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Cuts, Cuts, & More Cuts???? Tax Increases  restructuring of the tax code??? Local/State Partnership ???? Between 1996 and 2003, the Ohio General Assembly has created $4.6B in tax breaks according to the Legislative Services Commission NOW KNOWN AS HB66HMZZG\2Overview of Operating Revenue Mix Fiscal Year 200633$Key factor - limited revenue growth Operating Revenue Mix - Local Property Taxes (Includes H &R) 74% or $37.9M Growth restricted by HB920 Impacted by HB66 (State Legislature) 8% or $3.7M or 7.2% Represents Personal Tangible Receipts State Revenue 23% or 11.8M Growth influenced by State Legislature HB66 Other Revenue (Interest, Payments in lieu of, etc.) 3% or 1.4M Growth influenced by economy HB66 will impact approximately 30% or 1/3 of the HCSD operating revenue.$ZZ3" ZAZ:Z" Z'ZZ?" ZZIZ$    %  : '  %       $$I((w'0HB 66  Tax Reform CAUSE Eliminate the Corporate Franchise Tax over 5-year period. Replace 1 cent sales tax with cent Reduce Personal Income Tax by 21% over 5-year period. Enact Commercial Activity Tax .26% tax on business gross receipts over a 5-year period. Repeal Business Tangible Personal Property Taxes and Public Utility Tangible Taxes over 4-years. (Cause) $4.1M or 8% of operating revenue to Hudson CSD in FY2005 Repeal 10% Rollback on commercial & industrial real property Cigarette Tax increased by 70 cents to $1.25 per pack dVP9PtPb9ty(eImpact of Tax Changes to State Budget in FY2010, $3.050B Structural Deficit Source: ETPI August 2005*f2 /OEstimated Revenue Effects of Tax Law Changes in HB66 Source: ETPI, August 2006P6  Revenue Impact (In Millions) FY06 FY07 Biennium FY2010 Tax Reductions Personal Income Tax -$306 -$622 -$928 -$2,025 Sales Tax -$719 -$752 -$1,471 -$850 Corp Franchise Tax -$142 -$292 -$434 -$790 Tax Increases CAT $265 $550 $815 $1,550 Cigarette Tax $499 $423 $922 $400 Repeal 10% Bus. Prop $155 $319 $474 $365 Net State Impact -$248 -$374 -$622 -$1,350 Tang Pers Prop Tax -$71 -$527 -$598 -$1,700 COMBINED EFFECT -$319 -$901 -$1,220 -$3,050Qk "U,A*---}Q{*9HB66 Phase-out of Tangible Personal property Taxes EFFECT$:3((Tangible Personal Property Taxes (In-General) Not subject to HB920 and the rollback effect. Taxed at total voted millage rates FY2006 76.53 for operations Taxes can increase due to investments by business in machinery, equipment, inventory, etc. Tends to follow economic up & down turns.(..q|++HB66 Tangible Tax Reform (EFFECT continued).,(( (_5-Year 100% Hold-Harmless period tied to a Tax Year 2004 base level, beginning in Tax Year 2011 phase-out of hold-harmless begins until 0% in Tax Year 2018. Over the 13-year phase-out period, Hudson CSD will need to replace $13.8M in lost tangible taxes with other local taxes Just to equal that which it otherwise would have been received prior to HB66. Essentially, a 1-mill shift to remaining taxpayers. Hold-harmless does not factor in the previous legislated phase-out of inventory taxes. Hudson CSD will experience a tax base shift to residents to make-up tangible tax base loss with upcoming levies.ZZZC~4Wq},HB66 Tax Base EffectTax Year Residential Business 1981 51% 49% 1983 56% 44% (1988 Terex closes) 1993 73% 27% 2003 79% 21% 2010* 85% 15% * Estimated  All district property valuation subject to the effects of HB920JE$Oz)HB66 CAUSE State Foundation Program Formula Changes impacting Hudson CSD.K  A fBase Cost  inferential method  includes allowances for classroom teacher, other personnel & non-personnel. Totals $5,283 per student in FY06  same level identified in HB95 Cost of Doing Business Factor  2-year phase out of the cost of doing business factor 7.5% in FY05* - Hudson CSD = 5.42% 5.0% in FY06  Hudson CSD = 3.61% 2.5% in FY07  Hudson CSD = 1.81% ADM  2 counts rather than the current 1-count. October for July thru December The average of the February & October counts for January for June Charge-Off Valuation  includes tax exempt property if there was compensation paid to school district. 