HomeMy WebLinkAboutBeavercreek City Schools - Public Financial ReportBeavercreek City School District Fiscal Year 2020/2021 PAFR
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Beavercreek City School District Fiscal Year 2020/2021 PAFR
Dear Friends of the Beavercreek City School District:
The Treasurer’s office is pleased to present the Beavercreek City School District’s Popular Annual Financial
Report (PAFR) for the fiscal year ended June 30, 2021. The PAFR is an unaudited report that summarizes
the District’s financial activities and operating results in a way that can be more easily understood by the
reader.
The School District has also published an Annual Comprehensive Financial Report (ACFR) for fiscal year
2021. The ACFR is an audited report and is prepared on a Generally Accepted Accounting Principles
(GAAP) basis, which requires greater disclosure than the PAFR. Copies of the PAFR and ACFR may be
requested from the Treasurer’s office by calling (937) 426-1522 or on the School District’s website at:
https://www.gocreek.org/page/comprehensive-annual-financial-reports
https://www.gocreek.org/page/popular-annual-financial-reports-pafr
School District Profile
The Beavercreek City School District provided education and related services to 7,658 students in grades
K through 12 for the 2020-2021 school year. Geographically, the School District encompasses 52 square
miles located primarily within the City of Beavercreek and Beavercreek Township. The population of the
City of Beavercreek was estimated to be 55,451 for calendar year 2020. The unemployment rate for the
area was 5.2% at June 30, 2021 and the median personal state income for calendar year 2019 (latest
available information) was $54,975.
The students enrolled in the School District attend 6 elementary schools (K-5), 2 middle schools (6-8), 1
freshman school (9), 1 high school (9-12), and 1 pre-kindergarten center.
The School District currently has about 920 full-time employees; approximately 470 are teaching
professionals, all of whom have at least a bachelor’s degree. The 2020-2021 starting salary for a teacher
with a bachelor’s degree was $41,261; the maximum teacher salary (master degree with 45 additional credit
hours and 32 years’ experience) is $108,067.
An elected five-member Board of Education serves as policy makers of the School District. The Board
adopts the annual tax budget and annual appropriations resolution that serves as the basis for control over
and authorization of all expenditures of the School District’s tax money.
Elected Officials/Board of Education Administrative Personnel
JoAnn Rigano President Paul Otten Superintendent
Dennis Morrison Vice-President
Krista Hunt Member Penelope Rucker, M.Ed. Treasurer/CFO
Chris Stein Member
Gene Taylor Member
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Beavercreek City School District Fiscal Year 2020/2021 PAFR
School District Initiatives and Achievements
Mission Statement
TO CREATE A STUDENT-CENTERED EDUCATIONAL COMMUNITY
THROUGH INNOVATION AND COLLABORATION, INSPIRING AND
PREPARING ALL TO LEAD AND SERVE.
Major Initiatives and Achievements:
The 2020-2021 academic school year brought many challenges and opportunities for growth, including:
¾ In response to the needs of our families amidst the on-going global pandemic, the District provided
families with fully online options for students in grades K-12; Lincoln Learning to students in grades
K-5 and Edmentum Courseware, customized by our teachers, to students grades 6-12. To support
our online students, the role of Teacher Student Advocate (TSA) was created and teachers across
the district had time reserved in their schedules to serve students in this new way. A few weeks
into the school year, it became clear that Lincoln Learning was not going to meet the needs of many
of our elementary online students, so we quickly created and launched a virtual option utilizing our
own teachers and tools from Google.
¾ The District continues to prioritize meeting the needs of the whole child through the work of the
Whole Child Advisory Council. For the 2020-2021 school year, the Council focused on conducting
a student school climate survey to determine areas of strength and need which was used to
develop a District Whole Child Plan targeting student/teacher connectivity and college and career
readiness. Once completed, the District’s Whole Child Plan was shared with building staff, buildings
created a building level goal that extended the District's Whole Child Plan or developed a different
goal based on the student school climate survey. The goals established through this process are
to be implemented in the 2021-2022 school year.
¾ The Social Emotional Learning assessment will be developed in conjunction with the
implementation of the Whole Child Plan during the 2021-2022 school year aimed at identifying
student needs and services that could be provided to meet those needs. The District added social
services and healthcare workers to help identify the needs and have partnered with numerous
social and healthcare service providers in the area to assist in providing the necessary services to
our students.
