STUDENT GOALS

2014-15 Annual Meeting Report to Stakeholders

CORE COMPETENCIESWhat we believe to be important:

Exemplary Teaching & Learning

Continuous Improvement

Highly Effective Personnel

Sound Stewardship of Resources

Meaningfully Engaged(Growing)

College & Career Ready(Succeeding)

What we want for all students:

In order to positively impact...

Academically Literate(Learning)

Academic Literacyn Student performance on state assessments place MNS

in the upper third among Waukesha County districts n Students annually demonstrate at least

one year’s growth in reading

Meaningful Engagementn Student engagement levels are above median benchmark districts

College and Career Readiness n Student performance on the ACT place MNS in the

upper third among Waukesha County districtsn Students enroll in an educational program post-high school

n Students meet “Pathway” indicators of college and career readiness

In order to achieve...

Exemplary Teaching & Learningn Increase reading achievement and

growth for all students

Highly Effective Personneln Integrate staff effectiveness models to

enhance proficiency across our system

Continuous Improvement n Expand personalized learning system-wide

in order to maximize the potential of allstudents being college and career ready

Sound Stewardship of Resourcesn Deploy innovative solutions to wellness,

compensation, and facility needs

KEY PERFORMANCEOBJECTIVES

What we want for all students:

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Table of Contents

2014-15 Board & Administration Contacts.............................................................. 2

Annual Meeting Agenda........................................................................................... 3

Strategic Plan.............................................................................................................. 6

Treasurer’s Report In Review 2013-14 .................................................................... 8

Clerk’s Report 2014-15 Budget Summary ............................................................... 8

Enrollment Data......................................................................................................... 9

Understanding the Revenue Cap............................................................................. 10

Financial Highlights................................................................................................... 11

2014-15 General Fund Revenue .............................................................................. 12

2014-15 General Fund Expenditures....................................................................... 13

Fund Balance............................................................................................................. 14

What Would the Budget Look Like if it Were $100?.............................................. 15

Net Property Taxes Paid by the Average Homeowner ........................................ 16

Debt Information....................................................................................................... 17

2014-15 Budget Adoption......................................................................................... 18

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2014-15 Board and Administration Contacts

Muskego-Norway School DistrictAnnual Meeting

Monday, October 27, 20147:00 p.m.

Muskego High School—Performing Arts CenterW183 S8750 Racine Avenue, Muskego, WI

School Board

Rick Petfalski President Term Expires 2016Eric Schroeder Vice President Term Expires 2015Brett Hyde Clerk Term Expires 2016Lisa Warwick Treasurer Term Expires 2015Dean Strom Member Term Expires 2015Robert Bohmann Member Term Expires 2017Christopher Buckmaster Member Term Expires 2017

ESC Administration

Dr. Kelly Thompson SuperintendentGary Goelz Assistant Superintendent of

Continuous ImprovementJulie Kelly Assistant Superintendent of

Business, Operations and Human Resources

ESC administrators may be contacted at (262) 971-1800

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THE FIFTY-FIFTH ANNUAL MEETING

MUSKEGO-NORWAY SCHOOL DISTRICT

ANNUAL MEETING AGENDA MONDAY, October 27, 2014

7:00 p.m.

Muskego High School—Performing Arts CenterW183 S8750 Racine Avenue, Muskego, WI

The purpose of this extended agenda is to assist the School Board, the administration, and the residentsof the school district in completing the business of the Annual Meeting.

1. CALL TO ORDER

School Board President Rick Petfalski will call the meeting to order.

This is the 55th Annual Meeting of the Muskego-Norway School District. The formal budget hearingis a part of this Annual Meeting as required by Wisconsin Statute 65.90(4).

The qualifications for voting at the Annual Meeting as established by Wisconsin Statutes include thefollowing:

A. A citizen of the United States, eighteen years of age or older;

B. A resident of the school district for at least ten days before any election. (Wisconsin Statutes,Section 6.04)

Introduction of school board members

2. ELECTION/APPOINTMENT

A. ELECTION OF MEETING CHAIRPERSON

Call for Nominations

I ___________________,(name),__________________(address), nominate ________________to serve as chairperson. A second is in order.

