CONSOLIDATED SCHOOL
DISTRICT 158
ALGONQUIN, ILLINOIS
ANNUAL FINANCIAL REPORT
JUNE 30, 2011
CONSOLIDATED SCHOOL DISTRICT 158
ANNUAL FINANCIAL REPORT
JUNE 30, 2011
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, 2011 with Comparative
Actual Amounts for the Year Ended June 30, 2010:
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, 2011
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 – 2007 Debt Certificates
Debt Service Schedule – 2008 Refunding Bonds
Debt Service Schedule – 2009 Refunding Bonds
Debt Service Schedule – 2010 General Obligation Refunding Bonds
17
18
19
20
21
22
79
80
81
82
83
84
Statement of Revenues, Expenditures and Changes in Fund Balances –
Operating and Non-Operating Governmental Funds
23
85
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, 2011 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.
As described in Note 1, the District adopted the provisions of Governmental Accounting Standards Board
Statement 54 Fund Balance Reporting and Governmental Fund Type Definitions during the year ended June 30,
2011.
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, 2011, 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 21, 2011, 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 schedule, 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 21, 2011
Rolling Meadows, IL
(15)
2
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR
THE FISCAL YEAR ENDED JUNE 30, 2011
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, 2011.
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 School 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 School District’s financial statements, report
information on the School District as a whole and its activities in a way that helps you answer this
question. We prepare these statements to include all assets and liabilities, using the accrual basis of
accounting, which is similar to the accounting used by most private-sector companies. All of the
current year’s revenues and expenses are taken into account regardless of when cash is received or
paid.
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
School District’s financial health or financial position. Over time, increases or decreases in the School
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 School
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 School District.
The statement of net assets and the statement of activities report the governmental activities for the
School District, which encompasses all of the School 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,
use 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.
3
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR
THE FISCAL YEAR ENDED JUNE 30, 2011
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 School District’s programs.
The District maintains individual government 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 government funds by major category:
Educational Fund
General Fund
Working Cash Fund
Operations and
Maintenance Fund
Transportation Fund
Special Revenue Funds
Municipal
Retirement/Social
Security Fund
Fire Prevention & Life
Safety Fund
Capital Projects Funds
Capital Projects Fund
Debt Service Fund
Debt Service Fund
The District adopts an annual budget for each of the funds listed above. A budgetary comparison
statement has been provided for each fund to demonstrate compliance with this budget.
4
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR
THE FISCAL YEAR ENDED JUNE 30, 2011
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 a financial resource. 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.
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 that provide both
short-term and long-term information about the District’s overall financial status. They
also identify how basic services, such as regular and special education, were financed
in the short-term as well as what remains for future spending.
o
The next two statements are fund financial statements that focus on individual parts of
the District, reporting the District’s 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
Financial Highlights
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 having 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 on the decline during a period of time
whereby the District’s enrollment is increasing. The District’s operating cost per pupil, approximating
$8,300 per student, continues to be the lowest in McHenry County for all K-12 districts and
significantly below the State’s 2010 average operating cost per pupil approximating $11,500 per
Student. See chart below.
5
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR
THE FISCAL YEAR ENDED JUNE 30, 2011
D158 Operating Expense Per Student
$11,537
$12,000
$10,000
$8,420
$8,200
$8,225
$8,332
$8,000
$6,000
$4,000
FY 09 Actual
FY 09 Actual
FY 10 Actual
FY 10 Actual
FY 11 Actual
FY 11 Actual
FY 12 Budget
FY 12 Budget
FY 10 State Avg
FY 10 State Avg
As a result of budgeting revenue from the State of Illinois conservatively, the District recognized a
fiscal year 2011 operating surplus of $3.7 million and a fiscal year 2010 operating surplus of $4.2
million. With this surplus, the District’s Operating Fund Balance approximates $24.3 million as of June
30, 2011.
Operating fund balances increased to $24.3 million from $20.5 million in prior year, which is an
increase of $3.7 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 $3.7 million
reflects accounts receivable and revenue recognized of $2.9 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 in the June 30, 2011 financials of the District.
During the 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%. The remaining refunding dollars
approximating $5 million will enable the District to abate bond debt over the next several years.
As part of the refunding of the Series 2001 and 2004 Bonds, the District went through a Standard &
Poor’s (S&P) rating whereby the District received a rating of AA. The S&P AA rating reflects that an
organization demonstrates very 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 on the Series 2010 Refunding Bonds.
