAuditor. 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 2023. 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 2022. 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. 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 made bypublic employers and theiremployees and eligibilitycriteria, 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 July 1, 2021), STRS’s actuarial consultant projected that the period required to fully amortize STRS’s actuarial unfunded accrued liability was 14.0 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 2022 Financial Statements. Financial and other information for STRS and SERS can also be found on the respective website for each retirement systemincludingits 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

$13,808,577

1% of tax (assessed) valuations

$0 $0

$13,808,577

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

$1,380,857

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

$0 $0

$1,380,857

$81,170,000

$81,170,000 0 $81,170,000

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

$12,427,720

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

$0 $0

$12,427,720

$124,277,200

$43,107,200

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 $1,380,857,780. 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 $81,170,000

81,170,000

18,773,199

Per Capita (a) $5,925.68

5,925.68

1,370.51

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

5.88%

5.88

1.48

(a)	Based on 2021 (estimated) Census population of 13,698.
(b)	The District’s current assessed valuation is $1,380,857,780.
(c)	Includes, in addition to “Total School District GO Debt,” allocations of total GO debt of overlapping debt issuing subdivisions (as of July 1, 2022) 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:

$8,664,768 County (6.14%); and $6,009,561 Sycamore Township (49.90%);

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

$5,062,005 The City (99.45%); $254,100 City of Madeira (2.64%); $16,071 City of Milford (0.33%); $287 Village of Terrace Park (0.03%);
$514,493 Symmes Township (9.05%); and
$4,955 Little Miami Joint Fire & Rescue District (0.09%).

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 2022                                        $5,681,068.76 2023                                          5,683,218.76 2024                                          5,866,468.76 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
$5,681,068.76 5,683,218.76 5,866,468.76 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, 2022

$9,720,000

71,450,000

$81,170,000

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APPENDIX A

Historical Revenues and Expenditures General Fund (Fiscal Years 2018 through 2022 and Forecasted Fiscal Year 2023)

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 2022).

Revenue:

General Property Tax (Real Estate) Tangible Personal Property Tax Unrestricted Grants-in-Aid Restricted Grants-in-Aid
Property Tax Allocation All Other 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:
Total Expenditures and Other Financing Uses

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

Cash Balance July1 – Excl Proposed Renewal/ Replacement and New Levies

Fund Balance June 30

2018

$27,343,946 590,537 1,505,970 172,886 3,043,043 5,088,880 $37,745,262

2,826 17,947 20,773 $37,766,035

$19,609,110 6,882,954 4,302,742 1,381,585 2,767,793

-522,873
$35,467,057

$35,467,057

$2,266,478

$19,603,978

$2,187,046

2019

$21,710,369 538,700 1,451,035 127,274 3,069,316 5,759,634 $32,656,328

32,500 286,485 318,985 $32,975,313

$20,847,735 7,394,948 4,781,196 1,323,215 1,424,434

-420,091
$36,191,619

$36,274,028

($3,298,715)

$21,870,456

$18,571,741

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

$41,413,226

($3,791,870)

$18,571,741

$14,779,871

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

$35,884,048

$1,016,455

$14,779,871

$15,796,326

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

$39,666,086

$389,631

$16,185,955

$15,685,955

Forecasted

2023

$29,340,571 789,096 1,244,316 362,537 3,242,292 7,336,884 $42,315,696

1,214,045 15,000 1,229,045 $43,544,741

$23,895,184 8,098,816 5,604,642 1,311,268 1,660,000 285,000 278,365 495,744 $41,629,019

$41,969,019

$1,575,722

$17,761,677

$17,261,677

A-1

18378909v2

APPENDIX B-1

Financial Report (Cash Basis All-Funds Summary) for Fiscal Year 2022

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

$15,796,325.47 2,097,187.62 76,608,411.77 272,981.95 26,110.66 23,756.61 2,630.00
0 53,148.25 735,559.10 119,680.05 0 144,833.74 0
0 2,486.55 0
0 0 0

$95,883,111.77

RECEIPTS

$40,055,717.44 83,853,289.77 74,350.06 841,050.78 382.05 6,159.62 2,030.00 161,081.15 119,223.26 578,675.29 598,746.73 7,200.00
0 146,326.46
1,053,056.64 601,562.61 142,382.48 3,530.01 49,015.88 14,802.48

$128,308,582.71

EXPENDITURES

$39,666,085.93 81,549,119.00 8,855,044.94 913,131.43
0 9,521.59 4,660.00 30,251.60
138,008.04 668,350.29 600,744.77 7,200.00 144,833.74 101,326.46 1,053,056.64 593,229.16 142,382.48 3,530.01 32,227.81 14,802.48

$134,527,506.37

ENDING BALANCE

$16,185,956.98 4,401,358.39 67,827,716.89 200,901.30 26,492.71 20,394.64
0 130,829.55 34,363.47 645,884.10 117,682.01 0
0 45,000.00 0 10,820.00 0
0 16,788.07 0

$89,664,188.11

B-1

18378909v2

APPENDIX B-2

Financial Report (Cash Basis All-Funds Summary) for Fiscal Year 2021

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 Coronavirus Relief Act
Title VI-B IDEA

Limited English Proficiency Title I
Title VI-B ECSE Title II-A
Title IV-A

Total

BEGINNING BALANCE

$14,779,869.44 1,954,340.48 0.00 157,885.09 23,286.70 26,465.48
0.00 6,677.55 68,259.47 587,227.81 157,214.19 0.00 56,715.06 0.00
0.00 0.00
30,949.39 1,650.00 12,297.86 0.00 3,451.00 1,000.00

