CONSOLIDATED SCHOOL
DISTRICT 158
ALGONQUIN, ILLINOIS
ANNUAL FINANCIAL REPORT
JUNE 30, 2012
CONSOLIDATED SCHOOL DISTRICT 158
ANNUAL FINANCIAL REPORT
JUNE 30, 2012
TABLE OF CONTENTS
Exhibits Page(s)
Independent Auditors’ Report
1
Management’s Discussion and Analysis
3
Basic Financial Statements:
Statement of Net Assets
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
47
Schedules
Schedule of Revenues, Expenditures and Changes in Fund Balances –
Budget to Actual for the Year Ended June 30, 2012 with Comparative
Actual Amounts for the Year Ended June 30, 2011
Combining Balance Sheet – General Fund
Combining Schedule of Revenues, Expenditures and
Changes in Fund Balance – General Fund
Educational Account
Operations and Maintenance Fund
Debt Service Fund
Transportation Fund
Municipal Retirement/Social Security Fund
Capital Projects Fund
Working Cash Account
Fire Prevention and Life Safety Fund
1
48
2
3
4
5
6
7
8
9
10
49
50
60
61
62
64
66
67
68
Schedule of Changes in Assets and Liabilities – Agency Fund
11
69
12
13
14
15
16
74
75
76
77
78
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
CONSOLIDATED SCHOOL DISTRICT 158
ANNUAL FINANCIAL REPORT
JUNE 30, 2012
TABLE OF CONTENTS
Schedules Page(s)
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 DebtCertificates
17
18
19
20
21
22
23
79
80
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, each major fund, and
the aggregate remaining fund information of the Consolidated School District No. 158 as of and for the fiscal
year ended June 30, 2012 as listed in the table of contents. These financial statements are the responsibility of
the school district’s management. Our responsibility is to express an opinion 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 of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our 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.
In our opinion, except for effect of the omission described in the preceding paragraph, the financial statements
referred to above present fairly, in all material respects, the respective financial position of the governmental
activities, each major fund, and the aggregate remaining fund information of the Consolidated School District
No. 158 as of June 30, 2012, and the respective changes in financial position thereof for the year ended in
conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report dated October 4, 2012, on
our consideration of Consolidated School District No. 158 internal control over financial reporting and our tests
of its compliance with laws, regulations, contracts and grant agreements and other matters. The purpose of that
report is to describe the scope of testing of internal control over financial reporting and compliance and the
results of that testing and not to provide an opinion on the internal control over financial reporting and
compliance. That report is an integral part of an audit performed in accordance with Government Auditing
Standards and should be read in conjunction with this report in considering the results of our audit.
1
The Management’s Discussion and Analysis, budgetary comparison schedules and analysis of funding progress
are not a required part of the basic financial statements but are supplementary information required by
accounting principles generally accepted in the United States of America. We have applied certain limited
procedures, which consisted principally of inquiries of management regarding the methods of measurement and
presentation of the supplementary information. However, we did not audit the information and express no
opinion on it.
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Consolidated School District No. 158 basic financial statements. The introductory section,
combining and individual fund financial statements and schedules, and statistical section are presented for
purposes of additional analysis and are not a required part of the basic financial statements. The combining and
individual fund financial statements and schedules have been subjected to the auditing procedures applied in
the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation
to the basic financial statements taken as a whole. The introductory section and statistical section have not
been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly,
we express no opinion on them.
Evans, Marshall & Pease, P.C.
Evans, Marshall & Pease, P.C.
Certified Public Accountants
October 4, 2012
Rolling Meadows, IL
(25)
2
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE
FISCAL YEAR ENDED JUNE 30, 2012
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 Assets and the Statement of Activities. These statements provide both short-term and
long-term 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, 2012. 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 Assets 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 Assets 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 privatesector companies. All of the current year’s revenues and expenses are taken into account regardless of when
cash is received or paid.
These two statements report the Consolidated School District 158’s net assets – the difference between assets
and liabilities, as reported in the Statement of Net Assets – as one way to measure the District’s financial health
or financial position. Over time, increases or decreases in the District’s net assets – 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.
3
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE
FISCAL YEAR ENDED JUNE 30, 2012
The Statement of Net Assets and the Statement of Activities report the governmental activities for the District,
which encompasses all of the District’s services, including instruction and support services. Property taxes,
unrestricted state aid, and state and federal grants finance most of these activities.
Fund Financial Statements
A fund is a grouping of related accounts that is used to maintain control over resources that have been
segregated for specific activities or objectives. The District, like other state and local governments, uses fund
accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of
the District can be divided into two categories: governmental funds and fiduciary funds.
Governmental funds – All of the School District’s services are reported in governmental funds. Governmental
fund reporting focuses on showing how money flows into and out of funds and the balances left at year end are
available for spending. They are reported using an accounting method called modified accrual accounting,
which measures cash and all other financial assets that can readily be converted to cash. The governmental
fund statements provide a detailed short-term view of the operations of the School District and the services it
provides. Governmental fund information helps you determine whether there are more or fewer financial
resources that can be spent in the near future to finance the District’s programs.
The District maintains individual governmental funds. Information is presented separately in the governmental
fund balance sheet and in the governmental fund statement of revenues, expenditures and changes in fund
balances for the General (Educational and Working Cash), Operations and Maintenance, Transportation,
Municipal Retirement/Social Security, Debt Service, Capital Projects and Fire Prevention & Life Safety Funds,
all of which the District considers to be major funds. Each fund can be placed into one of four major categories:
General, Special Revenue, Capital Projects and Debt Service.
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, 2012
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 2012 District Highlights
In fiscal year 2012, as a result of receiving all four categorical payments from the State for fiscal year 2011, the
District had the funds in hand to partially address fiscal year 2010 and fiscal year 2011 budget cuts and
deferrals. Thus, fiscal year 2012 was a year in which the District was able to partially address the millions of
dollars of budget cuts and deferrals from the previous years.
Curriculum continued to focus on 21st century tools that are evolving – tools that not only change the way we
communicate but are changing the way we teach as evidenced by the launching of the blended learning
program in fiscal year 2012 as well as a one-to-one initiative in fiscal year 2013. Blended learning is in year two,
whereby the number of students within the program has grown from approximately 100 students in fiscal year
2012 to approximately 500 students in fiscal year 2013.
With Technology, the District began the process of updating and maintaining its technological infrastructure,
from server upgrades to switch replacement to replacement of hundreds of aging PC’s and laptops.
Furthermore, in fiscal year 2012, the District was able to set funds aside for Operations & Maintenance to take
care of much needed deferred projects, such as starting the repair of Academic Drive, providing a fresh coat of
paint at most schools, upgrading the District’s security camera system as well as carpet replacement at the High
School.
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.
Financial Highlights
Operating Results
The last several years of economic downturn coupled by the State’s financial crisis has challenged the District
financially. However, over this period of time, the District has been 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 had several million dollars in budget cuts and deferrals impacting the
operations of the District versus the classroom. As a result of these cuts and deferrals, the District’s operating
cost per pupil has been able to stay relatively flat during a period of time whereby the District’s enrollment is
increasing. The District’s operating cost per pupil, approximating $8,450 per student in fiscal year 2012
continues to be the lowest in McHenry County for all K-12 districts and significantly below the State’s 2011
average operating cost per pupil of $11,664 per student. See chart below.
5
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE
FISCAL YEAR ENDED JUNE 30, 2012
As a result of budgeting revenue from the State of Illinois conservatively, the District recognized a fiscal year
2012 operating surplus of $1.9 million and a fiscal year 2011 operating surplus of $3.7 million. With this surplus,
the District’s Operating Fund Balance approximates $26.2 million as of June 30, 2012.
Operating fund balances increased to $26.2 million from $24.3 million in prior year, which is an increase of $1.9
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 $1.9 million reflects accounts receivable and revenue
recognized of $2.7 million from the State of Illinois. Subsequent to year end, the District received these funds
from the State. These dollars are recorded as an intergovernmental receivable as of June 30, 2012 for the
District.
Property Tax Levy Abatements
In prior year, the District refunded approximately $6 million of the Series 2001and 2004 bonds with Series 2010
bonds in an effort to reduce the amount of debt being levied to the community. In fiscal year 2011, the District
abated $994 thousand in bond debt, reducing the overall tax levy increase to the community from 2.7% (the
Consumer Price Index) to 2.1%.
Over the last several years, with the downturn in the economy, coupled with cutbacks in the State’s revenue to
local school districts, the District tightened its belt, implementing significant budget cuts and deferrals. However,
in fiscal year 2012 the District received unbudgeted revenue payments from the previous fiscal year, creating an
audited surplus for the fiscal year ended in June 2011 allowing for the further abatement of taxes. Accordingly,
in fiscal year 2012, the District abated $2.4 million in bond debt, keeping the overall 2011 levy, before new
construction, flat with prior year’s levy. By taking this action, the District did not receive an increase in tax
dollars from the community for the 2011 levy year, other than from new construction.
Long-Term Debt
During the year, 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 7 to the Financial Statements.)
6
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE
FISCAL YEAR ENDED JUNE 30, 2012
During fiscal year 2011, the District entered into a multiyear $3 million Guaranteed Energy Savings contract with
a vendor to provide improvements and enhancements to the District’s lighting and HVAC systems in order to
reduce energy consumption and costs. As a part of the contract, the District’s vendor is providing a 10-year
annual energy savings guarantee backed by a surety bond which will provide net positive cash flow to the
District. The project was started in fiscal year 2011 and was substantially complete by June 30, 2012. In fiscal
year 2011, with the project partially complete, the District expensed $918 thousand. In fiscal year 2012, the
remaining $2.2 million of the project was expensed. The fiscal year 2012 funding of the project included a
DCEO State grant of $714 thousand as well as the issuance of the Series 2011A debt certificates of $1.5
million. For this issuance, the District utilized Qualified Energy Conservation Bonds (QECB’s). A QECB is a tax
credit bond, versus a tax exempt bond which provides lower funding costs by about 1.85%. Including all costs
of issuance, the District’s net effective borrowing rate was 1.46%. As a result of utilizing QECB’s, the District
saved approximately $177 thousand in interest over the 10 year term of the loan.
The District’s legal debt margin, which is the capacity to borrow additional funds, is $101.8 million, up from prior
years $96.9 million. The increase is primarily due to the debt payments made in fiscal year 2012. (See Note 7
to the Financial Statements.)
Excluding the refunding of the 2007 debt certificates as noted above, the District retired $12.8 million of debt in
fiscal year 2012. (See Note 7 to the Financial Statements.)
As part of the refunding of the Series 2007 debt certificates, 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.
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.
Although the District has 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 in fiscal year 2012, resulting in a decreased profile score. The District’s Financial Profile Rating is that
of “Financial Review” at 3.35. “Review” is the second highest rating of financial strength. Below is a Profile
Score History outlining the positive trend the District has made over the past several years.
7
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE
FISCAL YEAR ENDED JUNE 30, 2012
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 2012, enrollment increased
approximately 2%, primarily the result of the District’s senior class graduating and being replaced by a larger
kindergarten class.
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 2012, the stop-loss
policy covered catastrophic health care costs above $125 thousand per insured individual. In fiscal year 2012,
the District’s healthcare costs increased by $.43 million from prior year.
The Illinois State Board of Education (ISBE) acknowledged an obligation to fund an additional $1.29 million from
the FY 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 $.91 million. During
FY 2012, the District received $40 thousand. The remaining receivable and deferred revenue balance
approximate $.38 million.
New construction within the District’s boundaries for the past several levy years is on the decline as follows:
8
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE
FISCAL YEAR ENDED JUNE 30, 2012
Fiscal year 2013 will again challenge the District to preserve excellent programs and services. In this down
economy, with the State making no commitments or assurances to pay their bills, the District has not only had to
budget conservatively, but has had to defer projects and cut expenditures until funds are received. As a result
of budgeting conservatively and the District’s receipt of the State’s third and fourth quarter fiscal year 2012
mandated categorical payments, the District now has the funds in hand to address prior years’ budget cuts and
deferrals. As a result, the District is currently budgeting a ($1.46) million operating deficit in fiscal year 2013.
