Budget Assumptions
DEBT SERVICE FUND
October 26, 2017
Revenue Assumptions:
- The tax rate will be set to generate the funds needed for the revenue plan.
- The state has developed a formula for determining what our year-end cash balance can be. We have shown this calculation on the Debt Service Worksheet.
Expenditure Assumptions:
- See DLGF worksheet
- Addition of new bonds (first payment in 2018):
- O. Bonds ($1,990,000) to support technology projects
- O. Bonds ($1,990,000) to support CPF projects
- O. Bonds ($1,990,000) to support miscellaneous renovations
- Elimination of bonds (last payment in 2017):
- 2010 G.O. Bonds ($1,970,000) for technology
- 2011 G.O. Bonds ($490,000) for science textbooks & technology
- 2014 G.O. Bonds ($1,970,000) for the IT Center
- 2015 G.O. Bonds ($1,990,000) to support CPF projects
- 2015 G.O. Bonds ($1,990,000) to support technology projects
- 2015 G.O. Bonds ($1,990,000) for PGES renovations
- Refinancing of bonds
- None in 2017 or 2018
- Approximately $62,000 in interest on Tax Warrants
- Approximately $197,000 in un-reimbursed textbook fee collection
Tax Rate/Levy Assumptions:
- All funding comes from local sources.
- FIT, Excise, and CVET taxes are projected to be about the same in 2018 as they were in 2017.
- The tax rate is computed on State Form 4. The levy will be whatever is required to raise needed revenue.