$17,867,289.52

RECEIPTS

$36,900,503.14 1,823,505.86 76,998,249.99 576,778.81 2,823.96 3,620.08 9,480.00 170,908.27 24,898.17 392,200.35 704,268.97 7,200.00 95,270.61 10,774.89 688,187.67 101,355.74 547,643.80 2,048.88 153,907.27 3,632.23 39,977.37 25,697.02

$119,282,933.08

EXPENDITURES

$35,884,047.11 1,680,658.72 389,838.22 461,681.96 0.00
6,328.95 6,850.00 177,585.82 40,009.39 243,869.06 741,803.11 7,200.00 7,151.93 10,774.89 688,187.67 101,355.74 576,106.64 3,698.88 166,205.13 3,632.23 43,428.37 26,697.02

$41,267,110.83

ENDING BALANCE

$15,796,325.47 2,097,187.62

76,608,411.77 272,981.95 26,110.66 23,756.61 2,630.00
0.00 53,148.25 735,559.10 119,680.05 0.00 144,833.74 0.00
0.00 0.00 2,486.55 0.00 0.00 0.00 0.00 0.00

$95,883,111.77

B-2

18378909v2

APPENDIX C

Audited Financial Statements for the Fiscal Year Ending June 30, 2022

The School District’s audited financial statements for the fiscal year ended June 30, 2022 were not available at the time that this Annual Report was filed. Those audited financial statements will be filed after they have been released by the Ohio Auditor of State.

C-1

18378909v2

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, 2027, 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, 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. 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
	2020
	2021
	2022
	2023
	2024
	2025
	2026
	2027
	
01.010: General Property Tax (Real Estate) 01.020: Tangible Personal Property Tax 01.035: Unrestricted Grants-in-Aid 01.040: Restricted Grants-in-Aid
01.050: Property Tax Allocation 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
	24,634,247       25,327,151       27,509,471 602,605            567,545            796,949 1,399,482         1,381,519         1,266,932 279,267            144,557            279,267 3,062,553         3,147,629         3,210,180 7,692,335         6,288,987         6,970,868
	29,340,571       29,707,409       30,190,861       30,320,372       29,010,805 789,096            797,040            803,845            807,248            792,965 1,244,316         1,343,653         1,436,124         1,544,264         1,648,404 362,537            364,233            364,556            366,372            366,702 3,242,292         3,308,640         3,369,927         3,384,802         3,234,624 7,336,884         7,176,058         7,253,829         7,339,773         7,340,946
	
	37,525,775	36,857,388	40,033,667 78,412               19,549               18,605 17,169               23,566                 3,445 95,581               43,115               22,050
	42,315,696       42,697,033       43,419,142       43,762,831       42,394,446 1,214,045               30,000               30,000               30,000               30,000 15,000               15,000               15,000               15,000               15,000 1,229,045               45,000               45,000               45,000               45,000
	
	37,621,356	36,900,503	40,055,717
	43,544,741	42,742,033	43,464,142	43,807,831	42,439,446
	
	21,667,178       21,565,695       22,135,319 7,453,139         6,819,714         7,599,775 4,398,282         4,878,255         5,591,673 1,286,874         1,457,837         1,459,815 6,107,228            678,248            788,150 0                        0            280,000
0               29,175               59,096 480,976            436,519            538,213
	23,895,184       24,062,071       24,638,979       24,984,149       25,259,208 8,098,816         8,318,480         8,724,535         9,114,160         9,469,791 5,604,642         5,419,501         5,557,131         5,682,569         5,784,745 1,311,268         1,322,230         1,333,165         1,344,715         1,356,165 1,660,000         1,310,000            760,000            760,000            760,000 285,000            600,000            655,000            670,000            690,000 278,365            418,822            401,404            382,778            363,600 495,744            500,702            505,709            510,709            505,709
	
	41,393,677       35,865,443       38,452,041 0                        0                        0
19,549               18,605         1,214,045 19,549               18,605         1,214,045
	41,629,019       41,951,806       42,575,923       43,449,080       44,189,218 310,000            310,000            310,000            310,000            310,000 30,000               30,000               30,000               30,000               30,000 340,000            340,000            340,000            340,000            340,000
	
	41,413,226	35,884,048	39,666,086
	41,969,019	42,291,806	42,915,923	43,789,080	44,529,218

(3,791,870)	1,016,455	389,631
	
1,575,722	450,227	548,219	18,751	(2,089,772)

18,571,739	14,779,869	15,796,324

14,779,869       15,796,324       16,185,955 0                        0            500,000 14,779,869       15,796,324       15,685,955 0                        0                        0
0	0	0

14,779,869       15,796,324       15,685,955 14,779,869       15,796,324       15,685,955
	
16,185,955	17,761,677	18,211,904	18,760,123	18,778,874

17,761,677       18,211,904       18,760,123       18,778,874       16,689,102 500,000            500,000            500,000            500,000            500,000 17,261,677       17,711,904       18,260,123       18,278,874       16,189,102 0                        0                        0                        0         1,683,787
0	0	0	0	1,683,787

17,261,677       17,711,904       18,260,123       18,278,874       17,872,889 17,261,677       17,711,904       18,260,123       18,278,874       17,872,889

D-1

18378909v2

Notes and Assumptions to the Five-Year Forecast

(Attached)

D-2

18378909v2

Indian Hill Exempted Village School District

Five Year Forecast Financial Report
November,2022

Prepared by Mick Davis, CFO/Treasurer

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Indian Hill Exempted Village School District

Table of Contents

Page

Table of Contents	2

Forecast Summary	3

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

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

Five Year Forecast	22

1

Forecast Purpose/Objectives

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

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

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

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

Forecast5 Analytics ReportWriter Software 2019 ©

November,2022	Forecast Summary	Indian Hill Exempted Village School District

Projected Revenue, Expenditures, and Cash Balance

$50,000,000

$45,000,000

$40,000,000	‐

$35,000,000

$30,000,000

$25,000,000

$20,000,000

$15,000,000

$10,000,000

$5,000,000

‐	‐	‐	‐	‐

18,372,890

$0		‐	‐ 2022 Actual

‐	‐ 2023 Projected

‐	‐ 2024 Projected

‐	‐ 2025 Projected

‐	‐ 2026 Projected

‐	‐ 2027 Projected

Total Revenue	Replace/Renew Levies	Total Expenditures	15.01 Cash Balance

Note: Cash balance (Line 7.020) plus any existing levy modeled as renewed or new during the forecast.

