Maplewood Property Financial Impact District 26 and Village Joint Committee Meeting Wednesday, September 16, 2015 Brian Coleman, Superintendent Jeff Schubert, Director of Finance and Operations

1

District 26 Mission Statement The District 26 Community works together to provide a sound educational foundation that supports and inspires all students to reach their full academic potential.

Finance Strategic Plan An exemplary school district effectively and efficiently uses the resources available to maximize the educational experience. • • • • • •

Maintaining a balanced budget. Aligning resources to support the District’s Vision. Evaluating and implementing responsible cost saving measures. Pursuing alternative and sustainable sources of revenue. Continuing to conduct the District’s finances with transparency. Using data driven financial variables for all estimates. 2

Presentation Overview • District 26 Current Financial Condition • McHenry County Elementary District Comparison • Financial Impact of New Development • Financial Impact to Other Taxing Bodies in Cary

3

FY16 Revenue Summary The following is the Revenue summary for all funds in the District’s FY16 Budget: 2016 Budget Revenue by Source Local Property Tax Other Local General State Aid Other State Federal Other Sources Total Revenue

24,766,833 1,536,314 1,540,375 1,531,305 1,331,565 30,706,393

Source: Fiscal Year 2016 Budget

4

FY16 Expenditure Summary The following is the expenditure summary for all funds in the District’s FY16 Budget: 2016 Budget Expenditure By Object Salaries Employee Benefits Purchased Services Supplies & Materials Capital Outlay Other Objects Non-Capitalized Equipment Termination Benefits Total Expenditure by Object

14,829,693 3,056,616 3,521,200 1,782,418 1,495,818 5,056,533 106,113 29,848,391

Source: Fiscal Year 2016 Budget

5

FY16 Fund Balance The following is the projected Fund Balance in the District’s FY16 Budget:

Beginning Fund Balance Total Revenues Total Expenditure Operating Results (Rev-Exp) Fund Balance % Fund Balance

2016 Budget 9,680,018 30,706,393 29,848,391 858,002 10,538,020 35.3%

Source: Fiscal Year 2016 Budget

6

Cary CCSD 26 Fund Balance History District 26 has made significant improvements over the past 5 years 8,000,000

7,203,285

21%

25% 20%

6,000,000

15%

4,000,000

10% 2,000,000 5% 2007

2008

2009

2010

(2,000,000)

2013

2014

0%

-10% -4,277,726

Source: District Annual Financial Report

2012

-5%

(4,000,000)

(6,000,000)

2011

-12% -15%

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Financial Unknowns The District’s Finances are subject to many complex economic, social, and political risks and uncertainties, many of which are outside the ability for the District to control.

• • • • • •

State of Illinois Economic Situation Changes in Legislation to School Funding Liability of Pension Rates Enrollment Changes Individualized Student Needs/Requirements Unexpected Capital Needs 8

McHenry County Elementary Districts 2014 Operating Tax Rates District 26 has the second lowest Tax Rate in McHenry County. 9 8 7

6 5 3.96

4 3 2 1 0 Harrison SD 36 Fox River Grove McHenry CCSD Prairie Grove CSD 3 15 CSD 46

Source: Ilearn, Illinois Local Education Agency Retrieval Network

Crystal Lake Nippersink SD 2 Riley CCSD 18 CCSD 47

Cary CCSD 26 Marengo-Union CSD 165

9

McHenry County Elementary Districts Operating Expense per Pupil (OEPP) District 26 has the third lowest Operating Expense per Pupil in McHenry County. Operating Expeditures Per Pupil (OEPP) -2014 $14,000 $13,000 $12,000 $11,000 10,006 $10,000 $9,000

$8,000

Source: Ilearn, Illinois Local Education Agency Retrieval Network

10

McHenry County Elementary Districts Test Scores District 26 has one of the highest ISAT Test Scores among Elementary Districts in McHenry County. 80 75

% Students Meet/Exceed

75 70 65 60

59

55 50 45 40

Source: IIRC, Illinois Interactive Report Card.

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District 26 Enrollment History District 26 has experienced declining enrollment, but enrollment rates are projected to stabilize. 4000

3577

3500

Enrollment

3000 2405

2500 2000 1500 1000 500 0 2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Year

12

District 26 Goals for Maplewood Property • Sell school property that is no longer needed by the district. • Use proceeds of sale to offset most or all of the cost to relocate the transportation department. • Place the property back on the tax rolls to generate new revenue that will support D26 educational programming.