During the year, the District entered into a $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. As of June 30, 2011, approximately 30% of the project was
complete, and as such, the District expensed $918 thousand. In addition, upon completion of the
project, the District will receive DCEO State grant funding of $682 thousand. The remaining amount
due, approximating $1.5 million, was financed by the District subsequent to year end utilizing 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 is 1.46%. As a result of utilizing QECB, the District is saving approximately
$177 thousand in interest over the 10 year term of the loan.
6
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR
THE FISCAL YEAR ENDED JUNE 30, 2011
The District’s legal debt margin, which is the capacity to borrow additional funds, is $96.9 million, down
from prior years $120.4 million. The significant decrease is due to a decrease in the District’s
equalized assessed valuation (EAV). EAV for the District in tax year 2010 decreased $171.3 million or
11.9%. As a result of the decrease, the statutory debt limit decreased $23.6 million. (See Note 7 in the
Notes to the Financial Statements).
The District continued to pay down its long-term debt retiring $11.9 million of debt in FY 2011 (see
Note 7 to the Financial Statements).
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.
Based on the continued improvement in fund balance and cash flow in FY 2011, the District’s
Financial Profile Rating for the second consecutive year is that of “Recognition” at 3.7. “Recognition”
is the highest rating of financial strength. Below is a Profile Score History outlining the positive trend
the District has made over the past several years.
Profile Score History
4
3.5
3
2.5
2
1.5
1
2004
2005
2006
2007
2008
7
2009
2010
2011
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR
THE FISCAL YEAR ENDED JUNE 30, 2011
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 2011, enrollment
increased 2.1%, primarily the result of the District’s senior class graduating and being replaced by a
larger kindergarten class.
In FY 2008, the District began to directly pay for its employee health care benefits under a selfinsurance health plan. To minimize year-to-year fluctuations and resulting financial risks, the District's
self-funded health plan is managed by a third party administrator and contains a stop-loss policy. In
FY 2011, the stop-loss policy covered catastrophic health care costs above $125 thousand per
insured individual. In FY 2011, the District’s healthcare costs increased by $.52 million from prior year.
However, in FY 2010, the District’s healthcare costs decreased by ($.84) million from FY 2009 as a
result of decreased claims as well as a decrease in large claims.
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 $.88 million. During FY 2011, the District received $50 thousand. The remaining receivable
and deferred revenue balance approximate $.41 million.
New construction within the District’s boundaries for the past several levy years is on the decline as
follows:
2005
2006
2007
2008
2009
2010
$129,736,000
$ 96,598,000
$ 63,873,000
$ 34,046,000
$ 29,569,000
$ 11,706,675
Subsequent to year end, the District entered into a new Collective Bargaining Agreement with Huntley
Education Association (HEA) through FY 2012. The Agreement includes various language
modifications as well as a pay freeze in fiscal year 2012.
Fiscal year 2012 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
rd
funds are received. As a result of budgeting conservatively and the District’s receipt of the State’s 3
th
and 4 quarter FY 2011 mandated categorical payments, the District now has the funds in hand to
partially address the fiscal year 2011 and 2012 budget cuts and deferrals. As a result, the District is
budgeting a ($1.9) million operating deficit in fiscal year 2012.
8
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR
THE FISCAL YEAR ENDED JUNE 30, 2011
FY 2011 Government-Wide Financial Analysis
Figure A-1
Summary Statement of Net Assets
June 30
Governmental
Governmental
Activities
Activities
2011
2010
Current assets
Capital assets,
net of depreciation
$
76,958,366
$
65,648,238
Increase
(Decrease)
$ 11,310,128
Total assets
175,049,141
252,007,507
179,505,766
245,154,004
(4,456,625)
6,853,503
Total liabilities
144,204,855
41,827,146
186,032,001
141,214,168
40,602,880
181,817,048
2,990,687
1,224,266
4,214,953
65,158,554
73,278,824
11,688,082
(10,871,130)
65,975,506
5,469,072
(15,410,940)
63,336,956
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 $ 252,007,507
$ 245,154,004
%
Change
17.2%
-2.5%
2.8%
2.1%
3.0%
2.3%
(8,120,270) -11.1%
$
6,219,010
4,539,810
2,638,550
113.7%
-29.5%
4.2%
6,853,503
2.8%
Analysis of the FY 2011 Statement of Net Assets
Overall, the District's total net assets at June 30, 2011 increased to $65.98 million from $63.34 million
in FY 2010, an increase of 4.2%, or approximately $2.64 million. In FY 2011, the District's total assets
increased $6.85 million while the District's current assets increased $11.31 million. Current Assets
increased primarily due to increases in cash and investments of $12.82 million, the result of an
operating surplus of $3.7 million, the Series 2010 Refunding Bonds of $6.0 million, and a decrease in
intergovernmental receivables approximating $1.7 million. In FY 2011, as a result of depreciation, the
District's capital assets decreased ($4.46) million.
