HomeMy WebLinkAboutSpringfield City School District - Public Financial ReportDIVERSE COLLABORATIVE STUDENT-CENTERED CURIOUS
POPULARANNUALFINANCIALREPORT
FOR THE FISCAL YEAR ENDED
JUNE 30, 2021
1500 W Jefferson Street, Springfield, Ohio 45506 • Phone:(937) 505-2800 • www.scsdoh.org
EVERY STUDENT
EVERY OPPORTUNITY
EVERY DAY
2021 FINANCIAL POSITION STATEMENT
The Financial Position statement below shows what the District has compared
to what the District owes. The difference between the two is Net Position of
the District.
Currently we have Net Position of $113 million. The District experienced an
increase in Net Position from prior year due to an increase in restricted grant
revenue and increase property tax revenue.
STATEMENT OF NET POSITION
ALL FUNDS AS OF JUNE 30, 2020 AND JUNE 30, 2021
Assets 2021 2020
Cash & Investments $88,371,588 $84,679,858
Receivables $45,022,158 $38,597,634
Net OPEB Asset $6,596,219 $6,362,322
Capital Assets $154,595,420 $159,766,378
Deferred Outflows of Resources $23,484,363 $24,372,616
Total Assets $318,069,748 $313,778,808
Liabilites 2021 2020
Short-Term Liabilities $14,164,226 $12,814,787
Long-Term Liabilities $154,308,374 $147,958,894
Deferred Inflows of Resources $36,645,799 $37,741,439
Total Liabilities $205,118,399 $198,515,120
Total Net Position $112,951,349 $115,263,688
Total Liabilities and Net Position $318,069,748 $313,778,808
This Popular Annual Financial Report (PAFR) is intended to present the
financial status of Springfield City School District in an easy-to-read format.
We hope this helps you understand the basic financial health and the
operations of our District.
We also prepare a more detailed Annual Comprehensive Financial Report
(AFCR) that reports all financial operations in accordance with Generally
Accepted Accounting Principles (GAAP). The information presented on
this page and the adjacent page is generated from accrual statements
presented in the AFCR and includes all funds. The remainder of the report
is reported on a cash basis and includes information related to the Five Year
Forecast including the General Fund and related debt. The AFCR provides
an additional level of detail. The AFCR and the Five Year Forecast can be
obtained by contacting the Treasurer’s Department at 937-505-2811.
We appreciate the support of our Board of Education for encouraging us to
create this document. We sincerely hope that it helps demonstrate that our
District is effectively managing our federal, state and local tax dollars to work
to educate Springfield’s students.
SPRINGFIELD CITY SCHOOL DISTRICT | POPULAR ANNUAL FINANCIAL REPORT
We are proud to present this Popular Annual Financial Report
for the Springfield City School District for the fiscal year that ended June 30, 2021.
2
Note: Fiscal Year 2020 is restated due to implementing GASB 84 in fiscal year 2021
STATEMENT OF ACTIVITIES
ALL FUNDS AS OF JUNE 30, 2020 AND JUNE 30, 2021
Revenues 2021 2020
Property Taxes $27,784,499 $26,894,381
Basic Aid $82,895,090 $81,542,374
Program Grants $20,330,683 $17,148,466
Charges for Service $2,240,706 $2,950,426
Miscellaneous $2,776,798 $2,609,543
Total Revenues $136,027,776 $131,145,190
Expenses 2021 2020
Instruction $79,609,372 $71,846,377
Pupil Support $11,607,780 $9,722,658
Staff Support $6,012,475 $5,171,677
Administration $10,381,631 $9,241,166
Fiscal $1,976,063 $2,020,395
Maintenance & Operations $9,614,787 $9,291,838
Pupil Transportation $2,612,983 $2,727,539
Central $3,065,769 $3,053,786
Non Instructional Services $6,468,057 $6,855,025
Extracurricular Activities $1,086,061 $1,288,037
Interest and Fiscal Charges $593,844 $611,349
Unallocated Depreciation $5,311,293 $5,291,211
Total Expenses $138,340,115 $127,121,058
Change in Net Position ($2,312,339)$4,024,132
Net Position at Beginning of the Year $115,263,688 $111,239,556
Net Position at End of the Year $112,951,349 $115,263,688
EXPENDITURE DISTRIBUTION (GAAP BASIS) FY 2021 REVENUE DISTRIBUTION (GAAP BASIS) FY 2021
SPRINGFIELD CITY SCHOOL DISTRICT | POPULAR ANNUAL FINANCIAL REPORT 3
Note: Fiscal Year 2020 is restated due to implementing GASB 84 in fiscal year 2021
ACCOUNTING AND REPORTING
Under State law, the District is required to prepare an appropriation budget,
estimated revenue budget, a five year forecast and monthly reports on the cash
basis of accounting. Revenues are reported when received and expenditures are
recorded when expenses occur. The District uses the Five Year Forecast as the
building block of the annual appropriation budget and documents the “budget to
actual” variance to the Board of Education on a monthly basis.