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Hypothetical Maplewood Development To provide the Joint Committee and public with potential financial impacts of sale of the Maplewood Property. Assumptions • Previously the minimum sale price was $2.2 Million • Cost to relocate Transportation ($1.7-$2.6 Million) • 200 Unit Market-Rate Multi-Family Housing 90 - One Bedroom Units • Monthly rent $1,150 90 - Two Bedroom Units • Monthly rent $1,250 20 - Three Bedroom Units • Monthly rent $1,350 14

Hypothetical

Estimated New Enrollment Impact Using a widely accepted matrix to estimate the amount of new students impacted by a development, the district anticipates 19 additional students Projected Average Class Size New Students 2017 2018 2019 Briargate 13 23.5 23.7 22.4 Cary Junior High 6 23.9 22.7 21.9 Total Students 19

Source: Table of Estimated Ultimate Population Per Dwelling

15

Hypothetical

Estimated Revenues • Property Tax – Assessed at 1/3 or 33% of Projected Market Value • Impact Fees for Educational Purposes – 65% of Impact Fees are distributed to Cary CCSD 26 – 35% of Impact Fees are distributed to D155 • Less Expenses – Utilities, Maintenance & Repairs 16

Hypothetical

Annual Property Tax Revenue Based upon the County’s Assessment Calculation of the hypothetical development, the Market Value when fully completed is estimated at $15,547,621.

The Assessed Value is $15,547,621 x 1/3 = $5,182,000 Cary CCSD 26 2014 Tax Rate = 4.74% 4.74% x $5,182,022 = $246,000 Estimated D26 Property Tax Revenue = $246,000 17

Hypothetical

New Property Tax Revenue Equivalents New Property Tax Revenue of $246,000 equates to: • 6 New Teachers • 328 laptops for students • Offset cost of new Science Curriculum • Additional funding for Capital Projects (AC at BG, Parking Lot Replacement, Energy Upgrades, etc.) • Lower taxpayer burden for outstanding debt 18

Hypothetical

Impact Fees for Educational Purposes Fees that are imposed by the Village of Cary on new developments to pay the costs of providing public services. These fees are usually implemented to help reduce the economic burden on local jurisdictions that are trying to deal with population growth within the area. 90-1 Bedroom Units = $12,000 90-2 Bedroom Units = $70,000 20-3 Bedroom Units = $40,000 Total Impact Fees = $122,000 Source: Village of Cary Impact Fees

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Hypothetical

Operational Cost (Expenses) Currently it costs the District $65,000 annually to Operate the Maplewood property. • Repair and Maintenance = $43,000 • Utilities = $22,000 The District would also save an additional $13,000 in fuel cost by relocating the Transportation Building. Estimated Annual Operational Cost Savings = $78,000 20

Hypothetical

Net Financial Impact Summary Based upon the assumptions used for the hypothetical development the estimated net impact to District 26 would be $446,000 • Estimated annual property tax revenue = $246,000 • Impact fees = $122,000 *One Time Only* • Annual operating cost saving = $78,000

21

Hypothetical

Cary 26 Financial Impact 3,500,000

$2.9M

3,000,000 2,500,000 2,000,000 1,500,000

1,000,000 500,000

$246K

(500,000) (1,000,000) Annual Impact

Accumulated

• $246,000 of Estimated NEW Property Tax Revenue annually • $2.9M of Estimated NEW Property Tax Revenue over a 10 year period 22

Hypothetical

Taxing Bodies of Cary New Property Tax Revenue

• Estimated Property Tax Revenue is based on the 2014 Tax Rates • $646,000 in Increased Property Tax Revenue • $6,645,000 over 10 years – – – – – – – – – – –

McHenry County McHenry Co. Conserv. MCC Cary CCSD 26 District 155 Cary Fire Cary Library Cary Park District Algonquin Township Algonquin TWP RD & BR Village of Cary

Estimated 2016 $59,000 $15,000 $23,000 $246,000 $160,000 $34,000 $15,000 $47,000 $4,000 $10,000 $33,000

Estimated Over 10 Years $607,000 $151,000 $237,000 $2,528,000 $1,648,000 $349,000 $156,000 $481,000 $45,000 $102,000 $341,000 23

Taxing Bodies of Cary Financial Impact

Hypothetical

7,000,000

$6.6M

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

$646K

2017

2018

2019

2020

2021

Annual Impact

2022

2023

2024

2025

2026

Accumulated

• $646,000 of Estimated NEW Property Tax Revenue annually • $6.6M of Estimated NEW Property Tax Revenue over a 10 year period 24

Taxing Bodies of Cary Impact Fees

Hypothetical

• Estimated Impact Fees are based on the 200 Unit Development • $957,000 in Impact Fees – Cary Park District $587,000 – Cary CCSD 26 $122,000 – Cary Fire Dept. $100,000 – Cary Library $81,000 – District 155 $66,000

Source: Village of Cary Impact Fees

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Questions

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Maplewood Property Update - Joint Com.pdf

Maplewood Property Financial. Impact. District 26 and Village Joint Committee Meeting. Wednesday, September 16, 2015. Brian Coleman, Superintendent.

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