THREE-YEAR FORECAST

West Chester Area School District w C THREE-YEAR FORECAST 2004-05 2005-06 2006-07 December 8, 2003 Prepared by: Suzanne K. Moore, Director of Business Affairs John Scully, Asst. Director of Business Affairs 03-Dec-03 ACTUAL 100 200 300 400 500 600 700 800 900 EXPENSES: SALARIES BENEFITS PROFESSIONAL AND TECHNICAL SERVICES PURCHASED PROPERTYSERVICES OTHER PURCHASED SERVICES SUPPLIES PROPERTY OTHER OBJECTS OTHER FINANCING USES TOTAL REVENUES: CURRENT REAL ESTATE TAX INTERIM REAL ESTATE TAX PUBLIC UTILITY REALTY TAX PAYMENTS IN LIEU OF TAXES EARNED INCOME TAX REAL ESTATE TRANSFER TAX DELINQUENT TAXES EARNINGS ON INVESTMENTS TUITION FROM PATRONS RENT & MISC BEGINNING FUND BALANCE BASIC INSTRUCTIONAL SUBSIDY SPECIAL EDUC SUBSIDY TUITION FOR PRIVATE HOME PLACEMENT INSTRUCTIONAL SUPPORTTEAMS TRANSPORTATION SUBSIDY VOCATIONAL EDUC SUBSIDY RENT SUBSIDY MIGRATORY CHILDREN MEDICAL, DENTAL & NURSE SVCES HOMEBOUND INSTRUCTION RETIREMENT SUBSIDY SOCIAL SECURITY SUBSIDY REVENUE IMPACT OF CHARTER SCHOOLS SCHOOL PERFORMANCE INCENTIVES REFUND OF PRIOR YEARS RECEIPTS FROM LEAs CAPITAL RESERVE FUND TRANSFERS TOTAL ENDING FUND BALANCE FUND BALANCE RESERVE FOR TECHNOLOG~ IN THE CURRENT YEAR BUDGET 65560953 16,109,168 5,682,066 3,108,977 14,516,360 2,773,718 1,148,183 5,682,198 9,782,834 124,364,457 77,896,984 4,214,280 186,655 0 12,712,667 3,704,551 2,508,503 1,049,956 288,575 24,083 9.649,769 5,935,944 4,738,818 45,187 0 4,442,383 0 879,238 0 269,849 240 360,311 2,532,836 27,805 2,500 0 0 0 131,471,134 4,201,799 2,904,878 ACTUAL 2002-03 66,763326 17,396,077 6,900,370 3,128,680 15,439,576 2,889,692 883,053 5,264,006 8,058,176 126,722,956 83,996,345 3,722,616 160,119 0 12,960,661 3,926,349 2,845,168 617,631 324,111 490,606 4,201,799 6,094,165 4,805,401 58,369 0 5,220,663 0 795,489 0 280,120 135 393,333 2,647.344 817,710 0 0 0 0 134,358,134 4,659,137 2,976,041 BUDGET 2003-04 69,511,452 19,440,555 5,895,753 3,589,546 16,641,053 4,470,186 863,602 11,305,062 8,009,000 139,726,209 90,256,156 2,800,000 120,000 0 13,884,000 2,500,000 1,900,000 784,540 320,000 186,000 4,407,363 6,115,234 4,505,400 45,000 0 5,324,450 500 1,500,000 50 275,000 0 1,333,545 2,640,000 828,971 0 0 0 139,726,209 0 PROJECTED 2003-04 70,011,452 20,230,945 5,895,753 3,589,546 16.538,532 4.470,186 863,602 7,670,062 8,009,000 137,279,078 90,256,156 3,349,800 183,000 0 13,284,000 3,900,000 2.200,000 392,000 320,000 186,000 4,659,137 6,115,234 4,505,400 45,000 0 5,481,696 500 1,500,000 50 275,000 0 1,333,545 2,640,000 828,971 0 0 0 141,455,489 4,176,411 VARIANCE OVER~’(UNpERj 500,000 790,390 0 0 (102,521) 0 0 (3,635,000) (2,447,131) 0 549,800 63,000 0 (600,000) 1,400,000 300,000 (392,540) 0 0 251,774 0 0 0 0 157,246 0 0 0 0 0 0 0 0 0 0 0 1,729,280 4,176,411 BUDGET 2003-04 1. NET AMOUNT TO BE RAISED FROM RE TAXES 2. GROSS TAX TO BE LEVIED 3. EQUALIZATION BETWEEN COUNTIES CHESTER % DELAWARE % CHESTER LEVY DELAWARE LEVY 4. MILLAGE CALCULATION CHESTER CO TAX LEVY CHESTER CO ASSESSED VALUE CHESTER CO MILLAGE PREVIOUS YR MILLAGE INCREASE DELAWARE CO TAX LEVY DELAWARE CO ASSESSED VALUE DELAWARE CO MILLAGE PREVIOUS YR MILLAGE INCREASE 90,256,156 93,626.718 9539% 461% 89,311,130 4,315,588 93,626,718 89,311,130 7,095,522,937 12.59 12.11 0.48 4,315,588 423,042,041 10,20 ~ijJL~ (0.93) _____________________________ 200’-5 % +14.2% 9.0% 3.9% 3.0% 5.3% 4.0% 3.0% 30.4% 14.8% 7.0% FORECAST 2005-06 75,966,284 4.2% 8.8% 3.9% 3.0% 8.4% 4.0% 3.0% 28.2% 6.4% 7.1% ________________________ 2006-07 %+I80,914,929 27,050,394 6,610,448 4,321,122 20.414,030 6,890,436 1,110,206 13,165,205 10,043,000 170,519,769 100 200 300 400 500 600 700 800 900 EXPENSES: SALARIES BENEFITS PROFESSIONAL AND TECHNICAL SERVICES PURCHASED PROPERTY SERVICES OTHER PURCHASED SERVICES SUPPLIES PROPERTY OTHER OBJECTS OTHER FINANCING USES TOTAL REVENUES: CURRENT REAL ESTATE TAX INTERIM REAL ESTATE TAX PUBLIC UTILITY REALTY TAX PAYMENTS IN LIEU OF TAXES EARNED INCOME TAX REAL ESTATE TRANSFER TAX DELINQUENT TAXES EARNINGS ON INVESTMENTS TUITION FROM PATRONS RENT & MISC