Cleveland Municipal School District Five-Year Financial Forecast May 2013
"Explore the financial forecast and major assumptions of the Cleveland Municipal School District aiming to become a premier school district in the USA. Discover revenue details, expenditures, and general fund insights for effective planning and management."
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Cleveland Municipal School District 1 FIVE YEAR FINANCIAL FORECAST MAY 2013 The primary goal of the Cleveland Municipal School District is to become a premier school district in the United States of America.
Five Year Forecast - Contents 2 Major Assumptions General Fund Revenues General Fund Expenditures Five Year Forecast Summary
Cleveland Municipal School District 3 Major Assumptions
Major Assumptions 4 Revenue: On 11/6/12 residents passed a 4 year 15 mill levy with collection beginning January 2013. Forecast includes new levy. Assumes levy will expire December 31, 2016. Half year value is $31.4 million. Forecast assumes that the property tax current collection rate will remain at 76.10% and the total collection rate will remain at 84.96%. 1% change represents $2.4 million. Cuyahoga County completed its 6 year reappraisal. Property assessed valuation decreased by $800 million from $5.7 billion to $4.9 billion. State foundation - Governors proposed bi-annual budget. Assumes FY14 and FY15 will be same as FY13 except for transportation and Charter schools. Assumes that $75.5 million guarantee will not be eliminated in FY16 and FY17. Forecast assumes the Average Daily Membership for K-12 to be: CMSD Charter Total FY13 39,088 18,344 57,432 FY14 37,521 19,597 57,118 FY15 36,023 20,796 56,819 FY16 35,001 21,613 56,614 FY17 34,139 22,303 56,442
Major Assumptions continued 5 Expenditures: The district restored 50 minutes to the classroom in January 2013 193 teachers were added Estimated cost is $6.7 million in FY13 and $16.7 million in FY14-17. Forecast assumes 50 less employees each year in FY14-17 due to attrition. Forecast assumes $14 million of budgetary savings per year in FY14-17. Forecast shifts $3.4 million of personnel cost to the General Fund in FY14 due to a decline in federal funding (sequestration). Healthcare rates are forecasted to increase an average of 9.3% in FY14 - FY17. Forecast assumes all union agreements as currently defined including step increases. Forecast assumes a $3.2 textbook budget for all fiscal years. Forecast assumes $3.6 million of strategic investments per year. Forecast assumes investment schools each year. $3.5 million FY14, $7.0 million FY15, $10.5 million FY16-FY17. Forecast assumes $7,335 per student for charter schools in FY14 17.
Cleveland Municipal School District 6 General Fund Revenues
Cleveland Municipal School District FY 2012-2013 7 Where the Money Comes From State, 64.4% State of Ohio Reimbursements, 4.5% Other, 4.7% Local Taxes, 26.4%
Cleveland Municipal School District Local Taxes Property Tax Revenue 8 200.0 175.0 1.0 150.0 4.3 1.0 0.3 Revenue (In Millions) 125.0 100.0 189.5 189.5 186.9 171.0 170.9 75.0 148.1 147.1 144.1 50.0 25.0 0.0 2010 2011 2012 2013 2014 2015 2016 2017 Fiscal Year Real Estate Personal Tangible
Cleveland Municipal School District Property Taxes Current Collection Rate 9 97.0 95.6 96.0 95.0 94.0 93.0 92.0 91.0 Current Collection Rate 90.0 89.0 88.0 87.0 86.0 85.0 84.0 83.0 82.0 81.0 80.0 79.0 78.0 76.1 77.0 76.0 75.0 2011 2012 2010 1991 1994 1988 1989 1990 1992 1995 1996 1997 1998 1999 Year 1993 2004 2007 2001 2003 2002 2005 2006 2008 2009 2000
Cleveland Municipal School District Property Taxes Total Collection Rate 10 107.00 105.00 103.00 101.00 99.00 4.5 97.00 Current Collection Rate 95.00 93.00 91.00 89.00 87.00 95.6 85.00 83.00 8.86 81.00 79.00 77.00 76.1 75.00 1990 2011 1997 2010 2012 1991 1993 1994 1988 1989 1992 1995 1996 1998 1999 2006 2005 2009 2000 2003 2007 2001 2002 2004 2008 Current Collection Rate Delinquencies Year
Cleveland Municipal School District State Foundation Revenue 11 $440 $435 Revenue (In Millions) $430 27.3 $425 34.1 $420 $415 421.4 419.5 $410 411.3 410.5 410.5 408.8 407.6 $405 404.5 $400 2010 2011 2012 2013 2014 2015 2016 2017 Fiscal Year State Foundation Fiscal Stabilization Fund