Beavercreek City Schools’ Character Education Program supports and aligns with the District’s vision to
Inspire, Lead, and Empower our students. Our Character Education Program is a key component to helping
our students understand what it means to lead and to be good citizens. The core of the program
encompasses pillars of character that include caring, citizenship, fairness, respect, responsibility, and
trustworthiness. Each year, Beavercreek selects a character education theme and a corresponding service-
learning opportunity. The 2020-2021 service-learning theme was Creek United, selected due to the impact
the pandemic had on our school and community. The Character Education Committee created activities
throughout the year to help ensure that all students, in person and virtual, felt connected to their school
community. This included letters to students who were virtual, social groups for virtual students, and a
community wide scavenger hunt.
The elimination of State testing in the spring of 2020 and the elimination of accountability measures related
to testing conducted in the Spring of 2021 continues to limit the type of data the District has historically
shared within this report. Our continued use of NWEA MAP, as well as analysis of data from Spring of 2021
state assessments has enabled the District to continue to identify strengths and areas for growth related to
academic achievement. A particular area of success evidenced by the Ohio State Testing results is a
District-wide strength in writing, which has been an on-going focus area for the District. We continue to
identify ways to improve instructional practices related to differentiated instruction for all students in
response to the analysis of our student data. The District also developed curricular maps to align with the
social emotional learning standards developed by the Ohio Department of Education during the 2019-2020
school year and implemented those standards throughout the 2020-2021 school year.
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Beavercreek City School District Fiscal Year 2020/2021 PAFR
Summarized Financial Reports
Readers of the Financial Activity Statement and Financial Position Statement should keep in mind that the
numbers in both reports are taken from the District’s Comprehensive Annual Financial Report (ACFR), but
are presented in a non-GAAP format.
Revenues and Resources over Expenditures and Services
The Financial Activity Statement, known in accounting terms as the income statement, provides a summary
of the resources (revenues) and services (expenditures) of the District’s General Fund.
Resources Taken In
(in thousands) FY’21 FY’20 FY’19 FY’18
Taxes $73,326 $66,857 $60,614 $59,188
State and Federal Revenue 23,495 21,867 23,574 21,421
Investment Income 71 755 1,157 522
Tuition & Fees 1,848 2,116 1,889 2,238
Extracurricular 271 363 322 362
All Other Sources 341 342 251 258
TOTAL Revenues & Resources 99,352 92,300 87,807 83,989
Services Provided
(in thousands) FY’21 FY’20 FY’19 FY’18
Instruction:
Regular $40,170 $37,646 $38,520 $36,923
Special 19,831 18,828 18,495 21,421
Student Intervention Services 454 231 224 299
Vocation and Other 2,934 2,596 2,489 2,620
Support Services:
Pupils 6,695 6,201 5,944 5,688
Instructional Staff 2,108 2,221 2,337 2,324
Board of Education 64 53 58 81
Administration 6,045 5,746 5,791 5,406
Fiscal 1,675 1,634 1,393 1,264
Business 383 359 368 385
Operation and Maintenance
of Plant 6,823 6,439 6,822 6,732
Pupil Transportation 5,865 5,654 6,292 5,836
Central 1,149 1,221 1,120 1,055
Operation of Non-Instructional Services 10 1,394 37 31
Extracurricular Activities 1,744 1,761 1,627 1,680
Capital Outlay 782 104 1,288 62
All Other Uses 259 259 259 0
TOTAL Expenditures & Services 96,991 92,347 93,064 87,569
Revenues & Resources Over
Expenditures & Services 2,361 (47) (5,257) (3,580)
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Beavercreek City School District Fiscal Year 2020/2021 PAFR
Our Expenditures and Services:
Overall, expenditures of the General Fund increased by $4.6 million for fiscal year 2021 compared to those
reported for fiscal year 2020 due to additional employees as well as general increase in wages and benefits
of existing employees. Of the $4.6 million increase in expenditures, nearly $4.1 million were reported in the
direct student instruction functional areas based on the implemented academic goals implemented.
Definitions
Instruction includes the activities directly dealing with the teaching of pupils or the interaction between
teacher and pupil. Teaching may be provided for pupils in a school, in a classroom, in another location,
such as in a home or hospital, and through other approved media such as television, radio, telephone,
correspondence and aides or classroom assistants of any type who assist in the instructional process.
