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Home My WebLink AboutWA Expansion OptionsJanuary 23, 2012 High School Black Box Theater Middle School i�'l Media center Multi-purpose Buildhiq,—..-,�. Primary Addition .............. ........... . ........... ..... Westlake Academy Expansion Options - Organic Growth Analysis This page intentionally left blank Contents Timeline to Date ....................... Background and Introduction .. Option2A .. ............................... Organic Growth Option............ Comparison .............................. Conclusion . ............................... Tables & Figures Table 1- Option 2A .............. ............................... Table 2 — Organic Growth Option ...................... Figure1- Option 2A .............................................. ............................... Figure 2 — Organic Growth Option ........................ ............................... .4 .5 .6 .7 .8 10 .......................... ............................... 6 .......................... ............................... 8 ........... 9 ........... 9 Page 3 of 10 Timeline to Date • June 2010 BOT Budget Retreat- set class size at target of twenty (20) students per section for the 2010- 11 school year; total K -12 enrollment that school year was 530. • 2010 -11 School Year- implemented Phase 1 of block schedule for secondary grades. • 2011 -12 School Year- implemented Phase 2 of block schedule for secondary grades adding approximately 100 students to allow for additional secondary course offerings and teachers; bringing total K -12 enrollment to approximately 620 students. • March 10, 2011 Board Workshop- Peter Hayes of Project Management Services presented a plan to the Board to increase student enrollment to approximately 1,200 and add $14.4 million in improvements. Hayes also presented phased options that lengthened construction from 1 to 2 years and on- boarding from 2 to 3 years; he stated that these options were less desirable due to the significant differences in positive cash flow. The Board agreed to discuss the "Hayes Plan" further at a future planning retreat. Staff presented the Board with financial forecasts based on various levels of State reductions in public education funding. • April 4, 2011 Board Workshop- Staff reviewed latest information on proposed State funding reductions for next biennium. Board directed staff to maintain class sizes at twenty (20) students per section for FY 2011 -12. • June 2011- The State of Texas confirmed reduced public education funding for Westlake Academy of approximately 5% in FY11 -12 and 8% in FY 12 -13. • June 9, 2011 Board Budget Retreat- staff presented an updated draft budget for FY 11 -12 (based on State reductions). Consideration given to increasing student enrollment to twenty (22) students per section, as well as further implementation of additional secondary course offerings via expanded block scheduling. • August 12, 2011 Town Council Budget Retreat- Staff presented a Five Year CIP that included the facilities proposed by Peter Hayes; Town Council asked staff to prepare additional phased options and targeted growth models (DP expansion /marketing) for future Council /BOT discussion. • September 12, 2011 Board Workshop — Staff presented the Board with a follow -up report and analysis on various phased approaches to facility improvements and scheduled BOT discussion for November of 2011. • December 5, 2011 Board Workshop —Staff presented the Board with a follow -up report and analysis on additional options for facility improvements with a recommendation for Option 2A. At this meeting, the Board requested additional analysis on a number of