BEGINNING FUND BALANCE BASIC INSTRUCTIONAL SUBSIDY SPECIAL EDUC SUBSIDY TUITION FOR PRIVATE HOME PLACEMENT INSTRUCTIONALSUPPORT TEAMS TRANSPORTATION SUBSIDY VOCATIONAL EDUC SUBSIDY RENT SUBSIDY MIGRATORY CHILDREN MEDICAL, DENTAL & NURSE SVCES HOMEBOUND INSTRUCTION RETIREMENT SUBSIDY SOCIAL SECURITY SUBSIDY REVENUE IMPACT OF CHARTER SCHOOLS SCHOOL PERFORMANCE INCENTIVES REFUND OF PRIOR YEARS RECEIPTS FROM LEAs CAPITAL RESERVE FUND TRANSFERS TOTAL ENDING FUND BALANCE FUND BALANCE RESERVE FOR TECHNOLOG’ IN THE CURRENT YEAR BUDGET 72,923,560 22,049,523 6,124,399 6.5% 12.8% 3,9% 13.5% 8.1% 23,982,228 6,362,493 3,808,149 18,877,117 4,838,875 916,195 12,818,561 9,784,000 157,353,902 3,697,232 17,420,968 4,650,815 889,510 10,000.829 9,197,000 146,953,836 42.4% 21.2% 2.7% 16% 8.4% 102,663,330 2649,800 183,000 0 13,549,680 3,900,000 2,800,000 430,331 336,000 15,000 4,176,411 6,268,115 4,730,670 100,000 0 5,646,147 500 900,000 0 275,000 1,374,609 2,749,810 13.7% -20.9% 0.0% 2.0% 0.0% 27.3% 9.8% 5.0% -91.9% -10.4% 2.5% 5.0% 122.2% 3.0% 0.0% -40.0% 0.0% 3.1% 21.1% 113,234,120 2,649,800 183,000 0 13,956,170 3,900,000 2,200,000 460,786 352,800 15,000 3,673,846 6,424,818 4,967,204 100,000 10.3% 0.0% 3.0% 0.0% -21.4% 7.1% 5.0% 0.0% -12.0% 2.5% 5.0% 0.0% 3.0% 0.0% 0 5,815,532 500 950,000 0 5.6% 0.0% 275.000 1,431,964 126,501,224 1.649,800 183,000 0 14374,856 3,400,000 2,200,000 499,340 370,440 15,000 3,933,848 6,585,438 5,215,564 100,000 0 5,989,998 500 1,000,000 0 230,000 l525,246 3,051,150 1,402,500 0 0 Q 178,227,903 4,262,994 3,445,139 11.7% -37,7% 3.0% -12.8% 0.0% 8.4% 5.0% 0.0% 7.1% 2.5% 5.0% 3.0% 0.0% 5.3% -16.4% 4.2% 2,864,545 1j13,750 4.2% 10.9% l,004,123 0 0 0 153,752,525 3,673,846 3,124,843 6.5% 25.9% 8.7% -12.0% 0 0 0 164,568.835 3,933,848 3,281,085 7.0% 8.3% 2004-05 1, NET AMOUNT TO BE RAISED FROM RE TAXES 2. GROSS TAX TO BE LEVIED 102663,330 106,497,230 95.10% 4.90% 101,275,740 5,221,490 106,497,230 101,275,740 7,093,245,000 14.28 12.59 1.69 5,221,490 % +113.7% 13.7% 2005-06 113,234,120 117,462,780 95.10% 4.90% 111,703,657 5,759,124 117,462,780 l1l,703,657 7,243,301,353 15.42 14.28 1.14 5,759,124 453,888,000 12.69 12.34 0.4 % +110.3% 10.3% 2006-07 126,501,224 131,225,336 95.10% 4.90% 124,791,443 6,433,893 131,225,336 124,791,443 7,361,182,330 % +111.7% 11.7% 3. EQUALIZATION BETWEEN COUNTIES CHESTER % DELAWARE % CHESTER LEVY DELAWARE LEVY 4. MILLAGE CALCULATION CHESTER CO TAX LEVY CHESTER CO ASSESSED VALUE CHESTER CO MILLAGE PREVIOUS YR MILLAGE INCREASE DELAWARE CO TAX LEVY DELAWARE CO ASSESSED VALUE DELAWARE CO MILLAGE PREVIOUS YR MILLAGE INCREASE 16.95 8.0% 15.42 1.53 6,433,893 484,488,000 13.28 i~_9 0.6 9.9% 13.4% 423,288,000 12.34 10.20 2.1 20.9% 4.7% Does not include increase in PSERS contributions ASSUMPTIONS USED FOR THE 3 YEAR FORECAST DATED DECEMBER 8. 2003 MILL VALUE MLLV,~L CHESTER COUNTY +1AM~UNT $5,218 $1,031 $3,409 $5,135 $4,682 $6,080 n/a $195,290 $292,382 $313,016 $254,814 $237,346 $145,795 $258,570 $268,392 Mill Value 7,093,245 7,243,301 7,361,182 Increase 235,068 150,056 117,881 +1PERCENT 1.5% 0.3% 1.0% 1.4% 1.3% 1.6% n/a 3,4% 4.9% 5.0% 3.9% 3,5% 2.3% 3,4% 4.6% Mill Value $423,288 $453,888 $484,488 MU..LVAL $4,955 $5,060 $5,179 $5,676 $5,943 $6,279 $6,812 $7,332 $7,332 $354,071 $356,290 $381,961 $423,042 DELAWARE COUNTY +1AMOUNT #REFI $105 $119 $497 $267 $336 $533 $520 $0 n/a $2,219 $25,671 $41,081 $7,112 $13,704 $22,990 Increase 41,327 30,600 30,600 +1PERCENT #REFI 2.1% 2.4% 9.6% 4.7% 5,7% 8.5% 7.6% 0.0% n/a 0.6% 7.2% 10.8% 4.6% 3.1% 2.6% 1991-92 1992-93 1993-94 1994-95 1995-96 1996-97 1997-98 1998-99 1999-00 2000-01 2001-02 2002-03 2003-04 10 YEAR AVERAGE 5 YEAR AVERAGE 3 YEAR AVERAGE FORECAST: 2004-05 2005-06 2006-07 $351,659 $356,877 $357,908 $361,317 $366,452 $371,134 $377,214 $5,802,675 $5,997,965 $6,290,347 $6,603,363 $6,858,177 $7,095,523 ASSUMPTIONS USED FOR THE 3 YEAR FORECAST DATED DECEMBER 8, 2003 ANALYSIS OF TAXABLE REAL ESTATE CHESTER COUNTY COMMERCIAL 1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 RESIDENTIAL -~ +/+/- DELAWARE COUNTY