FY 2012 Government-Wide Financial Analysis
Figure A-1
Summary Statement of Net Assets
June 30
Governmental
Governmental
Activities
Activities
2012
2011
Current assets
Capital assets,
net of depreciation
$
76,826,931
$
76,958,366
Increase
(Decrease)
$
%
Change
(131,435)
-0.2%
Total assets
171,068,091
247,895,022
175,049,141
252,007,507
(3,981,050)
(4,112,485)
-2.3%
-1.6%
Total liabilities
141,853,451
40,282,565
182,136,016
144,204,855
41,827,146
186,032,001
(2,351,404)
(1,544,581)
(3,895,985)
-1.6%
-3.7%
-2.1%
63,552,058
65,158,554
(1,606,496)
-2.5%
10,916,156
(8,709,208)
65,759,006
11,688,082
(10,871,130)
65,975,506
(771,926)
2,161,922
(216,500)
-6.6%
-19.9%
-0.3%
$ (4,112,485)
-1.6%
Long-term liabilities
Other liabilities
Net assets:
Invested in capital assets,
net of related debt
Restricted
(for debt service and capital projects)
Unrestricted
Total net assets
Total liabilities and net assets $ 247,895,022
9
$ 252,007,507
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE
FISCAL YEAR ENDED JUNE 30, 2012
Analysis of the FY 2012 Statement of Net Assets
Overall, the District's total net assets at June 30, 2012 decreased to $65.76 million from $65.98 million in FY
2011, a decrease of (0.3%) or approximately ($217) thousand. In FY 2012, the District's total assets decreased
($4.1) million while the District's current assets decreased ($131) thousand. As a result of depreciation, the
District's capital assets decreased ($4.0) million in FY 2012.
The District's total liabilities decreased by ($3.9) million in FY 2012 primarily due to a decrease in deferred
liabilities, salaries and wages payable, and accounts payable. Long-term liabilities decreased in FY 2012 by
($2.35) million due to refunding of the 2007 Debt Certificates (see Note 6 in the Notes to the Financial
Statements).
FY 2012 Statement of Activities
Figure A-2
Summary Statement of Activities
June 30
Governmental
Governmental
Activities
Activities
2012
2011
Increase
(Decrease)
%
Change
Revenues
Program revenues
Charges for services
$
Operating grants & contributions
Total program revenues
6,212,692
19,522,274
25,734,966
General revenues
Property taxes/CPPRT
State formula aid & formula grants
Other
Total general revenues
Total revenues
61,651,252
12,471,280
101,024
74,223,556
99,958,522
61,287,823
13,835,511
91,115
75,214,449
98,939,447
363,429
(1,364,231)
9,909
(990,893)
1,019,075
0.6%
-9.9%
10.9%
-1.3%
1.0%
Expenses
Instruction
Pupil & instructional services
Administration & business
Operations & maintenance
Transportation
Interest and fees
Other
Total expenses
51,738,521
9,129,143
9,367,750
8,159,496
5,262,809
8,790,533
7,726,769
100,175,021
50,768,122
8,581,875
8,183,621
7,260,213
5,576,387
8,837,150
7,093,529
96,300,897
970,399
547,268
1,184,129
899,283
(313,578)
(46,617)
633,240
3,874,124
1.9%
6.4%
14.5%
12.4%
-5.6%
-0.5%
8.9%
4.0%
Increase (Decrease) in Assets $
Beginning Balance $
Ending Balance $
$
(216,499) $
65,975,506
65,759,007
$
$
4,940,973
18,784,025
23,724,998
2,638,550
63,336,956
65,975,506
$ 1,271,719
738,249
2,009,968
25.7%
3.9%
8.5%
$ (2,855,049) 1318.7%
(216,499)
-0.3%
Analysis of the FY 2012 Statement of Activities
In summary, total revenues of all governmental activities during FY 2012 were $99.96 million and the total
expenses of all governmental activities were $100.18 million. Some of the costs were financed by users of the
District‘s programs, such as registration fees and sales to pupils for lunch, totaling $6.21 million. Federal and
state governmental funds subsidized certain programs with operating grants and contributions in the amount of
$19.52 million (Figure A-2). The remaining amount of the District's governmental activities costs, not covered by
charges for services and operating grants and contributions (net cost of services), total $74.22 million, primarily
from property taxes and the State’s general state aid. Overall, total expenditures for governmental activities
exceeded total revenues, decreasing net assets by ($216) thousand.
10
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE
FISCAL YEAR ENDED JUNE 30, 2012
The cost of all governmental activities in FY 2012 was $100.18 million. This was an increase of $3.87 million
from FY 2011 primarily driven by salaries and benefits, textbook and technology purchases, completion of the
performance contract work, and other O&M related projects which had been deferred in recent years (See
Figures A-2).
The District's expenses predominantly related to instructing, caring for (pupil services), and transporting
students represented $66.13 million, reflecting 66% of total expenses. The District's administrative and
business activities accounted for $9.4 million, reflecting 9.3% of total expenses.
The following is a graphic illustration of the percent of revenue by source:
2012 Percent of Revenue by Source
State Formula Aid &
Formula Grants,
12.47% Other, 0.10%
Charges for Services,
6.21%
Property Taxes,
61.67%
Operating Grants &
Contributions, 19.53%
2011 Percent of Revenue by Source
State Formula Aid &
Formula Grants,
13.98%
Other, 0.11%
Charges for Services,
4.99%
Property Taxes,
61.94%
Operating Grants &
Contributions, 18.98%
11
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE
FISCAL YEAR ENDED JUNE 30, 2012
The following is a graphic illustration of the percent of expense by source:
2012 Percent of Expense by Source
Administration &
Business, 9.35%
Operations &
Maintenance, 8.14%
Transportation, 5.25%
Instruction, 51.67%
Interest & Fees, 8.77%
Other, 7.71%
Pupil & Instructional
Services, 9.11%
2011 Percent of Expense by Source
Administration &
Business, 8.49%
Operations &
Maintenance, 7.53%
Transportation, 5.79%
Instruction, 52.73%
Interest & Fees, 9.18%
Other, 7.36%
Pupil & Instructional
Services, 8.92%
12
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE
FISCAL YEAR ENDED JUNE 30, 2012
Financial Analysis of the District's Governmental Funds
As noted earlier, 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 FY 2012 of $1.89 million, resulting in an ending operating fund balance of
$26.20 million. The increase in fund balance is primarily driven by budget favorability in revenues of $3.1 million
due to the receipt of the State’s third and fourth quarter mandated categorical payments as well as budget
favorability in expenditures of approximately $400 thousand for health insurance.
A financial analysis of District funds is located in Figure A-3. “Other” refers to Other Financing Sources and
Uses which primarily includes proceeds from the sale of bonds of $1.5 million for the energy performance
contract as well as financing sources from capital leases.
The net change in the Educational Fund was $1.18 million, contributing to a year end fund balance of $18.53
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 a decrease in fund balance during FY 2012 of ($772) thousand.
This was primarily due to the abatement of debt in FY 2012 resulting in an ending fund balance for the nonoperating funds of $10.40 million. 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 FY 2012 is $36.59 million, an increase of $1.11 million from FY
2011.
Figure A-3
Financial Analysis of District Funds
June 30, 2012
Fund
Revenues
Expenditures
Other
Educational
$ 73,037,361 $ 71,949,633 $ 94,762 $
O&M
7,336,728
9,005,411
1,553,284
Transportation
5,637,269
5,408,860
124,200
IMRF/Social Security
2,338,976
2,185,376
Working Cash
312,898
Debt Service
9,973,910
11,750,503
362,189
Capital Projects
1,010,464
82,759
(285,306)
Fire Prevention & Safety
71
Net by Fund $ 99,647,677 $ 100,382,542 $ 1,849,129 $
Total Operating Funds
Total Capital Funds
$
$
88,663,232 $
10,984,445 $
Net Change
1,182,490
(115,399)
352,609
153,600
312,898
(1,414,404)
642,399
71
1,114,264
88,549,280 $ 1,772,246 $
11,833,262 $ 76,883 $
1,886,198
(771,934)
Figure A-4
Analysis of District Expenses by Object
June 30, 2012
Operating
Capital
Total
Object
Funds
Funds
Funds
Salaries
$
46,998,969 $
$
46,998,969
Employee benefits
19,423,637
19,423,637
Purchased services
9,582,336
9,582,336
Supplies and materials
7,681,134
7,681,134
Capital outlay
1,223,866
1,223,866
Other
3,639,338
11,833,262
15,472,600
Expenditures by Object $
88,549,280 $
11,833,262 $ 100,382,542
13
%
of Total
46.8%
19.3%
9.5%
7.7%
1.2%
15.4%
100.0%
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE
FISCAL YEAR ENDED JUNE 30, 2012
Capital Asset and Debt Administration
Analysis of the FY 2012 Capital Assets
By the end of FY 2012, the District had compiled a broad range of capital assets including land, buildings,
computers, furniture, and other equipment. The District recorded $209.52 million in gross assets and $38.45
million in accumulated depreciation, resulting in $171.07 million in net capital assets. During FY 2012, the
District placed in service $1.4 million in capital additions. Fiscal year depreciation expense ended the year at
$5.18 million, an increase of $.08 million from FY 2011. (See Note 4 to the Financial Statements.)
Figure A-5
Land
Construction in progress
Land improvements, net
Buildings, net
Equipment, net
Vehicles, net
Capital assets, net
Net Capital Assets
June 30
Governmental
Governmental
Activities
Activities
Increase
%
2012
(Decrease) Change
2011
$ 10,899,723 $ 10,899,723 $
0.0%
191,000
(191,000) -100.0%
10,487,112
10,444,770
42,342
0.4%
147,084,624
149,958,332
(2,873,708)
-1.9%
657,904
872,836
(214,932) -24.6%
1,938,728
2,682,480
(743,752) -27.7%
$ 171,068,091 $ 175,049,141 $ (3,981,050)
-2.3%
Depreciation expense-fiscal year
Accumulated Depreciation
$
$
5,100,791 $
81,545
33,267,438 $ 5,182,336
1.6%
15.6%
Capital assets
$ 209,517,865 $ 208,316,579 $ 1,201,286
0.6%
5,182,336 $
38,449,774 $
Analysis of the FY 2012 Long-Term Liabilities
As of June 30, 2012, the District has interest payable and long-term debt in the amount of $.62 million and
$141.85 million respectively. The decrease in current maturities of long-term debt from June 30, 2011 to June
30, 2012 is driven by the 2007 debt certificates balloon payment due in fiscal year 2012.
Figure A-6
Outstanding Long-Term Liabilities
June 30
Governmental
Governmental
Activities
Activities
2012
2011
Interest Payable
$
621,371 $
631,218
Long-term liabilities (due within 1 year)
11,582,070
13,439,842
Long-term liabilities (due after 1 year)
130,271,381
130,765,013
Total
$ 142,474,822 $ 144,836,073
Increase
%
(Decrease) Change
$
(9,847)
-1.6%
(1,857,772) -13.8%
(493,632)
-0.4%
$ (2,361,251)
-1.6%
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.
14
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR THE
FISCAL YEAR ENDED JUNE 30, 2012
 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 two years, and each year the proration
becoming a little deeper, 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 2013 and beyond. These costs represent a significant portion of
the District’s budget and their rate of increase is a concern to Administration.
 Fiscal year 2013 will again challenge the District to preserve excellent programs and services. In this
down economy, with the State making no commitments or assurances to pay their bills, the District has
not only had to budget conservatively, but has had to defer projects and cut expenditures until funds are
rd
th
received. As a result of budgeting conservatively and the District’s receipt of the State’s 3 and 4
quarter fiscal year 2012 mandated categorical payments, the District now has the funds in hand to
address prior years’ budget cuts and deferrals. As a result, the District is currently budgeting a ($1.46)
million operating deficit in fiscal year 2013. Efforts to enhance revenue and reduce expenditures will be
crucial to maintaining the fiscal stability of the District in fiscal year 2013 and beyond.
 Other statistical information related to the District’s EAV and property tax rate history is detailed below in
Figure A-7:
Figure A-7
Assessed Valuation & Tax Rate History
Equalized
Total
Levy
Assessed
Percent
Tax
Year
Valuation
Increase
Rate
2011
1,263,876,921
0.04%
4.8300
2010
1,263,367,866
-11.94%
4.8117
2009
1,434,694,262
2.02%
4.1230
2008
1,406,256,475
6.26%
4.0318
2007
1,323,395,381
11.11%
4.0323
2006
1,191,031,077
15.99%
4.1910
2005
1,026,815,609
18.43%
4.3366
2004
867,058,760
19.83%
4.6081
2003
723,567,205
22.95%
4.1706
2002
588,491,953
20.53%
4.7091
2001
488,272,624
24.68%
4.6310
 The District's employment groups are under contract as follows:
o
o
Teaching staff (Huntley Education Association) through fiscal year 2012. At this time, the Board
of Education and the Huntley Education Association are in communication and continue working
together in an effort to conclude the negotiation process.
Educational support staff (Huntley Education Support Personnel Association) through fiscal year
2013.