questions; the purpose of this report is to provide the requested analysis and answers to some of the questions raised. • January 9, 2012 Board Workshop — Staff presented a follow -up report with additional analysis based upon questions from the December 5th Board of Trustees workshop. • January 23, 2012 Board Workshop —Staff to present another follow -up report with additional organic growth analysis based upon direction given during the January 9th Board of Trustees workshop. Page 4 of 10 Background and Introduction At the January 9, 2011 Board of Trustees meeting Staff provided a follow -up report regarding questions that arose during the December 5th Board of Trustees meeting. The Board and Staff discussed various topics relating to academy expansion including concerns over recruitment, curriculum and overall monetary risks associated with the 2A facilities plan. This discussion inspired an `Organic Growth' hybrid option that proposes Town - financed construction of both a cafetorium and all costs related to acquisition and placement of additional portables; the plan proposes repayment of this financing from issuance of bonds that will be paid with Academy revenues once new students have been admitted. This method would allow for a phased approach to on- boarding and construction and address many of the current facility concerns. Staff was directed to vet this option by identifying any programmatic cost changes as well as an analysis of the Town's future ability to cover these costs. The following report identifies cost changes (where applicable), construction timeframes and their associated costs, debt issuance amounts and costs of debt service; the report concentrates on the fiscal impact of this model in the short -term. Page 5 of 10 Option 2A This option was developed and presented to the Board of Trustees in March 2011 by Peter Hayes of Project Management Services, Inc. (PMSI). PMSI worked closely with the Westlake Academy Leadership Team (WALT) during completion of an evaluation of the campus facilities, course offerings, and development of several scenarios that were aimed at obtaining the desired outcomes contained in the Academy's strategic plan. The final report presented by PMSI contained four campus facility expansion options, Option 2A was recommended as the scenario that would create the most value with the least cost for the organization. This option originally anticipated class sizes of 25 in the Primary grades and 27 in the Secondary. The report also contained several staggered approaches to both construction and enrollment however, these options were deemed not feasible due to the deficits they created. Each option recommended construction of six purpose - built facilities which are: • Cafetorium - $1.6 million • Performance hall —$1.5 million • Middle school - $4.3 million • Primary addition —$1.4 million • High school - $5.4 million • Media center —$1 million The timing of construction and enrollment are major factors in producing the positive fiscal impact this option forecasts. This approach seeks to marry the carrying costs (debt service and increased operating costs) with State revenues in order to minimize the Academy's exposure to the financial risks associated with financing a large construction project. The total cost for option 2A is approximately $15,129,156 which is funded through bond proceeds and reimbursed from increases in State funding that result from increased enrollment. Table 1- Option 2A CA • Program planning & • Finish design • Begin & finish • Punch lists and final a� 'u M '� development • Consultant selection • Begin design • Permit • Award bid • Pre - construction construction modifications