CQMMERCIAL M%LVAL 1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2005-06 RESIDENflAL 4.52% 4.46% 3.71% 3.84% 1.03% 1.02% 0.30% 2.70% +/+/- MILL VAL 1,142,232 1,208,838 1,302.562 1,348,643 1,397,096 1,479,807 1,530,343 1,582,605 AMOUNT 66,606 93,724 46,081 48,453 82,711 50,536 52,262 Average increase +/- PERCENT 5.51% 7.20% 3.42% 3.47% 5.59% 3.30% 3.30% 4.54% +/- AMOUNT 3,694 n/a - PERCENT 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% PERCENT 0.63% 6.73% 9.86% 6.80% 6.37% 5.99% 6.06% EEEQENT #DIV/Ol #DIV/Ol #DIV/0l #DIV/0! #DIV/Ol #DIV/0! #DIV/0l #DIV/Ol #DIV/0l PERCENT 193 3,887 3,887 3,887 3,887 3,887 3,887 3,887 Average increase +/- 1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 0TH 1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 TQT~L 1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2005-06 MILL VAL 4,720,124 4,943.506 5,174,525 5,373,913 5,588,625 5,646,625 5,704,625 5,721,625 AMOUNT 223,382 231,019 199,388 214,712 58,000 58,000 17,000 Average increase +/- PERCENT 1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2005-06 OTHER 1.73% -9.29% 6.89% 8.69% 8.00% 7.40% 6.89% 4.33% +/- MELVAL 7,139 350,184 352,403 377,828 419,155 449,755 480,355 510,955 AMOUNT 343,045 na/ 2,219 25,425 41,327 30,600 30,600 30,600 Average increase +/- MIL.LYAL. 135,609 138,003 126,276 135,621 107,524 116,860 126,214 135,559 AMOUNT 2,394 (11,727) 9,345 9,345 9,345 9,345 9,345 Average increase +1~.MOUNT 292,382 313,016 254,814 235,068 150,056 117,881 78,607 Average increase PERCENT 1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2005-06 MILLVA(- AMOUNT - - - Average increase IQT~), 4.65% 4.74% 3.72% 3.31% 2.07% 1.60% 1.06% 3.02% 1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2005-06 +/- MILLVA.L. 5,997,965 6,290,347 6,603,363 6,858,177 7,093,245 7,243,301 7,361,182 7,439,789 PC MEL YAL 7,332 354,071 356,290 381,715 423,042 453,642 484,242 514,842 AMOUNT 346,739 n/a 2,219 25,425 41,327 30,600 30,600 30,600 Average increase 0.00% 0.62% 6.66% 9.77% 6.75% 6.32% 5,94% 5.15% o IN CHESTER COUNTY INCREASE IN COMMERCIAL PROPERTY ASSUMES A 5 YEAR AVERAGE GROWTH. IT ALSO INCLUDES $35 MILLION FOR MAIN STREET AT EXTON FOR 04-05. o IN CHESTER COUNTY INCREASE IN RESIDENTIAL ASSESSED VALUE TAKEN FROM THE RESEARCH DONE BY THE 2002 REDISTRICTING COMMIUEE FOR NEW HOUSING DEVELOPMENTS. ALL PROPERTIES UNDER CONSTRUCTION PRIOR TO THE START OF THE 2002-03 SCHOOL YEAR ARE PHASED IN OVER 3 YEARS, ALL PROJECTS SCHEDULED TO BEGIN IN THE 2002-03 SCHOOL YEAR WERE PHASED IN OVER 7 YEARS. o IN DELAWARE COUNTY INCREASE IN RESIDENTIAL ASSESSED VALUE TAKEN FROM THE RESEARCH DONE BY THE 2002 REDISTRICTING COMMITTEE FOR NEW HOUSING DEVELOPMENTS, ALL PROPERTY ASSESSMENT WERE PHASED IN OVER 7 YEARS. REDISTRICTING RESEARCH REPORTS 7 NEW HOUSING DEVELOPMENTS WITH A TOTAL OF 345 SINGLE FAMILY HOMES (AVG ASSESSMENT $342,000) AND 386 TOWNHOUSES (AVG ASSESSMENT $250,000.) ASSUMPTIONS USED FOR THE 3 YEAR FORECASTDA TED DECEMBER 8, 2003 TAX COLLECTION FACTOR o ASSUME TAX COLLECTION FACTOR: 96.4% 96.4% 96.4% 2004-05 2005-06 2006-07 EQUALIZATION BETWEEN COUNTIES o ASSUME EQUALIZATION BETWEEN COUNTIES BASED ON 2000 CERT MARKET VALUES: EQUALIZATION CHESTER 95.10% 95.10% 95.10% DELAWARE 4.90% 4.90% 4.90% 6/UI CERT. MARKET VALUES CHESTER DELAWARE $6,495,659,900 $334,897,800 2004-05 2005-06 2006-07 ENDING FUND BALANCE o ASSUME ENDING FUND BALANCE IS: 2.5% OF BUDGET FOR 2.5% OF BUDGET FOR 2,5% OF BUDGET FOR 2004-05 2005-06 2006-07 0 ASSUME TOTAL $9.8 MILLION RESERVED FROM THE GENERAL FUND FOR TECHNOLOGY PROGRAM OVER THE NEXT 3 YEARS. ASSUMPTIONS USED FOR THE 3 YEAR FORECASTDA TED DECEMBER 8, 2003 EXPENSES 100 SALARIES STAFFING CHANGES DUE TO ENROLLMENT: BUDGET YEAF 2003-04 2004-05 2005-06 2006-07 * GRADE K INCR/(Q5Q%) GRADES 1-5 (~~~fD EC~) (58) (7) (18) GRADES 6-12 6,480 6,535 6,545 6,525 iNCR/(~ECR) 55 10 (20) 11,646 11,715 11,680 11,686 673 4,290 745 72 4,232 707 (38) 4,225 751 44 4,207 INCLUDES ENROLLMENT OF 203 IN SPECIAL EDUCATION AVERAGE PUPIL-TO-TEACHER RATIO OF 24.43-TO-i ELEMENTARY AND 17.5-TO-i SECONDARY. ADDITIONAL TEACHERS NEEDED TO SUPPORT CHANGE IN ENROLLMENTS 2004-05 2005-06 2006-07 2.24 -0,49 -0.98 AVERAGE NEW HIRE TEACHER SALARY $47,193 $49,010 $50,897 $52,805 ADDITIONAL STAFF 2.24 -0.49 -0.98 SALARY EXPENSE $109,896 ($25,084) ($51,703) FORECAST YEARS. 