Princeton City School District Finance Report August 31, 2014 Amy Twarek, CFO/Treasurer

Overview Cash flow for the first two months of the fiscal year is trending in line with expectations. The settlement of county taxes was delayed into September but advances helped to keep the cash flow similar to 2013. Real estate tax collections performed similar to the 2013 levels and met expectations. The forecast trend presented through 2018 is the same information presented at fiscal year- end June 30, 2014. The district forecast will be updated for approval in October, 2014.

Current Forecast Trend The district’s forecast will be updated for the October, 2014 approval process. The current forecast trend has improved over October A lower health insurance premium increase than originally anticipated saves the district $5.2 million over five years. The district’s transportation privatization decision is modeled in 2015 and beyond - saving $5.0 million over five years. Retirement/replacement savings of approximately $900,000 annually are modeled for 2014 and beyond.

Year-Over-Year Revenue Comparison - Monthly August, 2014 real estate revenue and Public Utility PP Taxes were lower because of Hamilton county’s payment (delayed) that was not received until September. However, a substantial advance was received in July, and FYTD revenue is tracking much closer as seen on the next page.

Year-Over-Year Revenue Comparison - FYTD Revenue to-date is up $984,985 through August. $515,766 of the increase is due to the receipt of a state payment for F.Y. 2014 revenue received in July. This delayed payment represented the district’s catastrophic cost reimbursement that should have been received in F.Y. 2014.

Year-Over-Year Expenditure Comparison - Monthly Total monthly expenses are $279,375 less than last year.

Year-Over-Year Expenditure Comparison - FYTD All expenditure categories are trending within expectations. Other objects are lower in fiscal year 2015 because the final county auditor fees will not be paid until September. These fees will be paid in September with Hamilton County’s final settlement of taxes.

Real Estate Tax Analysis The district’s calendar year 2014 tax collections are now complete for all three counties. The collection rate for 2014 remained unchanged at 95%. Total tax revenue received is up about $342,000 for the year because of prior year delinquencies collected.

Summary Cash flow for the two month period is in line with estimates and trending similarly to the prior year. Real estate tax collections are stable and within expected range. Forecast assumptions will be updated and presented for the board to approve in October, 2014.