1

2015-16 Budget

Debt Service

Enrollment

March 9, 2015

Mission-Focused Budgeting

All students are provided the opportunity and necessary support to engage in relevant, challenging work which contributes to their academic and social growth and developmentAll staff, teachers, and administrators are part of a larger learning community working together to build collective capacity in order to provide a high-quality, relevant, equitable education for all

2

3

Debt Service

Debt Service Philosophy

Purchase with cash whenever fiscally sound Interest cost savings Debt issuance costs avoided

Limit length of borrowings as much as possible

Review outstanding debt regularly for refunding opportunities/interest recalibration waivers

5

Building Aid

Building Aid is generated based on estimated debt service costs and/or cash expenditures from the Capital Fund. With Transfer to Capital Fund Projects, we don’t incur interest costs, so the percentage of the project that is funded by Building Aid is effectively increased.

For example, a recent capital project funded with a Transfer to Capital was approx. 83% paid for by Building Aid, although our aid ratio is approx. 69%).

Debt Service

Review of Debt Service Schedule Handout

BondsFour serial bonds outstanding

Balance of principal & interest outstanding is $24,230,184.

Outstanding bonds will be paid off between 2015-16 and 2022-23.

Debt Service ScheduleNorth Colonie Central School District

2015-16 General Fund Debt Service Schedule

Average

Voter Project Interest Actual Budget Budget Budget Budget Budget Budget Budget Budget 15-16 to 22-23

Authorization Description Rate 14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 Totals

Refunding Bonds 3.72% Prin: $915,000 $905,000 $905,000

Series "A" and "B" Int: $117,994 $83,681 $40,694

Total: $1,032,994 $988,681 $945,694

$3,055,000 Refunding Bonds 2.24% Prin: $345,000 $345,000 $340,000 $130,000 $135,000 $145,000 $145,000 $145,000

Facility Renov & LO & FF Boilers Int: $39,563 $32,663 $24,963 $19,088 $15,438 $11,238 $6,888 $2,356

Total: $384,563 $377,663 $364,963 $149,088 $150,438 $156,238 $151,888 $147,356

7/1/2004 PHASE 3 4.06% Prin: $1,725,000 $0 $0 $0 $0 $0 $0 $0 $0

Serial $32,535,000 Int: $34,500 $0 $0 $0 $0 $0 $0 $0 $0

Bond Issue (Issue $31,000,000) Total: $1,759,500 $0 $0 $0 $0 $0 $0 $0 $0

$16,905,000 Refunding Bonds 1.55% Prin: $35,000 $1,820,000 $1,870,000 $1,950,000 $2,040,000 $2,125,000 $2,225,000 $2,315,000 $2,380,000

Phase 3 Int: $538,550 $510,900 $455,550 $388,500 $308,700 $225,400 $138,400 $70,750 $23,800

2/14/2012 Total: $573,550 $2,330,900 $2,325,550 $2,338,500 $2,348,700 $2,350,400 $2,363,400 $2,385,750 $2,403,800

3/3/2008 $3.0 Million Bonded May 2011 2.09% Prin: $320,000 $335,000 $350,000 $365,000 $380,000 $395,000

$7,000,000 Int: $45,025 $39,425 $32,725 $25,725 $18,425 $9,875

Excel Projects Total: $365,025 $374,425 $382,725 $390,725 $398,425 $404,875

Principal: $3,340,000 $3,405,000 $3,465,000 $2,445,000 $2,555,000 $2,665,000 $2,370,000 $2,460,000 $2,380,000 $21,745,000

Interest: $775,632 $666,669 $553,932 $433,313 $342,563 $246,513 $145,288 $73,106 $23,800 $2,485,184

LT Debt: $4,115,632 $4,071,669 $4,018,932 $2,878,313 $2,897,563 $2,911,513 $2,515,288 $2,533,106 $2,403,800

