ANNUAL FINANCIAL REPORT
HUNTLEY COMMUNITY
SCHOOL DISTRICT 158
ALGONQUIN, IL
JUNE 30, 2015
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
TABLE OF CONTENTS
JUNE 30, 2015
Exhibit
Independent Auditors’ Report
Page
1
Required Supplementary Information:
Management’s Discussion and Analysis – unaudited
4
Basic Financial Statements:
Government-wide Financial Statements
Statement of Net Position
A
21
Statement of Activities
B
22
Balance Sheet – Governmental Funds
C
24
Statement of Revenue, Expenditures and Changes in
Fund Balance – Governmental Funds
D
27
Statement of Fiduciary Assets and Liabilities
E
32
Fund Financial Statements
Notes to the Basic Financial Statements
33
Required Supplementary Information:
Schedule of the Employer’s Proportionate Share of the Net Pension
Liability – TRS
60
Schedule of Employer Contributions – TRS
61
Schedule of Changes in Net Pension Liability and Related Ratios – IMRF
62
Schedule of Employer Contributions – IMRF
63
Schedule
General and Major Special Revenue Funds – Schedule of Revenues,
Expenditures and Changes in Fund Balance – Budget to Actual
General Fund – Combining Balance Sheet
1
64
Combining Schedule of Revenues, Expenditures and Changes in Fund
Balance with Summarized Comparative Actual Totals – General Fund
2
65
3
4
5
66
68
70
Schedule of Revenues, Expenditures and Changes in Fund Balances –
Budget to Actual – With Comparative Actual Amounts
Operations and Maintenance Fund
Transportation Fund
Municipal Retirement/Social Security Fund
Notes to Required Supplementary Information
72
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
TABLE OF CONTENTS
JUNE 30, 2015
Schedule
Page
6
7
73
82
8
9
10
83
84
85
11
86
Debt Service Schedule – 2000 Capital Appreciation School Building Bonds
12
91
Debt Service Schedule – 2001 Capital Appreciation School Building Bonds
13
92
Debt Service Schedule – 2003 Capital Appreciation School Building Bonds
14
93
Debt Service Schedule – 2003A Capital Appreciation School Building Bonds
15
94
Debt Service Schedule – 2004 Capital Appreciation School Building Bonds
16
95
Debt Service Schedule – 2008 Refunding Bonds
17
96
Debt Service Schedule – 2009 Refunding Bonds
18
97
Debt Service Schedule – 2010 General Obligation Refunding Bonds
19
98
Debt Service Schedule – 2011A Qualified Energy Conservation Debt Certificates
20
99
Debt Service Schedule – 2011B Refunding Debt Certificates
21
100
Debt Service Schedule – 2013 General Obligation Refunding Bonds
22
101
Debt Service Schedule – 2014 General Obligation Refunding Bonds
23
102
Statement of Revenues, Expenditures, and Changes in Fund Balances –
Operating and Non-Operating Governmental Funds
24
103
Supplementary Information:
General Fund Accounts – Schedule of Revenues, Expenditures
and Changes in Fund Balance – Budget to Actual – With Comparative
Actual Amounts
Educational Account
Working Cash Account
Major Debt Service and Major Capital Projects Funds – Schedule of Revenues,
Expenditures and Changes in Fund Balance – Budget to Actual – With
Comparative Actual Amounts
Debt Service Fund
Capital Projects Fund
Fire Prevention and Safety Fund
Schedule of Changes in Assets and Liabilities – Agency Fund
Independent Auditors’ Report
Board of Education
Huntley Community School District 158
Algonquin, Illinois
We have audited the accompanying financial statements of the governmental activities, and each major fund of
Huntley Community School District 158, Algonquin, Illinois (the “District”) as of and for the year ended June 30,
2015, and the related notes to the financial statements, which collectively comprise the District’s basic financial
statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with accounting principles generally accepted in the United States of America; this includes the design,
implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted our
audit in accordance with auditing standards generally accepted in the United States of America and the
standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of
the financial statements in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we
express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and
the reasonableness of significant accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinions.
Basis for Qualified Opinion
The District has elected to omit the disclosures required by Governmental Accounting Standards Board
Statement 45 Accounting and Financial Reporting for Post-Employment Benefits Other Than Pensions. The
amount by which this disclosure would affect the financial statements is not reasonably determinable.
1
Qualified Opinion
In our opinion, except for the effect of the omission discussed in the “Basis for Qualified Opinion” paragraph, the
financial statements referred to above present fairly, in all material respects, the respective financial position of
the governmental activities and each major fund of the District as of June 30, 2015, and the respective changes
in financial position thereof for the year then ended in accordance with accounting principles generally accepted
in the United States of America.
Change in Accounting Principle
As discussed in Note 12 to the financial statements, in 2015 the District adopted new accounting guidance;
GASB Statement No. 68, Accounting and Financial Reporting for Pensions – an amendment of GASB
Statement No. 27, and GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to the
Measurement Date. Our opinion is not modified with respect to this matter.
Other Matters
Prior-Year Comparative Information
We have previously audited the District’s 2014 financial statements, and we expressed qualified audit opinions
on the respective financial statements of the governmental activities, each major fund, and the aggregate
remaining fund information in our report dated October 13, 2014. In our opinion, the summarized comparative
information presented herein as of and for the year ended June 30, 2014, is consistent, in all material respects,
with the audited financial statements from which it has been derived.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that required supplementary
information, as listed in the table of contents, be presented to supplement the basic financial statements. Such
information, although not a part of the basic financial statements, is required by the Governmental Accounting
Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial
statements in an appropriate operational, economic, or historical context. We have applied certain limited
procedures to the required supplementary information in accordance with auditing standards generally accepted
in the United States of America, which consisted of inquiries of management about the methods of preparing the
information and comparing the information for consistency with management’s responses to our inquiries, the
basic financial statements, and other knowledge we obtained during our audit of the basic financial statements.
We do not express an opinion or provide any assurance on the information because the limited procedures do
not provide us with sufficient evidence to express an opinion or provide any assurance.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the District’s basic financial statements. The supplementary information is presented for purposes of
additional analysis and is not a required part of the basic financial statements. The supplementary information
is the responsibility of management and was derived from and relate directly to the underlying accounting and
other records used to prepare the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements and certain additional procedures,
including comparing and reconciling such information directly to the underlying accounting and other records
used to prepare the basic financial statements or to the basic financial statements themselves, and other
additional procedures in accordance with auditing standards generally accepted in the United States of America.
In our opinion, the supplementary information is fairly stated, in all material respects, in relation to the basic
financial statements as a whole.
2
We have previously audited, in accordance with auditing standards generally accepted in the United States of
America, the basic financial statements of the District as of and for the year ended June 30, 2014 (not presented
herein), and have issued our report October 13, 2014, which contained qualified opinions on the respective
financial statements of the governmental activities, each major fund, and the aggregate remaining fund
information. The supplementary information as listed in the table of contents for the year ended June 30, 2014
is presented for purposes of additional analysis and is not a required part of the basic financial statements.
Such information is the responsibility of management and was derived from and relates directly to the underlying
accounting and other records used to prepare the 2014 financial statements. The information has been
subjected to the auditing procedures applied in the audit of the 2014 basic financial statements and certain
additional procedures, including comparing and reconciling such information directly to the underlying
accounting and other records used to prepare those financial statements or to those financial statements
themselves, and other additional procedures in accordance with auditing standards generally accepted in the
United States of America. In our opinion, the supplementary information as listed in the table of contents is fairly
stated in all material respects in relation to the basic financial statements as a whole for the year ended June 30,
2014.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated September 30, 2015,
on our consideration of the District’s internal control over financial reporting and on our tests of its compliance
with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of
that report is to describe the scope of our testing of internal control over financial reporting and compliance and
the results of that testing, and not to provide an opinion on internal control over financial reporting or on
compliance. That report is an integral part of an audit performed in accordance with Government Auditing
Standards in considering the District’s internal control over financial reporting and compliance.
Evans, Marshall & Pease, P.C.
Evans, Marshall & Pease, P.C.
Certified Public Accountants
September 30, 2015
Rolling Meadows, IL
(20)
3
HUNTLEY COMMUNITY SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
Overview of the Financial Statements
The Annual Financial Report consists of four major parts:
 Management’s Discussion and Analysis (MD&A) which is intended to serve as an introduction
to the remaining three parts of the report.
 Basic Financial Statements which include statements that present different financial
perspectives of the District:
o
o
o
The first two statements are government-wide financial statements, which include the
Statement of Net Position and the Statement of Activities. These statements provide
both short-term and long-term information about the District’s overall financial status.
The next several statements are fund financial statements that focus on individual
parts of the District, reporting the District’s balance sheet position and operations in
more detail than the government-wide statements.
The final statement is a fiduciary funds statement that provides information about
financial relationships in which the District acts solely as a trustee or agent for the
benefit of others.
 Notes to the Basic Financial Statements
 Required Supplementary Information
Management Discussion and Analysis
The Management Discussion and Analysis, a requirement of GASB 34, is the Huntley Community
School District 158 administration’s discussion and analysis of the financial results as well as an
overall review of the District’s financial activities for the fiscal year ended June 30, 2015. The
management of the District encourages readers to consider the information presented herein in
conjunction with the District’s financial statements, which immediately follow this section.
Responsibility for both the accuracy of the data and the completeness and fairness of the
presentation, including all disclosures, rests with the District. The enclosed data is accurate in all
material respects and is reported in a manner designed to present fairly the financial position and
results of operations of the various funds of the District. All disclosures necessary to enable the reader
to gain an understanding of the District’s financial activities have been included.
Generally accepted accounting principles (GAAP) according to GASB 34 require the reporting of two
types of financial statements: Government Wide Financial Statements and Fund Financial Statements.
Government Wide Financial Statements
The government wide financial statements are full accrual basis statements. They report all of the
District’s assets and liabilities, both short and long term, regardless if they are “currently available” or
not. Capital assets and obligations of the District are reported in the Statement of Net Position of the
government wide financial statements.
One of the most important questions asked about the District is, “As a whole, what is the School
District’s financial condition as a result of the year’s activities?” The Statement of Net Position and the
Statement of Activities, which appear first in the District’s financial statements, report information on
the District as a whole and its activities in a way that helps you answer this question. We prepare
these statements to include all assets and liabilities, using the accrual basis of accounting, which is
similar to the accounting used by most private-sector companies. All of the current year’s revenues
and expenses are taken into account regardless of when cash is received or paid.
4
HUNTLEY COMMUNITY SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
The Statement of Net Position and the Statement of Activities report the Huntley Community School
District 158’s net assets – the difference between assets and liabilities, as reported in the Statement of
Net Position – is one way to measure the District’s financial health or financial position. Over time,
increases or decreases in the District’s net position – as reported in the Statement of Activities – are
indicators of whether its financial health is improving or deteriorating. The relationship between
revenues and expenses is the District’s operating results. However, the School District’s goal is to
provide services to our students, not to generate profits as commercial entities do. One must consider
many other nonfinancial factors, such as the quality of the education provided and the safety of the
schools, to assess the overall health of the District.
These two statements report the governmental activities for the District, which encompasses all of the
District’s services, including instruction and support services. Property taxes, unrestricted state aid,
and state and federal grants finance most of these activities.
Fund Financial Statements
A fund is a grouping of related accounts that is used to maintain control over resources that have been
segregated for specific activities or objectives. The District, like other state and local governments,
uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements.
All of the funds of the District can be divided into two categories: governmental funds and fiduciary
funds.
Governmental funds – All of the School District’s services are reported in governmental funds.
Governmental fund reporting focuses on showing how money flows into and out of funds and the
balances left at year end are available for spending. They are reported using an accounting method
called modified accrual accounting, which measures cash and all other financial assets that can
readily be converted to cash. The governmental fund statements provide a detailed short-term view of
the operations of the School District and the services it provides. Governmental fund information helps
you determine whether there are more or fewer financial resources that can be spent in the near future
to finance the District’s programs.
The District maintains individual governmental funds. Information is presented separately in the
governmental fund balance sheet and in the governmental fund statement of revenues, expenditures
and changes in fund balances for the General (Educational and Working Cash), Operations and
Maintenance, Transportation, Municipal Retirement/Social Security, Debt Service, Capital Projects and
Fire Prevention & Life Safety Funds, all of which the District considers to be major funds. Each fund
can be placed into one of four major categories: General, Special Revenue, Capital Projects and Debt
Service.
5
HUNTLEY COMMUNITY SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
The following figure lists the individual governmental funds by major category:
Educational Fund
General Fund
Working Cash Fund
Operations and
Maintenance Fund
Transportation Fund
Special Revenue Funds
Municipal
Retirement/Social
Security Fund
Fire Prevention & Life
Safety Fund
Capital Projects Funds
Capital Projects Fund
Debt Service Fund
Debt Service Fund
The District adopts an annual budget for each of the funds listed above. A budgetary comparison
statement has been provided for each fund to demonstrate compliance with this budget.
In the fund financial statements, purchased capital assets are reported as expenditures in the year of
acquisition. No asset is reported. The issuance of debt is recorded as an Other Financing Source,
whereas the current year’s payments of principal and interest on long term obligations are recorded as
expenditures. Future year’s debt obligations are not recorded.
Fiduciary funds – The District is the trustee, or fiduciary, for assets that belong to others, such as the
student activities funds. The District is responsible for ensuring that the assets reported in these funds
are used only for their intended purposes and for those to whom the assets belong. The District
excludes these activities from the government-wide financial statements because it cannot use these
assets to finance its operation.
6
HUNTLEY COMMUNITY SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
Fiscal Year 2015 District Highlights
Over the past several years, the District has performed well financially and achieved a high level of
financial and curricular success. School year 2014-2015 was another year of great accomplishment for
Huntley Community School District 158, driving the strategic direction of the District forward,
implementing new innovative programs and remaining well under budget.
Curriculum
Huntley Community School District 158 continues to expand the horizons of education in important
and innovative ways. The District has embraced the concept of 21st century learning to prepare
students for success in a rapidly changing economic and social world. The District has implemented
innovative tools that are quickly evolving and that change the way teachers teach and the way that
students learn. In fiscal year 2013 the District implemented its one-to-one initiative at Martin
Elementary School with 1,200 students receiving a tablet device. In fiscal year 2014, devices were
distributed to an additional 2,400 students at Leggee, Conley, and Martin Elementary Schools. In
th
th
fiscal year 2015, 7 grade students received a learning device, representing that all K-7 grade
students, approximating 65% of the students in the District, have received a learning device. In fiscal
year 2016 the one-to-one implementation will include 8th grade, with plans to expand into the high
school levels in future years. These learning devices enable students to connect with each other and
with their teachers to enhance instruction in ways that are creative and authentic, with increased
collaboration and engagement. The skills that students hone through using new technology will serve
them well as they progress through District 158 and on to college and careers.
Huntley High School is on the forefront within the State of Illinois in offering rigorous coursework in
engineering and bio-medical sciences through Project Lead the Way. These programs offer students
unique opportunities to gain specialized skills in relevant subjects in innovative ways. Beginning in fall
2016, students in the Huntley High School Medical Academy will have a first-of-its-kind opportunity to
serve a residency in Centegra Health System facilities. The residency program, believed to be the only
of its kind in the country, will offer up to 30 students the chance to receive intensive job shadowing and
mentorship with health care professionals at the new Centegra Hospital-Huntley and other clinical
locations. The District launched its Blended Learning Program at Huntley High School in 2012. This
program allows students to enroll in classes that meet both in-person and in an online environment.
Today over 1000 students are enrolled in a blended learning class, comprising about one-third of the
students at the high school. The Blended Learning Program has fostered increased student
engagement, independence and decision-making regarding their learning experience. As a result,
academic achievement continues to increase, as evidenced by steadily increasing student
achievement.
The focus for teaching and learning in the District has been on innovative programming to prepare
students for future success. The programming related to student technology, engineering, biomedical sciences, and blended learning distinguishes the District from its peers and creates a
foundation for student growth and opportunity.
Finances
The District has implemented these innovative programs while maintaining the highest degree of fiscal
responsibility. Over the last five years, the District increased its operating fund balance 65% from
$20.5 million in fiscal year 2010 to an estimated $33.9 million at the end of fiscal year 2015 - resulting
in significantly improved cash flow. Prior to levy year 2013, the improved financial position enabled
the District to keep property taxes, before new construction, the same for three years. During fiscal
years 2014 and 2015, in an effort to reduce the impact to the community, the District abated $400,000
of debt, reducing the overall property taxes levied to the community. Please see Property Tax Levy
Abatements below. The District is committed to providing the best value to the community while
continuing to maintain a low operating cost per pupil. Currently, the District’s approximate operating
cost per pupil is $9,427, 33% below the fiscal year 2014 State average of $12,521. Please see
Financial Highlights below.
7
HUNTLEY COMMUNITY SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
Operations & Maintenance and Technology
One of the District’s missions with Operations & Maintenance is to provide quality service in an
efficient and professional manner to ensure building safety and comfort. During the year, the District
had the funding to complete the following major projects:
The District received the School and Campus Safety Grant, the purpose of which is to establish a
baseline security level at each eligible public elementary, secondary and post-secondary school in the
state of Illinois. The District was awarded the full amount for which it was eligible - $231,025. The
State of Illinois awarded $25 million in funding to support approved projects through this competitive
grant program. As a result of receiving these funds, the District enhanced security at all buildings by
installing shatter-resistant glass/film, remote locking access control, card readers, buzzers and
entrance video cameras and displays.
The District replaced the roof system at Chesak Elementary School approximating $1.4M. As our
buildings age, we will be continuing to monitor and replace physical plant infrastructure as appropriate.
During the year the District entered into a $1.3M guaranteed energy savings contract replacing indoor
and outdoor lighting where systems have approached end of useful life. These improvements, as part
of the agreement, will guarantee energy savings of approximately $100 thousand per year.
The District resurfaced of the outdoor running track at Heinemann Middle School. The reasonable
expected life of the running track surface installed at this location is eight years. The first installation of
this surface was completed in 2005.
The District replaced and repaired asphalt throughout the entire District.
In addition, the Technology Department, as part of the one-to-one initiative, rolled out Chromebooks to
several grades of students, provided new laptops and PC’s to teachers and staff, upgraded several
student computer labs, replaced the battery backup system for the core infrastructure, replaced aging
LCD projectors and continued to upgrade our technology infrastructure systems.
Thus, despite the District’s low revenue per student and the State’s current economic climate, our
District continues to deliver relevant and dynamic educational experiences for all of our students while
continuing to operate efficiently and to meet the operating needs of the District. And the good news is,
the fiscal year 2016 budget continues this forward momentum.
Financial Highlights
Operating Results
Over the past several years, with the State of Illinois continuing to short pay on its obligations, coupled
by economic downturn, the District has been challenged financially. Over this period of time, the
District has met that challenge head on, maintaining quality of education with minimum impact to the
classroom. Over the last several years, the District has budgeted conservatively, and in doing so has
improved its financial position. As a result, the District’s operating cost per pupil continues to be well
below the State average. The District’s operating cost per pupil, approximating $9,427 per student in
fiscal year 2015, continues to be the lowest in McHenry County for all K-12 districts and significantly
below the State’s 2014 average operating cost per pupil of $12,521 per student. See chart below.
8
HUNTLEY COMMUNITY SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
For the fiscal year ended June 30, 2015, the District finished the year with an operating surplus of
approximately $2.4 million. The fiscal year 2015 surplus was primarily driven by favorability in salaries
and benefits as well as revenue favorability within several line items.
The District's operating funds, which include the Educational Fund, Operations and Maintenance
Fund, Transportation Fund, Municipal Retirement/Social Security Fund, and Working Cash Fund,
increased fund balance by $2.4 million, resulting in an ending operating fund balance of $33.9 million.
Strategic Initiatives
For the past four years, Huntley Community School District 158 has been guided by goals and
indicators outlined in a strategic plan created with the input of more than 50 community volunteers in
2011.
In the winter of 2014-2015, the District again called on more than 50 volunteers drawn from all areas
of our community—teachers, students, staff, parents, residents, business and civic leaders, and Board
of Education members—to create a new plan and vision to carry us through 2020.
9
HUNTLEY COMMUNITY SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
The District’s fiscal year 2015 mission statement is, “We will Inspire, Challenge, and Empower
everyone every day.” In fiscal year 2015, aligned with the District’s strategic plan goals, the District
met 86% of the District’s strategic plan measures. The fiscal year 2015 five strategic goals are as
follows: Please note that these goals slightly changed for fiscal year 2016.
Goal One:
Goal Two:
Continuously improve student growth and achievement.
Provide safe, healthy and nurturing environments conducive to learning and
wellness.
Goal Three: Attract, support, develop and retain the best and brightest staff.
Goal Four: Foster ownership through trusting and engaged partnerships with families and the
community.
Goal Five: Prioritize and allocate resources effectively and equitably while operating with
increased efficiency.
In fiscal year 2015, the District continued its focus on putting technology in the hands of the students
and providing 21st century learning tools. The District purchased and deployed 1,500 Chromebook
devices to 6th and 7th grade students at Marlowe and Heineman Middle Schools. Prior to fiscal year
2015, the District deployed 4,300 Android tablets to all K-5 students across the entire District. At the
end of fiscal year 2015, approximately 5,800 students had a one-to-one device in hand.
Planning for the Future
In fiscal year 2014, in an effort to set aside funds for future capital projects, the District approved a
resolution restricting $2 million for “reserve for replacement.” The resolution states “That the sum of
Two Million Dollars ($2,000,000.00) currently on deposit within the Educational Fund, and not
designated or committed for any other purpose(s), is hereby designated and committed for future
capital improvements of the District.” Furthermore, during fiscal year 2014 and 2015, the District
budgeted an additional $300 thousand to be set aside and designated for the same purpose. As such,
an additional resolution will be approved in fiscal year 2016 to designate these funds.
In Fiscal year 2014, as a result of the District’s substantially graduated debt service requirements, the
District restructured its debt, issuing $47.76 million in General Obligation Refunding Bonds with
interest rates ranging from 5.0% to 5.625%. The proceeds were used to advance refund $37.41
million of outstanding Series 2000, 2001, 2003 and 2003A Capital Appreciation Bonds. As part of the
initial 2014 restructuring, the District implemented a multi-phase restructuring approach to manage the
District’s increasing debt obligations. In fiscal year 2015, the District continued to restructure its debt
and issued $9.12 million in General Obligation Refunding School Bonds with interest rates ranging
from 2.0% to 4.0%. The proceeds were used to advance refund $9.59 million of outstanding Series
2005 and 2006B General Obligation Bonds. See Long-Term Debt below.
Property Tax Levy Abatements
Prior to levy year 2013, the improved financial position enabled the District to keep property taxes,
before new construction, the same for three years. By taking this action, the District did not receive an
increase in tax dollars from the community for these related levy years, other than from new
construction.
During fiscal year 2015, the 2014 levy reflected a Consumer Price Index increase of 1.5% in
accordance with the Property Tax Limitation Law. However, in an effort to reduce the impact to the
community, for the second year in a row, the District abated $400,000 of debt, reducing the overall
property taxes levied to the community.
10
HUNTLEY COMMUNITY SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
Using proceeds from the Series 2010 refunding, the Capital Development Grant as well as the
General Fund, the District has abated $2.35 million, $4.57 million, $400 thousand and $400 thousand
in fiscal years 2012, 2013, 2014 and 2015 respectively.
Long-Term Debt
In fiscal year 2015, excluding capital leases and unamortized premiums/discounts, the District retired
and/or defeased $14.54 million of debt. (See Note 6 in the Notes to Financial Statements.)
During the year, in an effort to manage our increasing debt, the District continued to restructure its
debt and issued $9.12 million dollars in General Obligation Refunding School Bonds with interest rates
ranging from 2.0% to 4.0%. The proceeds were used to advance refund $9.59 million of outstanding
Series 2005 and 2006B General Obligation Bonds.
As part of the Series 2014 Bond refunding, the District went through a Standard & Poor’s (S&P) rating
whereby the District received a strong rating of AA. The S&P AA rating reflects that an organization
demonstrates high standards of quality based on its investment process and management's
consistency of performance as compared to organizations with similar objectives. The AA rating
reduced interest rates and increased savings to the District in interest expense and bond insurance
fees. (See Note 6 in the Notes to Financial Statements.)
The District’s legal debt margin, which is the capacity to borrow additional funds, is $56.1 million, up
from prior years $53.4 million. The increase is primarily due to the decrease in applicable debt as part
of the legal debt margin formula. In addition, the District’s Equalized Assessed Valuation remained
relatively flat during the year, decreasing by approximately $1.2 million dollars, reducing the legal debt
margin by approximately $170 thousand dollars. (See Note 6 in the Notes to Financial Statements.)
Financial Rating
A district's Financial Profile, as measured by the Illinois State Board of Education, is based upon a
weighted combination of five ratios:
o
o
o
o
o
Fund Balance to Revenue Ratio
Expenditure to Revenue Ratio
Days Cash on Hand
Percent of Short-Term Borrowing Maximum Remaining
Percent of Long-Term Debt Margin Remaining
While an estimated profile is identified here, it is an estimation and may change, as the final profile
score will be calculated by ISBE. Total profile scores are identified as follows:
Score
3.54 - 4.00
3.08 - 3.53
2.62 - 3.07
Rating
Financial Recognition
Financial Review
Financial Early Warning
1.00 - 2.61 Financial Watch
Description
The highest category of financial strength.
The next highest financial health category.
ISBE will be monitoring these districts closely and offering
proactive technical assistance.
ISBE will be monitoring these districts very closely and
offering them technical assistance including, but not limited
to, financial projections, cash flow analysis, budgeting,
personnel inventories, and enrollment projections.
In fiscal year 2015, the District’s Financial Profile Rating is that of “Recognition” at 3.70 and slightly
improved from last year’s 3.60 rating. “Recognition” is the highest rating of financial strength. Below
is a Profile Score History outlining the positive trend the District has made over the past several years.
11
HUNTLEY COMMUNITY SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
Huntley High School Upgrades and Expansion
In 2013, the District formed the HHS 3000 Committee. This committee was formed to identify needs
for the high school in order to accommodate the expected 3,000 students that will be at Huntley High
School in school year 2016-2017. Based upon the Committee’s recommendations, a multi-year
construction project was implemented. Utilizing funds received from the State of Illinois Capital
Projects Fund Grant, numerous capital projects have been underway for the past two years.
In fiscal year 2014, the District completed the construction associated with Huntley High School
athletic field upgrades totaling $3.3 million. The completed project included additional stadium
bleachers to support the high school’s increased enrollment, a synthetic turf football field, a new press
box, replacement of the track surface and irrigation of several of the athletic fields. The upgrades will
allow for safer play and practice fields, increased playability on the school’s football field and lower
ongoing maintenance costs. In addition to the athletic field upgrades, as part of the HHS 3000
Committee’s expansion project, the District expended $2.9 million for the related professional and
technical work.
In fiscal year 2015, year two of the high school construction project included capital upgrades
approximating $17.3 million, such as:







New front entrance complete, improving security and aesthetic appearance
Raider Way, the new high school entrance/exit drive, opened in the fall and contributed to an
immediate improvement in traffic flow
Upgrades to athletic areas, including stadium lighting and a new scoreboard
Construction of new 55,000 sq. ft. field house
st
Renovation of the old West Gym into a 21 century Learning Resource Center
Overhaul of the cafeteria and servery
Conversion of the old library to passive commons
The expansion project is expected to be completed by the end of the 2015-2016 school year.
12
HUNTLEY COMMUNITY SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
Other Financial Highlights
Although the housing market in general has remained relatively soft in the past several years, new
construction within the District’s boundaries has been on a slight uptick. In fiscal year 2014, new
construction increased 15% over fiscal year 2013. In fiscal year 2015, new construction increased
60% over fiscal year 2014. As a result of this increase in construction, impact fee revenue continues
its upward trend, resulting in $922 thousand in fiscal year 2015. New construction by levy year
follows:
In fiscal year 2008, the District began to directly pay for its employee health care benefits under a selfinsurance health plan. To minimize year-to-year fluctuations and resulting financial risks, the District's
self-funded health plan is managed by a third party administrator and contains a stop-loss policy. In
fiscal year 2015, the stop-loss policy covered catastrophic health care costs above $165 thousand per
insured individual. In fiscal year 2015, the District’s healthcare costs of $6.54 million remained
relatively flat from prior year’s $6.58 million.
The Illinois State Board of Education (ISBE) acknowledged an obligation to fund an additional $1.29
million from the fiscal year 2005 General State Aid claim. This was recorded as a receivable in both
financial statement presentations; however, an offsetting liability (deferred revenue) has also been
recorded in the fund financial statements due to the timing of the receipt of payment. To date, the
District has received $986 thousand. During fiscal year 2015, the District received $21 thousand. The
remaining receivable and deferred revenue balance approximate $305 thousand.
13
HUNTLEY COMMUNITY SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
Fiscal Year 2015 Government-Wide Financial Analysis
Figure A-1
Summary Statement of Net Position
June 30
Governmental Governmental
Activities
Activities
2014
2014 (Restated)
Current assets
$ 100,435,331
Capital assets, net of depreciation
184,098,077
Total assets
284,533,408
Increase
(Decrease)
%
Change
$ 110,697,521
167,636,849
278,334,370
$ (10,262,190)
16,461,228
6,199,038
-9.3%
9.8%
2.2%
9,561,909
2,088,558
11,650,467
10,283,349
796,971
11,080,320
(721,440)
1,291,587
570,147
-7.0%
162.1%
5.1%
Total liabilities
148,809,611
17,126,343
165,935,954
148,905,509
14,173,007
163,078,516
(95,898)
2,953,336
2,857,438
-0.1%
20.8%
1.8%
Unavailable rev-property taxes
Pensions
Total deferred inflows or resources
31,772,874
865,245
32,638,119
31,091,819
31,091,819
681,055
865,245
1,546,300
2.2%
100.0%
5.0%
Net position:
Net investment in capital assets
Restricted
Unrestricted
Total Net Position $
61,102,865
31,419,265
5,087,672
97,609,802
41,568,043
47,424,842
6,251,470
95,244,355
Deferred charge on refunding
Pensions
Total deferred outflows on resources
Long-term liabilities
Other liabilities
$
19,534,822
(16,005,577)
(1,163,798)
$ 2,365,447
47.0%
-33.7%
-18.6%
2.5%
Analysis of the fiscal year 2015 Statement of Net Position
Overall, the District's total Net Position at June 30, 2015 increased to $97.6 million from $95.2 million
in fiscal year 2014 (restated), an increase of 2.5% or approximately $2.4 million. In fiscal year 2015,
the District's total assets increased $6.2 million due to completed construction at Huntley High School
while the District's current assets decreased ($10.3) million, primarily the result of paying for that
construction as well as other capital projects.
The District's total liabilities increased by $2.9 million in fiscal year 2015 primarily due to an increase in
long-term liabilities of $3.0 million (see Note 6 in the Notes to Financial Statements). Other liabilities
increased $3.0 million primarily due to increased accounts payable related to the Chesak roof
replacement and lighting retrofit capital projects (Figure A-1).
The Restricted portion of Net Position consists of the Operations and Maintenance Fund,
Transportation Fund, Municipal Retirement/Social Security, Debt Service Fund, Capital Projects Fund,
and the Fire Prevention and Life Safety Fund.
14
HUNTLEY COMMUNITY SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
Fiscal Year 2015 Statement of Activities
Figure A-2
Summary Statement of Activities
June 30
Governmental
Governmental
Activities
Activities
2015
2014 (Restated)
Revenues
Program revenues
Charges for services
$
Operating grants & contributions
Total program revenues
General revenues
Property taxes/CPPRT
State formula aid & formula grants
Other
Total general revenues
Total revenues
Expenses
Instruction
Support Services
Community Services
Payments to Other Dists./Govts.
Interest and fees
Other
Total expenses
6,295,194
31,868,899
38,164,093
$
6,194,729
24,909,964
31,104,693
Increase
(Decrease)
$
%
Change
100,465
6,958,935
7,059,400
1.6%
27.9%
22.7%
64,831,082
17,582,697
113,611
82,527,390
120,691,483
63,479,426
13,944,744
75,811
77,499,981
108,604,674
1,351,656
3,637,953
37,800
5,027,409
12,086,809
2.1%
26.1%
49.9%
6.5%
11.1%
67,218,121
37,971,425
4,686
2,621,046
8,604,020
1,906,738
118,326,036
59,202,912
37,854,565
2,021
2,734,787
9,991,404
1,919,275
111,704,964
8,015,209
116,860
2,665
(113,741)
(1,387,384)
(12,537)
6,621,072
13.5%
0.3%
131.9%
-4.2%
-13.9%
-0.7%
5.9%
(3,100,290) $
5,465,737
231.1%
$ 104,376,257
$
(6,031,612)
$ 95,244,355 $
2,365,447
2.5%
Increase(Decrease) in Net Position $
2,365,447
Beginning Balance $
Prior Year Adjustment
Ending Balance $
95,244,355
97,609,802
$
Analysis of the fiscal year 2015 Statement of Activities
Total revenues increased by $12.1 million. Operating Grants and Contributions consisting of state and
federal revenues (except General State Aid) increased by $7.0 million primarily for state on-behalf
revenue which increased $5.8 million, mostly due to increased pension revenue related to GASB 68
(see Note 11 in the Notes to Financial Statements). General revenues increased $5.0 million due to
an increase of $3.6 million in General State Aid and $1.4 million of property taxes.
Total expenditures increased by $6.6 million primarily driven by the $5.8 million for state on-behalf
expenditures related to the increase in pension expense along with increased instructional costs for
salaries and benefits (Figure A-2).
15
HUNTLEY COMMUNITY SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
The following is a graphic illustration of the percent of revenue by source:
16
HUNTLEY COMMUNITY SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
The following is a graphic illustration of the percent of expense by source:
17
HUNTLEY COMMUNITY SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
Financial Analysis of the District's Governmental Funds
Huntley Community School District 158 uses fund accounting to ensure and demonstrate compliance
with finance-related legal requirements.
The District's operating funds, which are comprised of the Educational Fund, Operations and
Maintenance Fund, Transportation Fund, Municipal Retirement/Social Security Fund, and Working
Cash Fund had an increase in fund balance during fiscal year 2015 of $2.4 million, resulting in an
ending operating fund balance of $33.9 million. The increase in fund balance is primarily driven by
favorability in salaries and benefits in fiscal year 2015 as well as revenue favorability within several
line items.
A Financial Analysis of District Funds is located in Figure A-3. “Other Financing” refers to Other
Financing Sources and Uses which nets to the financing sources from capital leases.
The District's non-operating or capital funds are comprised of the Debt Service, Capital Projects, and
Fire Prevention and Life Safety Funds which had a decrease in fund balance during fiscal year 2015 of
$17.1 million related to the construction projects at Huntley High School and debt service payments.
The Capital Projects Fund is used for construction projects and some related debt services, and the
Debt Service Fund is designated specifically for debt service.
The District's total fund balance, for all funds, in fiscal year 2015 is $54.1 million, a decrease of ($14.7)
million from fiscal year 2014.
Figure A-3
Financial Analysis of District Funds
June 30, 2015
Fund
Revenues
Expenditures
Other Financing
Net Change
Educational
$ 91,625,948 $ 90,652,314 $
(14,091) $
959,543
O&M
9,933,161
10,945,957
(156,109)
(1,168,905)
Transportation
6,759,763
4,897,359
274,833
2,137,237
IMRF/Social Security
2,562,346
2,451,790
110,556
Working Cash
339,948
339,948
Debt Service
8,449,708
15,986,794
7,692,984
155,898
Capital Projects
1,010,782
17,439,072
(812,094)
(17,240,384)
Fire Prevention & Safety
21
21
Net by Fund $ 120,681,677 $ 142,373,286 $
6,985,523 $
(14,706,086)
Total Operating Funds
Total Capital Funds
$ 111,221,166
$
9,460,511
$ 108,947,420
$ 33,425,866
$
$
104,633
6,880,890
$
$
2,378,379
(17,084,465)
Figure A-4
Analysis of District Expenses by Object
June 30, 2015
Operating
Capital
Total
Object
Funds
Funds
Funds
Salaries
$
52,800,185 $
44,371 $ 52,844,556
Employee benefits
31,636,236
11,706
31,647,942
Purchased services
7,752,206
935,055
8,687,261
Supplies and materials
8,899,677
233,362
9,133,039
Capital outlay
4,903,500
16,214,579
21,118,079
Other
2,955,616
15,986,793
18,942,409
Expenditures by Object $
108,947,420 $
33,425,866 $ 142,373,286
18
%
of Total
37.1%
22.2%
6.1%
6.4%
14.8%
13.3%
100.0%
HUNTLEY COMMUNITY SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
Capital Asset and Debt Administration
Analysis of the fiscal year 2015 Capital Assets
By the end of fiscal year 2015, the District had compiled a broad range of capital assets including land,
buildings, computers, furniture, and other equipment. The District recorded $237.5 million in gross
assets and $53.4 million in accumulated depreciation, resulting in $184.1 million in net capital assets.
During fiscal year 2015, the District placed in service $20.1 million in capital additions, primarily the
result of the construction projects at Huntley High School for the field house and building expansion.
Fiscal year depreciation expense ended the year at $4.4 million, a decrease of $.8 million from fiscal
year 2014. (See Note 4 in the Notes to Financial Statements.)
Figure A-5
Land
Construction in Progress
Land improvements, net
Buildings, net
Vehicles, net
Capital assets, net
Depreciation expense-fiscal year
Accumulated Depreciation
Capital assets
Net Capital Assets
June 30
Governmental
Governmental
Activities
Activities
Increase
%
2015
(Decrease)
Change
2014
$ 10,899,723 $ 10,899,723 $
0.0%
4,454,380
4,853,895
(399,515)
-8.2%
15,607,859
11,173,460
4,434,399
39.7%
153,136,115
140,522,794
12,613,321
9.0%
186,977
(186,977) -100.0%
9.8%
$ 184,098,077 $ 167,636,849 $ 16,461,228
$
4,412,532 $
5,269,455 $ (856,923)
53,375,615
48,963,083
4,412,532
$ 237,473,692 $ 216,599,932 $ 20,873,760
-16.3%
9.0%
9.6%
Analysis of the fiscal year 2015 Long-Term Liabilities
As of June 30, 2015, the District has long-term debt in the amount of $150.5 million. The increase in
current maturities of long-term debt from June 30, 2014 to June 30, 2015 is due to the District’s
restructuring and advance refunding of its escalating long term debt. As a result of the refunding, total
long-term liabilities have decreased from prior year. (See Note 6, Advance Refunding, in the Notes to
Financial Statements).
Figure A-6
Outstanding Long-Term Liabilities
June 30
Governmental
Governmental
Activities
Activities
Increase
%
2015
(Decrease) Change
2014
Interest Payable
$
1,733,470 $
2,533,169 $ (799,699) -31.6%
Long-term liabilities (due within 1 year)
7,540,289
6,320,491
1,219,798
19.3%
Long-term liabilities (due after 1 year)
141,269,322
142,585,018
(1,315,696)
-0.9%
-0.6%
Total
$ 150,543,081 $ 151,438,678 $ (895,597)
See Capital Assets (Note 4) and Long-Term Liabilities (Note 6) in the Notes to Financial Statements
for further information.
19
HUNTLEY COMMUNITY SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
Factors Bearing on the District's Future
With the State of Illinois’ financial crisis, there is a material risk that future Illinois funding formula
legislation will impact the District negatively. In addition, legislators are continuing to discuss shifting a
portion of the State’s pension cost to school districts. This pension cost shift could cost the District an
additional ($2.5) million in annual State funding.
The persistent weakness of the State’s economy is a growing concern. With the State prorating
General State Aid for the past four years, the State’s ability to properly fund education is more
questionable now than at any time in recent memory.
Cost increases exceeding the general rate of inflation continue to be expected for the District relative
to healthcare obligations for fiscal year 2016 and beyond. These costs represent a significant portion
of the District’s budget and their rate of increase is a concern to Administration and the Board of
Education.
Other statistical information related to the District’s EAV and property tax rate history is detailed below
in Figure A-7:
Figure A-7
Levy
Year
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
Assessed Valuation
Equalized
Assessed
Valuation
1,075,625,620
1,076,860,781
1,135,474,043
1,263,876,921
1,263,367,866
1,434,694,262
1,406,256,475
1,323,395,381
1,191,031,077
1,026,815,609
867,058,760
723,567,205
588,491,953
488,272,624
& Tax Rate History
Percent
Increase
-0.11%
-5.16%
-10.16%
0.04%
-11.94%
2.02%
6.26%
11.11%
15.99%
18.43%
19.83%
22.95%
20.53%
24.68%
Total
Tax
Rate
6.0075
5.8796
5.4234
4.8300
4.8117
4.1230
4.0318
4.0323
4.1910
4.3366
4.6081
4.1706
4.7091
4.6310
The District's employment groups are under contract as follows:
o
o
Teaching staff (Huntley Education Association) through fiscal year 2017.
Educational support staff (Huntley Education Support Personnel Association) through
fiscal year 2016.
Contacting the District's Financial Management
This financial report is designed to provide the District's citizens, taxpayers, investors, and creditors
with a general overview of the District's finances. Questions concerning any of the information
provided in this report or requests for additional information should be addressed to:
Mark Altmayer, Chief Financial Officer
Huntley Community School District 158
650 Academic Drive
Algonquin, Illinois 60102-4423
20
(THIS PAGE INTENTIONALLY LEFT BLANK)
BASIC FINANCIAL STATEMENTS
.
EXHIBIT A
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
STATEMENT OF NET POSITION
JUNE 30, 2015
WITH COMPARATIVE ACTUAL TOTALS FOR JUNE 30, 2014
ASSETS
Cash and investments (Note 3)
Receivables (net of allowance for uncollectibles):
Property taxes
Replacement taxes
Intergovernmental
Other
Student Activities
Prepaid items
Capital Assets (Note 4):
Land, construction in progress
Depreciable buildings, property, and equipment, net
Total Assets
DEFERRED OUTFLOWS OF RESOURCES
Deferred charge on refunding
Pensions (Note 11D)
Total Deferred Outflows of Resources
2015
(Restated)
2014
$ 64,897,387
$ 77,689,986
31,772,875
83,188
2,658,283
212,239
33,301
778,058
30,935,961
79,988
743,908
256,012
31,802
959,864
15,354,103
168,743,974
15,753,618
151,883,231
284,533,408
278,334,370
9,561,909
2,088,558
10,283,349
796,971
11,650,467
11,080,320
6,688,478
6,133,704
235,622
1,671,395
400
663,274
1,733,470
3,347,890
5,936,429
205,403
1,483,594
666,522
2,533,169
7,540,289
141,269,322
6,320,491
142,585,018
165,935,954
163,078,516
31,772,874
865,245
31,091,819
-
32,638,119
31,091,819
61,102,865
31,419,265
5,087,672
41,568,043
47,424,842
6,251,470
$ 97,609,802
$ 95,244,355
LIABILITIES
Accounts payable
Salaries and wages payable
Due to other governments
Health insurance payable
Other current liabilities
Unearned revenues
Interest payable
Long-term liabilities (Note 6):
Due within one year
Due after one year
Total Liabilities
DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - property taxes
Pensions (Note 11D)
Total Deferred Inflows of Resources
NET POSITION
Net Investment in Capital Assets
Restricted
Unrestricted
Total Net Position
The accompanying notes to the financial statements are an integral part of this statement.
21
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2015
WITH COMPARATIVE ACTUAL TOTALS AS OF JUNE 30, 2014
Functions/ Programs
Governmental Activities
Instruction
Support Services
Community Services
Payments to other districts and gov't units
Interest and fees
Unallocated depreciation
Total Governmental Activities
Expenses
Disbursed
Charges for
Services
Program Revenues
Operating
Capital
Grants and
Grants and
Contributions
Contributions
$ 67,218,121
37,971,425
4,686
2,621,046
8,604,020
1,906,738
$
3,679,058
2,616,136
-
$ 27,608,353
4,260,546
-
$
-
$ 118,326,036
$
6,295,194
$ 31,868,899
$
-
General Revenues:
Taxes:
Real estate taxes, levied for educational purposes
Real estate taxes, levied for specific purposes
Real estate taxes, levied for debt service
Personal property replacement taxes
State aid - formula grants
Investment earnings
Total General Revenues
Change in Net Position
Net Position - July 1, 2013, as previously reported
Prior Period Adjustment:
Pension expenses
Net Position, July 1, 2014, and 2013, as restated
Net Position, June 30, 2015
The accompanying notes to the financial statements are an integral part of this statement.
22
EXHIBIT B
(Restated)
2015
2014
Net (Expense) Revenue and
Changes
in Net Position
$ (35,930,710)
(31,094,743)
(4,686)
(2,621,046)
(8,604,020)
(1,906,738)
$ (34,848,753)
(31,104,031)
(2,021)
(2,734,787)
(9,991,404)
(1,919,275)
(80,161,943)
(80,600,271)
42,206,038
13,670,027
8,448,254
506,763
17,582,697
113,611
41,349,638
13,403,639
8,254,944
471,205
13,944,744
75,811
82,527,390
77,499,981
2,365,447
(3,100,290)
104,376,257
(6,031,612)
95,244,355
98,344,645
$ 97,609,802
$ 95,244,355
23
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2015
WITH COMPARATIVE ACTUAL TOTALS FOR JUNE 30, 2014
General
Fund
ASSETS
Cash and investments (Note 3)
Receivables (net of allowance for
uncollectibles):
Property taxes
Replacement taxes
Intergovernmental
Other
Due from activity funds
Prepaids
Total Assets
LIABILITIES
Accounts payable
Salaries and wages payable
Due to other governments
Health insurance payable
Other current liabilities
Unearned revenues
$
29,668,516
Operations and
Maintenance
Fund
Transportation
Fund
Municipal
Retirement/Social
Security Fund
$
$
$
20,955,824
83,188
1,905,838
193,543
33,301
176,931
3,438,255
9,219,132
3,354,713
135,190
16,110
-
2,052,968
617,255
2,586
-
1,351,860
1,209,099
-
$
53,017,141
$
6,944,268
$ 11,891,941
$
2,560,959
$
1,412,300
6,120,754
235,622
1,500,913
400
647,581
$
3,281,866
10,193
38,442
13,493
$
$
147,169
-
Total Liabilities
77,806
2,438
132,040
2,200
9,917,570
3,343,994
214,484
147,169
DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - property taxes
20,381,358
3,263,777
1,997,318
1,176,324
Total Deferred Inflows of Resources
20,381,358
3,263,777
1,997,318
1,176,324
176,931
2,000,000
20,541,282
336,497
-
9,680,139
-
1,237,466
-
22,718,213
336,497
9,680,139
1,237,466
6,944,268
$ 11,891,941
FUND BALANCES
Nonspendable
Restricted
Committed (Note 8)
Unassigned
Total Fund Balances
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances
$
53,017,141
$
$
The accompanying notes to the financial statements are an integral part of this statement.
24
2,560,959
EXHIBIT C
Debt Service
Fund
$
4,529,245
$
4,200,271
330,921
$
$
9,060,437
-
16,660,367
$
270,206
30,012
Total
2015
$ 64,897,387
-
$
16,930,573
$
30,012
$
1,769,337
319
-
$
-
-
$
Fire
Prevention
and Life
Safety Fund
Capital
Projects
Fund
1,769,656
2014
$
77,689,986
31,772,875
83,188
2,658,283
212,239
33,301
778,058
30,935,961
79,988
743,908
256,012
31,802
959,864
$ 100,435,331
$ 110,697,521
$
$
6,688,478
6,133,704
235,622
1,671,395
400
663,274
3,347,890
5,936,429
205,403
1,483,594
666,522
-
15,392,873
11,639,838
4,086,203
-
-
30,904,980
30,214,119
4,086,203
-
-
30,904,980
30,214,119
330,921
4,643,313
-
270,206
14,890,711
-
30,012
-
778,058
30,818,138
2,000,000
20,541,282
959,864
46,917,727
2,000,000
18,965,973
4,974,234
15,160,917
30,012
54,137,478
68,843,564
30,012
$ 100,435,331
$ 110,697,521
9,060,437
$
16,930,573
$
(Continued)
25
EXHIBIT C
(Concluded)
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TO THE STATEMENT OF NET POSITION
JUNE 30, 2015
Total fund balances - governmental funds
$ 54,137,478
Amounts reported for governmental activities in the Statement of Net Position are
different because:
Net capital assets used in governmental activities and included in the Statement
of Net Position do not require the expenditure of financial resources and, therefore,
are not reported in the governmental funds balance sheet.
Capital Assets
Less: Accumulated Depreciation
$ 237,473,692
(53,375,615)
184,098,077
Certain revenues receivable by the District and recognized in the governmental
funds balance sheet do not provide current financial resources and are deferred
in the Statement of Net Position, as follows:
Property tax revenues
Pensions
(867,894)
(865,245)
(1,733,139)
Deferred charges included in the Statement of Net Position are not available to pay
for current period revenues and, therefore, is not recognized in the
governmental funds balance sheet.
Deferred charge on refunding
Pensions
9,561,909
2,088,558
11,650,467
Long-term liabilities, including bonds payable, are not due and payable in the
current period and therefore are not reported as liabilities in the funds.
Governmental funds report the effect premiums, discounts, and similar
items when debt is first issued, whereas these amounts are deferred and
amortized in the statement of activities. In addition, interest relating to longterm liabilities is not recorded in the governmental funds until due. All liabilities,
both current and long-term, are reported in the statement of net position.
Balances as of June 30, 2015 were:
Accrued interest on long-term debt
Unamortized bond premium/discount
Long-term debt
(1,733,470)
(11,006,101)
(137,803,510)
Total net position of governmental activities (Exhibit A)
The accompanying notes to the financial statements are an integral part of this statement.
26
(150,543,081)
$ 97,609,802
(THIS PAGE INTENTIONALLY LEFT BLANK)
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2015
WITH SUMMARIZED COMPARATIVE ACTUAL TOTALS FOR THE YEAR ENDED JUNE 30, 2014
General
Fund
REVENUES
Property taxes
Corporate personal property
replacement taxes
Interest income
Contributions and donations
Other local sources
State sources
Federal sources
State on-behalf revenues
Total Revenues
EXPENDITURES
Current:
Instruction:
Regular programs
Regular programs - Pre-K
Special programs
Special programs - Pre-K
Other instructional programs
Support Services:
Pupils
Instructional staff
General administration
School administration
Business
Transportation
Operations and maintenance
Central
Other supporting services
Community Service
Payments to Other Districts and Gov't Units
Debt Service:
Principal
Interest
Other
State on-behalf expenditures
Capital outlay
Total Expenditures
$ 42,535,208
Operations and
Maintenance
Fund
Transportation
Fund
Municipal
Retirement/Social
Security Fund
$
$
$
6,759,220
4,136,432
2,436,220
381,419
36,622
300,000
4,775,169
19,783,195
3,639,465
20,514,818
1,506
107
208,638
2,963,690
-
5,202
89,527
2,528,602
-
125,344
782
-
91,965,896
9,933,161
6,759,763
2,562,346
32,191,183
1,259,597
7,859,906
5,127
2,904,409
-
-
6,007,025
3,500,677
1,402,316
3,987,666
3,324,410
4,981,316
8,923
4,686
2,621,046
6,434,977
-
4,380,718
-
20,514,818
79,209
4,510,980
180,336
16,922
319,383
90,652,314
10,945,957
4,897,359
27
395,963
79,875
369,208
23,176
249,031
127,142
43,599
165,504
822,060
176,232
2,451,790
EXHIBIT D
Capital
Projects
Fund
Debt Service
Fund
$
Fire
Prevention
and Life
Safety Fund
Total
2015
2014
$ 64,381,716
$ 63,143,759
506,763
46,408
1,221,860
5,073,334
25,297,313
3,639,465
20,514,818
471,205
37,148
1,064,480
5,130,249
21,006,641
3,146,540
14,701,527
120,681,677
108,701,549
-
32,587,146
1,339,472
8,229,114
5,127
2,927,585
30,850,742
1,347,264
8,121,496
2,914
2,717,547
1,199,860
-
-
6,256,056
3,627,819
1,445,915
4,153,170
5,346,330
4,380,718
6,434,977
5,157,548
8,923
4,686
2,621,046
6,317,334
2,999,614
1,286,774
3,781,442
5,920,988
4,903,413
6,384,493
5,145,814
22,906
2,021
2,734,787
11,555,362
4,306,852
124,580
-
16,239,212
-
11,735,698
4,323,774
124,580
20,514,818
21,148,784
12,196,672
1,154,685
545,077
14,701,527
5,936,052
15,986,794
17,439,072
-
142,373,286
117,073,562
8,447,433
$
67,203
2,275
-
921,753
21,826
-
8,449,708
1,010,782
-
-
$
21
21
(Continued)
28
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2015
WITH SUMMARIZED COMPARATIVE ACTUAL TOTALS FOR THE YEAR ENDED JUNE 30, 2014
General
Fund
Excess (deficiency) of revenues
over expenditures
Other Financing Sources (Uses)
Bonds issued
Premium on bonds issued
Capital leases
Transfers in
Transfers out
Payment to escrow agent
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balance, Beginning of Year
Fund Balance, End of Year
$
1,313,582
Operations and
Maintenance
Fund
Transportation
Fund
Municipal
Retirement/Social
Security Fund
$
$
$
(1,012,796)
1,862,404
110,556
37,037
(51,128)
-
(156,109)
-
274,833
-
-
(14,091)
(156,109)
274,833
-
1,299,491
(1,168,905)
2,137,237
110,556
21,418,722
1,505,402
7,542,902
1,126,910
$ 22,718,213
$
336,497
$
9,680,139
$
The accompanying notes to the financial statements are an integral part of this statement.
29
1,237,466
EXHIBIT D
(Continued)
Debt Service
Fund
$
$
Capital
Projects
Fund
Fire
Prevention
and Life
Safety Fund
(7,537,086)
$ (16,428,290)
9,120,000
580,570
1,019,331
(3,026,917)
(812,094)
-
-
9,120,000
580,570
311,870
1,019,331
(1,019,331)
(3,026,917)
7,692,984
(812,094)
-
6,985,523
155,898
(17,240,384)
4,818,336
32,401,301
4,974,234
$ 15,160,917
$
21
Total
2015
21
$
$ (21,691,609)
2014
$
(8,372,013)
46,760,000
1,485,621
277,233
1,782,643
(1,782,643)
(47,699,651)
823,203
(14,706,086)
(7,548,810)
29,991
68,843,564
76,392,374
30,012
$ 54,137,478
$ 68,843,564
(Continued)
30
EXHIBIT D
(Concluded)
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
RECONCILIATION OF THE GOVERNMENTAL FUNDS
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
TO THE STATEMENT OF ACTIVITIES
JUNE 30, 2015
Net Change in Fund Balances - total governmental funds (Exhibit D)
$ (14,706,086)
Amounts reported for governmental activities in the statement of activities are different because:
When capital assets that are to be used in governmental activities are purchased or constructed,
the resources expended for those assets are reported as expenditures in governmental funds.
However, in the statement of activities, the cost of those assets is allocated over their estimated
useful lives and reported as depreciation expense. Capital outlays for items below the District's
capitalization limits are expensed.
Depreciation expense
Capital outlay over capitalization limits
$ (4,671,670)
21,148,784
16,477,114
The net effect of various miscellaneous transactions involving capital assets (i.e., dispositions)
to decrease net assets.
(15,886)
Because some property taxes will not be collected for several months after the District's fiscal
year ends, they are not considered as "available" revenues in the governmental funds, and are
instead counted as deferred tax revenues. They are, however, recorded as revenues in the
statement of activities.
9,806
Repayment of debt principal is reported as an expenditure in governmental funds, but it reduces