0 ASSUME YEAR 2003-04 2004-OS 2005-06 2006-07 PERCENT_NCR. 3.85% 3.85% 3.75% 0 ASSUME AVERAGE NEW HIRE TEACHER SALARY, USING 20003-04 AS BASE. 0 ASSUME % INCREASE FOR NEW HIRE TEACHER SALARY IN ACCORDANCE WITH CONTRACT FOR ALL 0 ASSUME ADDITIONAL TEACHING STAFF HIRED AT NEW HIRE AVERAGE TEACHER SALARY. 0 ASSUME TEACHER INCREASE IN ACCORDANCE WITH THE CONTRACT FOR ALL FORECAST YEARS. SALARY EXPENSE DUE TO CURRICULUM AND SUPPORT CHANGES: YEAR 2003-04 2004-05 2005-06 2006-07 0 0 0 0 0 AVERAGE NEW HIRE TEACHER SALARY $47,193 $49,010 $50,897 $52,805 PERCENT INCR. 3.85% 3.85% 3.75% NET ADDT’L STAFF 3.00 3.00 3,00 SALARY EXPENSE $147,030 $152,690 $158,416 ASSUMES 04-05 ADDITIONS OF 1 ESL AND 2 ELEMENTARY FOREIGN LANGUAGE ASSUMES 05-06 ADDITIONS OF 1 ESL AND 2 ELEMENTARY FOREIGN LANGUAGE ASSUMES 06-07 ADDITIONS OF 1 ESL AND 2 ELEMENTARY FOREIGN LANGUAGE OTHER ASSUMPTIONS INCLUDE ONLY THE ADDITIONAL STAFF ASSOCIATED WITH PROPOSALS ALREADY BOARD APPROVED ASSUMES ESL ADDITIONS OF 1 EACH YEAR DUE TO INCREASED POPULATION ASSUMPTIONS USED FOR THE 3 YEAR FORECAST DATED DECEMBER 8, 2003 SALARY EXPENSE DUE TO 3RD HIGH SCHOOL: ~QS)TIQM 2005-06 CUSTODIAL/MAINT STAFF #OF EMELQIEELS 2 2006-07 2006-07 2006-07 2006-07 2006-07 2006-07 ADMINISTRATIVE STAFF INSTRUCT STAFF SUPPLEMENTAL CONTRACTS INSTRUCTIONAL SUPPORT STAFF SUPPORT SERVICES STAFF CUSTODIAL/MAINT STAFF 2 6 SALARY _______________________________ 2 $ 83,384 $ $ 83,384 199,360 282,499 344,000 337,943 210,145 577,344 1,951,291 $ 8 10 15 $ $ $ $ S 41 $ 2,034,675 SALARY EXPENSE: ANNUAL S ALARY INCREASE ASSUMPTIONS YEAR TEACHERS 2004-05 3.85% 2005-06 3.85% OTHER STAFF] 4.00~] 4.00% 2006-07 3.75% 4.00% TOTAL SALARY EXPENSE TEACHER TOTAL OTHER STAFF YEAN 2003-04 2004-OS 2005-06 2006-07 SALAEJE.S $54,452,800 $56,549,233 $58,993,196 $61,424,343 ETAFFEJO ADDTNS 256,926 210,991 2,058,004 SALARIES $15,497,501 $16,117,401 $16,762,097 $17,432,581 TOTAL SALARY EXP %.JNc~EASE 4.3% 4.2% 6.5% 69,950,301 72,923,560 75,966,284 80,914,929 0 TEACHER CONTRACT INCREASES OF 3.85% FOR 2004-05, 3.85% FOR 2005-06 AND 3.75% FOR 2006-07 0 AVERAGE 4.0% ANNUAL INCREASE FOR OTHER DISTRICT EMPLOYEES DURING 2004-07. ASSUMPTIONS USED FOR THE 3 YEAR FORECAST DATED DECEMBER 8, 2003 200 BENEFITS BENEFITS YEA~R 1999-00 SALARY $58,763,907 BENEFItS $14,793,356 %OF SALARY 25.2% NE% INCR/YR -1.4% 10.5% 8.0% 11.8% 7.2% 10% 20% 5% FORECAST ~QJ5Q5 %~Q~ 9.3% 7.8% $7,645 $1,180 10.0% 5.0% $8,409 $1,239 2000-01 2001-02 2002-03 2003-04 Budget $61,540,919 $65,560,953 $66,763,326 $69,511,452 $14,584,491 $16,109,168 $17,396,077 $19,440,555 23.7% 24.6% 26.1% 28.0% AVERAGE Medical PrescriBtion Vision/Dental 2003-04 BENEFITS EXPENSE FORECASTJ$~OO) 2002-03 ACTUAL MEDICAL DENTAL $6,182 $976 2003-04 $5,820 $961 EE.OJEOTIQN $6,358 $1,042 2CO4~-0~ $6,950 $1,124 %ft’JQ~ 7.5% 22.1% 4.3% %JNcE. 10.0% 5.0% S.O% VISION PRESCRIPTION LIFE INS $143 $2,503 $264 $173 $2,406 $333 $169 $2,582 $333 $182 $3,153 $347 $191 $3,783 $362 5.0% 20.0% 4.2% $200 $4,540 $385 20.0% 6.5% DISABILITY SOCIAL SECURITY RETIREMENT TUITION UNEMPLOYMENT WORKERS’ COMP ADDITIONAL TEACHERS OTHER SUBTOTAL ADDITIONAL STAFF ADDT’L STAFF - 3RD SCHOOL SUBTOTAL HEALTHCARE SAVINGS TOTAL $132 $5,205 $788 $608 $23 $398 $17.~ $1~397 $135 $5,253 $2,600 $558 $15 $500 $232 $J,4~5~6 $454 $i%440 $135 $5,253 $2,600 $558 $15 $500 $0 $232 $J,9 777 $454 $20.23T $20,231 $141 $5,476 $2,749 $582 $16 $521 $496 $242 $~1.527 $72 4.3% 4.3% 5.7% 4,3% 4.3% 4.3% 0.0% 4.3% 15.8% $147 $5,705 $2,864 $606 $16 $543 $620 $2 $2%513 $69 $_2.