Spartanburg County School District Six, SC

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, 2017 2 Spartanburg County School District Six, South Carolina, General Obligation Bonds, Series 2017, $11,500,000, Dated: September 13, 2017 3 Spartanburg County School District Six, South Carolina, General Obligation Bonds, Series 2016, $11,500,000, Dated: September 22, 2016 4 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, 2013 2014 2015 2016 2017 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 625,522 586,137 573,479 748,195 830,811 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 971,716 996,415 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 1,068,895 580,123 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

Revenues For the previous four fiscal years and for the fiscal year in which the Annual Report is issued Education Finance Act Amount 2014 21,480,476 2015 23,834,570 2016 25,050,442 2017 27,531,312 2018 (Estimate) 28,518,366 Education Improvement Act (EIA) Amount 2013 8,331,855 2014 8,470,459 2015 5,323,520 2016 6,174,724 2017 7,267,521 2018 (Estimate) 4,103,072 Revenues From Ad Valorem Taxes Local General Fund 2014 25,450,039 2015 26,676,193 2016 27,646,178 2017 28,197,395 2018 (Estimate) 27,779,800 County-Wide General Fund 2014 2,260,745 2015 2,303,576 2016 2,532,204 2017 2,577,334 2018 (Estimate) 2,507,811 Revenues from Federal Sources Special Revenues 2014 9,462,600 2015 9,051,920 2016 10,644,901 2017 11,408,619 2018 (Estimate) 11,351,933

Millage History (previous four fiscal years and the fiscal year in which the Annual Report is provided) Year Operations Debt Service Total 2014 150.1 41.2 191.3 2015 152.2 43.2 195.4 2016 155.1 48.0 203.1 2017 156.7 48.0 204.7 2018 (Estimate) 160.2 48.0 208.2 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 2013 46,059,915 43,884,509 95.3% 1,232,400 45,116,909 98.0% 2014 47,836,363 44,493,121 93.0% 1,753,552 46,246,673 96.7% 2015 51,046,389 47,496,160 93.0% 1,296,094 48,792,254 95.6% 2016 52,031,613 47,389,541 91.1% 1,456,462 48,846,003 93.9% 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 $7,192,780 2.7% $2,566,684 Spartanburg DC Inc. Clothing 5,388,773 2.0% 1,945,886 Duke Energy Corp. Utilities 3,203,800 1.2% 1,143,025 Yeomans Charles L II ETAL Energy 2,953,240 1.1% 1,262,510 BMW Manufacturing Automotive 2,594,486 1.0% NA Transcontinental Gas Pipeline Utilities 2,509,370 0.9% 887,403 Spartanburg Automotive Inc. Automotive 2,128,753 0.8% 714,663 Tietex International LTD Non-woven materials 1,995,790 0.7% 682,166 Milliken & Company Inc. Textiles 1,841,905 0.7% 717,422 BellSouth Telecommunications Telecommunications 1,119,740 0.4% 407,986 269015886

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 2013 169,519,970 1,958,300 10,258,440 38,047,682 22,938,076 15,426,460 258,148,928 2014 170,294,547 1,749,360 9,743,660 37,841,346 25,183,587 14,943,192 259,755,692 2015 173,541,006 1,846,160 10,707,980 38,420,244 26,820,842 16,852,524 268,188,756 2016 176,299,564 1,854,474 10,789,240 37,485,261 27,756,183 14,831,164 269,015,886 2017 2018 (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 27,756,183 462,603,050 Public Utilities 11,914,483 113,471,267 Manufacturing Property 24,232,740 230,788,000 Marine Equipment 667,534 6,357,467 SCTC (Business Personal) 10,789,240 102,754,667 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 14,831,164 247,186,067 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

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 $11,500,000 0.81% $9,500,000 8/20/2015 4/1/2018 $11,000,000 0.68% $3,355,000 8/20/2014 4/1/2017 11,000,000 0.48% 0 TOTAL Composite Debt Service Total General Year Principal Interest Obligation Bonds 2018 11,985,000 959,000 12,944,000 2019 8,390,000 618,500 9,008,500 2020 3,980,000 199,000 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