The District's total liabilities increased by $4.21 million in FY 2011. Major changes to the liabilities in
FY 2011 are primarily due to an increase in deferred revenue for the tax levy and registration fees as
well as accounts payable. Long-term liabilities increased in FY 2011 by $2.99 million due to
refinancing of long term debt (see Note 7 in the Notes to the Financial Statements).
9
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR
THE FISCAL YEAR ENDED JUNE 30, 2011
FY 2011 Statement of Activities
Figure A-2
Summary Statement of Activities
June 30
Governmental
Governmental
Activities
Activities
2011
2010
Increase
(Decrease)
%
Change
Revenues
Program revenues
Charges for services
$
Operating grants & contributions
Total program revenues
4,940,973
18,784,025
23,724,998
General revenues
Property taxes/CPPRT
State formula aid & formula grants
Other
Total general revenues
Total revenues
61,287,823
13,835,511
91,115
75,214,449
98,939,447
57,542,933
13,024,905
63,104
70,630,942
94,832,693
3,744,890
810,606
28,011
4,583,507
4,106,754
6.5%
6.2%
44.4%
6.5%
4.3%
Expenses
Instruction
Pupil & instructional services
Administration & business
Operations & maintenance
Transportation
Interest and fees
Other
Total expenses
50,768,122
8,581,875
8,183,621
7,260,213
5,576,387
8,837,150
7,093,529
96,300,897
48,925,600
9,303,228
8,169,693
6,927,000
5,090,502
7,617,198
6,637,652
92,670,873
1,842,522
(721,353)
13,928
333,213
485,885
1,219,952
455,877
3,630,024
3.8%
-7.8%
0.2%
4.8%
9.5%
16.0%
6.9%
3.9%
476,730
18.1%
2,638,550
4.2%
$
4,477,060
19,724,691
24,201,751
Increase (Decrease) in Assets $
2,638,550
$
2,161,820
Beginning Balance $
Ending Balance $
63,336,956
65,975,506
$
$
61,175,136
63,336,956
$
$
463,913
(940,666)
(476,753)
10.4%
-4.8%
-2.0%
Analysis of the FY 2011 Statement of Activities
In summary, total revenues of all governmental activities during FY 2011 were $98.94 million and the
total expenses of all governmental activities were $96.30 million. Some of the costs were financed by
users of the District‘s programs via charges for services of $4.94 million. Federal and state
governmental funds subsidized certain programs with operating grants and contributions in the amount
of $18.78 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
$72.57 million, which was financed by District taxpayers. Overall, total revenues for governmental
activities exceeded total expenditures, increasing net assets by $2.64 million.
The cost of all governmental activities in FY 2011 was $96.30 million. This was an increase of $3.63
million from FY 2010 (See Figures A-2).
10
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR
THE FISCAL YEAR ENDED JUNE 30, 2011
The District's expenses predominantly related to instructing, caring for (pupil services), and
transporting students represented $64.93 million, reflecting 67% of total expenses. The District's
administrative and business activities accounted for $8.2 million, reflecting 8.5% of total expenses.
The following is a graphic illustration of the percent of revenue by source:
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%
2010 Percent of Revenue by Source
State Formula Aid &
Formula Grants,
13.70%
Other, 0.30%
Charges for Services,
4.70%
Property Taxes,
60.60%
Operating Grants &
Contributions, 20.70%
11
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR
THE FISCAL YEAR ENDED JUNE 30, 2011
The following is a graphic illustration of the percent of expense by source:
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%
2010 Percent of Expense by Source
Administration &
Business, 8.90%
Operations &
Maintenance, 7.40%
Transportation, 5.40%
Instruction, 52.80%
Interest & Fees, 8.20%
Other, 7.20%
Pupil & Instructional
Services, 10.10%
12
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR
THE FISCAL YEAR ENDED JUNE 30, 2011
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 2011 of $3.73 million, making the FY 2011
ending fund balance for the operating funds $24.31 million.