Financial Forecast
	Fiscal Year                 Fiscal Year                 Fiscal Year 2023                           2024                           2025
	Fiscal Year                 Fiscal Year 2026                           2027

Beginning Balance (Line 7.010) Plus Renewal/New Levies Modeled
	
16,185,957	17,761,679	18,211,905
	
18,760,125	18,778,875
	
+ Revenue
+ Proposed Renew/Replacement Levies + Proposed New Levies
‐ Expenditures
	43,544,741	42,742,032	43,464,142 ‐                                  ‐                                  ‐
‐	‐	‐ (41,969,019)             (42,291,806)             (42,915,921)
	43,807,830	42,439,446 ‐                      1,683,787 ‐                                  ‐
(43,789,080)	(44,529,218)
	
= Revenue Surplus or Deficit
	1,575,722	450,226	548,220
	18,750	(405,985)
	
Line 7.020 Ending Balance with renewal/new levies
	17,761,679	18,211,905	18,760,125
	18,778,875	18,372,890

Analysis Without Renewal Levies Included:
Revenue Surplus or Deficit w/o Levies Ending Balance w/o Levies
	1,575,722                     450,226                     548,220 17,761,679               18,211,905               18,760,125
	18,750	(2,089,772) 18,778,875               16,689,103

In FY 2023 a revenue surplus is expected. This means that expenditures are expected to be less than revenue by ‐$1,575,722 in FY 2023. By the last year of the forecast, FY 2027, the district is expected to have a revenue shortfall where expenditures are projected to be greater than revenue by $2,089,772 The district would need to cut its FY 2027 projected expenses by 4.69% in order to balance its budget without additional revenue.

The district's cash balance is positive at year‐end in FY 2023 and is projected to worsen by FY 2027. A worsening cash balance can erode the district's financial stability over time.

This forecast includes the Fair School Funding Plan (FSFP) adopted by Ohio starting in FY 2022. The district expects a combined impact of $244,616 in FY 2023. This forecast includes a CFO adjusted trend calculation of the FSFP impact using current information. As information changes the estimates will be updated. The district is considered a formula district in FY 2023. A detailed state funding supplement to this forecast has been prepared and should be reviewed and considered part of the forecast assumptions.

formula district in FY 2023.

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$37,766,035
$32,975,315
$37,621,355
$36,900,503
$40,055,717
$43,544,741
$42,742,032
$43,464,142
$43,807,830
$42,439,446
Indian Hill Exempted Village School District

$1,683,787
Revenue Sources and Forecast Year‐Over‐Year Projected Overview Sources of Revenue Over Time

100.0%

90.0%

80.0%	State 70.0%                    Funding

60.0%

50.0%

40.0%                       Real 30.0%                     Estate

20.0%

10.0%

0.0%
2022

$0
$0
$0
$0
State Funding

Real Estate

2027	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027

Real Estate Income Tax Prop Tax Alloc Other Sources

$6,000,000

$4,000,000

Public Utility State Funding All Othr Op Rev

14.09%

Renewal Levy Revenue

Year‐Over‐Year Dollar & Percentage Change

20.00%

15.00%

$2,000,000

$0

($2,000,000)

($4,000,000)

($6,000,000)

‐12.69%

2019	2020

8.55%	8.71%

‐1.92%

2021	2022	2023

1.69%	0.79% ‐1.84%

2024	2025	2026

10.00%

5.00%

0.72%      0.00%

‐5.00%

‐10.00%

‐15.00% 2027

Annual Dollar Change	Annual Percentage Change

5‐Year Historical Actual Average Annual Dollar Change Compared to 5‐year Projected
	Historical Average Annual
$$ Change
	Projected Average Annual
$$ Change
	Projected Compared to Historical Variance
	Total revenue increased 3.72% or $1,377,005 annually during the past 5‐Year period and is projected to increase 1.87% or $813,503 annually through FY2027. All Othr Op Rev has the most projected average annual variance compared to the historical average at ‐ $431,660
	
Real Estate	760,660	598,483	($162,178) Public Utility	$69,459                   $3,649                  ($65,811) Income Tax                                                                      $0                           $0                              $0 State Funding                                                         ($3,415)                 93,781                    $97,196 Prop Tax Alloc	$40,219	$38,985                    ($1,234) All Othr Op Rev                                                   $505,676	$74,016	($431,660) Other Sources                                                         $4,406                   $4,590                          $184

Total Average Annual Change                           1,377,005                813,503               ($563,502) 3.72%                    1.87%                     ‐1.85%

Note: Expenditure average annual change is projected

to be >	$972,627 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).