long-term liabilities in the statement of net position and does not affect the statement of activities.
Advanced refunding of bond principal
Principal payments made
3,026,917
11,735,698
14,762,615
Interest on long-term debt in the statement of activities differs from the amount reported in the
governmental funds because interest is recorded as an expenditure in the funds when due,
and thus requires the use of current financial resources. In the statement of activities,
however, interest expense is recognized as the interest accrues, regardless of when it is due.
799,699
Bond proceeds and related premiums are reported as financing sources in governmental funds
and thus contribute to the change in fund balance. In the government-wide statements,
however, issuing debt increases long-term liabilities in the statement of net position and
does not affect the statement of activities. Proceeds were received from:
Premium on bonds sold
Refunding bonds
Capital lease
(580,570)
(9,120,000)
(311,870)
(10,012,440)
(5,439,948)
1,197,940
(713,357)
5,990
(4,949,375)
Some (revenues) expenses reported in the statement of activities do not require the use of
current financial resources and therefore are not reported as expenditures in governmental
funds. These (revenues) expenses include the change in:
Accretion on capital appreciation bonds
Amortization of bond premium/discount
Amortization of deferred charge on refunding
Pensions
Change in net position of governmental activities (Exhibit B)
The accompanying notes to the financial statements are an integral part of this statement.
31
$
2,365,447
EXHIBIT E
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES
AGENCY FUNDS
JUNE 30, 2015
WITH COMPARATIVE TOTALS FOR JUNE 30, 2014
2015
2014
$ 856,349
$ 869,731
$ 856,349
$ 869,731
$ 856,349
$ 869,731
$ 856,349
$ 869,731
ASSETS
Cash and investments
Total Assets
LIABILITIES
Due to student activities
Total Liabilities
The accompanying notes to the financial statements are an integral part of this statement.
32
(THIS PAGE INTENTIONALLY LEFT BLANK)
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2015
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Huntley Community School District 158 (the “District”) operates as a public school system by an elected seven
member Board of Education. The District is organized under the School Code of the State of Illinois, as
amended. The District provides education for grades K through 12. The accounting policies of the District
conform to accounting principles generally accepted in the United States of America, as applicable to local
governmental units of this type. The following is a summary of the more significant accounting policies of the
District.
A. The Reporting Entity
In evaluating how to define the District for financial reporting purposes, management has considered all
potential component units. The decision to include or exclude a potential component unit in the reporting entity
is made by applying the criteria established by the Governmental Accounting Standards Board (GASB). The
definition of a component unit is a legally separate organization for which the District is financially accountable
and other organizations for which the nature and significance of their relationship with the District are such that
exclusion would cause the reporting entity’s financial statements to be misleading or incomplete. The District is
financially accountable if it appoints a voting majority of the organization’s governing body and (1) it is able to
impose its will on that organization or (2) there is a potential for the organization to provide specific financial
benefits to, or impose specific financial burdens on, the District. The District also may be financially accountable
if an organization is fiscally dependent on the District regardless of whether the organization has (1) a
separately elected governing board, (2) a governing board appointed by a higher level of government or (3) a
jointly appointed board. There are no component units, as defined by GASB, which are included in the District’s
reporting entity. Even though there are local government agencies within the geographic area served by the
District, such as the municipality, library and park district, these agencies have been excluded from the report
because they are legally separate and the District is not financially accountable for them.
Also, the District is not included as a component unit in any other governmental reporting entity, as defined by
GASB pronouncements.
B. Basis of Presentation
Government-wide Financial Statements
The government-wide financial statements (i.e., the statement of net position and the statement of activities)
report information on all of the non-fiduciary activities of the District. The effect of interfund activity has been
removed from these statements. All of the District’s operating activities are considered “governmental
activities”, that is, activities that are normally supported by taxes and intergovernmental revenues. The District
has no operating activities that would be considered “business activities”.
The statement of activities demonstrates the degree to which the direct expenses of a given function are offset
by program revenues. Direct expenses are those that are clearly identifiable with a specific function. Program
revenues include (1) tuition and fees and (2) grants and contributions that are restricted to meeting the
operational or capital requirements of a particular function. Taxes and other items not properly included among
program revenues are reported as general revenues instead.
Government Fund Financial Statements
The accounts of the District in the governmental fund financial statements are organized and operated on the
basis of funds. A fund is an independent fiscal and accounting entity with a self-balancing set of accounts that
comprise its assets, liabilities, reserves, fund balance, revenues and expenditures. Fund accounting segregates
funds according to their intended purpose, and is used to aid management in demonstrating compliance with
finance-related legal and contractual provisions. The minimum number of funds is maintained consistent with
legal and managerial requirements.
33
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2015
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
Separate financial statements are provided for all governmental funds and fiduciary funds even though the
fiduciary funds are excluded from the government-wide financial statements.
C. Measurement Focus and Basis of Accounting
The government-wide financial statements are reported using the economic resources measurement focus and
the accrual basis of accounting. Under the accrual basis of accounting, revenues are recorded when earned
and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Grants
and similar items are recognized as revenue as soon as all eligibility requirements have been met.
Governmental fund financial statements are reported using the flow of current financial resources measurement
focus and the modified accrual basis of accounting. Revenues are recognized when they are both “measurable
and available.” “Measurable” means that the amount of the transaction can be determined and “available”
means collectible within the current period or soon enough thereafter to pay liabilities of the current period. For
this purpose, the District considers property tax revenues available if they are collected within 30 days after
year-end. All other state and federal revenues are “measureable and available if they are vouchered by the
Illinois State Board of Education on or before June 30, 2015 and which are normally collected within 60 days of
year end. Expenditures are recorded when the related fund liability is incurred. However, expenditures for
future maturities of principal and interest on general long-term debt are recognized when due; and certain
compensated absences, claims and judgments are recognized when the obligations are expected to be
liquidated with expendable available financial resources.
On-behalf payments (payments made by a third party for the benefit of the District, such as payments made by
the state to the Teachers’ Retirement System) have been recognized in the financial statements.
Property taxes, replacement taxes, certain state and federal aid, and interest on investments are susceptible to
accrual. Other receipts become measurable and available when cash is received by the District and are
recognized as revenue at that time.
Grant funds are considered to be earned to the extent of expenditures made under the provisions of the grant
and accordingly, when such funds are received they are recorded as deferred revenues until earned.
The funds of the District are described below:
Governmental Funds
General Fund – The General Fund, which consists of the legally mandated Educational Account and the
Working Cash Account is the general operating fund of the District and is always classified as a major fund. It is
used to account for all financial resources except those required to be accounted for in other funds. This fund is
primarily used for most of the instructional and administrative aspects of the District’s operations. Revenues
consist largely of local property taxes and state and federal government aid. The Working Cash Account
accounts for financial resources held by the District to be used as temporary interfund loans for working capital
requirements to the Educational Account and the Special Revenue Fund’s Operation and Maintenance and
Transportation Funds. Money loaned by the Working Cash Account to other funds must be repaid within one
year. As allowed by the School Code of Illinois, this account may be permanently abolished and become a part
of the General Fund or it may be partially abated to the Educational Account, Special Revenue Funds, Debt
Service Funds, or the Fire Prevention and Life Safety Fund.
34
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2015
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
Special Revenue Funds – account for the proceeds of specific revenue sources that are legally restricted to
expenditures for specified purposes and include the Operations and Maintenance Fund, Transportation Fund,
and the Municipal Retirement Fund other than those accounted for in the Debt Service Fund, Capital Projects
Funds, or Fiduciary Funds.
Debt Service Fund – The Debt Service Fund accounts for the accumulation of resources for, and the payment of
general long-term debt principal, interest and related costs. Since there are no legal requirements on bond
indentures which mandate a separate fund be established for each bond issue, the District maintains one Debt
Service Fund for all issues.
Capital Projects Fund – The Capital Projects Funds include both the Capital Projects Fund and the Fire
Prevention and Life Safety Fund. The Capital Projects Fund accounts for financial resources to be used for the
acquisition or construction of major capital facilities. The Fire Prevention and Life Safety Fund accounts for
financial resources to be used for school construction projects and authorized fire prevention and life safety
projects.
Agency Funds – The Agency Funds (Student Activity Funds) account for assets held by the District in a trustee
capacity or as an agent for student organizations. These funds are custodial in nature (assets equals liabilities)
and do not involve measurement focus of the results of operations.
Major and Non-major Funds
An emphasis is placed on major funds with the governmental and proprietary categories.
A fund is considered major if it is the primary operating fund of the District or meets the following criteria:
a. Total assets, liabilities, revenues and expenditures of that individual governmental or enterprise fund are at
least ten percent of the corresponding total for all funds of that category or type; and:
b. Total assets, liabilities, revenues or expenditures of the individual governmental or enterprise fund are at
least five percent of the corresponding total for all governmental and enterprise funds combined.
The District has elected to treat all funds as major funds
The funds classified as major are as follows:
General Fund – See above for description.
Operations and Maintenance Fund – accounts for expenditures made for repair and maintenance of the
District’s buildings and land. Revenue consists primarily of local property taxes and state aid.
Transportation Fund – accounts for all revenue and expenditures made for student transportation. Revenue is
derived primarily from local property taxes and state reimbursement grants.
Municipal Retirement/Social Security Fund – accounts for the District’s portion of pension contributions to the
Illinois Municipal Retirement Fund, payments to Medicare and payments to the Social Security System for noncertified employees. Revenue to finance the contributions is derived primarily from local property taxes and
personal property replacement taxes.
Debt Service Fund – accounts for the accumulation of resources for, and the payment of, general long-term debt
principal, interest, and related costs. The primary revenue source is local property taxes levied specifically for
debt service.
35
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2015
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
Capital Projects Fund – accounts for the financial resources to be used for the acquisition or construction of,
and/or additions to, major capital facilities.
Fire Prevention and Life Safety Fund – accounts for State-approved life safety projects financed through serial
bond issues or local property taxes levied specifically for such purposes.
Fiduciary Funds (not included in government-wide statements)
Fiduciary Funds – account for assets held by the District in a trustee capacity or as an agent for individuals,
private organizations, other governments or other funds.
Agency Funds – include Student Activity Funds, Convenience Accounts and Other Agency Funds. These funds
are custodial in nature and do not present results of operations or have a measurement focus. Although the
Board of Education has the ultimate responsibility for Activity Funds, they are not local education agency funds.
Student Activity Funds account for assets held by the District which are owned, operated and managed
generally by the student body, under the guidance and direction of adults or a staff member, for educational,
recreational or cultural purposes. Convenience Accounts account for assets that are normally maintained by a
local education agency as a convenience for its faculty, staff, etc.
D. Assets, Deferred Inflows/Outflows, Liabilities and Net Position or Equity
Deposits and Investments
State statutes authorize the District to invest in obligations of the U.S. Treasury, certain highly-rated commercial
paper, corporate bonds, repurchase agreements, and the State Treasurer’s Investment Pool. Investments are
stated at fair value. Changes in fair value of investments are included as investment income.
Receivables and Payables
Transactions between funds that are representative of lending/borrowing arrangements outstanding at the end
of the fiscal year are referred to as “due to/from other funds.”
Property Tax Revenues
The District must file its tax levy ordinance by the last Tuesday in December of each year. The District’s 2014
levy ordinance was approved during the December 18, 2014 board meeting. The District’s property tax is levied
each year on all taxable real property located in the District and it becomes a lien on the property on January 1
of that year. The owner of real property on January 1 in any year is liable for taxes of that year. The District’s
annual property tax levy is subject to two statutory limitations: Individual fund rate ceilings and the Property Tax
Extension Limitation Act (PTELL).
The tax rate ceilings are applied at the fund level. These ceilings are established by state law subject to change
only by the approval of the voters of the District.
The PTELL limitation is applied in the aggregate to the total levy (excluding certain levies for the repayment of
debt). PTELL limits the increase in total taxes billed to the lesser of 5% or the percentage increase in the
Consumer Price Index (CPI) for the preceding year. The amount can be exceeded to the extent there is “new
growth” in the District’s tax base. The new growth consists of new construction, annexations and tax increment
finance properties becoming eligible for taxation. The CPI rates applicable to the 2014 and 2013 tax levies were
1.5% and 1.7% respectively.
36
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2015
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
Property taxes are collected by the Kane and McHenry County Collector/Treasurer, who remits to the District its
share of collections. Taxes levied in one year become due and payable in two equal installments: the first due
on June 1 and the second due on September 1. Property taxes are normally collected by the District within 60
days of the respective installment dates.
The 2014 property tax levy is recognized as a receivable in fiscal 2015. The District considers that the first
installment of the 2014 levy is to be used to finance operations in fiscal 2015. The District has determined that
the second installment of the 2014 levy is to be used to finance operations in fiscal 2016 and has deferred the
corresponding revenue under the full accrual basis of accounting.
Property Personal Replacement Taxes
Personal property replacement taxes are first allocated to the Municipal Retirement/Social Security Fund, and
the balance is allocated to the General Fund at the discretion of the Board of Education.
Program Revenues
Amounts reported as program revenues include 1) Tuition and fees and 2) Grants and contributions that are
restricted to meeting the operational or capital requirements of a particular function. All taxes, including those
dedicated for specific purposes, are reported as general revenues rather than as program revenues.
Prepaid Items
Certain payments to vendors that reflect costs applicable to future accounting periods are recorded as prepaid
assets. In addition, the District remitted to the respective bond paying agents, the amounts due on July 1, 2015.
These amounts are reflected as prepaid.
Capital Assets
Capital assets, which include land, land improvements, buildings, building improvements, vehicles, equipment,
and construction in progress, are reported in the government-wide financial statements. Capital assets are
defined by the District as assets with an initial individual cost of more than $5,000 and an estimated useful life of
greater than one year. Such assets are recorded at historical cost or estimated historical cost if purchased or
constructed. Donated capital assets are recorded at estimated fair value at the date of donation. In 2014, the
District engaged an appraisal company to estimate historical cost of its capital assets acquired prior to that date.
Depreciation of capital assets is provided using the straight-line method over the following estimated useful
lives:
Assets
Buildings
Land improvements
Vehicles
Equipment
Years
50
50
5
5-30
Compensated Absences
Twelve-month employees earn vacation days at the beginning of each fiscal year, which must be used in a year
and a half’s time. Any unused vacation time not used in a year and a half is turned into sick days. Sick days
accumulate and can be used toward an extra 2 year’s TRS credit The present sick pay policy is as follows
for certified staff members:
37
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2015
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
1. For certified staff hired prior to July 1, 2009--------14 days per school term
2. For certified staff hired after June 30, 2009:
0 – 4 years of service--------------------------------12 days per school term
5 and up years of service---------------------------14 days per school term
Sick leave shall accumulate to a maximum of 340 days except those certified staff members with more than 180
days as of July 1, 1998, their maximum will be that number accumulated at that time.
Certified staff members will be reimbursed at the rate of $15.00 per day for unused sick leave upon retirement
up to a maximum of 40 days.
The present sick pay policy for non-certified staff (HESPA) is:
1. Hired prior to July 1, 2007 ----------------------------- 14 days per school term
2. Hired after July 1, 2007:
0 – 4 years of service----------------------------- 10 days per school term
5 and up years of service -------------------------14 days per school term
Sick leave shall accumulate to a maximum of 240 days.
The present sick pay policy for Educational Support staff is:
1. Hired prior to March 1, 2009----------------------------14 days per school term
2. Hired after March 1, 2009
0 – 4 years of service-------------------------------10 days per school term
5 and up years of service--------------------------14 days per school term
Sick leave shall accumulate to a maximum of 240 days.
Since the District does not pay for unused sick days until retirement, no accrual is estimable. An accrual for
accumulated vacation days is presented in the financial statements and is reported in the General Fund in the
amount of $87,648, Operations & Maintenance Fund in the amount of $10,193, the Transportation Fund in the
amount of $2,438, and the Capital Projects Fund in the amount of $319.
Long-Term Obligations
In the government-wide financial statements, long-term debt and other long-term obligations are reported as
liabilities in the statement of net position. Bond premiums and discounts are deferred and amortized over the
life of the applicable bonds using the effective interest method. Issuance costs are recognized as an expense in
the period incurred. Bonds payable are reported net of the applicable bond premium or discount.
38
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2015
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
In the fund financial statements, governmental funds recognize bond premiums and discounts, as well as bond
issuance costs, during the period incurred. The face amount of debt issued is reported as other financing
sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt
issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt
proceeds received, are reported as debt service expenditures (i.e. interest and other).
Comparative Data
The financial statements include summarized prior-year comparative information. Such information does not
include sufficient detail to constitute a presentation in conformity with accounting principles generally accepted
in the United States of America. Accordingly, such information should be read in conjunction with the District’s
financial statements for the year ended June 30, 2014, from which such summarized information was derived.
Eliminations and Reclassifications
In the process of aggregating data for the government-wide financial statements, some amounts reported as
interfund activity and balances were eliminated or reclassified.
Deferred outflows/inflows of resources
In addition to assets, the statement of financial position will sometimes report a separate section for deferred
outflows of resources. This separate financial statement element, deferred outflows of resources, represents a
consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of
resources (expense/expenditure) until then. The District has two items that qualifies for this category. The first is
deferred charges on refunding reported in the government-wide statement of position. A deferred charge results
from the difference in the carrying value of refunded debt and its reacquisition price. This amount is deferred
and amortized over the shorter of the life of the refunded or refunding debt. The second is pensions reported in
the government-wide statement of position. This result is from the differences between expected and actual
experience, the net differences projected and actual investment earnings on plan investments, changes of
assumptions, and changes in proportion and differences between contributions and proportion share of
contributions.
In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred
inflows of resources. This separate financial statement element, deferred inflows of resources, represents an
acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of
resources (revenue) until that time. The District has two items, which arises only under a modified accrual basis
of accounting, which qualifies for reporting in this category. The first is unavailable revenue; it is reported in
both the government-wide statement of position and in the governmental funds balance sheet. The item for
unavailable revenue is from property taxes. The second is pensions. This result is from the differences between
expected and actual experience, the net differences projected and actual investment earnings on plan
investments, changes of assumptions, and changes in proportion and differences between contributions and
proportion share of contributions. Both of these items amount is deferred and recognized as an inflow of
resources in the period that the amounts become available.
NOTE 2 – EQUITY / FUND BALANCE REPORTING
Equity is classified as net position displayed in three components; Net Investment in Capital Assets, Restricted
Net Position, and Unrestricted Net Position.
Net Investment in Capital Assets – Consists of capital assets including restricted capital assets, net of
accumulated depreciation and reduced by the outstanding balances of any bonds, mortgages, notes or
other borrowings that are attributable to the acquisition, construction, or improvement of those assets
less any unspent debt proceeds.
39
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2015
NOTE 2 – EQUITY / FUND BALANCE REPORTING (Cont’d)
Restricted Net Position – Consists of net assets with constraints placed on their use either by 1) external
groups such as creditors, grantors, contributors, or laws or regulations of other governments or, 2) law
through constitutional provisions or enabling legislation. The Restricted Net Position consists of the
Operations and Maintenance Fund ($336,497), the Transportation Fund ($9,680,139), the Municipal
Retirement/Social Security Fund ($1,237,466), the Debt Service Fund ($4,974,234), the Capital Projects
Fund ($15,160,917), and the Fire Prevention and Life Safety Fund ($30,012), totaling $31,419,265.
Unrestricted Net Position – All other net position that does not meet the definition of “restricted” or “net
investment in capital assets.”
When both restricted and unrestricted resources are available for use, District’s policy to use restricted
resources first, and then unrestricted resources as they are needed.
Governmental fund balances are to be classified into five major classifications; Nonspendable, Restricted,
Committed, Assigned, and Unassigned.
Nonspendable – the nonspendable fund balance classification includes amounts that cannot be spent
because they are either (a) not in spendable form or (b) legally or contractually required to be
maintained intact. The “not in spendable form” criterion includes items that are not expected to be
converted to cash, for example inventories and prepaid amounts.
Restricted – the restricted fund balance classification refers to amounts that are subject to outside
restrictions, not controlled by the District. Items such as restrictions imposed by creditors (such as debt
covenants), grantors, contributors, or laws or regulations of other governments, or imposed by law
through constitutional provisions or enabling legislation. Special Revenue Funds are by definition
restricted for those specified purposes. The District has several revenue sources received within
different funds that also fall into these categories –