to facilities • Begin advertising for • Hire Dean of Students / Faculty training for new • Populate campus with Dean of Students / MYP MYP Asst. Principal teachers /staff additional 650 students c CU Asst. Principal . Begin interviewing and • Begin on- boarding (G6 moves to MYP) • Begin advertising for hiring teaching staff process for new N o�S additional teaching • Continue marketing students staff campaign for new • Begin marketing students Li campaign for new students Issue $5.13 million in Issue $10 million in Pay debt service on Pay debt service on a U c Bonds (A) Bonds (B) Bonds (A) Bonds (A & B) LL Page 6 of 10 Organic Growth Option (OGO) This option was proposed as a hybrid of Option 2A that staggers the entry of new students into Westlake Academy. This scenario continues to rely on an enrollment increase of approximately 620 students to fund construction of all of the facilities listed in 2A as well as additional portable buildings. The Organic Growth Option spreads enrollment over three consecutive school years beginning with a Primary expansion of 365 students in FY 13/14, an additional 100 Secondary students would be enrolled in FY 14/15 and 150 in FY 15/16. Upon investigation into the proposed Town - financed option, Staff learned that only purchased portable buildings can be reimbursed as part of the construction expense, i.e. payments on leases are not reimbursable. This change increased the projected cost of portables from approximately $500,000 to $850,000. Due to debt service costs, the Organic Growth Option's expenditures exceed revenues by approximately $30,000 in FY 15/16 and $125,000 in FY 16/17. Staff explored reducing the amount of principal by $850,000 (effectively purchasing the portables with cash) however; this only results in a net savings of approximately $60,000 annually. Organic Growth Facility Acquisition • Cafetorium - $1.6 million • Middle school - $4.8 million • High school - $6 million • Performance hall —$1.7 million • Primary addition —$1.6 million • Media center —$1.1 million • Temporary Classrooms - $850k The total cost for the organic growth model as presented, is approximately $17,605,500 which is funded through cash reimbursement and bond proceeds. Page 7 of 10 Table 2 — Organic Growth Option N a� �U M LL N c a� 06 a U c� LL N U c M c LL • Program planning & development • Consultant selection • Begin design • Begin advertising for Dean of Students / MYP Asst. Principal • Begin advertising for additional teaching staff • Begin marketing campaign for new students • Continue design • Permit • Award bid • Pre - construction • Place portable bldgs. • Start Cafetorium • Hire Dean of Students / MYP Asst. Principal • Begin interviewing and hiring PYP teaching staff • Begin on- boarding process for new students • Issue $1.4 million • Issue $1.1 million in Tax Note (A) in COs (B) • Finish Cafetorium • Begin secondary campus facilities • Faculty training for new teachers • Begin interviewing and hiring MYP /DP teaching staff • Increase to five sections in PYP (365 new PYP students - G6 moves to MYP) • Issue $10 million in COs (C) • Pay debt service on bonds (A & B) • Continue secondary campus facility construction • Faculty training for new teachers • Increase secondary classes to 25 students per class (100 new students) • Continue interviewing and hiring MYP /DP teaching staff • Issue $5.1 million in COs (D) • Pay debt service on bonds (A - C) • Finish secondary campus • Faculty training for new teachers • Add fourth section in the secondary program (149 new students) • Pay debt service on bonds (A - D) Comparison Option 2A and the Organic Growth Option both arrive at a similar destination