~S62 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 25.1% 4.2% 45% $156 $6,076 $3,050 $645 $17 $578 $753 $2%~ $2%,319 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 21.4% $34 $697 $17,397 $19,440 $22,050 13.4% $23,982 8.8% $27,050 12.8% o ASSUME 10.0% INCREASE FOR MEDICAL, 20% INCREASE FOR PRESCRIPTION AND A 5% INCREASE FOR BOTH DENTAL AND VISION FOR ALL FORECAST YEARS. o ASSUME BENEFITS SAVINGS PER 2003-04 TEACHER CONTRACT) 0 ASSUME INCREASES IN SALARY RELATED BENEFITS PROPORTIONAL TO SALARY INCREASES. o ASSUME $12,000 (2003-04 COST) AND ANNUAL INFLATION IN BENEFITS AS FOLLOWS 04-05(15%), 05-06(11,5%) AND 06-07(10.5%) 0 ASSUME EMPLOYEE BENEFIT PROGRAM IN ACCORDANCE WITH APPROVED CONTRACTS 0 ASSUMES PSERS RATES REMAINS CONSTANT WITH THE 2003-04 RATE OF 3.77%. PLEASE NOTE: PASBO ADVISEMENT OF PSERS INCREASE AS FOLLOWS: 16.31% (04-05), 21.98% (05-06) AND 25.12% (06-07) o HEALTHCARE SAVINGS - ASSUME FUTURE SAVINGS ON TEACHER HEALTHCARE PLANS AS A RESULT OF INCREASED COST SHARING OF PREMIUMS, INCREASED COPAYS AND INCREASED DEDUCTIBLES. AMOUNT TO BE DETERMINED. ASSUMPTIONS USED FOR THE 3 YEAR FORECASTDA TED DECEMBER 8, 2003 300 PROFESSIONAL AND TECHNICAL SERVICES o ASSUME 5% INFLATION FOR ALL YEARS FOR SPECIAL EDUCTION o ASSUME 3.0% ANNUAL INFLATION INCREASE FOR OTHER SERVICES o ASSUME CONTRACTED SERVICES FOR SPECIAL EDUCATION, CURRICULUM WORKSHOPS, TAX COLLECTION, AUDIT, LEGAL, MAINTENANCE INSPECTIONS/CONTRACTORS AND ATHLETIC OFFICIALS REMAIN AT 2003-04 ACTIVITY LEVELS. SERVICE OTHER PROFESSIONAL & TECHNICAL SPECIAL EDUCAT C.C.I.U.& OTHER INST EARLY INTERVENTION AT C.C.I.U. ALT, EDUC AT C.C.I.U. & OTHER )REG ED.) TOTAL 2002-03 ACTUAL $2,585,126 $3,615,820 $105,744 $593,680 $6,900,370 2003-04 BUDGET $2,422,588 $2,588,665 $236,500 $648,000 $5,895,753 2003-04 PROJECTION $2,422,588 $2,588,665 $236,500 $648,000 $5,895,753 2004-05 $2,495,266 $2,718,098 $243,595 $667,440 $6,124,399 FORECAST 2005-06 $2,570,124 $2,854,003 $250,903 $687,463 $6,362,493 2006-07 $2,647,227 $2,996,703 $258,430 $708,087 $6,610,448 400 PURCHASED PROPERTY SERVICES o ASSUME 3.0% INFLATIONARY INCREASE FOR ALL YEARS. o ASSUME COPY MACHINE LEASES, ELECTRICITY USAGE, CUSTODIAUMAINTENANCE SERVICES, AND COMPUTER SOFTWARE/HARDWARE MAINTENANCE REMAIN AT 2003-04 ACTIVITY LEVELS. o ASSUME 06-07 UTILITY INCREASE DUE 703RD HIGH SCHOOL AS FOLLOWS ELECTRIC $369,200 WATER/SEWER $29,528 2002-03 2003-04 2003-04 SERVICE ELECTRICITY PUBLIC WATER/SEWER REPAIRS/MAINTENANCE RENTALS/LEASES TOTAL ACTUAL $1,698,700 $229,478 $694,072 $S9%4~9 $3,128,680 BUDGET $1,926,119 $252,660 $848,478 $562289 $3,589,546 PROJECTION $1,926,119 $252,660 $848,478 $562,289 $3,589,546 FORECAST 2004-05 2005-06 2006-07 $1,983,903 $260,240 $2,043,420 $268,047 $2,473,922 $305,616 $3,697,232 $873,932 $57.9~lS.8 $900,150 $5%6,.5.32 $3,808,149 $927,155 5674.4.25 $4,321,122 500 OTHER PURCHASED SERVICES SERVICE TRANSPORTATION’ CHARTER SCHOOL TUITION LEAs/PRRI & APS/ OTHER TUITION FOR CAT INSURANCE lU. CORE & MARKET BASKET PRINTING TELEPHONE & POSTAGE OTHER TOTAL 2002-03 ACTUAL $9,026,020 $3,288,802 $1,174,120 $546,461 $324,674 $138,734 $208,825 $317,907 $4,1.4~O~3 $1S,439,S76 2003-04 BUDGET $9,671,343 $3,347,075 $1,19S,8~3 $809,389 $387,048 $145,000 $282,930 $327,130 $475,285 $16,641,0S3 2003-04 PROJECTION $9,568,822 $3,347,075 $1,19~,8S3 $809,389 $387,048 $145,000 $282,930 $327,130 ___________ FORECAST ~UU4-Ub OS~O6 $10,304,206 200 -07 $10,688,543 $9,945,131 $3,712,500 $1,231,729 $4,675,000 $1,268,680 $5,687,500 $1,306,741 5475,75.5 $16,538,532 $857,952 $406,400 $149,350 $291,418 $336,944 $455,544 $17,420,968 $909,429 $414,528 $153,831 $300,160 $347,052 $504,230 $18,877.1 17 $963,995 $422,819 $158,445 $309,165 $357,464 $%19,.357 $20,414,030 o ASSUME STATE FUNDING REMAINS UNCHANGED FOR APPR PRIV SCHOOLS. USE 3% TUITION INCR FACTOR. o ASSUME ENROLLMENT AT CENTER FOR ARTS AND TECHNOLOGY WILL REMAIN UNCHANGED WITH 6% INFLATIONARY INCREASE. o ASSUME INSURANCE EXPENSE INCREASES 5% PER YEAR. o ASSUME 3% INFLATION EACH YEAR FOR lU. SERVICES PAYMENTS TELEPHONE, POSTAGE, PRINTING & OTHER CATEGORY. o PROJECTIONS FOR TELEPHONE EXPENSES INCLUDE E-RATE DISCOUNT. o CHARTER SCHOOL STUDENTS PROJECTED TOTAL BY YEAR: 04-05 (450), 05-06 (550), 06-07 (650) ASSUMPTIONS USED FOR THE 3 YEAR FORECAST DATED DECEMBER 8, 2003 CHARTER