Indian Hill Exempted Village School District

Five Year Forecast Financial Report
May 2023

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.

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May 2023	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

‐	‐	‐	‐	‐

17,072,856

$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	16,771,342	16,778,537
	
17,369,982	17,439,207
	
+ Revenue
+ Proposed Renew/Replacement Levies + Proposed New Levies
‐ Expenditures
	43,909,894	43,149,233	44,189,961 ‐                                  ‐                                  ‐
‐	‐	‐ (43,324,508)             (43,142,038)             (43,598,515)
	44,544,035	43,527,106 ‐                      1,331,680 ‐                                  ‐
(44,474,811)	(45,225,137)
	
= Revenue Surplus or Deficit
	585,385	7,195	591,446
	69,225	(366,351)
	
Line 7.020 Ending Balance with renewal/new levies
	16,771,342	16,778,537	17,369,982
	17,439,207	17,072,856

Analysis Without Renewal Levies Included:
Revenue Surplus or Deficit w/o Levies Ending Balance w/o Levies
	585,385                          7,195                     591,446 16,771,342               16,778,537               17,369,982
	69,225	(1,698,031) 17,439,207               15,741,176

In FY 2023 a revenue surplus is expected. This means that expenditures are expected to be less than revenue by ‐$585,385 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 $1,698,031 The district would need to cut its FY 2027 projected expenses by 3.75% 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
$43,909,894
$43,149,233
$44,189,961
$44,544,035
$43,527,106
Indian Hill Exempted Village School District

$1,331,680
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%	9.62%

‐1.92%

2021	2022	2023

2.41%	0.80% ‐1.73%

2024	2025	2026

10.00%

5.00%

0.71%      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 2.18% or $960,614 annually through FY2027. All Othr Op Rev has the most projected average annual variance compared to the historical average at ‐ $417,679
	
Real Estate	760,660	713,969	($46,691) Public Utility	$69,459                   $6,912	($62,547) Income Tax                                                                      $0                           $0                              $0 State Funding                                                         ($3,415)                 93,781                    $97,196 Prop Tax Alloc	$40,219	$53,364                    $13,145 All Othr Op Rev                                                   $505,676	$87,997               ($417,679) Other Sources                                                         $4,406                   $4,590                          $184

Total Average Annual Change                           1,377,005                960,614               ($416,392) 3.72%                    2.18%                     ‐1.54%

Note: Expenditure average annual change is projected

to be >	$1,111,810 On an annual average basis, expenditures are projected to grow faster than revenue.

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1.010 ‐ General Property Tax (Real Estate)

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

$0
$0
$0
$0
$1,179,460
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%	69.3%

$27,343,946
$21,710,369
$24,634,247
$25,327,151
$27,509,471
$29,547,487
$29,937,624
$30,720,652
$30,885,010
$29,899,855
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%	7.41% 2.81%

‐20.60%

2019	2020	2021	2022	2023

1.32%	2.62%	0.54%

2024	2025	2026

20.00% 15.00% 10.00% 5.00%
0.63%      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               1,378,688,270             15,176,250 2023               1,583,088,270           204,400,000 2024               1,587,311,510               4,223,240 2025               1,594,506,510               7,195,000 2026               1,612,806,510             18,300,000

Class I Rate 23.99 23.94 21.61 21.68 21.69 21.60

Change	Class II Rate	Change
‐	22.49	‐ (0.05)	22.73                          0.24 (2.33)	22.42                        (0.31)
0.07                       22.45                          0.02 0.01                       22.47                          0.02 (0.09)                      22.35                        (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 23.94 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 2.35% through FY 2027.

*Projected % trends include renewal levies

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$590,537
$538,700
$602,605
$567,545
$796,949
$802,537
$809,245
$820,163
$823,566
$808,840
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
$22,669
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

1.9%

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%

0.70%	0.84%	1.35%

2022	2023	2024	2025

0.41%	0.96%

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                   17,780,340 2023                   18,030,340 2024                   18,105,340 2025                   18,180,340 2026                   18,430,340

Value Change 1,177,730
434,580 250,000 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 $6,912 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$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%	0.00%	0.00%	0.00% 2019                          2020                          2021                          2022                          2023

0.00%	0.00%	0.00% 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 $14,895,363 in FY 2023.
The state's share of the calculated Base Cost total is $740,008 or $360 per pupil.