B. APPOINTMENT OF PARLIAMENTARIAN

The chairperson may appoint a parliamentarian.

3. PRESIDENT’S REPORT Mr. Rick Petfalski

4. SUPERINTENDENT’S REPORT Dr. Kelly Thompson

5. TREASURER’S REPORT Mrs. Lisa Warwick

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6. NEW BUSINESS

A. ANNUAL BUDGET HEARING Ms. Julie Kelly

The administration will provide an overview of the proposed budget for the 2014-15 school year.

Following the presentation, residents are invited to comment on the budget and raise questions.Residents are requested to state their name and address prior to speaking.

B. CLERK’S REPORT Mr. Brett Hyde

C. ESTABLISHMENT OF CAPITAL EXPANSION FUND 41

A motion to vote a tax in the amount of $400,000 for the Capital Expansion Fund for the purposeof financing capital expenditures at various district buildings and sites.

NOW, THEREFORE, BE IT RESOLVED by the electors of the Muskego-Norway School District,Waukesha and Racine Counties, Wisconsin, that a tax be levied in the amount of $400,000 tocreate a capital expansion fund for the purpose of financing capital expenditures at variousDistrict buildings and sites.

D. APPROVAL OF TAX LEVY

Following the discussions of the public hearing, a call for adoption of the levy is made. Thefollowing motions would be in order:

BE IT RESOLVED that a tax for General District Operations in the amount of $28,853,516,Debt Service in the amount of $3,105,023, Capital Expansion in the amount of $400,000and for Community Service in the amount of $95,000, for a Total Combined Amount of$32,453,539 be levied on all property, real and personal, which is taxable under State TaxLaws, within the Muskego-Norway School District for the purpose of financing theoperations of the public schools of the school district for the year 2014-15 pursuant to thebudget for this year as presented to the Annual Meeting.

(Vote by voice vote, standing count, or written ballot if requested)

E. BOARD SALARIES

It is up to the citizens voting at the Annual Meeting to determine what the board salaries willbe for the 2014-15 school year. Currently the board members receive a salary of $4,279 peryear, and the President receives $4,636 per year.

A motion is in order that the electors of the Muskego-Norway School District set the schoolboard members’ salaries at ______________ for the 2014-15 school year.

F. PAYMENT OF ACTUAL AND NECESSARY EXPENSES

It is also up to the citizens voting at the Annual Meeting to authorize the payment of actual andnecessary expenses of school board members when traveling outside the district.

A motion is in order that the electors of the Muskego-Norway School District authorize thepayment of actual and necessary expenses of school board members when traveling outsidethe school district in performance of their actual duties.

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G. 2015 ANNUAL MEETING DATE AND TIME

An additional responsibility of the citizens voting at the Annual Meeting is to authorize theestablishment of the date and time for the next Annual Meeting.

A motion is in order that the electors of the Muskego-Norway School District authorize theSchool Board to establish the date and time of the next Annual Meeting; such meeting tobe held between the period of May 15, 2015 and October 31, 2015, with appropriateadvance notification to electors, in accordance with Wisconsin Statute 120.08.

H. OTHER BUSINESS

(1) Disposal of Surplus EquipmentBoard policy 690 and procedure 690(P), Disposal of Assets, directs the disposal of obsoleteequipment.

A motion is in order that the electors of the Muskego-Norway School District authorize thedisposal of equipment per board policy.

7. ADJOURN

A motion is in order that the electors of the Muskego-Norway School District adjourn theAnnual Meeting of 2014.

TAX LEVY INFORMATION

The Annual Meeting has the power to consider and vote a tax for the purposes set forth inWisconsin Statutes 120.10. If the Annual Meeting does not vote a tax sufficient to operate andmaintain the schools for the ensuing year, the school board has a statutory duty to determineand levy the amount of tax necessary for such purposes.