Cleveland Municipal School District State Foundation Revenue Excluding Charter School Portion 12 $340 27.3 $330 Revenue (In Millions) 34.1 $320 $310 $300 $290 313.0 $280 304.4 298.5 290.5 $270 $260 267.6 258.8 251.1 $250 244.8 $240 2010 2011 2012 2013 2014 2015 2016 2017 Fiscal Year State Foundation Fiscal Stabilization Fund
Cleveland Municipal School District Education Jobs 13 $20 Revenue (In Millions) $15 17.7 $10 $5 $0 2010 2011 2012 2013 2014 2015 2016 2017 Fiscal Year Education Jobs
Cleveland Municipal School District Property Tax Allocation State Hold Harmless Reimbursements 14 $60 $50 Revenue (In Millions) $40 39.8 38.6 $30 26.9 13.9 13.9 13.9 13.9 13.9 $20 4.5 4.4 18.0 18.0 18.0 15.2 15.2 $10 12.4 12.4 12.3 $0 2010 2011 2012 2013 2014 2015 2016 2017 Fiscal Year Property Tax Reimbursements Utility Tax Reimbursements HB 66 CAT Reimbursements
Cleveland Municipal School District Other Revenue 15 3.5 $30 5.5 1.8 1.4 2.5 2.5 2.5 2.5 0.6 1.3 1.3 1.3 $25 Revenue (In Millions) 1.3 1.3 1.7 0.4 0.7 0.6 1.9 0.6 0.5 2.1 $20 2.5 1.7 $15 24.4 2.4 23.3 22.8 22.8 22.7 22.2 18.2 $10 10.6 $5 $0 2010 2011 2012 2013 2014 2015 2016 2017 Fiscal Year Other Interest Catastrophic Aid Medicaid Advance In
General Fund Revenue 16 690.0 670.0 668.2 662.7 659.0 657.4 655.9 654.2 654.2 651.2 650.0 634.8 630.0 611.2 610.0 607.2 604.2 601.9 600.1 590.0 570.0 550.0 2010 2011 2012 2013* 2014* 2015* 2016* 2017* Total Revenue May 2013 Total Revenue Oct 2012 *Projected
Cleveland Municipal School District 17 General Fund Expenditures
Cleveland Municipal School District Where the Money Goes 18 FY 2012-2013 All Other, $107,232,885, 16.9% Salaries, $284,310,264, 44.9% Charter School Pass-Through, $129,000,000, 20.4% Benefits, $112,797,530, 17.8%
Cleveland Municipal School District Salaries 19 $370 Expenditures (In Millions) $350 $330 $310 359.3 $290 312.7 309.3 297.3 296.6 295.3 293.7 284.3 $270 $250 2010 2011 2012 2013 2014 2015 2016 2017 Fiscal Year Salaries
Cleveland Municipal School District Fringe Benefits 20 $140 4.0 4.4 4.5 4.0 3.5 4.4 6.2 Expenditures (In Millions) 4.1 6.6 7.3 4.4 7.8 8.4 $120 4.1 4.4 4.4 5.2 8.2 4.5 4.1 3.9 4.0 3.5 3.4 $100 79.1 72.5 60.7 66.3 54.9 $80 60.4 57.7 56.4 $60 $40 50.2 47.9 44.8 44.7 44.7 44.5 44.2 41.3 $20 $0 2010 2011 2012 2013 2014 2015 2016 2017 Fiscal Year STRS/SERS Employee Insurance Benefits Medicare Workers Compensation Other
Cleveland Municipal School District Purchased Services 21 $300 Expenditures (In Millions) $250 $200 162.8 157.7 151.7 142.9 129.0 $150 117.0 98.3 106.0 $100 78.7 77.6 72.9 68.2 63.4 59.7 57.7 56.5 $50 9.3 11.6 11.4 11.2 11.0 10.8 7.8 10.3 15.1 14.2 13.6 13.4 13.2 13.0 12.8 12.0 $0 2010 2011 2012 2013 2014 2015 2016 2017 Fiscal Year Utilities Student Transportation (Contract) Other Purchased Services Charter School Pass-Through
Cleveland Municipal School District Supplies, Textbooks, Equipment, and Other Expenditures 22 30.0 Expenditures (In Millions) 7.7 11.5 25.0 2.5 3.5 3.5 3.5 3.5 4.2 20.0 7.8 8.6 8.3 8.3 8.3 7.6 6.5 8.3 15.0 1.3 1.1 0.7 0.7 0.7 0.7 1.0 0.8 10.0 12.6 11.7 10.5 10.5 10.5 10.5 10.0 9.0 5.0 0.0 2010 2011 2012 2013 2014 2015 2016 2017 Fiscal Year Supplies and Textbooks Equipment Other Expense Transfers/Advances
General Fund Expenditures 23 750.0 718.4 708.3 700.0 700.1 694.2 676.3 650.0 647.3 646.4 633.3 601.8 600.0 555.6 550.0 550.6 542.5 540.4 533.4 530.3 504.3 500.0 450.0 2010 Total Expenditures 2011 2012 2013* Total Expenditures Excluding Charter 2014* 2015* 2016* 2017* *Projected
Cleveland Municipal School District 24 Five-Year Forecast Summary
Cleveland Municipal School District May 2013 Five-Year Forecast (in millions of dollars) 25 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 Beginning Cash Balance $50.4 $13.0 $39.7 $46.7 $64.4 $44.0 $8.8 ($42.1) 662.7 668.2 651.1 655.9 659.0 657.4 634.8 Total Revenues 654.3 700.1 646.4 633.4 676.3 694.2 708.3 718.4 Total Expenses 647.3 Revenue over Expenses 21.8 (37.4) 7.0 17.7 (20.4) (35.2) (50.9) (83.6) Ending Cash Balance 13.0 34.8 46.7 64.4 44.0 8.8 (42.1) (125.7) Encumbrances/ Reserves 6.5 8.2 11.0 8.6 8.6 8.6 8.6 11.1 Unencumbered Balance $6.5 $26.6 $35.6 $53.4 $35.4 $0.2 ($50.7) ($134.3)
Cleveland Municipal School District Five-Year Financial Forecast May 2013 26 QUESTIONS T H E P R I M A R Y G O A L O F T H E C L E V E L A N D M U N I C I P A L S C H O O L D I S T R I C T I S T O B E C O M E A P R E M I E R S C H O O L D I S T R I C T I N T H E U N I T E D S T A T E S O F A M E R I C A .