State law also requires the preparation of annual financial statements in
accordance with Generally Accepted Accounting Principles, therefore, we prepare
the Annual Financial Report. The table below reflects the conversion from cash
statements to accrual statements of all funds. Accrual statements recognize
revenues when measureable and earned, expenses are recorded at the time the
liability can be measured. Accrual statements also record long term assets (assets
with a life greater than or equal to seven years) and long term debt.
The District provides financial reports in order to make the financial information as
transparent and understandable to the user as possible. The experienced reader
understands that the table below converts cash basis reports to accrual reports
in an over simplified method and summarizes transactions posted to generate
accrual statements. We prepared this report to link the documents because each
report has value to management of the District and to any user requiring financial
information, including the residents of the Springfield City School District.
The remainder of this report focuses on the cash basis of reporting because
the District believes in the importance of presenting consistent data locally,
which relates to the Five Year Forecast that is required to be on a cash basis
of reporting.
SPRINGFIELD CITY SCHOOL DISTRICT BALANCE SHEET | ALL FUNDS AS OF JUNE 30, 2021
Assets Cash Conversion GAAP
Cash & Investments $88,276,766 $94,822 $88,371,588
Receivables $0 $68,506,521 $68,506,521
Net OPEB Asset $0 $6,596,219 $6,596,219
Capital Assets $0 $154,595,420 $154,595,420
Total Assets $88,276,766 $229,792,982 $318,069,748
Liabilites Cash Conversion GAAP
Short-Term Liabilities $0 $14,164,226 $14,164,226
Long-Term Liabilities $0 $190,954,173 $190,954,173
Total Liabilities $0 $205,118,399 $205,118,399
Total Net Position $88,276,766 $24,674,583 $112,951,349
SPRINGFIELD CITY SCHOOL DISTRICT INCOME STATEMENT | ALL FUNDS FOR FISCAL YEAR ENDED JUNE 30, 2021
Assets Cash Conversion GAAP
Beginning Equity $84,327,806 $30,935,882 $115,263,688
Revenues $152,923,340 $(16,895,564) $136,027,776
Expenses/Expenditures $148,974,380 $(10,634,265)$138,340,115
Ending Equity $88,276,766 $24,674,583 $112,951,349
SPRINGFIELD CITY SCHOOL DISTRICT | POPULAR ANNUAL FINANCIAL REPORT4
CASH BASIS FIVE YEAR FORECAST
The Five Year Forecast is the District’s
projection of cash available; noting the
general direction that the finances of
the Springfield City School District are
heading will help you understand any levy
issues facing the District. The forecast
reflects funding component computations
from House Bill 110 (the State’s biennium
budget). The Board of Education and District
administration will continue to study the
forecast and the educational needs with the
resources the community provides. If you
would like more detailed information you may
obtain the complete Five Year Forecast by
contacting the Treasurer’s Department.
ACTUAL FOR FISCAL YEAR | GENERAL FUND
Act 2019 Act 2020 Act 2021
Revenue $107,763,084 $106,372,199 $109,566,224
Expenditures $102,113,592 $99,975,977 $105,916,728
Ending Cash Balance $41,710,025 $48,106,247 $51,755,743
PROJECTED FIVE YEAR FORECAST BY FISCAL YEAR | GENERAL FUND
Assets Est 2022 Est 2023 Est 2024 Est 2025 Est 2026
Revenue $98,701,150 $99,848,969 $100,003,535 $98,515,045 $97,343,615
Expenditures $94,365,927 $101,103,301 $108,229,756 $113,164,493 $118,407,009
Ending Cash Balance $56,090,966 $54,836,634 $46,610,413 $31,960,965 $10,897,571
FINANCIAL FIVE-YEAR FORECAST WITH 3 YEARS OF HISTORY | GENERAL FUND
SPRINGFIELD CITY SCHOOL DISTRICT | POPULAR ANNUAL FINANCIAL REPORT 5
WHERE DOES THE MONEY COME FROM?