with identical purpose -built facilities, student populations, and course offerings. The primary differences are the construction schedules for the purpose built facilities, the use of portable buildings, and both the grade sequence and timing for on- boarding of students. Option 2A allows eighteen (18) months of pre- construction time for organizational and logistical preparation while the Organic Growth Option would require immediate action in order to begin the cafetorium design within the next five (5) months. While the Organic Growth Option allows for more time to on- board new students, the first enrollment occurs within the next year and a half versus two and a half years in option 2A. The second student enrollment in the Organic Growth Option occurs just as construction is scheduled to begin on the purpose -built facilities. The third and final enrollment will occur in August of 2015 at the commencement of the FY 15/16 school year. Option 2A allows new students to move into purpose -built facilities whereas the Organic Growth Option will require a campus -wide re- organization of classroom assignments in both the initial enrollment increase and once the purpose -built facilities are completed. The total cost of Option 2A is approximately $15 million, the total cost of the Organic Growth Option is approximately $18 million, including approximately $850,000 for portable buildings. Page 8 of 10 Figure 1- Option 2A Option 2A Figure 2 — Organic Growth Model Organic Growth Model Westlake Academy Expansion , . moll 'Planning/Program Development_ Planning/Program ., . �� moll 5ids for Portable l milli moll �� ■■■■■■■■�■■ .- . Portable :.: milli F're-(-onstruction Coordination ■■■■■■■■■■■■ Construction moll New Stuient Eiwi,11ment Secondary Campus loll Figure 2 — Organic Growth Model Organic Growth Model Westlake Academy Expansion , CiL•iF�C1 'Planning/Program Development_ 5ids for Portable l milli moll �� ■■■■■■■■�■■ .- . Portable :.: milli ■■■■■■■■■■■■ • on Coordination mole Construction milli ■■o■ New Student Enrollment jjj Second. ry Campus Page 9 of 10 Conclusion Regarding which option to recommend or select, it depends on the variables, values, and factors that the Board wishes to utilize to make the decision. Both Option 2A and the Organic Growth Option provide new facilities and require student enrollment growth. However, these options go about it differently. If the variables, values, and factors used to make this decision place greater emphasis on seeking the lowest capital cost, Option 2A prevails. If the variables, values, and factors used to make this decision place greater emphasis on other considerations, including a.) the determination that there is added value in adding students in the PYP grades first and b.) the determination that even with the risk of higher capital costs (construction and borrowing) it is desirable to phase facility construction, then the Organic Growth Option prevails (even though its economic cost is higher). Page 10 of 10 Income Statement - Organic Growth Option - OGO Fiscal Year Audited FY 2010/11 Adopted 2011/12 Projected 2012/13 Projected 2013/14 Projected 2014/15 Projected 2015/16 Projected 2016/17 GENERAL FUND BEG. BALANCE $ 767,490 $ 914,660 $ 824,282 $ 607,024 $ 969,280 $ 1,240,216 $ 1,213,353 REVENUES Local Revenues WAF Salary Reimbursement 65,003 31,662 32,295 33,264 34,262 35,290 36,348 Gifts & Donations - WAF - - - _ _ _ - Other Local Revenue 28,035 15,000 29,875 47,232 51,982 59,059 61,038 WAF Blacksmith 524,038 627,000 628,950 994,350 1,094,350 1,243,350 1,285,000 Interest Earned 2,295 1,500 1,520 1,566 1,613 1,661 1,711 Food Services 2,000 3,000 3,090 3,183 3,278 3,377 3,478 