23% of Hudson CSD operating revenue or $11.8M dollars comes from State Aid.FmPBPWPgP1PaPgPNP d$:.aSNn =HB66 Modified State Foundation Program EFFECT 23% or $11.8MN>$" $The district is no longer a  formula district and is subject to an FY2005  guarantee calculation The lesser of the FY2005 Total Basic Aid $9.3M or Basic Aid per pupil or $1,767 All other non-basic aid state payments (transportation, preschool unit, etc.) is added to the $9.3M to arrive at $11.8M Over the next five forecasted periods, the district will receive subsidy payments totaling $3.4M in order to achieve a state aid amount close to that which was received in FY2005  the guarantee .cZPZxZZcPx\    d  ~-Summary of impact of HB66LOver the 5-year period from FY2006 to FY2010, Hudson CSD will receive  hold-harmless or  guarantee payments tied to a FY2005 level totaling $13.5M from the State of Ohio. As has been projected by ETPI, the State of Ohio tax reform effort included in H66 generates a $3.050B deficit in FY2010.6'x.Concluding Thoughts}The hold-harmless provisions only contemplate a fixed dollar threshold and do not consider inflationary increases to expenses? Will the State of Ohio be able to fund the hold-harmless provisions considering: Potential State Budgetary problem due to structural taxing deficiency? Hold-Harmless provisions are included in a 2-year budget and could/can be superceded with next budget?*0Other Concluding ThoughtseIncreased local dependence and problem solving. Constitutional Amendment Alternative funding options /^ ` ` ̙33` 333MMM` ff3333f` f` f` 3>?" dd@,|?" dd@   " @ ` n?" dd@   @@``PR    @ ` ` p>> f(    6l P  T Click to edit Master title style! !  0   RClick to edit Master text styles Second level Third level Fourth level Fifth level!     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(2 Financial Presentation*&!&!!+!!&!&&."Systemhi-@Times New Roman-.  2 EFive.-@Times New Roman-.  2 E-g.-@Times New Roman-. 2 EYear Forecast (.-@Times New Roman-.  2 HB66(%.-@Times New Roman-. 2 CAUSET(((%.-@Times New Roman-.  2 & ,.-@Times New Roman-. 2 EFFECT$"#%(%.------- ------@Times New Roman-. 2 52October 10, 2005(.-՜.+,0    $ 1On-screen ShowHudson Board Of EducationTpA Times New RomanDefault DesignMicrosoft Excel WorksheetMicrosoft Graph ChartFinancial PresentationDGeneral Revenue Fund Income 1973 vs. 2003 (As reported in 11/2004)CGeneral Revenue Fund Spending 1973 vs. 2003 (As reported 11/2004)DFY 2006-07 Biennial Budget Considerations (As reported in 11/2004)2Postcards from Columbus (As reported in 11/2004)3Overview of Operating Revenue Mix Fiscal Year 2006HB 66 Tax Reform CAUSEfImpact of Tax Changes to State Budget in FY2010, $3.050B Structural Deficit Source: ETPI August 2005PEstimated Revenue Effects of Tax Law Changes in HB66 Source: ETPI, August 2006:HB66 Phase-out of Tangible Personal property Taxes EFFECT,HB66 Tangible Tax Reform (EFFECT continued)HB66 Tax Base EffectKHB66 CAUSE State Foundation Program Formula Changes impacting Hudson CSD>HB66 Modified State Foundation Program EFFECT 23% or $11.8MSummary of impact of HB66Concluding ThoughtsOther Concluding Thoughts  Fonts UsedDesign TemplateEmbedded OLE Servers Slide Titles_hcsdhcsd  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnoqrstuvwyz{|}~Root EntrydO)Pictures^(Current UserSummaryInformation(pPowerPoint Document(2DocumentSummaryInformation8x