Beaufort County Auditor Jim Beckert BEAUFORT COUNTY SCHOOL

Beaufort County Auditor Jim Beckert

BEAUFORT COUNTY SCHOOL DISTRICT DEBT MILLAGE FOR FY 20 -21 AUDITORS FY 20 -21 VALUE OF A MILL (VOM) FOR DEBT SERVICE • BASED ON THE JUNE 27, 2019 PRESENTATION BY SANDY HOUCH FROM THE OF SOUTH CAROLINA – DEPARTMENT OF REVENUE (SC-DOR) EMAILED TO ALL OF COUNTY COUNCIL TODAY • IS AVAILABLE TO ANY CITIZEN BY REQUESTING FROM THE AUDITOR AT: AUDITOR@BCGOV. NET. THE PRESENTATION CAN BE VIEWED ON THE COUNTY CHANNEL AS WELL.

BEAUFORT COUNTY SCHOOL DISTRICT DEBT MILLAGE FOR FY 20 -21 THE SC-DOR PRESENTATION MADE CLEAR • THE COUNTY VOM PROCESS USED FOR YEARS DID NOT COMPLY WITH SC-DOR GUIDANCE AND DIRECTION SPECIFICALLY: • COUNTY WIDE PERSONAL PROPERTY (PPA) & MOTOR VEHICLES (MV) VALUES WERE NEVER DEPRECIATED • AN ARBITRARY GROWTH FACTOR WAS ADDED TO ALL PPA & MV. AGAINST THE GUIDANCE AND DIRECTION OF SC-DOR GOING BACK YEARS • THE IMPACT OF BOTH OVER INFLATED THE VOM

BEAUFORT COUNTY SCHOOL DISTRICT DEBT MILLAGE FOR FY 20 -21 IMPACT ON THE VOM BASED ON SC-DOR GUIDANCE & DIRECTION • ALL PPA AND MV VALUES ARE NOW BEING DEPRECATED REDUCING THE VOM BY THAT AMOUNT • NO GROWTH FACTOR IS BEING ADDED INTO THE VOM • RESULTING IN THE CORRECTION OF CURRENT VOM

BEAUFORT COUNTY SCHOOL DISTRICT DEBT MILLAGE FOR FY 20 -21 BCSD DEBT SERVICE FOR FY 19 -20 SCHEDULES PROVIDED BY DISTRICT CFO • MARC H 2021 PRI NCI PLE & INT EREST (P &I) PAYMENT • SEPTEMBER 2021 IN TEREST P AYM ENT $ 4 , 925, 303 • TOTAL SCHEDU LED P&I B OND P AYM ENT S $70, 946, 845 $66, 021, 542

BEAUFORT COUNTY SCHOOL DISTRICT DEBT MILLAGE FOR FY 20 -21 BC SD DEBT SER VI CE TA X L EV Y& O THE R REVENUE FY 19 -20 MILLAGE LEVY ORDER REVENUE BCSD 36. 6 74, 035, 193 5, 321, 952 79, 357, 145 AUDITOR 34. 8 70, 975, 887 5, 321, 952 76, 297, 839 AUDITOR 32. 2 65, 673, 091 5, 321, 952 70, 995, 043 TOTAL REVENUE

BEAUFORT COUNTY SCHOOL DISTRICT DEBT MILLAGE FOR FY 20 -21 BCSD DEBT SERV IC E EXPE CTE D C OLLE CTI ON S AT 95%FOR FY 19 -20 COLLECTIONS TAX LEVY AT 95% BCSD 36. 6 TOTAL DEBT SHORT ORDER REVENUE OVER/ (UNDER) 5, 321, 952 4, 709, 379 74, 035, 193 70, 333, 433 612, 573 AUDITOR 34. 8 70, 975, 887 67, 427, 092 3, 548, 794 5, 321, 952 1, 802, 199 AUDITOR 32. 2 65, 673, 091 62, 389, 436 3, 283, 654 5, 321, 952 (3, 235, 457)