Donations 3,950 - - - - - _ Athletic Activities 49,198 37,980 37,800 38,934 40,102 41,305 42,544 Transportation/Parking 7,996 37,840 37,840 38,975 40,144 41,349 42,589 Total Local Revenues 682,515 753,982 771,370 1,157,503 1,265,731 1,425,390 1,472,708 State Revenue TEA -FSP Funds 3,744,757 4,281,649 4,210,000 6,623,365 7,289,465 8,530,413 8,816,166 TRS On- behalf/Medicare Part B 181,301 208,437 253,771 383,066 414,340 460,413 479,113 Total State Revenues 3,926,058 4,490,086 4,463,771 7,006,431 7,703,805 8,990,826 9,295,279 TOTAL REVENUES 4,608,573 5,244,068 5,235,141 8,163,934 8,969,535 10,416,216 10,767,987 EXPENDITURES Object Code 61XX - Salaries 3,292,938 3,772,080 3,840,777 5,800,603 6,258,188 6,938,985 7,207,666 Object Code 62XX - Prof. Contracted Services 791,907 962,025 990,886 1,077,139 1,109,453 1,382,303 1,423,772 Object Code 63XX - Supplies & Materials 221,871 258,447 268,585 386,263 427,851 485,386 512,443 Object Code 64XX - Other Operating Costs 211,391 341,894 352,151 398,987 410,956 465,614 479,582 Object Code 65XX - Debt Service - - - 138,686 492,151 1,170,791 1,268,232 Object Code 66XX - Capital Assets - - - - _ _ _ TOTAL EXPENDITURES 4,518,107 5,334,446 59452,399 7,801,679 8,698,599 10,443,079 10,891,696 OTHER RESOURCES/USES Other Resources - - - _ _ _ _ Other Resources (Athletics) 34,509 Other Resources (Water Damage) 625,195 Sub -Total Other Resources 659,704 Extraordinary Item (Water Damage) (568,491) Other Uses (34,509) Sub -Total Other Uses (603,000) - _ Excess Revenues Over (Under) Expenditures 147,170 (90,378) (217,258) 362,256 270,936 (26,863) (123,709) GENERAL FUND ENDING BALANCE 914,660 824,282 607,024 969,280 1,240,216 1,213,353 1,089,644 Assigned - Technology/FFE 100,000 100,000 100,000 100,000 100,000 100,000 100,000 Assigned - Unifomr/Equipment Replacement 15,810 15,000 14,838 14,838 14,838 14,838 14,838 Assigned - Prepaid 31,596 Assigned - Insurance 56,704 - ENDING FUND BALANCE (Unassigned) $ 710,550 $ 709,282 $ 492,186 $ 854,442 $ 1,125 378 $ 1,098,515 $ 974,806 # of Operating Days (based on 365) 57 49 33 40 47 38 33 Students Enrolled Primary 296 308 298 660 700 700 700 Secondary 222 313 330.95 334.35 394.35 543.35 585 Total Students Enrolled 518 621 629 994 1094 1243 1285 Teaching Staff Primary 21.9 21.9 23.4 45.3 45.8 45.8 45.8 Secondary 17.75 20.14 21.04 24.4 24.4 32.24 33.36 Total Teaching Staff 39.65 42.04 44.44 69.7 70.2 78.04 79.16 11 TOWN OF WESTLAKE FIVE YEAR FORECAST DESCRIPTION ACTUAL ESTIMATED ADOPTED P R O J E C T I O N FY 09 -10 FY 10 -11 FY 11 -12 FY 12 -13 FY 13 -14 FY 14 -15 I FY 15 -16 1 Property Tax - 1,327,901 1,156,842 1,191,547 1,227,294 1,264,112 1,302,036 2 Sales Tax -GEN (on- going) 1,187,474 1,353,500 1,350,000 1,417,500 1,488,375 1,562,794 1,640,933 3 Sales Tax - PTR(on- going) - - 675,000 708,750 708,750 744,188 744,188 4 Sales Tax (one -time) 409,721 145,000 37,500 37,500 37,500 37,500 37,500 5 Beverage Tax 17,902 17,750 17,750 18,105 18,467 18,836 19,213 6 Franchise Fees 603,233 583,650 582,550 594,201 606,085 618,207 630,571 7 Permits and Fees 1,738,536 463,150 472,090 481,532 491,162 500,986 511,005 8 Fines & Forfeitures 647,171 598,990 536,611 547,343 558,290 569,456 580,845 9 Interest 24,166 9,345 15,035 15,336 15,642 15,955 16,274 10 Misc Income 114,915 80,034 62,700 63,954 65,233 66,538 67,869 11 Contributions 189,097 175,000 302,900 305,929 308,988 312,078 315,199 12 Transfer In - OF 500 Impact - 133,000 30,000 30,900 31,827 32,782 33,765 13 Transfer In - PTR 260 - 899,270 - - - - - 14 Transferin - A &S 411 - 4,473 - - - - - 1s Transfer In - VA 220 Dept 22 - 8,350 8,351 8,602 8,860 9,125 16 Transferin - VA 220 Payroll (1,499,369) 174,971 254,668 271,443 284,399 298,225 