Technology used by students in the classroom or technology that has a student-instruction focus should
also be coded here. Instruction includes regular, special, student intervention services, vocational and other
instructional services.
Support Services provide administrative, technical (such as guidance and health), and logistical support
to facilitate and enhance instruction, and to a lesser degree, community services. Supporting services
exist as adjuncts for the fulfillment of the objectives of instruction, rather than as entities within
themselves. Support services include pupils, instructional staff, board of education, administration, fiscal,
business, operation and maintenance of plant, pupil transportation, and central services.
Operation of Non-Instructional/Shared Services are concerned with providing non-instructional services
to students, staff or the community. Also includes providing certain services to other school districts.
Extracurricular Activities are activities under the guidance or supervision of qualified adults which are
designed to provide opportunities for pupils to participate in such experiences on an individual basis, in
small groups, or in large groups - at school events, public events, or a combination of these - for purposes
such as motivation, enjoyment, and skill improvement. In practice, participation usually is not required and
credit usually is not given. When participation is required, or credit given, the activity generally is considered
to be curricular course.
Capital Outlay activities are concerned with acquiring land and buildings, remodeling buildings,
constructing buildings and additions to buildings, initially installing or extending service systems and other
built-up equipment, and improving sites.
Debt Service Transactions primarily for the purpose of discharging the School District's commitment for
interest and principal on debt.
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Beavercreek City School District Fiscal Year 2020/2021 PAFR
Our Revenues and Resources FY 21:
Where the General Fund Money Comes From
Our Expenditures and Services FY 21:
Where the General Fund Money Goes
Taxes
73.8%
Tuition&Fees
1.9%Interest
0.1%
Intergovernmental
23.6%
Extracurricular
0.3%
Other
0.3%
Instruction
65.4%
Extracurricular
1.8%
SupportServices
31.8%
AllOtherUses
1.0%
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Beavercreek City School District Fiscal Year 2020/2021 PAFR
Assessed Values of Property Real Estate Taxes
Collection
Year
Residential/
Agricultural
Commercial/
Industrial
Public
Utility Total
2022 $1,559,366,980 $484,500,440 $47,383,960 $2,091,251,380
2020 1,369,114,770 471,756,730 46,490,400 1,887,361,900
2019 1,353,095,620 460,311,550 43,586,740 1,856,993,910
2018 1,335,577,410 467,100,610 41,177,570 1,843,855,590
2017 1,247,737,900 461,030,990 39,757,570 1,748,526,460
State and Federal Sources
State and Federal sources of revenue generated nearly $23.5 million or 23.7% of all General Fund revenue.
State support comes mostly from State Aid, which is a formula calculation based upon student enrollment.
The Ohio General Assembly determines what an adequate education costs in the State’s biennial education
budget (Basic State Aid). The $1.6 million increase in intergovernmental revenue for fiscal year 2021
compared to the prior year related to the elimination of the reductions in Basic State Aid implemented by
the State during the last quarter of fiscal year 2020 in an effort to offset State budget issues caused by the
pandemic.
The State of Ohio also provides taxpayers with property tax relief which is subsequently remitted to the
district by the State. A significant portion comes from Rollback and Homestead payments, which represents
the portion of the local tax bill paid by the State instead of the local taxpayer. Currently, the State pays 10%
of the taxes due on all property and an additional 2.5% on residential and agricultural owner-occupied
property. An additional exemption is provided to senior disabled citizens, regardless of income. The most
recent State budget, however, has eliminated the property tax rollback on any new levy passed after August
2013. Further property tax relief was granted in 2005 when the State eliminated the tangible personal
property tax on businesses
Other sources of intergovernmental revenue include the public utility reimbursement, tangible personal
property loss reimbursement, federal impact aid, and casino revenue. In Ohio, the funding of schools is
shared by the State and local school districts. The chart below depicts the different intergovernmental
revenue sources received by the School District as a percentage of total intergovernmental revenue.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2021 2020 2019
Miscellaneous
SharedCasinotax
ReimbursementofPPTaxLoss
FederalImpactAid
Homestead&Rollback
BasicStateAid
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Beavercreek City School District Fiscal Year 2020/2021 PAFR
Five Year Financial Forecast
The School District annually prepares a five-year forecast, which is required by the State of Ohio, to ensure
long-term financial success. The five-year financial forecast provides actual cash basis data on each major
revenue and expenditure category for the past three fiscal years and forecasts these same categories for
an additional five fiscal year.