Special Education – revenues and the related expenditures of this restricted tax levy are accounted
for in the Educational Account. Expenditures exceeded revenues for this purpose, resulting in no
restricted fund balance.

State Grants – proceeds from state grants and the related expenditures have been included in the
Educational and Transportation Funds. At June 30, 2015, expenditures exceeded revenues from
state grants, resulting in no restricted balance.

Federal Grants – proceeds from federal grants and the related expenditures have been included in
the Educational Account. At June 30, 2015, expenditures exceeded revenues from federal grants,
resulting in no restricted balance.

Social Security – expenditures and the related expenditures of this restricted tax levy are accounted
for in the Municipal Retirement/Social Security Fund. Expenditures disbursed exceeded revenue
received, resulting in no restricted balance.
Committed – the committed fund balance refers to amounts that can only be used for specific purposes
pursuant to constraints imposed by formal action of the school board. Those committed amounts cannot
be used for any other purpose unless the government removes or changes the specified use by taking
the same type of formal action it employed to previously commit those amounts.
Assigned – The assigned fund balance classification refers to amounts that are constrained by the
District’s intent to be used for specific purposes, but are neither restricted nor committed. The District
administration and board can assign balances.
40
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2015
NOTE 2 – EQUITY / FUND BALANCE REPORTING (Cont’d)
Unassigned – the unassigned fund balance classification is the residual classification for amounts in the
General Fund for amounts that have not been restricted, committed, or assigned to specific purposes
within the General Fund.
Expenditures of fund balances – unless specifically identified, expenditures reduce restricted balances
first, next assigned balances, and finally act to reduce unassigned balances. Expenditures for a
specifically identified purpose will act to reduce the specific classification of fund balance that is
identified.
NOTE 3 – DEPOSITS AND INVESTMENTS
At year end, the District’s cash and investments was comprised of the following:
GovernmentWide
Cash
Investments
Total
Fiduciary
Total
$
30,007,543
34,889,844
$
856,349
-
$
30,863,892
34,889,844
$
64,897,387
$
856,349
$
65,753,736
For disclosure purposes, this amount is segregated into the following components: 1) cash on hand 2) deposits
with financial institutions (bank balances), which include amounts held in demand accounts, savings accounts
and non-negotiable certificates of deposit; and 3) other investments, which consist of all investments other than
certificates of deposit, as follows:
Cash and
Investments
Cash on hand
Deposits with financial institutions
Other investments
$
1,650
30,276,701
34,889,844
Total
$ 65,168,195
At year end, the District had the following investments:
Investment Type
Fair Value
Maturity
% of Portfolio
Interest Rate
PMA Savings Deposit Accounts
Illinois Institutions Investor's Trust (IIIT)
$ 31,875,086
3,014,758
On demand
On demand
91.36%
8.64%
Variable
Variable
Total
$ 34,889,844
100.00%
Interest Rate Risk. The District’s investment policy seeks to ensure preservation of capital in the District’s
overall portfolio. Return on investment is of secondary importance to safety of principal and liquidity. The policy
does not limit investment maturities as a means of managing its exposure to fair value losses arising from
increasing interest rates. However, the policy requires the District investment portfolio to be sufficiently liquid to
enable the District to meet all operating requirements as they come due. The weighted average of the portfolio
maturity was 129.67 days and the weighted portfolio yield was 0.407%.
41
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2015
NOTE 3 – DEPOSITS AND INVESTMENTS (Cont’d)
Credit Risk. State law limits investments in commercial paper, corporate bonds and mutual funds to the top two
ratings issued by nationally recognized rating organization (NRSRO’s). The District has no investment policy
that would further limit its investment choices. As of June 30, 2015, all the District’s other investments had
either “AAA” or “A-1 +” ratings by Standard & Poor’s.
The Illinois School District Liquid Asset Fund Plus (ISDLAF+) and the Illinois Institutional Investors Fund (IIIT)
are a not-for-profit investment trust formed pursuant to the Illinois Municipal Code and managed by a Board of
Trustees elected from participating members. Neither is registered with the SEC as an investment company.
Investments are each rated AAAm and are valued at share price, which is the price for which the investment
could be sold.
Concentration of Credit Risk. The District’s policy states investments shall be diversified to avoid incurring
unreasonable risks regarding specific security types and/or individual financial institutions. The District shall
diversify its investments to the best of its ability based upon the type of funds invested, available institutions to
invest in, and the cash flow needs of those funds. Diversification can be by type of investment, number of
institutions invested in, and length of maturity.
Custodial Credit Risk – Deposits. With respect to deposits, custodial credit risk refers to the risk that, in the
event of a bank failure, the District’s deposits may not be returned to it. The District’s investment policy limits
the exposure to deposit custodial credit risk by requiring all deposits in excess of FDIC insurable limits to be
secured by collateral in the event of default or failure of the financial institution holding the funds. As of June 30,
2015, of the $65,168,195 held on hand, in bank and investment accounts of the District, $63,165,124 is covered
by collateral or FDIC coverage.
Custodial Credit Risk – Investments. With respect to investments, custodial credit risk is the risk that, in the
event of the failure of the counterparty, the District will not be able to recover the value of its investments or
collateral securities that are in the possession of an outside party. The District’s investment policy limits the
exposure to investment custodial credit risk by requiring all investments to be secured by private insurance or
collateral. Investments held in liquid asset funds as indicated above are not collateralized or insured.
Separate cash and investment accounts are not maintained for all District funds; instead, the individual funds
maintain their invested and uninvested balances in the common checking and investment accounts, with
accounting records being maintained to show the portion of the common account balance attributable to each
participating fund.
42
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2015
NOTE 4 – CAPITAL ASSETS
Capital asset activity for the District for the year ended June 30, 2015 was as follows:
Balance
July 1, 2014
Capital Assets not Being Depreciated:
Land
Construction in Progress
Total Capital Assets not Being Depreciated
$ 10,899,723
4,853,895
Increases
$
4,454,380
Decreases
$
Balance
June 30, 2015
4,853,895
$ 10,899,723
4,454,380
15,753,618
4,454,380
4,853,895
15,354,103
13,780,168
177,372,386
4,142,374
5,551,386
4,757,578
16,324,009
147,329
319,383
56,270
218,754
18,537,746
193,696,395
4,233,433
5,652,015
200,846,314
21,548,299
275,024
222,119,589
Less: Accumulated Depreciation for:
Land improvements
Buildings and improvements
Equipment
Vehicles
2,606,708
36,849,592
4,142,374
5,364,409
323,179
3,710,688
131,443
506,360
40,384
218,754
2,929,887
40,560,280
4,233,433
5,652,015
Total Accumulated Depreciated
48,963,083
4,671,670
259,138
53,375,615
151,883,231
16,876,629
15,886
168,743,974
$ 167,636,849
$ 21,331,009
$ 4,869,781
$ 184,098,077
Capital Assets Being Depreciated:
Land improvements
Buildings and improvements
Equipment
Vehicles
Total Capital Assets Being Depreciated
Net Capital Assets Being Depreciated
Net Governmental Activities Capital Assets
Depreciation expense was recognized in the operating activities of the District as follows:
Governmental Activities
Depreciation
Regular programs
Special programs
Other instructional programs
Guidance services
Educational media services
General administration
School administration
Operations and maintenance
Pupil transportation
Food services
Information services
Data processing services
Unallocated
$ 1,163,598
113,140
416,388
3,011
8,354
6,672
241,512
188,829
506,360
96,330
19,574
1,164
1,906,738
Total
$ 4,671,670
NOTE 5 – CAPITAL LEASES
As of June 30, 2015, the District is obligated under various capital leases for the purchase of school buses and
copier equipment as follows:
43
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2015
NOTE 5 – CAPITAL LEASES (Cont’d)
Buses
The District has acquired certain buses by entering into various installment purchase obligations. The total cost
of the buses has been included in the capital assets in the year of acquisition. These obligations will be paid
from the Transportation Fund of the Special Revenue Fund.
On August 10, 2010, the District entered into a capital lease with Sovereign Bank for the purchase of (5) 2012
IC/CE 77 passenger buses for a total cost of $225,198. The lease calls for (5) period payments of $53,911 with
one payment due at time of purchase and four payments due August 1, 2011 through 2014. As of June 30,
2015, the balance was paid in full.
On July 1, 2011, the District entered into a capital lease with Sovereign Bank for the purchase of (2) 2010 IC/CE
77 passenger buses for a total cost of $124,200. The lease calls for (5) period payments of $26,728 including
implied interest with one payment of $26,728 at time of purchase and four payments due July 25, 2012 through
July 25, 2015. The remaining annual payments at June 30, 2015 are:
Due
Date
July 25, 2015
Principal
Interest
Total
$
25,749
$
979
$
26,728
$
25,749
$
979
$
26,728
On July 8, 2013, the District entered into a capital lease with Sovereign Bank for the purchase of (3) 2014 IC/CE
54 w/c passenger buses for a total cost of $277,233. The lease calls for (5) period payments of $58,773 with
one payment due at time of purchase and four payments due July 8, 2014 through 2017. The remaining annual
payments at June 30, 2015 are:
Due
Date
July 8, 2015
July 8, 2016
July 8, 2017
Principal
Interest
Total
$
53,784
55,398
57,061
$
4,989
3,375
1,712
$
58,773
58,773
58,773
$
166,243
$
10,076
$
176,319
On July 8, 2014, the District entered into a capital lease with Sovereign Bank for the purchase of (3) 2015 IC/CE
54 w/c passenger buses for a total cost of $274,833. The lease calls for (5) period payments of $57,846 with
one payment due at time of purchase and four payments due July 8, 2015 through 2018. The remaining annual
payments at June 30, 2015 are:
Due
Date
July
July
July
July
8,
8,
8,
8,
2015
2016
2017
2018
Principal
Interest
Total
$
52,160
53,528
54,930
56,369
$
5,686
4,318
2,916
1,477
$
57,846
57,846
57,846
57,846
$
216,987
$
14,397
$
231,384
44
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2015
NOTE 5 – CAPITAL LEASES (Cont’d)
Copiers
The District has acquired certain copiers by entering into various installment purchase obligations. The total
cost of the copiers has been included in the capital assets in the year of acquisition. These obligations will be
paid from current operating funds of the Educational Account, General Fund of the Governmental Fund.
On March 16, 2012, the District entered into a capital lease with De Lage Landen Public Finance, LLC for the
purchase of (16) Canon copiers for a total of $171,645. The lease calls for (60) monthly payments of $3,172 per
month including interest at 4.141%. The payments commence April 28, 2012 and continue through March 28,
2017. The remaining annual payments at June 30, 2015 are:
Due in
Year Ending
June 30, 2016
June 30, 2017
Principal
Interest
Total
$
36,088
28,061
$
1,976
487
$
38,064
28,548
$
64,149
$
2,463
$
66,612
On March 28, 2013, the District entered into a capital lease with De Lage Landen Public Finance, LLC for the
purchase of (3) Canon copiers for a total of $21,837. The lease calls for (48) monthly payments of $516 per
month including interest at 6.3156%. The payments commence April 28, 2013 and continue through March 28,
2017. The remaining annual payments at June 30, 2015 are:
Due in
Year Ending
June 30, 2016
June 30, 2017
Principal
Interest
Total
$
5,679
5,014
$
513
146
$
6,192
5,160
$
10,693
$
659
$
11,352
On June 7, 2013, the District entered into a capital lease with De Lage Landen Public Finance, LLC for the
purchase of (3) Canon copiers for a total of $20,488. The lease calls for (48) monthly payments of $482 per
month including interest at 6.0893%. The payments commence June 21, 2013 and continue through June 21,
2017. The remaining annual payments at June 30, 2015 are:
Due in
Year Ending
June 30, 2016
June 30, 2017
Principal
Interest
Total
$
5,295
5,144
$
489
158
$
5,784
5,302
$
10,439
$
647
$
11,086
On November 14, 2014, the District entered into a capital lease with De Lage Landen Public Finance, LLC for
the purchase of (3) Canon copiers for a total of $37,037. The lease calls for (60) monthly payments of $710 per
month including interest at 5.6490%. The payments commence December 1, 2014 and continue through
December 1, 2019. The remaining annual payments at June 30, 2015 are:
45
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2015
NOTE 5 – CAPITAL LEASES (Cont’d)
Due in
Year Ending
June
June
June
June
June
30,
30,
30,
30,
30,
2016
2017
2018
2019
2020
Principal
Interest
Total
$
6,785
7,179
7,595
8,035
4,191
$
1,735
1,341
925
485
69
$
8,520
8,520
8,520
8,520
4,260
$
33,785
$
4,555
$
38,340
NOTE 6 – DEBT SERVICE REQUIREMENTS
The following is a summary of the components of long-term debt and related transactions of the District for the
year ended June 30, 2015:
(Restated)
Balance
July 1, 2014
Governmental Activities
General Obligation Bonds
Capital Appreciation Bonds
Debt Certificates
Capital Leases
Subtotal
Unamortized bond premium/
discount
Pensions
Total Long-Term Debt
$
68,925,000
59,128,553
2,755,000
441,873
Accretions/
Additions
$
Defeased/
Retired
Balance
June 30, 2015
$
67,705,000
60,713,501
2,405,000
528,045
Due Within
One Year
9,120,000
5,439,948
311,870
$ 10,340,000
3,855,000
350,000
225,698
$
870,000
4,895,000
350,000
185,540
131,250,426
14,871,818
14,770,698
131,351,546
6,300,540
11,623,471
6,031,612
580,570
1,358,803
1,197,940
938,451
11,006,101
6,451,964
1,239,749
-
$ 148,905,509
$ 16,811,191
$ 16,907,089
$ 148,809,611
$ 7,540,289
Bonds are direct obligations and pledge the full faith and credit of the District. Debt certificates and capital
leases are payable only from the general revenues of the District. Bonds, debt certificates, and capital leases
currently outstanding are as follows:
46
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2015
NOTE 6 – DEBT SERVICE REQUIREMENTS (Cont’d)
Purpose
Refunding Bonds - 2008
Refunding Bonds - 2009
Refunding Bonds - 2010
Refunding Bonds - 2013
Refunding Bonds - 2014
Capital Appreciation Bonds
Capital Appreciation Bonds
Capital Appreciation Bonds
Capital Appreciation Bonds
Capital Appreciation Bonds
Debt Certificates - 2011A
Debt Certificates - 2011B
Capital Leases - Buses
Capital Leases - Copiers
Interest Rates
-
3.000% - 3.900%
4.000% - 4.625%
4.500%
5.000% - 5.625%
2.000% - 4.000%
N/A
N/A
N/A
N/A
N/A
1.000% - 4.250%
2.000% - 3.250%
N/A
N/A
2000
2001
2003
2003A
2004
Sub-Total
Face Amount
$
1,905,000
3,825,000
6,095,000
46,760,000
9,120,000
100,000
2,900,000
60,760,000
17,700,000
21,830,000
905,000
1,500,000
408,979
119,066
Carrying Amount
$
173,928,045
Unamortized Premium/Discount
Pensions
131,351,546
-
Total Long-Term Debt
$ 173,928,045
1,905,000
3,825,000
6,095,000
46,760,000
9,120,000
64,539
2,659,689
36,275,179
11,319,738
10,394,356
905,000
1,500,000
408,979
119,066
11,006,101
6,451,964
$ 148,809,611
As of June 30, 2015, the annual debt service cash flow requirements to service bonds, debt certificates, and
capital leases are as follows:
Year Ending June 30
Principal
Interest
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
$
6,300,540
6,634,324
6,949,586
7,279,404
8,149,191
17,985,000
18,795,000
20,180,000
21,015,000
705,000
8,460,000
2,460,000
2,255,000
4,000,000
9,660,000
10,650,000
10,950,000
11,500,000
Total
$ 173,928,045
47
$
3,483,305
3,412,295
3,364,350
3,314,569
3,285,600
3,240,221
3,201,944
3,168,119
3,139,681
3,109,306
3,076,700
2,707,825
2,609,425
2,519,225
2,309,225
1,790,000
1,190,937
575,000
$ 49,497,727
Total
$
9,783,845
10,046,619
10,313,936
10,593,973
11,434,791
21,225,221
21,996,944
23,348,119
24,154,681
3,814,306
11,536,700
5,167,825
4,864,425
6,519,225
11,969,225
12,440,000
12,140,937
12,075,000
$ 223,425,772
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2015
NOTE 6 – DEBT SERVICE REQUIREMENTS (Cont’d)
The District is subject to the Illinois School Code, which limits the amount of certain indebtedness to 13.8% of
the most recent available equalized assessed valuation of the District. For the tax year 2014 the valuations
were:
McHenry County
Kane County
$ 876,706,187
198,919,433
Total equalized assessed valuation
1,075,625,620
Statutory Limitation
13.8%
Statutory Debt Limit, based on 2014 assessed valuation
Debt applicable:
Refunding Bonds - 2008
Refunding Bonds - 2009
Refunding Bonds - 2010
Refunding Bonds - 2013
Refunding Bonds - 2014
School Building Bonds - 2000
School Building Bonds - 2001
School Building Bonds - 2003
School Building Bonds - 2003A
School Building Bonds - 2004
Debt Certificates - 2011A
Debt Certificates - 2011B
Capital Leases - Buses
Capital Leases - Copiers
$ 148,436,336
1,905,000
3,825,000
6,095,000
46,760,000
9,120,000
18,892
826,529
12,759,135
4,107,930
3,932,329
905,000
1,500,000
408,979
119,066
Total applicable debt
Legal Debt Margin
$
92,282,860
$
56,153,476
There are numerous covenants with which the District must comply in regard to these bond issues. As of June
30, 2015, the District was in compliance with all significant bond covenants.
Advance Refunding
In 2014, the District issued $46,760,000 in General Obligation Refunding Bonds with interest rates ranging from
5.000% to 5.625%. The proceeds were used to advance refund $37,416,302 of outstanding 2000, 2001, 2003,
and 2003 Series A General Obligation School Building Bonds. The net proceeds of $47,699,651 were
deposited with an escrow agent to provide funds for the future debt service payment on the refunded bonds.
The balance at June 30, 2015 is $46,760,000.
In 2015, the District issued $9,120,000 in General Obligation Refunding Bonds with interest rates ranging from
2.000% to 4.000%. The proceeds were used to advance refund $9,590,000 of outstanding 2005 and 2006B
General Obligation School Building Bonds. The net proceeds of $3,026,917 were deposited with an escrow
agent to provide funds for the future debt service payment on the refunded bonds.
The net carrying amount of the old debt exceeded the reacquisition price amount of the old debt by $8,083.
This amount is being netted against the new debt and amortized over the remaining life of the refunding debt.
The District refunded the 2005 and 2006B General Obligation School Building Bonds to reduce its total debt
service payments and to obtain an economic savings (difference between the present values of the debt service
payments on the old and new debt) of $1,091,196.
48
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2015
NOTE 7 – INTERFUND TRANSFERS
The District made the following interfund transfers:
The District made interfund transfers from the General Fund to the Debt Service Fund in the amount of $51,128
for capital lease payments.
The District made interfund transfers from the Operations and Maintenance Fund to the Debt Service Fund in
the amount of $156,109 for debt certificate payments.
The District made interfund transfers from the Capital Projects Fund to the Debt Service Fund in the amount of
$812,094 for debt certificate and bond payments.
NOTE 8 – COMMITMENTS
At June 30, 2015, the District has $2,000,000 currently on deposit within the General Fund as committed for
future capital improvements of the District.
NOTE 9 – RISK MANAGEMENT
The District is exposed to various risks of loss related to employee health benefits; workers’ compensation
claims; theft of, damage to, and destruction of assets; and natural disasters. To protect from such risks, the
District participates in the following public entity risk pools: Collective Liability Insurance Cooperative (CLIC).
The District pays annual premiums to the pools for insurance coverage. The arrangements with the pools
provide that each will be self-sustaining through member premiums, and will reinsure through commercial
companies for claims in excess of certain levels established by the pools. There have been no significant
reductions in insurance coverage from coverage in any of the past three fiscal years.
The District continues to carry commercial insurance for all other risks of loss, including torts and professional
liability insurance. Premiums have been recorded as expenditures in the appropriate funds. There have been
no significant reductions in insurance coverage from coverage in the prior years. Settled claims resulting from
these risks have not exceeded commercial insurance coverage in any of the past three fiscal years. The District
is self-insured for health insurance coverage with Blue Cross Blue Shield being the third party administrator. At
June 30, 2015, the District has recorded an estimated liability for claims incurred but not reported in the amount
of $1,671,395. This represents, based upon its experience, a three month reserve. The liability was recorded in
the General Fund ($1,500,913), Operations & Maintenance Fund ($38,442) and Transportation Fund
($132,040).
NOTE 10 – JOINT AGREEMENTS
The District and eighteen other districts within McHenry County have entered into a joint agreement, Special
Education District of McHenry County (SEDOM) that provides special education services to residents of the
school districts enrolled. Each member district has a financial responsibility for annual and special assessments
as established by the management council. The District does not have an equity interest in this joint agreement.
Complete financial statements for SEDOM can be obtained at the Administrative offices located at 1200
Claussen Drive, Woodstock, IL 60098.
49
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2015
NOTE 11 – RETIREMENT FUND COMMITMENTS
A. Teachers Retirement System (TRS) of the State of Illinois
General Information about the Pension Plan
Plan Description
The employer participates in the Teachers’ Retirement System of the State of Illinois (TRS). TRS is a costsharing multiple-employer defined benefit pension plan that was created by the Illinois legislature for the benefit
of Illinois public school teachers employed outside the city of Chicago.
TRS members include all active nonannuitants who are employed by a TRS-covered employer to provide
services for which teacher licensure is required. The Illinois Pension Code outlines the benefit provisions of
TRS, and amendments to the plan can be made only by legislative action with the Governor’s approval. The
TRS Board of Trustees is responsible for the system’s administration.
TRS issues a publicly available financial report that can be obtained at http://trs.illinois.gov/pubs/cafr; by
writing to TRS at 2815 West Washington Street, P. O. Box 19253, Springfield, IL 62794; or by calling (888) 8770890, option 2.
Benefits Provided
TRS provides retirement, disability, and death benefits. Tier I members have TRS or reciprocal system service
prior to January 1, 2011. Tier I members qualify for retirement benefits at age 62 with five years of service, at
age 60 with 10 years, or age 55 with 20 years. The benefit is determined by the average of the four highest
years of creditable earnings within the last 10 years of creditable service and the percentage of average salary
to which the member is entitled. Most members retire under a formula that provides 2.2 percent of final average
salary up to a maximum of 75 percent with 34 years of service. Disability and death benefits are also provided.
Tier II members qualify for retirement benefits at age 67 with 10 years of service, or a discounted annuity can be
paid at age 62 with 10 years of service. Creditable earnings for retirement purposes are capped and the final
average salary is based on the highest consecutive eight years of creditable service rather than the last four.
Disability provisions for Tier II are identical to those of Tier I. Death benefits are payable under a formula that is
different from Tier I.
Essentially all Tier I retirees receive an annual 3 percent increase in the current retirement benefit beginning
January 1 following the attainment of age 61 or on January 1 following the member’s first anniversary in
retirement, whichever is later. Tier II annual increases will be the lesser of three percent of the original benefit
or one-half percent of the rate of inflation beginning January 1 following attainment of age 67 or on January 1
following the member’s first anniversary in retirement, whichever is later.
Contributions
The State of Illinois maintains the primary responsibility for funding TRS. The Illinois Pension Code, as
amended by Public Act 88-0593 and subsequent acts, provides that for years 2010 through 2045, the minimum
contribution to the System for each fiscal year shall be an amount determined to be sufficient to bring the total
assets of the system up to 90 percent of the total actuarial liabilities of the system by the end of fiscal year 2045.
Contributions from active members and TRS contributing employers are also required by the Illinois Pension
Code. The contribution rates are specified in the pension code. The active member contribution rate for the
year ended June 30, 2015 was 9.4 percent of creditable earnings. The member contribution, which may be paid
on behalf of employees by the employer, is submitted to TRS by the employer.
50
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2015
NOTE 11 – RETIREMENT FUND COMMITMENTS (Cont’d)
On-behalf contributions to TRS. The State of Illinois makes employer pension contributions on behalf
of the employer. For the year ended June 30, 2015, State of Illinois contributions recognized by the
employer were based on the State’s proportionate share of the collective net pension liability associated
with the employer, and the employer recognized revenue and expenditures of $20,083,043 in pension
contributions from the State of Illinois.
2.2 formula contributions. Employers contribute 0.58 percent of total creditable earnings for the 2.2
formula change. The contribution rate is specified by statute. Contributions for the year ended June 30,
2015, were $245,711, and are deferred because they were paid after the June 30, 2014 measurement
date.
Federal and special trust fund contributions. When TRS members are paid from federal and special
trust funds administered by the employer, there is a statutory requirement for the employer to pay an
employer pension contribution from those funds. Under a policy adopted by the TRS Board of Trustees
that has been in effect since the fiscal year ended June 30, 2006, employer contributions for employees
paid from federal and special trust funds will be the same as the state contribution rate to TRS. Public
Act 98-0674 now requires the two rates to be the same.
For the year ended June 30, 2015, the employer pension contribution was 33.00 percent of salaries
paid from federal and special trust funds. For the year ended June 30, 2015, salaries totaling $-0- were
paid from federal and special trust funds that required employer contributions of $-0-. These
contributions are deferred because they were paid after the June 30, 2014 measurement date.
Employer retirement contributions. Under GASB Statement No. 68, contributions that an employer is
required to pay because of a TRS member retiring are categorized as specific liability payments. The
employer is required to make a one-time contribution to TRS for members retiring under the Early
Retirement Option (ERO). The payments vary depending on the member’s age and salary. The
maximum employer ERO contribution under the current program is 146.5 percent and applies when the
member is age 55 at retirement. For the year ended June 30, 2015, the employer paid $-0- to TRS for
employer ERO contributions.
The employer is also required to make a one-time contribution to TRS for members granted salary
increases over 6 percent if those salaries are used to calculate a retiree’s final average salary. A onetime contribution is also required for members granted sick leave days in excess of the normal annual
allotment if those days are used as TRS service credit. For the year ended June 30, 2015, the
employer paid $9,968 to TRS for employer contributions due on salary increases in excess of 6 percent
and $-0- for sick leave days granted in excess of the normal annual allotment.
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions
At June 30, 2015, the employer reported a liability for its proportionate share of the net pension liability (first
amount shown below) that reflected a reduction for state pension support provided to the employer. The state’s
support and total are for disclosure purposes only. The amount recognized by the employer as its proportionate
share of the net pension liability, the related state support, and the total portion of the net pension liability that
was associated with the employer were as follows:
Employer's proportionate share of the net pension liability
State's proportionate share of the net pension liability associated with the employer
$
4,141,967
249,445,893
Total
$
253,587,860
51
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2015
NOTE 11 – RETIREMENT FUND COMMITMENTS (Cont’d)
The net pension liability was measured as of June 30, 2014, and the total pension liability used to calculate the
net pension liability was determined by an actuarial valuation as of June 30, 2013, and rolled forward to June
30, 2014. The employer’s proportion of the net pension liability was based on the employer’s share of
contributions to TRS for the measurement year ended June 30, 2014, relative to the projected contributions of
all participating TRS employers and the state during that period. At June 30, 2014, the employer’s proportion
was 0.007 percent.
The net pension liability as of the beginning of this first measurement period under GASB Statement No. 68 was
measured as of June 30, 2013, and the total pension liability was based on the June 30, 2013, actuarial
valuation without any roll-up. The employer’s proportion of the net pension liability as of June 30, 2013, was
based on the employer’s share of contributions to TRS for the measurement year ended June 30, 2013, relative
to the projected contributions of all participating TRS employers and the state during that period. At June 30,
2013, the employer’s proportion was 0.008 percent.
For the year ended June 30, 2015, the employer recognized pension expense of $20,083,043 and revenue of
$20,161,310 for support provided by the state. At June 30, 2015, the employer reported deferred outflows of
resources and deferred inflows of resources related to pensions from the following sources:
Differences between expected and actual experience
Net difference between projected and actual earnings
on pension plan investments
Changes of assumptions
Changes in proportion and differences between employer
contributions and proportionate share of contributions
Deferred Outflows
of Resources
Deferred Inflows
of Resources
$
$
Employer contributions subsequent to the measurement
date
Total
2,188
-
208,165
-
-
657,080
245,711
$
-
247,899
$
865,245
$245,711 reported as deferred outflows of resources related to pensions resulting from employer contributions
subsequent to the measurement date will be recognized as a reduction of the net pension liability in the
reporting year ended June 30, 2016. Other amounts reported as deferred outflows of resources and deferred
inflows of resources related to pensions will be recognized in pension expense as follows:
Year ended June 30:
2016
$ (210,996)
2017
(210,996)
2018
(210,996)
2019
(210,996)
2020
(19,075)
Actuarial Assumptions
The total pension liability in the June 30, 2014 actuarial valuation was determined using the following actuarial
assumptions, applied to all periods included in the measurement:
Inflation
Salary increases
Investment rate of return
3.00 percent
5.75 percent, average, including inflation
7.50 percent, net of pension plan investment expense, including inflation
52
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2015
NOTE 11 – RETIREMENT FUND COMMITMENTS (Cont’d)
Mortality rates were based on the RP-2000 White Collar Table with projections using scale AA that vary by
member group.
For GASB disclosure purposes, the actuarial assumptions for the years ended June 30, 2014 and 2013 were
assumed to be the same. However, for funding purposes, the actuarial valuations for those two years were
different. The actuarial assumptions used in the June 30, 2014 valuation were based on updates to economic
assumptions adopted in 2014 which lowered the investment return assumption from 8.0 percent to 7.5 percent.
The salary increase and inflation assumptions were also lowered. The actuarial assumptions used in the June
30, 2013 valuation were based on the 2012 actuarial experience analysis and first adopted in the June 30, 2012
valuation. The investment return assumption was lowered from 8.5 percent to 8.0 percent and the salary
increase and inflation assumptions were also lowered. Mortality assumptions were adjusted to anticipate
continued improvement in mortality.
The long-term expected rate of return on pension plan investments was determined using a building-block
method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension
plan investment expense and inflation) are developed for each major asset class. These ranges are combined
to produce the long-term expected rate of return by weighting the expected future real rates of return by the
target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of
arithmetic real rates of return for each major asset class that were used by the actuary are summarized in the
following table:
Asset Class
Target
Allocation
U. S. large cap
Global equity excluding U.S.
Aggregate bonds
U.S. TIPS
NCREIF
Opportunistic real estate
ARS
Risk parity
Diversified inflation strategy
Private equity
18%
18%
16%
2%
11%
4%
8%
8%
1%
14%
Total
Long-Term Expected
Real Rate of Return
8.23%
8.58%
2.27%
3.52%
5.81%
9.79%
3.27%
5.57%
3.96%
13.03%
100%
Discount Rate
The discount rate used to measure the total pension liability was 7.50 percent. The projection of cash flows
used to determine the discount rate assumed that employee contributions, employer contributions, and state
contributions will be made at the current statutorily-required rates.
Based on those assumptions, TRS’s fiduciary net position was projected to be available to make all projected
future benefit payments of current active and inactive e members and all benefit recipients. Tier I’s liability is
partially-funded by Tier II members, as the Tier II member contribution is higher than the cost of Tier II benefits.
Due to this subsidy, contributions from future members in excess of the service cost are also included in the
determination of the discount rate. Therefore, the long-term expected rate of return on TRS investment was
applied to all periods of projected benefit payments to determine the total pension liability.
Sensitivity of the Employer’s Proportionate Share of the Net Pension Liability to Changes in the Discount Rate
The following presents the employer’s proportionate share of the net pension liability calculated using the
discount rate of 7.5 percent, as well as what the employer’s proportionate share of the net pension liability would
be if it were calculated using a discount rate that is 1-percentage-point lower (6.5 percent) or 1-percentage-point
higher (8.5 percent) than the current rate.
53
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2015
NOTE 11 – RETIREMENT FUND COMMITMENTS (Cont’d)
1% Decrease
(6.5%)
Employer's proportionate share
of the net pension liability
$ 5,115,126
Current Discount Rate
(7.5%)
$
4,141,967
1% Increase
(8.5%)
$3,336,080
B. Teacher Health Insurance Security (THIS) Fund
Contributions
The employer participates in the Teacher Health Insurance Security (THIS) Fund, a cost-sharing, multipleemployer defined benefit post-employment healthcare plan that was established by the Illinois legislature for the
benefit of retired Illinois public school teachers employed outside the city of Chicago. The THIS Fund provides
medical, prescription, and behavioral health benefits, but it does not provide vision, dental, or life insurance
benefits to annuitants of the Teachers’ Retirement System (TRS). Annuitants not enrolled in Medicare may
participate in the state- administered participating provider option plan or choose from several managed care
options. Annuitants who are enrolled in Medicare Parts A and B may be eligible to enroll in a Medicare
Advantage plan.
The State Employees Group Insurance Act of 1971 (5 ILCS 375) outlines the benefit provisions of THIS Fund
and amendments to the plan can be made only by legislative action with the Governor’s approval. Effective
July 1, 2012, in accordance with Executive Order 12-01, the plan is administered by the Illinois Department of
Central Management Services (CMS) with the cooperation of TRS. Section 6.6 of the State Employees Group
Insurance Act of 1971 requires all active contributors to TRS who are not employees of the state to make a
contribution to the THIS Fund.
The percentage of employer required contributions in the future will not exceed 105 percent of the percentage of
salary actually required to be paid in the previous fiscal year.

On-Behalf Contributions to the THIS Fund
The State of Illinois makes employer retiree health insurance contributions on behalf of the employer. State
contributions are intended to match contributions to the THIS Fund from active members which were 1.02
percent of pay during the year ended June 30, 2015. State of Illinois contributions were $431,775, and the
employer recognized revenue and expenditures of this amount during the year.

Employer Contributions to the THIS Fund
The employer also makes contributions to the THIS Fund. The employer THIS Fund contribution was 0.76
percent during the year ended June 30, 2015. For the year ended June 30, 2015, the employer paid
$321,715 to the THIS Fund, which was 100 percent of the required contribution.
Further information on the THIS Fund
The publicly available financial report of the THIS Fund may be found on the website of the Illinois Auditor
General: http://www.auditor.illinois.gov/Audit-Reports/ABC-List.asp. The current reports are listed under
“Central Management Services.” Prior reports are available under “Healthcare and Family Services”.
C. Illinois Municipal Retirement Fund
IMRF Plan Description
The employer’s defined benefit pension plan for regular employees provides retirement and disability
benefits, post-retirement increases, and death benefits to plan members and beneficiaries. The employer’s
plan is managed by the Illinois Municipal Retirement Fund (IMRF), the administrator of a multi-employer
public pension fund. A summary of IMRF’s pension benefits is provided in the “Benefits Provided” section of
54
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2015
NOTE 11 – RETIREMENT FUND COMMITMENTS (Cont’d)
this document. Details of all benefits are available from IMRF. Benefit provisions are established by statute and
may only be changed by the General Assembly of the State of Illinois. IMRF issues a publicly available
Comprehensive Annual Financial Report that includes financial statements, detailed information about the
pension plan’s fiduciary net position, and required supplementary information. The report is available for
download at www.imrf.org.
Benefits Provided
IMRF has three benefit plans. The vast majority of IMRF members participate in the Regular Plan (RP). The
Sheriff’s Law Enforcement Personnel (SLEP) plan is for sheriffs, deputy sheriffs, and selected police chiefs.
Counties could adopt the Elected County Official (ECO) plan for officials elected prior to August 8, 2011 (the ECO
plan was closed to new participants after that date).
All three IMRF benefit plans have two tiers. Employees hired before January 1, 2011, are eligible for Tier 1
benefits. Tier 1 employees are vested for pension benefits when they have at least eight years of qualifying
service credit. Tier 1 employees who retire at age 55 (at reduced benefits) or after age 60 (at full benefits)
with eight years of service are entitled to an annual retirement benefit, payable monthly for life, in an amount
equal to 1-2/3% of the final rate of earnings for the first 15 years of service credit, plus 2% for each year of
service credit after 15 years to a maximum of 75% of their final rate of earnings. Final rate of earnings is the
highest total earnings during any consecutive 48 months within the last 10 years of service, divided by 48. Under
Tier 1, the pension is increased by 3% of the original amount on January 1 every year after retirement.
Employees hired on or after January 1, 2011, are eligible for Tier 2 benefits. For Tier 2 employees, pension
benefits vest after ten years of service. Participating employees who retire at age 62 (at reduced benefits) or
after age 67 (at full benefits) with ten years of service are entitled to an annual retirement benefit, payable
monthly for life, in an amount equal to 1-2/3% of the final rate of earnings for the first 15 years of service
credit, plus 2% for each year of service credit after 15 years to a maximum of 75% of their final rate of
earnings. Final rate of earnings is the highest total earnings during any 96 consecutive months within the last 10
years of service, divided by 96. Under Tier 2, the pension is increased on January 1 every year after retirement,
upon reaching age 67, by the lesser of:


3% of the original pension amount, or
1/2 of the increase in the Consumer Price Index of the original pension amount.
Employees Covered by Benefit Terms
As of December 31, 2014, the following employees were covered by the benefit terms:
IMRF
Retirees and Beneficiaries currently receiving benefits
Inactive Plan Members entitled to but not yet receiving benefits
Active Plan Members
106
275
440
Total
821
Contributions
As set by statute, the employer’s Regular Plan Members are required to contribute 4.5% of their annual
covered salary. The statute requires employers to contribute the amount necessary, in addition to member
contributions, to finance the retirement coverage of its own employees. The employer’s annual contribution
rate for calendar year 2014 was 10.25%. For the fiscal year ended 2015, the employer contributed
$1,077,884 to the plan. The employer also contributes for disability benefits, death benefits, and
supplemental retirement benefits, all of which are pooled at the IMRF level. Contribution rates for disability and
death benefits are set by IMRF’s Board of Trustees, while the supplemental retirement benefits rate is set by
statute.
55
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2015
NOTE 11 – RETIREMENT FUND COMMITMENTS (Cont’d)
Net Pension Liability
The employer’s net pension liability was measured as of December 31, 2014. The total pension liability used to
calculate the net pension liability was determined by an actuarial valuation as of that date.
Actuarial Assumptions
The following are the methods and assumptions used to determine total pension liability at December 31, 2014:

The Actuarial Cost Method used was Entry Age Normal.

The Asset Valuation Method used was Market Value of Assets.

The Inflation Rate was assumed to be 3.5%.

Salary Increases were expected to be 3.75% to 14.50%, including inflation.

The Investment Rate of Return was assumed to be 7.50%.

Projected Retirement Age w a s f r o m t h e Experience-based Table of Rates, specific to the type
of eligibility condition, last updated for the 2014 valuation according to an experience study from
years 2011 to 2013.

The IMRF-specific rates for Mortality (for non-disabled retirees) were developed from the RP-2014
Blue Collar Health Annuitant Mortality Table with adjustments to match current IMRF experience.

For Disabled Retirees, an IMRF-specific mortality table was used with fully generational projection
scale MP-2014 (base year 2014). The IMRF-specific rates were developed from the RP-2014 Disabled
Retirees Mortality Table, applying the same adjustments that were applied for non-disabled lives.

For Active Members, an IMRF- specific mortality table was used with fully generational projection
scale MP-2014 (base year 2014). The IMRF-specific rates were developed from the RP-2014
Employee Mortality Table with adjustments to match current IMRF experience.