312,996 17 Transfer In - OF 500 Payroll - 227,292 252,365 266,768 279,501 293,089 307,605 18 Transfer In - Bond reimbursement 854,000 1,596,500 1/20/2012 19 Transfer IN- Academy debt service reimbursement 138,686 492,152 1,170,791 20 Total Revenues & Transfersln 4,932,215 6,193,326 6,608,361 7,555,659 6,268,802 6,835,757 7,699,915 21 Payroll Salaries (1,454,868) (1,880,738) (1,993,764) (2,053,577) (2,115,184) (2,178,640) (2,243,999) 22 Payroll M /D /L insurance (151,887) (256,829) (293,871) (323,258) (355,584) (391,142) (430,257) 23 Payroll Taxes /Benefits (239,911) (353,327) (339,407) (373,348) (410,682) (451,751) (496,926) 24 Expenditures (1,939,471) (1,996,415) (2,182,621) (2,248,100) (2,315,543) (2,385,009) (2,456,559) 25 Transfer Out - ED 210 (35,758) (35,758) (35,758) (35,758) (35,758) (35,758) (35,758) 26 Transfer Out -CP410 (49,301) (2,085,000) - - - - - 27 Transfer Out - FM 252 - (1,875) - - - - - 2s Transfer Out- VE 257 (5,000) (66,407) - - - - - 29 Transfer Out - GMR600 - (500,000) (530,000) (200,000) (300,000) (300,000) (300,000) 3o Transfer Out- DSF - - (601,178) (539,622) (506,599) (472,102) (469,661) 31 Transfer Out- DSF (reimbursed by Academy) (138,686) (492,152) (1,170,791) 32 Transfer Out - Capital Projects (854,000) (1,596,500) - 33 Total Ex enditures & Transfers Out 3,876,195 7,176,349 6,830,599 (7,370,163) (6,178,037) (6,706,554) (7,603,950) 34 NET R&TlOver(Under)E&TO 1,0S6,020 1 •/ 65 29,Z03 35 Beginning Fund Balance 2,675,312 3,731,332 2,748,308 2,526,069 2,711,565 2,802,330 2,931,534 36 Ending Fund Balance 3,731,332 2,748,308 2,526,069 2,711,565 2,802,330 2,931,534 3,027,498 37 Committed Funds 214,751 415,021 255,079 260,181 265,384 270,692 276,106 38 Unassigned Ending Balance (projected) 3,516,581 2,333,287 2,270,990 2,451,385 2,536,946 2,660,842 2,751,393 39 Operating Days 336 173 139 146 147 149 148 ECONOMIC DEVELOPMENT FUND 200 40 Sales tax (on- going) 593,736 704,250 675,000 708,750 708,750 744,188 744,188 41 Sales tax (one -time) 353,897 345,000 12,500 - - - - a2 Interest 462 500 500 500 500 500 500 43 Transfers In - - - - - - - 44 Total Revenues & Transfers In 948,096 1,049,750 688,000 709,250 709,250 744,688 744,688 45 Expendures - - - - - - - a6 Transfer Out (948,096) (1,028,962) (717,730) (738,481) (738,481) (773,919) (773,919) 47 Total Expenditures & Transfers Out 4 NET R&TI • - : • (948,096) (1,028,962) 20,788 (717,730) 1 (738,481) (738,481) (773,919) (773,919) 49 Beginning Fund Balance 297,308 297,308 318,096 288,366 259,135 229,904 200,673 so Ending Fund Balance 297,308 318,096 288,366 259,135 229,904 200,673 171,442 51 Restricted Funds - - - - - - - 53 Assigned Ending Balance (projected) 297,308 318,096 288,366 259,135 229,904 200,673 171,442 54 Property Tax 32,803 154,608 154,608 203,413 268,926 269,562 55 Interest - 25 100 50 50 50 50 56 Transfer In - VA 220 179,266 180,935 182,416 183,692 179,722 180,852 180,852 57 Transfer In -4B 200 948,096 1,028,962 717,730 738,481 738,481 773,919 773,919 58 Transfer In - PTR 260 372,008 288,019 - - - - - s9 Transfer in - GF 100 - 601,178 539,622 645,285 964,254 1,640,452 6o Total Revenues & Transfers In 1,499,369 1,530,744 1,656,032 1,616,453 1,766,951 2,188,000 2,864,834 61 Bank Services Charges (1,130) (3,250) (2,925) (2,925) (2,925) (2,925) (2,925) 62 Bond payments (1,498,239) (1,527,494) (1,653,107) (1,459,763) (1,421,927) (1,423,997) (1,421,556) 63 Bond payments - 2011 CO - $2.095M CP (Pd w PT) - - - (153,765) (153,791) (154,704) (154,503) 64 Bond payments -2012 Refunding -$1.4M (104,571) (102,513) (105,500) 65 Bond payments -2013 CO -$1.6M (CIP) (Pd w PT) (49,622) (114,222) (115,059) 66 Bond payments -2013 CO- $1.1M(Academy) (34,115) (78,528) (79,103) 