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Final Pay 2018 Levy

Final Pay 2018 Levy. December 11, 2017 Rod Zivkovich Executive Director of Finance and Support Services. Objective of Presentation:. Prepare School Board to make an informed decision on the final levy certification tonight Need School Board action to approve final levy Review

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Final Pay 2018 Levy

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  1. Final Pay 2018 Levy December 11, 2017 Rod Zivkovich Executive Director of Finance and Support Services

  2. Objective of Presentation: • Prepare School Board to make an informed decision on the final levy certification tonight • Need School Board action to approve final levy • Review • Truth in Taxation process • Pay 2018 Levy information

  3. Truth in Taxation Process County uses info to prepare property tax statements District sends preliminary levy info to HC, by 9/30/17 November 2017 HC mails statement to taxpayers County uses info to prepare property tax bills Truth in Taxation and Budget Update (12/11/17) School Board certifies Pay 2018 levy (12/11/17) Truth in Taxation Process

  4. Levy Decisions Pay 18 Preliminary Levy Certification Process • Sept 8th : MDE released preliminary preparation data • Sept 25th : School Board certifies preliminary levy submission • By September 30: Preliminary levy submitted to MDE, Hennepin County and Scott County • Counties prepare Truth in Taxation notices for November mailing • December 11th : School Board certifies final levy submission

  5. 2013-14 Adopted Budget 2017-18 Budget • District budgets are divided into separate funds, as required by law • General Fund (Includes Transportation, Technology Levy and Capital Funds) • Food Service Fund • Community Service Fund • Building Construction Fund • Debt Service Fund • Trust Fund

  6. 2013-14 Adopted Budget 2017-18 Budget All Funds Revenues $ 177.4 million Expenditures $ 196.3 million Rev over Exp ($ 18.9 million )

  7. 2013-14 Adopted Budget 2017-18 Budget General Fund Revenues $ 144.9 million Expenditures $ 149.8 million Rev over Exp ($ 4.9 million)

  8. Truth in Taxation Requirements 1. Current School Year Budget • Sources of Revenue • Expenditures by Program 2. Proposed Property Tax Levy • % Increase Over Prior Year • Specific Purposes for Tax Increases 3. Public Comments

  9. All Funds Revenues by Source $177.4 million State, Federal and Local Includes Titles, Special Education and Other Includes Operating Referendum, Safe Schools Levy, Equity, Career Tech, Community Education, Debt and Other Misc. Levy Items Includes Fees, Tuition, Rental and Other Local Includes Formula, Special Education and Other Revenues

  10. General Fund Revenues by Source $ 144.9 million

  11. Truth in Taxation Requirements 1. Current School Year Budget • Sources of Revenue • Expenditures by Program 2. Proposed Property Tax Levy • % Increase Over Prior Year • Specific Purposes for Tax Increases 3. Public Comments

  12. All Funds Expenditures by Program $196.3 million Property and Casualty Debt, Interest, Insurance, transfers, etc Supt, Asst Supt, Principals, Spec Ed Dir., School Board, etc. Accounting, HR, Payroll, Technology, Community Relations, etc Custodial, Utilities, Alternative Facilities, Capital Projects Health & Psych Services, Social Workers, Transportation and Food Service Assistant Principals, Media Center, Staff Development, Counseling, Curriculum Specialists, etc.

  13. General Fund Expenditures by Program $149.8 million

  14. Truth in Taxation Requirements 1. Current School Year Budget • Sources of Revenue • Expenditures by Program 2. Proposed Property Tax Levy • % Increase Over Prior Year • Specific Purposes for Tax Increases 3. Public Comments

  15. Referendum Referendum Other Community Services Debt Service Other MDE calculates our preliminary amounts based on MN Statutes and district specific information 5 Major Levy Categories School Board determines whether to levy the maximum or an amount less than the maximum

  16. Referendum Levy $5.2 million increase new referendum

  17. Equity Levy Equity Revenue is intended to reduce the disparity in revenue between the highest and lowest revenue districts on a regional basis. $0.3 million decrease with new referendum

  18. Community Services Levy

  19. Debt Service

  20. Pay 2016 to Pay 2018 Comparison

  21. Pay 2016 to Pay 2018 Comparison Operational Referendum: Referendum and Equity Revenue Non Operational: Debt Service (General and OPEB), Alternative Facilities, Capital Projects (Technology) Community Services, Operating Capital, Lease Levy, Q-comp, Integration and Others

  22. Tax Comparison on Median Valuation Before referendum election $13 (1.2%)

  23. Truth in Taxation Requirements 1. Current School Year Budget • Sources of Revenue • Expenditures by Program 2. Proposed Property Tax Levy • % Increase Over Prior Year • Specific Purposes for Tax Increases 3. Public Comments

  24. Next Steps • Board action: • Certification of Final Limitation December 11, 2017

  25. Questions?

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