$0
$0
$0
$0
$1,491,078
Real Estate as % of Total Revenue

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

68.7%	69.1%

$27,343,946
$21,710,369
$24,634,247
$25,327,151
$27,509,471
$29,340,571
$29,707,409
$30,190,861
$30,320,372
$29,010,805
2022	2027
2018	2019	2020	2021	2022	2023	2024	2025	2026	2027

Renewal Levy Revenue

Year‐Over‐Year Dollar & Percentage Change

$4,000,000 $3,000,000 $2,000,000 $1,000,000 $0 ($1,000,000) ($2,000,000) ($3,000,000) ($4,000,000) ($5,000,000) ($6,000,000) ($7,000,000)

13.47%

8.62%	6.66% 2.81%

‐20.60%

2019	2020	2021	2022	2023

1.25%	1.63%	0.43%

2024	2025	2026

20.00% 15.00% 10.00% 5.00%
0.60%      0.00% ‐5.00% ‐10.00% ‐15.00% ‐20.00%
‐25.00% 2027

Annual Dollar Change	Annual Percentage Change

Values, Tax Rates and Gross Collections
Tax Yr	Valuation	Value Change 2021               1,363,512,020             10,858,070 2022               1,371,992,020               8,480,000 2023               1,506,892,020           134,900,000 2024               1,511,115,260               4,223,240 2025               1,516,310,260               5,195,000 2026               1,534,610,260             18,300,000

Class I Rate 23.99 24.00 22.41 22.45 22.46 22.37

Change	Class II Rate	Change
‐	22.49	‐ 0.02	22.51                          0.02
(1.59)                      22.22                        (0.30) 0.04                       22.24                          0.02 0.02                       22.26                          0.02 (0.10)                      22.15                        (0.12)

Gross Collection Rate Including Delinquencies 100.7% 99.1% 99.1% 99.1% 99.1% 99.1%

Real estate property tax revenue accounts for 68.68% of total revenue. Class I or residential/agricultural taxes make up approximately 89.79% of the real estate property tax revenue. The Class I tax rate is 24. mills in tax year 2022. The district is modeling the renewal of real estate property taxes levies through 2024. The projections reflect an average gross collection rate of 99.1% annually through tax year 2026. The revenue changed at an average annual historical rate of 3.01% and is projected to change at an average annual rate of 1.99% through FY 2027.

*Projected % trends include renewal levies

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$590,537
$538,700
$602,605
$567,545
$796,949
$789,096
$797,040
$803,845
$807,248
$792,965
Indian Hill Exempted Village School District

1.020 ‐ Public Utility Personal Property

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

$0
$0
$0
$0
$22,227
PUPP as % of Total Revenue

100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0%
10.0%	2.0% 0.0%
2022

1.8%

2027	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027

Renewal Levy Revenue

Year‐Over‐Year Dollar & Percentage Change

$250,000

$200,000

$150,000

$100,000

$50,000

$0

($50,000)

($100,000)

11.86%

‐8.78%	‐5.82%

2019	2020	2021

40.42%

‐0.99%	1.01%	0.85%

2022	2023	2024	2025

0.42%	0.98%

2026	2027

50.00%

40.00%

30.00%

20.00%

10.00%

0.00%

‐10.00%

‐20.00%

Annual Dollar Change	Annual Percentage Change

Values and Tax Rates
Tax Year	Valuation 2021                   17,345,760 2022                   17,420,760 2023                   17,670,760 2024                   17,745,760 2025                   17,820,760 2026                   18,070,760

Value Change 1,177,730
75,000 250,000 75,000 75,000 250,000

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

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

The public utility personal property tax revenue is generated from the personal property values, additions, and depreciation reported by the utility companies. This category currently makes up 1.99% of total district revenue. The property is taxed at the full voted tax rate which in tax year 2022 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 $69,459 and is projected to change at an average annual dollar amount of $3,649 through FY 2027.

*Projected % trends include renewal levies

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1.030 ‐ No Income Tax

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

Income Tax as % of Total Revenue 100.0%

90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0%
$0
$0
$0
$0
$0
‐ $0
‐ $0
‐ $0
‐ $0
‐ $0
10.0%	0.0%	0.0% 0.0%

2022	2027	2018	2019	2020	2021	     2022	2023	2024	2025	2026	2027 Renewal Levy Revenue

Year‐Over‐Year Dollar & Percentage Change

$1 $1 $1 $1 $1 $1 $0 $0 $0 $0
$0		0.00%	0.00% 2019                          2020

0.00%	0.00% 2021                          2022

0.00%	0.00%	0.00%	0.00% 2023                          2024                          2025                          2026

100.00% 90.00% 80.00% 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00%
0.00%       0.00% 2027

Annual Dollar Change	Annual Percentage Change

The district does not have an income tax levy.

*Projected % trends include renewal levies

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1.035 ‐ Unrestricted Grants‐in‐Aid

Funds received through the State Foundation Program with no restriction.

Unrestricted as % of Total Revenue 100.0%

$1,505,969
$1,451,035
$1,399,482
$1,381,519
$1,266,932
$1,244,316
$1,343,653
$1,436,124
$1,544,264
$1,648,404
90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0%
10.0%     	3.2%	3.7%	

0.0%
2022	2027

2018	2019	2020	2021	2022	2023	2024	2025	2026	2027

Year‐Over‐Year Dollar & Percentage Change

$150,000

$100,000

$50,000

$0

($50,000)

($100,000)

($150,000)

7.98%	6.88%	7.53%

‐1.28%	‐1.79% ‐3.65%	‐3.55%

‐8.29%

2019	2020	2021	2022	2023	2024	2025	2026

10.00%

8.00% 6.74%      6.00%

4.00% 2.00% 0.00% ‐2.00% ‐4.00% ‐6.00% ‐8.00% ‐10.00%
2027

Annual Dollar Change

District Educated Enrollment

2,143
	2,102	2,098 2,121	
2,067	2,053 2,076 2,013                                2,031

1,985

1,941

FY 2017FY 2018FY 2019FY 2020FY 2021FY 2022FY 2023FY 2024FY 2025FY 2026FY 2027

Annual Percentage Change

Beginning in FY 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 $14,943,492 in FY 2023.
The state's share of the calculated Base Cost total is $742,399 or $362 per pupil.

For reference: CF63The FSFP change to district educated enrollment could be lower than the district's historical formula funded enrollment but also potentially reduces tuition cost. In FY 2021, the district had approximately $319,763 in possible tuition cost reductions. These reductions will be reflected in the purchased services expenditure note.