AUDITOR LEVY FOR BEAUFORT COUNTY SCHOOL DISTRICT DEBT MILLAGE FY 20 -21 TIME LINE DEBT SINKING FUND BALANCE FROM JULY 1, 2019 TO DATE • DEBT SINKING FUND BALANCE- • NOV 22, 2019 UNSCHEDULED PAYMENT- • FEB 22, 2020 P& I BOND PAYMENT- • FEB 28, 2020 P&I BOND PAYMENT- • TOTAL PAYMENTS- SOURCE 2019 CAFR PG 33 SOURCE CO FINANCE $19, 058, 757 $ 732, 142 $ 3, 522, 953 $58, 530, 412 $63, 186, 055

AUDITOR LEVY FOR BEAUFORT COUNTY SCHOOL DISTRICT DEBT MILLAGE FY 20 -21 TIME LINE DEBT SINKING FUND BALANCE FROM JULY 1, 2019 TO DATE • CONTINUED • DEBT SINKING FUND BALANCE- • TOTAL PAYMENTS- • TOTAL SCHEDULED PAYMENTS- • UNSCHEDULED OVER PAYMENT OF DEBT- • RESULT TO DEBT SINKING FUND BALANCE SOURCE 2019 CAFR PG 33 $19, 058, 757 $63, 186, 055 SOURCE CO FINANCE SOURCE DIST. CFO DEBT SCHEDULE FY 19 -20 SOURCE CO FINANCE $17, 955, 709 $62, 080, 055 $ 1, 103, 048

AUDITOR LEVY FOR BEAUFORT COUNTY SCHOOL DISTRICT DEBT MILLAGE FY 20 -21 BALANCE OF SCHOOL DISTRICT DEBT SINKING FUND BALANCE • • FUND BALANCE JULY JUNE 1, 2020 - SOURCE 2019 CAFR $19, 058, 757 2, 2020 - SOURCE DIST. CFO, EMAIL $ 9, 868, 369 12, 2020 - SOURCE DIST. CFO, EMAIL $13, 249, 494 17, 2020 - SLIDE 8 & 9 SOURCE CO FINANCE EMAIL • • BASED ON THE STARTING BALANCE & THE DOCUMENTED PAYMENTS FROM THE CO FINANCE THE BALANCE SHOULD BE AT A MINIMUM • DISTRICT CFO BALANCE AS OF JUNE 12, 2020 IS • LEAVING UNACCOUNTED FUNDS OF APPROXIMATELY $ 4, 706, 215 • • • HAVING THE CORRECT NUMBER THE FIRST TIME IS CRITICAL IN THE PROCESS OF DETERMINING THE TOTAL AMOUNT OF DEBT MILLAGE TO LEVY. AT 32. 2 MILLS LEVIED THE DEBT SINKING FUND WOULD NEED TO PAY ROUGHLY $3, 264, 499 • THAT ADJUSTMENT WOULD REDUCE THE FUND BALANCE TO ROUGHLY $14, 691, 210 $17, 955, 709 $13, 249, 494

AUDITOR LEVY BCSD DEBT MILLAGE FOR FY 20 -21 USING THE PREVIOUS PRO CE SS TH AT WA S N OT IN COMPLIANCE WITH SC-DOR THAT PROCESS WOULD PRODUC E AN E STI MATE D VOM OF: OL D ME THO D 2, 081 , 771 X. 95 1 , 97 7, 682 TOTAL SC HEDU LED DEB T PA YMEN T MINU S O TH ER REV EN UE $7 0, 9 46, 845 $ 5, 321 , 952 TOTAL DEBT LEVY – OTHE R RE V $6 5, 6 24, 054 / 1, 977, 682= 33. 2 MILLS DISTRIC T REQU EST WAS 36. 6, 4. 4 MI LL S OR $8, 701 , 800 MORE THAN REQUIRE D BY THE D EBT SE RVI CE S CH EDULES

AUDITOR LEVY BCSD DEBT MILLAGE FOR FY 20 -21 USING THE PREVIOUS PRO CE SS TH AT IS I N C OMPLIANCE WITH SC-DOR THAT PROCESS WO ULD PR ODUC E AN E STI MATE D VOM OF: NEW ME THOD 2, 0 39, 5 37 AS OF MAY 12, 202 0 RAW TOTA L DE BT $7 0, 9 46, 0 00 MINU S O TH ER REV EN UE $ 5 , 321 , 952 TOTAL DEBT LEVY – OTHE R RE V $6 5, 6 24, 0 54 / 2, 039, 537 = 32. 2 MILLS