The long-term expected rate of return on pension plan investments was determined using a buildingblock method in which best-estimate ranges of expected future real rates of return (expected returns, net
of pension plan investment expense, and inflation) are developed for each major asset class. These
ranges are combined to produce the long-term expected rate of return by weighting the expected future
real rates of return to the target asset allocation percentage and adding expected inflation. The target
allocation and best estimates of geometric real rates of return for each major asset class are summarized
in the following table:
Asset Class
Portfolio
Target
Allocation
Domestic Equity
International Equity
Fixed Income
Real Estate
Alternative Investments
Cash Equivalents
38%
17%
27%
8%
9%
1%
Total
100%
56
Long-Term
Expected
Real Rate of Return
7.60%
7.80%
3.00%
6.15%
5.25-8.50%
2.25%
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2015
NOTE 11 – RETIREMENT FUND COMMITMENTS (Cont’d)
Single Discount Rate
A Single Discount Rate of 7.50% was used to measure the total pension liability. The projection of cash flow
used to determine this Single Discount Rate assumed that the plan members’ contributions will be made at the
current contribution rate, and that employer contributions will be made at rates equal to the difference between
actuarially determined contribution rates and the member rate. The Single Discount Rate reflects:
1. The long-term expected rate of return on pension plan investments (during the period in which the
fiduciary net position is projected to be sufficient to pay benefits), and
2. The tax-exempt municipal bond rate based on an index of 20-year general obligation bonds with an
average AA credit rating (which is published by the Federal Reserve) as of the measurement date
(to the extent that the contributions for use with the long-term expected rate of return are not met).
For the purpose of the most recent valuation, the expected rate of return on plan investments is 7.50%, the
municipal bond rate is 3.56%, and the resulting single discount rate is 7.49%.
Changes in the Net Pension Liability
Balances at December 31, 2013
Total
Pension
Liability
(A)
Plan
Fiduciary
Net Position
(B)
$ 20,169,265
$ 19,218,071
Changes for the year:
Service Cost
Interest on the Total Pension Liability
Changes of Benefit Terms
Differences Between Expected and Actual
Experience of the Total Pension Liability
Changes of Assumptions
Contributions - Employer
Contributions - Employees
Net Investment Income
Benefits Payments, including Refunds
of Employee Contributioins
Other (Net Transfer)
Net Changes
Balances at December 31, 2014
1,251,595
1,541,716
-
Net
Pension
Liability
(A) - (B)
$
-
951,194
1,251,595
1,541,716
-
317,511
984,475
-
1,007,765
471,736
1,202,858
317,511
984,475
(1,007,765)
(471,736)
(1,202,858)
(477,688)
3,617,609
(477,688)
54,135
2,258,806
(54,135)
1,358,803
$ 23,786,874
$ 21,476,877
$ 2,309,997
Sensitivity of the Net Pension Liability to Changes in the Discount Rate
The following presents the plan’s net pension liability, calculated using a Single Discount Rate of 7.49%, as
well as what the plan’s net pension liability would be if it were calculated using a Single Discount Rate that is
1% lower or 1% higher:
1% Lower
(6.49%)
Net pension liability/(asset)
$ 6,231,265
57
Current Discount
(7.49%)
1% Higher
(8.49%)
$
$ (859,252)
2,309,997
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2015
NOTE 11 – RETIREMENT FUND COMMITMENTS (Cont’d)
Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources Related to
Pensions
For the year ended June 30, 2015, the employer recognized pension expense of $72,277. At June 30, 2015,
the employer reported deferred outflows or resources and deferred inflows of resources related to pensions
from the following sources:
Deferred
Outflows of
Resources
Deferred Amounts Related to Pensions
Deferred Amounts to be Recongnized in Pension
Expense in Future Periods
Differences between expected and actual experience
$
Deferred
Inflows of
Resources
258,181
$
-
Changes of assumptions
800,516
-
Net difference between projected and actual
earnings on pension plan investments
222,476
-
1,281,173
-
559,486
-
Total Deferred Amounts to be recongized in
pension expense in future periods
Pension Contributions made subsequent
to the Measurement Date
Total Deferred Amounts Related to Pensions
$
1,840,659
$
-
Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions
will be recognized in pension expense in future periods as follows:
Year Ending
December 31
Net Deferred Ouflows
of Resources
Net Deferred Inflows
of Resources
2015
2016
2017
2018
2019
Thereafter
$
298,908
298,908
298,908
298,908
85,541
-
$
-
Total
$
1,281,173
$
-
D. Aggregate Pension Amounts
For the Year Ended June 30, 2015, aggregate pension amounts are as follows:
TRS
Deferred Outflows of Resources
Net Pension Liability*
$
IMRF
Total
247,899
$ 1,840,659
$ 2,088,558
4,141,967
2,309,997
6,451,964
Deferred Inflows of Resources
865,245
Pension Expense (Revenue),
Net of State Support
(78,267)
72,277
*The Net Pension Liability is recorded in Long-term liabilities due after one year.
58
865,245
(5,990)
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2015
NOTE 11 – RETIREMENT FUND COMMITMENTS (Cont’d)
E. Social Security/Medicare
Employees not qualifying for coverage under the Illinois Teacher’s Retirement System or the Illinois Municipal
Retirement Fund are considered “nonparticipating employees”. These employees and those qualifying for
coverage under the Illinois Municipal Retirement Fund are covered under Social Security/Medicare.
NOTE 12 – CHANGE IN ACCOUNTING PRINCIPLE
In 2015, the District adopted new accounting guidance:

GASB Statement No. 68, Accounting and Financial Reporting for Pensions – an amendment of GASB
Statement No. 27, and

GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement
Date
The Net Position at July 1, 2013 was reduced by $6,031,612, due to the pension expense recognition previously
unrecognized.
NOTE 13 – SUBSEQUENT EVENTS
Subsequent events are events or transactions that occur after the balance sheet date but before the financial
statements are issued or available to be issued. There are two types of subsequent events: recognized (events
that relate to conditions present at the balance sheet date) and non-recognized (events or conditions that did not
exist at the balance sheet date but arose after that date).
There have been no recognized or non-recognized subsequent events that have occurred between June 30,
2015, and the date of this audit report requiring disclosure in the financial statements.
59
(THIS PAGE INTENTIONALLY LEFT BLANK)
REQUIRED SUPPLEMENTARY INFORMATION
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF THE EMPLOYER’S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
TEACHERS’ RETIREMENT SYSTEM OF THE STATE OF ILLINOIS
FISCAL YEAR 2015*
Employer's proportion of the net pension liability
0.0070%
Employer's proportionate share of the net pension liability
State's proportionate share of the net pension liability associated with the employer
$
4,141,967
249,445,893
Total
$
253,587,860
Employer's covered-employee payroll
$
42,973,132
Employer's proportionate share of the net pension liability as a percentage of its
covered-employee payroll
Plan fiduciary net position as a percentage of the total pension liability
9.64%
43.00%
*The amounts presented were determined as of the prior fiscal-year end.
This schedule is presented to illustrate the requirement to show information for 10 years. However, until a full
10-year trend is compiled, information is presented for those years for which information is available.
60
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF EMPLOYER CONTRIBUTIONS
TEACHERS’ RETIREMENT SYSTEM OF THE STATE OF ILLINOIS
FISCAL YEAR 2015
Contractually-required contribution
Contributions in relation to the contractually-required contribution
$
Contribution defciency (excess)
$
Employer's covered-employee payroll
$
Contributions as a percentage of covered-employee payroll
245,519
245,711
(192)
42,973,132
0.57%
This schedule is presented to illustrate the requirement to show information for 10 years. However, until a full
10-year trend is compiled, information is presented for those years for which information is available.
61
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS
ILLINOIS MUNICIPAL RETIREMENT FUND
MOST RECENT CALENDAR YEAR
Calendar year ending December 31,
2014
Total pension liability
Service cost
Interest on the total pension liability
Benefit changes
Difference between expected and actual experience
of the total pension liability
Changes of assumptions
Benefit payments, including refunds of employee contributions
$
1,251,595
1,541,716
317,511
984,475
(477,688)
Net change in total pension liability
Total pension liability - beginning
3,617,609
20,169,265
Total pension liability - ending (A)
$
Plan fiduciary net position
Contributions - employer
Contributions - employees
Net investment income
Benefit payments, including refunds of employee contributions
Other (net transfer)
$
Net change in plan fiduciary net position
Plan fiduciary net position - beginning
23,786,874
1,007,765
471,736
1,202,858
(477,688)
54,135
2,258,806
19,218,071
Plan fiduciary net position - ending (B)
Net pension liability/(asset) - ending (A) - (B)
$
21,476,877
$
2,309,997
Plan fiduciary net position as a percentage
of the total pension liability
90.29%
Covered valuation payroll
$
Net pension liability as a percentage
of covered valuation payroll
10,465,426
22.07%
This schedule is presented to illustrate the requirement to show information for 10 years. However, until a full
10-year trend is compiled, information is presented for those years for which information is available.
62
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF EMPLOYER CONTRIBUTIONS
ILLINOIS MUNICIPAL RETIREMENT FUND
MOST RECENT CALENDAR YEAR
Calendar Year
Ending
December 31
Actuarially
Determined
Contribution
Actual
Contribution
2014
$ 1,007,820
$ 1,007,765
Contribution
Deficiency
(Excess)
$
55
Covered
Valuation
Payroll
Actual Contribution
as a % of
Covered Valuation Payroll
$ 10,465,426
9.63%
Summary of Actuarial Methods and Assumptions Used in the Calculation of the 2014 Contribution Rate*
Valuation Date:
Notes
Actuarially determined contribution rates are calculated as of December 31 each year,
which are 12 months prior to the beginning of the fiscal year in which contributions
are reported.
Methods and Assumptions Used to Determine 2014 Contribution Rates:
Actuarial Cost Method:
Aggregate entry age = normal
Amortization Method:
Level percentage of payroll, closed
Remaining Amortization Period:
29-year closed period
Asset Valuation Method:
5-year smoothed market; 20% corridor
Wage Growth:
4%
Price Inflation:
3%. Approximate; No explicit price inflation assumption is used
in this valuation
Salary Increases:
4.40% to 16%, including inflation
Investment Rate of Return:
7.50%
Retirement Age:
Experience-based table of rates that are specific to the type of
eligibility condition; last updated for the 2011 valuation pursuant to
an experience study of the period 2008 to 2010.
Mortality:
RP-2000 Combined Healthy Mortality Table, adjusted for mortality
improvements to 2020 using projection scale AA. For men, 120%
of the table rates were used. For women, 92% of the table rates
were used. For disabled lives, the mortality rates are the rates
applicable to non-disabled lives set forward 10 years.
Other Information:
Notes – There were no benefit changes during the year.
* Based on Valuation Assumptions used in the December 31, 2012, actuarial valuation; note two year lag
between valuation and rate setting.
This schedule is presented to illustrate the requirement to show information for 10 years. However, until a full
10-year trend is compiled, information is presented for those years for which information is available.
63
SCHEDULE 1
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
GENERAL FUND
COMBINING BALANCE SHEET
JUNE 30, 2015
WITH COMPARATIVE ACTUAL TOTALS FOR JUNE 30, 2014
Working
Cash
Account
Educational
Account
ASSETS
Cash and investments (note 3)
Receivables (net of allowance for uncollectibles):
Property taxes
Replacement taxes
Intergovernmental
Other
Due from activity funds
Prepaids
Total Assets
LIABILITIES
Accounts payable
Salaries and wages payable
Due to other governments
Health insurance payable
Other current liabilties
Unearned revenues
$
26,944,229
$
20,787,962
83,188
1,905,838
193,543
33,301
176,931
$
50,124,992
$
$
1,412,300
6,120,754
235,622
1,500,913
400
647,581
$
Total Liabilities
9,917,570
DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - property taxes
Total Deferred Inflows of Resources
Total
2015
2014
2,724,287
$ 29,668,516
$ 28,355,339
167,862
-
20,955,824
83,188
1,905,838
193,543
33,301
176,931
20,460,169
79,988
743,908
212,014
31,802
452,749
2,892,149
$ 53,017,141
$ 50,335,969
-
$ 1,412,300
6,120,754
235,622
1,500,913
400
647,581
$
-
9,917,570
8,881,618
769,056
5,925,487
205,403
1,332,267
649,405
20,218,047
163,311
20,381,358
20,035,629
20,218,047
163,311
20,381,358
20,035,629
176,931
2,000,000
17,812,444
2,728,838
176,931
2,000,000
20,541,282
452,749
2,000,000
18,965,973
19,989,375
2,728,838
22,718,213
21,418,722
2,892,149
$ 53,017,141
$ 50,335,969
FUND BALANCES
Nonspendable
Committed (note 8)
Unassigned
Total Fund Balances
Total Liabilities, Deferred Inflows of Resources,
and Fund Balances
$
50,124,992
64
$
SCHEDULE 2
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
GENERAL FUND
COMBINING SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
FOR THE YEAR ENDED JUNE 30, 2015
WITH SUMMARIZED COMPARATIVE ACTUAL TOTALS FOR THE YEAR ENDED JUNE 30, 2014
2015
Original & Final
Budget
Educational
Account
Working
Cash
Account
Total
2014
$ 47,906,895
21,004,957
2,834,240
$ 47,688,470
19,783,195
20,514,818
3,639,465
$ 339,948
-
$ 48,028,418
19,783,195
20,514,818
3,639,465
$ 47,144,585
17,449,752
14,701,527
3,146,540
Total Revenues Received
71,746,092
91,625,948
339,948
91,965,896
82,442,404
Expenditures:
Current:
Instruction
Support services
Community services
Payments to other districts and gov't units
State on-behalf expenditures
Capital outlay
43,795,530
25,497,133
2,844
3,052,141
22,080
44,220,222
23,212,333
4,686
2,621,046
20,514,818
79,209
-
44,220,222
23,212,333
4,686
2,621,046
20,514,818
79,209
42,269,898
22,265,582
2,021
2,734,787
14,701,527
112,444
Total Expenditures Disbursed
72,369,728
90,652,314
-
90,652,314
82,086,259
1,313,582
356,145
Revenues:
Local sources
State sources
State on-behalf revenues
Federal sources
Excess (Deficiency) of Revenues
Over Expenditures
(623,636)
973,634
339,948
Other Financing Sources (Uses)
Capital leases
Transfers out
-
37,037
(51,128)
-
37,037
(51,128)
(52,696)
Total Other Financing (Uses)
-
(14,091)
-
(14,091)
(52,696)
Net Change in Fund Balances
$
(623,636)
959,543
339,948
1,299,491
303,449
19,029,832
2,388,890
21,418,722
21,115,273
$ 19,989,375
$ 2,728,838
$ 22,718,213
$ 21,418,722
Fund Balance - Beginning of Year
Fund Balance - End of Year
65
SCHEDULE 3
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
OPERATIONS AND MAINTENANCE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2015
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2014
2015
Original & Final
Budget
Revenues
Local Sources
General levy
Interest income
Rentals
Contributions and donations
Other
$
Total Local Sources
State Sources
General state aid
Other
Total State Sources
Total Revenues
Expenditures
Support Services
Business
Operation and Maintenance of Plant Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Other objects
Non-capitalized equipment
Total
Pupil Transportation Services
Capital outlay
Total
6,580,081
13,312
206,858
50,850
$
2014
Actual
Actual
6,759,220
1,506
156,054
107
52,584
$
6,637,991
1,459
220,847
123,272
6,851,101
6,969,471
6,983,569
750,000
-
2,750,000
213,690
750,000
-
750,000
2,963,690
750,000
7,601,101
9,933,161
7,733,569
1,105,486
176,737
3,445,446
2,028,900
1,108,840
3,514
-
1,101,938
143,581
3,467,965
1,716,869
4,510,980
2,584
2,040
1,045,815
153,734
3,469,511
1,705,980
673,696
7,053
2,400
7,868,923
10,945,957
7,058,189
26,000
-
18,784
26,000
-
18,784
Total Business
7,894,923
10,945,957
7,076,973
Total Support Services
7,894,923
10,945,957
7,076,973
(Continued)
66
SCHEDULE 3
(Concluded)
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
OPERATIONS AND MAINTENANCE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2015
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2014
2015
Original & Final
Budget
Debt service
Interest
$
186,587
Total Debt Service
186,587
Total Expenditures
8,081,510
Excess (Deficiency) of Revenues Over Expenditures
$
Total Other Financing (Uses)
Net Change in Fund Balances
$
Actual
Actual
-
$
-
7,076,973
(1,012,796)
656,596
-
(156,109)
(572,672)
-
(156,109)
(572,672)
(480,409)
(1,168,905)
Fund Balance - Beginning of Year
83,924
1,505,402
Fund Balance - End of Year
$
67
-
10,945,957
(480,409)
Other Financing (Uses)
Transfers out
2014
336,497
1,421,478
$
1,505,402
SCHEDULE 4
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
TRANSPORTATION FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2015
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2014
2015
Original & Final
Budget
Revenues
Local Sources
General levy
Regular transportation fees
Summer school transportation fees
Interest income
Other
$
Total Local Sources
4,123,038
68,124
2,057
8,147
-
$
2014
Actual
4,136,432
81,235
4,950
5,202
3,342
Actual
$
4,062,222
78,954
8,103
6,164
-
4,201,366
4,231,161
4,155,443
1,547,528
1,089,133
1,482,537
1,046,065
1,801,259
1,005,630
Total State Sources
2,636,661
2,528,602
2,806,889
Total Revenues
6,838,027
6,759,763
6,962,332
2,666,727
1,170,596
909,303
830,389
74,825
4,978
2,593,171
333,528
590,772
859,131
319,383
4,116
2,590,365
638,866
739,372
930,638
277,233
4,172
Total
5,656,818
4,700,101
5,180,646
Total Business
5,656,818
4,700,101
5,180,646
Total Support Services
5,656,818
4,700,101
5,180,646
-
16,922
180,336
13,086
126,326
-
197,258
139,412
State Sources
Transportation - regular/vocational
Transportation - special education
Expenditures
Support Services
Business
Pupil Transportation Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Other objects
Debt Service:
Interest
Principal
Total Debt Service
(Continued)
68
SCHEDULE 4
(Concluded)
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
TRANSPORTATION FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2015
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2014
2015
Original & Final
Budget
Total Expenditures
$
Excess of Revenues over Expenditures
5,656,818
2014
Actual
$
1,181,209
Other Financing Sources
Capital leases
Total Other Financing Sources
Net Change in Fund Balances
$
5,320,058
1,642,274
-
274,833
277,233
-
274,833
277,233
2,137,237
1,919,507
7,542,902
5,623,395
1,181,209
$
69
$
1,862,404
Fund Balance - Beginning of Year
Fund Balance - End of Year
4,897,359
Actual
9,680,139
$
7,542,902
SCHEDULE 5
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
MUNICIPAL RETIREMENT/SOCIAL SECURITY FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2015
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2014
2015
Original & Final
Budget
Revenues
Local Sources
IMRF levy
Social security/medicare levy
Corporate personal property replacement taxes
Interest income
$
2,428,434
115,049
4,798
$
2014
Actual
1,005,562
1,430,658
125,344
782
Actual
$
1,089,527
1,303,101
123,564
1,016
Total Local Sources
2,548,281
2,562,346
2,517,208
Total Revenues
2,548,281
2,562,346
2,517,208
413,315
71,454
397,812
5,274
13,148
3,299
1,817
1,411
8,308
395,963
79,875
369,208
5,573
9,095
1,611
934
1,728
4,235
309,981
76,163
361,685
6,369
8,167
677
684
1,053
5,286
915,838
868,222
770,065
26,747
9,830
154,128
8,970
29,017
37,497
25,417
9,911
163,291
7,369
23,652
19,391
25,650
8,757
159,735
9,526
23,356
18,483
266,189
249,031
245,507
3,182
73,995
6,381
120,761
6,260
117,747
77,177
127,142
124,007
Expenditures
Instruction
Regular programs
Pre-K
Special education programs
CTE programs
Interscholastic programs
Summer school programs
Gifted programs
Driver's education programs
Bilingual programs
Total Instruction
Support Services
Pupils
Attendance and social work services
Guidance services
Health services
Psychological services
Speech pathology and audiology services
Other support services
Total Pupils
Instructional staff
Improvement of instruction services
Educational media services
Total Instructional Staff
(Continued)
70
SCHEDULE 5
(Concluded)
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
MUNICIPAL RETIREMENT/SOCIAL SECURITY FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2015
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2014
2015
Original & Final
Budget
Expenditures (Cont'd)
Support Services (Cont'd)
General Administration
Executive administration services
$
40,830
$
2014
Actual
43,599
Actual
$
39,441
Total General Administration
40,830
43,599
39,441
School Administration
Office of the principal services
171,916
165,504
162,608
171,916
165,504
162,608
25,214
61,944
180,820
478,617
125,372
24,429
42,939
7,096
186,677
439,917
121,002
24,384
52,377
1,264
180,743
448,331
122,807
871,967
822,060
829,906
5,843
32,668
80,119
5,654
41,921
128,657
5,692
34,194
113,390
118,630
176,232
153,276
Total Support Services
1,546,709
1,583,568
1,554,745
Total Expenditures
2,462,547
2,451,790
2,324,810
85,734
110,556
192,398
1,126,910
934,512
Total School Administration
Business
Direction of business support services
Fiscal services
Facilities acquisition and construction services
Operations and maintenance of plant services
Pupil transportation services
Food services
Total Business
Central
Information services
Staff services
Data processing services
Total Central
Net Change in Fund Balances
$
Fund Balance - Beginning of Year
Fund Balance - End of Year
$
71
1,237,466
$
1,126,910
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
JUNE 30, 2014
NOTE 1 – TEACHERS’ RETIREMENT SYSTEM OF THE STATE OF ILLINOIS (TRS)
Changes of Assumptions
Amounts reported in 2014 reflect an investment rate of return of 7.5 percent, an inflation rate of 3.0 percent and
real return of 4.5 percent, and a salary increase assumption of 5.75 percent. In 2013, assumptions used were
an investment rate of return of 8.0 percent, an inflation rate of 3.25 percent and real return of 4.75 percent, and
salary increases of 6.00 percent. However, the total pension liability at the beginning and end of the year was
calculated using the same assumptions, so the difference due to actuarial assumptions was not calculated or
allocated.
NOTE 2 – BUDGETS AND BUDGETARY ACCOUNTING
The District follows procedures mandated by Illinois State law and District Board policy to establish budgetary
data reflected in the financial statements. The modified accrual basis budgeted amounts in this report are the
result of full compliance with the following procedures:
The budget lapses at the end of each fiscal year.
The District follows these procedures in establishing the budgetary data reflected in the financial statements.
1. The administration submits to the Board of Education a proposed operating budget for the fiscal year
commencing July 1. The operating budget includes proposed expenditures and the means of financing
them.
2. Public hearings are conducted and the proposed budget is available for inspection to obtain
taxpayer comments
3. Prior to September 30, the budget is legally adopted through passage of a resolution.
4. Management is authorized to transfer budget amounts, provided funds are transferred between the same
function and object codes. The Board of Education is authorized to transfer up to 10% of the total budget
between functions within any fund; however any revisions that alter the total expenditures of any fund must
be approved by the Board of Education, after following the public hearing process mandated by law.
5. Formal budgetary integration is employed as a management control device during the year for all
governmental funds.
6. All budget appropriations lapse at the end of the fiscal year.
7. By the last Tuesday in December, a tax levy resolution is filed with the county clerk to obtain tax revenues.
The original budget was adopted on September 18, 2014.
Excess of Expenditures over Budget
For the year ended June 30, 2015, expenditures exceeded budget in the General Fund by $18,282,586, driven
by unbudgeted on-behalf expenses of $20,514,818. In the Operations and Maintenance Fund, expenditures
exceeded budget by $2,864,447 due to the roof replacement at Chesak Elementary School and the guaranteed
energy savings/lighting retrofit project. Expenditures exceeded budget in the Debt Service Fund by $7,278,911
due to the bond proceeds and the related payments for the redemption of the Series 2005 bonds as part of the
2014 debt refunding. The over expenditures in these funds were covered by existing fund balances.
72
(THIS PAGE INTENTIONALLY LEFT BLANK)
SUPPLEMENTARY INFORMATION
.
SCHEDULE 6