Our District receives 76% of our revenues (all funds)
from State and Federal sources. The largest revenue
source for the Springfield City School District is the
basic aid received per student from the State of Ohio.
Our property tax receipts from our local taxpayers
accounts for 21% of our revenue.
GENERAL FUND AND RELATED FUNDS
The District’s General Fund, which supports most of our
operations, is made up of monies from the federal and
state government, Springfield property tax revenues, and
other sources like tuition, fees, and interest. Springfield
property taxes made up 21% of our General Fund
revenues in fiscal year 2021; these revenues totaled $22.7
million. The State and Federal revenue made up 77% of
our General Fund revenues; these revenues totaled $81.5
million in fiscal year 2021. The largest portion of this
was in the State Basic Aid which was $77.8 million. The
relative contribution of each funding source is shown in
the chart to the right. This chart illustrates the substantial
risk that the District faces since 77% of our General Fund
revenue is controlled by the State.
UNDERSTANDING PROPERTY TAX
Owners of residential or business real estate pay taxes to
fund many services and agencies within their community.
In the Springfield City School District, property taxes are
collected to fund public education, social services, the
career technical school, the city government, the county
government and in some cases township expenses.
The amount collected must be approved by the local
voters. Most levies are approved for a certain period
of time, and then put before the voters for renewal or
replacement when they expire. In Springfield, our school
levies are “fixed sum” levies, which means when voters
approve a levy, they approve the total amount of money
that the levy will provide. That total amount does not
change over time – there is no inflation or cost-of-living
increase in a fixed sum property tax. Furthermore, when
this type of levy is renewed, the amount originally voted
on remains in effect for the length of the renewal levy.
UNDERSTANDING PROPERTY TAXES REQUIRES THAT YOU UNDERSTAND A FEW TERMS:
Mill: 1/10 of a cent per $1,000 of assessed value
Effective Millage: the actual tax rate collected after
HB920 reduces the tax rates for inflation (See HB920)
HB920: Common name of the Ohio law that requires the
reduction of the property owner’s millage and limits tax
dollars paid to the original levy (no inflation)
Rollback and Homestead: Roughly a 12.5% tax credit to
homeowners where the State pays 12.5% of the tax bills
to the District, instead of having the homeowners pay that
portion of their tax bill. This does not apply to New or
Replaced levies, only renewal levies.
SPRINGFIELD CITY SCHOOL DISTRICT | POPULAR ANNUAL FINANCIAL REPORT6
ALL FUNDS REVENUE DISTRIBUTION (CASH BASIS) FY 2021
GENERAL FUND REVENUE DISTRIBUTION (CASH BASIS) FY 2021
PROPERTY TAX REVENUE SOURCES (CASH BASIS) FY 2021
BY FUNCTION
Direct Instruction: the largest expenditure includes
all services dealing with teaching students.
Building Operation: involves heating, cooling,
custodial services, and keeping buildings and
grounds safe and in good working condition.
Administrative Support: includes the overall
administration of the building and the District as a
whole. These include centralized department heads,
building principals and secretarial support.
Pupil Support: are activities designed to assist
and improve the well-being of the student and
supplement the teaching process. These include
guidance, nursing, speech, hearing, social and
psychological services.
Business Operations: Include fiscal services such as
payroll, accounts payable, budgeting and auditing, as
well as warehousing, purchasing and insurance.
Instructional Staff Support: Includes library,
technology integration, mentoring and teacher aides.
Transportation: the cost of transporting students in
accordance with the Board of Education policies and
Ohio law.
Food Service: includes expenditures to provide
breakfast and lunch to students.
Other: extracurricular activities and miscellaneous
expenditures that do not fit in the other categories.
Capital Outlay: acquisition or construction of facilities
or purchase of other capital assets.
Interest and Fiscal Charges: principal and interest
payments on outstanding debt.
BY OBJECT
Salary and Benefits: are 73% of expenditures
Purchased Services: includes payments to other
schools in Ed Choice vouchers, community charter
schools, utilities and contracts for services
Supplies and Materials: office supplies, diesel fuel,
instructional supplies and computer software
Other: includes County Auditor and Treasurer fees,
property insurance and other expenditures
WHERE DOES THE MONEY GO?
