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Truth In Taxation 2016 Payable 2017 Levy and 2016-2017 Budget Presentation ISD #381 Lake Superior School District December 13, 2016
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  • Truth In Taxation 2016 Payable 2017 Levy

    and 2016-2017 Budget Presentation

    ISD #381 Lake Superior School District

    December 13, 2016

  • • This discussion is for the School District portion of proposed property taxes only.

    • Each property tax statement has three entities that make up the final proposed tax bill. – County – City – School District – Each entity sets their own levy and has their own

    public meetings.

  • The Levy Cycle

    • District Board adopts the Final Levy in December 2016

    • Property owners pay taxes in May 2017 and October 2017 based on the certification in December 2016

    • Funding is recorded mostly in Fiscal Year 2018 for the District.

  • Referendum Market Value

    • Tax base classifications excluded from RMV • The remainder of the agricultural property after the House,

    Garage, and 1 Acre. • Non-homestead Agricultural Land • Managed Forest Land • Noncommercial Seasonal Residential Recreational • 55% of the Taxable Market Value of a Blind/Disabled Homestead

    up to $ 50,000 • 50% of the first $600,000 of a Comm. Seasonal Residential Rec.

    used less than 250 days per year and includes Homestead • 25% of Qualifying Low Income Rental Housing

  • Net Tax Capacity

    • NTC includes all parcels of property in the school district. Formulas take into consideration the classification of the property (class rate), such as Homestead, Commercial/Industrial, Agriculture, Seasonal recreational, etc, along with the Taxable Market Value to come up with a NTC Value.

  • Lake Superior #0381 Payable 2017 Proposed Levy by Taxing Classification (RMV/NTC)

    Payable 2017 Proposed (as of 9-30-16)

    RMV $1,176,087.09

    25%

    NTC $3,580,816.60

    75%

  • Lake Superior #0381 Levy Comparison by Levy Category

    Payable 2016 Final Certified – Payable 2017 Proposed (as of 9-30-16)

    General - RMVVoter

    General - RMVOther

    General NTCVoter

    General NTCOther

    CommunityService

    Debt Serv.Voter

    Debt Serv.Other OPEB Bonding Total Levy

    Pay16 Levy $- $941,122.32 $- $251,351.96 $- $2,357,635.40 $150,596.13 $789,829.49 $4,490,535.30Pay17 Levy $- $1,176,087.09 $- $243,103.25 $- $2,372,935.51 $146,564.18 $818,213.66 $4,756,903.69% Change 0.00% 24.97% 0.00% -3.28% 0.00% 0.65% -2.68% 3.59% 5.93%

    $-

    $500,000

    $1,000,000

    $1,500,000

    $2,000,000

    $2,500,000

    $3,000,000

    $3,500,000

    $4,000,000

    $4,500,000

    $5,000,000

  • Lake Superior #0381 Payable 2017 Proposed Levy by Category

    Payable 2017 Proposed (as of 9-30-16)

    General - RMV Other, 25%

    General NTC Other, 5%

    Debt Serv. Voter, 50%

    Debt Serv. Other, 3%

    OPEB Bonding, 17%

    NOTE: Taconite Production Proceeds Reduce Community Education, NTC Other, and OPEB Debt Service in that order, if more proceeds are available it

  • Lake Superior # 0381 Taconite Production Impacts

    Pay 14 Pay 15 Pay 16 Pay 17Taypayer Share 85.9% 87.8% 87.0% 87.7%Taconite Share 14.1% 12.2% 13.0% 12.3%

    0.0%20.0%40.0%60.0%80.0%

    100.0%

    Taconite Share Taypayer Share

    Pay 14 Pay 15 Pay 16 Pay 17Gross Levy $4,915,870 $5,605,555 $5,163,759 $5,426,444Taconite Share $692,023 $685,779 $673,223 $669,540

    $- $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000

    Gross Levy Taconite Share

    Pay 14 Pay 15 Pay 16 Pay 17Gross Levy $4,915,870 $5,605,555 $5,163,759 $5,426,444Taconite Share $692,023 $685,779 $673,223 $669,540Net Levy $4,223,847 $4,919,776 $4,490,535 $4,756,904

    $-

    $1,000,000

    $2,000,000

    $3,000,000

    $4,000,000

    $5,000,000

    $6,000,000Gross Levy, Taconite Production Share, and Net Levy

  • Reasons why Proposed General RMV –Other Portion of the Proposed Levy Increased

    • The Lake Superior School Board voted to under levy the $424 per pupil unit location optional levy for operations last year. The current proposed levy reinstates that levy to the original $ 424 per pupil unit.

  • • Reasons why Proposed General NTC-Other portion of the Levy Decreased

    • Operating Capital decreased, Health & Safety Adjustments and Lower Student Achievement Levy

  • • Reasons why Proposed Debt Service Voter Approved Increased – County adjustment for Abatement

    • OPEB Debt Service Increased – The debt excess reduction for fund balance was lower this

    year than in prior years.

