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E. The School District's best available data suggests that the District will continue to experience revenue losses in fiscal 2016-17 and beyond. Concerns are further exacerbated when the January 19, 2016 General Revenue Estimating Conference projected approximately $400 million less in state General Revenue for fiscal 20I6-17 than the October 2015 forecast. F. The School District's best available data shows that the January 19, 2016 General Revenue Estimating Conference projects $30.985 billion for fiscal 2017-2018. That is a decrease of about $300 million compared to the General Revenue projected to be available for fiscal 2016-2017. Absent a significant increase in General Revenue or a change in the direction of recent Legislative tax and spending policies, fiscal 2017-2018 may be more lean then 2016-2017, and could include cuts from the fiscal 2016-2017 spending levels. G. The School District's current estimated Taxable Assessed Valuation is $2.1 billion or 12% less than 2007-08 values as a fragile recovery in the State of Florida's economy continues. H. The School District's best available data shows that the 2016-17 statewide education budget that was passed allocates $37.7 million less for Instructional Materials than even the decreased Revised Third Calculation of fiscal year 2007-2008 that is used by the Legislature as the historic high. Transportation funding remains $48.4 million below the Legislative high water mark, and Safe Schools funding remains $11.1 million below the benchmark, all of this despite the enrollment of 177,323 more students than were enrolled in the fiscal year 2007-2008 Revised Third Calculation. Even more remarkable, despite an increase of over $96 million in the ESE Guarantee funding in this year's budget that allocation remains over $55.4 million below the Legislature's chosen high benchmark. The increase of over $61 million provided for the SAI is still over $3 million below the level provided in the Legislature's chosen funding benchmark, despite the addition of a required program that costs almost $53 million despite an enrollment increase of over 177,000 students statewide. I. In August 2012, the electorate of Indian River County approved via ballot referendum an Essential Operating Needs Millage of 0.60 mills for fiscal years 2013/2014, 2014/2015, 2015/2016 and 2016/2017. This voter approved millage referendum generates approximately $8 million per fiscal year for the School District of Indian River County. However, the authority granted for the voter approved millage expires at the end of fiscal 2016/2017. J. The School District needs sufficient revenues to maintain and improve its high quality public schools. K. Section 1011.73(2), Florida Statutes, provides electoral authorization of ad valorem millage for four (4) years for operating purposes pursuant to a voter referendum. L. Section 1011.71(9), Florida Statutes, authorizes a School District to levy, by local referendum, additional millage for school operational purposes up to an amount that, when combined with the non -voted millage levy, does not exceed the 10 mill limit established under the Florida Constitution. Page 2 of 5