Quarterly Financial Report as of December 31, 2016

Revenues & Expenditures BANK ACCOUNT BALANCES GENERAL REAL ESTATE CAPITAL FUND TAXES PROJECTS CASH/INVESTMENTS: TD BANK $ 51,715,959 $ 1,278,566 $ - SANTANDER 6,003,863 - $ 57,719,821   REVENUES & EXPENDITURES 2016-2017 BUDGET % OF ACTUAL YTD VARIANCE BEGINNING FUND BALANCE: $ 9,629,193 $ 9,629,193 REVENUE: LOCAL R E TAXES $ 88,415,341 $ 87,044,639 $ (1,370,702) 98% INTERIM R E TAXES 400,000 78,789 (321,211) 20% UTILITY/TRF TAXES 1,296,000 780,040 (515,960) 60% DELINQUENT TAXES 1,500,000 703,008 (796,992) 47% INTEREST EARNINGS 50,000 67,435 17,435 135% OTHER LOCAL REVENUE 348,266 85,146 (263,120) 24% STATE SUBSIDIES 18,585,729 7,076,673 (11,509,056) 38% GRANTS 332,273 92,078 (240,195) 28% OTHER 978,401 729,216 (249,185) 75% $ 111,906,010 $ 96,657,024 $ (15,248,986) 86% EXPENDITURES: 100 SALARIES $ 52,711,347 $ 21,426,306 $ 31,285,041 41% 200 BENEFITS/FRINGE 31,494,693 13,283,457 18,211,236 42% 300 PROF/TECH SVS 3,098,047 925,230 2,172,817 30% 400 PROPERTY SVS 3,830,131 2,033,058 1,797,074 53% 500 OTHER SVS 6,970,401 3,992,051 2,978,350 57% 600 SUPPLIES 3,191,888 1,435,006 1,756,881 45% 700 EQUIPMENT 557,624 463,230 94,393 83% 800 DUES/FEES/BOND INTEREST 4,165,879 2,264,395 1,901,484 54% 900 BOND PRINCIPAL 5,886,000 0% $ 45,822,734 $ 66,083,276 ( ) - EXPENDITURES EXCEED REVENUE $ - $ 50,834,290 ENDING FUND BALANCE:

Revenues BUDGET YTD ACTUALS QUARTERLY ACTUALS DESCRIPTION 2016-2017 VARIANCE 1ST QTR 2ND QTR 3RD QTR 4TH QTR LOCAL TAXES CURRENT REAL ESTATE TAXES $ 88,415,341 $ 87,044,639 $ (1,370,702) $ 78,499,237 $ 8,545,402 $ - $ - INTERIM REAL ESTATE TAXES 400,000 78,789 (321,211) 11,330 67,459 - PUBLIC UTILITY REALTY TAX 96,000 96,931 931 REAL ESTATE TRANSFER TAX 1,200,000 683,108 (516,892) 321,113 361,996 DELINQUENT REAL ESTATE TAX 1,500,000 703,008 (796,992) 358,438 344,569 INTEREST EARNINGS 50,000 67,435 17,435 27,400 40,035 STUDENT ACTIVITIES 40,000 (40,000) RENTALS 140,000 38,592 (101,408) 4,477 34,115 TUITION- SUMMER SCHOOL 28,000 37,818 9,818 37,668 150 TUITION- OTHER LEA 120,000 (120,000) MISC REVENUE 20,266 8,737 (11,529) 4,054 4,683   SUBTOTAL LOCAL $ 92,009,607 $ 88,759,057 $ (3,250,550) $ 79,263,717 $ 9,495,340 STATE REVENUE BASIC INSTRUCTIONAL SUBSIDY $ 3,000,271 $ 1,034,820 $ (1,965,451) $ 344,940 $ 689,880 SPECIAL EDUCATION SUBSIDY 2,356,920 1,087,119 (1,269,801) 724,746 362,373 TRANSPORTATION SUBSIDY 1,225,000 581,552 (643,448) 58,977 522,575 RENTAL - SINKING FUND PYMNT 92,000 59,232 (32,768) HEALH SERVICES SUBSIDY 128,000 (128,000) STATE REVENUE-PROPERTY TAX REDUCTION 2,104,035 1,052,017 1,052,018 SOCIAL SECURITY SUBSIDY 1,951,650 467,546 (1,484,104) RETIREMENT CONTRIBUTIONS 7,727,853 1,742,369 (5,985,484) SUBTOTAL STATE $ 18,585,729 $ 7,076,673 $ (11,509,056) $ 2,180,680 $ 4,895,993 FEDERAL REVENUE IDEA PART B $ 828,401 $ (828,401) $ - $ - TITLE I 215,217 61,491 (153,726) NCLB TITLE II 107,056 30,587 (76,469) NCLB TITLE III 10,000 (10,000) ACCESS - MEDICAL ASSTISTANCE REIMBURSEMENT 125,000 716,916 591,916 MEDICAL ASSISTANCE ADMIN - ACCESS 25,000 12,301 (12,699) SUBTOTAL FEDERAL $ 1,310,674 $ 821,294 $ (489,380) $ 821,294 GRAND TOTAL $ 111,906,010 $ 96,657,024 $ (15,248,986) $ 81,444,397 $ 15,212,627