On or before November 1, the school board shall approve a tax levy necessary to operate andmaintain the schools of the school district.

On or before November 6, the school district clerk shall certify the tax levy to each appropriatemunicipal clerk, who shall assess the amount certified and enter it on the tax rolls as otherschool district taxes are assessed and entered.

VOTER CHALLENGE

If a person is challenged as to his/her qualifications to vote, the chairperson shall state theabove qualifications necessary to vote to the challenged person. If such challenged persondeclares he/she is eligible to vote and the challenge is not withdrawn, the chairperson shalladminister the following oath and affirmation to the challenged person:

“You do solemnly swear (or affirm) that you are an actual resident of this school district andthat you are qualified, according to law, to vote at this meeting.”

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Our MissionEvery student learning, growing… succeeding.

Our VisionThe Muskego-Norway SchoolDistrict is the district of choice in Southeastern Wisconsin forstudents, parents, and staff.

Our Beacons –We Value1. A high-achieving student

learning environment2. An environment that attracts,

develops, and retains high-impact staff

3. A district worthy of strongcommunity support

4. System-wide continuousimprovement and mission/vision achievement

5. Long-term financialsustainability and resourcestewardship

SUPERINTENDENT MESSAGEMuskego-Norway Schools is a place where we love what we do, believethat it matters and strive to make a difference for those we serve. We

bring our mission of “Every student learning, growing…succeeding” to life each andevery day across the system through the efforts of many hard working, engaged staffthat cultivate a learning environment that personalizes, nurtures, and holds studentsto rigorous expectations. Students 4K–12th grade engage in relevant learningexperiences that stretch their capacity, build their confidence and help them realizetheir dreams and aspirations.

We are a system committed to ensuring:A high-achieving student learning environment An environment that attracts, develops, and retains high-impact staffA district worthy of strong community supportA system-wide continuous improvement focus Long-term financial sustainability and resource stewardship

What sets our district apart from others is the unique aspect of the constant andpositive involvement of our parents, school board, and community stakeholders. Their involvement coupled with a dynamic staff across all workforce sectors provides a recipe for success for all of the students in Muskego-Norway. Together, we will reachour vision of being the district of choice.

Wishing all a wonderful 2014-15 school year,

Kelly Thompson,

2 0 1 4 – 2 0 1 5 S T R A T E G I C P L A N

CORE COMPETENCIESWhat we believe to be important:

Exemplary Teaching & Learning

Continuous Improvement

Highly Effective Personnel

Sound Stewardship of Resources

Meaningfully Engaged(Growing)

College & Career Ready(Succeeding)

STUDENT GOALSWhat we want

for all students:

In order to positively impact...

Academically Literate(Learning)

Ph.D.

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Safe and Efficient Facilities$3.6 million in energy savings since 2006100% of buildings are equipped with safe and secure entrances29,000 hours of annual community use of facilitiesStrong utilization of local businesses,contractors, and vendors

Exemplary Educational ProgrammingDoubled K-8 Summer School Participation(740 students served)Project Lead the Way (PLTW) Pre-EngineeringCourses25 Advanced Placement (AP) CoursesBusiness, Marketing, and InformationTechnology (BMIT) coursesTranscripted Credits (High School and CollegeCredits)1:1 Chromebook Initiative – Secondary LevelAVID - Advancement Via IndividualDetermination for College ReadinessYouth ApprenticeshipsProject-Based Learning – Project i

High-Performing StudentsAttendance rate district-wide over 96% 97% graduation rate 656 Advanced Placement tests administered,up 66% from four years prior (395 tests)Highest percentage of students (77%) tookthe ACT, with an average composite of 23.8(22.9 in 2013)98% of Kindergarten students met statereading benchmarks2014 Presidential Scholar State Championships in Soccer, Boys Track,Forensics, and Gymnastics Sportsmanship Awards to Baseball, Boys/Girls Basketball, Boys Golf, and Girls TennisMuskego High School Wind Ensembleselected to perform at the 2014 WisconsinState Music ConferenceLake Denoon Choir selected to perform at theWisconsin Choral Directors conventionFirst Place Awards in Science EducationPartnership Award (SEPA) and at the BadgerState Science and Engineering Fair