67 Bond payments - 2014 CO $10M (Academy) (311,111) (718,438) 68 Bond payments - 2015 CO - $5.1M (Academy) (267,750) 69 Total Ex enditures & Transfers Out (1,499,369) (1,530,744) (1,656,032) (1,616,453) (1,766,951) (2,188,000) (2,864,834) 12 1/20/2012 12.48 PM TOWN OF WESTLAKE FIVE YEAR FORECAST 13 1/20/2012 19.dR PM DESCRIPTION ACTUAL ESTIMATED I ADOPTED P R O J E C T I O N 1 FY 10 -11 1 FY 12 -13 FY 13 -14 I FY 14 -15 FY 15 -16 FY 09 -10 FY 11 -12 GENERAL- MAINTENANCE & REPLACEMENT FUND .11 1 Revenues 54 23,175 250 251 252 253 254 2 Transfers In - PTR 260 23,000 41,274 - - - - - 3 Transfers In - GF 100 - 500,000 530,000 200,000 300,000 300,000 300,000 4 Transfers in - VE 257 77,571 - - - - 5 Total Revenues & Transfers In 23,054 642,020 530,250 200,251 300,252 300,253 300,254 6 Expenditures - (51,540) (418,520) (232,700) (120,400) (138,252) (842,000) 7 Transfers Out (11,400) - - - - - - 8 9 Total E enditures & Transfers Out • • (11,400) (51,540) 590,480 (418,520) (232,700) (120,400) (138,252) (842,000) 10 Beginning Fund Balance - 11,654 602,134 713,864 681,415 00 11 861,268 1,023,269 11 Ending Fund Balance 11,654 602,134 713,864 681,415 861,268 1,023,269 481,523 12 Restricted Funds (Fire equipment) - 22,000 22,000 - - - 13 Unassigned Ending Balance (projected) 11,654 580,134 691,864 681,415 861,268 1,023,269 481,523 PROJECT CAPITAL 1 14 Deloitte Trail - - - _ 15 Town Improvement - - - 180,000 172,000 - - 16 Stagecoach Drainage 15,441 - - - - - - 17 Dove Rd Reconstruction & Drainage - 50,800 - - - - - 18 Dove /Ottinger Intersection Improvements - 25,000 - - - - - 19 Interest Income 561 26,000 26,000 - - - - 20 Interest Income - Bond Proceeds - 1,950 1,800 21 Transfer in from GF 49,301 2,085,000 - - - - - 22 Transfer in from GMM 11,400 - 23 Transfer in from VA 20,447 - 24 Transfer in from PTR 41,316 1,205,000 - - - - - 25 Other Sources- Bond Proceeds (Academy) 1,400,000 1,100,000 10,000,000 5,100,000 26 Other Sources- Bond Proceeds(CIP) - 2,095,000 1,600,000 - - 27 Total Revenues & Transfers In 138,465 5,488,750 1,427,800 2,880,000 10,172,000 5,100,000 28 PhaseI - Academy (854,000) (1,596,500) 29 Phase II - Academy - (683,002) (14,471,997) 30 Temporary Parking (11,400) 31 Water Well for Civic Campus (49,960) 32 FM1938Town Improvements (39,222) (485,000) (1,155,155) (1,764,800) (820,200) - - 33 Stagecoach Hills Drainage (47,995) - - - - - - 34 Mahotea Boone Reconst /Drainage - (100,500) - - - - - 35 OttingerRd Recon /Drainage WA - (5,000) (155,150) (557,960) - - - 36 Streets Survey - (64,000) (16,000) - - - - 37 WA Dining Hall Improvements - (140,000) - - - - - 38 SH114 /Hwy170 Enhancements - (10,000) 39 Stagecoach Hills Recon /Drain - (2,900) (496,000) - - - - 40 Roanoke Road Recon /Drain #1 - (550) (195,240) - - - - 41 Aspen Lane Recon /Drainage - (216,000) - - - - - 42 Dove Rd /Randol Mill Intersection - - (15,000) - - - - 43 Roanoke Road Recon /Drain #2 - (2,900) 44 Trail Connection at 114 /Solana - - (15,000) - - - - 45 Roanoke Road Reconstruction & Drainage (170-DC) - - - (453,000) - - - 46 Sam School Road Reconstruction & Drainage - - - - (216,000) - - 47 Dove Road Reconstruction & Drainage (Vaq -TB) ** - - - - (626,940) - - 48 Bond Issuance Cost - (35,000) - - 49 Transfer Out to PTR - (8,770) so 51 Total Expenditures & Transfers Out • • 148,576 1 1,070,620 2,901,545) (4,372,260) 2,346,142) (14,471,997) 52 Beginning Fund Balance 230,391 1 220,279 4,638,409 1 3,164,664 1,672,404 9,498,262 126,265 53 Ending Fund Balance 220,279 4,638,409 3,164,664 1,672,404 9,498,262 126,265 126,265 54 Committed Funds - - - _ _ - 55 Unassigned Ending Balance (projected) 220,279 4,638,409 3,164,664 1,672,404 9,498,262 126,265 126,265 13 