SCHOOL ENROLLMENT HISTORY COLLEGIUM GRADE 2 3 4 5 6 7 8 9 10 RENAISSANCE GRADE 2 3 4 5 6 7 8 1999-2000 — — - 1999-2000 9 5 7 6 6 6 6 2000-2001 51 35 28 34 17 IS 15 10 200 1-2002 54 48 41 38 38 20 18 11 10 278 2001-2002 — 2002-2003 57 47 45 40 42 20 20 7 8 7 293 2002-2003 1 — 45 205 2000-2001 — — 2004-2005 66 70 53 47 38 19 16 9 8 6 6 35$— 2004-2005 1 1 - 1 2 1 - 2 2 1 1 - - — — 1 2 6 2000-2001 19 14 7 - 1 7 2001-2002 22 13 11 3 1 1 8 1 - — 2 1 1 7 2004-2005 28 10 10 : CHESTER COUNTY FAMILY ACADEMY GRADE 1999-2000 K 18 1 12 2 9 3 4 S 6 7 8 39 CYBER SCHOOLS GRADE K 1 2 3 4 S 6 7 8 9 10 ii 12 1999-2000 - 2002-2003 19 17 8 40 2000-2001 - 46 2001-2002 2 2 1 - 44 2002-2003 1 2 2 1 4 1 1 1 1 5 5 5 - 48 2004-2005 4 - - 1 8 1 2 - 4 1 2 - — 24 29 I 2 4 1 2 4 2 4 2 2 3 31 ASSUMPTIONS USED FOR THE 3 YEAR FORECAST DATED DECEMBER 8, 2003 TRANSPORTATION * INCREAS.EJELSTUDENI ENROLLMENT BUDGET YEAR ENROLLMENT % INCREASE 2002-03 11.S90 2003-04 11,646 2004-05 11,715 2005-06 11,680 2006-07 11,686 0.5% 0.6% -0.3% 0.1% CALCULATION OF TRANSPORTATION EXPENSES: PUBLICSCHOOL (INCL. SPEC ED) YEAR ENDING 6/03 6/04 6/05 6/06 STUDENTS TRANSPORTED 11,590 11,646 11,715 11,680 11,686 o ASSUME o ASSUME o ASSUME oASSUME o ASSUME COST/STUDENT $258 $283 $291 $300 $309 TOTAL $2,986,551 $3,293,454 $3,412,356 $3,504,226 $3,611,207 STUDENTS TRANSPORTED NONPUBLIC SCHOOLS COST/STUDENT $841 $839 $864 $890 $917 TOTAL $4,081,612 $4,118,577 $4,311,281 $4,511,840 $4,720,553 SPECIAL ED TO lU. $1,957,857 $2,156,791 $2,221,495 $2,288,140 $2,356,784 TOTAL $9,026,020 $9,568,822 $9,945,131 $10,304,206 $10,688,543 4,8S1 4,908 4,988 5,068 5,148 GROWTH IN NUMBER OF PUBLIC STUDENTS TRANSPORTED IS SAME AS GROWTH IN PROJECTED ENROLLMENT GROWTH IN NUMBER OF NON-PUBLIC STUDENTS TRANSPORTED IS 80STUDENTS PER YEAR 3% INFLATION IN COST/STUDENT/YEAR BASED ON A MINIMUM INCREASE IN KRAPF CONTRACT. LEVEL OF SERVICE FOR PUBLIC AND NONPUBLIC SCHOOLS REMAINS THE SAME AS 2003-04. TRANSPORTATION COSTS INCREASE 3% ANNUALLY FOR lU. SPECIAL EDUCATION. 600 SUPPLIES AND TEXTBOOKS o ASSUME 4.0% INCREASE/YEAR FOR PER PUPIL ALLOCATION INCLUDING ENROLLMENT GROWTH. o ASSUME INFLATION FOR GAS AND OIL IS 5% PER YEAR. FORECAST YEARS 04-05, OS-06 AND 08-07 REMAIN ATTHE 03-04 LEVELS. o ASSUMES 06-07 ADDITION OF GROUNDS & MAINT. SUPPLY COSTS OF 3RD HIGH SCHOOL AS FOLLOWS: GAS/OIL FUEL/OIL GASOLINE HVAC SUPPLIES SERV CONTRACTS MISC HRDWRE COMM COSTS FERT/SEED SALT PAINT/MISC GROUNDS SUPPL $ $ $ $ 91,737.00 2,100.00 2,900.00 96,737.00 4,2/0.00 23,000.00 7,800.00 1,200.00 31,312.50 4,100.00 6,300.00 1,100.00 79,022.50 $ $ $ $ $ $ $ ASSUMPTIONS USED FOR THE 3 YEAR FORECASTDA TED DECEMBER 8, 2003 o ASSUMES 05-06 ADDITION OF CUSTODIAL SUPPLY COSTS OF 3RD HIGH SCHOOL AS FOLLOWS: SUPPLIES MISC EQUIP SERV CONTRACT $ $ $ SS,000.O0 15,000.00 10,000.00 80,000.00 o ASSUMES 05-06 ADDITION OF CURRICULUM SUPPLY COSTS OF 3RD HIGH SCHOOL AS FOLLOWS: STARTUP PPA INCREASE ACTIVITY INC $ $ $ 1,S00,000.O0 50,000.00 50,000.00 1,600,000.00 $ EE~LIES.4JENIBQQK5 OPERATION & MAINT./CUSTODIAN SUPPLIES HEAT/FUEL CLASSROOM AND OTHER SUPPLIES BOOKS/PERIODICALS TOTAL 2002-03 ACTUAL $548,294 $520,113 $1,195,220 $675,055 $2,889,692 2003-04 BUDGET $571,350 $753,534 $2,209,997 56.5.5,305 $4,470,186 2003-04 PROJECTION $571,350 $753,534 $2,209,997 $545,5.05 $4,470,186 2Q04:O5. $588,491 $791,211 $2,298,397 $972,717 $4,650,815 FORECAST 290%06 $606,145 $830,771 $2,390,333 $7,011,526 $4,838,875 ZUUS-Uf $783,352 $969,047 $4,085,946 $1,052,091 $6,890,436 700 PROPERTY o ASSUME FACILITIES ACQUISITION, CONSTRUCTION, AND IMPROVEMENTS GENERAL FUND SPENDING REMAINS AT 2002-03 LEVEL WITH 3.0% INFLATION FOR ALL YEARS. o ASSUMES 05-06 ADDITION OF MAINTENANCE START UP COSTS OF 3RD HIGH SCHOOL AS FOLLOWS: VEHICLE COMMUNICATEQ SNOW PLOW MOWER MISC EQUIP $ $ $ $ $ 32,000.00 300.00 38,500.00 10,500.00 6,075.00 87375.00 o ASSUMES 05-06 ADDITION OF CUSTODIAL START UP COSTS OF 3RD HIGH SCHOOL AS FOLLOWS: VACUUMS SCRUBBERS BURNISHERS MISC TOOLS $ $ $ $ 14,650.00 46,500.00 17,000.00 1,000,00 79,150.00 ASSUMPTIONS USED FOR