CONSOLIDATED SCHOOL
DISTRICT 158
ALGONQUIN, ILLINOIS
ANNUAL FINANCIAL REPORT
JUNE 30, 2013
CONSOLIDATED SCHOOL DISTRICT 158
ANNUAL FINANCIAL REPORT
JUNE 30, 2013
TABLE OF CONTENTS
Exhibits
Page(s)
Independent Auditors’ Report
1
Management’s Discussion and Analysis
3
Basic Financial Statements:
Statement of Net Position
A
16
Statement of Activities
B
17
Balance Sheet Governmental Funds
C
19
Statement of Revenues, Expenditures, and Changes in Fund Balances
Governmental Funds
D
22
Statement of Fiduciary Assets and Liabilities Agency Funds – Student
Activity Funds
E
27
Notes to the Basic Financial Statements
28
Required Supplementary Information:
Illinois Municipal Retirement Fund – Schedule of Funding Progress
47
Schedules
Schedule of Revenues, Expenditures and Changes in Fund Balances –
Budget to Actual for the Year Ended June 30, 2013 with Comparative
Actual Amounts for the Year Ended June 30, 2012
Combining Balance Sheet – General Fund
Combining Schedule of Revenues, Expenditures and
Changes in Fund Balance – General Fund
Educational Account
Working Cash Account
Operations and Maintenance Fund
Debt Service Fund
Transportation Fund
Municipal Retirement/Social Security Fund
Capital Projects Fund
Fire Prevention and Life Safety Fund
1
48
2
3
4
5
6
7
8
9
10
49
50
59
60
62
63
65
67
68
Notes to Required Supplementary Information
69
Supplementary Information:
Schedule of Changes in Assets and Liabilities – Agency Fund
11
70
CONSOLIDATED SCHOOL DISTRICT 158
ANNUAL FINANCIAL REPORT
JUNE 30, 2013
TABLE OF CONTENTS
Schedules Page(s)
Statistical Section:
Debt Service Schedule – 2005 General Obligation Refunding Bonds
Debt Service Schedule – 2006B General Obligation Bonds
Debt Service Schedule – 2000 Capital Appreciation School Building Bonds
Debt Service Schedule – 2001 Capital Appreciation School Building Bonds
Debt Service Schedule – 2003 Capital Appreciation School Building Bonds
Debt Service Schedule – 2003A Capital Appreciation School Building Bonds
Debt Service Schedule – 2004 Capital Appreciation School Building Bonds
Debt Service Schedule – 2008 Refunding Bonds
Debt Service Schedule – 2009 Refunding Bonds
Debt Service Schedule – 2010 General Obligation Refunding Bonds
Debt Service Schedule – 2011A Qualified Energy Conservation Bonds
Debt Service Schedule – 2011B Refunding Debt Certificates
12
13
14
15
16
17
18
19
20
21
22
23
75
76
77
78
79
80
81
82
83
84
85
86
Statement of Revenues, Expenditures and Changes in Fund Balances –
Operating and Non-Operating Governmental Funds
24
87
Independent Auditors’ Report
Board of Education
Consolidated School District No. 158
Algonquin, Illinois
We have audited the accompanying financial statements of the governmental activities, and each major fund of
Consolidated School District No. 158 (the “District”) as of and for the year ended June 30, 2013, 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.
Qualified Opinion
In our opinion, except for the effect of the omission discussed in the “Reporting for Post-Employment Benefits
Other Than Pensions” 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,
2013, 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.
1
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis, budgetary comparison information and Illinois municipal retirement fund schedule of
funding progress, 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.
Other 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 and statistical section are
presented for purposes of additional analysis and are 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.
The statistical section has not been subjected to the auditing procedures applied in the audit of the basic
financial statements and, accordingly, we do not express an opinion or provide any assurance on them.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated October 10, 2013, 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.
Change in Accounting Principle
As discussed in Note 1 to the financial statements, in fiscal year ended June 30, 2013, the District adopted new
accounting guidance, Government Accounting Standard Board Statement No. 65, Items Previously Reported as
Assets and Liabilities. Our opinion is not modified with respect to this matter.
Evans, Marshall & Pease, P.C.
Evans, Marshall & Pease, P.C.
Certified Public Accountants
October 10, 2013
Rolling Meadows, IL
(25)
2
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE FISCAL
YEAR ENDED JUNE 30, 2013
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 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 longterm information about the District’s overall financial status.
o 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.
o 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 Consolidated 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, 2013. 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.
The Statement of Net Position and the Statement of Activities report the Consolidated School District 158’s net
assets – the difference between assets and liabilities, as reported in the Statement of Net Position – as 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.
3
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE FISCAL
YEAR ENDED JUNE 30, 2013
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.
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
4
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE FISCAL
YEAR ENDED JUNE 30, 2013
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.
Fiscal Year 2013 District Highlights
Over the past several years, Administration and the Board of Education have acted judiciously to reduce costs and
budget conservatively. As a result, the District has performed well financially and created a momentum of financial
and curricular success. While budgeting conservatively, the District has been able to accomplish quite a bit.
From a curriculum standpoint, District 158 is expanding the horizons of education with 21st century tools that are
evolving – tools that not only change the way we communicate but are changing the way students learn. In fiscal
year 2012, the District launched its Blended Learning Program at the High School. This program continues to grow
in size year over year. In fiscal year 2013, the District implemented the One-to-One Initiative, whereby all of Martin
Elementary, approximately 1,200 students, received a learning device (tablet). The District continues to expand
these programs. In fiscal year 2014, approximately 65% of the District’s Kindergarten through 6th grade students
will have a learning device tablet in hand.
From a financial perspective, the District has increased its Operating Fund Balance 78% from $16.3 million in fiscal
year 2009 to an estimated $29.1 million at the end of fiscal year 2013 - resulting in significantly improved cash flow.
In addition, the improved financial position has enabled the District to keep property taxes, before new construction,
the same for three years. 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
operating cost per pupil approximates $8,619 versus the fiscal year 2012 State average of $11,842. Please see
Financial Highlights below.
Operationally, the District has had the funding to complete major deferred operations and maintenance projects
such as the asphalt repair and/or replacement of Academic Drive, the Transportation Center’s bus lot, replacement
of a chiller at the High School, playground safety surface replacements at Martin and Leggee Elementary schools,
etc. Within technology, the District outfitted the majority of its buildings with wireless technology as well as
upgraded and virtualized our technology infrastructure systems.
Thus, despite our State’s current economic climate, our District is poised to continue to deliver relevant and
dynamic educational experiences for all of our students while continuing to operate efficiently and meet the
operating needs of the District. And the good news is, the fiscal year 2014 Budget continues to drive this
momentum forward.
Financial Highlights
Operating Results
The last several years of economic downturn coupled by the State’s financial crisis and funding uncertainty have
challenged the District financially. Over this period of time, the District has met that challenge head on by being
able to maintain its quality of education while continuing to have minimum impact to the classroom. Over the last
several years, the District has budgeted conservatively, and in doing so has improved the financial position of the
District. As a result, the District’s operating cost per pupil has been able to stay relatively flat during a period of
time that the District’s enrollment is increasing. The District’s operating cost per pupil, approximating $8,619 per
student in fiscal year 2013 continues to be the lowest in McHenry County for all K-12 districts and significantly
below the State’s 2012 average operating cost per pupil of $11,842 per student. See chart below.
5
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE FISCAL
YEAR ENDED JUNE 30, 2013
As a result of budgeting revenue from the State of Illinois conservatively, the District recognized a fiscal year 2013
operating surplus of $2.9 million. With this surplus, the District’s operating fund balance approximates $29.1 million
as of June 30, 2013.
Operating fund balances increased to $29.1 million from $26.2 million in prior year, which is an increase of $2.9
million. The increase in operating fund balances is primarily driven by the budget favorability in revenues, the result
of the District recognizing all four Mandated Categorical Payments from the State of Illinois while only budgeting
two payments. The operating surplus of $2.9 million reflects accounts receivable and revenue recognized of $1.6
million from the State of Illinois. These dollars are recorded as an intergovernmental receivable as of June 30,
2013. Subsequent to year end, the District received these funds from the State.
Property Tax Levy Abatements
In an effort to ease the impact of a down economy to the community, the District has kept property taxes, before
new construction, flat for the last three years. Utilizing proceeds from the Series 2010 refunding, Capital
Development Grant as well as the General Fund, the District has abated $994 thousand, $2.35 million and $4.57
million in fiscal years 2011, 2012 and 2013, respectively.
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.
Long-Term Debt
In fiscal year 2013, excluding capital leases and unamortized premiums/discounts, the District retired $11.3 million
of debt. (See Note 6 to the Financial Statements.)
In fiscal year 2012, the District refunded approximately $2.1 million of the Series 2007 debt certificates with Series
2011B debt certificates. The portion of the 2007 debt certificates that was refunded was debt incurred for the
construction addition to Marlowe Middle School. The original debt was to be paid off utilizing impact fees received.
However, with the downturn in the real estate market, the amount of impact fees estimated to be received in fiscal
year 2012 was not enough to cover the remaining balloon payment of $2.1 million due in fiscal year 2012. Thus, in
an effort to match revenues with expenditures, the remaining $2.1 million in debt was refunded in fiscal year 2012.
The Series 2011B debt certificates will be paid using impact fee revenue. (See Note 6 to the Financial Statements.)
Subsequent to the fiscal year 2013 year end, the District refunded approximately $47.6M of debt with Series 2013
Bonds. (See Note 11 to the Financial Statements.)
The District’s legal debt margin, which is the capacity to borrow additional funds, is $90.0 million, down from prior
years $101.8 million. The decrease is primarily due to the decrease in the District’s Equalized Assessed Valuation
arriving at a lower Statuary Debt Limit in fiscal year 2013. (See Note 6 to the Financial Statements.)
6
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE FISCAL
YEAR ENDED JUNE 30, 2013
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 2012, although the District continued to improve financially, due to the District’s fiscally responsible
approach to not expending funds until funds are received from the State of Illinois, the District’s Expenditure to
Revenue ratio declined, resulting in a decreased profile score. In fiscal year 2013, the District’s Expenditure to
Revenue ratio improved, driving the District’s Financial Profile Rating back to that of “Financial Recognition” at 3.60.
“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.
Other Financial Highlights
Although the housing market has continued to be soft in the past several years, the District's financial position is in
a continued growth phase due to increased enrollment. In fiscal year 2013, enrollment remained relatively flat with
2012. As of the start of fiscal year 2014, the District’s enrollment has increased 1.4% over fiscal year 2013 due to
the District’s senior class graduating and being replaced by a larger kindergarten class.
7
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE FISCAL
YEAR ENDED JUNE 30, 2013
In fiscal year 2008, the District began to directly pay for its employee health care benefits under a self-insurance
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 2013, the stop-loss policy
covered catastrophic health care costs above $125 thousand per insured individual. In fiscal year 2013, the
District’s healthcare costs increased by $.34 million from prior years $5.98 million to $6.32 million.
Over the past several years, new construction within the District’s boundaries has been on the decline. However, in
fiscal year 2013, new construction increased 20% over fiscal year 2012. As a result of the increased construction,
Impact Fee Revenue increased from approximately $409 thousand in fiscal year 2012 to $675 thousand in fiscal
year 2013. New construction by levy year follows:
Fiscal year 2014 will again challenge the District to preserve excellent programs and services. In fiscal year 2012
and 2013, the Budget was adopted with an operating deficit as a result of receiving the previous year’s unbudgeted
3rd and 4th quarter Categorical Payments from the State of Illinois. This surplus revenue was used to partially
address the previous year’s budget cuts and deferrals, creating an operating deficit within the budget. In fiscal year
2013, all four Categorical Payments were received by July 2, 2013. As such, based on past collection experience,
the District‘s fiscal year 2014 Budget reflects all four Categorical Payments from the State of Illinois. As a result,
the District is budgeting an operating surplus in fiscal year 2014.
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 $.94 million. During fiscal
year 2013, the District received $31 thousand. The remaining receivable and deferred revenue balance
approximate $.35 million.
8
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE FISCAL
YEAR ENDED JUNE 30, 2013
Fiscal Year 2013 Government-Wide Financial Analysis
Figure A-1
Summary Statement of Net Position
June 30
Governmental
Governmental
Activities
Activities
2013
2012
Current assets
Capital assets,
net of depreciation
$ 116,442,902
$
76,826,931
Increase
(Decrease)
$ 39,615,971
%
Change
51.6%
Total assets
166,970,252
283,413,154
171,068,091
247,895,022
(4,097,839)
35,518,132
-2.4%
14.3%
Total liabilities
137,621,915
41,414,982
179,036,897
141,853,451
40,282,565
182,136,016
(4,231,536)
1,132,417
(3,099,119)
-3.0%
2.8%
-1.7%
61,642,993
63,552,058
(1,909,065)
55,277,101
(12,543,837)
104,376,257
10,916,156
(8,709,208)
65,759,006
44,360,945 406.4%
(3,834,629)
44.0%
38,617,251
58.7%
Long-term liabilities
Other liabilities
Net position:
Invested in capital assets
Restricted
Unrestricted
Total net assets
Total liabilities and net assets $ 283,413,154
$ 247,895,022
$ 35,518,132
-3.0%
14.3%
Analysis of the fiscal year 2013 Statement of Net Position
Overall, the District's total Net Position at June 30, 2013 increased to $104.4 million from $65.8 million in fiscal year
2012, an increase of (58.7%) or approximately $38.6 million due to the receipt of $39.4 million in Capital
Development Board funds from the State of Illinois. In August 2012 the District received the $39.4 million Capital
Development Grant for construction that was primarily completed in 2005. The construction included the schools
on the Square Barn Campus as well as Marlowe Middle School on Reed Road. In fiscal year 2013, the District's
total assets increased $35.5 million while the District's current assets increased $39.6 million. As a result of
depreciation, the District's capital assets decreased ($4.1) million in fiscal year 2013.
The District's total liabilities decreased by ($3.1) million in fiscal year 2013 primarily due to a decrease in long-term
liabilities of ($4.2) million (see Note 6 in the Notes to the Financial Statements). Other liabilities increased $1.1
million primarily due to increased accounts payable, salaries payable and deferred revenues.
9
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE FISCAL
YEAR ENDED JUNE 30, 2013
Fiscal Year 2013 Statement of Activities
Figure A-2
Summary Statement of Activities
June 30
Governmental
Governmental
Activities
Activities
2013
2012
Revenues
Program revenues
Charges for services
$
Operating grants & contributions
$
Capital grants & contributions
Total program revenues
General revenues
Property taxes/CPPRT
State formula aid & formula grants
Other
Total general revenues
Total revenues
Expenses
Instruction
Pupil & instructional services
Administration & business
Operations & maintenance
Transportation
Interest and fees
Other
Total expenses
Increase (Decrease) in Net Position $
6,191,931
21,470,876
39,417,589
67,080,396
6,212,692
19,522,274
%
Change
25,734,966
$
(20,761)
$ 1,948,602
39,417,589
41,345,430
-0.3%
10.0%
100.0%
160.7%
61,979,803
13,996,468
141,304
76,117,575
143,197,971
61,651,252
12,471,280
101,024
74,223,556
99,958,522
328,551
1,525,188
40,280
1,894,019
43,239,449
0.5%
12.2%
39.9%
2.6%
43.3%
54,572,590
10,035,845
9,917,366
6,549,138
6,023,517
8,499,085
7,826,191
103,423,732
51,738,521
9,129,143
9,367,750
8,159,496
5,262,809
8,790,533
7,726,769
100,175,021
2,834,069
906,702
549,616
(1,610,358)
760,708
(291,448)
99,422
3,248,711
5.5%
9.9%
5.9%
-19.7%
14.5%
-3.3%
1.3%
3.2%
39,774,239
$
Increase
(Decrease)
$
Beginning Balance $ 65,759,007 $
Prior Year Adjustment $ (1,156,988)
Ending Balance $ 104,376,258 $
(216,499) $ 39,990,738
100.5%
65,975,506
65,759,007
38,617,251
58.7%
Analysis of the fiscal year 2013 Statement of Activities
Total revenues increased by $43.2 million primarily driven by the District’s receipt of the $39.4 million Capital
Development Grant. More specifically, Operating Grants and Contributions consisting of state and federal
revenues (except General State Aid) increased by $1.9 million. General State Aid increased by $1.5 million, the
result of increased average daily attendance and a decrease in local available resources within the calculation.