For reference: The 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 $28,841. 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
$3,239,088
$3,337,245
$3,435,746
$3,454,933
$3,347,450
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
$129,550
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%	7.8%

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

Renewal Levy Revenue

Year‐Over‐Year Dollar & Percentage Change

$120,000

$100,000

$80,000

$60,000

$40,000

$20,000

$0

($20,000)

2.78%	3.03%	2.95%

1.99%

0.86%	0.90%
0.56%

‐0.22%

2019	2020	2021	2022	2023	2024	2025	2026

3.50%

3.00%

2.50%

2.00%

1.50%

1.00% 0.64%      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%

$5,088,881
$5,759,634
$7,692,335
$6,288,987
$6,970,868
$7,484,884
$7,312,233
$7,367,720
$7,424,891
$7,410,855
90.0% 80.0% 70.0% 60.0% 50.0% 40.0%
30.0%
20.0%	17.4%	16.5%

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)

33.56%

13.18%	10.84%	7.37%

‐2.31%	0.76%

‐18.24%

40.00%

30.00%

20.00%

10.00%

0.78%	‐0.19% 0.00%

‐10.00%

‐20.00%

($2,000,000)
2019	2020	2021	2022	2023	2024	2025

‐30.00% 2026	2027

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 $87,997 through FY 2027. The FSFP includes per pupil funding for any open enrollment in students the district is educating. This revenue, if any, was recorded in 'other revenue' prior to FY 2022. Fiscal year 2022 and beyond will not include any open enrollment in revenue.The district did not post any revenue code 1227 open enrollment in revenue in FY 2021.

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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
$43,324,508
$43,142,038
$43,598,515
$44,474,811
$45,225,137
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%	9.22%

‐13.35%

2021	2022	2023

‐0.42%	1.06%	2.01%

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 2.80% or $1,111,810 annually through FY2027. Other Uses has the largest projected average annual variance compared to the historical average at ‐$417,053.
	
Salaries	439,248	725,270	$286,022 Benefits                                                                  $153,004              $360,461	$207,456 Purchased Services                                              $151,841	$53,756                 ($98,085) Supplies & Materials	$37,355	$58,363                   $21,008 Capital Outlay                                                        ($84,130)              ($47,630)                  $36,500 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           $1,111,810                 $101,442 2.68%                    2.80%                     0.13%

Note: Revenue average annual change is projected to
be > $960,614

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

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Indian Hill Exempted Village School District

3.010 ‐ Personnel Services

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

Salaries as % of Total Expenditures 100.0%

90.0% 80.0%
70.0%
60.0%     	55.8%	57.0%	

$19,609,110
$20,847,735
$21,667,178
$21,565,695
$22,135,319
$24,394,590
$24,626,422
$25,128,773
$25,474,606
$25,761,667
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

$2,500,000

$2,000,000

$1,500,000

$1,000,000

$500,000

$0

10.21%

6.32%

3.93%

2.64%		2.04% 0.95%

‐0.47%

1.38%

12.00%

10.00%

8.00%

6.00%

4.00%

2.00% 1.13%
0.00%

($500,000)
2019	2020	2021	2022	2023	2024	2025

‐2.00% 2026	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 2.89% or $725,270 through FY 2027. The projected average annual rate of change is 0.82% 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
$8,102,617
$8,344,190
$8,662,672
$9,048,263
$9,402,080
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%	20.8%

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%

6.62%
2.98%	3.82%	4.45%

15.00%

10.00%

3.91%     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 4.14% through FY 2027. The projected average annual rate of change is 2.02% 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
$6,053,865
$5,500,302
$5,631,283
$5,758,277
$5,860,453
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)

14.62%

11.12%	10.91%
8.27%

2.38%

‐8.01%	‐9.14%

20.00%

15.00%

10.00%

5.00% 2.26%	1.77%     0.00%

‐5.00%

‐10.00%

($800,000)
2019	2020	2021	2022	2023	2024	2025

‐15.00% 2026	2027

Annual Dollar Change	Annual Percentage Change

Total Formula ADM Compared to District Educated

2,167

		2,139

2,102

2,067

						
2,031

Purchased Services represent 14.10% of total expenditures and increased at a historical average annual rate of 3.17%. This category of expenditure is projected to grow at an annual average rate of 0.93% through FY 2027 The FSFP funds only district educated enrollment thereby reducing tuition cost for open enrollment out, community schools, STEM, and scholarships starting in FY 2022. In FY 2021 these costs totaled $319,763. The graph to the left reflects the difference between past formula ADM prior to FY 2022 compared to actual district educated.