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
EDUCATIONAL ACCOUNT
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2015
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2014
2015
Original & Final
Budget
Revenues
Local Sources
General levy
Special education levy
Corporate personal property replacement taxes
Regular tuition from pupils or parents
Regular tuition from other sources
Summer school tuition from pupils or parents
Interest income
Sales to pupils - lunch
Sales to pupils - other
Sales to adults
Other food services
Admissions - athletic
Other district/school activity revenue
Rentals - regular textbooks
Rentals
Contributions and donations
Refund of prior year's expenditures
Drivers' education fees
Other
$
Total Local Sources
State Sources
General state aid
Special education - private facility tuition
Special education - funding for children
Special education - personnel
Special education - orphanage - individual
Special education - orphanage - summer
Special education - summer school
CTE - secondary program improvement (CTEI)
Bilingual education - downstate - TPI
State free lunch & breakfast
Driver education
Early childhood - block grant
State library grant
Other
Total State Sources
41,818,587
225,000
395,917
250,000
3,112
68,805
58,073
2,621,593
71,242
42,272
12,212
70,543
335,795
1,215,000
46,543
129,286
1,979
50,834
148,011
$
2014
Actual
39,654,953
2,542,038
381,419
183,605
77,118
34,891
2,295,291
55,097
30,583
29,156
72,753
446,366
1,224,292
2,330
300,000
116,831
47,625
194,122
Actual
$
40,115,274
1,297,283
347,641
199,183
67,177
20,812
2,472,234
47,582
32,697
31,651
71,732
342,336
1,296,354
11,227
330,022
13,882
34,070
78,948
47,564,804
47,688,470
46,810,105
16,397,826
1,050,000
1,268,095
1,749,668
21,301
335
44,332
33,071
84,284
4,955
49,740
226,994
74,356
14,832,697
1,138,025
1,096,930
1,867,839
21,587
38,356
33,185
50,172
5,100
53,223
222,783
6,882
416,416
13,194,744
950,823
1,102,456
1,775,972
18,256
18,271
48,040
32,788
6,345
50,191
226,994
6,767
18,105
21,004,957
19,783,195
17,449,752
(Continued)
73
SCHEDULE 6
(Continued)
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
EDUCATIONAL ACCOUNT
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2015
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2014
2015
Original & Final
Budget
Revenues (Cont'd)
Federal sources
National school lunch program
School breakfast program
Food service - commodities
Title I - low income
Federal - special education - IDEA - flow-through
Federal - special education - IDEA - room & board
CTE - perkins - title IIIE - tech prep
Title III - language inst. program
Title II - teacher quality
Medicaid matching funds - administrative outreach
Medicaid matching funds - fee-for-service program
Other
$
Total Federal Sources
675,000
20,000
238,298
1,209,800
80,516
33,091
25,604
39,609
106,322
406,000
2,834,240
State On-behalf Revenue
Expenditures
Instruction
Regular Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Other objects
Non-capitalized equipment
Total
Pre-K Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Non-capitalized equipment
Total
Special Education Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Non-capitalized equipment
Total
Actual
725,256
30,321
249,094
331,710
1,164,898
256,952
33,744
22,413
39,928
172,898
549,275
62,976
Actual
$
620,350
20,762
255,542
320,506
1,164,401
158,534
36,192
23,100
43,439
151,228
305,254
47,232
3,639,465
3,146,540
20,514,818
14,701,527
71,404,001
91,625,948
82,107,924
25,925,721
4,630,740
354,995
535,950
5,424
4,008
26,281,771
4,833,981
418,825
560,777
1,207
94,622
25,242,692
4,279,589
508,762
474,001
2,936
32,781
31,456,838
32,191,183
30,540,761
1,147,087
152,010
11,448
20,007
-
1,088,396
139,025
12,841
18,336
999
1,085,713
150,936
13,483
20,969
-
1,330,552
1,259,597
1,271,101
6,603,189
1,054,732
117,271
334,783
2,500
-
6,615,080
967,657
114,496
146,369
16,304
6,362,694
1,033,792
100,570
253,865
13,598
8,890
8,112,475
7,859,906
7,773,409
-
Total Revenues
$
2014
(Continued)
74
SCHEDULE 6
(Continued)
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
EDUCATIONAL ACCOUNT
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2015
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2014
2015
Original & Final
Budget
Expenditures (Cont'd)
Instruction (Cont'd)
Special Education Programs-Pre-K
Supplies and materials
$
Total
CTE Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Non-capitalized equipment
Total
Interscholastic Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Other objects
Total
Summer School
Salaries
Employee benefits
Purchased services
Supplies and materials
Total
Gifted Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Other objects
Total
2,428
$
2014
Actual
5,127
Actual
$
2,914
2,428
5,127
2,914
453,366
65,891
81,363
33,213
11,963
350,084
58,275
31,983
36,460
12,184
434,704
66,941
61,159
19,182
35,393
645,796
488,986
617,379
942,496
37,831
155,316
152,118
8,258
1,031,148
25,081
175,171
125,778
6,114
10,337
925,648
25,831
136,462
121,673
5,752
1,296,019
1,373,629
1,215,366
272,645
2,727
18,482
307,579
696
6,000
74,458
201,522
183
34,541
293,854
388,733
236,246
59,732
30,398
11,586
2,106
2,106
57,911
24,583
1,561
3,000
-
46,892
26,439
1,466
1,634
1,600
105,928
87,055
78,031
(Continued)
75
SCHEDULE 6
(Continued)
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
EDUCATIONAL ACCOUNT
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2015
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2014
2015
Original & Final
Budget
Expenditures (Cont'd)
Instruction (Cont'd)
Driver's Education Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
$
Total
Bilingual Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Non-capitalized equipment
Total
Total Instruction
Support Services
Pupils
Attendance and social work services
Salaries
Employee benefits
Purchased services
Supplies and materials
Other objects
Total
Guidance Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Total
Health services
Salaries
Employee benefits
Purchased services
Supplies and materials
Non-capitalized equipment
Total
59,704
9,026
3,495
11,979
-
$
2014
Actual
131,704
9,760
3,206
10,364
-
Actual
$
85,379
8,549
1,551
8,250
30,398
84,204
155,034
134,127
352,089
83,636
11,657
11,754
10,800
335,473
71,082
3,232
4,302
2,997
339,987
80,072
20,880
3,621
-
469,936
417,086
444,560
43,798,030
44,226,336
42,313,894
1,009,630
148,651
7,107
6,591
527
950,504
140,000
8,224
7,483
-
946,250
150,840
6,654
6,272
218
1,172,506
1,106,211
1,110,234
628,107
86,152
3,914
8,461
735,308
88,088
5,389
8,167
609,448
89,745
3,728
3,561
726,634
836,952
706,482
1,381,443
174,359
244,951
36,142
-
1,254,443
135,693
208,855
21,640
-
1,236,727
150,061
172,161
66,406
2,933
1,836,895
1,620,631
1,628,288
(Continued)
76
SCHEDULE 6
(Continued)
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
EDUCATIONAL ACCOUNT
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2015
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2014
2015
Original & Final
Budget
Expenditures (Cont'd)
Support Services (Cont'd)
Pupils (Cont'd)
Psychological Services
Salaries
Employee benefits
Purchased services
Supplies and materials
$
Total
Speech Pathology and Audiology Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Total
Other Support Services
Salaries
Employee benefits
Purchased services
Total
Total Pupils
Instructional Staff
Improvement of Instruction Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Other objects
Non-capitalized equipment
Total
Educational Media Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Non-capitalized equipment
Total
783,517
86,604
33,832
8,000
$
2014
Actual
495,788
81,541
34,696
8,345
Actual
$
690,875
91,582
37,499
9,009
911,953
620,370
828,965
1,323,132
129,787
8,970
7,000
1,204,242
130,277
12,490
6,611
1,171,883
139,199
38,503
4,424
1,468,889
1,353,620
1,354,009
455,954
3,512
12,669
436,050
33,191
428,260
15,589
472,135
469,241
443,849
6,589,012
6,007,025
6,071,827
1,962,936
82,667
284,158
613,703
2,000
-
476,013
86,363
636,424
852,200
2,319
4,400
369,394
89,873
154,313
684,206
1,757
-
2,945,464
2,057,719
1,299,543
1,237,376
143,604
22,091
108,000
15,500
952,233
123,012
23,173
121,806
18,259
1,029,095
135,910
18,727
100,190
5,370
18,625
1,526,571
1,238,483
1,307,917
(Continued)
77
SCHEDULE 6
(Continued)
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
EDUCATIONAL ACCOUNT
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2015
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2014
2015
Original & Final
Budget
Expenditures (Cont'd)
Support Services (Cont'd)
Instructional Staff (Cont'd)
Assessment and Testing
Purchased services
Supplies and materials
$
Total
258,000
-
$
2014
Actual
195,265
9,210
Actual
$
272,114
1,403
258,000
204,475
273,517
4,730,035
3,500,677
2,880,977
130,000
629,215
8,343
33,284
192,610
439,284
4,286
44,933
122,555
395,027
3,919
35,043
800,842
681,113
556,544
570,337
112,949
14,698
6,653
9,637
595,169
103,349
12,094
4,362
4,733
561,451
107,677
9,925
933
8,362
714,274
719,707
688,348
4,000
1,496
2,441
4,000
1,496
2,441
Total General Administration
1,519,116
1,402,316
1,247,333
School Administration
Office of the Principal Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Other objects
Non-capitalized equipment
2,738,874
685,091
22,184
251,859
9,411
-
3,097,655
621,256
24,752
237,345
6,658
-
2,718,512
632,700
17,042
239,855
18,200
4,728
5,997
Total
3,707,419
3,987,666
3,637,034
Total School Administration
3,707,419
3,987,666
3,637,034
Total Instructional Staff
General Administration
Board of Education Services
Employee benefits
Purchased services
Supplies and materials
Other objects
Total
Executive Administration Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Other objects
Total
Special Area Administration Services
Supplies and materials
Total
(Continued)
78
SCHEDULE 6
(Continued)
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
EDUCATIONAL ACCOUNT
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2015
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2014
2015
Original & Final
Budget
Expenditures (Cont'd)
Support Services (Cont'd)
Business
Direction of Business Support Services
Salaries
Employee benefits
Purchased services
$
Total
Fiscal Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Other objects
Total
Operation and Maintenance of Plant Services
Salaries
143,375
28,333
846
$
2014
Actual
Actual
141,366
23,417
846
$
140,337
25,153
805
172,554
165,629
166,295
324,033
64,052
382,063
12,050
2,633
247,878
49,206
377,651
8,544
2,682
297,154
54,555
360,253
11,528
3,316
784,831
685,961
726,806
-
-
5,536
-
-
5,536
15,744
2,720
18,170
2,681
13,870
2,720
18,464
20,851
16,590
773,992
164,305
80,907
1,630,951
19,580
4,105
-
766,350
127,300
94,263
1,412,633
3,022
48,401
766,734
141,056
71,030
1,530,335
44,878
3,294
8,861
Total
2,673,840
2,451,969
2,566,188
Total Business
3,649,689
3,324,410
3,481,415
Total
Pupil Transportation Services
Purchased services
Supplies and materials
Total
Food Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Other objects
Non-capitalized equipment
(Continued)
79
SCHEDULE 6
(Continued)
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
EDUCATIONAL ACCOUNT
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2015
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2014
2015
Original & Final
Budget
Expenditures (Cont'd)
Support Services (Cont'd)
Central
Information Services
Salaries
Employee benefits
Purchased services
Supplies and materials
$
Total
33,796
11,261
98,607
758
$
2014
Actual
33,896
8,651
75,428
673
Actual
$
33,235
9,591
76,313
534
144,422
118,648
119,673
1,144,477
75,299
23,072
14,519
1,000
363,260
63,372
23,448
11,369
907
325,534
67,983
14,707
7,230
588
1,258,367
462,356
416,042
942,259
82,561
631,626
2,195,667
1,506
1,155,776
88,234
551,723
2,602,402
36,058
2,177
884,786
85,399
689,632
2,793,221
3,785
Total
3,853,619
4,436,370
4,456,823
Total Central
5,256,408
5,017,374
4,992,538
Staff Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Other objects
Total
Data Processing Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Other objects
Other Supporting Services
Purchased services
Supplies and materials
Capital outlay
54,503
10,531
-
(4,024)
12,947
37,037
22,906
-
65,034
45,960
22,906
Total Support Services
25,516,713
23,285,428
22,334,030
Community Services
Purchased services
Supplies and materials
1,700
1,144
176
4,510
1,400
621
2,844
4,686
2,021
Total
Total Community Services
(Continued)
80
SCHEDULE 6
(Concluded)
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
EDUCATIONAL ACCOUNT
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2015
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2014
2015
Original & Final
Budget
Expenditures (Cont'd)
Payments to Other Districts and Gov't Units
Payments for Special Education Programs
Purchased services
Other objects
$
Total
290,365
595,000
$
2014
Actual
148,568
318,815
Actual
$
178,653
565,404
885,365
467,383
744,057
16,776
49,676
25,776
16,776
49,676
25,776
2,150,000
2,103,987
1,964,954
Total
2,150,000
2,103,987
1,964,954
Total Payments to Other Districts and Gov't Units
3,052,141
2,621,046
2,734,787
20,514,818
14,701,527
90,652,314
82,086,259
973,634
21,665
-
37,037
(51,128)
(52,696)
-
(14,091)
(52,696)
959,543
(31,031)
Payments for Regular Programs - Tuition
Other objects
Total
Payments for Special Education Programs - Tuition
Other objects
State On-behalf Expenditure
-
Total Expenditures
72,369,728
Excess (Deficiency) of Revenues Over Expenditures
(965,727)
Other Financing Sources (Uses)
Capital leases
Transfers out
Total Other Financing (Uses)
Net Change in Fund Balances
$
(965,727)
Fund Balance - Beginning of Year
19,029,832
Fund Balance - End of Year
$
81
19,989,375
19,060,863
$
19,029,832
SCHEDULE 7
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
WORKING CASH ACCOUNT
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2015
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2014
2015
Original & Final
Budget
Revenues
Local Sources
General levy
Interest income
$
337,091
5,000
2014
Actual
$
Actual
338,217
1,731
$
332,113
2,367
Total Local Sources
342,091
339,948
334,480
Total Revenues
342,091
339,948
334,480
Expenditures
Total Expenditures
Net Change in Fund Balances
$
-
-
-
-
-
-
342,091
Fund Balance - Beginning of Year
Fund Balance - End of Year
$
82
339,948
334,480
2,388,890
2,054,410
2,728,838
$
2,388,890
SCHEDULE 8
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
DEBT SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2015
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2014
2015
Original & Final
Budget
Revenues
Local Sources
General levy
Interest income
$
8,485,296
16,750
$
2014
Actual
8,447,433
2,275
Actual
$
8,267,585
5,298
Total Local Sources
8,502,046
8,449,708
8,272,883
Total Revenues
8,502,046
8,449,708
8,272,883
6,538,903
2,148,980
20,000
4,306,852
11,555,362
124,580
1,141,599
12,070,346
545,077
Total Debt Service
8,707,883
15,986,794
13,757,022
Total Expenditures
8,707,883
15,986,794
13,757,022
(205,837)
(7,537,086)
(5,484,139)
977,613
-
9,120,000
580,570
1,019,331
(3,026,917)
46,760,000
1,485,621
1,782,643
(47,699,651)
977,613
7,692,984
2,328,613
771,776
155,898
Expenditures
Debt service
Interest
Principal
Other
(Deficiency) of Revenues Over Expenditures
Other Financing Sources (Uses)
Bonds issued
Premium on bonds issued
Transfers in
Payment to escrow agent
Total Other Financing Sources
Net Change in Fund Balances
$
Fund Balance - Beginning of Year
(3,155,526)
4,818,336
Fund Balance - End of Year
$
83
4,974,234
7,973,862
$
4,818,336
SCHEDULE 9
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
CAPITAL PROJECTS FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2015
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2014
2015
Original & Final
Budget
Revenues
Local Sources
Interest income
Contributions and donations
$
Total Local Sources
25,000
667,148
$
692,148
State Sources
Other state sources
Total State Sources
Total Revenues
2014
Actual
67,203
921,753
Actual
$
988,956
38,663
734,458
773,121
-
21,826
-
-
21,826
-
692,148
1,010,782
773,121
140,000
15,000
100,000
23,381,904
44,371
11,705
910,422
233,362
16,239,212
7,567
(1,182)
1,646,473
1,687
4,853,895
Total
23,636,904
17,439,072
6,508,440
Total Business
23,636,904
17,439,072
6,508,440
Total Support Services
23,636,904
17,439,072
6,508,440
Total Expenditures
23,636,904
17,439,072
6,508,440
(22,944,756)
(16,428,290)
(5,735,319)
(977,613)
(812,094)
(1,157,275)
(977,613)
(812,094)
(1,157,275)
(23,922,369)
(17,240,384)
(6,892,594)
32,401,301
39,293,895
Expenditures
Support Services
Business
Facilities Acquisition and Construction Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
(Deficiency) of Revenues Over Expenditures
Other Financing (Uses)
Transfers out
Total Other Financing (Uses)
Net Change in Fund Balances
$
Fund Balance - Beginning of Year
Fund Balance - End of Year
$
84
15,160,917
$
32,401,301
SCHEDULE 10
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
FIRE PREVENTION AND LIFE SAFETY FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2015
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2014
2015
Original & Final
Budget
Revenues
Local Sources
Interest income
$
300
2014
Actual
Actual
$
21
$
32
Total Local Sources
300
21
32
Total Revenues
300
21
32
Expenditures
Total Expenditures
-
Net Change in Fund Balance
$
-
300
Fund Balance - Beginning of Year
Fund Balance - End of Year
$
85
21
32
29,991
29,959
30,012
$
29,991
SCHEDULE 11
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
AGENCY FUND
SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED JUNE 30, 2015
BALANCE
JUNE 30, 2014
District / HS Alumni
Interest
District Pepsi Account
Food Service
District Recycling
Deicke Memorial
Freeberg Memorial
Student Insurance
Parent Workshop
Foundation Grants
Schaffenegger Memorial
Star Lab
O & M Pop Fund
Gerber
Gifted Program
Vision Team
Mackeben Photo
Mackeben Pop
Mackeben Recycling
Mackeben Art
Mackeben Reading
Mackeben Field Trips
Mackeben Library
Mackeben Market Day
Mackeben In & Out
Heineman LRC
Heineman Photo
Heineman Drama
Heineman Yearbook
Heineman Celebration Night
Heineman Service Club
Heineman Chorus/Band
Heineman Wrestling
Heineman Cheerleading
Heineman Track
Heineman Relay For Life
Heineman Cross Country
Heineman Volleyball
Heineman PE
Heineman Student Council
Heineman Girls Basketball
Heineman Outdoor Activity
Heineman Athletics
$
1,645
3,524
2,542
3,726
1,184
64
30
400
154
3,238
34,000
2,331
1,797
369
76,718
1,714
3,524
1,135
3,344
5,394
223
3,468
7,497
1,786
1,068
1,993
3,745
1,559
5,296
817
21,741
677
1,159
1,630
1,679
491
144
9,387
1,375
227
773
1,207
ADDITIONS
$
1,092
634
987
7,140
70,191
2,381
4,209
2,225
181
2,721
3,921
749
8,529
560
4,249
2,260
6,731
69
1,602
86,184
2,033
1,145
4,196
1,394
783
7,319
3,628
879
63,937
5,839
DELETIONS
$
171
413
5,785
3,000
236
108,071
1,648
3,323
1,513
279
2,734
6,338
441
6,077
1,534
4,332
1,524
6,827
538
1,392
84,895
2,460
1,128
4,839
160
1,473
849
4,605
4,317
960
63,334
5,996
BALANCE
JUNE 30, 2015
$
1,645
4,445
2,763
3,726
2,171
64
30
400
154
4,593
31,000
2,331
1,561
369
38,838
1,714
4,257
2,021
3,344
6,106
125
3,455
5,080
2,094
3,520
1,019
3,662
2,295
5,200
348
210
23,030
250
1,176
987
1,519
412
78
12,101
686
146
1,376
1,050
(Continued)
86
SCHEDULE 11
(Continued)
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