Total expenditures increased by $3.2 million primarily driven by Instructional costs for salaries and benefits as well
as textbook and technology purchases. Operations and maintenance expenses decreased by $1.6 million due to
the completion of the energy retrofit project in fiscal year 2012 along with reduced energy costs in fiscal year 2013
(Figure A-2).
10
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE FISCAL
YEAR ENDED JUNE 30, 2013
The following is a graphic illustration of the percent of revenue by source:
11
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE FISCAL
YEAR ENDED JUNE 30, 2013
The following is a graphic illustration of the percent of expense by source:
Financial Analysis of the District's Governmental Funds
Consolidated 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 2013 of $2.9 million, resulting in an ending operating fund balance of $29.1 million. The
increase in fund balance is primarily driven by budget favorability in revenues of $3.2 million due to the receipt of
the State’s third and fourth quarter mandated categorical payments.
12
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE FISCAL
YEAR ENDED JUNE 30, 2013
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 net change in the Education Fund was $.5 million, contributing to a year end fund balance of $19.1 million.
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 an increase in fund balance during fiscal year 2013 of $36.9 million
due to the receipt of $39.4 million in Capital Development Grant funds. 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 2013 is $76.4 million, an increase of $39.8 million from
fiscal year 2012.
Figure A-3
Financial Analysis of District Funds
June 30, 2013
Fund
Revenues
Expenditures Other Financing
Net Change
Educational
$ 77,041,689 $ 75,752,512 $
(754,598) $
534,579
O&M
8,456,999
7,422,964
(153,727)
880,308
Transportation
6,439,937
5,301,844
1,138,093
IMRF/Social Security
2,430,530
2,408,671
21,859
Working Cash
324,453
324,453
Debt Service
8,876,513
12,492,129
1,345,628
(2,269,988)
Capital Projects
39,826,522
259,376
(394,978)
39,172,168
Fire Prevention & Safety
60
60
Net by Fund $ 143,396,703 $ 103,637,496 $
42,325 $
39,801,532
Total Operating Funds
Total Capital Funds
$
$
94,693,608
48,703,095
$
$
90,885,991
12,751,505
$
$
(908,325) $
950,650 $
2,899,292
36,902,240
Figure A-4
Analysis of District Expenses by Object
June 30, 2013
Operating
Capital
Total
Object
Funds
Funds
Funds
Salaries
$
49,158,488 $
$ 49,158,488
Employee benefits
22,032,379
22,032,379
Purchased services
7,478,736
259,375
7,738,111
Supplies and materials
7,937,321
7,937,321
Capital outlay
1,146,016
1,146,016
Other
3,133,052
12,492,129
15,625,181
Expenditures by Object $
90,885,992 $
12,751,504 $103,637,496
%
of Total
47.4%
21.3%
7.5%
7.7%
1.1%
15.1%
100.0%
Capital Asset and Debt Administration
Analysis of the fiscal year 2013 Capital Assets
By the end of fiscal year 2013, the District had compiled a broad range of capital assets including land, buildings,
computers, furniture, and other equipment. The District recorded $210.7 million in gross assets and $43.7 million in
accumulated depreciation, resulting in $166.9 million in net capital assets. During fiscal year 2013, the District
placed in service $1.1 million in capital additions, primarily the result of the asphalt repair/replacement of Academic
Drive and Transportation Center bus lot as well as a new chiller at the High School and playground safety surface
replacement at Martin and Leggee Elementary Schools. Fiscal year depreciation expense ended the year at $5.2
million, an increase of $.1 million from fiscal year 2012. (See Note 4 to the Financial Statements.)
13
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE FISCAL
YEAR ENDED JUNE 30, 2013
Figure A-5
Land
Land improvements, net
Buildings, net
Equipment, net
Vehicles, net
Capital assets, net
Net Capital Assets
June 30
Governmental
Governmental
Activities
Activities
2013
2012
$ 10,899,723 $ 10,899,723
10,922,932
10,487,112
143,908,487
147,084,624
310,597
657,904
928,513
1,938,728
$ 166,970,252 $ 171,068,091
Increase
%
(Decrease) Change
$
0.0%
435,820
4.2%
(3,176,137)
-2.2%
(347,307) -52.8%
(1,010,215) -52.1%
$ (4,097,839)
-2.4%
Depreciation expense-fiscal year
Accumulated Depreciation
$
$
5,182,336
38,449,774
$
61,518
$ 5,243,854
1.2%
13.6%
Capital assets
$ 210,663,880
$ 209,517,865
$ 1,146,015
0.5%
5,243,854
43,693,628
$
$
Analysis of the fiscal year 2013 Long-Term Liabilities
As of June 30, 2013, the District has long-term debt in the amount of $137.6 million. The increase in current
maturities of long-term debt from June 30, 2012 to June 30, 2013 is driven by historically structured debt for the
anticipated increase in new construction within the District. The long-term liabilities have subsequently changed via
a general obligation refunding (see Note 11, Subsequent Events, in the Notes to the Financial Statements).
Figure A-6
Outstanding Long-Term Liabilities
June 30
Governmental
Governmental
Activities
Activities
2013
2012
Interest Payable
$
583,629 $
621,371
Long-term liabilities (due within 1 year)
12,135,499
11,582,070
Long-term liabilities (due after 1 year)
125,486,416
130,271,381
Total
$ 138,205,544 $ 142,474,822
Increase
%
(Decrease) Change
$
(37,742)
-6.1%
553,429
4.8%
(4,784,965)
-3.7%
$ (4,269,278)
-3.0%
See Capital Assets (Note 4) and Long-Term Liabilities (Note 6) to the Financial Statements for further information.
Factors Bearing on the District's Future
With the State of Illinois’ financial crisis, there is a material risk that future Illinois legislation regarding pension
reform will impact the District negatively.
Weak economic performance in Illinois generally means little to no growth in the State foundation level (General
State Aid) to K-12 schools. The persistent weakness of the State’s economy is a growing concern. With the State
prorating General State Aid for the past three 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 2014 and beyond. These costs represent a significant portion of the District’s budget and
their rate of increase is a concern to Administration.
In an effort to manage our increasing debt over the next several years, the District closed on a $46.76M General
Obligation Refunding, Series 2013 Bonds on September 30, 2013. The General Obligation Refunding School
Bonds, Series 2013, will be used to refund some of the District’s outstanding General Obligation and Capital
Appreciation School Building Bonds, and extends the District’s long term debt. The Series 2013 Bonds follow:
14
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE FISCAL
YEAR ENDED JUNE 30, 2013
The Maturities, Amounts, Interest Rates, Yields and CUSIP Numbers Follow:
M ATURITY
(JANUARY 15)
2029
2030
2031
2032
2033
AMOUNT
$ 4,000,000
9,660,000
10,650,000
10,950,000
11,500,000
INTEREST
RATE
YIELD
5.250%
5.375%
5.625%
5.625%
5.000%
4.680%
4.770%
4.790%
4.870%
5.160%
CUSIP
NUMBER
(580773)
JT7
JU4
JV2
JW0
JX8
As part of the Series 2013 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 contributed by reducing interest rates and saving the
District in interest expense and bond insurance fees.
Other statistical information related to the District’s EAV and property tax rate history is detailed below in Figure A7:
Figure A-7
Levy
Year
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
Assessed Valuation
Equalized
Assessed
Valuation
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
& Tax Rate History
Percent
Increase
-10.16%
0.04%
-11.94%
2.02%
6.26%
11.11%
15.99%
18.43%
19.83%
22.95%
Total
Tax
Rate
5.4234
4.8350
4.8117
4.1230
4.0318
4.0323
4.1910
4.3366
4.6081
4.1706
The District's employment groups are under contract as follows:
o Teaching staff (Huntley Education Association) through fiscal year 2015.
o 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
Consolidated School District 158
650 Academic Drive
Algonquin, Illinois 60102-4423
15
(THIS PAGE INTENTIONALLY LEFT BLANK)
Basic Financial Statements
EXHIBIT A
CONSOLIDATED SCHOOL DISTRICT 158
STATEMENT OF NET POSITION
JUNE 30, 2013
Governmental
Activities
ASSETS
Cash
Investments
Receivables (net of allowance for uncollectibles):
Property taxes
Replacement taxes
Intergovernmental
Other
Student Activities
Prepaid items
Inventories
Capital Assets:
Land
Depreciable buildings, property, and equipment, net
$
77,984,512
3,007,521
30,748,326
89,886
2,732,423
248,160
26,806
1,593,265
12,003
10,899,723
156,070,529
Total
283,413,154
LIABILITIES
Accounts payable
Salaries and wages payable
Due to other governments
Health insurance payable
Other current liabilities
Interest payable
Unearned revenues
Long-term liabilities:
Due within one year
Due after one year
1,903,973
5,733,739
190,020
1,379,371
493
583,629
31,623,757
13,475,658
124,146,257
Total Liabilities
179,036,897
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.
16
61,642,993
55,277,101
(12,543,837)
$
104,376,257
CONSOLIDATED SCHOOL DISTRICT 158
STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2013
Program
Functions/ Programs
Governmental Activities
Instruction:
Regular programs
Special programs
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
Interest and fees
Unallocated depreciation
Total Governmental Activities
Charges for Services
Support
Instruction
Services
Expenses
Disbursed
$
43,391,447
7,954,081
3,227,062
$
6,446,452
3,589,393
1,390,266
3,940,882
4,586,218
6,023,517
6,549,138
2,919,520
40,968
4,191
2,937,239
8,499,085
1,924,273
$
103,423,732
3,419,547
-
$
$
3,419,547
315,870
2,456,514
-
$
2,772,384
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, Beginning of Year, as Previously Reported
Prior Period Adjustment
Bond issuance costs
Net Position, Beginning of Year, Restated
Net Position, End of Year
The accompanying notes to the financial statements are an integral part of this statement.
17
EXHIBIT B
Excess (Deficiency)
of Revenue
Over Expenditures
and Changes
in Net Position
Program Revenues
Operating Grants & Contributions
Support
Instruction
Services
$
11,982,686
5,170,527
164,905
$
$
17,318,118
-
Capital Grants
& Contributions
Support
Services
$
412,627
874,562
2,865,569
$
4,152,758
$
-
Governmental
Activities
$
(27,673,344)
(2,783,554)
(3,062,157)
39,417,589
-
(6,033,825)
(3,589,393)
(1,390,266)
(3,940,882)
38,162,447
(3,157,948)
(6,549,138)
(2,919,520)
(40,968)
(4,191)
(2,937,239)
(8,499,085)
(1,924,273)
39,417,589
(36,343,336)
40,186,490
12,478,358
8,849,162
465,793
13,996,468
141,304
76,117,575
39,774,239
65,759,006
(1,156,988)
64,602,018
$
18
104,376,257
CONSOLIDATED SCHOOL DISTRICT 158
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2013
WITH COMPARATIVE TOTALS FOR JUNE 30, 2012
General
Fund
ASSETS
Cash
Restricted Assets:
Cash, restricted for compensating balance
Investments
Receivables (net of allowance for
uncollectibles):
Property taxes
Replacement taxes
Intergovernmental
Other
Due from activity funds
Inventories
Prepaids
Total Assets
LIABILITIES AND FUND BALANCE
Accounts payable
Salaries and wages payable
Due to other governments
Health insurance payable
Other current liabilities
Unearned revenues
$
$
6,000,000
3,007,521
2,100,222
Debt
Service
Fund
$
-
20,346,312
89,886
2,016,839
146,327
26,806
12,003
1,111,536
Transportation
Fund
7,472,646
$
-
3,234,261
77,016
-
4,996,170
-
4,022,766
398,970
1,979,254
715,584
-
$
49,866,735
$
5,411,499
$
11,894,382
$
7,691,008
$
896,815
5,724,856
190,020
1,238,675
493
20,700,603
$
798,371
7,798
31,726
3,152,126
$
3,920,520
$
24,003
1,085
108,970
1,933,555
Total Liabilities
FUND BALANCE
Nonspendable
Restricted
Unassigned
Total Fund Balance
Total Liabilities and Fund Balance
17,109,505
Operations and
Maintenance
Fund
$
28,751,462
3,990,021
3,920,520
2,067,613
1,123,539
6,000,000
13,991,734
1,421,478
-
398,970
7,574,892
-
5,623,395
-
21,115,273
1,421,478
7,973,862
5,623,395
49,866,735
$
5,411,499
$
11,894,382
The accompanying notes to the financial statements are an integral part of this statement.
19
$
7,691,008
EXHIBIT C
Municipal
Retirement/Social
Security Fund
$
980,264
Fire
Prevention
and Life
Safety Fund
Capital
Projects
Fund
$
-
1,165,733
24,817
-
39,295,746
$
29,959
$
33,762,045
6,000,000
3,007,521
3,000,000.00
2,995,033.00
82,759
-
30,748,326
89,886
2,732,423
248,160
26,806
12,003
1,593,265
30,439,409
83,149
4,285,490
200,829
16,793
13,141
874,054
$
39,378,505
$
29,959
$
100,174
1,136,128
$
84,610
-
$
-
1,236,302
84,610
934,512
934,512
$
71,984,512
-
2,170,814
2,170,814
$
2012
-
$
$
Total
2013
$ 116,442,902
$
75,669,943
$
$
1,359,372
5,386,513
296,456
1,294,876
20
30,741,864
1,903,973
5,733,739
190,020
1,379,371
493
30,842,932
-
40,050,528
39,079,101
82,759
39,211,136
-
29,959
-
1,605,268
60,795,372
13,991,734
887,195
18,729,878
16,973,769
39,293,895
29,959
76,392,374
36,590,842
29,959
$ 116,442,902
39,378,505
$
20
$
75,669,943
EXHIBIT C
(CONT'D)
CONSOLIDATED SCHOOL DISTRICT 158
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TO THE STATEMENT OF NET POSITION
JUNE 30, 2013
Total fund balances - governmental funds
$
76,392,374
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
$ 210,663,880
(43,693,628)
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
Long-term liabilities included in the Statement of Net Position are not due and
payable in the current period and, therefore, are not reported in the
governmental funds balance sheet.
166,970,252
(780,825)
(125,103,897)
Deferred charges included in the Statement of Net Position are not available
to pay for current period expenditures and, therefore, are not included in the
governmental funds balance sheet.