The net revenue over expenditures in the Education Fund was $4.08 million, contributing to a year end
fund balance of $17.34 million. A Financial Analysis of District Funds is located in Figure A-3.
The District's non-operating funds, which are comprised of the Debt Service, Capital Projects, and Fire
Prevention and Life Safety Funds had an increase in fund balance during FY 2011 of $6.05 million
primarily the result of proceeds from the sale of the Series 2010 Refunding Bonds, making the FY
2011 ending fund balance for the non-operating funds of $11.17 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 2011 is $35.48 million, an increase of $9.78 million
from FY 2010.
Figure A-3
Financial Analysis of District Funds
June 30, 2011
Fund
Revenues
Expenditures
Other
Educational
$ 73,316,599 $ 69,168,932 $
O&M
6,384,925
7,200,131
Transportation
5,222,786
5,463,337
IMRF/Social Security
2,264,361
2,089,382
Working Cash
305,291
Debt Service
10,500,811
10,744,519
Capital Projects
319,602
193,105
Fire Prevention & Safety
76
Net by Fund $ 98,314,451 $ 94,859,406 $
Total Operating Funds
Total Capital Funds
$
$
87,493,962
10,820,489
$
$
83,921,782
10,937,624
$
$
-
$
Net Change
4,147,667
(815,206)
(240,551)
174,979
305,291
(243,708)
126,497
76
3,455,045
$
$
3,572,180
(117,135)
$
Figure A-4
Analysis of District Expenses by Object
June 30, 2011
Operating
Capital
Object
Funds
Funds
Salaries
$
47,231,887 $
$
Employee benefits
18,424,020
Purchased services
7,987,741
Supplies and materials
6,382,705
Capital outlay
526,501
Other
3,368,928
10,937,624
Expenditures by Object $
83,921,782 $ 10,937,624 $
13
Total
Funds
47,231,887
18,424,020
7,987,741
6,382,705
526,501
14,306,552
94,859,406
%
of Total
49.8%
19.4%
8.4%
6.7%
0.6%
15.1%
100.0%
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR
THE FISCAL YEAR ENDED JUNE 30, 2011
Capital Asset and Debt Administration
Analysis of the FY 2011 Capital Assets
By the end of FY 2011, the District had compiled a broad range of capital assets including land,
buildings, computers, furniture, and other equipment. The District recorded $208.32 million in gross
assets and $33.27 million in accumulated depreciation, resulting in $175.05 million in net capital
assets. During FY 2011, the District placed in service $.6 million in capital additions. Fiscal year
depreciation expense ended the year at $5.10 million, an increase of $.11 million from FY 2010.
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
2011
2010
$ 10,899,723 $ 10,837,743
191,000
191,000
10,444,770
10,616,486
149,958,332
153,315,063
872,836
1,251,284
2,682,480
3,294,190
$ 175,049,141 $ 179,505,766
Increase
%
(Decrease) Change
$
61,980
0.6%
0.0%
(171,716)
-1.6%
(3,356,731)
-2.2%
(378,448) -30.2%
(611,710) -18.6%
$ (4,456,625)
-2.5%
Depreciation expense-fiscal year
Accumulated Depreciation
$
$
$
114,727
$ 5,100,792
Capital assets
$ 208,316,579
5,100,791
33,267,438
$
$
4,986,064
28,166,646
$ 207,672,412
$
644,167
2.3%
18.1%
0.3%
Analysis of the FY 2011 Long-Term Liabilities
As of June 30, 2011, the District has interest payable and long-term debt in the amount of $.63 million
and $144.20 million respectively. Of the long-term debt balance, $13.44 million are considered current
maturities, thus reducing the non-current debt balance to $130.77 million.
Figure A-6
Outstanding Long-Term Liabilities
June 30
Governmental
Governmental
Activities
Activities
2011
2010
Interest Payable
$
631,218 $
525,819
Long-term liabilities (due within 1 year)
13,439,842
10,588,863
Long-term liabilities (due after 1 year)
130,765,013
130,625,305
Total
$ 144,836,073 $ 141,739,987
Increase
%
(Decrease) Change
$
105,399
20.0%
2,850,979
26.9%
139,708
0.1%
$ 3,096,086
2.2%
See Capital Assets (Note 4) and Long-Term Liabilities (Note 7) to the basic financial statements for
further information.