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1.040 & 1.045 ‐ Restricted Grants‐in‐Aid

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

Restricted as % of Total Revenue 100.0%

$172,886
$127,274
$134,553
$144,557
$279,267
$362,537
$364,233
$364,556
$366,372
$366,702
90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0%
10.0%	0.7%	0.8%
0.0%		2018	2019	2020	2021	2022	2023	2024	2025	2026	2027 2022                                      2027

Year‐Over‐Year Dollar & Percentage Change

$160,000 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 ($20,000) ($40,000) ($60,000)

5.72%	7.44%

‐26.38%

2019	2020	2021

93.19%

29.82%

0.47%	0.09%	0.50%

2022	2023	2024	2025	2026

100.00%

80.00%

60.00%

40.00%

20.00%

0.09%      0.00%

‐20.00%

‐40.00% 2027

Annual Dollar Change	Annual Percentage Change

Restricted aid is the portion of state per pupil funding that must be classifed as restricted use. Historically the district's restricted state aid changed annually on average by $50,664 and is projected to change annually on average by $17,487. Restricted funds represent 0.70% of total revenue. Starting in FY 2022 the district's Success & Wellness funding is considered restricted, the state's share of this funding is recorded as restricted is $26,715. 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.

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$3,043,043
$3,069,316
$3,062,553
$3,147,629
$3,210,180
$3,242,292
$3,308,640
$3,369,927
$3,384,802
$3,234,624
Indian Hill Exempted Village School District

1.050 ‐ Property Tax Allocation

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

$0
$0
$0
$0
$170,482
Property Tax Allocation as % of Total Revenue

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

8.0%	7.7%

2022	2027	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027

Renewal Levy Revenue

Year‐Over‐Year Dollar & Percentage Change

$100,000

$80,000

$60,000

$40,000

$20,000

$0

($20,000)

2.78%

1.99%	2.05%	1.85%

0.86%	1.00%

0.44%

‐0.22%

2019	2020	2021	2022	2023	2024	2025	2026

3.00%

2.50%

2.00%

1.50%

1.00% 0.60%      0.50%

0.00%

‐0.50% 2027

Annual Dollar Change	Annual Percentage Change

Property tax allocation primarily consists of reimbursements from the state of Ohio for local taxpayer credits or reductions. The state reduces the local taxpayer's tax bill with a 10% rollback credit, and 2.5% owner‐occupied rollback credit, plus a homestead credit for qualifying taxpayers. In FY 2023, approximately 10.6% local residential property taxes will be reimbursed by the state in the form of rollback credits and approximately 0.4% will be reimbursed in the form of qualifying homestead exemption credits.

*Projected % trends include renewal levies

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1.060 ‐ All Other Operating Revenues

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

Other Revenue as % of Total Revenue 100.0%

90.0% 80.0% 70.0% 60.0% 50.0% 40.0%
$5,088,881
$5,759,634
$7,692,335
$6,288,987
$6,970,868
$7,336,884
$7,176,058
$7,253,829
$7,339,773
$7,340,946
30.0%
20.0%	17.4%	16.6%

10.0%

0.0%

2022	2027	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027

Year‐Over‐Year Dollar & Percentage Change

$2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0 ($500,000)
($1,000,000) ($1,500,000)
($2,000,000)

33.56%

13.18%

2019	2020

10.84%
5.25%

‐18.24%

2021	2022	2023

‐2.19%	1.08%

2024	2025

1.18%	0.02%

2026	2027

40.00%

30.00%

20.00%

10.00%

0.00%

‐10.00%

‐20.00%

‐30.00%

Annual Dollar Change	Annual Percentage Change

Other revenue includes tuition received by the district for non‐resident students educated by the district. It also includes interest income, payments in lieu of taxes, and miscellaneous revenue. The historical average annual change was $505,676. The projected average annual change is $74,016 through FY 2027.

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2.070 ‐ Total Other Financing Sources

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

Other Sources as % of Total Revenue

100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0%
10.0%	0.1% 0.0%

2022

$20,773
$318,985
$95,581
$43,114
$22,050
$1,229,045
$45,000
$45,000
$45,000
$45,000
0.1%
2018	2019	2020	2021	2022	2023	2024	2025	2026	2027
2027

Year‐Over‐Year Dollar & Percentage Change

$1,500,000

$1,000,000

$500,000

$0

($500,000)

($1,000,000)

($1,500,000)

1435.58%

2019

‐70.04%

2020

‐54.89%

2021

‐48.86%

2022

5473.79%

2023

‐96.34%	0.00%	0.00%

2024	2025	2026

6000.00%

5000.00%

4000.00%

3000.00%

2000.00%

1000.00%

0.00%      0.00%

‐1000.00% 2027

Annual Dollar Change	Annual Percentage Change

	FORECASTED
	
	2022
	2023
	2024
	2025
	2026
	2027
	
Transfers In
	‐
	‐
	‐
	‐
	‐
	‐
	
Advances In
	18,605
	1,214,045
	30,000
	30,000
	30,000
	30,000
	
All Other Financing Sources
	3,445
	15,000
	15,000
	15,000
	15,000
	15,000

Other sources includes revenue that is generally classified as non‐operating. Return advances‐in are the most common revenue source. In FY 2022 the district receipted $18,605 as advances‐in and is projecting advances of $1,214,045 in FY 2023. The district also receives other financing sources such as refund of prior year expenditures in this category. The district is projecting that all other financing sources will be $15,000 in FY 2023 and average $15,000 annually through FY 2027.