1/20/2012 19.dR PM TOWN OF WESTLAKE, TEXAS - OVERALL DEBT ANALYSIS Totals 083.045 29.871.299 29.971.650 ].970.733 (1) Includes Town estimates through 2024 -25 fiscal year (excluding gas wells) and 2% annual growth thereafter. (2) Based on 3.25% for first five years and 5.0% maximum rate thereafter. (3) Assumes a 98% tax collection ratio. (4) Includes the Issuer's 2002, 2003, 2007 and 2008 Bonds and CO's. Lawrence Financial Consulting LLC 14 1/20/2012 Property Tax Debt Projection Sales Tax Debt Projection Academy Debt Projection FYE 2011 2013 CO Total Est. I &S Existing Impact of Debt After Initial $1.4M 2013 CO 2014 CO 2015 CO All Debt 9/30 TAV"' C0121 1.6M I &S Debt Tax Rate (3) Debt (4) 2012 Rfd 2012 Rfd (after Rfd) $1.1M 10M $5.1M Combined 2012 752,517,049 154,658 - 154,658 0.0210 1,464,276 - 1,464,276 2013 785,987,770 153,765 - 153,765 0.0200 1,460,063 (300) 1,459,763 - - - - - 2014 801,707,525 153,791 49,622 203,413 0.0259 1,456,441 (34,513) 1,421,927 104,571 34,115 - - 138,686 2015 817,741,676 154,704 114,222 268,926 0.0336 1,442,577 (18,580) 1,423,997 102,513 78,528 311,111 - 492,151 2016 834,096,509 154,503 115,059 269,562 0.0330 1,469,349 (47,793) 1,421,556 105,500 79,103 718,438 267,750 1,170,791 2017 850,778,439 154,475 115,793 270,268 0.0324 1,441,557 (15,588) 1,425,969 103,400 79,607 720,050 365,175 1,268,232 2018 867,794,008 154,625 116,422 271,047 0.0319 1,450,424 (30,275) 1,420,149 106,213 80,040 721,138 368,350 1,275,740 2019 885,149,888 154,575 114,037 268,612 0.0310 1,442,895 (19,500) 1,423,395 103,938 78,400 721,700 366,263 1,270,300 2020 991,657,599 154,325 114,563 268,888 0.0277 1,439,720 (14,100) 1,425,620 101,663 78,762 721,738 368,913 1,271,075 2021 1,011,490,751 153,875 114,985 268,860 0.0271 1,440,624 (18,800) 1,421,824 104,300 79,052 721,250 366,300 1,270,902 2022 1,210,984,451 154,200 115,304 269,504 0.0227 1,440,532 (13,413) 1,427,119 101,850 79,271 720,238 368,425 1,269,784 2023 1,258,060,286 154,275 115,519 269,794 0.0219 1,439,444 (18,125) 1,421,319 104,313 79,419 718,700 365,288 1,267,719 2024 1,283,221,491 154,100 115,630 269,730 0.0214 1,445,160 (17,750) 1,427,410 101,688 79,495 721,550 366,888 1,269,620 2025 1,308,885,921 153,675 115,637 269,312 0.0210 1,442,780 (17,288) 1,425,492 103,975 79,500 718,788 368,138 1,270,400 2026 1,335,063,639 153,975 115,541 269,516 0.0206 1,431,804 (11,838) 1,419,966 106,088 79,434 720,413 369,038 1,274,972 2027 1,361,764,912 153,975 115,341 269,316 0.0202 1,443,682 (21,675) 1,422,007 103,113 79,297 721,338 369,588 1,273,334 2028 1,389,000,210 153,675 115,037 268,712 0.0197 1,447,718 (26,050) 1,421,668 105,050 79,088 721,563 364,875 1,270,575 2029 1,416,780,215 154,050 114,630 268,680 0.0194 1,319,945 104,663 1,424,608 101,900 78,808 721,088 369,813 1 ,271,608 2030 1,445,115,819 154,075 117,030 271,105 0.0191 1,316,095 109,963 1,426,058 103,663 80,458 719,913 369,313 1,273,345 2031 1,474,018,135 153,750 116,311 270,061 0.0187 1,320,060 100,250 1,420,310 105,250 79,964 718,038 368,463 1,271,714 2032 1,503,498,498 - 115,489 115,489 0.0078 1,316,160 111,063 1,427,223 101,750 79,399 720,375 367,263 1,268,786 2033 1,533,568,468 - - - - - - - - 78,762 721,838 365,713 1,166,312 2034 1,564,239,837 - - - - - - - - - 722,425 368,725 1,091,150 2035 1,595,524,634 - - - - - - - - - - 366,300 366,300 Totals 083.045 29.871.299 29.971.650 ].970.733 (1) Includes Town estimates through 2024 -25 fiscal year (excluding gas wells) and 2% annual growth thereafter. (2) Based on 3.25% for first five years and 5.0% maximum rate thereafter. (3) Assumes a 98% tax collection ratio. (4) Includes the Issuer's 2002, 2003, 2007 and 2008 Bonds and CO's. Lawrence Financial Consulting LLC 14 1/20/2012