14
CONSOLIDATED SCHOOL DISTRICT 158 MANAGEMENT DISCUSSION AND ANALYSIS FOR
THE FISCAL YEAR ENDED JUNE 30, 2011
Factors Bearing on the District's Future
 Fiscal year 2012 will again challenge the District to preserve excellent programs and services
while at the same time responding to state funding cuts that will be enhanced by an
uncertainty that the state will not have the cash flow to make its appropriated payments. The
on-going loss of state funding will continue to present a major financial challenge. Efforts to
enhance revenue and reduce expenditures will be crucial to maintaining the fiscal stability of
the District in FY 2012 and beyond.
 With the current economy and uncertainty of state funding, the expenditure level of the
Operating Funds will need continued monitoring for the ability to adequately staff schools to
accommodate continued increases in student enrollment.
 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
Levy
Year
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
Equalized
Assessed
Valuation
1,263,367,866
1,434,694,262
1,406,256,475
1,323,395,381
1,191,031,077
1,026,815,609
867,058,760
723,567,205
588,491,953
488,272,624
Percent
Increase
Total
Tax
Rate
-11.94%
2.02%
6.26%
11.11%
15.99%
18.43%
19.83%
22.95%
20.53%
24.68%
4.8117
4.1230
4.0318
4.0323
4.1910
4.3366
4.6081
4.1706
4.7091
4.6310
 The District's employment groups are under contract as follows:
o
o
Teaching staff (Huntley Education Association) through FY 2012.
Educational support staff (Huntley Education Support Personnel Association) through
FY 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
Basic Financial Statements
EXHIBIT A
CONSOLIDATED SCHOOL DISTRICT 158
STATEMENT OF NET ASSETS
JUNE 30, 2011
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
Construction in progress
Depreciable buildings, property, and equipment, net
$
38,313,342
997,182
30,924,750
60,996
4,329,748
165,679
22,279
948,672
16,921
1,178,797
10,899,723
191,000
163,958,418
Total
252,007,507
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
1,957,616
5,626,934
184,795
1,266,106
245,697
631,218
31,914,780
15,060,429
13,439,842
115,704,584
Total Liabilities
186,032,001
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
65,158,554
11,688,082
(10,871,130)
$
65,975,506
CONSOLIDATED SCHOOL DISTRICT 158
STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2011
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
Payments to other districts and governmental units
Interest and fees
Unallocated depreciation
Total Governmental Activities
Program
Charges for Services
Support
Instruction
Services
Expenses
Disbursed
$
40,406,659
7,224,823
3,136,640
$
2,310,137
-
6,163,268
2,418,607
1,453,888
3,352,806
3,376,927
5,576,387
7,260,213
1,773,316
9,256
3,410,884
8,837,150
1,900,073
$
96,300,897
$
$
2,310,137
279,646
2,351,190
-
$
2,630,836
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
$
9,639,807
5,174,246
165,802
$
$
14,979,855
$
-
Excess (Deficiency)
of Revenue
Over Expenditures
and Changes
in Net Assets
Governmental
Activities
$
(28,177,069)
(2,050,577)
(2,970,838)
708,433
781,552
2,314,185
-
(5,454,835)
(2,418,607)
(1,453,888)
(3,352,806)
(244,185)
(3,262,202)
(7,260,213)
(1,773,316)
(9,256)
(3,410,884)
(8,837,150)
(1,900,073)
3,804,170
(72,575,899)
38,787,266
11,419,307
10,585,689
495,561
12,681,710
1,153,801
91,115
75,214,449
2,638,550
63,336,956
$
65,975,506
18
CONSOLIDATED SCHOOL DISTRICT 158
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2011
WITH COMPARATIVE TOTALS FOR JUNE 30, 2010
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
997,182
1,173,406
Debt
Service
Fund
$
-
19,991,085
60,996
3,154,060
159,283
22,279
16,921
343,767
Transportation
Fund
11,084,352
$
-
3,103,520
6,396
17,107
2,946,649
-
5,252,283
422,316
1,458,908
1,175,688
82,723
$
47,097,356
$
4,300,429
$
16,758,951
$
5,663,968
$
996,378
5,614,466
184,127
1,138,166
225
20,403,141
$
592,701
8,453
28,807
3,013,899
$
5,100,697
$
10,578
4,015
99,133
1,417,549
Total Liabilities
FUND BALANCE
Non-spendable
Restricted
Unassigned
Total Fund Balance
Total Liabilities and Fund Balance
19,351,783
Operations and
Maintenance
Fund
$
28,336,503
3,643,860
5,100,697
1,531,275
360,688
3,000,000
15,400,165
17,107
639,462
-
422,316
11,235,938
-
82,723
4,049,970
-
18,760,853
656,569
11,658,254
4,132,693
47,097,356
$
4,300,429
$
16,758,951
The accompanying notes to the financial statements are an integral part of this statement.