Unamortized Bond Premium/Discount
(12,518,018)
Interest on long-term liabilities accrued in the Statement of Net Position will not
be paid with current financial resources and, therefore, is not recognized in the
governmental funds balance sheet.
(583,629)
Total net position of governmental activities (Exhibit A)
The accompanying notes to the financial statements are an integral part of this statement.
21
$ 104,376,257
(THIS PAGE INTENTIONALLY LEFT BLANK)
CONSOLIDATED SCHOOL DISTRICT 158
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2013
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED JUNE 30, 2012
General
Fund
REVENUES
Property taxes
Corporate personal property replacement taxes
Interest income
Contributions and donations
Other local sources
State sources
Federal sources
On behalf revenue
Total Revenues
$
40,642,192
347,690
44,475
246,600
4,283,410
17,359,104
3,106,559
11,336,112
77,366,142
EXPENDITURES
Current:
Instruction:
Regular programs
Regular programs - Pre-K
Special programs
Special programs - Pre-K
Remedial and supplemental programs
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
On behalf expenditure
Capital outlay
Total Expenditures
29,248,280
1,096,620
7,480,065
2,967
2,785,658
Operations and
Maintenance
Fund
$
6,410,755
1,745
674,919
569,580
800,000
8,456,999
-
Debt
Service
Funds
$
Transportation
Fund
8,859,914
16,599
8,876,513
-
$
3,489,158
85,210
2,865,569
6,439,937
-
6,192,522
3,457,952
1,345,026
3,537,854
3,421,740
2,783,695
40,968
4,191
2,937,239
6,358,572
-
11,336,112
81,623
1,064,392
11,285,860
1,200,229
6,040
-
295,080
23,479
-
75,752,512
7,422,964
12,492,129
5,301,844
The accompanying notes to the financial statements are an integral part of this statement.
22
4,983,285
-
EXHIBIT D
Municipal
Retirement/Social
Security Fund
$
2,310,723
118,103
1,704
2,430,530
473,183
62,951
356,869
21,186
250,891
123,010
38,506
159,294
807,886
114,895
2,408,671
Fire
Prevention
and Life
Safety Fund
Capital
Projects
Fund
$
68,933
40,000
300,000
39,417,589
-
$
60
-
39,826,522
259,376
259,376
60
Total
2013
$ 61,712,742
465,793
133,516
961,519
5,238,200
60,442,262
3,106,559
11,336,112
2012
$
60,884,526
455,881
83,848
559,367
5,653,325
19,850,817
2,513,015
9,646,898
143,396,703
99,647,677
-
29,721,463
1,159,571
7,836,934
2,967
2,806,844
28,870,898
1,236,909
7,720,823
6,510
10,498
2,550,227
-
6,443,413
3,580,962
1,383,532
3,697,148
4,489,002
4,983,285
6,358,572
2,898,590
40,968
4,191
2,937,239
5,829,162
3,288,598
1,510,912
3,416,472
4,095,315
4,252,259
7,970,373
2,756,775
1,211
1,175
3,014,557
-
11,580,940
1,223,708
6,040
11,336,112
1,146,015
11,621,942
1,352,478
4,684
9,646,898
1,223,866
-
103,637,496
100,382,542
23
CONSOLIDATED SCHOOL DISTRICT 158
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2013
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED JUNE 30, 2012
General
Fund
Excess (deficiency) of revenues over expenditures
$
Other Financing Sources (Uses)
Permanent transfer to Debt Service Fund
Levy abatement
Transfer to escrow agent
Capital leases
Premium on bonds issued
Bonds issued
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balance, Beginning of Year
Fund Balance, End of Year
$
1,613,630
Operations and
Maintenance
Fund
$
1,034,035
Debt
Service
Funds
$
(3,615,616)
Transportation
Fund
$
1,138,093
(36,923)
(760,000)
42,325
-
(153,727)
-
585,628
760,000
-
-
(754,598)
(153,727)
1,345,628
-
859,032
880,308
(2,269,988)
1,138,093
20,256,241
541,170
10,243,850
4,485,302
21,115,273
$
1,421,478
$
7,973,862
The accompanying notes to the financial statements are an integral part of this statement.
24
$
5,623,395
EXHIBIT D
(Cont'd)
Municipal
Retirement/Social
Security Fund
$
$
21,859
Fire
Prevention
and Life
Safety Fund
Capital
Projects
Fund
$
39,567,146
$
60
-
(394,978)
-
-
-
(394,978)
Total
2013
$ 39,759,207
2012
$
(734,865)
-
42,325
-
(2,041,500)
295,845
34,784
3,560,000
-
42,325
1,849,129
-
21,859
39,172,168
60
39,801,532
1,114,264
912,653
121,727
29,899
36,590,842
35,476,578
29,959
$ 76,392,374
934,512
$
39,293,895
$
25
$
36,590,842
EXHIBIT D
(CONT'D)
CONSOLIDATED SCHOOL DISTRICT 158
RECONCILIATION OF THE GOVERNMENTAL FUNDS
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
TO THE STATEMENT OF ACTIVITIES
JUNE 30, 2013
Net Change in Fund Balances - total governmental funds (Exhibit D)
$ 39,801,532
Amounts reported in governmental activities in the Statement of Activities are
different because:
Governmental funds report capital outlay as expenditures. In the Statement of
Activities, the cost of these assets are allocated over their estimated useful lives
and reported as depreciation expense. The amount by which capital outlay exceeds
depreciation expense in the current period is:
Capital outlay
Depreciation
$ 1,146,015
(5,243,854)
Certain revenues included in the governmental funds statements do not provide
current financial resources and, therefore, are deferred in the Statement of
Activities:
Property tax revenues
The issuance of long-term debt (bonds, debt certificates, capital leases) provides
current financial resources to governmental funds, while its principal repayment
consumes current financial resources of the governmental funds. Neither transaction,
however, has any effect on net position of the District. Also, governmental funds
report the effect of premiums, discounts and similar items when debt is first
issued, whereas these amounts are deferred and amortized in the statement of
activities. This amount is the net effect of these differences in the treatment of
long-term debt and related items.
Payments of principal on bonds, debt certificates and capital leases
Capital lease proceeds
(4,097,839)
(198,732)
11,580,940
(42,325)
Governmental funds report the effects of issuance costs, premiums or discounts
when the debt is issued. These amounts are deferred and amortized in the
Statement of Activities. The amount by which the amortization of these items
exceed the current year items is:
Amortization of premium/discount on bonds
In the Statement of Activities, operating expenses are measured by the amounts
incurred during the year. Certain of these items are included in the governmental
funds only to the extent that they require the expenditure of current financial
resources:
Interest payable
Accretion on capital appreciation bonds increase the long-term liabilities in the
Statement of Net Position and is recorded as interest expense in the Statement of
Activities. This item has no effect on the governmental funds. The amount of
accretion recognized in the current year is:
Change in net position of governmental activities (Exhibit B)
The accompanying notes to the financial statements are an integral part of this statement.
26
11,538,615
1,286,199
37,742
(8,593,278)
$ 39,774,239
EXHIBIT E
CONSOLIDATED SCHOOL DISTRICT 158
STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES
AGENCY FUNDS
JUNE 30, 2013
Student
Activity
Fund
ASSETS
Cash and investments
$ 803,674
Total Assets
$ 803,674
LIABILITIES
Due to student groups
$ 803,674
Total Liabilities
$ 803,674
The accompanying notes to the financial statements are an integral part of this statement.
27
(THIS PAGE INTENTIONALLY LEFT BLANK)
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2013
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Consolidated School District 158 (the “District”) operates as a public school system governed 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
Accounting principles generally accepted in the United States of America require that the financial
statements of the reporting entity include: (1) the primary government, (2) organizations for which the
primary government is financially accountable, and (3) other organizations for which the nature and
significance of their relationship with the primary government are such that exclusion would cause the
reporting entity’s financial statements to be misleading or incomplete. The criteria provided in
Government Accounting Standards Board Statement No. 39 have been considered and there are no
agencies or entities which should be presented with the District. Using the same criteria, the District is
not included as a component unit of any other governmental entity. A legally separate, tax exempt
organization should be reported as a component unit of a reporting entity if all of the following criteria
are met: (1) the economic resources received or held by the separate organization are entirely or almost
entirely for the direct benefit of the primary government, its component units, or its constituents; (2) the
primary government is entitled to, or has the ability to otherwise access, a majority of the economic
resources received or held by the separate organization; (3) the economic resources received or held
by an individual organization that the specific primary government, or its component units, is entitled to,
or has the ability to otherwise access, are significant to that primary government. Blended component
units, although legally separate entities, are, in substance, part of the government’s operations and are
reported with similar funds of the primary government. Each discretely presented component unit is
reported in a separate column in the government-wide financial statements to emphasize that it is
legally separate from the primary government. This report does not contain any component units.
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. The District’s operating activities are all considered
“governmental activities”, that is, activities 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) amounts paid by the recipient of goods or services offered by
the program and (2) grants and contributions that are restricted to meeting the operational or capital
requirements of a particular function. Taxes and other items not included among program revenues are
reported as general revenues.
Governmental Funds Financial Statements
Governmental funds financial statements are organized and operated on the basis of funds and are
used to account for the District’s general governmental activities. 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. A fund is an independent fiscal and accounting entity
28
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2013
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
B.
Basis of Presentation (Cont’d)
with a self-balancing set of accounts that comprise its assets, liabilities, reserves, fund balance,
revenues and expenditures. The minimum number of funds is maintained consistent with legal and
managerial requirements.
Separate financial statements are provided for all governmental funds and fiduciary funds; the fiduciary
funds are excluded from the government-wide financial statements.
C.
Measurement Focus and Basis of Accounting
The government-wide financial statements and fiduciary fund financial statements are reported using
the economic resources measurement focus and 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 when 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, 2013
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.
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.
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.
29
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2013
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
C.
Measurement Focus and Basis of Accounting (Cont’d)
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.
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 non-certified employees. Revenue to finance the contributions is
derived primarily from local property taxes and personal property replacement taxes.
30
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2013
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
C.
Measurement Focus and Basis of Accounting (Cont’d)
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.
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.
In accordance with GASB No. 24, 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, registration fees, 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 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. Accordingly, when such funds are received before expenditures are begun , they are recorded as
unearned revenues until earned.
D.
Assets, 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.”
31
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2013
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
D.
Assets, Liabilities and Net Position or Equity (Cont’d)
Property Tax Revenues
The District must file its tax levy ordinance by the last Tuesday in December of each year. The District’s
2012 levy ordinance was approved during the December 20, 2012 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 2012 and 2011 tax levies were 3.0% and 1.5% respectively.
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 2012 property tax levy is recognized as a receivable in fiscal 2013. The District considers that the
first installment of the 2012 levy is to be used to finance operations in fiscal 2013. The District has
determined that the second installment of the 2012 levy is to be used to finance operations in fiscal
2014 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 remaining funds 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, 2013. 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 2013, the District engaged an appraisal company to estimate
historical cost of its capital assets acquired prior to that date.
32
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2013
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
D.
Assets, Liabilities and Net Position or Equity (Cont’d)
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:
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
Educational Account in the amount of $67,656, Operations & Maintenance Fund in the amount of
$7,798 and the Transportation Fund in the amount of $1,085.
33
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2013
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
D.
Assets, Liabilities and Net Position or Equity (Cont’d)
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, as well as
issuance costs are deferred and amortized over the life of the applicable bonds using the effective
interest method. Pursuant to Governmental Accounting Standards Board Statement 65, Items
Previously Reported as Assets and Liabilities, issuance costs are now recognized as an expense in the
period incurred. Bonds payable are reported net of the applicable bond premium or discount.
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)
Fund Balance Reporting
In accordance with Governmental Accounting Standards Board Statement 54, 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. The amounts classified
as nonspendible are for inventories, prepaid insurance and bond interest due July 1, 2013.
Restricted – the restricted fund balance classifications refers to amounts subject to outside
restrictions, not controlled by the District. Items such as restrictions imposed by creditors (such
as debt covenants), grantors, contributors, 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 specific 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 Account and Transportation Funds. At June 30, 2013,
expenditures exceed revenues from state grants, resulting in no restricted fund
balance.
Federal Grants.- proceeds from federal grants and the related expenditures have
been included in the Educational Account. As of June 30, 2013, expenditures
exceeded revenues from federal grants, resulting in no restricted fund balance.
Social Security – revenues and the related expenditures of this restricted tax levy
are accounted for in the Municipal Retirement/Social Security Fund. As of June 30,
2013, expenditures exceeded revenues from federal grants, resulting in no
restricted fund balance.
34
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2013
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
D.
Assets, Liabilities and Net Position or Equity (Cont’d)
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 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.
Unassigned – The unassigned fund balance classification is the residual classification for
amounts in the General Funds that have not been restricted, committed, or assigned to specific
purposes within the General Fund. Included in this classification is $2,054,410 pertaining to the
Working Cash Account.
Expenditures of Fund Balances - unless specifically identified, expenditures reduce restricted
balances first, then to committed balances, next to 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.
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, 2013, 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.
NOTE 2 – DEPOSITS AND INVESTMENTS
At year end, the District’s cash and investments was comprised of the following:
GovernmentWide
Cash - interest bearing checking
Investments
Fiduciary
Total
$ 77,984,512
3,007,521
$
803,674
-
$ 78,788,186
3,007,521
$ 80,992,033
$
803,674
$ 81,795,707
Interest Rate Risk. The District does not have a formal investment policy that limits investment maturities as a
means of managing its exposure to fair value losses arising from increasing interest rates. However, the
District’s policy states the investment portfolio shall provide sufficient liquidity to pay District obligations as they
become due. The District limits the weighted average maturity of its investment portfolio to less than twelve
months.
35
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2013
NOTE 2 – 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 organizations (NRSRO’s). The District has no investment policy that
would further limit its investment choices. The District’s policy states an objective of the investment portfolio is to
be diversified as to materials and investments, as appropriate to the nature, purpose, and amount of the funds.
Investments are with the Illinois Institutional Investors Fund. Investments are rated AAAm and are valued at
share price, which is the price for which the investment could be sold.
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 policy states that all
amounts deposited or invested with financial institutions in excess of any insurance limit shall be collateralized
by securities eligible for District investment or any other high-quality, interest-bearing security rates at least
AA/AA by one or more standard rating services to include Standard & Poor’s, Moody’s, or Fitch. The market
value of the pledged securities shall equal or exceed the portion of the deposit requiring collateralization. The
Treasurer shall determine other collateral requirements. As of June 30, 2013, the bank balance of the District’s
deposits with financial institutions totaled $82,618,932, of which $79,611,411 was insured under FDIC limits or
collateralization by securities of the pledging financial institution held by an third party custodian in the name of
the District. The remaining $3,007,521 is collateralized, but the collateral is not in the name of the District.
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.
NOTE 3 – INTERFUND TRANSFERS
At June 30, 2013, interfund transfers consisted of the following:
Transfer To
Transfer From
Debt Service Fund
Debt Service Fund
Debt Service Fund
General Fund - Educational Account
Operations and Maintenance Fund
Capital Projects Fund
Total
Amount
$
(36,923)
(153,727)
(394,978)
$
(585,628)
The above amounts reflect payments for bonds, debt certificates, and capital leases which are reclassified to the
Debt Service Fund. Interfund transfers are used to (1) move revenues from the fund in which statue or budget
requires collection to the fund that statute or budget requires expenditure, and (2) use unrestricted revenues
collected to finance various programs accounted for in other funds in accordance with budgetary authorizations.