The five-year financial forecast is a planning tool used to certify if funds are available for future expenditures
and additionally to strategize when the School District will need to return to voters for additional funds or
reduce expenditures accordingly. The five-year financial forecast is published on the Ohio Department of
Education’s website for public use. Revenue amounts presented below anticipate future renewal of existing
property tax levies set to expire during the projected period.
Actuals by Fiscal Year - General Fund As of June 30,
2019 2020 2021
Revenue $87,488,237 $92,216,169 $100,223,918
Expenditure 90,859,448 92,456,157 96,452,078
Ending Balance 21,340,646 21,100,658 24,872,498
Projected Five-Year Forecast by Fiscal Year - General Fund
2022 2023 2024 2025 2026
Revenue $100,751,987 $100,918,715 $102,314,113 $103,428,998 $103,909,443
Expenditure 98,881,157 100,834,268 105,027,515 109,643,537 114,468,687
Ending Balance 26,258,601 26,343,048 23,629,646 17,415,107 6,855,863
Note: Five-year forecast is required to be prepared using the cash basis of accounting, which is a different accounting basis than that presented within
the School District’s annual ACFR.
In May 2019, voters approved a new, 6.15 mill five-year emergency operating levy that is estimated to
generate an additional $11.4 million per year for the School District. Since property taxes are levied and
paid on a calendar year basis while the School District reports on a fiscal year ending June 30th; property
taxes received within a fiscal year represent the 1st half of one tax year and the 2nd half of another tax year.
Therefore, only one-half of the anticipated additional taxes was collected during the 2nd half of fiscal year
2020; fiscal year 2021 was the first full year of collection of the additional revenue. Voter approval will again
be needed within five years for this additional revenue to continue. The School District also has a 10.9 mill
emergency operating levy, which would begin to phase out in fiscal year 2022, if not renewed prior to
December 31, 2021. This levy renewal was approved by voters in May 2021, with nearly 75% voting yes.
All other operating levies are continuing levies and therefore do not need voter approval for collections to
continue.
$Ͳ
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
$140,000,000
2019 2020 2021 2022 2023 2024 2025 2026ReceiptsDisbursementsEndingBalance
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Beavercreek City School District Fiscal Year 2020/2021 PAFR
Property Values and Taxes
Property taxes are assessed and levied on a calendar year basis. The School District receives property
taxes from two taxing years during the School District’s fiscal year that begins July 1st and ends June 30th.
The assessed values upon which the fiscal year 2021 taxes were collected are as follows:
Property Values 2019 % Change 2020 %Change 2021
Real Property $1,813,407,170 1.52% $1,840,871,500 11.03% $2,043,867,420
Public Utility $43,586,740 6.66% $46,490,400 1.92% $47,383,960
Total $1,856,993,910 1.64% $1,887,361,900 10.80% $2,091,251,380
Overall, there was a 10.8% increase in property values from 2020 to 2021 due to complete property
reappraisal, which occurs once every six years, as well as the significant increase in real estate prices in
the local area. It is important to remember the School District does not receive an equal corresponding
increase to property tax revenue due to tax limits imposed by State statutes.
Comparative Data
When comparing itself to other school districts, the School District uses the most recent information
provided by the Greene County Auditor. This data provides the most reliable comparison among school
districts.
Property Tax Rates - Since the School District depends on local tax support for 73.8% of its general
fund revenue, tax rates are crucial to the School District and its taxpayers. HB 920 reduces the voted millage
rate to an effective tax rate in order to generate the same amount of revenue received in the first year of
collection. When taxpayers vote for a certain number of mills, they are actually voting for the collection of a
specific amount of money. That is because mills are a fraction of the community’s total assessed value.
Several districts above supplement property taxes with local school district income taxes. Income tax rates
of 1.00% are denoted by “ * ”, 1.25% denoted by “ ** ”, and 0.50% denoted by “ *** “ above.
