Budget Assumptions
DEBT SERVICE FUND
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 2019):
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- G.O. Bonds ($4,800,000) to support CPF projects and technology projects
- G.O. Bonds ($4,000,000) to support miscellaneous building improvement projects
- Bonds ($42,576,152) to build Walnut Grove Elementary School
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- Elimination of bonds (last payment in 2018):
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- 2016 G.O. Bonds ($2,000,000) to support CPF projects
- 2016 G.O. Bonds ($2,000,000) to support technology projects
- 2016 G.O. Bonds ($1,980,000) for miscellaneous building improvement projects
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- Approximately $123,000 in interest on Tax Warrants
- Approximately $184,000 in un-reimbursed textbook fee collection
Tax Rate/Levy Assumptions:
- All funding comes from local sources.
- Excise and LOIT taxes are projected to be the same percentage in 2019 as they were in 2018
- FIT, Excise, and CVET taxes are projected to be about the same in 2019 as they were in 2018.
- The tax rate is computed on State Form 4. The levy will be whatever is required to raise needed revenue.