FY 2020

Total ADM

FY 2021	FY 2022

District Educated Enrollment

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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
$1,699,619
$1,711,601
$1,723,675
$1,740,178
$1,751,628
100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0%
10.0%     	3.7%	3.9%	

0.0%
2022	2027

2018	2019	2020	2021	2022	2023	2024	2025	2026	2027

Year‐Over‐Year Dollar & Percentage Change

$300,000

$250,000

$200,000

$150,000

$100,000

$50,000

$0

($50,000)

16.43% 13.29%

0.14%	0.70%	0.71%

‐4.22%	‐2.75%

20.00%

15.00%

10.00%

5.00%

0.96%	0.66%     0.00%

‐5.00%

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

‐10.00% 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 grow at an annual average rate of 3.38% through FY 2027. The projected average annual rate of change is 0.68% more 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%	1.2% 0.0%
2022	2027

$2,767,792
$1,424,434
$6,107,228
$678,248
$788,150
$1,474,708
$1,100,000
$550,000
$550,000
$550,000
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%

87.11%

16.20%

‐48.54%
‐88.89%

‐25.41%	‐50.00%	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 ‐$47,630 through FY 2027. The projected average annual change is less 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
2.3%

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
$540,000
$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%	‐55.52%	‐37.04%	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
	‐
	510,000
	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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Indian Hill Exempted Village School District Five Year Forecast

Fiscal Year:
	Actual
	FORECASTED
	
	2022
	2023	2024	2025	2026	2027
	
Revenue:
1.010 ‐ General Property Tax (Real Estate) 1.020 ‐ Public Utility Personal Property 1.030 ‐ Income Tax
1.035 ‐ Unrestricted Grants‐in‐Aid 1.040 ‐ Restricted Grants‐in‐Aid 1.050 ‐ Property Tax Allocation
1.060 ‐ All Other Operating Revenues
	
27,509,471 796,949
‐ 1,266,932
279,267 3,210,180 6,970,868
	
29,547,487                29,937,624                30,720,652                30,885,010                29,899,855 802,537                      809,245                      820,163                      823,566                      808,840
‐	‐	‐	‐	‐ 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 3,239,088                   3,337,245                   3,435,746                   3,454,933                   3,347,450 7,484,884                   7,312,233                   7,367,720                   7,424,891                   7,410,855
	
1.070 ‐ Total Revenue
	40,033,667
	42,680,849	43,104,233	44,144,961	44,499,036	43,482,106
	
Other Financing Sources:
2.010 ‐ Proceeds from Sale of Notes 2.020 ‐ State Emergency Loans and Adv 2.040 ‐ Operating Transfers‐In
2.050 ‐ Advances‐In
2.060 ‐ All Other Financing Sources 2.070 ‐ Total Other Financing Sources
	
‐ ‐ ‐
18,605 3,445
	
‐	‐	‐	‐	‐ ‐	‐	‐	‐	‐ ‐	‐	‐	‐	‐
1,214,045                        30,000                        30,000                        30,000                        30,000 15,000                        15,000                        15,000                        15,000                        15,000
	
	22,050
	1,229,045	45,000	45,000	45,000	45,000
	
2.080 ‐ Total Rev & Other Sources
	40,055,717
	43,909,894	43,149,233	44,189,961	44,544,035	43,527,106
	
Expenditures:
3.010 ‐ Personnel Services 3.020 ‐ Employee Benefits 3.030 ‐ Purchased Services 3.040 ‐ Supplies and Materials 3.050 ‐ Capital Outlay
Intergovernmental & Debt Service
4.300 ‐ Other Objects
	
22,135,319 7,599,775 5,591,673 1,459,815 788,150 339,096
538,213
	
24,394,590                24,626,422                25,128,773                25,474,606                25,761,667 8,102,617                   8,344,190                   8,662,672                   9,048,263                   9,402,080 6,053,865                   5,500,302                   5,631,283                   5,758,277                   5,860,453 1,699,619                   1,711,601                   1,723,675                   1,740,178                   1,751,628 1,474,708                   1,100,000                      550,000                      550,000                      550,000 563,365                   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
	38,452,041
	42,784,509	42,802,038	43,258,515	44,134,811	44,885,137
	