36
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2013
NOTE 4 – CAPITAL ASSETS
An analysis of the changes in capital assets for the year ended June 30, 2013 is as follows:
June 30, 2012
Capital Assets not Being Depreciated:
Land
Total Capital Assets not Being Depreciated
$ 10,899,723
10,899,723
Increases
$
-
Decreases
June 30, 2013
$
-
$ 10,899,723
-
10,899,723
-
Capital Assets Being Depreciated:
Land improvements
Buildings and improvements
Equipment
Vehicles
12,565,183
176,847,769
4,019,040
5,186,150
694,063
364,464
57,471
30,017
-
13,259,246
177,212,233
4,076,511
5,216,167
Total Capital Assets Being Depreciated
198,618,142
1,146,015
-
199,764,157
Less: Accumulated Depreciation of:
Land improvements
Buildings and improvements
Equipment
Vehicles
2,078,070
29,763,146
3,361,136
3,247,422
258,244
3,540,600
404,778
1,040,232
-
2,336,314
33,303,746
3,765,914
4,287,654
Total Accumulated Depreciation
38,449,774
5,243,854
-
43,693,628
160,168,368
(4,097,839)
-
156,070,529
$ 171,068,091
$ (4,097,839)
-
$ 166,970,252
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
$ 1,174,301
114,180
420,218
3,039
8,431
6,734
243,734
190,566
1,040,232
97,216
19,755
1,175
1,924,273
Total depreciation expense Governmental activities
$ 5,243,854
37
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2013
NOTE 5 – CAPITAL LEASES
As of June 30, 2013, the District is obligated under various capital leases for the purchases of school buses and
copier equipment as follows:
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) periodic payment of
$53,911 with one payment due at time of purchase and four payments due August 1, 2011 through
2014. The remaining annual payments at June 30, 2013 are:
Due
Date
Payment
Amount
August 1, 2013
August 1, 2014
Implied
Interest
Principal
$
53,911
53,911
$
43,656
45,468
$
10,255
8,443
$
107,822
$
89,124
$
18,698
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 call for (5) periodic payments of
$26,728.00 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, 2013
are:
Due
Payment
Implied
Date
Amount
Principal
Interest
July 25, 2013
July 25, 2014
July 25, 2015
$
26,728
26,728
26,728
$
23,897
24,805
25,749
$
2,831
1,923
979
$
80,184
$
74,451
$
5,733
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 @ 4.141%. The payments commence April 28, 2012
and continue through March 28, 2017. The remaining annual payments at June 30, 2013 are:
Due in
Year Ending
June 30,
June 30,
June 30,
June 30,
2014
2015
2016
2017
Payment
Amount
Principal
Interest
$
38,064
38,064
38,064
25,376
$
33,224
34,626
36,088
28,062
$
4,840
3,438
1,976
486
$
139,568
$
132,000
$
10,740
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 @ 6.3156%. The payments commence April 28, 2013
and continue through March 28, 2017. The remaining annual payments at June 30, 2013 are:
38
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2013
NOTE 5 – CAPITAL LEASES (CONT’D)
Due in
Year Ending
June 30,
June 30,
June 30,
June 30,
2014
2015
2016
2017
Payment
Amount
Principal
Interest
$
6,192
6,192
6,192
4,644
$
5,033
5,361
5,709
4,524
$
1,159
831
483
120
$
23,220
$
20,627
$
2,593
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 @ 6.0893%. The payments commence June 21, 2013 and continue
through June 21, 2017. The remaining annual payments at June 30, 2013 are:
Due in
Year Ending
June 30,
June 30,
June 30,
June 30,
2014
2015
2016
2017
Payment
Amount
Principal
Interest
$
5,784
5,784
5,784
5,302
$
4,689
4,982
5,295
5,144
$
1,095
802
489
158
$
22,654
$
20,110
$
2,544
NOTE 6 – LONG-TERM LIABILITIES
Changes in General Long-term Liabilities. The following is the long-term liability activity for the District for the
year ended June 30, 2013.
Governmental Activities
Beginning
Balance
Additions
Reductions
Ending
Balance
Due Within
One Year
General Obligation Bonds
Capital Appreciation Bonds
Debt Certificates
Capital Leases
Unamortized Premiums/Discounts
$ 25,505,000
98,509,307
3,415,000
619,927
13,804,218
$
8,593,278
42,325
-
$ 1,200,000
9,745,000
310,000
325,940
1,286,200
$ 24,305,000
97,357,585
3,105,000
336,312
12,518,018
$ 2,140,000
9,535,000
350,000
110,499
1,340,159
Total Long-Term Liabilities Governmental Activities
$ 141,853,452
$ 8,635,603
$ 12,867,140
$ 137,621,915
$ 13,475,658
General Obligation Bonds. General obligation bonds are direct obligations and pledge the full faith and credit of
the District. Debt Certificates and capital leases on buses are payable only from the general revenues of the
District. General obligation bonds, debt certificates and capital leases currently outstanding are as follows:
39
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2013
NOTE 6 – LONG-TERM LIABILITIES (CONT’D)
Purpose
Interest Rates
Refunding Bonds - 2005
Building/Refunding Bonds - 2006B
Building/Refunding Bonds - 2008
Building/Refunding Bonds - 2009
Refunding Bonds - 2010
Qualified Energy bonds - 2011A
Refunding Debt Certificates - 2011B
Capital Appreciation Bonds - 2000
Capital Appreciation Bonds - 2001
Capital Appreciation Bonds - 2003
Capital Appreciation Bonds - 2003A
Capital Appreciation Bonds - 2004
Capital Leases on buses
Capital Leases on copiers
5.00%
3.50% - 4.45%
3.00% - 3.90%
4.00% - 4.625%
4.50%
1.00% - 4.25%
2.00% - 3.25%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Total
Face Amount
$
Carrying Amount
6,555,000
4,770,000
3,060,000
3,825,000
6,095,000
1,205,000
1,900,000
37,975,000
14,075,000
61,660,000
31,640,000
21,830,000
163,575
172,737
$
6,555,000
4,770,000
3,060,000
3,825,000
6,095,000
1,205,000
1,900,000
23,971,110
12,419,348
30,993,046
21,257,749
8,716,332
163,575
172,737
$ 194,926,312
$
125,103,897
Unamortized Premiums/Discounts
-
12,518,018
$ 194,926,312
$
137,621,915
Annual debt service requirements to maturity for general obligation bonds, and capital leases are as follows for
governmental type activities:
Year Ending June 30
Principal
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
$
Total
$ 194,926,312
Interest
12,135,499
12,920,243
13,522,840
14,352,730
15,445,000
16,260,000
17,445,000
18,210,000
19,030,000
20,425,000
21,275,000
7,530,000
6,375,000
$
1,187,438
1,093,002
1,046,024
1,004,729
955,571
904,081
876,008
831,169
783,441
739,629
700,656
658,971
286,735
$ 11,067,454
Total
$
13,322,937
14,013,245
14,568,864
15,357,459
16,400,571
17,164,081
18,321,008
19,041,169
19,813,441
21,164,629
21,975,656
8,188,971
6,661,735
$ 205,993,766
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 2012 the valuations
were:
40
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2013
NOTE 6 – LONG-TERM LIABILITIES (CONT’D)
McHenry County
Kane County
$
Total equalized assessed valuation
911,784,079
223,689,964
1,135,474,043
Statutory Limitation
13.8%
Statutory Debt Limit, based on 2012 assessed valuation
Debt applicable:
School Building Bonds, Series 2000
School Building Bonds, Series 2001
School Building Bonds, Series 2003
School Building Bonds, Series 2003A
School Building Bonds, Series 2004
Refunding Bonds, Series 2005
Refunding Bonds, Series 2006B
Refunding Bonds, Series 2008
Refunding bonds, Series 2009
Refunding Bonds, Series 2010
Debt Certificates, Series 2011A
Debt Certificates, Series 2011B
Capital leases
$
Total applicable debt
Legal Debt Margin
$
156,695,418
$
66,666,895
$
90,028,523
8,360,054
4,429,142
12,999,409
9,199,649
3,932,329
6,555,000
4,770,000
3,060,000
3,825,000
6,095,000
1,205,000
1,900,000
336,312
There are numerous covenants with which the District must comply in regard to these bond issues. As of June
30, 2013, the District was in compliance with all significant bond covenants.
NOTE 7 – 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: Illinois County Risk Management and 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, 2013, the District has recorded an estimated liability for claims incurred but not reported in the amount
of $1,379,371. This represents, based upon its experience, a three month reserve. The liability was recorded in
the Educational Account $1,238,675, Operations & Maintenance Fund $31,726 and Transportation Fund
$108,970.
41
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2013
NOTE 8 – 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.
NOTE 9 – RETIREMENT SYSTEMS
A.
Teachers’ Retirement System of the State of Illinois
The District participates in the Teachers’ Retirement System of the State of Illinois (TRS). TRS is a
cost-sharing 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.
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 State of Illinois maintains the primary
responsibility for funding the plan, but contributions from participating employers and members are also
required. The TRS Board of Trustees is responsible for the system’s administration.
TRS members include all active nonannuitants who are employed by a TRS-covered employer to
provide services for which teacher certification is required. The active member contribution rate for the
year ended June 30, 2013 was 9.4 percent of creditable earnings. The same contribution rate applies
to members whose first contributing service is on or after Jan. 1, 2011, the effective date of the benefit
changes contained in Public Act 96-0889. These contributions, which may be paid on behalf of
employees by the employer, are submitted to TRS by the employer. The active member contribution
rate was also 9.4 percent for the years ended June 30, 2012 and 2011.
The State of Illinois makes contributions directly to TRS on behalf of the District’s TRS-covered
employees.
On-Behalf Contributions to TRS – The State of Illinois makes employer pension contributions on
behalf of the District. For the year ended June 30, 2013, State of Illinois contributions were based
on 28.05 percent of creditable earnings not paid from federal funds, and the District recognized
revenue and expenditures of $10,975,941 in pension contributions that the State of Illinois paid
directly to TRS. For the years ended June 30, 2012 and June 30, 2011, the State of Illinois
contribution rates as percentages of creditable earnings not paid from federal funds were 24.91
percent ($9,317,729) and 23.10 percent ($8,721,263), respectively.
The District makes other types of employer contributions directly to TRS:
2.2 Formula Contributions – Employers contribute 0.58 percent of total creditable earnings for the
2.2 formula change. This rate is specified by statute. Contributions for the year ended June 30,
2013 were $227,064. Contributions for the years ending June 30, 2012 and June 30, 2011 were
$216,952 and $219,114, respectively.
42
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2013
NOTE 9 – RETIREMENT SYSTEMS (CONT’D)
A.
Teachers’ Retirement System of the State of Illinois (Cont’d)
Federal and Special Trust Fund Contributions – When TRS members are paid from federal and
special trust funds administered by the District, there is a statutory requirement for the District to pay
an employer pension contribution from those funds. Under a policy adopted by the TRS Board of
Trustees that was first effective for 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.
For the year ended June 30, 2013, the employer pension contribution was 28.05 percent of salaries
paid from federal and special trust funds. For the years ended June 30, 2012 and 2011, the
employer contribution was 24.91 and 23.10 percent of salaries paid from federal and special trust
funds, respectively. For the year ended June 30, 2013, salaries totaling $19,094 were paid from
federal and special trust funds that required employer contributions of 5,356. For the years ended
June 30, 2012 and June 30, 2011, required employer contributions were $1,040 and $5,508,
respectively.
Early Retirement Option (ERO) – The District is also required to make one-time employer
contributions to TRS for members retiring under the Early Retirement Option (ERO). The payments
vary depending on the age and salary of the member.
The maximum employer ERO contribution under the current program is 117.5 percent and applies
when the member is age 55 at retirement.
For the year ended June 30, 2013, the District paid $106,233 to TRS for employer contributions
under the ERO program. For the years ended June 30, 2012 and June 30, 2011, the District paid $0- and 23,761 respectively.
Salary increases over 6 percent and excess sick leave
If an employer grants salary increases over 6 percent and those salaries are used to calculate a
retiree’s final average salary, the employer makes a contribution to TRS. The contribution will cover
the difference in actuarial cost of the benefit based on actual salary increases and the benefit based
on salary increases of up to 6 percent.
For the year ended June 30, 2013, the District paid $13,247 to TRS for employer contributions due
on salary increases in excess of 6 percent. For the years ended June 30, 2012 and June 30, 2011,
the employer paid $5,664 and $-0- to TRS for employer contributions due on salary increases in
excess of 6 percent, respectively.
If an employer grants sick leave days in excess of the normal annual allotment and those days are
used as TRS service credit, the employer makes a contribution to TRS. The contribution is based
on the number of excess sick leave days used as service credit, the highest salary rate reported by
the granting employer during the four-year sick leave review period, and the TRS total normal cost
rate (17.63 percent of salary during the year ended June 30, 2013).
For the year ended June 30, 2013, the employer paid $-0- to TRS for sick leave days granted in
excess of the normal annual allotment. For the years ended June 30, 2012 and June 30, 2011, the
employer paid $-0- and $-0- in employer contributions granted for sick leave days, respectively.
43
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2013
NOTE 9 – RETIREMENT SYSTEMS (CONT’D)
A.
Teachers’ Retirement System of the State of Illinois (Cont’d)
Further Information on TRS
TRS financial information, an explanation of TRS benefits, and descriptions of member, employer and
state funding requirements can be found in the TRS Comprehensive Annual Financial Report for the
year ended June 30, 2012. The report for the year ended June 30, 2013, is expected to be available in
late 2013.
The reports may be obtained by writing to the Teachers’ Retirement System of the State of Illinois, 2815
West Washington Street, P. O. Box 19253, Springfield, IL 62794-9253. The most current report is also
available on the TRS Web site at http://trs.illinois.gov.
B.
THIS Fund Contributions
The District 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 may participate in the state administered participating provider option plan or choose from
several managed care options.
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 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 THIS Fund – The State of Illinois makes employer retiree health
insurance contributions on behalf of the District. State contributions are intended to match
contributions to THIS Fund from active members which were 0.92 percent of pay during the year
ended June 30, 2013. State of Illinois contributions were $360,171 and the District recognized
revenue and expenditures of this amount during the year.
State contributions intended to match active member contributions during the years ended June 30,
2012 and June 30, 2011 were 0.88 percent of pay, both years. State contributions on behalf of
employees were $329,169 and $332,448, respectively.
Employer Contributions to THIS Fund – The employer also makes contributions to THIS Fund.
The employer THIS Fund contribution was percent during the year ended June 30, 2013 and 0.66
percent during the years ended June 30, 2012 and June 30, 2011. For the year ended June 30,
2013, the employer paid $270,128 to the THIS Fund. For the years ended June 30, 2012 and June
30, 2011, the employer paid $246,877 and $229,341 to the THIS Fund, which was 100 percent of
the required contribution.
44
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2013
NOTE 9 – RETIREMENT SYSTEMS (CONT’D)
B.
THIS Fund Contributions (Cont’d)
Further information on 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 2013 report is listed
under “Central Management Services.” Prior reports are available under “Healthcare and Family
Services”.
C.
Illinois Municipal Retirement Fund
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 plan is affiliated with the Illinois Municipal Retirement Fund (IMRF), an
agent multiple-employer plan. 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 financial report that
includes financial statements and required supplementary information. That report may be obtained online at www.imrf.org.