Expenditures BUDGET YTD ACTUALS QUARTERLY ACTUALS Dept Object DESCRIPTION 2016-2017 VARIANCE 1ST QTR 2ND QTR 3RD QTR 4TH QTR INSTRUCTION - REGULAR EDUCATION 1100 100 Wages $ 26,357,624 $ 9,910,773 $ 16,446,851 $ 2,934,568 $ 6,976,205 $ - 200 Medical Benefits & Fringes 15,958,038 6,304,709 9,653,329 2,124,593 4,180,117 - 300 Contracted Services 89,700 9,677 80,024 400 Utilities & Maintenance 452,722 143,621 309,100 37,470 106,151 500 Other Purchased Services 185,300 94,302 90,998 17 94,285 600 Supplies 1,202,935 727,429 475,506 364,778 362,651 700 Property & Equipment 218,279 282,480 (64,201) 177,738 104,742 800 Dues & Fees/Debt Service Interest 8,730 2,339 6,391 836 1,503 $ 44,473,327 $ 17,475,330 $ 26,997,997 $ 5,640,001 $ 11,835,329 INSTRUCTION - SPECIAL EDUCATION 1200 $ 9,449,581 $ 3,682,760 $ 5,766,821 $ 947,529 $ 2,735,231 5,903,265 2,413,558 3,489,707 553,562 1,859,996 1,931,688 593,764 1,337,924 283,009 310,755 3,802,201 2,033,369 1,768,832 1,170,210 863,159 117,900 75,636 42,264 47,319 28,316 10,000 9,565 435 1,929 7,636 $ 21,214,634 $ 8,808,651 $ 12,405,983 $ 3,003,558 $ 5,805,093 VOCATIONAL EDUCATION PROGRAMS 1300 $ - $ - 528,651 236,766 291,885 123,340 113,426 $ 528,651 $ 236,766 $ 291,885 $ 123,340 $ 113,426 INSTRUCTION OTHER 1400 $ 346,860 $ 141,145 $ 205,715 $ 62,051 $ 79,094 133,753 55,683 78,070 22,737 32,946 43,000 28,356 14,644 43,200 15,424 27,776 448 14,977 15,000 7,875 7,125 $ 582,313 $ 248,483 $ 333,830 $ 85,235 $ 163,247 NONPUBLIC SCHOOL PROGRAMS 1500 $ 3,329 $ 3,329

Expenditures BUDGET YTD ACTUALS QUARTERLY ACTUALS Dept Object DESCRIPTION 2016-2017 VARIANCE 1ST QTR 2ND QTR 3RD QTR 4TH QTR DELAWARE COUNTY COMMUNITY COLLEGE 1700 500 Other Purchased Services $ 1,279,600 $ 892,020 $ 387,580 $ 387,582 $ 504,439 $ - PUPIL SERVICES 2100 100 Wages $ 3,297,989 $ 1,382,696 $ 1,915,293 $ 514,271 $ 868,425 200 Medical Benefits & Fringes 1,976,142 860,132 1,116,010 303,883 556,250 - 300 Contracted Services 91,000 41,205 49,795 19,524 21,681 400 Utilities & Maintenance 5,024 985 4,039 (55) 1,040 12,200 255 11,945 12 243 600 Supplies 51,500 11,873 39,627 6,750 5,123 700 Property & Equipment 10,000 9,700 800 Dues & Fees/Debt Service Interest 2,500 1,275 1,225 280 995 $ 5,446,355 $ 2,298,722 $ 3,147,632 $ 844,965 $ 1,453,757 INSTRUCTIONAL SUPPORT SERVICES 2200 $ 2,111,503 $ 900,663 $ 1,210,840 $ 356,411 $ 544,252 1,215,945 546,343 669,602 203,610 342,733 147,907 30,397 117,510 8,598 21,799 49,650 4,128 45,522 1,311 2,817 12,112 49 12,063 37 207,032 62,781 144,251 27,508 35,273 76,416 61,568 14,848 42,497 19,071 4,400 1,724 2,676 $ 3,824,965 $ 1,607,654 $ 2,217,311 $ 639,948 $ 967,706 ADMINISTRATION 2300 $ 2,720,594 $ 1,384,668 $ 1,335,926 $ 643,905 $ 740,764 1,605,518 795,915 809,603 370,206 425,709 250,925 67,786 183,139 12,603 55,183 17,063 1,195 15,868 186,376 173,699 12,677 167,874 5,825 74,678 20,914 53,764 6,693 14,220 44,300 24,808 19,492 12,982 11,826 43,890 55,774 (11,884) 26,550 29,224 $ 4,943,344 $ 2,524,759 $ 2,418,585 $ 1,240,813 $ 1,283,946