19
$
5,663,968
EXHIBIT C
Municipal
Retirement/Social
Security Fund
$
727,323
Fire
Prevention
and Life
Safety Fund
Capital
Projects
Fund
$
-
1,118,954
-
-
$
29,828
Total
2011
$ 35,313,341
2010
$
24,913,846
-
-
3,000,000
997,182
1,574,627.00
82,759
-
30,924,750
60,996
4,329,748
165,679
22,279
16,921
948,672
30,829,843
57,206
6,037,063
62,532
27,185
26,264
731,896
$
1,846,277
$
82,759
$
29,828
$
668
1,086,556
$
357,959
245,472
-
$
-
1,957,616
5,626,934
184,795
1,266,106
245,697
31,021,842
1,533,745
5,367,605
208,801
1,256,772
1,558
30,190,645
603,431
-
40,302,990
38,559,126
759,053
-
82,759
(603,431)
29,828
-
965,593
19,714,251
14,796,734
731,896
5,073,584
19,895,856
759,053
(520,672)
29,828
35,476,578
25,701,336
29,828
$ 75,779,568
1,087,224
$
1,846,277
$
82,759
$
$ 75,779,568
20
$
$
64,260,462
64,260,462
EXHIBIT C
(CONT'D)
CONSOLIDATED SCHOOL DISTRICT 158
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TO THE STATEMENT OF NET ASSETS
JUNE 30, 2011
Total fund balances - governmental funds
$ 35,476,578
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
$ 208,316,579
(33,267,438)
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
(892,938)
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
175,049,141
(129,144,426)
1,178,797
(15,060,429)
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
(13,881,632)
(631,218)
$ 65,975,505
(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, 2011
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED JUNE 30, 2010
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
Other instructional programs
Support Services:
Pupils
Instructional staff
General administration
School administration
Business
Transportation
Operations and maintenance
Central
Other supporting services
Payments to Other Districts &
Governmental Units
Debt Service:
Principal
Interest and other
Capital outlay
On behalf expenditure
Total Expenditures
$
38,754,208
$
6,037,669
369,831
61,006
3,764
4,212,829
16,833,473
4,336,832
9,053,711
343,492
-
73,621,890
6,384,925
28,730,641
1,046,363
6,777,590
3,005
2,697,440
5,933,439
2,340,301
1,411,702
2,964,327
3,117,170
1,659,968
9,256
3,410,884
Debt
Operations and
Maintenance
Fund
7,025,093
-
Service
Funds
$
Transportation
Fund
10,482,214
18,597
10,500,811
-
$
2,837,192
6,351
65,058
2,314,185
5,222,786
4,179,740
-
13,135
9,053,711
175,038
-
9,846,350
898,169
-
827,034
118,235
338,328
-
69,168,932
7,200,131
10,744,519
5,463,337
The accompanying notes to the financial statements are an integral part of this statement.