Ͳ 10.00 20.00 30.00 40.00 50.00 60.00 70.00
Greeneview*
CedarCliff**
Xenia***
Beavercreek
Fairborn***
BellbrookͲSugarcreek
YellowSprings*
SchoolTax RateͲ GreeneCounty
Operating DebtService Improvements
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Beavercreek City School District Fiscal Year 2020/2021 PAFR
Property Tax Rate Structure
The manner in which the School District’s property tax levies are structured is important to ensure adequate
resources are available to meet operating expenses. If levies set to expire are not renewed or replaced
prior to the expiration date, the School District will encounter loss of revenue associated with that particular
levy for at least one calendar year. The School District currently has two operating levies that will require
subsequent voter approval for collection to continue; the 6.15 mill emergency levy initially approved by
voters in May 2019 and will expire on December 31, 2024 and the 10.9 mill emergency levy recently
renewed by voters in May 2021 which expires on December 31, 2026. Combined, these two levies
represent 36.6% of the operating property tax revenue projected to be collected in fiscal year 2022, which
underscores the importance future levy renewals.
Levy Type Millage Rate Expiration Date
Operating
Inside Millage - unvoted 4.6 Continuous
Continuous Operating Millage - voted 25.5 Continuous
Substitute Emergency Operating Levy - voted 6.3 Continuous
5-year Emergency Operating Levy – voted 9.7 12/31/2026
5-year Emergency Operating Levy – voted 6.1 12/31/2024
Bond Issues
28-year, $84 million Bond Levy – voted 2.6 12/31/2035
Permanent Improvements
Inside Millage – unvoted 1.0 Continuous
5 year Permanent Improvement Levy – voted 1.0 12/31/2023
Outstanding Debt At fiscal year ended June 30th
Issue 2021 2020 2019
Voted Improvement & Refunding Bonds $65,207,579 $69,310,017 $74,525,053
Unvoted Athletic Facility Bonds 225,000 335,000 440,000
Energy Conservation Bonds 3,348,000 0 0
Capital Lease Obligations 486,821 715,782 935,619
Total $69,267,400 $70,360,799 $75,900,672
During fiscal year 2021, the School District paid a total of $6.1 million in principal debt service payments
and anticipates paying an additional $4.9 million in fiscal year 2022. During the fiscal year, the School
District advanced refunded $20.2 million of previously issued debt to save $3.6 million in debt service
payments over the next 15 years and issued $3.3 million of energy conservation lease-purchase obligation
bonds to finance lighting projects throughout all School District facilities.
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Beavercreek City School District Fiscal Year 2020/2021 PAFR
Statement of Net Position - All Funds
The Statement of Net Position presents an aggregate view of the School District governmental activities
and provides a long-term view of those finances. The Statement of Net Position is organized so the reader
can understand Beavercreek City School District as a financial whole, an entire operating entity. This
statement includes assets and deferred outflows of resources and liabilities and deferred inflows of
resources using the accrual basis of accounting, which is similar to the accounting used by most private-
sector companies. The accrual basis of accounting takes into account all the current fiscal year’s revenues
and expenses regardless of when cash is received or paid. The amount below represents the difference
between the assets and deferred outflows of resources and the liabilities and deferred inflows of resources
which the School District must pay. This amount provides the “net position” of the School District.
Assets 6/30/2021 6/30/2020 6/30/2019
Cash and Investments $36,751,766 $34,280,024 $36,353,964
Receivables 85,168,944 84,090,194 78,731,590
Other Assets 3,367,628 59,714 65,207
Capital Assets 78,669,596 83,446,926 89,538,872
Total Assets 203,957,934 201,876,858 204,689,633
Deferred Outflows of Resources
Deferred Outflows of Resources 32,591,472 32,963,193 41,101,823
Liabilities
Current Liabilities 10,873,733 10,122,087 12,136,630
Long-Term Liabilities 207,435,450 201,865,893 205,625,480
Total Liabilities 218,309,183 211,987,980 217,762,110
Deferred Inflows of Resources
Deferred Inflows of Resources 92,608,148 92,763,036 88,701,030
Net Position
Total Net Position $(74,367,925) $(69,910,965) $(60,671,684)
The increases in pooled cash and receivables due to additional tax revenues associated with new tax levy
which was in its first full year of collection. Net capital assets decreased as current year depreciation
expense exceeded current year capital asset additions. The increase in the net pension accounts for most
of the increase in long-term liabilities, as well as deferred outflows and inflows of resources, offset
somewhat by scheduled debt payments made.
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Beavercreek City Schools Snapshot
EMPLOYEES
Maintained by
District custodians,
maintenance and
ground staff:
STUDENTS
SQUARE FOOTAGE
2021 GRADUATION RATE
ACREAGE
STUDENTS BUSSED DAILY BUSES IN FLEET
LUNCHES SERVED
2021 ATTENDANCE RATE