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

					

					
	Benefits
		Benefits

					

	Salaries
		Salaries

					
100.0%

90.0%

80.0%

70.0%

60.0%

50.0%

40.0%

$35,499,554
$36,274,028
$41,413,227
$35,884,047
$39,666,086
$41,969,019
$42,291,806
$42,915,921
$43,789,080
$44,529,218
30.0%

20.0%

10.0%

0.0%

2022	2027	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027 Salaries                                         Benefits
Purchased Services	Supplies & Materials Capital Outlay	Intergov & Debt Other Objects	Other Uses

Year‐Over‐Year Dollar & Percentage Change

$6,000,000

$4,000,000

$2,000,000

$0

($2,000,000)

($4,000,000)

($6,000,000)

($8,000,000)

14.17%

2.18%

2019	2020

10.54%

5.81%

0.77%	1.48%	2.03%

‐13.35%

2021	2022	2023	2024	2025	2026

20.00%

15.00%

10.00%

5.00% 1.69%      0.00%

‐5.00%

‐10.00%

‐15.00% 2027

Annual Dollar Change	Annual Percentage Change

5‐Year Historical Actual Average Annual Dollar Change Compared to 5‐Year Projected
	Historical Average Annual
$$ Change
	Projected Average Annual
$$ Change
	Projected Compared to Historical Variance
	Total expenditures increased 2.68% or $1,010,368 annually during the past 5‐Year period and is projected to increase 2.45% or $972,627 annually through FY2027. Other Uses has the largest projected average annual variance compared to the historical average at ‐$417,053.
	
Salaries	439,248	624,778	$185,530 Benefits                                                                  $153,004              $374,003	$220,999 Purchased Services                                              $151,841	$38,615              ($113,227) Supplies & Materials	$37,355               ($20,730)               ($58,085) Capital Outlay                                                        ($84,130)                ($5,630)                  $78,500 Intergov & Debt	$67,819              $142,901                   $75,081 Other Objects                                                            $2,987                 ($6,501)                 ($9,487) Other Uses                                                            $242,244             ($174,809)             ($417,053)
		
Total Average Annual Change                           $1,010,368              $972,627                 ($37,741) 2.68%                    2.45%                    ‐0.22%

Note: Revenue average annual change is projected to
be > $813,503

On an annual average basis, revenues are projected to grow slower than expenditures.

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3.010 ‐ Personnel Services

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

Salaries as % of Total Expenditures 100.0%

90.0% 80.0%
70.0%
60.0%     	55.8%	56.7%	

$19,609,110
$20,847,735
$21,667,178
$21,565,695
$22,135,319
$23,895,184
$24,062,071
$24,638,979
$24,984,149
$25,259,208
50.0% 40.0% 30.0% 20.0% 10.0%
0.0%
2022	2027	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027

Year‐Over‐Year Dollar & Percentage Change

$2,000,000

$1,500,000

$1,000,000

$500,000

$0

($500,000)

6.32%

3.93%

2019	2020

7.95%

2.64%	2.40%

1.40% 0.70%

‐0.47%

2021	2022	2023	2024	2025	2026

9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00%
1.10%     1.00% 0.00% ‐1.00%
2027

Annual Dollar Change	Annual Percentage Change

Salaries represent 55.80% of total expenditures and increased at a historical average annual rate of 2.08% or $439,248. This category of expenditure is projected to grow at an annual average rate of 2.54% or $624,778 through FY 2027. The projected average annual rate of change is 0.47% more than the five year historical annual average.

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$6,882,952
$7,394,948
$7,453,139
$6,819,714
$7,599,775
$8,098,816
$8,318,480
$8,724,535
$9,114,160
$9,469,791
Indian Hill Exempted Village School District

3.020 ‐ Employees' Benefits

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

Benefits as % of Total Expenditures

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

19.2%	21.3%

2018	2019	2020	2021	2022	2023	2024	2025	2026	2027

2022	2027

Year‐Over‐Year Dollar & Percentage Change

$1,000,000 $800,000
$600,000

$400,000	7.44%

$200,000

$0	0.79% ($200,000)

11.44%

6.57%
4.88%	4.47% 2.71%

15.00%

10.00%

3.90%     5.00%

0.00%

($400,000) ($600,000)
($800,000)
2019	2020

‐8.50%

2021	2022	2023	2024	2025	2026

‐5.00%

‐10.00% 2027

Annual Dollar Change	Percentage of Total Budget

Benefits represent 19.16% of total expenditures and increased at a historical average annual rate of 2.12% This category of expenditure is projected to grow at an annual average rate of 4.28% through FY 2027. The projected average annual rate of change is 2.16% more than the five year historical annual average.

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3.030 ‐ Purchased Services

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

Purchased Services as % of Total Expenditures

$4,302,742
$4,781,196
$4,398,282
$4,878,255
$5,591,673
$5,604,642
$5,419,501
$5,557,131
$5,682,569
$5,784,745
100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0%
20.0%     	14.1%	13.0%	

10.0%
0.0%	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027

2022	2027

Year‐Over‐Year Dollar & Percentage Change

$800,000

$600,000

$400,000

$200,000

$0

($200,000)

($400,000)

($600,000)

11.12%

‐8.01%

2019	2020

14.62% 10.91%

0.23%

2021	2022	2023

2.54%

‐3.30%

2024	2025

20.00%

15.00%

10.00%

5.00% 2.26%	1.80%     0.00%

‐5.00%

‐10.00% 2026	2027

Annual Dollar Change	Annual Percentage Change

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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.