Expenditures BUDGET YTD ACTUALS QUARTERLY ACTUALS Dept Object DESCRIPTION 2016-2017 VARIANCE 1ST QTR 2ND QTR 3RD QTR 4TH QTR PUPIL HEALTH 2400 100 Wages $ 1,130,384 $ 448,958 $ 681,425 $ 112,390 $ 336,568 $ - 200 Medical Benefits & Fringes 700,814 288,503 412,311 65,275 223,228 - 300 Contracted Services 394,210 105,651 288,559 24,648 81,004 400 Utilities & Maintenance 500 Other Purchased Services 1,100 37 1,063 600 Supplies 13,600 8,889 4,711 71 8,818 700 Property & Equipment 4,000 800 Dues & Fees/Debt Service Interest $ 2,244,108 $ 852,039 $ 1,392,069 $ 202,384 $ 649,655 BUSINESS OFFICE 2500 $ 527,809 $ 260,561 $ 267,248 $ 125,024 $ 135,537 309,047 176,206 132,842 94,574 81,631 10,500 4,625 5,875 1,400 3,225 20,091 23,082 (2,991) (86) 23,168 1,600 125 1,475 59 66 46,500 3,181 43,319 1,624 1,558 55,000 49,563 5,437 1,135 48,428 25,000 364 24,636 160 204 $ 995,547 $ 517,707 $ 477,840 $ 223,890 $ 293,817 FACILITIES & MAINTENANCE 2600 $ 3,218,448 $ 1,560,772 $ 1,657,676 $ 701,620 $ 859,152 1,988,659 948,275 1,040,385 443,113 505,162 14,000 16,411 (2,411) 2,504,862 1,372,086 1,132,776 776,517 595,568 437,200 304,082 133,118 278,131 25,951 833,100 232,475 600,625 64,104 168,372 42,500 12,953 29,547 3,700 9,253 11,250 851 10,399 $ 9,050,019 $ 4,447,905 $ 4,602,114 $ 2,267,185 $ 2,180,720

Expenditures BUDGET YTD ACTUALS QUARTERLY ACTUALS Dept Object DESCRIPTION 2016-2017 VARIANCE 1ST QTR 2ND QTR 3RD QTR 4TH QTR TRANSPORTATION 2700 100 Wages $ 2,251,307 $ 1,090,217 $ 1,161,090 $ 325,724 $ 764,492 $ - 200 Medical Benefits & Fringes 1,262,903 575,553 687,350 173,427 402,126 - 300 Contracted Services 15,500 3,506 11,994 1,271 2,235 400 Utilities & Maintenance 453,900 267,833 186,067 195,828 72,005 500 Other Purchased Services 130,500 103,397 27,103 98,903 4,494 600 Supplies 412,500 141,021 271,479 56,114 84,907 700 Property & Equipment 21,000 7,484 13,516 4,088 3,396 800 Dues & Fees/Debt Service Interest 75 425 $ 4,548,110 $ 2,189,086 $ 2,359,024 $ 855,431 $ 1,333,655 CENTRAL SUPPORT SERVICES 2800 $ 584,678 $ 307,111 $ 277,567 $ 152,405 $ 154,706 366,806 186,234 180,572 93,551 92,683 8,000 1,256 6,744 580 676 286,267 191,260 95,007 109,303 81,958 46,000 20,530 25,470 4,979 15,551 106,807 92,750 14,057 42,737 50,013 22,500 1,500 320 1,180 $ 1,422,557 $ 799,462 $ 623,096 $ 403,555 $ 395,906 OTHER SUPPORT SERVICES 2900 $ - $ - 744 (744) 50 694 110,361 110,013 348 $ 110,361 $ 110,757 $ (396) $ 50 $ 110,707 MISCELLANEOUS 3100 556 (556) 65 491 $ 556 $ (556) $ 65 $ 491