RAN / TAN Interest: $0 $0 $0 $0 $0 $0 $0 $0 $0

Total Debt: $4,115,632 $4,071,669 $4,018,932 $2,878,313 $2,897,563 $2,911,513 $2,515,288 $2,533,106 $2,403,800

Increase/Decrease in

Debt (%) -1.116% -1.068% -1.295% -28.381% 0.669% 0.481% -13.609% 0.708% -5.105%

Debt Service - Bonds $4,115,632 $4,071,669 $4,018,932 $2,878,313 $2,897,563 $2,911,513 $2,515,288 $2,533,106 $2,403,800 $24,230,184

Debt Service - Installment Leases 125,000 $0

$0

Total Debt Service $4,364,100 $4,071,669 $4,018,932 $2,878,313 $2,897,563 $2,911,513 $2,515,288 $2,533,106 $2,403,800 $24,230,184

2015-16 Debt Service Bond Years Outstanding

Debt Service

13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 23-24

Dol

lar

Am

oun

t

School Years

Principal and Interest

Principal Interest

10

Enrollment

11

95-96 96-97 97-98 98-99 99-00 00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14 14-15 15-16 16-17 17-18250

270

290

310

330

350

370

390

Live Births Trend (Live Births) Kindergarten Enrollment Projected Enrollment

North Colonie Live Births and Kindergarten Enrollment

Enrollment, Then & Now

Grades K-6 Grades 7-8 Grades 9-12

Total

2008-09 2,642 968 2,038 5,648

2014-15 2,572 843 1,965 5,380

Difference -70 -125 -73 -268

Live Births, 5-year Averages1988-2012

1988-1992: 366

1993-1997: 320

1998-2002: 295

2003-2007: 292

2008-2012: 280

14

2000-01

2001-02

2002-03

2003-04

2004-05

2005-06

2006-07

2007-08

2008-09

2009-10

2010-11

2011-12

2012-13

2013-14

2014-15

2015-16

2016-17

2017-18

2018-19

2019-20

2020-21

2021-22

2022-23

2023-24

2024-25

5150

5250

5350

5450

5550

5650

Actual Enrollment Trend (Past) Projected Enrollment Trend (Future)

North Colonie Enrollment History and Projections

Enrollment By Level

13-14Actual

14-15Projected

14-15Actual

Difference between

projected & actual

Elementary 2,505 2,505 2,572 67

Junior High 878 838 843 5

Senior High 1,963 1,950 1,965 15

Total 5,346 5,293 5,380 87

Enrollment By Elementary School

13-14Actual

14-15Projected

14-15Actual

Difference between

projected & actual

Blue Creek485 478 481 3

Boght Hills448 458 487 29

Forts Ferry457 469 459 -10

Latham Ridge410 405 457 52

Loudonville292 296 296 0

Southgate413 399 392 -7

Total2,505 2,505 2,572 67

Enrollment By Elementary Grade

13-14Actual

14-15Projected

14-15Actual

Difference between

projected & actual

K257 284 297 13

1 315 303 342 39

2 362 334 346 12

3 372 376 369 -7

4 394 383 390 7

5 411 406 407 1

6 394 419 421 2

Total 2,505 2,505 2,572 67

Five Year Projections

Grades K-6 Grades 7-8 Grades 9-12

Total

2014-15 2,572 843 1,965 5,380

2019-20 2,619 840 1,950 5,409

Total 47 -3 -15 29

19

Long Term Enrollment Factors

Full Day KindergartenNew ConstructionOne Year vs. New Trend

20

21

What’s next?

Budget committee current schedule: March 2: Preliminary Budget OverviewMarch 5: Maintenance & Interfund TransfersMarch 9: Debt service, Enrollment

March 16: Equipment, Technology, Revenue, Fund Balance

March 19: (*Shaker High School Media Center) New programs and initiatives, including Full Day Kindergarten and ENL, Summer Curriculum

March 26: Staffing Changes, Contingency Budget

March 30: Voting by Board of Education