SPRINGFIELD CITY SCHOOL DISTRICT | POPULAR ANNUAL FINANCIAL REPORT
GENERAL FUND EXPENDITURES BY FUNCTION (CASH BASIS) FY 2021
GENERAL FUND EXPENDITURES BY OBJECT (CASH BASIS) FY 2021
ALL FUNDS EXPENDITURES BY FUNCTION (CASH BASIS) FY 2021
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SPRINGFIELD CITY SCHOOL DISTRICT | POPULAR ANNUAL FINANCIAL REPORT8
EXPENDITURE PER PUPIL
The chart below shows how the Springfield City School
District’s fiscal year 2021 expenditures per pupil compared
to other districts, which the Ohio Department of Education
has computed and determined, are similar to our district.
Comparing the District to the group; we are in the top
third of the expenditure per pupil, which reflects the
increasing cost of the education of the students in urban
areas. The top goal of the Board of Education and
Administration is to increase student performance within
the means provided by the community.
MAJOR INITIATIVES AND PROJECTS
The District continues its focus on aligning classroom
instruction to Ohio’s Learning Standards in core subjects
by increasing targeted professional development to this
foundational educational practice. In addition, the District
continued work with the State Support Team 10 to in the
use of the Teaching and Learning Review (TLR). The TLR
provides a research based platform to measure the use of
best practices in the classroom setting. By analyzing the
instructional practice data from the TLR, the District will better
support more consistent and effective tier one instruction,
which leads to improved student outcomes.
In addition to the TLR, the District partnered with Leadership
Excelleration to implement a leadership development program
specifically designed to meet the needs of our leadership
team that will ensure that the next generation of leaders are
prepared to lead the district into the future. The intent of the
partnership is to equip the SCSD Leadership Team to become
high-potential leaders, succeed with strategy, alignment, and
execution in current roles and succeed at the next level.
The District is committed to positive behavior interventions
and supports, a multi-tiered system of supports (MTSS),
decreasing the number of exclusionary discipline actions,
and aligning instruction with standards. In addition, the
District continues to provide high quality preschool to families
regardless of ability to pay. The decision to continue to
commit resources to current programs and to continue to
provide a no-cost preschool program were made because
the School District believes in these foundational efforts that
allow staff and students to grow together.
The Career ConnectED Center at The Dome includes training
spaces and meeting rooms, community oriented District
program offices, and innovative spaces for students to
develop power skills as they explore digital media, computer
science, welding, and woodworking. Programming receives
grant funding from the Community Health Foundation,
The United Way, and Silfex. The CareerConnectED Center
engages more than 1,000 students each year.
The Springfield City School District’s role as a leader in
addressing the full set of skills, traits, and behaviors required
for success in college, career, and life continues to be
recognized at the state level.
SPRINGFIELD CITY SCHOOL DISTRICT | POPULAR ANNUAL FINANCIAL REPORT
HOW YOUR SCHOOL PROPERTY TAXES ARE COLLECTED
The effective residential property tax rate for the
Springfield City School District for 2021 was 39.51 mills.
Residential taxes are calculated by applying the effective
rate to the assessed valuation of your property. The
assessed valuation is only 35% of the fair market value of
your property. The example to the right illustrates the tax
bill calculation for a property that has a fair market value
of $100,000.
COMPARED VOTED AND EFFECTIVE MILLAGE RATES
Because of HB920, school districts do not collect taxes at
the voter-approved rates. Instead school districts get the
taxes based on the effective (reduced) tax rates. The chart
below illustrates the difference between the voter-approved
tax rates and the actual tax rates collected.
A TRUE COMPARISON OF PROPERTY TAXES
The best way to compare school district property tax
values is to compare what a 1 mill levy would raise per
student. A wealthier tax base will raise more per mill per
student. Because wealthier tax bases collect more per
student, wealthier districts tend to have lower tax rates.
Springfield has a low wealth tax base which translates to a
low tax yield per unit.
EXAMPLE
Fair Market Value $100,000
Multiply Assessed Value 35%
Equals Taxable Value $35,000
Multiply Millage Rate 0.03951
Equal Total Tax $1,383
Less State Credit 12.5%87.5%
Total School Tax Billed to the Taxpayer $1,210
Beavercreek City SD $259.61
Centerville City SD $281.43
Greenville City SD $187.34
Kettering City SD $202.01
Lebanon City SD $194.50
Miamisburg City SD $199.35
Northmont City SD $146.07
Piqua City SD $121.53
Sidney City SD $138.93
Springboro Community SD $226.06
Springfield City SD $78.00
Trotwood-Madison City SD $71.28
Troy City SD $187.29
Vandalia-Butler City SD $234.34
Wayne Local SD $220.10
West Carrollton City SD $136.67
Xenia Community SD $173.73
It is important to note that February 2006 is the last new operating tax levy passed
in the District. Renewal levies do not generate new revenues.