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 ASSETS
JUNE 30, 2012
Governmental
Activities
ASSETS
Cash
Investments
Receivables (net of allowance for uncollectibles):
Property taxes
Replacement taxes
Intergovernmental
Other
Student Activities
Prepaid items
Inventories
Deferred Charges
Capital Assets:
Land
Depreciable buildings, property, and equipment, net
$
36,762,045
2,995,033
30,439,409
83,149
4,285,490
200,829
16,793
874,054
13,141
1,156,988
10,899,723
160,168,368
Total
247,895,022
LIABILITIES
Accounts payable
Salaries and wages payable
Due to other governments
Health insurance payable
Other current liabilities
Interest payable
Deferred revenue
Deferred credits
Long-term liabilities:
Other long-term liabilities - due within one year
Other long-term liabilities - due after one year
1,359,372
5,386,513
296,456
1,294,876
20
621,371
31,323,957
13,804,216
11,582,070
116,467,165
Total Liabilities
182,136,016
NET ASSETS
Invested in capital assets, net of related debt
Restricted
Unrestricted
Total Net Assets
The accompanying notes to the financial statements are an integral part of this statement.
16
63,552,058
10,916,156
(8,709,208)
$
65,759,006
CONSOLIDATED SCHOOL DISTRICT 158
STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2012
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 governmental units
Capital Outlay-under threshold
Interest and fees
Unallocated depreciation
Total Governmental Activities
Program
Charges for Services
Support
Instruction
Services
Expenses
Disbursed
$
40,920,112
7,851,147
2,967,262
$
3,350,714
-
5,832,178
3,296,965
1,517,595
3,658,360
4,191,795
5,262,809
8,159,496
2,777,546
1,211
1,175
3,014,557
22,580
8,790,533
1,909,700
$
100,175,021
$
$
3,350,714
343,613
2,518,365
-
$
2,861,978
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
Federal ARRA - General state aid formula grant
Investment earnings
Total General Revenues
Change in net assets
Net Assets, Beginning of Year
Net Assets, End of Year
The accompanying notes to the financial statements are an integral part of this statement.
17
Revenu
gram
EXHIBIT B
Revenues
Operating Grants & Contributions
Support
Instruction
Services
$
10,188,964
4,571,246
137,680
$
$
14,897,890
$
-
Excess (Deficiency)
of Revenue
Over Expenditures
and Changes
in Net Assets
Governmental
Activities
$
(27,036,821)
(3,279,901)
(2,829,582)
448,508
1,519,744
2,656,132
-
(5,383,670)
(3,296,965)
(1,517,595)
(3,658,360)
(153,686)
(2,606,677)
(8,159,496)
(2,777,546)
(1,211)
(1,175)
(3,014,557)
(22,580)
(8,790,533)
(1,909,700)
4,624,384
(74,440,055)
39,504,292
11,678,800
10,012,279
455,881
12,471,280
17,176
83,848
74,223,556
(216,499)
65,975,505
$
65,759,006
18
CONSOLIDATED SCHOOL DISTRICT 158
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2012
WITH COMPARATIVE TOTALS FOR JUNE 30, 2011
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
Prepaid items
Total Assets
LIABILITIES AND FUND BALANCE
Accounts payable
Salaries and wages payable
Due to other governments
Health insurance payable
Other current liabilities
Deferred revenue
$
$
3,000,000
2,995,033
64,979
Debt
Service
Fund
$
-
19,938,557
83,149
2,183,027
181,800
16,793
13,141
269,331
Transportation
Fund
9,740,515
$
-
3,122,198
713,721
19,029
18,871
3,113,533
-
4,785,592
411,840
1,467,699
1,388,742
91,253
$
48,401,837
$
3,938,798
$
14,937,947
$
6,061,227
$
983,093
5,375,392
184,107
1,162,799
20
20,440,185
$
297,914
7,428
29,782
3,062,504
$
4,694,097
$
28,705
3,693
102,295
1,441,232
Total Liabilities
FUND BALANCE
Non-spendable
Restricted
Unassigned
Total Fund Balance
Total Liabilities and Fund Balance
19,721,006
Operations and
Maintenance
Fund
$
28,145,596
3,397,628
4,694,097
1,575,925
282,472
3,000,000
16,973,769
18,871
522,299
-
411,840
9,832,010
-
91,253
4,394,049
-
20,256,241
541,170
10,243,850
4,485,302
48,401,837
$
3,938,798
$
14,937,947
The accompanying notes to the financial statements are an integral part of this statement.
19
$
6,061,227
EXHIBIT C
Municipal
Retirement/Social
Security Fund
$
1,003,485
Fire
Prevention
and Life
Safety Fund
Capital
Projects
Fund
$
-
1,125,363
-
88,628
$
29,899
2012
$ 33,762,045
2011
$
35,313,341
-
-
3,000,000
2,995,033
3,000,000.00
997,182.00
82,759
-
30,439,409
83,149
4,285,490
200,829
16,793
13,141
874,054
30,924,750
60,996
4,329,748
165,679
22,279
16,921
948,672
$
2,128,848
$
171,387
$
29,899
$
112,349
1,103,846
$
49,660
-
$
-
$
Total
$ 75,669,943
$
75,779,568
$
$
1,957,616
5,626,934
184,795
1,266,106
245,697
31,021,842
1,359,372
5,386,513
296,456
1,294,876
20
30,741,864
1,216,195
49,660
-
39,079,101
40,302,990
912,653
-
82,759
38,968
-
29,899
-
887,195
18,729,878
16,973,769
965,593
19,714,251
14,796,734
912,653
121,727
29,899
36,590,842
35,476,578
29,899
$ 75,669,943
2,128,848
$
171,387
$
20
$
75,779,568
EXHIBIT C
(CONT'D)
CONSOLIDATED SCHOOL DISTRICT 158
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TO THE STATEMENT OF NET ASSETS
JUNE 30, 2012
Total fund balances - governmental funds
$
36,590,842
Amounts reported for governmental activities in the Statement of Net Assets are
different because:
Net capital assets used in governmental activities and included in the Statement
of Net Assets do not require the expenditure of financial resources and, therefore,
are not reported in the governmental funds balance sheet.
Capital Assets
Less: Accumulated Depreciation
$ 209,517,865
(38,449,774)
171,068,091
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 Assets, as follows:
Property tax revenues
(582,093)
Long-term liabilities included in the Statement of Net Assets are not due and
payable in the current period and, therefore, are not reported in the
governmental funds balance sheet.
Deferred charges included in the Statement of Net Assets are not available
to pay for current period expenditures and, therefore, are not included in the
governmental funds balance sheet.
Unamortized Bond Issuance Costs
Unamortized Bond Premium/Discount
(128,049,235)
1,156,988
(13,804,216)
(12,647,228)
Interest on long-term liabilities accrued in the Statement of Net Assets will not
be paid with current financial resources and, therefore, is not recognized in the
governmental funds balance sheet.
Net assets of governmental activities
The accompanying notes to the financial statements are an integral part of this statement.
21
(621,371)
$
65,759,006
(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, 2012
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED JUNE 30, 2011
General
Fund
REVENUES
Property taxes
Corporate personal property
replacement taxes
Interest income
Contributions and donations from
private sources
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
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 &
Governmental Units
Debt Service:
Principal
Interest and other
Services charges, etc.
Capital outlay
On behalf expenditure
Total Expenditures
$
39,619,108
$
6,180,144
346,317
52,243
1,853
149,917
4,541,796
16,480,965
2,513,015
9,646,898
441,011
713,720
-
73,350,259
7,336,728
28,589,993
1,080,128
7,380,818
6,510
10,498
2,528,787
5,608,398
3,199,423
1,474,576
3,264,022
3,313,611
2,650,959
1,211
1,175
3,014,557
Debt
Operations and
Maintenance
Fund
7,970,373
-
Service
Funds
$
Transportation
Fund
9,952,188
21,722
9,973,910
-
$
2,905,202
6,216
69,719
2,656,132
5,637,269
4,252,259
-
178,069
9,646,898
145,000
81,960
808,078
-
10,636,422
1,109,397
4,684
-
840,520
78,362
237,719
-
71,949,633
9,005,411
11,750,503
5,408,860
The accompanying notes to the financial statements are an integral part of this statement.
22
EXHIBIT D
Municipal
Retirement/Social
Security Fund
$
2,227,884
109,564
1,528
2,338,976
Fire
Prevention
and Life
Safety Fund
Capital
Projects
Fund
$
-
$
-
215
-
409,450
600,799
-
-
Total
2012
$ 60,884,526
71
1,010,464
71
2011
$
60,248,600
455,881
83,848
495,561
91,117
559,367
5,653,325
19,850,817
2,513,015
9,646,898
319,592
4,621,379
19,147,658
4,336,832
9,053,711
99,647,677
98,314,450
280,905
156,781
340,005
21,440
-
-
28,870,898
1,236,909
7,720,823
6,510
10,498
2,550,227
29,015,214
1,196,690
7,109,075
3,005
2,721,707
220,764
89,175
36,336
152,450
781,704
105,816
-
-
-
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
6,160,267
2,410,282
1,447,239
3,112,138
3,280,934
4,595,739
7,171,221
1,752,650
9,256
-
-
-
-
3,014,557
3,410,884
-
82,759
-
-
11,621,942
1,352,478
4,684
1,223,866
9,646,898
10,673,384
1,209,509
526,501
9,053,711
82,759
-
100,382,542
94,859,406
2,185,376
23
CONSOLIDATED SCHOOL DISTRICT 158
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2012
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED JUNE 30, 2011
General
Fund
Excess (deficiency) of revenues
over expenditures
$
Other Financing Sources (Uses)
Permanent transfer to Debt Service Fund
Proceeds from capital leases
Premium on bonds sold
Transfer to escrow agent
Proceeds from sale of bonds
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balance, Beginning of Year
Fund Balance, End of Year
$
1,400,626
Debt
Operations and
Maintenance
Fund
$
(1,668,683)
Service
Funds
$
(1,776,593)
Transportation
Fund
$
228,409
(76,883)
171,645
-
34,784
(2,041,500)
3,560,000
362,189
-
124,200
94,762
1,553,284
362,189
124,200
1,495,388
(115,399)
(1,414,404)
18,760,853
656,569
11,658,254
20,256,241
$
541,170
$
10,243,850
The accompanying notes to the financial statements are an integral part of this statement.
24
-
352,609
4,132,693
$
4,485,302
EXHIBIT D
(Cont'd)
Municipal
Retirement/Social
Security Fund
$
153,600
$
-
927,705
(285,306)
153,600
642,399
759,053
(520,672)
$
121,727
71
Total
2012
$
-
-
-
912,653
$
(285,306)
-
-
$
Fire
Prevention
and Life
Safety Fund
Capital
Projects
Fund
$
(734,865)
2011
$
3,455,044
-
295,845
34,784
(2,041,500)
3,560,000
225,198
6,095,000
-
1,849,129
6,320,198
71
1,114,264
9,775,242
29,828
35,476,578
25,701,336
29,899
$ 36,590,842
25
$
35,476,578
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, 2012
Net Change in Fund Balances - total governmental funds (Exhibit D)
$ 1,114,264
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
$ 1,201,286
(5,182,336)
(3,981,050)
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 assets of the District. Also, governmental funds
report the effect of issuance costs, 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 & capital leases
Proceeds from issuance of bonds & capital leases
Proceeds of premium on issuance of bonds
Issuance costs of new debt
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 on bonds
Amortization of bond issuance costs
310,845
13,621,942
(3,855,845)
(34,784)
80,873
9,812,186
1,290,997
(102,682)
1,188,315
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
9,847
Accretion on capital appreciation bonds increase the long-term liabilities in the
Statement of Net Assets 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 assets of governmental activities
The accompanying notes to the financial statements are an integral part of this statement.
26
(8,670,906)
$
(216,499)
EXHIBIT E
CONSOLIDATED SCHOOL DISTRICT 158
STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES
AGENCY FUNDS
JUNE 30, 2012
Agency
Student
Activity
Fund
ASSETS
Cash and investments
$ 848,921
LIABILITIES
Due to student groups
The accompanying notes to the financial statements are an integral part of this statement.
27
$ 848,921
(THIS PAGE INTENTIONALLY LEFT BLANK)
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2012
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. 14 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 assets 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, 2012
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, 2012
and which are normally collected within 60 days of year end. Expenditures are recorded when the
related fund liability is incurred. However, expenditures for unmatured 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, 2012
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, 2012
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, they are recorded as deferred revenues until earned.
D.
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.
31
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2012
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
D.
Budgets and Budgetary Accounting (Cont’d)
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 budget was adopted on September 15, 2012 and was not amended.
E.
Assets, Liabilities and Net Assets or Equity
Deposits and Investments
State statutes authorize the District to invest in obligations of the U.S. Treasury, certain highly-rated
commercial paper, corporate bonds, repurchase agreements, and the State Treasurer’s Investment
Pool. Investments are stated at fair value. Changes in fair value of investments are included as
investment income.