Funding Policy. As set by statute, your employer Regular plan members are required to contribute 4.50
percent 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 annual required contribution rate for calendar year 2012 was 10.08 percent.
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 the IMRF Board of Trustees, while the supplemental retirement benefits rate is set by statute.
Annual Pension Cost. The required contribution for calendar year 2012 was $976,629.
Three-Year Trend Information for the Regular Plan
Fiscal Year
Ending
Annual Pension
Cost (APC)
12/31/2012
12/31/2011
12/31/2010
$
Percentage of
APC Contributed
976,629
917,987
903,125
100%
100%
100%
Net Pension
Obligation
$
-
The required contribution for 2012 was determined as part of the December 31, 2010, actuarial
valuation using the entry age normal actuarial cost method. The actuarial assumptions at December
31, 2010, included (a) 7.5 percent investment rate of return (net of administrative and direct investment
expenses), (b) projected salary increases of 4.00% a year, attributable to inflation, (c) additional
projected salary increases ranging from 0.4% to 10% per year depending on age and service,
attributable to seniority/merit, and (d) post retirement benefit increases of 3% annually. The actuarial
value of your employer Regular plan assets was determined using techniques that spread the effects of
short-term volatility in the market value of investments over a five-year period with a 20% corridor
between the actuarial and market value of assets. The employer Regular plan’s unfunded actuarial
accrued liability at December 31, 2010 is being amortized as a level percentage of projected payroll on
an open 30 year basis.
45
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2013
NOTE 9 – RETIREMENT SYSTEMS (CONT’D)
C.
Illinois Municipal Retirement Fund (Cont’d)
Funded Status and Funding Progress. As of December 31, 2012, the most recent actuarial valuation
date, the Regular plan was 79.84 percent funded. The actuarial accrued liability for benefits was
$15,087,360 and the actuarial value of assets was $12,045,440, resulting in an underfunded actuarial
accrued liability (UAAL) of $3,041,920. The covered payroll for calendar year 2012 (annual payroll of
active employees covered by the plan) was $9,688,781 and the ratio of the UAAL to the covered payroll
was 31 percent.
The schedule of funding progress, presented as RSI following the notes to the financial statements,
presents multiyear trend information about whether the actuarial value of plan assets is increasing or
decreasing over time relative to the actuarial accrued liability for benefits.
D.
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 10 – RESTATEMENT OF NET POSITION
Pursuant to the adoption of Government Accounting Standards Board Statement No. 65, Items Previously
Reported as Assets and Liabilities, beginning net position was reduced by $1,156,988, due to the expense
recognition of issuance costs that were previously being amortized. Subsequently, issuance costs will be
expensed as incurred.
NOTE 11 – 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 subsequent events that have occurred between June 30, 2013, and the date of
this audit report requiring disclosure in the financial statements.
A non-recognized event occurred on September 30, 2013 when the District closed on $46,760,000 of General
Obligation Refunding, Series 2013 Bonds. The General Obligation Refunding School Bonds, Series 2013, will
be used to (i) refund certain of the District’s outstanding General Obligation Capital Appreciation School Building
Bonds, Series 2000, dated December 21, 2000 (the “2000 Bonds”), General Obligation Capital Appreciation
School Building Bonds, Series 2001, dated June 27, 2001 (the “2001 Bonds”), General Obligation School
Building Bonds, Series 2003, dated February 18, 2003 (the “2003 Bonds”), and General Obligation School
Building Bonds, Series 2003A, dated June 26, 2003 (the “2003A Bonds,” and those 2000 Bonds, 2001 Bonds,
2003 Bonds and 2003A being refunded being the “Refunded Bonds”), and (ii) pay costs associated with the
issuance of the Bonds. Please see the Management Discussion and Analysis section of the report for further
details.
46
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REQUIRED SUPPLEMENTARY INFORMATION
Consolidated School District #158
REQUIRED SUPPLEMENTARY INFORMATION
Illinois Municipal Retirement Fund
Schedule of Funding Progress
Actuarail
Value of
Assets
(a)
Actuarial
Valuation
Date
12/31/12
12/31/11
12/31/10
$
12,045,440
10,718,166
9,614,376
Acturaial Accrued
Liability (AAL)
-- Entry Age
(b)
$
15,087,360
13,728,303
12,222,455
Unfunded
AAL
(UAAL)
(b-a)
$
3,041,920
3,010,637
2,608,079
Funded
Ratio
(a/b)
79.84%
78.07%
78.66%
Covered
Payroll
(c)
$
9,688,781
9,348,137
6,368,520
UAAL as a
Percentage of
Covered Payroll
[(b-a)/c]
31.40%
32.21%
27.84%
On a market value basis, the actuarial value of assets as of December 31, 2012 is $12,365,304. On a market
basis, the funded ratio would be 81.96%.
The actuarial value of assets and accrued liability cover active and inactive members who have service credit
with Consolidated School District #158. They do not include amounts for retirees. The actuarial accrued liability
for retirees is 100% funded.
47
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SCHEDULE 1
CONSOLIDATED SCHOOL DISTRICT 158
COMBINING BALANCE SHEET- GENERAL FUND
JUNE 30, 2013
Working
Cash
Account
Educational
Account
ASSETS
Cash
Restricted assets
Cash restricted for compensating balance
Investments
Receivables (net of allowance for uncollectibles):
Property taxes
Replacement taxes
Intergovernmental
Other
Due from activity funds
Inventories
Prepaids
$
15,059,205
$
6,000,000
3,007,521
LIABILITIES AND FUND BALANCE
Accounts payable
Salaries and wages payable
Due to other governments
Health insurance payable
Other current liabilities
Unearned revenues
2,050,300
6,000,000
3,007,521
161,820
-
20,346,312
89,886
2,016,839
146,327
26,806
12,003
1,111,536
$ 49,866,735
$
47,654,615
$
2,212,120
$
896,815
5,724,856
190,020
1,238,675
493
20,542,893
$
157,710
Total Liabilities
$ 17,109,505
-
20,184,492
89,886
2,016,839
146,327
26,806
12,003
1,111,536
Total Assets
Total
General
Fund
$
896,815
5,724,856
190,020
1,238,675
493
20,700,603
28,593,752
157,710
28,751,462
1,123,539
6,000,000
11,937,324
2,054,410
1,123,539
6,000,000
13,991,734
19,060,863
2,054,410
21,115,273
2,212,120
$ 49,866,735
FUND BALANCE
Nonspendable
Restricted
Unassigned
Total Fund Balance
Total Liabilities and Fund Balance
$
48
47,654,615
$
SCHEDULE 2
CONSOLIDATED SCHOOL DISTRICT 158
COMBINING SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - GENERAL FUND
FOR THE YEAR ENDED JUNE 30, 2013
Working
Cash
Account
Total
General
Fund
Original
Budget
Final
Budget
Educational
Account
$ 46,488,294
15,401,415
10,707,806
2,764,435
$ 46,488,294
15,401,415
10,707,806
2,954,177
$ 45,239,914
17,359,104
11,336,112
3,106,559
Total Revenues Received
75,361,950
75,551,692
77,041,689
Expenditures:
Current:
Instruction
Support services
Community services
Payments to other districts and gov't units
On-behalf expenditures
Capital outlay
41,232,506
21,424,173
400
2,856,765
10,707,806
19,424
41,708,560
21,535,884
1,900
2,856,766
10,707,806
19,424
40,613,590
20,779,757
4,191
2,937,239
11,336,112
81,623
-
40,613,590
20,779,757
4,191
2,937,239
11,336,112
81,623
Total Expenditures Disbursed
76,241,074
76,830,340
75,752,512
-
75,752,512
(1,278,648)
1,289,177
Revenues:
Local sources
State sources
On-behalf revenues
Federal sources
Excess (Deficiency) of Revenues
Over Expenditures
(879,124)
$
324,453
-
$ 45,564,367
17,359,104
11,336,112
3,106,559
324,453
77,366,142
324,453
1,613,630
Other Financing Sources (Uses)
Permanent transfer to Debt Service Fund
Levy abatement
Capital leases
-
(760,000)
-
(36,923)
(760,000)
42,325
-
(36,923)
(760,000)
42,325
Total Other Financing Sources (Uses)
-
(760,000)
(754,598)
-
(754,598)
Net Change in Fund Balances
$
(879,124)
$
Fund Balance - Beginning of Year
Fund Balance - End of Year
49
(2,038,648)
534,579
324,453
859,032
18,526,284
1,729,957
20,256,241
$ 19,060,863
$ 2,054,410
$ 21,115,273
SCHEDULE 3
CONSOLIDATED SCHOOL DISTRICT 158
EDUCATIONAL ACCOUNT
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2013
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012
Revenues
Local Sources
General levy
Corporate personal property replacement taxes
Regular tuition from pupils or parents
Regular tuition from other sources
Summer school tuition from pupils or parents
Special Ed tuition from other gov't units
Interest income
Sales to pupils - lunch
Sales to pupils - milk
Sales to pupils - other
Sales to adults
Other food service
Admissions - athletic
Vending machines
Other pupil activity revenue
Rentals - regular textbook
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 - extraordinary
Special education - personnel
Special education - orphanage - individual
Special education - orphanage - summer
Special education - summer school
CTE - Technical Education - tech prep
Bilingual education - downstate - TPI
State free lunch & breakfast
School breakfast initiative
Drivers education
Early childhood - block grant
State library grant
Art education and foreign language
Other
Total State Sources
Original
Budget
2013
Final
Budget
Actual
Actual
$ 40,926,109
383,546
12,161
3,058
67,608
48,187
2,575,998
70,002
41,536
12,000
55,703
267,730
1,444,151
45,000
125,000
1,913
49,149
36,751
$ 40,926,109
383,546
12,161
3,058
67,608
48,187
2,575,998
70,002
41,536
12,000
55,703
267,730
1,444,151
45,000
125,000
1,913
49,149
36,751
$ 40,321,457
347,690
20,980
74,633
14,148
40,757
2,361,658
53,001
31,446
10,409
66,776
285,163
1,226,821
32,682
246,600
31,890
38,640
35,163
$ 39,309,911
346,317
434
48,792
48,542
2,411,139
60,359
33,521
13,346
68,837
244
246,557
1,255,013
58,926
149,917
75,281
73,143
196,204
46,165,602
46,165,602
45,239,914
44,396,483
13,213,411
299,852
614,236
847,498
10,318
162
21,474
27,708
82,363
2,400
48,091
226,994
6,908
13,213,411
299,852
614,236
847,498
10,318
162
21,474
27,708
82,363
2,400
48,091
226,994
6,908
13,246,468
753,344
1,134,054
1,703,432
22,432
46,760
27,708
82,363
7,245
53,183
226,994
13,674
41,447
-
12,471,280
542,739
1,204,384
1,681,562
7,117
29,116
37,807
127,713
13,466
61,123
246,840
6,593
51,225
-
15,401,415
15,401,415
17,359,104
16,480,965
50
2012
SCHEDULE 3
(Page 2)
CONSOLIDATED SCHOOL DISTRICT 158
EDUCATIONAL ACCOUNT
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2013
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012
2013
Final
Budget
Original
Budget
Revenues (Cont'd)
Federal sources
National school lunch program
School breakfast program
Food service - commodities
Title I - low income
Federal - special education - preschool flow-through
Federal - special education - IDEA - flow-through
Federal - special education - IDEA - room & board
CTE - Perkins - Title IIIE - tech prep
ARRA - educational jobs
Title III - english language acquisition
Title II - teacher quality
Medicaid matching funds - administrative outreach
Medicaid matching funds - fee-for-service program
Total Federal Sources
On-behalf revenue
Total Revenues
Expenditures
Instruction
Regular Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Other objects
Non-capitalized equipment
Total
$
599,460
2,415
85,708
1,271,182
78,000
33,994
26,250
49,426
103,000
515,000
599,460
2,415
255,424
1,291,208
78,000
33,994
26,250
49,426
103,000
515,000
Actual
$
595,340
7,338
214,639
254,388
2,902
1,202,603
305,000
34,321
28,700
48,701
135,279
277,348
Actual
$
560,851
7,780
223,927
71,888
998,994
107,334
7,641
17,176
35,530
33,386
105,046
343,462
2,764,435
2,954,177
3,106,559
2,513,015
10,707,806
10,707,806
11,336,112
9,646,898
75,039,258
75,229,000
77,041,689
73,037,361
24,205,606
4,259,847
288,198
473,069
5,779
2,000
24,677,459
4,272,025
270,502
473,070
5,778
3,314
24,602,486
3,890,555
257,054
485,405
3,129
9,651
23,921,817
3,921,584
236,748
444,300
2,247
63,297
29,234,499
29,702,148
29,248,280
28,589,993
990,184
139,929
11,574
35,783
-
1,048,835
139,929
10,343
28,321
-
918,057
147,123
17,309
14,131
-
875,789
135,485
15,279
17,951
35,624
1,177,470
1,227,428
1,096,620
1,080,128
Pre-K Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Non-capitalized equipment
Total
$
2012
51
SCHEDULE 3
(Page 3)
CONSOLIDATED SCHOOL DISTRICT 158
EDUCATIONAL ACCOUNT
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2013
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012
2013
Final
Budget
Original
Budget
Expenditures (Cont'd)
Instruction (Cont'd)
Special Education Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Non-capitalized equipment
Total
$
6,317,235
960,170
78,334
607,916
-
Actual
6,395,120
960,170
79,761
499,577
-
$
Actual
6,182,381
985,606
89,345
184,133
24,152
38,600
$
5,856,244
923,669
404,826
113,225
6,424
82,854
7,963,655
7,934,628
7,504,217
7,387,242
3,174
3,174
2,967
6,510
3,174
3,174
2,967
6,510
-
-
-
7,998
1,992
508
-
-
-
10,498
Special Education Programs-Pre-K
Supplies and materials
Total
Remedial and Supplemental Programs K-12
Salaries
Employee benefits
Supplies and materials
Total
CTE Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Non-capitalized equipment
