Cleveland Hts-Univ Hts Five Year Forecast for Fiscal Year 2002
District Type: City
IRN: 043794
County: Cuyahoga 
Date Submitted: 7/12/02
Date Processed: 7/15/02
 
Actual Forecasted
Line 1999 2000 2001 2002 2003 2004 2005 2006
1.010 General Property (Real Estate) 39873228 39869788 43633418 47782086 47782086 47782086 47782086 47782086
1.020 Tangible Personal Property Tax 2563859 2548714 3016743 2886023 2857163 2828591 2800305 2772302
1.035 Unrestricted Grants-in-Aid 13080957 13960617 15866388 15508350 15979300 16458700 16952500 17461000
1.040 Restricted Grants-in-Aid 2069986 705001 1719595 2140000 2200250 2266300 2334250 2404300
1.050 Property Tax Allocation 5454406 5316451 5206198 6300000 6300000 6300000 6300000 6300000
1.060 All Other Operating Revenue 8614073 4768628 3778815 5105580 2000000 2000000 2000000 2000000
1.070 Total Revenue 71656509 67169199 73221156 79722039 77118799 77635677 78169141 78719688
2.040 Operating Transfers-In 2364868 241804 8989 575000
2.050 Advances-In 89572 188787 278943 2090000
2.070 Total Other Financing Sources 2454440 430591 287932 2665000
2.080 Total Revenues and Other Financing Sources 74110949 67599790 73509088 82387039 77118799 77635677 78169141 78719688
3.010 Personal Services 45069121 43833211 44802173 48094622 50499353 53024321 55675537 58459314
3.020 Employees' Retirement/Insurance Benefits 13948958 12695274 13730661 14478402 16136179 17983771 20042913 22337826
3.030 Purchased Services 6743051 7033570 7304800 7800000 8190000 8599500 9029475 9480949
3.040 Supplies and Materials 2397716 2807145 2051541 2600000 2678000 2758340 2841090 2926323
3.050 Capital Outlay 889546 804987 507503 1210724 1247046 1284457 1322991 1362681
4.050 Debt Service: Principal - HB 264 Loans 435685 435685 440000 435685 592775 560455 523235 489265
4.300 Other Objects 1059796 644185 1097597 1296408 1151638 1200000 1200000 1200000
4.500 Total Expenditures 70543873 68254057 69934274 75915841 80494991 85410844 90635241 96256358
5.010 Operational Transfers - Out 957371 1310523 2656242 1135292 500600 450000 450000 450000
5.040 Total Other Financing Uses 957371 1310523 2656242 1135292 500600 450000 450000 450000
5.050 Total Expenditure and Other Financing Uses 71501244 69564580 72590517 77051133 80995591 85860844 91085241 96706358
6.010 Excess Rev & Oth Financing Sources over(under) Exp & Oth Financing 2609705 -1964790 918571 5335906 -3876792 -8225167 -12916100 -17986670
7.010 Beginning Cash Balance 9039045 11648750 9683960 10602531 15938438 12061646 3836479 -9079621
7.020 Ending Cash Balance 11648750 9683960 10602531 15938437 12061646 3836479 -9079621 -27066291
8.010 Outstanding Encumbrances 1340012 473879 1640518 2900000 500000 500000 500000 500000
10.010 Fund Balance June 30 for Certification of Appropriations 10308738 9210081 8962014 13038438 11561646 3336479 -9579621 -27566291
12.010 Fund Bal June 30 for Cert of Contracts,Salary Sched,Oth Obligations 10308738 9210081 8962013 13038437 11561646 3336479 -9579621 -27566291
15.010 Unreserved Fund Balance June 30 10308738 9210081 8962013 13038437 11561646 3336479 -9579621 -27566291
Notes to the Five Year Forecast
Financial Projection 
State 5 Year Forecast Assumptions 
Revenues: 
1. Real estate tax increases in 2002 due to a 13.5% reappraisal in 2001 and a full year collection of the last 9.4 mill operating levy. All new construction will be offset by decreasing value of existing properties . 
2. Public utilities decreases in valuation will be reimbursed by the State. 
3. Tangible personal property tax assessment level will remain at 25% until FY 2002, when assessment will be reduced to 24% and lose 1% per year thereafter. 
4. Other local income consist primarily of tuition, which will remain constant, and interest earnings, which will be significantly lower in 2002 due to the economy and decrease by 10% thereafter as cash reserves decrease. 
5. State foundation is consistent with the 2002 projected SF-3 reduced by a $500,000 annual transfer to Bellefaire school and $250,000 in anticipation of fluctuation in students attending other districts. It is projected that foundation receipts, including DPIA, will increase at 3% each year. 
6. Rollback and homestead will remain constant after 2002. 
7. Federal Medicaid reimbursement will increase at 3% annually. 
Expenditures: 
1. Salaries and wages will increase 5%. This includes 3% salary increase, 1.5% increment cost, and .5% in additional staff or other unanticipated budget increases. 
2. Retirement is 57% of fringe benefit cost and will increase at the same 5% rate as salaries and wages. The remaining 43% of fringe benefits is health/dental/drug/vision insurance cost and will increase at a blended rate of 20% per year as trended by district benefit consultants. 
3. Purchased services will increase by 5% annually. 
4. Materials and supplies cost will increase by 3% annually. 
5. Capital outlays will increase at 3%. 
6. Debt repayment is retirement of energy conservation bonds based on known repayment amounts. 
7. Rainy day budget reserve has been done away with. The district will meet the other set-aside requirements.