Receivables and Payables
Transactions between funds that are representative of lending/borrowing arrangements outstanding at
the end of the fiscal year are referred to as “due to/from other funds.”
Property Tax Revenues
The District must file its tax levy ordinance by the last Tuesday in December of each year. The District’s
2011 levy ordinance was approved during the December 15, 2011 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).
32
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2012
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
E.
Assets, Liabilities and Net Assets or Equity (Cont’d)
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 2011 and 2010 tax levies were 1.5% and 2.7% 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 2011 property tax levy is recognized as a receivable in fiscal 2012. The District considers that the
first installment of the 2011 levy is to be used to finance operations in fiscal 2012. The District has
determined that the second installment of the 2011 levy is to be used to finance operations in fiscal
2013 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 District.
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, 2012. 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 2002, the District engaged an appraisal company to estimate
historical cost of its capital assets acquired prior to that date.
33
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2012
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
E.
Assets, Liabilities and Net Assets 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.
34
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2012
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
E.
Assets, Liabilities and Net Assets or Equity (Cont’d)
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 $82,319, Operations & Maintenance Fund in the amount of
$7,428 and the Transportation Fund in the amount of $3,693.
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 assets. 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. Bonds payable are reported net of the applicable bond premium or discount. Bond issuance
costs are reported as deferred charges and amortized over the term of the related debt.
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, which was adopted by
the District in the year ended June 30, 2011, governmental fund balances are to be classified into five
major classifications; Nonspendible, Restricted, Committed, Assigned, and Unassigned.
Nonspendible – the nonspendible 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, 2012.
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, 2012,
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, 2012, 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,
2012, expenditures exceeded revenues from federal grants, resulting in no
restricted fund balance.
35
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2012
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
E.
Assets, Liabilities and Net Assets 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 $1,729,957 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, 2012, 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 – STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITYACCOUNTABILITY
Excess of Expenditures over Budget
For the year ended June 30, 2012, expenditures exceeded budget in the Operations and Maintenance Fund by
$2,258,332, in the Debt Service Fund by $429,625, and the Capital Projects Fund by $82,759. The over
expenditures in the Operations and Maintenance Fund, and the Debt Service Fund were covered by existing
fund balances. The amount exceeding budget in the Operations and Maintenance Fund was primarily
attributable to the District’s guaranteed energy savings project. The offset to the expenditures was unbudgeted
revenues approximating the same amount. As for the Capital Projects Fund, no expenditures were budgeted,
but were covered by other sources of revenue.
36
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2012
NOTE 3 – DEPOSITS AND INVESTMENTS
At year end, the District’s cash and investments was comprised of the following:
GovernmentWide
Cash - interest bearing checking
Investment in certificates of deposit
Fiduciary
Total
$ 36,762,045
2,995,033
$
848,921
-
$ 37,610,966
2,995,033
$ 39,757,078
$
848,921
$ 40,605,999
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.
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.
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, 2012, the bank balance of the District’s
deposits with financial institutions totaled $41,585,438 of which $38,590,405 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 $2,995,033 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 4 – CAPITAL ASSETS
Capital asset activity for the District for the year ended June 30, 2012 was as follows:
37
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2012
NOTE 4 – CAPITAL ASSETS (CONT’D)
July 1, 2011
Capital Assets not Being Depreciated:
Land
Construction in progress
Total Capital Assets not Being Depreciated
$ 10,899,723
191,000
11,090,723
Increases
$
-
Decreases
June 30, 2012
$
(191,000)
$ 10,899,723
-
(191,000)
10,899,723
Capital Assets Being Depreciated:
Land improvements
Buildings and improvements
Equipment
Vehicles
12,274,445
176,191,088
3,840,971
4,919,352
290,737
656,681
178,069
266,798
-
12,565,182
176,847,769
4,019,040
5,186,150
Total Capital Assets Being Depreciated
197,225,856
1,392,285
-
198,618,141
Less: Accumulated Depreciation of:
Land improvements
Buildings and improvements
Equipment
Vehicles
1,829,674
26,232,756
2,968,135
2,236,872
248,396
3,530,389
393,001
1,010,550
-
2,078,070
29,763,145
3,361,136
3,247,422
Total Accumulated Depreciation
33,267,437
5,182,336
-
38,449,773
163,958,419
(3,790,051)
-
160,168,368
$ 175,049,142
$ (3,790,051)
Net Capital Assets Being Depreciated
Net Governmental Activities Capital Assets
$ (191,000)
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
$ 1,165,407
113,316
417,035
3,016
8,367
6,683
241,888
189,123
1,010,550
96,480
19,605
1,166
1,909,700
Total depreciation expense Governmental activities
$ 5,182,336
38
$ 171,068,091
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2012
NOTE 5 – CAPITAL LEASES
As of June 30, 2012, the District is obligated under various capital leases for the purchases of school buses and
copier equipment as follows:
On July 11, 2008, the District entered into a capital lease with Sovereign Bank for the purchase of 16
2010 school buses for a total of $1,114,480. The lease calls for (5) periodic payments of $237,720 with
one payment due at time of purchase and four payments due August 18, 2009 through 2012. The
remaining annual payments at June 30, 2012 are:
Due
Date
Payment
Amount
August 18, 2012
Implied
Interest
Principal
$
237,920
$
230,142
$
7,778
$
237,920
$
230,142
$
7,778
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, 2012 are:
Due
Date
Payment
Amount
August 1, 2012
August 1, 2013
August 1, 2014
Implied
Interest
Principal
$
53,911
53,911
53,911
$
41,917
43,656
45,468
$
11,994
10,255
8,443
$
161,733
$
131,041
$
30,692
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, 2012
are:
Due
Payment
Implied
Date
Amount
Principal
Interest
July
July
July
July
25,
25,
25,
25,
2012
2013
2014
2015
$
26,728
26,728
26,728
26,728
$
23,021
23,897
24,805
25,749
$
3,707
2,831
1,923
979
$
106,912
$
97,472
$
9,440
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, 2012 are:
39
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2012
NOTE 5 – CAPITAL LEASES (CONT’D)
Due in
Year Ending
June
June
June
June
June
30,
30,
30,
30,
30,
2013
2014
2015
2016
2017
Payment
Amount
Principal
Interest
$
38,064
38,064
38,064
38,064
25,376
$
31,989
33,339
34,746
36,212
24,986
$
6,075
4,725
3,318
1,852
360
$
177,632
$
161,272
$
16,330
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, 2012.
Beginning
Ending
Due Within
Governmental Activities
Balance
Additions
Reductions
Balance
One Year
General Obligation Bonds
Capital Appreciation Bonds
Debt Certificates
Capital Leases
Unamortized Premiums/Discounts
$ 26,445,000
99,208,401
2,645,000
846,025
15,060,431
$
8,670,906
3,560,000
295,845
34,784
Total Long-Term Liabilities Governmental Activities
$ 144,204,857
$ 12,561,535
$
940,000
9,370,000
2,790,000
521,942
1,290,999
$ 25,505,000
98,509,307
3,415,000
619,928
13,804,216
$ 1,200,000
9,745,000
310,000
327,070
-
$ 14,912,941
$ 141,853,451
$ 11,582,070
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:
Purpose
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
Interest Rates
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
Total
Face Amount
$
6,555,000
5,430,000
3,600,000
3,825,000
6,095,000
1,355,000
2,060,000
37,975,000
18,400,000
61,660,000
31,640,000
27,250,000
458,655
161,272
$ 206,464,927
Unamortized Premiums/Discounts
$ 206,464,927
40
Carrying Amount
$
6,555,000
5,430,000
3,600,000
3,825,000
6,095,000
1,355,000
2,060,000
21,961,038
15,532,147
28,381,345
19,466,375
13,168,401
458,655
161,272
$ 128,049,233
13,804,218
$ 141,853,451
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2012
NOTE 6 – LONG-TERM LIABILITIES (CONT’D)
Annual debt service requirements to maturity for general obligation bonds, debt certificates and capital leases
are as follows for governmental type activities:
Year Ending June 30
Principal
Interest
Total
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
$ 11,582,069
12,125,892
12,910,019
13,511,961
14,339,986
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
$ 1,262,058
1,185,070
1,091,249
1,044,927
1,004,354
955,571
904,081
876,008
831,169
783,441
739,629
700,656
658,971
286,735
$ 12,844,127
13,310,962
14,001,268
14,556,888
15,344,340
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
Total
$ 206,464,927
$ 12,323,919
$ 218,788,846
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 2011 the valuations
were:
McHenry County
Kane County
$ 1,016,908,842
246,968,079
Total equalized assessed valuation
1,263,876,921
Statutory Limitation
13.8%
Statutory Debt Limit, based on 2011 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
$
174,415,015
8,360,054
6,027,056
12,999,409
9,199,649
6,487,588
6,555,000
5,430,000
3,600,000
3,825,000
6,095,000
1,355,000
2,060,000
619,927
Total applicable debt
72,613,683
Legal Debt Margin
$
101,801,332
There are numerous covenants with which the District must comply in regard to these bond issues. As of June
30, 2012, the District was in compliance with all significant bond covenants.
41
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2012
NOTE 7 – DUE TO OTHER GOVERNMENTS
As of June 30, 2012, the District has $296,456 of amounts due to other government units. The amount due is to
the Teacher’s Retirement System for June 2012 withholdings, which were remitted in July, 2012.
NOTE 8 – 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, 2012, the District has recorded an estimated liability for claims incurred but not reported in the amount
of $1,294,876. This represents, based upon its experience, a three month reserve. The liability was recorded in
the Educational Fund $1,162,799, Operations & Maintenance Fund $29,782 and Transportation Fund $102,295.
NOTE 9 – 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 10 – RETIREMENT SYSTEMS
A.
Teachers’ Retirement System of the State of Illinois
The School District (employer) 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 non-annuitants 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, 2012 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
42
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2012
NOTE 10 – RETIREMENT SYSTEMS (CONT’D)
A.
Teachers’ Retirement System of the State of Illinois (Cont’d)
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, 2011 and 2010.
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, 2012, State of Illinois contributions were based
on 24.91 percent of creditable earnings not paid from federal funds, and the District recognized
revenue and expenditures of $9,317,729 in pension contributions that the State of Illinois paid
directly to TRS. For the years ended June 30, 2011 and June 30, 2010, the State of Illinois
contribution rates as percentages of creditable earnings not paid from federal funds were 23.10
percent ($8,721,263) and 23.38 percent ($8,511,103), 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,
2012 were $216,952. Contributions for the years ending June 30, 2011 and June 30, 2010 were
$219,114 and $211,139, respectively.
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, 2012, the employer pension contribution was 24.91 percent of salaries
paid from federal and special trust funds. For the years ended June 30, 2011 and 2010, the
employer contribution was 23.10 and 23.38 percent of salaries paid from federal and special trust
funds, respectively. For the year ended June 30, 2012, salaries totaling $4,178 were paid from
federal and special trust funds that required employer contributions of $1,040. For the years ended
June 30, 2011 and June 30, 2010, required District contributions were $5,508 and $16,566,
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 is 117.5 percent and applies when the member is age 55
at retirement.
For the year ended June 30, 2012, the District paid -$0- to TRS for employer contributions under the
ERO program. For the years ended June 30, 2011 and June 30, 2010, the District paid $23,761 and
-$0- in employer ERO contributions, respectively.
43
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2012
NOTE 10 – RETIREMENT SYSTEMS (CONT’D)
A.
Teachers’ Retirement System of the State of Illinois (Cont’d)
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, 2012, the District paid $5,664 to TRS for employer contributions due
on salary increases in excess of 6 percent. For the years ended June 30, 2011 and June 30, 2010,
the District paid $-0- 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 (17.83 percent of salary during the year ended June 30, 2012).
For the year ended June 30, 2012, the District paid $-0- to TRS for sick leave days granted in
excess of the normal annual allotment. For the years ended June 30, 2011 and June 30, 2010, the
District paid $-0- and $-0- in employer contributions granted for sick leave days, respectively.
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, 2011. The report for the year ended June 30, 2012, is expected to be available in
late 2012.
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 (employer) participates in the Teacher Health Insurance Security (THIS) Fund, a costsharing, multiple-employer defined benefit postemployment healthcare plan that was established by the
Illinois legislature for the benefit of 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.
The Illinois Department of Healthcare and Family Services (HFS) and the Illinois Department of Central
Management Services (CMS) administer the plan with the cooperation of TRS. Effective July 1, 2012,
in accordance with Executive Order 12-01, the plan is administered by CMS with the cooperationo f
TRS. Section 6.6 of the State Employees Group Insurance Act of 1971 requires all active contributors
to the TRS who are not employees of the state to make a contribution to THIS Fund.