Supplies & Materials as % of Total Expenditures

$1,381,586
$1,323,215
$1,286,874
$1,457,837
$1,459,815
$1,311,268
$1,322,230
$1,333,165
$1,344,715
$1,356,165
100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0%
10.0%     	3.7%	3.0%	

0.0%
2022	2027

2018	2019	2020	2021	2022	2023	2024	2025	2026	2027

Year‐Over‐Year Dollar & Percentage Change

$200,000

$150,000

$100,000

$50,000

$0

($50,000)

($100,000)

($150,000)

13.29%

0.14%

‐4.22%	‐2.75%

0.84%	0.83%

‐10.18%

15.00%

10.00%

5.00%

0.87%	0.85%     0.00%

‐5.00%

‐10.00%

($200,000)
2019	2020	2021	2022	2023	2024

‐15.00% 2025	2026	2027

Annual Dollar Change	Annual Percentage Change

Supplies & Materials represent 3.68% of total expenditures and increased at a historical average annual rate of 2.70%. This category of expenditure is projected to decrease at an annual average rate of ‐1.55% through FY 2027. The projected average annual rate of change is ‐4.26% less than the five year historical annual average.

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3.050 ‐ Capital Outlay

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

Capital Outlay 100.0%

90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0%
10.0%	2.0%	1.7% 0.0%
2022	2027

$2,767,792
$1,424,434
$6,107,228
$678,248
$788,150
$1,660,000
$1,310,000
$760,000
$760,000
$760,000
2018	2019	2020	2021	2022	2023	2024	2025	2026	2027

Year‐Over‐Year Dollar & Percentage Change

$6,000,000

$4,000,000

$2,000,000

$0

($2,000,000)

($4,000,000)

328.75%

16.20%

‐48.54%
‐88.89%

110.62%

‐21.08%	‐41.98%	0.00%

350.00% 300.00% 250.00% 200.00% 150.00% 100.00% 50.00%
0.00% 0.00% ‐50.00%
‐100.00%

($6,000,000)
2019	2020	2021	2022

‐150.00% 2023	2024	2025	2026	2027

Annual Dollar Change	Annual Percentage Change

Capital Outlay represent 1.99% of total expenditures and decreased at a historical average annual amount of ‐$84,130. This category of expenditure is projected to decrease at an annual average rate of ‐$5,630 through FY 2027. The projected average annual change is more than the five year historical annual average.

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3.060‐4.060 ‐ Intergovernmental & Debt

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

Debt as % of Total Expenditures

100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0%
10.0%	0.9% 0.0%
2022

$0
$0
$0
$29,175
$339,096
$563,365
$1,018,822
$1,056,404
$1,052,778
$1,053,600
2.4%

2027	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027

Year‐Over‐Year Dollar & Percentage Change

$500,000

$400,000

$300,000

$200,000

$100,000

$0

1062.30%

0.00%	0.00%	0.00%	66.14%	80.85%	3.69%

1200.00%

1000.00%

800.00%

600.00%

400.00%

200.00%

‐0.34%	0.08%     0.00%

($100,000)
2019	2020	2021	2022	2023	2024

‐200.00% 2025	2026	2027

Annual Dollar Change	Annual Percentage Change

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.

Other Objects as % of Total Expenditures

100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0%
10.0%	1.4% 0.0%
2022

$522,872
$420,091
$480,976
$436,519
$538,213
$495,744
$500,702
$505,709
$510,709
$505,709
1.1%

2027	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027

Year‐Over‐Year Dollar & Percentage Change

$150,000

$100,000

$50,000

$0

($50,000)

($100,000)

($150,000)

14.49%

‐9.24%

‐19.66%

2019	2020	2021

23.30%

1.00%	1.00%	0.99%

‐7.89%

2022	2023	2024	2025	2026

30.00% 25.00% 20.00% 15.00% 10.00% 5.00%
‐0.98% 0.00% ‐5.00%

‐10.00% ‐15.00% ‐20.00% ‐25.00%
2027

Annual Dollar Change	Annual Percentage Change

Other Objects represent 1.36% of total expenditures and increased at a historical average annual rate of 0.62%. This category of expenditure is projected to decrease at an annual average rate of ‐1.29% through FY 2027. The projected average annual rate of change is ‐1.91% less than the five year historical annual average.

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$32,500
$82,409
$19,549
$18,605
$1,214,045
$340,000
$340,000
$340,000
$340,000
$340,000
Indian Hill Exempted Village School District

5.040 ‐ Total Other Financing Uses

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

Other Objects as % of Total Expenditures

100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0%
10.0%	3.1%

0.0%
2022

0.8%

2027	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027

Year‐Over‐Year Dollar & Percentage Change

$1,500,000

$1,000,000

$500,000

$0

($500,000)

6425.22%

153.56%	‐76.28%	‐4.83%	‐71.99%	0.00%	0.00%	0.00%

7000.00%

6000.00%

5000.00%

4000.00%

3000.00%

2000.00%

1000.00%

0.00% 0.00%

($1,000,000)
2019	2020	2021	2022	2023	2024	2025	2026

‐1000.00% 2027

Annual Dollar Change	Annual Percentage Change

	FORECASTED
	
	2022
	2023
	2024
	2025
	2026
	2027
	
Transfers Out
	‐
	310,000
	310,000
	310,000
	310,000
	310,000
	
Advances Out
	1,214,045
	30,000
	30,000
	30,000
	30,000
	30,000
	
Other Financing Uses
	‐
	‐
	‐
	‐
	‐
	‐

Other uses includes expenditures that are generally classified as non‐operating. It is typically in the form of advances‐out which are then repaid into the general fund from the other district funds. In FY 2022 the district had advances‐out and has advances‐out forecasted through FY 2027. The district can also move general funds permanently to other funds and as the schedule above presents, the district has transfers forecasted through FY 2027. 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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Forecast5 Analytics ReportWriter Software 2019 ©