352,249
57,090
49,451
17,353
28,100
419,708
57,090
49,259
17,353
28,100
393,788
63,151
79,740
19,063
29,945
345,936
56,690
54,466
23,068
-
504,243
571,510
585,687
480,160
769,295
35,477
176,334
127,355
5,768
732,959
35,477
180,211
127,355
5,768
859,910
25,403
133,287
145,079
6,278
817,024
25,011
83,893
113,424
30,230
1,114,229
1,081,770
1,169,957
1,069,582
Total
Interscholastic Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Other objects
Total
$
2012
52
SCHEDULE 3
(Page 4)
CONSOLIDATED SCHOOL DISTRICT 158
EDUCATIONAL ACCOUNT
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2013
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012
2013
Final
Budget
Original
Budget
Expenditures (Cont'd)
Instruction (Cont'd)
Summer School
Salaries
Employee benefits
Supplies and materials
$
226,981
4,681
57,251
Total
$
215,641
178
152,604
Actual
$
195,653
133
38,440
391,178
368,423
234,226
110,650
27,653
11,057
2,070
2,069
110,650
27,653
11,337
2,070
2,070
40,168
24,060
2,794
231
800
62,392
24,694
1,701
142
1,468
153,499
153,780
68,053
90,397
87,303
8,250
3,356
11,771
95,887
8,250
3,415
11,771
90,959
8,208
3,908
9,471
105,596
8,186
3,017
8,405
110,680
119,323
112,546
125,204
593,620
76,354
4,185
7,985
436,086
76,232
3,318
7,985
390,711
76,269
3,232
10,780
422,665
77,006
3,888
25,659
682,144
523,621
480,992
529,218
41,232,506
41,708,560
40,637,742
39,603,158
862,126
135,407
7,021
7,668
517
951,833
135,407
11,814
6,529
517
937,322
145,317
13,159
6,213
-
912,248
136,216
6,158
5,511
-
1,012,739
1,106,100
1,102,011
1,060,133
Total
Driver's Educations Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Total
Bilingual Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Total
Support Services
Pupils
Attendance and social work services
Salaries
Employee benefits
Purchased services
Supplies and materials
Other objects
Total
229,606
2,621
158,951
Actual
288,913
Gifted Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Other objects
Total Instruction
$
2012
53
SCHEDULE 3
(Page 5)
CONSOLIDATED SCHOOL DISTRICT 158
EDUCATIONAL ACCOUNT
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2013
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012
2013
Final
Budget
Original
Budget
Expenditures (Cont'd)
Support Services (Cont'd)
Pupils (Cont'd)
Guidance Services
Salaries
Employee benefits
Purchased services
Supplies and materials
$
616,900
78,597
5,316
4,674
Total
Health services
Salaries
Employee benefits
Purchased services
Supplies and materials
Non-capitalized equipment
Total
673,456
88,674
3,728
3,347
$
634,274
83,035
5,094
3,816
769,205
726,219
1,003,765
158,807
179,699
32,596
-
1,351,342
158,807
109,147
32,248
-
1,332,316
143,614
155,183
26,300
3,682
979,743
136,277
126,312
30,539
-
1,374,867
1,651,544
1,661,095
1,272,871
563,045
78,968
25,020
4,139
650,932
78,968
68,650
8,000
666,409
87,325
39,542
7,771
620,939
83,191
50,345
4,841
671,172
806,550
801,047
759,316
1,126,158
118,710
35,884
4,139
1,168,513
118,710
61,638
4,000
1,195,277
134,861
76,144
3,619
1,129,401
126,798
91,577
3,620
1,284,891
1,352,861
1,409,901
1,351,396
588,219
3,375
9,704
588,218
3,375
7,502
434,603
14,660
425,723
12,740
601,298
599,095
449,263
438,463
5,650,454
6,282,663
6,192,522
5,608,398
Other Support Services
Salaries
Employee benefits
Purchased services
Total
Total Pupils
$
Actual
766,513
Total
Total
679,514
78,597
3,728
4,674
Actual
705,487
Psychological Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Speech Pathology and Audiology Services
Salaries
Employee benefits
Purchased services
Supplies and materials
$
2012
54
SCHEDULE 3
(Page 6)
CONSOLIDATED SCHOOL DISTRICT 158
EDUCATIONAL ACCOUNT
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2013
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012
2013
Final
Budget
Original
Budget
Expenditures (Cont'd)
Support Services (Cont'd)
Instructional Staff
Improvement of Instruction Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Other objects
Non-capitalized equipment
Total
$
1,733,228
76,429
262,259
1,300,230
3,104
-
$
417,076
85,828
169,834
1,229,531
1,185
15,789
Actual
$
285,242
68,997
115,251
1,357,556
700
-
2,097,173
1,919,243
1,827,746
800,713
130,605
13,882
118,873
-
1,048,703
130,605
17,824
113,316
32,000
1,055,004
130,122
11,021
105,795
31,354
1,001,225
124,116
10,150
120,032
-
1,064,073
1,342,448
1,333,296
1,255,523
213,500
-
213,500
-
205,413
-
115,424
730
213,500
213,500
205,413
116,154
4,652,823
3,653,121
3,457,952
3,199,423
110,000
670,531
4,155
32,705
110,000
670,531
6,405
32,705
68,238
548,525
3,164
40,290
100,177
696,892
2,288
36,537
817,391
819,641
660,217
835,894
536,994
104,485
11,382
6,538
9,987
549,050
104,485
9,002
6,538
9,470
552,426
103,588
10,276
2,529
15,990
515,105
101,349
10,077
2,863
9,288
669,386
678,545
684,809
638,682
Assessment and Testing
Purchased services
Supplies and materials
Total
Total Instructional Staff
411,351
76,429
314,397
1,292,996
2,000
-
Actual
3,375,250
Educational Media Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Non-capitalized equipment
Total
$
2012
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
55
SCHEDULE 3
(Page 7)
CONSOLIDATED SCHOOL DISTRICT 158
EDUCATIONAL ACCOUNT
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2013
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012
2013
Final
Budget
Original
Budget
Expenditures (Cont'd)
Support Services (Cont'd)
Total General Administration
School Administration
Office of the Principal Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Other objects
Non-capitalized equipment
$
1,486,777
$
2012
Actual
1,498,186
$
1,345,026
Actual
$
1,474,576
2,461,894
632,146
26,202
247,016
250
4,770
-
2,743,045
632,147
19,083
245,702
250
4,770
-
2,643,621
616,723
19,347
253,748
3,329
1,086
2,446,380
547,800
27,009
239,775
3,058
-
Total
3,372,278
3,644,997
3,537,854
3,264,022
Total School Administration
3,372,278
3,644,997
3,537,854
3,264,022
137,807
26,194
1,222
137,807
26,194
805
134,204
24,192
806
137,015
24,211
1,171
165,223
164,806
159,202
162,397
331,392
58,097
359,736
7,450
2,587
342,771
58,097
358,960
7,450
2,588
341,259
52,217
376,419
4,615
2,817
342,238
48,965
348,752
3,782
3,598
759,262
769,866
777,327
747,335
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
Non-capitalized equipment
Total
Pupil Transportation Services
Purchased services
Supplies and materials
Total
56
-
-
12,124
-
-
-
12,124
-
5,638
-
10,188
-
13,010
2,803
9,847
-
5,638
10,188
15,813
9,847
SCHEDULE 3
(Page 8)
CONSOLIDATED SCHOOL DISTRICT 158
EDUCATIONAL ACCOUNT
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2013
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012
2013
Final
Budget
Original
Budget
Expenditures (Cont'd)
Support Services (Cont'd)
Business (Cont'd)
Food Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Other objects
Non-capitalized equipment
$
732,344
149,279
55,905
1,611,249
19,174
4,033
-
$
788,566
149,279
65,654
1,609,727
19,174
4,033
-
2012
Actual
$
724,726
134,499
40,284
1,551,433
15,146
4,246
2,086
Actual
$
711,038
126,231
56,485
1,496,616
3,662
-
Total
2,571,984
2,636,433
2,472,420
2,394,032
Total Business
3,502,107
3,581,293
3,436,886
3,313,611
32,485
10,214
96,895
745
32,485
10,214
96,886
745
32,483
9,181
77,805
462
31,539
8,609
79,654
391
140,339
140,330
119,931
120,193
256,063
68,978
16,736
10,302
815
-
257,523
68,978
14,512
10,302
815
-
259,536
65,237
11,528
7,691
496
525
233,045
59,625
15,065
8,784
765
1,868
352,894
352,130
345,013
319,152
531,726
75,182
416,042
1,237,004
241
579,045
75,183
406,930
1,273,777
241
544,929
69,872
429,886
1,273,024
42,325
1,040
518,976
65,617
377,456
1,243,911
171,645
5,654
Total
2,260,195
2,335,176
2,361,076
2,383,259
Total Central
2,753,428
2,827,636
2,826,020
2,822,604
Central
Information Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Total
Staff Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Other objects
Non-capitalized equipment
Total
Data Processing Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Other objects
57
SCHEDULE 3
(Page 9)
CONSOLIDATED SCHOOL DISTRICT 158
EDUCATIONAL ACCOUNT
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2013
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012
2013
Final
Budget
Original
Budget
Other Supporting Services
Purchased services
Supplies and materials
$
14,348
11,382
Total
$
57,064
10,348
2012
Actual
$
4,000
36,968
Actual
$
9,391
(8,180)
25,730
67,412
40,968
1,211
Total Support Services
21,443,597
21,555,308
20,837,228
19,683,845
Community Services
Purchased services
Supplies and materials
400
500
1,400
3,404
787
755
420
400
1,900
4,191
1,175
16,484
16,484
18,427
27,139
16,484
16,484
18,427
27,139
354,873
593,408
1,892,000
354,873
593,409
1,892,000
359,937
686,053
1,872,822
829,616
526,325
1,631,477
Total
2,840,281
2,840,282
2,918,812
2,987,418
Total Payments to Other Districts and Gov't Units
2,856,765
2,856,766
2,937,239
3,014,557
On-behalf expenditure
10,707,806
10,707,806
11,336,112
9,646,898
Total Expenditures
76,241,074
76,830,340
75,752,512
71,949,633
(1,201,816)
(1,601,340)
1,289,177
1,087,728
Total Community Services
Payments to Other Districts and Gov't Units
Payments for Regular Programs
Tuition
Total
Payments for Special Education Programs
Purchased services
Other objects
Tuition
Excess (Deficiency) of Revenues over Expenditures
Other Financing Sources (Uses)
Permanent transfer to Debt Service Fund
Levy abatement
Capital leases
-
(760,000)
-
(36,923)
(760,000)
42,325
(76,883)
171,645
Total Other Financing Sources (Uses)
-
(760,000)
(754,598)
94,762
Net Change in Fund Balances
$ (1,201,816)
Fund Balance - Beginning of Year
Fund Balance - End of Year
58
$ (2,361,340)
534,579
1,182,490
18,526,284
17,343,794
$ 19,060,863
$ 18,526,284
SCHEDULE 4
CONSOLIDATED SCHOOL DISTRICT 158
WORKING CASH ACCOUNT
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2013
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012
2013
Final
Budget
Original
Budget
Revenues
Local Sources
General levy
Interest income
$
319,692
3,000
$
2012
Actual
319,692
3,000
$
Actual
320,735
3,718
$
309,197
3,701
Total Local Sources
322,692
322,692
324,453
312,898
Total Revenues
322,692
322,692
324,453
312,898
Expenditures
Total Expenditures
Net Change in Fund Balances
$
322,692
$
-
322,692
Fund Balance - Beginning of Year
Fund Balance - End of Year
$
59
-
324,453
312,898
1,729,957
1,417,059
2,054,410
$
1,729,957
SCHEDULE 5
CONSOLIDATED 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, 2013
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012
2013
Final
Budget
Original
Budget
Revenues
Local Sources
General levy
Interest income
Rentals
Contributions and donations
Refund of prior year's expenditures
Insurance reimbursements
Other
Total Local Sources
State Sources
General state aid
DECO energy efficiency grant
School infrastructure - maintenance projects
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
$
6,389,873
7,523
200,000
326,236
9,729
$
6,389,873
7,523
200,000
326,236
300,000
9,729
2012
Actual
$
6,410,755
1,745
244,548
674,919
215,000
67,529
42,503
Actual
$
6,180,144
1,853
211,544
171,525
57,942
6,933,361
7,233,361
7,656,999
6,623,008
750,000
50,000
750,000
88,540
750,000
50,000
-
713,720
-
800,000
838,540
800,000
713,720
7,733,361
8,071,901
8,456,999
7,336,728
1,073,309
160,696
3,464,638
1,759,107
535,000
1,304
-
1,069,543
160,696
3,530,447
1,663,385
1,083,697
2,534
-
980,329
146,889
3,665,234
1,560,175
1,034,375
2,554
3,391
982,403
137,064
5,194,999
1,632,946
808,078
2,519
20,442
6,994,054
7,510,302
7,392,947
8,778,451
-
29,672
30,017
-
-
29,672
30,017
-
Pupil Transportation Services
Capital outlay
Total
Total Business
6,994,054
7,539,974
7,422,964
8,778,451
Total Support Services
6,994,054
7,539,974
7,422,964
8,778,451
60
SCHEDULE 5
(Page 2)
CONSOLIDATED 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, 2013
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012
2013
Final
Budget
Original
Budget
Debt service
Interest
Principal
Other
$
586,816
-
$
2012
Actual
191,838
-
$
Actual
-
$
Total Debt Service
586,816
191,838
Total Expenditures
7,580,870
7,731,812
7,422,964
9,005,411
152,491
340,089
1,034,035
(1,668,683)
Excess (Deficiency) of Revenues over Expenditures
-
1,087
145,000
80,873
226,960
Other Financing Sources (Uses)
Permanent transfer to Debt Service Fund
Transfer to escrow agent
Debt certificates issued
Premium on debt certificates issued
-
-
(153,727)
-
(2,041,500)
3,560,000
34,784
Total Other Financing Sources (Uses)
-
-
(153,727)
1,553,284
Net Change in Fund Balances
$
152,491
$
340,089
Fund Balance - Beginning of Year
Fund Balance - End of Year
$
61
880,308
(115,399)
541,170
656,569
1,421,478
$
541,170
SCHEDULE 6
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2013
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012
Original
Budget
2013
Final
Budget
$ 11,076,081
11,479
$ 11,076,081
11,479
Total Local Sources
11,087,560
11,087,560
8,876,513
9,973,910
Total Revenues
11,087,560
11,087,560
8,876,513
9,973,910
955,461
10,945,000
20,000
955,461
10,945,000
20,000
1,200,229
11,285,860
6,040
1,109,397
10,636,422
4,684
Total Debt Service
11,920,461
11,920,461
12,492,129
11,750,503
Total Expenditures
11,920,461
11,920,461
12,492,129
11,750,503
(3,615,616)
(1,776,593)
Revenues
Local Sources