  • Debt Retirement Schedule

    Building Bond This debt levy is scheduled to come off the Levy on the Pay 2023 Levy. OPEB Bond This debt levy is scheduled to come off the Levy on the Pay 2027 Levy Capital Facility & Alternative Facility Bonds This debt is scheduled to come off the Levy on the Pay 2024 Levy

  • • 2016-2017 • BUDGET OVERVIEW

  • Lake Superior # 0381 Payable 2016 Final Levy as a Component of Revenue Budget

    Payable 2016 Levy as a component of the Fiscal Year 2016-17 Budget

    Payable 16 Levy $4,490,535.30

    21%

    All Other Revenues $17,027,864.70

    79%

  • Lake Superior # 0381 2016-17 Revenues by SOURCE Code

    Local Sources $7,777,861.00

    36%

    State Sources $12,804,739.00

    60% Federal Sources

    $935,800.00 4%

    PRO (local source codes may be different) REVENUE % of Total Budget All Funds 001-099 601-622 Local Sources $ 7,777,861.00 36.15% 200-399 State Sources $ 12,804,739.00 59.51% 400-599 Federal Sources $ 935,800.00 4.35% 631-649 Other Local Sources $ - 0.00%

    Total Revenues All Funds $ 21,518,400.00

  • Lake Superior # 0381 2016-17 Expense by OBJECT Area ALL Funds

    Salaries & Wages $10,489,816.00

    48%

    Employee Benefits $4,010,027.00

    18%

    Purchased Services $1,490,561.00

    7%

    Supplies & Materials $1,171,815.00

    5%

    Capital Expenditures $808,995.00

    4% Debt Service $3,709,143.00

    17%

    Other Expenditures $95,223.00

    1%

    PRO REVENUE % of Total Budget All Funds

    100-199 Salaries & Wages $ 10,489,816.00 48.17% 200-299 Employee Benefits $ 4,010,027.00 18.42% 300-399 Purchased Services $ 1,490,561.00 6.85% 400-499 Supplies & Materials $ 1,171,815.00 5.38% 500-599 Capital Expenditures $ 808,995.00 3.72% 700-799 Debt Service $ 3,709,143.00 17.03% 800-899 Other Expenditures $ 95,223.00 0.44% 900-999 Other Financing Uses $ - 0.00%

    Total Expenses All Funds $ 21,775,580.00

  • Lake Superior # 0381 2016-17 Expense & Revenue Budget Comparison

    01,03,05 02 04 06 07 08 09 20 25 45 47

    By Fund Difference $68,264.00 $3,329.00 $32,923.00 $0.00 ($37,103.00) $2,465.00 $0.00 $0.00 $0.00 ($326,800.00) ($258.00)

    ($350,000)

    ($300,000)

    ($250,000)

    ($200,000)

    ($150,000)

    ($100,000)

    ($50,000)

    $0

    $50,000

    $100,000

    Fund REVENUE EXPENSE Projected Surplus/(Deficit) 01,03,05 General Fund (inc. Trans. & Op. Cap) $ 16,453,697.00 $ 16,385,433.00 $68,264.00

    02 Food Service Fund $ 574,650.00 $ 571,321.00 $3,329.00 04 Community Service Fund $ 676,906.00 $ 643,983.00 $32,923.00 06 Building Construction Fund $ - $ - $0.00 07 Debt Redemption Fund $ 2,873,952.00 $ 2,911,055.00 ($37,103.00) 08 Trust Fund $ 18,865.00 $ 16,400.00 $2,465.00 09 Agency Fund $ - $ - $0.00 20 Internal Service Fund $ - $ - $0.00 25 OPEB Revocable Trust Fund $ - $ - $0.00 45 OPEB Irrevocable Trust Fund $ 126,000.00 $ 452,800.00 ($326,800.00) 47 OPEB Debt Service Fund $ 794,330.00 $ 794,588.00 ($258.00)

    Total All Funds: $ 21,518,400.00 $ 21,775,580.00 ($257,180.00)

  • Lake Superior # 0381 2016-17 Expense by Object Area GENERAL Fund Only

    $9,931,494.00

    $3,359,177.00

    $1,402,469.00

    $821,725.00

    $798,845.00

    $3,500.00

    $68,223.00

    $-

    $- $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000

    Salaries & Wages

    Employee Benefits

    Purchased Services

    Supplies & Materials

    Capital Expenditures

    Debt Service

    Other Expenditures

    Other Financing Uses

    PRO (not including Student Activities) REVENUE % of Total Budget All Funds

    100-199 Salaries & Wages $ 9,931,494.00 60.61% 200-299 Employee Benefits $ 3,359,177.00 20.50% 300-399 Purchased Services $ 1,402,469.00 8.56% 400-499 Supplies & Materials $ 821,725.00 5.01% 500-599 Capital Expenditures $ 798,845.00 4.88% 700-799 Debt Service $ 3,500.00 0.02% 800-899 Other Expenditures $ 68,223.00 0.42% 900-999 Other Financing Uses $ - 0.00%

    Total Expenses All Funds $ 16,385,433.00

  • Questions or Comments??

    ISD #381 Lake Superior School District

    December 13, 2016

    Truth In Taxation�2016 Payable 2017 Levy�and�2016-2017Budget PresentationSlide Number 2The Levy CycleReferendum Market ValueNet Tax CapacityLake Superior #0381�Payable 2017 Proposed Levy by Taxing Classification (RMV/NTC)�Payable 2017 Proposed (as of 9-30-16)Lake Superior #0381�Levy Comparison by Levy Category �Payable 2016 Final Certified – Payable 2017 Proposed (as of 9-30-16)Lake Superior #0381�Payable 2017 Proposed Levy by Category�Payable 2017 Proposed (as of 9-30-16) Lake Superior # 0381�Taconite Production ImpactsReasons why Proposed General RMV –Other�Portion of the Proposed Levy IncreasedSlide Number 11Slide Number 12Debt Retirement ScheduleSlide Number 14Lake Superior # 0381�Payable 2016 Final Levy as a Component of Revenue Budget�Payable 2016 Levy as a component of the Fiscal Year 2016-17 BudgetLake Superior # 0381�2016-17 Revenues by SOURCE CodeLake Superior # 0381�2016-17 Expense by OBJECT Area ALL FundsLake Superior # 0381�2016-17 Expense & Revenue Budget ComparisonLake Superior # 0381�2016-17 Expense by Object Area GENERAL Fund OnlyQuestions or Comments??