44
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2012
NOTE 10 – RETIREMENT SYSTEMS (CONT’D)
B.
THIS Fund Contributions (Cont’d)
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 0.88 percent of pay during the year
ended June 30, 2012. State of Illinois contributions were $329,169, 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,
2011 and June 30, 2010 were 0.88 and 0.84 percent of pay, respectively. State contributions on
behalf of District employees were $332,448 and $305,788, respectively.
Employer Contributions to THIS Fund – The employer (District) also makes contributions to THIS
Fund. The employer THIS Fund contribution was 0.66 percent during the years ended June 30,
2012 and June 30, 2011, and 0.63 percent during the year ended June 30, 2010. For the year
ended June 30, 2012, the District paid $246,877 to the THIS Fund. For the years ended June 30,
2011 and June 30, 2010, the District paid $229,341 and $214,129 to the THIS Fund, respectively,
which was 100 percent of the required contribution.
Further information on THIS Fund
The publicly available financial report of the THIS Fund may be obtained by writing to the Department of
Healthcare and Family Services, 201 S. Grand Ave., Springfield, IL 62763-3838.
C.
Illinois Municipal Retirement Fund
Plan Description. The employer’s (District) 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 on-line 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 contribution rate for calendar year 2011 used by the employer was 9.82
percent of annual covered payroll. The employer annual required contribution rate for calendar year
2011 was 9.82 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. For calendar year ending December 31, 2011, the employer’s actual
contributions for pension cost for the Regular were $917,187. Its required contribution for calendar year
2011 was $917,187.
45
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2012
NOTE 10 – RETIREMENT SYSTEMS (CONT’D)
C.
Illinois Municipal Retirement Fund (Cont’d)
Three-Year Trend Information for the Regular Plan
Ending
12/31/2011
12/31/2010
12/31/2009
Cost (APC)
$
APC Contributed
917,987
903,125
817,264
100%
100%
100%
Obligation
$
-
The required contribution for 2011 was determined as part of the December 31, 2009 actuarial valuation
using the entry age normal actuarial cost method. The actuarial assumptions at December 31, 2009,
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) postretirement 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, 2009 is being amortized as a level percentage of projected payroll on
an open 30 year basis.
Funded Status and Funding Progress. As of December 31, 2011, the most recent actuarial valuation
date, the Regular plan was 78.07 percent funded. The actuarial accrued liability for benefits was
$13,728,803 and the actuarial value of assets was $10,718,166, resulting in an underfunded actuarial
accrued liability (UAAL) of $3,010,637. The covered payroll for calendar year 2011 (annual payroll of
active employees covered by the plan) was $9,348,137 and the ratio of the UAAL to the covered payroll
was 32 percent.
The schedule of funding progress, presented as RSI following the notes to the financial statements,
presents multi-year 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 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, 2012, and the date of
this audit report requiring disclosure in the financial statements.
A non-recognized event occurred on August 6, 2012 when the Capital Development Board of the State of Illinois
awarded the District a construction grant in the amount of $39,417,589 under the School Construction Program.
The grant was for the construction of the addition to Marlowe Middle School, the construction of Heineman
Middle School as well as the construction of Conley and Mackeben Elementary Schools.
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
12/31/11
12/31/10
12/31/09
$
10,718,166
9,614,376
8,790,270
Acturaial Accrued
Liability (AAL)
-- Entry Age
(b)
$
13,728,303
12,222,455
11,008,354
Unfunded
AAL
(UAAL)
(b-a)
$
3,010,637
2,608,079
2,218,084
Funded
Ratio
(a/b)
78.07%
78.66%
79.85%
Covered
Payroll
(c)
$
9,348,137
6,368,520
9,010,633
UAAL as a
Percentage of
Covered Payroll
[(b-a)/c]
32.21%
27.84%
24.62%
On a market value basis, the actuarial value of assets as of December 31, 2011 is $10,322,087 On a market
basis, the funded ratio would be 75.19%.
47
(THIS PAGE INTENTIONALLY LEFT BLANK)
SCHEDULE 1
CONSOLIDATED SCHOOL DISTRICT 158
COMBINING BALANCE SHEET- GENERAL FUND
JUNE 30, 2012
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
Prepaid items
$
17,994,035
$
3,000,000
2,995,033
LIABILITIES AND FUND BALANCE
Accounts payable
Salaries and wages payable
Due to other governments
Health insurance payable
Other current liabilities
Deferred revenues
1,883,187
$
983,093
5,375,392
184,107
1,162,799
20
20,286,955
$
153,230
$
48
$ 48,401,837
$
Total Fund Balance
Total Liabilities and Fund Balance
19,938,557
83,149
2,183,027
181,800
16,793
13,141
269,331
46,518,650
FUND BALANCE
Non Spendable
Restricted
Unassigned
3,000,000
2,995,033
156,216
-
$
Total Liabilities
$ 19,721,006
-
19,782,341
83,149
2,183,027
181,800
16,793
13,141
269,331
Total Assets
1,726,971
TOTAL
GENERAL
FUND
$
983,093
5,375,392
184,107
1,162,799
20
20,440,185
27,992,366
153,230
28,145,596
282,472
3,000,000
15,243,812
1,729,957
282,472
3,000,000
16,973,769
18,526,284
1,729,957
20,256,241
1,883,187
$ 48,401,837
46,518,650
$
SCHEDULE 2
CONSOLIDATED SCHOOL DISTRICT 158
COMBINING SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - GENERAL FUND
FOR THE YEAR ENDED JUNE 30, 2012
ORIGINAL AND
FINAL BUDGET
REVENUES:
Local sources
State sources
On-behalf revenues
Federal sources
$
44,839,092
14,665,619
8,665,763
2,520,289
EDUCATIONAL
ACCOUNT
$
44,396,483
16,480,965
9,646,898
2,513,015
WORKING
CASH
ACCOUNT
$
312,898
-
TOTAL
GENERAL
FUND
$
Total Revenues Received
70,690,763
73,037,361
EXPENDITURES:
Current:
Instruction
Support services
Community services
Payments to other districts and government units
Debt service
On-behalf expenditures
Capital outlay
39,252,433
20,019,838
400
2,856,510
67,927
8,665,763
11,575
39,596,734
19,512,200
1,175
3,014,557
9,646,898
178,069
-
39,596,734
19,512,200
1,175
3,014,557
9,646,898
178,069
Total Expenditures Disbursed
70,874,446
71,949,633
-
71,949,633
EXCESS (DEFICIENCY) OF REVENUES RECEIVED
OVER EXPENDITURES
(183,683)
1,087,728
312,898
44,709,381
16,480,965
9,646,898
2,513,015
73,350,259
312,898
1,400,626
OTHER FINANCING SOURCES (USES)
Transfer to Debt Service
Proceeds from capital leases
-
(76,883)
171,645
-
(76,883)
171,645
TOTAL OTHER FINANCING SOURCES (USES)
-
94,762
-
94,762
NET CHANGES IN FUND BALANCE
(183,683)
FUND BALANCE AT JULY 1, 2011
FUND BALANCE AT JUNE 30, 2012
15,865,278
$
15,681,595
49
$
1,182,490
312,898
1,495,388
17,343,794
1,417,059
18,760,853
18,526,284
$ 1,729,957
$
20,256,241
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, 2012
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2011
2012
2011
Original &
Final Budget
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 LEA's
Interest income
Sales to pupils - lunch
Sales to pupils - milk
Sales to adults
Other food service
Admissions - athletic
Book store sales
Vending machines
Other pupil activity revenue
Rentals - regular textbook
Rentals
Contributions
Refund of prior years' expenditures
Drivers' education fees
Other
$
Total From 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 - Secondary Program Improvement (CTEI)
Bilingual education - downstate - TPI
State free lunch & breakfast
School breakfast initiative
Drivers education
Early childhood - block grant
State library grant
National Board Certification Initiatives
Art Education and Foreign Language
Other
Total From State Sources
50
39,538,523
Actual
$
39,309,911
Actual
$
38,452,103
383,546
11,753
2,955
65,336
46,890
2,575,998
126,966
40,140
26,727
53,831
146,529
1,408,205
14,585
1,858
47,717
35,680
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
369,831
1,922
815
51,350
29,554
57,820
2,230,064
68,691
35,415
17,018
63,479
2
236,022
1,355,850
16,671
43,702
44,322
17,952
44,527,239
44,396,483
43,092,583
12,479,473
316,451
551,980
866,076
10,017
157
20,848
22,991
95,173
2,330
46,690
246,840
6,593
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
-
12,600,375
725,834
1,136,536
1,702,799
37,330
33,584
44,069
64,780
12,032
74
69,921
296,168
6,375
5,915
97,681
-
14,665,619
16,480,965
16,833,473
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, 2012
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2011
2012
2011
Original &
Final Budget
Revenues (Cont'd)
Federal Sources
National school lunch program
School breakfast program
Food service - commodities
Title I - Low income
Federal - special education - IDEA flow-through low incident
Federal - special education - IDEA Room & Board
VE - Perkins - Title IIIE- tech. prep.