“District Exceeds Expectation” by the WIDepartment of Public Instruction“Significantly Exceeds Expectations” toMuskego High School and LakeviewElementary by DPI “AP Honor Roll” by the College Board

“National Blue Ribbon Award” to CountryMeadows Elementary by the US Department of EdOne of the “Most Challenging High Schools” by The Washington Post“Title I High-Achieving School” to LakeviewElementary by DPI

RECOGNITIONS

ACCOLADES

STUDENT GOALSAcademic Literacy� Student performance on state assessmentsplace MNS in the upper third amongWaukesha County districts

� Students annually demonstrate at leastone year’s growth in reading

Meaningful Engagement� Student engagement levels are abovemedian benchmark districts

College and Career Readiness � Student performance on the ACT placeMNS in the upper third among WaukeshaCounty districts

� Students enroll in an educational programpost-high school

� Students meet “Pathway” indicators ofcollege and career readiness

In order to achieve...

KEY PERFORMANCEOBJECTIVESExemplary Teaching & Learning� Increase reading achievement and growthfor all students

Highly Effective Personnel� Integrate staff effectiveness models toenhance proficiency across our system

Continuous Improvement � Expand personalized learning system-widein order to maximize the potential of allstudents being college and career ready

Sound Stewardship of Resources� Deploy innovative solutions to wellness,compensation, and facility needs

Every student learning,growing… succeeding.

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Treasurer’s Report2013-14 In Review

On July 1, 2013, the district’s general fund balance was $18,317,717.84. Total unaudited general fundrevenues for 2013-14 are $51,605,502.37, while total unaudited general fund expenditures are$51,133,595.02. On June 30, 2014, the unaudited year-end general fund balance is $18,789,625.19. Thefund balance represents 36.75% of expenditures and positively reflects the board’s ongoing commitmentto maintain a healthy fund balance. This will preclude the district from needing to short-term cash flowborrow for 2014-15.

Clerk’s Report2014-15 Budget Summary

For 2014-15 budgeted general fund revenues are $55,237,799 and budgeted general fund expendituresare $55,237,799, representing a balanced budget.

The tax levy projection based on the proposed budget is as follows:

General Fund (10) $ 28,853,516

Debt Service Fund (38) $ 108,502

Debt Service Fund (39) $ 2,996,521

Capital Projects Fund (41) $ 400,000

Community Service Fund (80) $ 95,000

Total Property Tax Levy $ 32,453,539

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Enrollment Data

A school district’s enrollment is one of the driving factors when determining how much revenue a districtwill receive and how much of that revenue will come from the state. Every year the district must analyzethe student population trends in order to determine what the enrollment count will be for the upcomingschool year. This year, the district experienced a slight decline in the number of resident enrollmentstudents attending Muskego-Norway Schools as seen in the chart below. The decline the district isexperiencing is mainly due to less students overall in the district.

Muskego-Norway is a district of choice for many students. This year, we are anticipating that 160 studentsacross the district will choose to come to Muskego-Norway through open enrollment, instead of attendingtheir resident district. The board determines the number of seats available based on class sizes and thedistrict’s ability to increase enrollment without increasing cost to the district. These seats bring in additionalrevenue to the district. Below is a graph that shows the open enrollment history over the past 6 years.