Indian Hill Exempted Village School District Five Year Forecast

November,2022

Fiscal Year:
	Actual
	FORECASTED
	
	2020	2021	2022
	2023	2024	2025	2026	2027
	
Revenue:
1.010 ‐ General Property Tax (Real Estate)                        24,634,247              25,327,151              27,509,471 1.020 ‐ Public Utility Personal Property                                   602,605                   567,545                   796,949 1.030 ‐ Income Tax                                                                                 ‐                                ‐                                ‐ 1.035 ‐ Unrestricted Grants‐in‐Aid                                        1,399,482                1,381,519                1,266,932 1.040 ‐ Restricted Grants‐in‐Aid                                                134,553                   144,557                   279,267 1.050 ‐ Property Tax Allocation                                              3,062,553                3,147,629                3,210,180
1.060 ‐ All Other Operating Revenues	7,692,335	6,288,987	6,970,868
	
29,340,571              29,707,409              30,190,861              30,320,372              29,010,805 789,096                   797,040                   803,845                   807,248                   792,965
‐	‐	‐	‐	‐ 1,244,316                1,343,653                1,436,124                1,544,264                1,648,404
362,537                   364,233                   364,556                   366,372                   366,702 3,242,292                3,308,640                3,369,927                3,384,802                3,234,624
7,336,884	7,176,058	7,253,829	7,339,773	7,340,946
	
1.070 ‐ Total Revenue	37,525,775	36,857,389	40,033,667
	42,315,696	42,697,033	43,419,142	43,762,831	42,394,446
	
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                                                                       78,412                      19,549                      18,605
2.060 ‐ All Other Financing Sources	17,169	23,566	3,445
	
‐	‐	‐	‐	‐ ‐	‐	‐	‐	‐ ‐	‐	‐	‐	‐
1,214,045	30,000	30,000	30,000	30,000
15,000	15,000	15,000	15,000	15,000
	
2.070 ‐ Total Other Financing Sources	95,581	43,114	22,050
	1,229,045	45,000	45,000	45,000	45,000
	
2.080 ‐ Total Rev & Other Sources	37,621,355	36,900,503	40,055,717
	43,544,741	42,742,032	43,464,142	43,807,830	42,439,446
	
Expenditures:
3.010 ‐ Personnel Services	21,667,178	21,565,695	22,135,319 3.020 ‐ Employee Benefits                                                      7,453,139                6,819,714                7,599,775 3.030 ‐ Purchased Services                                                     4,398,282                4,878,255                5,591,673 3.040 ‐ Supplies and Materials                                               1,286,874                1,457,837                1,459,815 3.050 ‐ Capital Outlay                                                              6,107,228                   678,248                   788,150 Intergovernmental & Debt Service                                                      ‐                        29,175                   339,096
4.300 ‐ Other Objects	480,976	436,519	538,213
	
23,895,184              24,062,071              24,638,979              24,984,149              25,259,208 8,098,816                8,318,480                8,724,535                9,114,160                9,469,791 5,604,642                5,419,501                5,557,131                5,682,569                5,784,745 1,311,268                1,322,230                1,333,165                1,344,715                1,356,165 1,660,000                1,310,000                   760,000                   760,000                   760,000 563,365                1,018,822                1,056,404                1,052,778                1,053,600
495,744	500,702	505,709	510,709	505,709
	
4.500 ‐ Total Expenditures	41,393,678	35,865,442	38,452,041
	41,629,019	41,951,806	42,575,921	43,449,080	44,189,219
	
Other Financing Uses
5.010 ‐ Operating Transfers‐Out                                                          ‐                                ‐                                ‐ 5.020 ‐ Advances‐Out                                                                    19,549                      18,605                1,214,045
5.030 ‐ All Other Financing Uses	‐	‐	‐
	
310,000                   310,000                   310,000                   310,000                   310,000 30,000                      30,000                      30,000                      30,000                      30,000
‐	‐	‐	‐	‐
	
5.040 ‐ Total Other Financing Uses	19,549	18,605	1,214,045
	340,000	340,000	340,000	340,000	340,000
	
5.050 ‐ Total Exp and Other Financing Uses	41,413,227	35,884,047	39,666,086
	41,969,019	42,291,806	42,915,921	43,789,080	44,529,218

6.010 ‐ Excess of Rev Over/(Under) Exp	(3,791,871)	1,016,456	389,632
	1,575,722	450,226	548,220	18,750	(2,089,772)

7.010 ‐ Cash Balance July 1 (No Levies)	18,571,741	14,779,869	15,796,325
	16,185,957	17,761,679	18,211,905	18,760,125	18,778,875
	
7.020 ‐ Cash Balance June 30 (No Levies)	14,779,869	15,796,325	16,185,957
	17,761,679	18,211,905	18,760,125	18,778,875	16,689,103

	Reservations
		
8.010 ‐ Estimated Encumbrances June 30	‐	‐	500,000
9.080 ‐ Reservations Subtotal	‐	‐	‐
	500,000	500,000	500,000	500,000	500,000
‐	‐	‐	‐	‐
	
10.010 ‐ Fund Bal June 30 for Cert of App	14,779,869	15,796,325	15,685,957
	17,261,679	17,711,905	18,260,125	18,278,875	16,189,103
	
Rev from Replacement/Renewal Levies 11.010 & 11.020 ‐ Renewal Levies
11.030 ‐ Cumulative Balance of Levies	‐	‐	‐
	
‐	‐	‐	‐	1,683,787
‐	‐	‐	‐	1,683,787
	
12.010 ‐ Fund Bal June 30 for Cert of Obligations	14,779,869	15,796,325	15,685,957
	17,261,679	17,711,905	18,260,125	18,278,875	17,872,890
	
Revenue from New Levies 13.010 & 13.020 ‐ New Levies
13.030 ‐ Cumulative Balance of New Levies	‐	‐	‐
	
‐	‐	‐	‐	‐
‐	‐	‐	‐	‐
	
15.010 ‐ Unreserved Fund Balance June 30	14,779,869	15,796,325	15,685,957
	17,261,679	17,711,905	18,260,125	18,278,875	17,872,890

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