Other Financing Uses
5.010 ‐ Operating Transfers‐Out 5.020 ‐ Advances‐Out
5.030 ‐ All Other Financing Uses 5.040 ‐ Total Other Financing Uses
	
‐ 1,214,045
‐
	
510,000                      310,000                      310,000                      310,000                      310,000 30,000                        30,000                        30,000                        30,000                        30,000
‐	‐	‐	‐	‐
	
	1,214,045
	540,000	340,000	340,000	340,000	340,000
	
5.050 ‐ Total Exp and Other Financing Uses
	39,666,086
	43,324,508	43,142,038	43,598,515	44,474,811	45,225,137

6.010 ‐ Excess of Rev Over/(Under) Exp
	389,632
	585,385	7,195	591,446	69,225	(1,698,031)

7.010 ‐ Cash Balance July 1 (No Levies)
	15,796,325
	16,185,957	16,771,342	16,778,537	17,369,982	17,439,207
	
7.020 ‐ Cash Balance June 30 (No Levies)
	16,185,957
	16,771,342	16,778,537	17,369,982	17,439,207	15,741,176

	Reservations
		
8.010 ‐ Estimated Encumbrances June 30 9.080 ‐ Reservations Subtotal
	500,000 ‐
	500,000	500,000	500,000	500,000	500,000 ‐                                    ‐                                    ‐                                    ‐                                    ‐
	
10.010 ‐ Fund Bal June 30 for Cert of App
	15,685,957
	16,271,342	16,278,537	16,869,982	16,939,207	15,241,176
	
Rev from Replacement/Renewal Levies 11.010 & 11.020 ‐ Renewal Levies 11.030 ‐ Cumulative Balance of Levies

‐
	
‐                                    ‐                                    ‐                                    ‐                       1,331,680 ‐                                    ‐                                    ‐                                    ‐                       1,331,680
	
12.010 ‐ Fund Bal June 30 for Cert of Obligations
	15,685,957
	16,271,342	16,278,537	16,869,982	16,939,207	16,572,856
	
Revenue from New Levies 13.010 & 13.020 ‐ New Levies
13.030 ‐ Cumulative Balance of New Levies

‐
	
‐                                    ‐                                    ‐                                    ‐                                    ‐ ‐                                    ‐                                    ‐                                    ‐                                    ‐
	
15.010 ‐ Unreserved Fund Balance June 30
	15,685,957
	16,271,342	16,278,537	16,869,982	16,939,207	16,572,856

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Appendix ‐ A		Indian Hill Exempted Village School District State Funding Budget Process and May Financial Forecast
At the start of the state's FY 2024 and 2025 budget process the Governor introduced these key elements regarding the Fair School Funding Plan which started July 1, 2022:
• The FSFP would continue.
• It would be funded at the same 2018 base cost calculations • Original phase‐ins of the new formula would continue

While there is no legislatively approved state budget, the May forecast as prepared assumes the Governor's proposal. The 2018 base cost components as used in FY 2022 and 2023 and proposed by the Governor would be extended as follows:
• Base per pupil cost (funding) is calculated at the 2018 level through FY 2027 • FSFP phase‐in continues untiul culminating at 100% phased‐in by FY 2027

The Ohio House of Representatives introduced an amendment to the Governor's proposal that would update the base cost components to the 2022 cost data. This change is potentially significant for many districts, however some districts will benefit only minimally or not at all. While the state budget deliberations continue the 2022 base cost was modeled to see the potential impact on the district's forecast. This is only an estimate and is intended to show relative potential significance. The modeling assumes:
• That the 2022 base cost components will be used in FY 2024 and 2025.
• The 2022 base cost components will be updated to 2024 cost data in FY 2026 and 2027. • That the formula is fully phased‐in by FY 2027.

For our district the annual impact on revenue Over/(Under) the current forecast modeling is reflected below along with a cumulative potential impact on the district's cash balance. If warranted the Board may be asked to approve an amended forecast in June.

Other Observations:

Paste Your Visual Here

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