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Understanding the Revenue Cap

Wisconsin Act 16 implemented revenue limits beginning with the 1993-94 school year. A district's revenuelimit is the maximum amount of revenue it may raise through state general aid and property tax for theGeneral, Non- Referendum Debt (authorized after August 12, 1993), and Capital Expansion Funds, alsoreferred to as Funds 10, 38, and 41 respectively. (Prior to 01-02, the Community Service Fund levy wasincluded in the revenue limit.) Until 2011, there were modest increases made to the revenue limit formulaeach year. These increases were tied to the inflation rate. However, in 2011 for the first time since therevenue limit was enacted, the state mandated a decrease. For us that amounted to a revenue cut ofalmost $4,000,000, about 7.5%. In 2012, a modest revenue limit increase of $50 per student was reinstatedand in 2013 and again in 2014, the district received a revenue limit increase of $75 per student.

State Aid and Tax Levy History

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Financial Highlights��• Moody’s Bond Rating of Aa2.

• The total balance in OPEB trust fund is $1,124,006.53.

• In 2013-14, the Board approved a resolution to establish a 403(b) district matching contributionprogram for all newly hired employees. The matching program will eliminate health insuranceretirement benefits for staff hired after July 1, 2013, thus eliminating post-employment retirementliability for the district for all employees hired after July 1, 2013.

• Muskego-Norway’s estimated tax levy change is a .50% decrease. Below is a chart showing our levychange compared to other districts in Waukesha County and the surrounding area.

• The Muskego-Norway School Board levies $95,000 in the Community Service fund on an annualbasis. The funds received are used to support the community use of district-wide facilities, includingthe use and rental of the Muskego High School Performing Arts Center. The funds are also used tosupport community swim programs such as open swim and club participation.

The funds received are u

The funds are also used to support community swim programs such as open swim and club participation.

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2014-15 General Fund Revenue

Revenues by Source 2014-15 Budget % of Total Budget

%42.25 615,358,82$ sexaT ytreporP

%32.53 336,854,91$ diA noitazilauqE

%29.1 006,160,1 $ tnemllornE nepO

Other Local Sources

%38.4 736,866,2 $ diA etatS rehtO

%49.2 810,526,1 $ secruoS laredeF

%08.1 696,399 $ rehtO

Totals $55,237,799 100%

$ 576,699 1.04%

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2014-15 General Fund Expenditures

Expenditure by Object 2014-15 Budget % of Total Budget

%70.35 176,613,92$ seiralaS %72.22 649,892,21$ stifeneB %91.61 247,149,8 $ secivreS lanosreP

%16.5 712,101,3 $ latipaC-noN %19.0 905,405 $ latipaC

Debt Retirement - General Fund %58.0 612,174 $ ecnarusnI

%02.0 488,701 $ suoenallecsiM

Totals $55,237,799 100%

$ 495,614 0.90%

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Fund Balance

History of the school district’s fund balance is presented below. Board policy 662.3, District Fund Balance,was updated on September 13, 2010 to reflect the board’s desire to retain a fund balance level thatprecludes cash flow borrowing, yet provides flexibility to spend some fund balance toward needsapproved by the board. In order to provide property tax relief due to the change in state aid law, thatoccurred in 2009, the school board opted to spend up to $925,000 from fund balance each year until2012-2013. Additionally, in May 2011 the board approved spending additional fund balance to pay offprevious WRS debt early and save $700,000 in interest expense.

Past Fund Balance Uses• In 2013-14 $90,000 designated for post employment benefit reinvestment• In 2013-14 $306,198 designated for reinvestment in facility capital improvements, including safe and

secure entrances.• For 2012-2013, $1.5M of Fund 10 fund balance was used to pay for facility capital improvements.• For 2011-2012, $1.2M of Fund 10 fund balance will be used to pay off WRS debt saving $700,000 in

interest.• For years 2009-2010 through 2012-2013 up to $925,000 in Fund 10 fund balance will be used for

Fund 30 property tax relief.• $721,160 of the Fund 10 fund balance is reserved for yearly contributions of about $85,000 per year

to the Fund 73 OPEB trust.• In 2008-2009, Fund 10 fund balance was used for roofing projects and land purchase.

