Spartanburg County School District Six, SC

Transcription

1 Spartanburg County School District Six, SC 1 Spartanburg County School District Six, South Carolina, General Obligation Bond Anticipation Note, Series 2017, $25,000,000, Dated: September 28, Spartanburg County School District Six, South Carolina, General Obligation Bonds, Series 2017, $11,500,000, Dated: September 13, Spartanburg County School District Six, South Carolina, General Obligation Bonds, Series 2016, $11,500,000, Dated: September 22, Spartanburg County School District Six, South Carolina, General Obligation Bonds, Series 2015, $11,000,000, Dated: September 1, 2015 Five Year Summary of General Fund Operations Ending June 30, REVENUES Local $26,458,178 $28,050,243 $29,356,035 $30,523,412 $30,835,380 State 45,877,922 47,701,725 51,139,443 53,218,823 57,437,099 Intergovernmental 625, , , , ,811 TOTAL REVENUES $72,961,622 $76,338,105 $81,068,957 $84,490,430 $89,103,290 EXPENDITURES Instruction $46,347,358 $46,953,657 $50,124,152 $51,298,774 $54,411,317 Supporting Services 28,205,221 30,543,231 30,927,623 32,652,191 35,281,022 Debt Service Intergovernmental 971, ,415 1,010,262 1,026,093 1,039,471 TOTAL EXPENDITURES $75,524,295 $78,493,303 $82,062,037 $84,977,058 $90,731,810 REVENUES OVER (UNDER) EXPENDITURES (2,562,673) (2,155,198) (993,080) (486,628) (1,628,520) OTHER FINANCING SOURCES (USES) Transfers From Other Funds 2,492,616 2,191,606 2,096,374 2,433,190 3,146,089 Transfer to Other Funds (451,472) (969,369) (1,027,479) (1,853,067) (1,490,855) TOTAL OTHER FINANCING SOURCES 2,041,144 1,222,237 1,068, ,123 1,655,234 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURE AND OTHER USES (521,529) (932,961) 75,815 93,495 26,714 FUND BALANCE Beginning of Year $11,844,577 $11,323,048 $10,390,087 $10,465,902 $10,559,397 FUND BALANCE End of Year $11,323,048 $10,390,087 $10,465,902 $10,559,397 $10,586,111 Information concerning the Issuer's budget for the fiscal year in which the Annual Report is issued Ending June 30, Revenues 2018 Local Sources $30,315,134 County Sources 771,412 State Sources 60,427,607 Total Revenues 91,514,153 Expenditures Instructional 57,177,011 Supporting Services 35,252,467 Debt Service 0 Total Expenditures 92,429,478 Excess (Deficit) of Revenues Over Expenses (915,325) Other Financing Sources (Uses) Transfer In 3,298,192 Transfer Out (2,382,867) Excess of Revenues and Other Financing Sources (Uses) Over Expenditures $0

2 Revenues For the previous four fiscal years and for the fiscal year in which the Annual Report is issued Education Finance Act Amount ,480, ,834, ,050, ,531, (Estimate) 28,518,366 Education Improvement Act (EIA) Amount ,331, ,470, ,323, ,174, ,267, (Estimate) 4,103,072 Revenues From Ad Valorem Taxes Local General Fund ,450, ,676, ,646, ,197, (Estimate) 27,779,800 County-Wide General Fund ,260, ,303, ,532, ,577, (Estimate) 2,507,811 Revenues from Federal Sources Special Revenues ,462, ,051, ,644, ,408, (Estimate) 11,351,933

3 Millage History (previous four fiscal years and the fiscal year in which the Annual Report is provided) Year Operations Debt Service Total (Estimate) Tax Collections for the five previous fiscal years School District Collections Current % of Current Delinquent Total % of Total Tax Year Taxes Levied Collections Taxes Collected Taxes Collections Taxes Collected ,059,915 43,884, % 1,232,400 45,116, % ,836,363 44,493, % 1,753,552 46,246, % ,046,389 47,496, % 1,296,094 48,792, % ,031,613 47,389, % 1,456,462 48,846, % 2017 Ten Largest Taxpayers Ending June 30, 2017 Type of Business / Assessed Taxpayer Product Valuation % of Total Assessed Value Taxes Paid during 2017 Michelin North America Radial Truck Tires $7,192, % $2,566,684 Spartanburg DC Inc. Clothing 5,388, % 1,945,886 Duke Energy Corp. Utilities 3,203, % 1,143,025 Yeomans Charles L II ETAL Energy 2,953, % 1,262,510 BMW Manufacturing Automotive 2,594, % NA Transcontinental Gas Pipeline Utilities 2,509, % 887,403 Spartanburg Automotive Inc. Automotive 2,128, % 714,663 Tietex International LTD Non-woven materials 1,995, % 682,166 Milliken & Company Inc. Textiles 1,841, % 717,422 BellSouth Telecommunications Telecommunications 1,119, % 407,

4 Assessed Value (five previous tax years and, if available, an estimate for the tax year in which the Annual Report is issued) Fee-in-Lieu Total Taxable Tax Year Real Property Personal SCTC Manufacturing Vehicles of Taxes Property ,519,970 1,958,300 10,258,440 38,047,682 22,938,076 15,426, ,148, ,294,547 1,749,360 9,743,660 37,841,346 25,183,587 14,943, ,755, ,541,006 1,846,160 10,707,980 38,420,244 26,820,842 16,852, ,188, ,299,564 1,854,474 10,789,240 37,485,261 27,756,183 14,831, ,015, (Estimate) FY 2017 Classification of Property Assessed Value Market Value Real Property $174,563,284 $4,034,157,025 Mobile Homes 1,736,280 39,538,400 Motor Vehicles 27,756, ,603,050 Public Utilities 11,914, ,471,267 Manufacturing Property 24,232, ,788,000 Marine Equipment 667,534 6,357,467 SCTC (Business Personal) 10,789, ,754,667 Furniture 1,101,590 10,491,333 Airplanes 85,350 2,133,750 Transportation 1,338,038 14,084,611 Subtotal 254,184,722 5,016,379,570 Merchant's Inventory 4,793,050 45,648,095 Fee-in-Lieu-of-Taxes 14,831, ,186,067 Total $273,808,936 $5,309,213,732 Estimated True Value of Taxable Real and Personal Property in the School District Ending June 30, 2017 See page 98 of the CAFR Legal Debt Limit of the School District As of June 30, 2017 Assessed Value $269,015,886 Constitutional Debt Limit 21,521,271 Outstanding Debt Subject to Limit 12,855,000 Amount on Deposit in Debt Service Funds (3,159,809) Legal Debt Available Without a Referendum $11,826,080

5 Outstanding Indebtedness including long term lease obligations As of June 30, 2017 Date of Final Original Date of issue Maturity Amount Issued Interest Rates Balance 9/8/2016 4/1/2019 $11,500, % $9,500,000 8/20/2015 4/1/2018 $11,000, % $3,355,000 8/20/2014 4/1/ ,000, % 0 TOTAL Composite Debt Service Total General Year Principal Interest Obligation Bonds ,985, ,000 12,944, ,390, ,500 9,008, ,980, ,000 4,179,000 TOTAL Series 2017 BAN Any Annual Financial Information containing modified operating data or financial information is required to explain, in narrative form, the reasons for the modification and the impact of the change in the type of operating data or financial information being provided Ending June 30, 2017 NA