AGENCY FUND
SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED JUNE 30, 2015
BALANCE
JUNE 30, 2014
Heineman Boys Basketball
Heineman Science
Heineman Tech Lab
Heineman Art Club
Heineman In & Out
Heineman Foods Club
Heineman Gold Pgm
Heineman 7th Grade Team 1
Heineman 7th Grade Team 2
Heineman 8th Grade Team 1
Heineman 8th Grade Team 2
Conley Photo
Conley Pop
Conley Recycling
Conley PBIS
Conley Market Day
Conley Band
Conley Jean Fund
Conley Garden Club
Conley Field Trips
Conley Library
Conley Yearbook
Conley In & Out
Education Reimagined
Music Camps (District-wide)
Pre-K Fieldtrips
ESL
Preschool
Chesak Photo
Chesak Pop
Chesak Recycle
Chesak Yearbook
Chesak Sunshine
Chesak Field Trips
Chesak Library
Chesak Market Day
Chesak In & Out
Leggee Photo
Leggee Pop
Leggee Recycle
Leggee Art
Leggee Fundraisers
Leggee Donations & Grants
Leggee Music
$
2,979
646
722
888
663
2,551
92
4,106
3,632
7,671
8,025
7,867
835
427
522
538
129
473
289
5,947
4,296
4,611
11,180
65
293
5,395
2,169
4,171
2,739
899
294
1,093
4,775
2,046
5,835
1,493
6,654
1,092
388
1,363
54
1,143
5,884
57
ADDITIONS
$
3,469
1,010
510
260
2,031
815
7,306
5,468
24,029
22,842
14,391
1,557
5
1,094
698
6,700
16,425
7,420
2,027
975
14,670
8,063
534
202
1,230
2,863
8,850
9,741
773
24,239
4,226
800
1,377
3,438
5,730
2,677
DELETIONS
$
4,687
583
920
126
1,780
881
1
4,024
5,066
24,617
22,706
11,920
1,968
325
310
538
1,220
380
6,552
13,592
6,158
6,807
1,615
13,575
4,756
668
325
1,230
3,465
9,268
7,123
2,123
28,701
3,033
890
763
4,517
5,696
2,681
BALANCE
JUNE 30, 2015
$
1,761
1,073
312
1,022
914
2,485
91
7,388
4,034
7,083
8,161
10,338
424
107
212
3
791
289
6,095
7,129
5,873
6,400
65
293
5,395
1,529
5,266
6,046
765
171
1,093
4,173
1,628
8,453
143
2,192
2,285
298
600
1,431
64
5,918
53
(Continued)
87
SCHEDULE 11
(Continued)
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
AGENCY FUND
SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED JUNE 30, 2015
BALANCE
JULY 1, 2014
Leggee Field Trips
Leggee Library
Leggee Recreation
Leggee Yearbook
Leggee In & Out
Marlowe LRC
Marlowe Photo
Marlowe Fundraiser Funds
Marlowe Yearbook
Marlowe Celebration Night
Marlowe Student Council
Marlowe Chorus/Band
Marlowe Wrestling
Marlowe Cheerleading
Marlowe Track
Marlowe Visions
Marlowe Cross Country
Marlowe Volleyball
Teagan Fundraising
Marlowe Academic Club
Marlowe Musical/Play
Marlowe Beta
Marlowe Girls Basketball
Marlowe Outdoor Activity
Marlowe Athletics
Marlowe Boys Basketball
Marlowe Science
Marlowe Tech Lab
Marlowe Art Class
Marlowe PE
Marlowe Ecology
Marlowe In & Out
Marlowe Foods Club
HS Digital Photography
HS Photo
HS Art
HS Yearbook/Newspaper
HS Girls Cross Country
HS Student Council
HS Chorus
$
428
4,135
850
389
794
6,992
17,169
2,004
1,390
22,263
1,892
255
95
128
401
109
22,653
129
13,958
167
3,395
95
7,735
9,360
6,340
120
51
647
21,977
468
991
8,676
7,480
42,352
313
11,347
691
ADDITIONS
$
8,273
18,661
7,002
26,499
482
7,583
7,258
3,385
35
1,246
92,135
5,098
8,072
21,897
372
2,179
2,350
17,907
262
25,483
2,920
3,188
71,857
3,472
7,763
2,155
7,295
164
90,204
69
1,335
8,594
16,813
19,409
57,630
6,713
DELETIONS
$
8,247
20,307
407
4,285
2,919
1,216
1,601
4,119
1,393
1,581
86,213
6,290
7,578
20,217
222
2,515
2,246
39,851
262
21,720
448
5,793
71,138
5,211
9,761
1,057
1,920
4,400
96,659
537
1,161
9,043
16,948
61,409
313
50,322
6,076
BALANCE
JUNE 30, 2015
$
454
2,489
443
3,106
23,580
60
12,974
3,139
20,554
646
1,055
28,185
700
749
1,775
278
65
213
709
129
17,721
2,639
790
814
5,996
7,362
5,283
120
286
2,895
811
15,522
1,165
8,227
7,345
352
18,655
1,328
(Continued)
88
SCHEDULE 11
(Continued)
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
AGENCY FUND
SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED JUNE 30, 2015
BALANCE
JULY 1, 2014
HS Color Guards
HS Pop
HS Math Club
HS Girls Golf
HS Drama Club
HS Pom Pons
Ski Club
Spanish Club
HS Boys Track
HS Dean Activity
NHS
Co-Op
Musical
Athletic Varsity / HS Athletic Improvements
Volleyball Tournament
High School Golf
Softball
Baseball
Girls Basketball
Boys Basketball
HS Cheerleading
HS Wrestling
HS Cross Country
School Store
Musgrave Scholarship
HS Speech
HS Academic Team
HS Journalism
HS Soccer
HS Field Trips
HS Football
HS Music Trips
HS In & Out
HS Tech/Ind Arts
HS PE
HS Track
HS Music
HS Tennis
Harmony Road Media
HS French
Video Tech
ACT Prep
$
836
317
1,787
3,953
14,308
2,228
1,914
1,732
7,877
748
8,279
14,907
343
5,796
1,451
3,476
6,645
7,389
7,572
31,102
6,499
4,404
16,574
119
3,629
543
5,896
4,758
5,056
5,410
28,246
2,133
11,404
2,413
2,848
1,850
70
680
1,841
ADDITIONS
$
5,706
2,007
631
4,391
5,460
46,933
13,155
5,028
10,686
3,149
3,956
8,502
69,276
39,772
3,532
15,003
14,514
34,299
26,738
136,158
12,606
3,668
19,594
15,976
648
20,686
24,111
23,539
139,098
17,270
3,477
27,546
3,495
3,324
3,196
818
1,035
110,615
DELETIONS
$
5,341
1,855
572
4,850
3,873
53,020
13,964
3,625
6,387
2,927
3,297
17,619
45,683
37,640
4,375
15,218
15,500
36,104
26,711
124,996
12,696
3,893
31,038
12,386
722
15,860
22,325
22,797
136,979
6,476
19,403
3,302
24,577
4,672
763
4,112
610
967
101,226
BALANCE
JUNE 30, 2015
$
1,201
152
376
1,328
5,540
8,221
1,419
1,914
3,135
12,176
970
8,938
5,790
23,936
7,928
608
3,261
5,659
5,584
7,599
42,264
6,409
4,179
5,130
119
7,219
469
10,722
6,544
5,798
7,529
21,770
175
14,373
1,236
2,561
1,932
2,058
70
748
11,230
(Continued)
89
SCHEDULE 11
(Concluded)
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
AGENCY FUND
SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED JUNE 30, 2015
BALANCE
JULY 1, 2014
ADDITIONS
DELETIONS
BALANCE
JUNE 30, 2015
Community Service Club
HS Dance Club
HS Recycling
Art Club
Guitar Club
HS Band (Fundraising)
HS Baking Club
HS Fashion Club
HS Social Studies Trips
PBIS Raider Way
HS Bowling
HS Swimming
HS Fishing Club
HS Science Club
HS Psychology Club
HS Horticulture Club
HS English Book Club
HS Medical Academy
HS Operation Click
HS Graduation Ceremony
Class of 2015 Seniors
Class of 2016 Juniors
Class of 2017 Sophmores
Class of 2018 Freshmen
Martin Photo
Martin Pop
Martin Recycling
Martin Band
Martin Field Trips
Martin Library
Previous Martin Market Day
Martin Yearbook
Martin In & Out
$
4,020
10,769
320
80
872
5,062
124
91
525
800
475
179
2,964
1,730
1,020
484
420
543
24
11,075
1,127
1,893
73
18,873
4,631
1,397
1,249
2,539
3,793
8,662
6,560
319
$
1,229
4,696
13
575
6,045
10,434
298
1,450
981
841
1,812
5,903
2,015
1,479
2,872
2,188
6,086
80,255
5,380
130
22,911
6,264
2,460
16,821
26,680
2,701
6,408
4,647
$
2,561
4,639
260
5,150
9,611
422
1,516
900
728
1,775
4,237
47
1,697
1,606
3,292
1,321
6,110
8,885
75,160
4,168
26,120
2,481
2,611
15,422
24,516
1,508
6,679
4,577
$
2,688
10,826
333
395
1,767
5,885
25
606
913
475
179
37
4,630
1,683
1,338
357
1,410
2,190
6,222
3,105
203
15,664
8,414
1,397
1,098
3,938
5,957
9,855
6,289
389
Grand Total
$
869,731
$
2,165,145
$
2,178,527
$
856,349
90
SCHEDULE 12
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2000 CAPITAL APPRECIATION SCHOOL BUILDING BONDS
JUNE 30, 2015
ORIGINAL
PRINCIPAL
YEAR ENDING JUNE 30,
ACCRETION
TO DATE
CURRENTLY
PAYABLE
FUTURE
ACCRETION
TOTAL
2016
2017
2018
2019
2020
$
18,892
$
45,647
$
64,539
$
35,461
$
100,000
TOTAL
$
18,892
$
45,647
$
64,539
$
35,461
$
100,000
Amount of Original Issue
Date of Issue
Paying Agent
Principal Payment Date
Interest Payment Date
Interest Rates
$9,000,000
December 1, 2000
LaSalle Bank
January 1
January 1
None
91
SCHEDULE 13
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2001 CAPITAL APPRECIATION SCHOOL BUILDING BONDS
JUNE 30, 2015
ORIGINAL
PRINCIPAL
YEAR ENDING JUNE 30,
ACCRETION
TO DATE
CURRENTLY
PAYABLE
FUTURE
ACCRETION
TOTAL
2016
$
826,529
$ 1,833,160
$
2,659,689
$
240,311
$ 2,900,000
TOTAL
$
826,529
$ 1,833,160
$
2,659,689
$
240,311
$ 2,900,000
Amount of Original Issue
Date of Issue
Paying Agent
Principal Payment Date
Interest Payment Date
Interest Rates
$11,999,846
December 1, 2001
LaSalle Bank
January 1
January 1
None
92
SCHEDULE 14
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2003 CAPITAL APPRECIATION SCHOOL BUILDING BONDS
JUNE 30, 2015
ORIGINAL
PRINCIPAL
YEAR ENDING JUNE 30,
2016
2017
2018
2019
2020
2021
2022
2023
$
1,440,877
1,571,004
1,534,402
3,525,630
3,408,114
1,279,108
TOTAL
$
12,759,135
Amount of Original Issue
Date of Issue
Paying Agent
Principal Payment Date
Interest Payment Date
Interest Rates
ACCRETION
TO DATE
CURRENTLY
PAYABLE
FUTURE
ACCRETION
$
$
$
2,655,816
2,894,189
2,828,156
6,498,590
6,281,648
2,357,645
$ 23,516,044
$12,999,409
December 1, 2003
LaSalle Bank
January 1
January 1
None
93
4,096,693
4,465,193
4,362,558
10,024,220
9,689,762
3,636,753
$ 36,275,179
1,238,307
1,884,807
2,412,442
6,975,780
8,255,238
3,718,247
$ 24,484,821
TOTAL
$
5,335,000
6,350,000
6,775,000
17,000,000
17,945,000
7,355,000
$ 60,760,000
SCHEDULE 15
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2003A CAPITAL APPRECIATION SCHOOL BUILDING BONDS
JUNE 30, 2015
ORIGINAL
PRINCIPAL
YEAR ENDING JUNE 30,
ACCRETION
TO DATE
CURRENTLY
PAYABLE
FUTURE
ACCRETION
TOTAL
2016
2017
2018
2019
2020
2021
2022
2023
$
662,978
1,527,636
1,917,316
$
1,163,883
2,681,935
3,365,990
$
1,826,861
4,209,571
5,283,306
$
168,139
810,429
5,401,694
$ 1,995,000
5,020,000
10,685,000
TOTAL
$
4,107,930
$
7,211,808
$ 11,319,738
$
6,380,262
$ 17,700,000
Amount of Original Issue
Date of Issue
Paying Agent
Principal Payment Date
Interest Payment Date
Interest Rates
$9,199,649
December 1, 2003
LaSalle Bank
January 1
January 1
None
94
SCHEDULE 16
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2004 CAPITAL APPRECIATION SCHOOL BUILDING BONDS
JUNE 30, 2015
ORIGINAL
PRINCIPAL
YEAR ENDING JUNE 30,
ACCRETION
TO DATE
CURRENTLY
PAYABLE
FUTURE
ACCRETION
$
2016
2017
2018
2019
2020
2021
2022
2023
2024
$
291,265
3,641,064
$
478,651
5,983,376
$
TOTAL
$
3,932,329
$
6,462,027
$ 10,394,356
Amount of Original Issue
Date of Issue
Paying Agent
Principal Payment Date
Interest Payment Date
Interest Rates
$25,000,000
December 1, 2004
Harris Bank
January 1
January 1
None
95
769,916
9,624,440
720,084
10,715,560
$ 11,435,644
TOTAL
$
1,490,000
20,340,000
$ 21,830,000
SCHEDULE 17
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2008 REFUNDING BONDS
JUNE 30, 2015
YEAR ENDING JUNE 30,
PRINCIPAL
2016
2017
2018
$
TOTAL
Amount of Original Issue
Date of Issue
Paying Agent
Principal Payment Date
Interest Payment Date
Interest Rates
$5,150,000
February 1, 2008
Bank of New York Trust Co.
February 1
February 1 and August 1
3.0% to 3.9%
96
INTEREST
610,000
635,000
660,000
$
72,625
49,934
25,740
$ 1,905,000
$
148,299
TOTAL
$
682,625
684,934
685,740
$ 2,053,299
SCHEDULE 18
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2009 REFUNDING BONDS
JUNE 30, 2015
YEAR ENDING JUNE 30,
PRINCIPAL
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
$
TOTAL
Amount of Original Issue
Date of Issue
Paying Agent
Principal Payment Date
Interest Payment Date
Interest Rates
575,000
600,000
620,000
650,000
675,000
705,000
$ 3,825,000
$3,825,000
November 1, 2009
Harris Bank
January 1
January 1 and July 1
4.000% to 4.625%
97
INTEREST
$
165,519
165,519
165,519
165,519
165,519
142,519
117,769
91,419
62,981
32,606
$ 1,274,887
TOTAL
$
165,519
165,519
165,519
165,519
740,519
742,519
737,769
741,419
737,981
737,606
$ 5,099,887
SCHEDULE 19
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2010 GENERAL OBLIGATION REFUNDING BONDS
JUNE 30, 2015
YEAR ENDING JUNE 30,
PRINCIPAL
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
$
TOTAL
Amount of Original Issue
Date of Issue
Paying Agent
Principal Payment Date
Interest Payment Date
Interest Rates
6,095,000
$ 6,095,000
$6,095,000
December 28, 2010
Bank of New York Mellon
January 1
January and July 1
4.50%
98
INTEREST
$
274,275
274,275
274,275
274,275
274,275
274,275
274,275
274,275
274,275
274,275
274,275
$ 3,017,025
TOTAL
$
274,275
274,275
274,275
274,275
274,275
274,275
274,275
274,275
274,275
274,275
6,369,275
$ 9,112,025
SCHEDULE 20
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2011A QUALIFIED ENERGY CONSERVATION DEBT CERTIFICATES
JUNE 30, 2015
YEAR ENDING JUNE 30,
PRINCIPAL
INTEREST
2016
2017
2018
2019
2020
2021
$
150,000
150,000
150,000
150,000
150,000
155,000
$
32,837
28,338
23,462
18,213
12,587
6,588
TOTAL
$
905,000
$
122,025
Amount of Original Issue
Date of Issue
Paying Agent
Principal Payment Date
Interest Payment Date
Interest Rates
$1,500,000
September 30, 2011
BMO Harris Bank
January 1
January 1 and July 1
1.000% to 4.250%
99
TOTAL
$
182,837
178,338
173,462
168,213
162,587
161,588
$ 1,027,025
SCHEDULE 21
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2011B REFUNDING DEBT CERTIFICATES
JUNE 30, 2015
YEAR ENDING JUNE 30,
PRINCIPAL
2016
2017
2018
2019
2020
2021
2022
$
TOTAL
Amount of Original Issue
Date of Issue
Paying Agent
Principal Payment Date
Interest Payment Date
Interest Rates
$2,060,000
September 30, 2011
BMO Harris Bank
January 1
January 1 and July 1
2.000% to 3.250%
100
INTEREST
200,000
200,000
200,000
215,000
225,000
230,000
230,000
$
42,575
38,179
33,075
27,575
21,125
14,414
7,475
$ 1,500,000
$
184,418
TOTAL
$
242,575
238,179
233,075
242,575
246,125
244,414
237,475
$ 1,684,418
SCHEDULE 22
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2013 GENERAL OBLIGATION REFUNDING BONDS
JUNE 30, 2015
YEAR ENDING JUNE 30,
PRINCIPAL
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
TOTAL
4,000,000
9,660,000
10,650,000
10,950,000
11,500,000
$ 2,519,225
2,519,225
2,519,225
2,519,225
2,519,225
2,519,225
2,519,225
2,519,225
2,519,225
2,519,225
2,519,225
2,519,225
2,519,225
2,519,225
2,309,225
1,790,000
1,190,937
575,000
$ 2,519,225
2,519,225
2,519,225
2,519,225
2,519,225
2,519,225
2,519,225
2,519,225
2,519,225
2,519,225
2,519,225
2,519,225
2,519,225
6,519,225
11,969,225
12,440,000
12,140,937
12,075,000
$ 46,760,000
$ 41,134,312
$ 87,894,312
$
TOTAL
Amount of Original Issue
Date of Issue
Paying Agent
Principal Payment Date
Interest Payment Date
Interest Rates
INTEREST
$46,760,000
September 30, 2013
BMO Harris Bank
January 15
January 15 and July 15
5.000% - 5.625%
101
SCHEDULE 23
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2014 GENERAL OBLIGATION REFUNDING BONDS
JUNE 30, 2015
YEAR ENDING JUNE 30,
PRINCIPAL
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
$
TOTAL
Amount of Original Issue
Date of Issue
Paying Agent
Principal Payment Date
Interest Payment Date
Interest Rates
260,000
475,000
485,000
500,000
320,000
2,365,000
2,460,000
2,255,000
$ 9,120,000
$9,120,000
December 1, 2014
BMO Harris Bank
January 15
January 15 and July 15
2.000% - 4.000%
102
INTEREST
$
359,883
327,000
317,500
307,800
292,800
283,200
283,200
283,200
283,200
283,200
283,200
188,600
90,200
$ 3,582,983
TOTAL
$
619,883
802,000
802,500
807,800
612,800
283,200
283,200
283,200
283,200
283,200
2,648,200
2,648,600
2,345,200
$ 12,702,983
(THIS PAGE INTENTIONALLY LEFT BLANK)
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
OPERATING AND NON-OPERATING
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2015
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED JUNE 30, 2014
OPERATING FUNDS
General Fund
Operations and
Municipal
Educational
Working
Maintenance Transportation Retirement/Social
Account
Cash Account
Fund
Fund
Security Fund
REVENUES
Property taxes
Corporate personal property
replacement taxes
Interest income
Contributions and donations
Other local sources
State sources
Federal sources
State On-behalf revenue
Total Revenues
EXPENDITURES
Current:
Instruction:
Regular programs
Regular programs - Pre-K
Special programs
Special programs - Pre-K
Other instructional programs
Support Services:
Pupils
Instructional staff
General administration
School administration
Business
Transportation
Operations and maintenance
Central
Other supporting services
Community Services:
Payments to Other Districts
and Gov't Units
Debt Service:
Principal
Interest and other
Capital outlay
State On-behalf revenue
Total Expenditures
$ 42,196,991
$
338,217
$ 6,759,220
$ 4,136,432
381,419
34,891
300,000
4,775,169
19,783,195
3,639,465
20,514,818
1,731
-
1,506
107
208,638
2,963,690
-
5,202
89,527
2,528,602
-
125,344
782
-
91,625,948
339,948
9,933,161
6,759,763
2,562,346
32,191,183
1,259,597
7,859,906
5,127
2,904,409
-
6,007,025
3,500,677
1,402,316
3,987,666
3,324,410
4,981,316
8,923
4,686
-
2,621,046
-
79,209
20,514,818
-
4,510,980
-
180,336
16,922
319,383
-
90,652,314
-
10,945,957
4,897,359
103
6,434,977
-
4,380,718
-
$
2,436,220
395,963
79,875
369,208
23,176
249,031
127,142
43,599
165,504
822,060
176,232
2,451,790
SCHEDULE 24
NON-OPERATING FUNDS
Total
Operating
Funds
Debt
Service
Fund
$ 55,867,080
$ 8,447,433
506,763
44,112
300,107
5,073,334
25,275,487
3,639,465
20,514,818
2,275
-
67,203
921,753
21,826
-
111,221,166
8,449,708
1,010,782
32,587,146
1,339,472
8,229,114
5,127
2,927,585
-
6,256,056
3,627,819
1,445,915
4,153,170
4,146,470
4,380,718
6,434,977
5,157,548
8,923
4,686
-
2,621,046
-
Capital
Projects
Find
$
-
1,199,860
-
Fire
Prevention
and Life
Safety Fund
$
Total
2015
2014
$ 64,314,513
$ 63,105,096
21
-
506,763
113,611
1,221,860
5,073,334
25,297,313
3,639,465
20,514,818
471,205
75,811
1,064,480
5,130,249
21,006,641
3,146,540
14,701,527
21
120,681,677
108,701,549
-
32,587,146
1,339,472
8,229,114
5,127
2,927,585
30,850,742
1,347,264
8,121,496
2,914
2,717,547
-
6,256,056
3,627,819
1,445,915
4,153,170
5,346,330
4,380,718
6,434,977
5,157,548
8,923
4,686
6,317,334
2,999,614
1,286,774
3,781,442
5,920,988
4,903,413
6,384,493
5,145,814
22,906
2,021
-
2,621,046
2,734,787
-
180,336
16,922
4,909,572
20,514,818
11,555,362
4,431,432
-
16,239,212
-
-
11,735,698
4,448,354
21,148,784
20,514,818
12,196,672
1,699,762
5,936,052
14,701,527
108,947,420
15,986,794
17,439,072
-
142,373,286
117,073,562
(Continued)
104
HUNTLEY COMMUNITY SCHOOL DISTRICT 158
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
OPERATING AND NON-OPERATING
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2015
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED JUNE 30, 2014
OPERATING FUNDS
General Fund
Operations and
Municipal
Educational
Working
Maintenance Transportation Retirement/Social
Account
Cash Account
Fund
Fund
Security Fund
Excess (Deficiency) of Revenues
over Expenditures
Other Financing Sources (Uses)
Bonds issued
Premium on bonds issued
Capital leases
Transfers in
Transfers out
Payment to escrow agent
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balance, Beginning of Year
Fund Balance, End of Year
$
973,634
$
339,948
$ (1,012,796)
$ 1,862,404
$
110,556
37,037
(51,128)
-
-
(156,109)
-
274,833
-
-
(14,091)
-
(156,109)
274,833
-
(1,168,905)
2,137,237
110,556
1,505,402
7,542,902
1,126,910
336,497
$ 9,680,139
959,543
339,948
19,029,832
2,388,890
$ 19,989,375
$ 2,728,838
105
$
$
1,237,466
SCHEDULE 24
(Concluded)
NON-OPERATING FUNDS
Total
Operating
Funds
Debt
Service
Fund
Capital
Projects
Find
$ 2,273,746
$ (7,537,086)
$(16,428,290)
311,870
(207,237)
-
9,120,000
580,570
1,019,331
(3,026,917)
(812,094)
-
104,633
7,692,984
(812,094)
2,378,379
155,898
(17,240,384)
31,593,936
4,818,336
32,401,301
$ 33,972,315
$ 4,974,234
$ 15,160,917
Fire
Prevention
and Life
Safety Fund
$
2015
2014
$(21,691,609)
$ (8,372,013)
-
9,120,000
580,570
311,870
1,019,331
(1,019,331)
(3,026,917)
46,760,000
1,485,621
277,233
1,782,643
(1,782,643)
(47,699,651)
-
6,985,523
21
21
$
Total
823,203
(14,706,086)
(7,548,810)
29,991
68,843,564
76,392,374
30,012
$ 54,137,478
$ 68,843,564
106