Expenditures BUDGET YTD ACTUALS QUARTERLY ACTUALS Dept Object DESCRIPTION 2016-2017 VARIANCE 1ST QTR 2ND QTR 3RD QTR 4TH QTR STUDENT ACTIVITIES 3200 100 Wages $ 714,571 $ 355,982 $ 358,590 $ 93,222 $ 262,760 $ - 200 Medical Benefits & Fringes 73,802 131,791 (57,988) 38,779 93,011 - 300 Contracted Services 98,288 18,524 79,764 400 Utilities & Maintenance 40,553 28,866 11,686 8,044 20,822 500 Other Purchased Services 36,700 14,345 22,355 12,174 2,171 600 Supplies 82,030 41,933 40,096 33,706 8,228 700 Property & Equipment 38,629 6,633 31,996 1,249 5,384 800 Dues & Fees/Debt Service Interest 25,104 20,895 4,209 6,675 14,220 $ 1,109,677 $ 618,969 $ 490,708 $ 193,849 $ 425,120 COMMUNITY SERVICES 3300 $ - $ - 200,000 9,061 190,939 107 (593) 20 680 $ 200,107 $ 9,761 $ 190,346 $ 20 $ 9,741 DEBT SERVICES 5100 $ 4,308,150 $ 2,180,778 $ 2,127,372 $ 1,795,715 $ 385,063 900 Debt Service Principal & Other 5,886,000 $ 10,194,150 $ 8,013,372 BUDGETARY RESERVE 5900 Budgetary Reserve $ (265,145) $ (265,145) Grand Total $ 111,906,010 $ 45,822,734 $ 66,083,276 $ 17,907,585 $ 27,915,149

SCHOOL DISTRICT OF HAVERFORD TOWNSHIP PRELIMINARY BUDGET ASSUMPTIONS 2017-2018 1-19-17

SCHOOL DISTRICT OF HAVERFORD TOWNSHIP BUDGET TIMELINE – PUBLIC BUDGET YEAR 2017-2018 DATE   DESCRIPTION 1-19-17 Review Preliminary Budget for 2017-2018. 2-2-17 Adopt Proposed 2017-2018 Preliminary Budget. 3-16-17 2017-2018 Budget Update. Review Major Assumptions. 4-20-17 Proposed Final Budget & Staffing Discussion. 5-4-17 Adopt Proposed Final Budget 2017-2018. 6-1-17 Adopt Final Budget 2017-2018.

SCHOOL DISTRICT OF HAVERFORD TOWNSHIP 2017-2018 PRELIMINARY BUDGET ASSUMPTIONS Increase Vs. 16-17 Budget Revenue: Act 1 Index - 2.5% $ 2,343,000 Assessment Growth 538,000 PSERS - Retirement Contributions 979,000 Other Revenue 880,000 Expenditures: Wages $ 1,381,000 PSERS Increase from 30.03% to 32.57% 1,953,000 Curriculum Textbooks 600,000 Special Maintenance Projects 252,000 Other Expenditures 395,000 Debt Service: Principal & Interest Payments $ 159,000

SCHOOL DISTRICT OF HAVERFORD TOWNSHIP 2017-2018 PRELIMINARY BUDGET ASSUMPTIONS 15-16 16-17 17-18 Actual Adj Budget Preliminary Millage Rate 29.4719 30.2964 31.0538 % Increase 2.80% 2.50% Beginning Fund Balance $ 8,432,669 $ 9,629,193 Revenues: Local $ 89,970,004 $ 92,009,607 $ 95,152,989 State 17,742,164 18,585,729 20,010,319 Federal 1,149,973 1,310,674 1,483,176 Other Financing Uses (723,093) -   Total Revenues $ 108,139,048 $ 111,906,010 $ 116,646,484 Expenditures: Labor $ 51,324,070 $ 52,711,347 $ 54,092,453 Benefits & Fringes 28,028,604 31,494,693 $ 33,945,677 Contracted Services 3,630,814 3,098,047 $ 3,098,047 Utilities & Maintenance 3,300,508 3,830,131 $ 3,861,489 Other Purchased Services 6,835,064 6,970,401 $ 6,870,343 Supplies 2,737,944 3,191,888 $ 3,750,091 Property & Equipment 801,620 557,624 $ 553,733 Dues & Fees/Bond Interest 4,693,900 4,165,879 $ 4,207,651 Bond Principal 5,590,000 5,886,000 $ 6,267,000 Total Expenditures $ 106,942,524 Subtotal $ 1,196,524 $ - Ending Fund Balance Fund Balance as a % of Expenditures 9.00% 8.60% 8.26%