22
EXHIBIT D
Municipal
Retirement/Social
Security Fund
$
2,137,317
125,730
1,313
2,264,360
Fire
Prevention
and Life
Safety Fund
Capital
Projects
Fund
$
-
$
-
-
Total
2011
$ 60,248,600
10
319,592
-
76
-
319,602
76
2010
$
57,926,224
495,561
91,117
382,136
57,619
319,592
4,621,379
19,147,658
4,336,832
9,053,711
157,737
4,319,324
18,063,250
5,830,467
8,816,892
98,314,450
95,553,649
284,573
150,327
331,485
24,267
-
-
29,015,214
1,196,690
7,109,075
3,005
2,721,707
28,013,196
896,026
6,948,302
5,362
2,564,430
226,828
69,981
35,537
147,811
163,764
415,999
146,128
92,682
-
-
-
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
5,848,489
3,443,453
1,517,146
3,201,520
3,108,900
4,240,885
6,739,479
1,698,780
175,004
-
-
3,410,884
2,847,310
193,105
-
-
10,673,384
1,209,509
526,501
9,053,711
9,366,741
1,130,942
950,241
8,816,892
193,105
-
94,859,406
91,513,098
2,089,382
23
CONSOLIDATED SCHOOL DISTRICT 158
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2011
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED JUNE 30, 2010
General
Fund
Excess (deficiency) of revenues
over expenditures
$
Other Financing Sources (Uses)
Permanent transfer to Debt Service Fund
Sale of Fixed Assets
Proceeds from capital leases
Proceeds from sale of bonds
Premium on sale of bonds
Transfer to escrow agent
Total Other Financing Sources (Uses)
Net Change in Fund Balance
$
$
(243,708)
Transportation
Fund
$
(240,551)
-
367,642
6,095,000
-
225,198
-
(67,526)
-
6,462,642
225,198
6,218,934
(15,353)
(815,206)
14,375,421
$
(815,206)
Service
Funds
(67,526)
-
4,385,432
Fund Balance, Beginning of Year
Fund Balance, End of Year
4,452,958
Debt
Operations and
Maintenance
Fund
18,760,853
1,471,775
$
656,569
5,439,320
$
11,658,254
The accompanying notes to the financial statements are an integral part of this statement.
24
4,148,046
$
4,132,693
EXHIBIT D
(Cont'd)
Municipal
Retirement/Social
Security Fund
$
$
174,978
Fire
Prevention
and Life
Safety Fund
Capital
Projects
Fund
$
126,497
$
Total
2011
76
$
3,455,044
2010
$
4,040,551
-
(300,116)
-
-
225,198
6,095,000
-
5,485
665,882
3,825,000
56,142
(3,807,663)
-
(300,116)
-
6,320,198
744,846
174,978
(173,619)
76
9,775,242
4,785,397
584,075
(347,053)
29,752
25,701,336
20,915,939
29,828
$ 35,476,578
759,053
$
(520,672)
$
25
$
25,701,336
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, 2011
Net Change in Fund Balances - total governmental funds (Exhibit D)
$ 9,775,242
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
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
State and federal 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
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
$
644,167
(5,100,792)
543,662
81,335
(4,456,625)
624,997
10,642,774
(6,320,198)
4,322,576
1,279,592
(137,663)
1,141,929
In the Statement of Activities, operating expenses are measured by the amounts
incurred during the year. Certain of these items are included in the governmental
funds only to the extent that they require the expenditure of current financial
resources:
Interest payable
Accretion on capital appreciation bonds increase the long-term liabilities in the
Statement of Net 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
(105,399)
(8,664,171)
$ 2,638,549
EXHIBIT E
CONSOLIDATED SCHOOL DISTRICT 158
STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES
AGENCY FUNDS
JUNE 30, 2011
Agency
Student
Activity
Fund
ASSETS
Cash and investments
$ 796,976
LIABILITIES
Due to student groups
The accompanying notes to the financial statements are an integral part of this statement.
27
$ 796,976
(THIS PAGE INTENTIONALLY LEFT BLANK)
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2011
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, 2011
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, 2011
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 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, 2011
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, 2011
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, 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, 2011
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 16, 2010 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
2010 levy ordinance was approved during the December 16, 2010 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 (PTELA).
32
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2011
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 2010 and 2009 tax levies were 2.7 and 0.1 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 2010 property tax levy is recognized as a receivable in fiscal 2011. The District considers that the
first installment of the 2010 levy is to be used to finance operations in fiscal 2011. The District has
determined that the second installment of the 2010 levy is to be used to finance operations in fiscal
2012 and has deferred the corresponding revenue under the full accrual basis of accounting.
As of June 30, 2008, the Finance Committee of the Board of Education approved a change in the
recognition of property taxes on the modified-accrual basis of accounting, which is used in the
governmental funds financial statements, from recognizing collections in the 60 day period following the
end of the fiscal year to a 30 day period, which is in accordance with Governmental Accounting
Standards Board Interpretation No. 5.