There are no planned uses of fund balance for 2014-15

Fund 10 (General Fund) Fund Balance History

2014-15 (est.) 18,789,625 18,789,625 52,171,179 36.01% 2013-2014 (unaudited) 18,317,718 18,789,625 51,133,595 36.75% 2012-2013 18,794,746 18,317,718 51,353,415 35.67% 2011-2012 18,146,316 18,794,746 51,851,984 36.25% 2010-2011 18,712,491 18,146,316 53,418,934 33.97% 2009-2010 17,761,918 17,695,409 52,186,482 33.91% 2008-2009 18,486,370 17,761,918 51,632,118 34.40% 2007-2008 17,552,268 18,486,370 49,082,549 37.66% 2006-2007 14,831,331 17,552,268 47,123,315 37.25% 2005-2006 15,268,839 14,831,331 46,766,242 31.71% 2004-2005 14,640,442 15,268,839 43,729,549 34.92% 2003-2004 14,958,385 14,640,442 42,728,942 34.26% 2002-2003 15,042,902 14,958,385 40,658,774 36.79% 2001-2002 13,713,595 15,042,902 39,690,620 37.90% 2000-2001 12,116,359 13,713,595 35,882,880 38.22% 1999-2000 11,487,251 12,116,359 33,792,349 35.86% 1998-1999 9,637,794 11,487,251 31,642,800 36.30% 1997-1998 7,382,481 9,637,794 29,725,986 32.42% 1996-1997 5,930,604 7,382,481 28,264,662 26.12% 1995-1996 4,690,854 5,930,604 26,759,942 22.16% 1994-1995 3,919,429 4,690,854 25,378,890 18.48%

Year Beginning Balance Ending Balance Fund 10 Budget % of Expenditures

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What Would the Budget Look Like if it Were $100?

2013-14 2014-1536.81$86.02$sloohcS yratnemelE51.41$09.51$srehcaeT12.1$80.1$sediA44.0$66.0$lacirelC

Supplies, Materials, Equipment, Workbooks, 76.0$66.0$secivreS4K Provider 49.0$11.1$stcartnoC

22.1$72.1$slapicnirP00.41$11.41$sloohcS elddiM60.11$66.11$srehcaeT44.0$23.0$sediA13.0$42.0$lacirelC

Supplies, Materials, Equipment, Workbooks, 38.0$47.0$secivreS88.0$49.0$slapicnirP

Co- 84.0$12.0$ralucirruC22.81$52.81$loohcS hgiH07.31$45.41$srehcaeT26.0$13.0$sediA85.0$26.0$lacirelC

Supplies, Materials, Equipment, Workbooks, 78.0$18.0$secivreS21.1$59.0$slapicnirP

Co- 43.1$20.1$ralucirruC85.31$84.31$secivreS tnedutS & noitacudE laicepS43.7$22.8$srehcaeT50.1$04.1$sediA

Health Services $0.02 $0.2002.0$21.0$lacirelC

Professional Services, Supplies, Materials, 89.1$16.0$tnempiuqE and Pupil Services (Guidance, Psych, Social Workers) $3.11 $2.81

39.7$58.4$gninraeL dna gnihcaeTProfessional Services, Supplies, Materials, 89.1$57.0$tnempiuqEProfessional Development & 63.0$24.0$tnemesrubmieRTechnology Infrastructure and Related 67.3$55.1$troppuSLibrary, Media Center, Books and Materials & 71.1$10.1$ffatS

and Related 66.0$21.1$troppuS88.62$87.72$secivreS lartneC

Buildings and Grounds Staff $4.87 $4.72Building Maintenance Upkeep and Repair $4.48 $2.80

09.1$88.1$seitilitUPupil 74.3$86.3$noitatropsnarT

18.0$08.0$lacirelCProfessional Services, Supplies, Materials, 25.0$35.0$tnempiuqE

36.0$75.0$noitartsinimdAFixed Costs (Insurance, Audit, 30.3$02.2$).cte

Employee (OPEB 65.3$80.3$)snoitagilbODebt 54.5$96.5$stnemyaP

67.0$58.0$noitartsinimdA lareneG ,tnednetnirepuS ,ecnanrevoGSuperintendent & School Board Services, Materials $0.44 $0.44