General levy
Interest income
Expenditures
Debt service
Interest
Principal
Other
Excess (Deficiency) of Revenues over Expenditures
(832,901)
Other Financing Sources:
Permanent transfer to Debt Service Fund
Levy abatement
Total Other Financing Sources
Net Change in Fund Balances
$
2012
Actual
$
(832,901)
9,952,188
21,722
394,978
760,000
585,628
760,000
362,189
-
-
1,154,978
1,345,628
362,189
$
322,077
Fund Balance - Beginning of Year
$
62
$
-
(832,901)
Fund Balance - End of Year
8,859,914
16,599
Actual
(2,269,988)
(1,414,404)
10,243,850
11,658,254
7,973,862
$ 10,243,850
SCHEDULE 7
CONSOLIDATED SCHOOL DISTRICT 158
TRANSPORTATION FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2013
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012
2013
Final
Budget
Original
Budget
Revenues
Local Sources
General levy
Regular transportation fees
Summer school transportation fees
Interest income
Total Local Sources
$
3,003,782
66,939
2,021
3,537
$
2012
Actual
3,003,782
66,939
2,021
3,537
$
3,489,158
68,842
8,580
7,788
Actual
$
2,905,202
66,655
3,064
6,216
3,076,279
3,076,279
3,574,368
2,981,137
964,104
521,934
964,104
521,934
1,700,201
1,165,368
1,637,128
1,019,004
Total State Sources
1,486,038
1,486,038
2,865,569
2,656,132
Total Revenues
4,562,317
4,562,317
6,439,937
5,637,269
2,568,573
1,062,068
910,398
751,383
4,892
-
2,568,573
1,062,068
923,784
751,383
4,892
-
2,539,418
960,667
643,323
833,082
5,638
1,157
2,481,315
438,612
588,875
738,705
237,719
4,752
-
Total
5,297,314
5,310,700
4,983,285
4,489,978
Total Business
5,297,314
5,310,700
4,983,285
4,489,978
Total Support Services
5,297,314
5,310,700
4,983,285
4,489,978
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
Non-capitalized equipment
Debt Service:
Capital lease - principal
Capital lease - interest
Bond - principal
Bond - interest
-
-
295,080
23,479
-
511,570
43,545
328,950
34,817
Total Debt Service
-
-
318,559
918,882
5,301,844
5,408,860
1,138,093
228,409
Total Expenditures
Excess (Deficiency) of Revenues over Expenditures
5,297,314
(734,997)
63
5,310,700
(748,383)
SCHEDULE 7
(Page 2)
CONSOLIDATED SCHOOL DISTRICT 158
TRANSPORTATION FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2013
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012
2013
Final
Budget
Original
Budget
Other Financing Sources
Capital leases
$
Net Change in Fund Balances
$
(734,997)
$
$
2012
Actual
-
$
(748,383)
Fund Balance - Beginning of Year
Fund Balance - End of Year
$
64
Actual
-
$
124,200
1,138,093
352,609
4,485,302
4,132,693
5,623,395
$
4,485,302
SCHEDULE 8
CONSOLIDATED 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, 2013
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012
2013
Final
Budget
Original
Budget
Revenues
Local Sources
IMRF levy
Social security/medicare levy
Corporate personal property replacement taxes
Interest income
$
2,218,041
111,454
2,611
$
2,218,041
111,454
2,611
2012
Actual
$
1,154,703
1,156,020
118,103
1,704
Actual
$
1,113,942
1,113,942
109,564
1,528
Total Local Sources
2,332,106
2,332,106
2,430,530
2,338,976
Total Revenues
2,332,106
2,332,106
2,430,530
2,338,976
380,288
67,675
365,980
4,852
12,096
3,036
1,672
1,298
7,785
385,880
68,670
371,362
4,924
12,274
3,080
1,696
1,318
7,755
473,183
62,951
356,869
5,744
7,665
785
720
1,437
4,835
280,905
156,781
340,005
5,248
6,004
1,013
915
1,716
6,544
844,682
856,959
914,189
799,131
25,708
9,448
148,143
8,621
27,890
36,041
25,708
9,448
148,143
8,621
27,890
36,041
25,573
9,451
163,282
9,046
23,250
20,289
23,987
8,992
136,463
8,887
22,438
19,997
255,851
255,851
250,891
220,764
3,058
71,121
3,058
71,122
5,106
117,904
3,583
85,592
74,179
74,180
123,010
89,175
General Administration
Executive administration services
39,244
39,244
38,506
36,336
Total General Administration
39,244
39,244
38,506
36,336
Expenditures
Instruction
Regular programs
Pre-K
Special education programs
CTE programs
Interscholastic programs
Summer school programs
Gifted programs
Driver's education program
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
65
SCHEDULE 8
(Page 2)
CONSOLIDATED 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, 2013
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012
2013
Final
Budget
Original
Budget
Expenditures (Cont'd)
Support Services (Cont'd)
School Administration
Office of the principal services
$
Total School Administration
165,241
$
165,241
2012
Actual
$
159,294
Actual
$
152,450
165,241
165,241
159,294
152,450
24,235
59,539
173,798
460,032
120,503
24,235
59,539
173,798
460,032
120,503
23,557
59,792
169,268
438,515
116,754
22,440
58,658
167,602
420,545
112,459
838,107
838,107
807,886
781,704
5,617
31,399
77,008
5,617
31,399
77,008
5,571
26,961
82,363
5,324
25,196
75,296
114,024
114,024
114,895
105,816
Total Support Services
1,486,646
1,486,647
1,494,482
1,386,245
Total Expenditures
2,331,328
2,343,606
2,408,671
2,185,376
21,859
153,600
912,653
759,053
Business
Direction of business support services
Fiscal 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
$
778
$
(11,500)
Fund Balance - Beginning of Year
Fund Balance - End of Year
$
66
934,512
$
912,653
SCHEDULE 9
CONSOLIDATED SCHOOL DISTRICT 158
CAPITAL PROJECTS FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2013
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012
2013
Final
Budget
Original
Budget
Revenues
Local Sources
Interest income
Contributions and donations
Refund of prior years' expenditures
Other
Total Local Sources
$
200,000
-
$
2012
Actual
200,000
-
$
Actual
68,933
40,000
300,000
-
200,000
200,000
408,933
State Sources
School construction grant
39,417,589
39,417,589
39,417,589
Total State Sources
39,417,589
39,417,589
39,417,589
Total Revenues
39,617,589
39,617,589
39,826,522
Expenditures
Support Services
Business
Facilities Acquisition and Construction Services
Purchased services
$
215
409,450
600,799
1,010,464
1,010,464
-
-
259,376
-
Total
-
-
259,376
-
Total Business
-
-
259,376
-
Total Support Services
-
-
259,376
-
-
-
-
82,759
Total Debt Service
-
-
-
82,759
Total Expenditures
-
-
Debt service
Interest
Excess (Deficiency) of Revenues over Expenditures
39,617,589
Other Financing (Uses):
Permanent transfer to Debt Service Fund
Total Other Financing (Uses)
Net Change in Fund Balances
82,759
39,567,146
927,705
-
(394,978)
(394,978)
(285,306)
-
(394,978)
(394,978)
(285,306)
$ 39,617,589
Fund Balance - Beginning of Year
39,617,589
259,376
$ 39,222,611
39,172,168
642,399
121,727
Fund Balance - End of Year
$ 39,293,895
67
(520,672)
$
121,727
SCHEDULE 10
CONSOLIDATED 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, 2013
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012
2013
Final
Budget
Original
Budget
Revenues
Local Sources
Interest income
$
300
$
2012
Actual
300
Actual
$
60
$
71
Total Local Sources
300
300
60
71
Total Revenues
300
300
60
71
-
-
Expenditures
Total Expenditures
Net Change in Fund Balance
$
300
$
-
300
Fund Balance - Beginning of Year
Fund Balance - End of Year
$
68
60
71
29,899
29,828
29,959
$
29,899
(THIS PAGE INTENTIONALLY LEFT BLANK)
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
JUNE 30, 2013
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 20, 2012 and the amended budget was adopted on
February 21, 2013.
Excess of Expenditures over Budget
For the year ended June 30, 2013, expenditures exceeded budget in the Debt Service Fund by $571,668, in the
Municipal Retirement/Social Security Fund by $65,065 and the Capital Projects Fund by $259,376. The over
expenditures in the Municipal Retirement/Social Security Fund and the Debt Service Fund were covered by
existing fund balances. As for the Capital Projects Fund, no expenditures were budgeted, but were covered by
other sources of revenue.
69
(THIS PAGE INTENTIONALLY LEFT BLANK)
SUPPLEMENTARY INFORMATION
SCHEDULE 11
CONSOLIDATED SCHOOL DISTRICT 158
AGENCY FUND
SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED JUNE 30, 2013
BALANCE
JUNE 30, 2012
District
Interest
District Pepsi Account
Locks
Food Service
District Recycling
HS Alumni
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 BETA (Service Club)
Heineman Chorus/Band
Heineman Wrestling
Heineman Cheerleading
Heineman Track
Heineman Visions
Heineman Cross Country
Heineman Volleyball
Heineman PE
Heineman Student Council
Heineman Music Camp
Heineman Pom Poms
Heineman Girls Basketball
Heineman Outdoor Activity
$
1,415
2,876
10,974
1,412
3,347
228
4,662
64
30
401
154
4,733
37,500
2,331
1,936
369
66,942
1,714
11,068
1,906
3,797
2,043
223
5,960
7,671
5,451
4,479
2,588
4,942
1,359
4,854
760
281
24,105
1,430
91
781
3,207
582
47
4,250
2,711
263
65
216
1,994
70
ADDITIONS
$
4,137
2,149
7,646
402
10,636
120
85,569
1,876
698
19
2,761
1,820
4,713
18,189
2,983
4,022
1,859
11,809
121
1,709
78,670
5,597
1,150
5,502
15,324
640
1,134
7,867
7,378
805
67,794
BALANCE
JUNE 30, 2013
DELETIONS
$
2,405
531
12,490
396
29
10,140
3,000
217
61,404
2,565
1,795
472
1,546
4,158
4,907
3,443
21,809
1,933
4,250
1,768
11,823
64
1,430
82,619
6,448
1,102
4,077
16,822
631
950
5,341
7,663
836
68,859
$
3,147
4,494
6,130
1,412
2,951
630
4,633
64
30
401
154
5,229
34,500
2,331
1,839
369
91,107
1,714
10,379
809
3,344
3,258
223
3,622
7,477
2,008
859
3,638
4,714
1,450
4,840
817
560
20,156
579
139
2,206
1,709
591
231
6,776
2,426
263
65
185
929
SCHEDULE 11
(Page 2)
CONSOLIDATED SCHOOL DISTRICT 158
AGENCY FUND
SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED JUNE 30, 2013
BALANCE
JUNE 30, 2012
Heineman Athletics
Heineman Boys Basketball
Heineman Science
Heineman Tech Lab
Heineman Art Club
Heineman Performance Readings
Heineman In & Out
Heineman Foods Club
Heineman Gold Pgm
6th Grade Magazine
7th Grade Magazine
8th Grade Magazine
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 Field Trips
$
6,826
613
729
486
1,124
216
312
1,882
239
557
5,455
1,223
6,051
1,258
471
1,019
2,830
4
263
289
3,833
2,353
2,390
1,955
612
150
27
11,469
22,851
593
651
634
6,008
1,523
2,513
658
316
423
6,183
307
4,013
71
ADDITIONS
$
5,757
3,497
480
1,674
1,215
1,511
1,030
2,516
10,853
48,384
2,188
1,515
68
431
1,227
1,165
413
8,047
15,360
7,070
7,354
1,625
7,200
6,395
7,152
880
269
8,614
4,244
7,263
2,974
3,151
3,439
7,146
1,208
24
303
15,147
7,633
7,297
BALANCE
JUNE 30, 2013
DELETIONS
$
7,529
1,402
362
1,532
1,082
1,680
246
2,234
9,045
47,062
2,396
1,487
92
755
1,621
1,124
359
6,650
13,938
5,910
5,563
1,560
7,519
9,653
25,117
1,060
8,007
4,185
7,094
1,903
2,480
3,349
5,089
1,027
1,556
303
13,656
2,383
10,877
$
5,054
2,708
847
628
1,257
216
143
2,666
521
557
7,263
2,545
5,843
1,286
447
695
2,436
45
317
289
5,230
3,775
3,550
3,746
65
293
150
27
8,211
4,886
413
920
1,241
6,067
1,692
1,071
3,184
748
2,373
604
4,651
307
1,491
5,250
433
SCHEDULE 11
(Page 3)
CONSOLIDATED SCHOOL DISTRICT 158
AGENCY FUND
SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED JUNE 30, 2013
BALANCE
JUNE 30, 2012
Leggee Library
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
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 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
HS Color Guards
HS Pop
HS Math Club
HS Girls Golf
HS Drama Club
HS Pom Pons
Ski Club
Spanish Club
HS Boys Track
$
7,871
3,560
3,291
11,986
1,192
1,074
19,808
1,208
1,033
652
295
860
136
43
11,060
580
701
2,417
7,354
4,289
1,246
120
34
754
17,883
268
1,576
4,638
1,743
34,184
971
5,185
4,833
277
1,748
273
3,179
3,550
9,751
2,881
1,948
651
72
ADDITIONS
$
19,754
701
21,521
4,514
32,823
4,412
12,843
2,287
2,852
82,976
6,680
2,378
1,210
124
1,590
153
86
27,031
322
3,650
77,423
5,977
5,465
886
90
100,253
357
847
5,221
20,319
105,115
1,775
33,763
4,274
1,656
449
2,556
4,896
37,591
6,776
9,589
BALANCE
JUNE 30, 2013
DELETIONS
$
19,514
5,145
6,287
26,306
3,253
10,867
1,515
2,140
80,197
6,739
2,524
1,812
2,273
71
19,393
712
3,916
74,178
6,091
4,519
920
106,649
2,084
1,954
12,758
113,364
2,472
31,926
7,008
277
3,404
682
2,899
4,913
46,222
7,557
6,339
$
8,111
4,261
16,376
1,518
6,517
1,159
13,962
1,964
1,786
22,587
1,149
887
50
419
177
218
129
18,698
190
435
5,662
7,240
5,235
1,246
120
844
11,487
625
339
7,905
9,304
25,935
274
7,022
2,099
40
2,836
3,533
1,120
2,100
1,948
3,901
SCHEDULE 11
(Page 4)
CONSOLIDATED SCHOOL DISTRICT 158
AGENCY FUND
SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED JUNE 30, 2013
BALANCE
JUNE 30, 2012
HS Dean Activity
FFA
NHS
Co-Op
Musical
Athletic Varsity
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 Athletic Improvements
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
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
$
7,673
534
16
7,926
7,780
1,889
12,142
450
7,622
5,556
14,871
19,513
28,154
4,422
3,261
2,908
119
3,134
175
9,223
4,203
25,399
25,744
2,955
630
6,266
4,185
2
2,885
1,162
258
59
25,418
5,176
9,773
196
224
873
3,379
137
89
321
368
344
73
ADDITIONS
$
5,532
1,020
4,364
13,905
32,907
13,246
8,142
1,937
12,842
23,847
17,273
102,594
8,237
3,873
33,294
388
10,030
1,075
26,572
35,350
88,913
3,992
1,962
6,958
26,877
2,547
1,712
1,588
969
85,171
3,200
105
14,029
585
1,272
3,166
666
-
BALANCE
JUNE 30, 2013
DELETIONS
$
8,120
598
3,603
14,321
31,461
20,957
7,605
6,138
10,826
31,404
29,639
115,789
10,334
1,841
31,369
388
9,636
343
29,959
31,277
104,919
2,444
683
7,588
24,522
5,741
510
1,863
555
188
93,133
1,156
3,038
219
12,150
378
1,296
3,409
470
-
$
5,085
534
438
8,687
7,364
3,335