ARRA - I.D.E.A. Part B Preschool Flow Through
ARRA - I.D.E.A. Flow Through
ARRA - Title l - School Improvement
ARRA - Educational Jobs Fund Program
Title III - English language acquisition
Title II - teacher quality
Medicaid matching funds administrative outreach
Medicaid matching funds fee-for-service program
$
Total From 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
51
582,000
2,344
57,954
Actual
$
560,851
7,780
223,927
71,888
Actual
$
562,513
7,561
199,372
71,108
1,148,036
998,994
1,101,064
52,780
13,499
28,050
35,626
107,334
7,641
17,176
35,530
33,386
71,629
6,940
38,464
327,007
11,125
1,142,676
44,850
44,091
100,000
105,046
155,585
500,000
343,462
552,847
2,520,289
2,513,015
4,336,832
8,665,763
9,646,898
9,053,711
70,378,910
73,037,361
73,316,599
23,301,110
3,924,963
214,620
459,450
5,623
2,000
23,921,817
3,921,584
236,748
444,300
2,247
63,297
24,378,749
3,667,533
171,403
454,511
30,890
27,555
27,907,766
28,589,993
28,730,641
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, 2012
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2011
2012
2011
Original &
Final Budget
Expenditures (Cont'd)
Instruction (Cont'd)
Pre-K Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Other objects
Non-Capitalized equipment
$
Total
Special Education Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Other objects
Non-Capitalized equipment
Total
Special Education Programs-Pre-K
Supplies and materials
Total
Remedial and Supplemental Programs K-12
Salaries
Employee benefits
Supplies and materials
Total
Vocational Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital Outlay
Total
52
1,002,311
127,724
11,414
34,580
-
Actual
$
875,789
135,485
15,279
17,951
35,624
Actual
$
881,903
149,188
10,153
5,119
-
1,176,029
1,080,128
1,046,363
5,759,267
876,717
77,164
810,072
-
5,856,244
923,669
404,826
113,225
6,424
82,854
5,634,339
824,195
54,175
262,502
7,755
2,379
-
7,523,220
7,387,242
6,785,345
3,067
6,510
3,005
3,067
6,510
3,005
-
7,998
1,992
508
-
-
10,498
-
342,922
50,853
47,342
24,536
6,325
345,936
56,690
54,466
23,068
-
344,941
49,891
50,877
24,383
-
471,978
480,160
470,092
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, 2012
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2011
2012
2011
Original &
Final Budget
Expenditures (Cont'd)
Instruction (Cont'd)
Interscholastic Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Other objects
$
Total
Summer School
Salaries
Employee benefits
Supplies and materials
Total
Gifted Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Other objects
Total
Driver's Educations Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Total
Bilingual Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Non-Capitalized equipment
Total
Total Instruction
53
689,003
33,526
121,411
114,896
29,100
Actual
$
817,024
25,011
83,893
113,424
30,230
Actual
$
734,092
23,718
88,609
102,865
27,058
987,936
1,069,582
976,342
190,241
4,545
55,326
195,653
133
38,440
195,661
2,581
71,049
250,112
234,226
269,291
108,480
25,229
10,726
2,000
2,000
62,392
24,694
1,701
142
1,468
109,644
23,696
3,490
129
1,622
148,435
90,397
138,581
85,591
7,570
3,263
11,375
105,596
8,186
3,017
8,405
105,708
7,546
2,705
8,811
107,799
125,204
124,770
595,935
70,724
4,157
4,600
7,000
422,665
77,006
3,888
25,659
-
563,319
71,142
3,785
66,921
13,197
682,416
529,218
718,364
39,258,758
39,603,158
39,262,794
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, 2012
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2011
2012
2011
Original &
Final Budget
Expenditures (Cont'd)
Support Services
Pupils
Attendance and social work services
Salaries
Employee benefits
Purchased services
Supplies and materials
Other objects
$
Total
Guidance Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Total
Health services
Salaries
Employee benefits
Purchased services
Supplies and materials
Total
Pupils
Psychological Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Total
Speech Pathology and Audiology Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Total
54
844,458
123,730
6,972
7,410
500
Actual
$
912,248
136,216
6,158
5,511
-
Actual
$
837,177
118,892
6,218
7,329
12
983,070
1,060,133
969,628
604,804
71,952
5,316
4,525
634,274
83,035
5,094
3,816
627,380
73,108
4,909
3,559
686,597
726,219
708,956
1,058,131
145,092
174,032
31,500
979,743
136,277
126,312
30,539
1,182,195
129,196
202,347
23,378
1,408,755
1,272,871
1,537,116
552,005
72,244
24,394
4,000
620,939
83,191
50,345
4,841
639,001
74,584
24,690
3,863
652,643
759,316
742,138
1,195,451
109,003
34,945
4,000
1,129,401
126,798
91,577
3,620
1,111,140
110,341
36,717
15,710
1,343,399
1,351,396
1,273,908
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, 2012
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2011
2012
2011
Original &
Final Budget
Expenditures (Cont'd)
Support Services (Cont'd)
Other Support Services
Salaries
Employee benefits
Purchased services
$
Total
Total Pupils
Instructional Staff
Improvement of Instruction Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Other objects
Total
Educational Media Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Non-Capitalized equipment
Total
Assessment and Testing
Purchased services
Supplies and materials
Total
Total Instructional Staff
General Administration
Board of Education Services
Employee benefits
Purchased services
Supplies and materials
Other objects
Total
55
576,069
3,277
4,704
Actual
$
425,723
12,740
Actual
$
697,349
4,344
-
584,050
438,463
701,693
5,658,514
5,608,398
5,933,439
570,049
76,068
226,146
1,273,461
3,000
285,242
68,997
115,251
1,357,556
700
254,467
70,906
310,305
350,146
-
2,148,724
1,827,746
985,824
833,752
119,117
13,680
116,524
-
1,001,225
124,116
10,150
120,032
-
827,081
111,578
156
281,811
3,660
1,083,073
1,255,523
1,224,286
250,000
-
115,424
730
129,462
729
250,000
116,154
130,191
3,481,797
3,199,423
2,340,301
160,000
560,021
4,015
31,606
100,177
696,892
2,288
36,537
174,410
561,793
1,685
33,578
755,642
835,894
771,466
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, 2012
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2011
2012
2011
Original &
Final Budget
Expenditures (Cont'd)
Support Services (Cont'd)
Executive Administration Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Other objects
$
Total
535,362
107,035
11,172
6,318
9,651
Actual
$
515,105
101,349
10,077
2,863
9,288
Actual
$
513,008
96,275
20,363
2,989
7,601
669,538
638,682
640,236
1,425,180
1,474,576
1,411,702
2,417,259
586,469
26,111
115,866
250
4,729
2,446,380
547,800
27,009
239,775
3,058
2,267,601
522,497
22,504
145,719
6,006
Total
3,150,684
3,264,022
2,964,327
Total School Administration
3,150,684
3,264,022
2,964,327
133,793
19,375
1,222
137,015
24,211
1,171
129,688
31,523
1,128
154,390
162,397
162,339
321,739
52,815
301,939
7,200
2,500
342,238
48,965
348,752
3,782
3,598
318,898
45,293
111,331
204,630
4,458
686,193
747,335
684,610
Total General Administration
School Administration
Office of the Principal Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Other objects
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
56
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, 2012
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2011
2012
2011
Original &
Final Budget
Expenditures (Cont'd)
Support Services (Cont'd)
Business (Cont'd)
Operation & Maintenance of Plant Services
Purchased services
$
Total
-
Actual
$
Actual
-
$
6,035
-
-
6,035
5,448
9,847
7,600
5,448
9,847
7,600
711,013
132,756
54,237
1,557,085
5,000
3,898
711,038
126,231
56,485
1,496,616
3,662
667,560
124,052
49,497
1,411,940
3,537
Total
2,463,989
2,394,032
2,256,586
Total Business
3,310,020
3,313,611
3,117,170
31,539
9,286
93,644
720
31,539
8,609
79,654
391
30,925
7,963
119,664
224
135,189
120,193
158,776
347,786
63,453
16,294
9,956
788
-
233,045
59,625
15,065
8,784
765
1,868
237,935
56,148
14,456
6,682
402
-
438,277
319,152
315,623
Pupil Transportation Services
Purchased services
Total
Food Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Other objects
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
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, 2012
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2011
2012
2011
Original &
Final Budget
Expenditures (Cont'd)
Support Services (Cont'd)
Data Processing Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Other objects
$
516,239
65,477
406,096
1,292,970
233
Actual
$
Actual
518,976
65,617
377,456
1,243,911
171,645
5,654
$
482,664
69,330
286,097
342,855
4,623
Total
2,281,015
2,383,259
1,185,569
Total Central
2,854,481
2,822,604
1,659,968
Other Supporting Services
Purchased services
Supplies and materials
10,000
134,412
9,391
(8,180)
3,485
5,771
144,412
1,211
9,256
Total Support Services
20,025,088
19,683,845
17,436,163
Community Services
Purchased services
Supplies and materials
400
755
420
-
400
1,175
-
15,930
27,139
39,001
15,930
27,139
39,001
932,044
1,362,803
545,733
829,616
1,631,477
526,325
1,161,321
1,489,109
717,989
2,840,580
2,987,418
3,368,419
Total
Total Community Services
Payments to Other Districts & Governmental Units
Payments for Regular Programs
Tuition
Total
Payments for Special Education Programs
Purchased services
Tuition
Other objects
Total
Payments for CTE Programs
Capital outlay
Non-Capitalized equipment
Total
58
-
-
5,380
3,464
-
-
8,844
SCHEDULE 3
(Page 10)
CONSOLIDATED SCHOOL DISTRICT 158
EDUCATIONAL ACCOUNT
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2012
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2011
2012
2011
Original &
Final Budget
Total Payments to Other Districts
& Governmental Units
$
Debt Services
Debt service - interest
2,856,510
Actual
$
Actual
3,014,557
$
3,416,264
67,927
-
-
Total
67,927
-
-
Total Debt Services
67,927
-
-
On-behalf expenditure
8,665,763
9,646,898
9,053,711
Total Expenditures
70,874,446
71,949,633
69,168,932
1,087,728
4,147,667
Excess (Deficiency) of Revenues Over
Expenditures
(495,536)
Other Financing Sources (Uses)
Permanent transfer to Debt Service Fund
Proceeds from capital leases
-
(76,883)
171,645
(67,526)
-
Total Other Financing Sources (Uses)
-
94,762
(67,526)
Net Change in Fund Balances
$
(495,536)
Fund Balance - Beginning of Year
Fund Balance - End of Year
$
59
1,182,490
4,080,141
17,343,794
13,263,653
18,526,284
$
17,343,794
SCHEDULE 4
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, 2012
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2011
2012
2011
Original &
Final Budget
Revenues
Local Sources
General levy
Interest income
Rentals
Insurance reimbursements
Other
$
Total Local Sources
6,173,226
7,321
208,481
36,180
6,425,208
State Sources
DECO Energy Efficiency Grant
Total State Sources
Total Revenues
Actual
$
6,180,144
1,853
211,544
171,525
57,942
6,623,008
Actual
$
6,037,669
3,764
218,653
63,355
61,484
6,384,925
-
713,720
-
-
713,720
-
6,425,208
7,336,728
6,384,925
1,032,062
141,468
3,368,186
1,719,768
328,342
1,261
-
982,403
137,064
5,194,999
1,632,946
808,078
2,519
20,442
922,702
137,407
4,113,634
1,850,145
175,038
1,205
-
Total
6,591,087
8,778,451
7,200,131
Total Business
6,591,087
8,778,451
7,200,131
Total Support Services
6,591,087
8,778,451
7,200,131
156,000
-
145,000
1,087
80,873
-
156,000
226,960
-
6,747,087
9,005,411
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
Debt Service:
Principal
Interest
Service charges, etc
Total Debt Services
Total Expenditures
Excess (Deficiency) of Revenues
Over Expenditures
(321,879)
60
(1,668,683)
7,200,131
(815,206)
SCHEDULE 4
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, 2012
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2011
Other Financing Sources (Uses)
Proceeds from sale of debt certificates
Premium on debt certificates sold
Transfer to Escrow Agent
$
Total Other Financing Sources (Uses)
-
$ 3,560,000
34,784
(2,041,500)
-
Net Change in Fund Balances
$
$
1,553,284
(321,879)
-
(115,399)
Fund Balance - Beginning of Year
(815,206)
656,569
Fund Balance - End of Year
$
61
541,170
-
1,471,775
$
656,569
SCHEDULE 5
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, 2012
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2011
2012
2011
Original &
Final Budget
Revenues
Local Sources