41.0$51.0$lacirelCLegal 21.0$31.0$secivreSPublic Legal 60.0$41.0$secitoN

Expenditure Category

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Net Property Taxes Paid by the Average Homeowner

The District’s Beacons (or values) are to promote high-achieving student learning environments, createan environment that attracts, develops and retains high-impact staff, continue to be a district worthy ofstrong community support, maintain system-wide continuous improvement and ensure long-termfinancial sustainability and resource stewardship in order to become the district of choice in southeasternWisconsin.

Because of the complicated nature of tax levy, tax rate and tax levy credit the most accurate way toanalyze local school taxes is to view the actual property taxes on a single property address over a numberof years. Below is one such example using a property in Muskego assessed at the average assessed valueof $268,500 in 2014. Since 2004, the average taxpayer in Muskego has seen school taxes remain below2004 values, which was right around the time the high school was completed. At the same time, assessedvalue on this same property has grown.

e

s

Below is

o

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Debt Information

Total Referendum Debt Levy By Year

High School Debt Summary Original Loan Amount $36,615,000

Principal Remaining Tax Levy Less Fund 10 Transfer Net Actual Levy Net Levy Rate 2008-2009 $ 28,745,000 $ 3,516,399 $ - $ 3,516,399 $ 1.13 2009-2010 $ 26,320,000 $ 3,703,700 $ 925,000 $ 2,778,700 $ 0.90 2010-2011 $ 23,955,000 $ 3,477,473 $ 925,000 $ 2,552,473 $ 0.82 2011-2012 $ 21,290,000 $ 3,475,829 $ 925,000 $ 2,550,829 $ 0.82 2012-2013 $ 18,525,000 $ 3,460,848 $ 1,218,225 $ 2,242,623 $ 0.72 2013-2014 $ 16,255,000 $ 2,004,841 $ - $ 2,004,841 $ 0.65 2014-2015 $ 14,595,000 $ 1,996,901 $ - $ 1,996,901 $ 0.64 2015-2016 $ 12,895,000 $ 1,991,451 $ - $ 1,991,451 $ 0.64 2016-2017 $ 11,145,000 $ 2,277,246 $ - $ 2,277,246 $ 0.73 2017-2018 $ 9,065,000 $ 2,278,421 $ - $ 2,278,421 $ 0.73 2018-2019 $ 6,955,000 $ 2,996,108 $ - $ 2,996,108 $ 0.97 2019-2020 $ 4,090,000 $ 2,995,540 $ - $ 2,995,540 $ 0.97 2020-2021 $ 1,160,000 $ 1,170,730 $ - $ 1,170,730 $ 0.38 Average of remaining life as of 2014-15 $ 2,243,771 $ 2,243,771 $ 0.72

Lake Denoon Debt Summary Original Loan Amount $12,700,000

Principal Remaining Net Actual Levy Net Levy Rate 2008-2009 $ 7,835,000 $ 982,760.01 $ 0.32 2009-2010 $ 7,145,000 $ 992,966.26 $ 0.32 2010-2011 $ 6,420,000 $ 982,846.46 $ 0.32 2011-2012 $ 5,670,000 $ 950,807.75 $ 0.32 2012-2013 $ 4,820,000 $ 810,320.00 $ 0.26 2013-2014 $ 6,765,000 $ 991,378.50 $ 0.33 2014-2015 $ 3,345,000 $ 999,621.50 $ 0.34 2015-2016 $ 2,395,000 $ 1,006,703.00 $ 0.34 2016-2017 $ 1,420,000 $ 726,668.00 $ 0.24 2017-2018 $ 715,000 $ 726,798.00 $ 0.24 Average of remaining life as of 2014-15 $ 864,948 $ 0.29

Total Referendum Debt Levy By Year

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2014-15 Budget Adoption

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2014-15 Budget Adoption (continued)

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2014-15 Budget Adoption (continued)