Effective Millage Voted Millage
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SPRINGFIELD CITY SCHOOL DISTRICT | POPULAR ANNUAL FINANCIAL REPORT10
HISTORY OF LEVIES
Date Voted Millage Pass/Fail Type Purpose
19-Nov 7 Pass Renewal 10-Year Operating
Nov-17 10.61 Pass Renewal Continuous Emergency Operating
Nov-15 7 Pass Renewal 5-Year Operating
May-13 4.96 Pass New Capital and Maintenance
May-11 9.59 Pass Renewal 7- Year Emergency Operating
Nov-09 7 Pass Renewal 5-Year Operating
Feb-06 9 Pass New 5- Year Emergency Operating
Nov-05 10.88 Fail New 5- Year Emergency Operating
May-05 7 Pass Renewal 5-Year Operating
Feb-05 8.99 Fail New 5- Year Emergency Operating
Nov-04 8.99 Fail New 5- Year Emergency Operating
Mar-04 10.15 Fail New 5- Year Emergency Operating
Nov-00 Bond Pass New Construction $38 Million
Nov-00 0.5 Pass New OFSC Maintenance
Nov-99 7 Pass Renewal 5-Year Operating
It is important to note that February 2006 is the last new operating tax levy passed in the District. Renewal levies do not generate new revenues.
OUTSTANDING DEBT AT FISCAL YEAR ENDED JUNE 30, 2021 AND JUNE 30, 2020
Issue Outstanding 6/30/21 Outstanding 6/30/20
2006 Various Refunding Bonds $5,155,711 $4,889,128
2010 Energy Conservation Bonds $335,000 $400,000
2013 School Facility Construction Bonds $4,521,017 $4,797,854
2016 Refunding Bonds $2,644,279 $5,193,559
2019 School Facility Construction Bonds $8,464,808 $8,859,552
Total $21,120,815 $24,140,093
-$3,019,278
This table presents the District’s Long-Term Debt as of June 30, 2021. Outstanding debt decreased $3.02 million from the prior fiscal year.
The District’s AFCR provides more detailed information.
SPRINGFIELD CITY SCHOOL DISTRICT | POPULAR ANNUAL FINANCIAL REPORT
THE SPRINGFIELD CITY SCHOOL DISTRICT ADMINISTRATION
Robert F. Hill, Superintendent/CEO
Nicole L. Cottrell, District Treasurer/CFO
Kristen Kettlehake, Director of Teaching, Learning and Professional Development
Michelle ‘MJ’ Jones, Executive Director of Human Capital
Heidi Shanor, Director of Elementary Education
Todd Buck, Director of Secondary Education
Jennifer Bogenrife, Director of Student Services
Ken Pack, Director of Technology
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DIVERSE COLLABORATIVE STUDENT-CENTERED CURIOUS
THE SPRINGFIELD CITY SCHOOL DISTRICT BOARD OF EDUCATION
Mrs. Joan Elder
Member
Mr. Chris Williams
Member
Mrs. Carol Dunlap
Member
Ms. Anita Biles
President
Mr. Jamie Callan
Vice President
DIVERSE COLLABORATIVE STUDENT-CENTERED CURIOUS
POPULARANNUALFINANCIALREPORT
FOR THE FISCAL YEAR ENDED
JUNE 30, 2021
1500 W Jefferson Street, Springfield, Ohio 45506 • Phone:(937) 505-2800 • www.scsdoh.org
Government Finance Officers Association
Award for Outstanding Achievement in Popular Annual Financial Reporting
Presented to
Springfield City School District
Ohio
For its Annual Financial Report for the Fiscal Year Ended
June 30, 2020
Executive Director/CEO
In 2020, the Springfield City School
District earned national recognition
for its Popular Annual Financial Report
(PAFR). We are pleased to provide this
easily read report to our community.
This report, along with the more
detailed Comprehensive Annual
Financial Report (CAFR) are on our
district website at www.scsdoh.org