General levy
Interest income
$ 10,467,830
12,468
Actual
$
Actual
9,952,188
21,722
$ 10,482,214
18,597
Total Local Sources
10,480,298
9,973,910
10,500,811
Total Revenues
10,480,298
9,973,910
10,500,811
Expenditures
Debt Service:
Interest
Principal
Service charges, etc
990,870
10,310,000
20,000
1,109,397
10,636,422
4,684
798,713
9,846,350
99,456
Total Debt Services
11,320,870
11,750,503
10,744,519
Total Expenditures
11,320,870
11,750,503
10,744,519
Excess (Deficiency) of Revenues
Over Expenditures
(840,572)
Other Financing Sources:
Permanent transfer to Debt Service Fund
Proceeds from sale of bonds
Total Other Financing Sources
Net Change in Fund Balances
$
Fund Balance - Beginning of Year
Fund Balance - End of Year
62
(1,776,593)
(243,708)
-
362,189
-
367,642
6,095,000
-
362,189
6,462,642
(840,572)
(1,414,404)
6,218,934
11,658,254
5,439,320
$ 10,243,850
$ 11,658,254
SCHEDULE 6
CONSOLIDATED SCHOOL DISTRICT 158
TRANSPORTATION FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2012
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2011
2012
Original &
Final Budget
Revenues
Local Sources
General levy
Regular transportation fees from
pupils or parents
Summer school transportation fees
from pupils or parents
Interest income
$
2,901,940
2011
Actual
$
2,905,202
Actual
$
2,837,192
64,689
66,655
60,797
1,953
5,417
3,064
6,216
4,261
6,351
2,973,999
2,981,137
2,908,601
728,349
509,503
1,637,128
1,019,004
1,387,155
927,030
Total State Sources
1,237,852
2,656,132
2,314,185
Total Revenues
4,211,851
5,637,269
5,222,786
2,494,801
961,938
1,113,547
616,670
4,727
2,481,315
438,612
588,875
738,705
237,719
4,752
2,536,759
507,930
404,488
724,247
225,198
6,316
Total
5,191,683
4,489,978
4,404,938
Total Business
5,191,683
4,489,978
4,404,938
Total Support Services
5,191,683
4,489,978
4,404,938
Debt Service:
Capital lease - principal
Bond - principal
Bond - interest
369,600
15,338
511,570
328,950
78,362
940,164
118,235
Total Debt Services
384,938
918,882
1,058,399
5,576,621
5,408,860
5,463,337
Total Local Sources
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
Total Expenditures
63
SCHEDULE 6
(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, 2012
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2011
2012
Original &
Final Budget
Excess (Deficiency) of Revenues
Over Expenditures
$
Other Financing Sources
Proceeds from capital leases
(1,364,770)
Actual
$
-
Net Change in Fund Balances
$
2011
(1,364,770)
Fund Balance - Beginning of Year
228,409
Actual
$
124,200
225,198
352,609
(15,353)
4,132,693
Fund Balance - End of Year
$
64
(240,551)
4,485,302
4,148,046
$
4,132,693
SCHEDULE 7
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, 2012
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2011
2012
2011
Original &
Final Budget
Revenues
Local Sources
IMRF levy
Social security/medicare levy
Corporate personal property
replacement taxes
Interest income
$
1,071,419
1,071,419
Actual
$
1,113,942
1,113,942
Actual
$
1,068,659
1,068,658
111,454
2,541
109,564
1,528
125,730
1,313
Total Local Sources
2,256,833
2,338,976
2,264,360
Total Revenues
2,256,833
2,338,976
2,264,360
372,831
66,348
358,804
4,757
11,859
2,976
1,639
1,273
7,632
280,905
156,781
340,005
5,248
6,004
1,013
915
1,716
6,544
284,573
150,327
331,485
4,967
6,092
2,150
1,471
1,741
7,846
828,119
799,131
790,652
24,959
9,173
143,828
8,370
27,078
34,991
23,987
8,992
136,463
8,887
22,438
19,997
23,879
8,825
136,085
8,882
21,608
27,549
248,399
220,764
226,828
2,969
69,050
3,583
85,592
2,772
67,209
72,019
89,175
69,981
Expenditures
Instruction
Regular programs
Pre-K
Special education programs
Vocational 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 - pupils
Total Pupils
Instructional staff
Improvement of instructional staff
Educational media services
Total Instructional Staff
65
SCHEDULE 7
(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, 2012
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2011
2012
2011
Original &
Final Budget
Expenditures (Continued)
Support Services (Continued)
General Administration
Executive administration services
$
38,101
Actual
$
36,336
Actual
$
35,537
Total General Administration
38,101
36,336
35,537
School Administration
Office of the principal services
160,428
152,450
147,811
Total School Administration
160,428
152,450
147,811
29,777
57,804
173,669
450,454
120,147
22,440
58,658
167,602
420,545
112,459
12,758
54,349
146,128
415,999
96,657
831,851
781,704
725,891
5,453
30,485
77,889
5,324
25,196
75,296
5,139
25,982
61,562
113,827
105,816
92,682
Total Support Services
1,464,625
1,386,245
1,298,730
Total Expenditures
2,292,744
2,185,376
2,089,382
(35,911)
153,600
174,978
(35,911)
153,600
174,978
759,053
584,075
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
Excess (Deficiency) of Revenues
Over Expenditures
Net Change in Fund Balances
$
Fund Balance - Beginning of Year
Fund Balance - End of Year
$
66
912,653
$
759,053
SCHEDULE 8
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, 2012
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2011
2012
2011
Original &
Final Budget
Revenues
Local Sources
Interest income
Contributions and donations
from private sources
Miscellaneous income
$
25
Actual
$
Actual
215
$
10
215,916
-
409,450
600,799
319,592
-
Total Local Sources
215,941
1,010,464
319,602
Total Revenues
215,941
1,010,464
319,602
Expenditures
Debt Services
Debt service - Interest
-
82,759
193,105
Total Debt Services
-
82,759
193,105
Total Expenditures
-
82,759
193,105
215,941
927,705
126,497
(248,519)
(285,306)
-
(300,116)
-
(248,519)
(285,306)
(300,116)
(32,578)
642,399
(173,619)
(520,672)
(347,053)
Excess (Deficiency) of Revenues
Over Expenditures
Other Financing (Uses):
Permanent transfer to Debt Service Fund
Other
Total Other Financing (Uses)
Net Change in Fund Balances
$
Fund Balance - Beginning of Year
Fund Balance - End of Year
$
67
121,727
$
(520,672)
SCHEDULE 9
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, 2012
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2011
2012
Original &
Final Budget
Revenues
Local Sources
General levy
Interest income
$
308,853
3,000
2011
Actual
$
Actual
309,197
3,701
$
302,105
3,186
Total Local Sources
311,853
312,898
305,291
Total Revenues
311,853
312,898
305,291
Expenditures
Total Expenditures
-
Net Change in Fund Balances
$
Fund Balance - Beginning of Year
Fund Balance - End of Year
311,853
312,898
305,291
1,417,059
1,111,768
$ 1,729,957
68
-
$
1,417,059
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, 2012
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2011
2012
2011
Original &
Final Budget
Revenues
Local Sources
Interest income
$
300
Actual
Actual
$
71
$
76
Total Local Sources
300
71
76
Total Revenues
300
71
76
Expenditures
Total Expenditures
-
Excess (Deficiency) of Revenues
over Expenditures
Net Change in Fund Balance
$
-
300
71
76
300
71
76
29,828
29,752
Fund Balance - Beginning of Year
Fund Balance - End of Year
$
69
-
29,899
$
29,828
SCHEDULE 11
CONSOLIDATED SCHOOL DISTRICT 158
AGENCY FUND
SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED 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
Transportation 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
BALANCE
JUNE 30, 2011
$
1,588
1,018
14,489
1,412
2,271
228
4,686
64
30
401
154
5,229
39,000
2,331
957
155
369
52,394
1,714
9,487
1,228
4,137
173
5,449
5,433
5,073
4,875
2,214
5,537
1,064
5,179
618
951
16,367
925
131
889
2,253
448
90
4,250
2,595
263
65
267
476
70
ADDITIONS
$
4,665
2,474
6,007
1,393
(24)
15,581
1,028
(155)
71,929
5,775
786
56
2,582
50
5,076
6,456
2,159
6,459
3,695
6,442
1,226
10,441
142
2,655
92,690
1,658
1,781
5,208
21,845
762
1,276
4,450
1,320
60,579
DELETIONS
$
4,838
616
9,523
317
16,077
1,500
49
57,381
4,194
108
395
539
4,565
4,218
1,780
6,856
3,321
7,036
930
10,766
3,325
84,952
1,153
1,821
5,316
20,891
628
1,318
4,335
1,371
59,061
BALANCE
JUNE 30, 2012
$
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
4,478
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
SCHEDULE 11
(Page 2)
CONSOLIDATED SCHOOL DISTRICT 158
AGENCY FUND
SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED 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
Music Camps (District-wide)
Pre-K Fieldtrips
ESL
Preschool
Chesak Assemblies
Chesak Photo
Chesak Pop
Chesak Recycle
Chesak Yearbook
Chesak Sunshine
Chesak Field Trips
Chesak Library
Chesak Market Day
Chesak Grant Funds
Chesak In & Out
Leggee Photo
Leggee Pop
Leggee Recycle
Leggee Art
Leggee Field Trips
Leggee Library
Leggee Yearbook
Leggee In & Out
BALANCE
JUNE 30, 2011
$
6,837
325
368
684
1,325
215
1,201
1,304
630
4,530
760
7,368
820
712
1,587
20
503
468
4,683
7,477
1,096
3,778
61
150
27
10,993
127
23,320
693
449
1,861
0
1,644
2,258
1,027
21
462
4,203
551
8,052
703
12,090
7,379
4,304
10,138
71
ADDITIONS
$
4,050
3,597
436
385
680
897
805
1,342
12
8,823
41,108
6,076
1,194
55
1,121
1,376
1,075
2,318
5
7,661
14,522
7,515
6,968
6,175
4,339
(127)
7,661
1,333
202
9,229
5,978
5,123
6,135
3,688
(21)
3,027
10,755
1,391
11,636
21,415
863
39,810
DELETIONS
$
4,061
3,309
75
583
881
1,786
227
1,103
85
7,898
40,645
7,393
756
296
102
133
1,090
2,558
184
8,511
19,646
6,221
8,791
5,624
3,864
8,130
1,434
10,456
(30)
5,244
8,393
2,202
2,830
14,642
1,519
1,869
396
19,713
20,923
1,608
49,948
BALANCE
JUNE 30, 2012
$
6,826
613
729
486
1,124
215
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
0
22,851
593
651
634
6,008
1,523
2,513
658
316
423
6,183
307
4,013
7,871
3,560
-
SCHEDULE 11
(Page 3)
CONSOLIDATED SCHOOL DISTRICT 158
AGENCY FUND
SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED JUNE 30, 2012
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
HS Dean Activity
FFA
NHS
Co-Op
BALANCE
JUNE 30, 2011
$
4,105
4,337
3,974
8,236
1,198
1,087
8,708
4,537
926
216
788
200
43
3,319
225
1,442
4,236
5,913
3,044
966
120
7
652
26,072
100
1,729
2,825
2,645
24,932
359
9,991
735
28
359
615
1,794
10,998
3,393
3,370
1,948
1,873
7,406
534
334
5,591
72
ADDITIONS
$
6,426
11,532
4,140
9,093
3,716
205
80,392
3,680
3,505
3,275
79
1,212
1,383
30,172
1,044
4,768
48,453
9,713
7,704
280
967
103
110,251
780
970
9,431
17,340
99,200
1,749
30,225
12,661
1,430
5,368
575
4,269
14,339
43,091
8,456
2,389
13,905
100
4,845
DELETIONS
$
7,240
15,869
8,114
5,344
3,721
218
69,293
7,010
3,397
2,623
1,140
1,447
22,430
688
5,508
50,272
8,273
6,460
940
118,439
612
1,123
7,617
18,242
89,947
1,137
35,031
8,563
1,181
3,979
917
2,883
21,787
36,734
8,945
3,611
13,638
418
2,509
BALANCE
JUNE 30, 2012
$
3,291
0
0
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
7,673
534
16
7,926
SCHEDULE 11
(Page 4)
CONSOLIDATED SCHOOL DISTRICT 158
AGENCY FUND
SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED JUNE 30, 2012
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
HS Swimming
HS Fishing Club
HS Science Club
HS Psychology Club
HS Horticulture Club
BALANCE
JUNE 30, 2011
$
6,205
9,072
11,917
604
7,542
3,439
13,880
17,101
8,280
757
2,146
2,507
119
180
22
175
9,902
1,834
21,498
30,146
3,577
3,183
11,197
3,007
112
3,535
860
258
59
21,755
5,176
6,891
196
224
1,131
4,144
109
2
8,979
374
554
110
286
3,335
180
73
ADDITIONS
$
16,580
13,130
24,401
5,011
7,666
15,693
30,918
33,254
89,448
10,895
3,689
26,220
7,808
323
19,951
22,132
30,091
81,447
1,473
2,326
24,014
5,482
3,819
3,945
1,558
73,672
6,043
(143)
20,427
490
1,632
7,782
682
5,228
1,375
3,207
910
360
DELETIONS
$
15,005
20,313
24,176
5,165
7,587
13,576
29,927
30,841
69,574
7,230
2,574
25,818
4,855
345
20,630
19,763
26,190
85,849
2,096
4,879
28,945
4,304
3,929
4,595
1,256
70,009
3,160
115
21,193
462
1,545
16,439
314
30
4,725
1,344
3,452
3,299
-
BALANCE
JUNE 30, 2012
$
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
1,057
141
41
945
540
SCHEDULE 11
(Page 5)
CONSOLIDATED SCHOOL DISTRICT 158
AGENCY FUND
SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED JUNE 30, 2012
HS Graduation Ceremony
Class of 2011
Class of 2012 Seniors
Class of 2013 Juniors
Class of 2014 Sophomores
Class of 2015 Freshman
Class of 2016 8th Grade
Class of 2017 7th Grade
Class of 2018 6th 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
BALANCE
JUNE 30, 2011
$
(10,000)
506
17,111
1,345
3,896
3,524