4,431
987
3,421
7,572
7,314
7,147
14,959
2,325
5,293
4,833
119
3,528
732
175
5,836
8,276
9,393
27,292
4,234
8,621
991
1,204
2,610
1,576
70
59
17,456
4,020
9,935
196
110
873
5,258
344
65
78
564
344
SCHEDULE 11
(Page 5)
CONSOLIDATED SCHOOL DISTRICT 158
AGENCY FUND
SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED JUNE 30, 2013
BALANCE
JUNE 30, 2012
ADDITIONS
BALANCE
JUNE 30, 2013
DELETIONS
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 2012
Class of 2013 Seniors
Class of 2014 Juniors
Class of 2015 Sophmores
Class of 2016 Freshmen
Class of 2017 8th Grade
Class of 2018 7th Grade
Martin Photo
Martin Pop
Martin Recycling
Martin Band
Martin Jean Fund
Martin Field Trips
Martin Library
Previous Martin Market Day
Martin Yearbook
Martin In & Out
$
1,057
141
41
945
540
1,008
13,494
4,361
4,558
603
73
9,452
7,192
1,321
1,134
2,000
12,964
3,965
3,625
4,922
1,487
$
4,563
1,455
1,949
1,800
329
15,136
1,357
1,050
14,920
676
68,612
1,184
1,854
18,014
810
36
2,748
1,509
12,725
2,338
10,992
10,276
$
5,589
1,112
1,063
990
8,220
1,128
750
14,920
1,684
13,494
65,613
686
1,247
14,849
5,099
2,830
2,000
12,162
13,786
566
10,423
7,952
$
31
484
927
1,755
869
6,916
229
300
7,360
5,056
607
603
73
12,617
2,903
1,357
1,052
2,311
2,904
5,397
5,491
3,811
Grand Total
$
848,921
$
1,996,476
$
2,041,723
$
803,674
74
(THIS PAGE INTENTIONALLY LEFT BLANK)
STATISTICAL INFORMATION
SCHEDULE 12
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2005 GENERAL OBLIGATION REFUNDING BONDS
JUNE 30, 2013
YEAR ENDING JUNE 30,
PRINCIPAL
INTEREST
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
$
6,555,000
$
327,750
327,750
327,750
327,750
327,750
327,750
327,750
327,750
327,750
327,750
327,750
327,750
TOTAL
$
6,555,000
$
3,933,000
Amount of Original Issue
Date of Issue
Paying Agent
Principal Payment Date
Interest Payment Date
Interest Rates
$6,555,000
December 15, 2005
Harris Bank
January 1
January 1 and July 1
5.00%
75
TOTAL
$
327,750
327,750
327,750
327,750
327,750
327,750
327,750
327,750
327,750
327,750
327,750
6,882,750
$ 10,488,000
SCHEDULE 13
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2006B GENERAL OBLIGATION BONDS
JUNE 30, 2013
YEAR ENDING JUNE 30,
PRINCIPAL
INTEREST
TOTAL
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
$
1,570,000
165,000
170,000
360,000
375,000
395,000
220,000
225,000
235,000
245,000
260,000
270,000
280,000
$
195,915
133,115
126,515
119,970
105,750
90,750
74,752
65,623
56,172
46,185
35,650
24,340
12,460
$
1,765,915
298,115
296,515
479,970
480,750
485,750
294,752
290,623
291,172
291,185
295,650
294,340
292,460
TOTAL
$
4,770,000
$
1,087,197
$
5,857,197
Amount of Original Issue
Date of Issue
Paying Agent
Principal Payment Date
Interest Payment Date
Interest Rates
$8,740,000
March 1, 2006
Harris Bank
January 1
January 1 and July 1
3.50% to 4.45%
76
SCHEDULE 14
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2000 CAPITAL APPRECIATION SCHOOL BUILDING BONDS
JUNE 30, 2013
ORIGINAL
PRINCIPAL
YEAR ENDING JUNE 30,
ACCRETION
TO DATE
CURRENTLY
PAYABLE
FUTURE
ACCRETION
TOTAL
2014
2015
2016
2017
2018
2019
2020
$
1,072,680
1,842,675
1,783,759
1,866,200
1,794,740
$
2,003,096
3,440,805
3,330,972
3,484,830
3,351,353
$
3,075,776
5,283,480
5,114,731
5,351,030
5,146,093
$
924,224
2,216,520
2,810,269
3,698,970
4,353,907
$
4,000,000
7,500,000
7,925,000
9,050,000
9,500,000
TOTAL
$
8,360,054
$
15,611,056
$
23,971,110
$
14,003,890
$
37,975,000
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
77
SCHEDULE 15
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2001 CAPITAL APPRECIATION SCHOOL BUILDING BONDS
JUNE 30, 2013
ORIGINAL
PRINCIPAL
YEAR ENDING JUNE 30,
ACCRETION
TO DATE
CURRENTLY
PAYABLE
FUTURE
ACCRETION
TOTAL
2014
2015
2016
$
1,567,135
2,035,478
826,529
$
2,862,098
3,717,479
1,410,629
$
4,429,233
5,752,957
2,237,158
$
195,767
797,043
662,842
$
4,625,000
6,550,000
2,900,000
TOTAL
$
4,429,142
$
7,990,206
$
12,419,348
$
1,655,652
$
14,075,000
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
78
SCHEDULE 16
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2003 CAPITAL APPRECIATION SCHOOL BUILDING BONDS
JUNE 30, 2013
ORIGINAL
PRINCIPAL
YEAR ENDING JUNE 30,
ACCRETION
TO DATE
CURRENTLY
PAYABLE
FUTURE
ACCRETION
TOTAL
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
$
1,656,941
1,595,214
1,534,402
3,525,630
3,408,114
1,279,108
$
2,293,508
2,208,093
2,123,895
4,880,190
4,717,382
1,770,569
$
3,950,449
3,803,307
3,658,297
8,405,820
8,125,496
3,049,677
$
2,184,551
2,646,693
3,116,703
8,594,180
9,819,504
4,305,323
$
6,135,000
6,450,000
6,775,000
17,000,000
17,945,000
7,355,000
TOTAL
$
12,999,409
$
17,993,637
$
30,993,046
$
30,666,954
$
61,660,000
Amount of Original Issue
Date of Issue
Paying Agent
Principal Payment Date
Interest Payment Date
Interest Rates
$12,999,409
December 1, 2003
LaSalle Bank
January 1
January 1
None
79
SCHEDULE 17
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2003A CAPITAL APPRECIATION SCHOOL BUILDING BONDS
JUNE 30, 2013
ORIGINAL
PRINCIPAL
YEAR ENDING JUNE 30,
ACCRETION
TO DATE
CURRENTLY
PAYABLE
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
$
1,945,833
1,870,750
1,801,174
1,664,576
1,917,316
$
2,550,352
2,452,027
2,360,790
2,181,819
2,513,112
$
4,496,185
4,322,777
4,161,964
3,846,395
4,430,428
TOTAL
$
9,199,649
$
12,058,100
$
21,257,749
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
80
FUTURE
ACCRETION
$
TOTAL
413,815
832,223
1,258,036
1,623,605
6,254,572
$
4,910,000
5,155,000
5,420,000
5,470,000
10,685,000
10,382,251
$
31,640,000
SCHEDULE 18
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2004 CAPITAL APPRECIATION SCHOOL BUILDING BONDS
JUNE 30, 2013
ORIGINAL
PRINCIPAL
YEAR ENDING JUNE 30,
ACCRETION
TO DATE
CURRENTLY
PAYABLE
FUTURE
ACCRETION
TOTAL
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
$
291,265
3,641,064
$
354,358
4,429,645
$
645,623
8,070,709
$
844,377
12,269,291
$
1,490,000
20,340,000
TOTAL
$
3,932,329
$
4,784,003
$
8,716,332
$
13,113,668
$
21,830,000
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
81
SCHEDULE 19
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2008 REFUNDING BONDS
JUNE 30, 2013
YEAR ENDING JUNE 30,
PRINCIPAL
INTEREST
TOTAL
2014
2015
2016
2017
2018
$
570,000
585,000
610,000
635,000
660,000
$
113,637
93,744
72,625
49,934
25,740
$
683,637
678,744
682,625
684,934
685,740
TOTAL
$
3,060,000
$
355,680
$
3,415,680
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%
82
SCHEDULE 20
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2009 REFUNDING BONDS
JUNE 30, 2013
YEAR ENDING JUNE 30,
PRINCIPAL
INTEREST
TOTAL
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
$
575,000
600,000
620,000
650,000
675,000
705,000
$
165,519
165,519
165,519
165,519
165,519
165,519
165,519
142,519
117,769
91,419
62,981
32,606
$
165,519
165,519
165,519
165,519
165,519
165,519
740,519
742,519
737,769
741,419
737,981
737,606
TOTAL
$
3,825,000
$
1,605,925
$
5,430,925
Amount of Original Issue
Date of Issue
Paying Agent
Principal Payment Date
Interest Payment Date
Interest Rates
$3,825,000
November 1, 2009
Harris Bank
January 1
January 1 and July 1
4.000% to 4.625%
83
SCHEDULE 21
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2010 GENERAL OBLIGATION REFUNDING BONDS
JUNE 30, 2013
YEAR ENDING JUNE 30,
PRINCIPAL
INTEREST
TOTAL
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
$
6,095,000
$
274,275
274,275
274,275
274,275
274,275
274,275
274,275
274,275
274,275
274,275
274,275
274,275
274,275
274,275
$
274,275
274,275
274,275
274,275
274,275
274,275
274,275
274,275
274,275
274,275
274,275
274,275
274,275
6,369,275
TOTAL
$
6,095,000
$
3,839,850
$
9,934,850
Amount of Original Issue
Date of Issue
Paying Agent
Principal Payment Date
Interest Payment Date
Interest Rates
$6,095,000
December 28, 2010
Bank of New York Mellon
January 1
January and July 1
4.50%
84
SCHEDULE 22
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2011A QUALIFIED ENERGY CONSERVATION BONDS
JUNE 30, 2013
YEAR ENDING JUNE 30,
PRINCIPAL
INTEREST
TOTAL
2014
2015
2016
2017
2018
2019
2020
2021
$
150,000
150,000
150,000
150,000
150,000
150,000
150,000
155,000
$
39,587
36,588
32,837
28,338
23,462
18,213
12,587
6,588
$
189,587
186,588
182,837
178,338
173,462
168,213
162,587
161,588
TOTAL
$
1,205,000
$
198,200
$
1,403,200
Amount of Original Issue
Date of Issue
Paying Agent
Principal Payment Date
Interest Payment Date
Interest Rates
$1,500,000
9/30/2011
BMO Harris Bank
January 1
January 1 and July 1
1.000% to 4.250%
85
SCHEDULE 23
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2011B REFUNDING DEBT CERTIFICATES
JUNE 30, 2013
YEAR ENDING JUNE 30,
PRINCIPAL
INTEREST
TOTAL
2014
2015
2016
2017
2018
2019
2020
2021
2022
$
200,000
200,000
200,000
200,000
200,000
215,000
225,000
230,000
230,000
$
50,575
46,575
42,575
38,179
33,075
27,575
21,125
14,414
7,475
$
250,575
246,575
242,575
238,179
233,075
242,575
246,125
244,414
237,475
TOTAL
$
1,900,000
$
281,569
$
2,181,569
Amount of Original Issue
Date of Issue
Paying Agent
Principal Payment Date
Interest Payment Date
Interest Rates
$2,060,000
9/30/2011
BMO Harris Bank
January 1
January 1 and July 1
2.000% to 3.250%
86
(THIS PAGE INTENTIONALLY LEFT BLANK)
CONSOLIDATED SCHOOL DISTRICT 158
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
OPERATING AND NON-OPERATING
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2013
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED JUNE 30, 2012
OPERATING FUNDS
General Fund
Educational
Working
Account
Cash Account
REVENUES
Property taxes
Corporate personal property replacement taxes
Interest income
Contributions and donations
Other local sources
State sources
Federal sources
On-behalf revenue
Total Revenues
EXPENDITURES
Current:
Instruction:
Regular programs
Regular programs - Pre-K
Special programs
Special programs - Pre-K
Remedial and supplemental programs K-12
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
On-behalf revenue
Total Expenditures
$ 40,321,457
347,690
40,757
246,600
4,283,410
17,359,104
3,106,559
11,336,112
$
77,041,689
320,735
3,718
324,453
Operations and
Maintenance
Fund
Transportation
Fund
Municipal
Retirement/Social
Security Fund
$
$
$
6,410,755
1,745
674,919
569,580
800,000
8,456,999
6,439,937
29,248,280
1,096,620
7,480,065
2,967
2,785,658
-
6,192,522
3,457,952
1,345,026
3,537,854
3,421,740
2,783,695
40,968
4,191
2,937,239
-
6,388,589
-
4,983,285
-
81,623
11,336,112
-
1,034,375
-
295,080
23,479
-
75,752,512
-
7,422,964
5,301,844
87
-
3,489,158
7,788
77,422
2,865,569
-
-
2,310,723
118,103
1,704
2,430,530
473,183
62,951
356,869
21,186
250,891
123,010
38,506
159,294
807,886
114,895
2,408,671
SCHEDULE 24
NON-OPERATING FUNDS
Total
Operating
Funds
$ 52,852,828
465,793
55,712
921,519
4,930,412
21,024,673
3,106,559
11,336,112
94,693,608
Debt
Service
Fund
$
Capital
Projects
Find
8,859,914
16,599
8,876,513
29,721,463
1,159,571
7,836,934
2,967
2,806,844
-
6,443,413
3,580,962
1,383,532
3,697,148
4,229,626
4,983,285
6,388,589
2,898,590
40,968
4,191
2,937,239
-
295,080
23,479
1,115,998
11,336,112
11,285,860
1,206,269
-
90,885,991
12,492,129
$
68,933
40,000
300,000
39,417,589
-
Fire
Prevention
and Life
Safety Fund
$
-
259,376
259,376
2013
$
60
-
39,826,522
Total
60
61,712,742
465,793
141,304
961,519
5,230,412
60,442,262
3,106,559
11,336,112
2012
$
60,884,526
455,881
83,848
559,367
5,653,325
19,850,817
2,513,015
9,646,898
143,396,703
99,647,677
-
29,721,463
1,159,571
7,836,934
2,967
2,806,844
28,870,898
1,236,909
7,720,823
6,510
10,498
2,550,227
-
6,443,413
3,580,962
1,383,532
3,697,148
4,489,002
4,983,285
6,388,589
2,898,590
40,968
4,191
2,937,239
5,829,162
3,288,598
1,510,912
3,416,472
4,095,315
4,252,259
7,970,373
2,756,775
1,211
1,175
3,014,557
-
11,580,940
1,229,748
1,115,998
11,336,112
11,621,942
1,357,162
1,223,866
9,646,898
-
103,637,496
100,382,542
88
CONSOLIDATED SCHOOL DISTRICT 158
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2013
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED JUNE 30, 2012
OPERATING FUNDS
General Fund
Educational
Working
Account
Cash Account
Excess (deficiency) of revenues over expenditures
Other Financing Sources (Uses)
Permanent transfer to Debt Service Fund
Levy abatement
Capital leases
Premium on bonds issued
Transfer to escrow agent
Bonds issued
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balance, Beginning of Year
Fund Balance, End of Year
$
1,289,177
$
324,453
Operations and
Maintenance
Fund
$
1,034,035
Transportation
Fund
Municipal
Retirement/Social
Security Fund
$
$
1,138,093
21,859
(36,923)
(760,000)
42,325
-
-
(153,727)
-
-
-
(754,598)
-
(153,727)
-
-
534,579
324,453
880,308
1,138,093
21,859
18,526,284
1,729,957
541,170
4,485,302
912,653
$ 19,060,863
$
89
2,054,410
$
1,421,478
$
5,623,395
$
934,512
SCHEDULE 24
(Cont'd)
NON-OPERATING FUNDS
Total
Operating
Funds
$
3,807,617
Debt
Service
Fund
$
(3,615,616)
Capital
Projects
Find
$ 39,567,146
(190,650)
(760,000)
42,325
-
585,628
760,000
-
(394,978)
(908,325)
1,345,628
(394,978)
2,899,292
(2,269,988)
26,195,366
$ 29,094,658
$
Fire
Prevention
and Life
Safety Fund
$
60
Total
2013
$
-
-
39,759,207
2012
$
(734,865)
-
42,325
-
295,845
34,784
(2,041,500)
3,560,000
-
42,325
1,849,129
39,172,168
60
39,801,532
1,114,264
10,243,850
121,727
29,899
36,590,842
35,476,578
7,973,862
$ 39,293,895
$
29,959
90
$
76,392,374
$
36,590,842