THE 3 YEAR FORECAST DATED DECEMBER 8, 800 OTHER OBJECTS AND OTHER FINANCING USES 900 800 DUES AND FEES & PRIOR YEAR REFUNDS o ASSUME 3% INCREASE FOR ALL YEARS: 2003-04 2004-OS $239,610 $246,798 $254,202 2003 2005-06 2006-07 900 $261,828 CAPITAL PROJECT FUND TRANSFER o CONSISTENT WITH 2002-03 BUDGET. DO NOT ALLOCATE I MILLTO CAPITAL RESERVE 2003-04 PROJECTION 2004-OS 2005-06 2006-07 DEBT SERVICE EXISTING DEBT SERVICE 2003-04 800 900 $0 $0 $0 $0 2004-OS 900 200S-06 900 2006-07 INTEREST $337,628 900 PRINCIPAL AT 7/1/03 11/00 $12,196,000 DVRA 1/99 $8,365,000 GOB 12/98 $14,965,000 GOB 5/01 $10,031,000 GOB 3/01 $9,670,000 GOB 4/02 $30,000,000 GOB INTEREST $414,925 PRINCIPAL $682,000 INTEREST $390,443 PRINCIPAL $717,000 INTEREST $364,700 PRINCIPAL $754,000 PRINCIPAL $793,000 $340,634 $650,965 $445,758 $442,310 $1,420,031 $455,000 $730,000 $380,000 $340,000 $420,000 $323,543 $622,275 $432,191 $429,390 $1,407,431 $475,000 $760,000 $395,000 $355,000 $945,000 $305,445 $591,655 $417,595 $415,545 $1,379,081 $490,000 $790,000 $410,000 $365,000 $975,000 $286,063 $559,045 $401,935 $400,945 $1,349,831 $510,000 $820,000 $425,000 $380,000 $1,000,000 9/O2A $9,345,000 GOB i0/O2AA $16,265,000 GOB 6/03 A $21,995,000 GOB 4/03 $30,000,000 GOB 2196 $ 11,290,000 GOB 6/02 $15,250,000- DAUP TOTAL $143,428 $636,108 $613,013 $1,143,874 $565,591 $489,271 $7,305,908 $2,985,000 $5,000 $340,000 $0 $755,000 $94,435 $636,003 $624,034 $1,197,078 $531,593 $3,130,000 $195,000 $1,425,000 $5,000 $790,000 $33,915 $631,323 $595,284 $1,196,915 $495,246 $3,230,000 $375,000 $1,450,000 $5,000 $825,000 $0 $621,385 $565,934 $1,196,753 $456,366 $0 $3,645,000 $1,485,000 $5,000 $865,000 ] $7,092,000 $6,688,416 I $9,192,000 $6,426,704 I $9,669,000 $6,175,885 I $9,928,000 NEW DEBT SERVICE (FROM THE JULY 2003 FINANCING PLAN) FINANCING AMOUNT & YEAR 7/03 EMAUS $35,000,000 2003-04 $610,118 $859,058 $0 $0 1,469,176 $0 $0 $0 $0 2004-05 $1,347,500 $1,718,115 $0 $0 3,065,615 DEBT SERVICE,IME~I 2005-06 $0 $1,345,575 $5,000 $0 $0 5,000 $1,717,977 $1,780,620 $1,293,483 6,137,655 $100,000 $5,000 $5,000 $5,000 115,000 2006-07 $1,341,725 $1,717,840 $1,780,520 $1,887,408 6,727,493 $100,000 $5,000 $5,000 $5,000 115,000 7/03 $3S,000,000 6/04 $35,250,000 2/06 $35,305,000 TOTAL DFRT RERVIC.F $ 900 - $ $ $ $ $ $ YEAR 2003-04 2004-OS 2005-06 2006-07 INTEREST $8,775,084 $9,754,031 $12,564,359 $12,903,377 800 TOTAL INCREASE IN PRINCIPAL $7,092,000 $9,197,000 $9,784,000 $10,043,000 DEBT SERVICE $15,867,084 $18,951,031 $22,348,359 $22,946,377 DEBT SERVICE $3,083,947 $3,397,328 $598,019 ASSUMPTIONS USED FOR THE 3 YEAR FORECAST DATED DECEMBER 8, 2003 TOTAL OTHER OBJECTS AND OTHER FINANCING USES TOTAL 2003-04 TOTAL 800 $9,014,694 TOTAL 900 $7,092,000 INCREASE 2004-OS 2005-06 2006-07 $10,000,829 $12,818,561 $13,16S,20S $9,197,000 $9,784,000 $10,043,000 $3,091,136 $3,404,732 $605,645 ASSUMPTIONS USED FOR THE 3 YEAR FORECAST DATED DECEMBER 8, 2003 REVENUES PENNSYLVANIA LEGISLATIVE REVIEW OF TAX REFORM COULD RESULT IN CHANGES TO THE TAXATION FOR FUNDING PUBLIC SCHOOL DISTRICTS. THIS COULD IMPACT OUR LOCAL AND STATE REVENUES. LOCAL REVENUES INTERIM REAL ESTATE TAXES YEAR 1994-9S 1995-96 1996-97 1997-95 1998-99 1999-00 2000-01 2001-02 2002-03 2003-04 BUDGET 2003-04 PROJECTION AVERAGE AMOUNT (005) $1,714 $1,378 $1,754 $1,465 $2,848 $4,706 $4,680 $4,214 $3,722 $2,800 $3,350 90% of 2002-03 $2,983 o ASSUME INTERIM TAX COLLECTIONS REFLECT FUTURE REAL ESTATE ACTIVITY PUBLIC UTILITY PURTA TAXES WILL REMAIN CONTANT FOR FORECASTYEARS EARNED INCOME TAX YEAR 1993-94 1994-9S 1995-96 1996-97 1997-98 1998-99 1999-00 2000-01 2001-02 2002-03 2003-04 BUDGET AMOUNT L000) $7,168 $7,191 $7,622 $8,567 $9,282 $10,125 $11,162 $12,192 $12,713 $12,961 $13,884 INCRI(DECR) $7,168 $23 $431 $945 $715 $843 $1,037 $1,030 $521 $248 $1,171 %JNCR/DEc~ #DIV/Ol 0.3% 6.0% 12.4% 8.3% 9.1% 10.2% 9.2% 4.3% 2.0% 9.2% 2003-04 PROJECTION AVERAGE INCREASE o ASSUME 0 ASSUME $13,220 $507 $1,285 4.0% 8.0% 2.0% INCREASE IN EIT COLLECTIONS 04-OS, 3.0% INCREASE IN BIT COLLECTIONS FOR 05-06 AND 06-07. ASSUMPTIONS