603
5,715
7,903
2,411
1,036
1,634
12,367
2,786
3,494
3,848
196
ADDITIONS
$
26,283
139
(13,125)
78,182
2,137
2,646
1,057
73
12,817
950
31
2,045
367
10,582
16,325
2,766
12,716
6,401
DELETIONS
$
16,283
646
2,977
66,033
1,673
1,613
1,057
9,080
1,662
1,121
1,946
9,985
15,146
2,635
11,642
5,110
BALANCE
JUNE 30, 2012
$
0
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
Grand Total
$
$
$
$
796,977
74
1,977,638
1,925,694
848,921
SCHEDULE 12
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2005 GENERAL OBLIGATION REFUNDING BONDS
JUNE 30, 2012
YEAR ENDING JUNE 30,
PRINCIPAL
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
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
INTEREST
$
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
327,750
$
6,555,000
$
4,260,750
TOTAL
$
327,750
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
$ 10,815,750
SCHEDULE 13
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2006B GENERAL OBLIGATION BONDS
JUNE 30, 2012
YEAR ENDING JUNE 30,
PRINCIPAL
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
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%-4.45%
76
INTEREST
TOTAL
$
660,000
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
$
221,655
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
$
881,655
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
$
5,430,000
$
1,308,852
$
6,738,852
SCHEDULE 14
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2000 CAPITAL APPRECIATION SCHOOL BUILDING BONDS
JUNE 30, 2012
ORIGINAL
PRINCIPAL
YEAR ENDING JUNE 30,
2016
2017
2018
2019
2020
Amount of Original Issue
Date of Issue
Paying Agent
Principal Payment Date
Interest Payment Date
Interest Rates
ACCRETION
TO DATE
CURRENTLY
PAYABLE
$
1,072,680
1,842,675
1,783,759
1,866,200
1,794,740
$
1,745,176
2,997,765
2,902,087
3,036,131
2,919,825
$
2,817,856
4,840,440
4,685,846
4,902,331
4,714,565
$
8,360,054
$ 13,600,984
$
21,961,038
$
9,000,000
December 1, 2000
LaSalle Bank
January 1
January 1
None - Capital Appreciation Bonds
77
FUTURE
ACCRETION
$
1,182,144
2,659,560
3,239,154
4,147,669
4,785,435
$ 16,013,962
TOTAL
$
4,000,000
7,500,000
7,925,000
9,050,000
9,500,000
$ 37,975,000
SCHEDULE 15
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2001 CAPITAL APPRECIATION SCHOOL BUILDING BONDS
JUNE 30, 2012
ORIGINAL
PRINCIPAL
YEAR ENDING JUNE 30,
2013
2014
2015
2016
Amount of Original Issue
Date of Issue
Paying Agent
Principal Payment Date
Interest Payment Date
Interest Rates
ACCRETION
TO DATE
CURRENTLY
PAYABLE
FUTURE
ACCRETION
TOTAL
$
1,597,914
1,567,135
2,035,478
826,529
$
2,544,017
2,495,067
3,240,757
1,225,250
$
4,141,931
4,062,202
5,276,235
2,051,779
$
183,069
562,798
1,273,765
848,221
$
$
6,027,056
$
9,505,091
$
15,532,147
$
2,867,853
$ 18,400,000
$
11,999,846
December 1, 2001
LaSalle Bank
January 1
January 1
None - Capital Appreciation Bonds
78
4,325,000
4,625,000
6,550,000
2,900,000
SCHEDULE 16
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2003 CAPITAL APPRECIATION SCHOOL BUILDING BONDS
JUNE 30, 2012
ORIGINAL
PRINCIPAL
YEAR ENDING JUNE 30,
2018
2019
2020
2021
2022
2023
Amount of Original Issue
Date of Issue
Paying Agent
Principal Payment Date
Interest Payment Date
Interest Rates
$
1,656,941
1,595,214
1,534,402
3,525,630
3,408,114
1,279,108
$
12,999,409
ACCRETION
TO DATE
$
CURRENTLY
PAYABLE
FUTURE
ACCRETION
TOTAL
1,960,623
1,887,592
1,815,565
4,171,970
4,032,601
1,513,585
$
3,617,564
3,482,806
3,349,967
7,697,600
7,440,715
2,792,693
$
2,517,436
2,967,194
3,425,033
9,302,400
10,504,285
4,562,307
$
6,135,000
6,450,000
6,775,000
17,000,000
17,945,000
7,355,000
$ 15,381,936
$
28,381,345
$
33,278,655
$
61,660,000
$
12,999,409
December 1, 2003
LaSalle Bank
January 1
January 1
None - Capital Appreciation Bonds
79
SCHEDULE 17
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2003A CAPITAL APPRECIATION SCHOOL BUILDING BONDS
JUNE 30, 2012
ORIGINAL
PRINCIPAL
YEAR ENDING JUNE 30,
2014
2015
2016
2017
2023
Amount of Original Issue
Date of Issue
Paying Agent
Principal Payment Date
Interest Payment Date
Interest Rates
ACCRETION
TO DATE
CURRENTLY
PAYABLE
$
1,945,833
1,870,750
1,801,174
1,664,576
1,917,316
$
2,171,497
2,087,723
2,010,062
1,857,766
2,139,778
$
4,117,330
3,958,473
3,811,236
3,522,342
4,057,094
$
9,199,649
$ 10,266,826
$
19,466,475
$
9,199,649
December 1, 2003
LaSalle Bank
January 1
January 1
None - Capital Appreciation Bonds
80
FUTURE
ACCRETION
$
TOTAL
792,670
1,196,527.0
1,608,764.0
1,947,658.0
6,627,906.0
$
4,910,000
5,155,000
5,420,000
5,470,000
10,685,000
$ 12,173,525
$
31,640,000
SCHEDULE 18
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2004 CAPITAL APPRECIATION SCHOOL BUILDING BONDS
JUNE 30, 2012
ORIGINAL
PRINCIPAL
YEAR ENDING JUNE 30,
2013
2023
2024
Amount of Original Issue
Date of Issue
Paying Agent
Principal Payment Date
Interest Payment Date
Interest Rates
ACCRETION
TO DATE
CURRENTLY
PAYABLE
FUTURE
ACCRETION
$
$
2,555,259
291,265
3,641,064
$
2,631,345
299,952
3,749,516
$
$
6,487,588
$
6,680,813
$ 13,168,401
$
25,000,000
December 1, 2004
Harris Bank
January 1
January 1
None - Capital Appreciation Bonds
81
5,186,604
591,217
7,390,580
TOTAL
233,396
898,783
12,949,420
$
5,420,000
1,490,000
20,340,000
$ 14,081,599
$
27,250,000
SCHEDULE 19
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2008 REFUNDING BONDS
JUNE 30, 2012
YEAR ENDING JUNE 30,
PRINCIPAL
2013
2014
2015
2016
2017
2018
TOTAL
Amount of Original Issue
Date of Issue
Paying Agent
Principal Payment Date
Interest Payment Date
Interest Rates
$
$
$
5,150,000
February 1, 2008
Bank of New York Trust Co.
February 1,
February 1 and August 1
3.0% to 3.9%
82
540,000
570,000
585,000
610,000
635,000
660,000
3,600,000
INTEREST
$
$
131,781
113,637
93,744
72,625
49,934
25,740
487,461
TOTAL
$
$
671,781
683,637
678,744
682,625
684,934
685,740
4,087,461
SCHEDULE 20
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2009 REFUNDING BONDS
JUNE 30, 2012
YEAR ENDING JUNE 30,
PRINCIPAL
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TOTAL
Amount of Original Issue
Date of Issue
Paying Agent
Principal Payment Date
Interest Payment Date
Interest Rates
$
$
$
3,825,000
November 1, 2009
Harris Bank
January 1,
January 1 and July 1
4.000% to 4.625%
83
575,000
600,000
620,000
650,000
675,000
705,000
3,825,000
INTEREST
$
$
165,519
165,519
165,519
165,519
165,519
165,519
165,519
165,519
142,519
117,769
91,419
62,981
32,606
1,771,444
TOTAL
$
$
165,519
165,519
165,519
165,519
165,519
165,519
165,519
740,519
742,519
737,769
741,419
737,981
737,606
5,596,444
SCHEDULE 21
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2010 GENERAL OBLIGATION REFUNDING BONDS
JUNE 30, 2012
YEAR ENDING JUNE 30,
PRINCIPAL
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
$
TOTAL
Amount of Original Issue
Date of Issue
Paying Agent
Principal Payment Date
Interest Payment Date
Interest Rates
$
$6,095,000
December 28, 2010
Bank of New York Mellon
January 1, 2025
January and July 1
4.50%
84
6,095,000
6,095,000
INTEREST
$
$
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
3,839,850
TOTAL
$
$
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
9,934,850
SCHEDULE 22
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2011A QUALIFIED ENERGY CONSERVATION BONDS
JUNE 30, 2012
YEAR ENDING JUNE 30,
PRINCIPAL
2013
2014
2015
2016
2017
2018
2019
2020
2021
TOTAL
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 4.2500%
85
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
155,000
1,355,000
INTEREST
$
$
41,838
39,587
36,588
32,837
28,338
23,462
18,213
12,587
6,588
240,038
TOTAL
$
$
191,838
189,587
186,588
182,837
178,338
173,462
168,213
162,587
161,588
1,595,038
SCHEDULE 23
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2011B REFUNDING DEBT CERTIFICATES
JUNE 30, 2012
YEAR ENDING JUNE 30,
PRINCIPAL
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
TOTAL
Amount of Original Issue
Date of Issue
Paying Agent
Principal Payment Date
Interest Payment Date
Interest Rates
$
$
$2,060,000
9/30/2011
BMO Harris Bank
January 1,
January 1 and July 1
2.000% to 3.2500%
86
160,000
200,000
200,000
200,000
200,000
200,000
215,000
225,000
230,000
230,000
2,060,000
INTEREST
$
$
69,687
50,575
46,575
42,575
38,179
33,075
27,575
21,125
14,414
7,475
351,255
TOTAL
$
$
229,687
250,575
246,575
242,575
238,179
233,075
242,575
246,125
244,414
237,475
2,411,255
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, 2012
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED JUNE 30, 2011
OPERATING FUNDS
General Fund
Educational
Working
Account
Cash Account
REVENUES
Property taxes
Corporate personal property
replacement taxes
Interest income
Contributions and donations
from private sources
Other local sources
State sources
Federal sources
On-behalf revenue
Total Revenues
EXPENDITURES
Current:
Instruction:
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 &
Other Governments
Debt Service:
Principal
Interest and other
Capital outlay
On-behalf revenue
Total Expenditures
$ 39,309,911
$
346,317
48,542
309,197
3,701
149,917
4,541,796
16,480,965
2,513,015
9,646,898
-
73,037,361
312,898
Operations and
Maintenance
Fund
Transportation
Fund
Municipal
Retirement/Social
Security Fund
$
$
$
6,180,144
2,905,202
1,853
6,216
441,011
713,720
-
69,719
2,656,132
-
7,336,728
5,637,269
28,589,993
1,080,128
7,380,818
6,510
10,498
2,528,787
-
5,608,398
3,199,423
1,474,576
3,264,022
3,313,611
2,650,959
1,211
1,175
-
3,014,557
-
178,069
9,646,898
-
145,000
81,960
808,078
-
840,520
78,362
237,719
-
71,949,633
-
9,005,411
5,408,860
87
7,970,373
-
4,252,259
-
2,227,884
109,564
1,528
2,338,976
280,905
156,781
340,005
21,440
220,764
89,175
36,336
152,450
781,704
105,816
2,185,376
SCHEDULE 24
NON-OPERATING FUNDS
Total
Operating
Funds
$ 50,932,338
455,881
61,840
149,917
5,052,526
19,850,817
2,513,015
9,646,898
88,663,232
Debt
Service
Fund
$
Capital
Projects
Find
9,952,188
21,722
9,973,910
$
-
Fire
Prevention
and Life
Safety Fund
$
-
215
-
409,450
600,799
-
-
2012
$
71
1,010,464
Total
71
60,884,526
2011
$
60,248,600
455,881
83,848
495,561
91,117
559,367
5,653,325
19,850,817
2,513,015
9,646,898
319,592
4,621,379
19,147,658
4,336,832
9,053,711
99,647,677
98,314,450
28,870,898
1,236,909
7,720,823
6,510
10,498
2,550,227
29,015,214
1,196,690
7,109,075
3,005
2,721,707
28,870,898
1,236,909
7,720,823
6,510
10,498
2,550,227
-
-
-
-
-
-
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
-
-
-
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
6,160,267
2,410,282
1,447,239
3,112,138
3,843,061
4,179,740
7,025,093
1,752,650
9,256
-
3,014,557
-
-
-
3,014,557
3,410,884
985,520
160,322
1,223,866
9,646,898
10,636,422
1,114,081
-
82,759
-
-
11,621,942
1,357,162
1,223,866
9,646,898
10,257,146
1,738,877
413,371
9,053,711
88,549,280
11,750,503
82,759
-
100,382,542
94,859,406
88
CONSOLIDATED SCHOOL DISTRICT 158
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2012
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED JUNE 30, 2011
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
Proceeds from capital leases
Premium on bonds sold
Transfer to escrow agent
Proceeds from sale of bonds
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balance, Beginning of Year
Fund Balance, End of Year
$
1,087,728
$
312,898
Operations and
Maintenance
Fund
$
(1,668,683)
Transportation
Fund
Municipal
Retirement/Social
Security Fund
$
$
228,409
153,600
(76,883)
171,645
-
-
34,784
(2,041,500)
3,560,000
124,200
-
-
94,762
-
1,553,284
124,200
-
1,182,490
312,898
17,343,794
1,417,059
$ 18,526,284
$
89
1,729,957
(115,399)
656,569
$
541,170
$
352,609
153,600
4,132,693
759,053
4,485,302
$
912,653
SCHEDULE 24
(Cont'd)
NON-OPERATING FUNDS
Total
Operating
Funds
$
113,952
Debt
Service
Fund
$
(1,776,593)
Capital
Projects
Find
$
927,705
Fire
Prevention
and Life
Safety Fund
$
71
Total
2012
$
(734,865)
2011
$
3,455,044
(76,883)
295,845
34,784
(2,041,500)
3,560,000
362,189
-
(285,306)
-
-
295,845
34,784
(2,041,500)
3,560,000
225,198
6,095,000
1,772,246
362,189
(285,306)
-
1,849,129
6,320,198
71
1,114,264
9,775,242
29,828
35,476,578
25,701,336
1,886,198
(1,414,404)
642,399
24,309,168
11,658,254
(520,672)
$ 26,195,366
$ 10,243,850
$
121,727
$
29,899
90
$
36,590,842
$
35,476,578