USED FOR THE 3 YEAR FORECASTDA TED DECEMBER 8,2003 REAL ESTATE TRANSFER TAX AMOUNT (OOQ) $1,905 $2,081 $2,176 $2,286 $3,217 $3,592 $3,459 $3,577 $3,705 $3,926 $2,500 $2,948 1993-94 1994-9S 1995-96 1996-97 1997-98 1998-99 1999-00 2000-01 2001-02 2002-03 2003-04 BUDGET AVERAGE $1,905 $176 $9S $110 $931 $375 ($133) $118 $128 $221 ($1,205) $247 o ASSUME TRANSFER TAX COLLECTIONS REFLECT ACTIVITY IN REAL ESTATE MARKET DELINQUENT TAXES YEAF 1998-99 1999-00 2000-01 2001-02 2002-03 2003-04 2004-OS 2005-06 COLLECTED AMOUNT L000) $1,767 $2,016 $2,645 $2,508 $2,800 $2,800 $2,200 $2,200 1NCR/)PE.CR) $1,767 $249 $629 ($137) $292 LIENED TAXES 0/S 5$ 6/30 ERR OJECTED $401,483 $428,932 $1,176,768 $1,500,000 $1,~00,000 $1,500,000 $1,~00,000 6/30/O3ACTUAL 6/30/O3ACTUAL 6/30/O3ACTUAL PROJECTION 5$ JUNE PROJECTION 5$ JUNE PROJECTION 5$ JUNE PROJECTION 5$ JUNE r 30TH 30TH 30TH 30TH o ASSUME DELINQUENT TAX COLLECTIONS BASED ON OUTSTANDING DELINQUENTS E 6/30/02 AND PROJECTED DELINQUENTS. ASSUMPTIONS USED FOR THE 3 YEAR FORECAST DATED DECEMBER 8, 2003 TUITION FROM PA TRONS 0 USE 5% INCREASE FOR ALL YEARS, EARNINGS ON INVESTMENTS AND CAPITAL PROJECT FUND TRANSFERS GENERAL FUND INTEREST lEAF 2003-04 2004-OS 200S-06 2006-07 ENP..5,E7,AMPUN,T $137,279,078 $146,953,836 $157,353,902 $170,519,769 %JN~ IN YE.5.IME,N.T 7.0% 7.1% $40,200,000 $43,033,100 $46,078,594 AVERAGE INTEREST 1.00% $430,331 $460,786 8.4% $49,934,009 $499,340 TOTAL INTEREST INCOME YEAR 2003-04 2004-OS 2005-06 CAPITAL PROJECTS (ENND TRANSFER) $0 $0 $0 GENERAL FUND T.R.AN.S $0 $0 $0 OThER GNRL END $430,331 $460,786 $499,340 TOTAL $430,331 $460,786 $499,340 TOTAL $430,331 $460,786 $499,340 STATE SUBSIDIES EQUALIZED SUBSIDY FOR BASIC EDUCATION o ASSUME INCREASE IN ESBE SUBSIDY CONSISTENT WITH THE INCREASE IN 2002-03. YE 2001-02 ADMS/2002-O3 2002-03 ADMS/2003-O4 ADMs 11,499 11,786 %INCREASE 2.5% SUBSIDY 6115.234 6,268,115 2003-04 ADMS/2004-05 2004-OS ADMS/200S-06 12,081 12,383 2.5% 2.5% 6,424,818 6,585,438 ASSUMPTIONS USED FOR THE 3 YEAR FORECASTDA TED DECEMBER 8, 2003 SPECIAL EDUCATION o ASSUME REIMBURSEMENT AT CURRENT 2002-03 FUNDING SCHEDULE. 0 ASSUME ADMa WILL GROW RELATIVE TO ENROLLMENT GROWTH. 0 ASSUME INCREASE INCLUDES CONTINGENCY AND IDEA FUNDING. MILDLY HANDICAPPED SEVERELY HANDICAPPEE $1,315 $14,535 X X FUNDING 15.0% 1.0% X X ADMs ADMs TOTAL SPECIAL BASE FUNDING $3,939,557 $4,038,046 $4,138,997 $4,242,472 YEAR, 2001-02 ADMS/2002-O3 2002-03 ADMS/2003-04 2003-04 ADMS/2004-OS 2004-OS ADMS/2005-06 AQ,M.s 11,499 11,786 12,081 12,383 O5,QWTA 287 295 302 M L.P,.LY $2,268,178 $2,324,882 $2,383,004 $2,442,579 S5.YER~E!-Y $1,671,380 $1,713,164 $1,755,993 $1,799,893 5%,O~ARANIEE 5,D~LGAT.(QN,f~N,,0jN~ $565,843 $692,624 $828,206 $973,091 $4,505,400 $4,730,670 $4,967,204 $5,215,564 IOS.00% TRANSPORTA TION SUBSIDY 0 ASSUME TRANSPORTATION SUBSIDY INCREASES BY 3% PER YEAR YEAR 2003-04 2004-05 200S-06 2006-07 ENROLLMENT 11,646 11,71S 11,680 11,686 % INCR 3% 3% 3% SUBSQY $5,481,696 $5,646,147 $5,815,532 $5,989,998 SOCIAL SECURITY SUBSIDY 0 ASSUME SOCIAL SECURITY SUBSIDY INCREASES RELATIVE TO SALARY EXPENSE, o ASSUME CURRENT 50% OF SOCIAL SECURITY EXPENSE FUNDING FORMULA REMAINS UNCHANGED. 2003-04 2004-05 2005-06 2006-07 YEAR SALARY EXP $70,011,452 $72,923,560 $75,966,284 $80,914,929 %JNORIAST 4.2% 4.2% 6.5% SOCLAL SEO%L).EROY $2,640,000 $2,749,810 $2,864,545 $3,051,1SO ASSUMPTIONS USED FOR THE 3 YEAR FORECASTDA TED DECEMBER 8, 2003 CHARTER SCHOOL SUBSIDY 0 ASSUME CHARTER SCHOOL SUDSIDY EQUALS 02-03 FORMULA OF 30% REIMBURESMENT OF PRIOR YEAR EXPENDITURES. YEAR PRIOR YEAR EXPENSE SUBSIDY 2003-04 2004-OS 2005-06 2006-07 $3,347,075 $3,712,500 $4,675,000 $5,687,500 $1,004,123 $1,113,750 $1,402,500 PSERS (RETIREMENT) SUBSIDY o ASSUME RETIREMENT SUBSIDY INCREASES RELATIVE TO SALARY EXPENSE. o ASSUME CURRENT 50% OF RETIREMENT EXPENSE FUNDING FORMULA REMAINS UNCHANGED. YEAR 2003-04 2004-05 2005-06 2006-07 SALARY EXP %INCREASE $70,011,452 $72,923,560 $75,966,284 $80,914,929 RETIREMENT SUBSIDY $1,333,545 $1,374,609 $1,431,964 $1,525,246 3.77% 3.77% 3.77%