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, 2011. 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, 2011
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, 2011
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 $74,224, Operations & Maintenance Fund in the amount of
$8,454 and the Transportation Fund in the amount of $4,015.
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.
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, 2011.
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, 2011,
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, 2011, 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,
2011, 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, 2011
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 $1,417,059 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, 2011, 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, 2011, expenditures exceeded budget in the Operations and Maintenance Fund by
$653,931, in the Debt Service Fund by $196,690, and the Capital Projects Fund by $193,105. The over
expenditures in the Operations and Maintenance Fund, and the Debt Service Fund were covered by existing
fund balances. As for the Capital Projects Fund, no expenditures were budgeted.
36
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2011
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
$ 38,313,342
997,182
$
796,977
-
$ 39,110,319
997,182
$ 39,310,524
$
796,977
$ 40,107,501
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, 2011, the bank balance of the District’s
deposits with financial institutions totaled $40,890,200 all of which was either 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.
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, 2011 was as follows:
37
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2011
NOTE 4 – CAPITAL ASSETS (CONT’D)
July 1, 2010
Capital Assets not Being Depreciated:
Land
Construction in progress
Total Capital Assets not Being Depreciated
$ 10,837,743
191,000
Increases
$
61,980
-
Decreases
June 30, 2011
$
-
$ 10,899,723
191,000
11,028,743
61,980
-
11,090,723
Capital Assets Being Depreciated:
Land improvements
Buildings and improvements
Equipment
Vehicles
12,201,402
176,025,652
3,835,591
4,581,024
73,043
165,436
5,380
338,328
-
12,274,445
176,191,088
3,840,971
4,919,352
Total Capital Assets Being Depreciated
196,643,669
582,187
-
197,225,856
Less: Accumulated Depreciation of:
Land improvements
Buildings and improvements
Equipment
Vehicles
1,584,917
22,710,589
2,584,307
1,286,834
244,758
3,522,167
383,828
950,038
-
1,829,675
26,232,756
2,968,135
2,236,872
Total Accumulated Depreciation
28,166,647
5,100,791
-
33,267,438
168,477,022
(4,518,604)
-
163,958,418
$ 179,505,765
$(4,456,624)
-
$ 175,049,141
Net Capital Assets Being Depreciated
Net Governmental Activities Capital Assets
$
Depreciation expense was recognized in the operating activities of the District as follows:
Governmental Activities
Depreciation
Regular programs
Special programs
Other instructional programs
Guidance services
Educational media services
General administration
School administration
Operations and maintenance
Pupil transportation
Food services
Information services
Data processing services
Unallocated
$ 1,159,532
112,744
414,933
3,001
8,325
6,649
240,668
188,170
950,037
95,993
19,506
1,160
1,900,073
Total depreciation expense Governmental activities
$ 5,100,791
38
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2011
NOTE 5 – OPERATING LEASES
The District leases school buses under non-cancelable operating leases. Total costs for such leases were
$38,032 for the year ended June 30, 2011.
NOTE 6 – CAPITAL LEASES
As of June 30, 2011, the District is obligated under various capital leases for the purchases of school buses as
follows:
On July 11, 2008, the District entered into a capital lease with Sovereign Bank for the purchase of 16
2009 school buses for a total of $1,114,480. The lease calls for (5) periodic payments of $237,520 with
one payment due at time of purchase and four payments due August 18, 2009 through 2012. The
remaining annual payments at June 30, 2011 are:
Due
Date
August 18, 2011
August 18, 2012
Payment
Amount
Principal
Implied
Interest
$ 237,920
237,920
$ 222,748
230,142
$ 15,172
7,778
$ 475,840
$ 452,890
$ 22,950
On July 27, 2009, the District entered into a capital lease with Wells Fargo Bank for the purchase of (1)
2001 Ford 24 passenger bus, (3) 2004 International Blue Bird 9+5 passenger buses, (1) 2002 GMC
Blue Bird 9+3 passenger bus, (3) 2008 IC/IC 77 passenger buses, and (4) 2010 IC/CE 39+1 passenger
buses, for a total cost of $665,882. The lease calls for (3) periodic payments of $230,699 with one
payment due at time of purchase and two payments due July 23, 2010 through 2011. The remaining
annual payments at June 30, 2011 are:
Due
Date
Payment
Amount
Principal
July 23, 2011
$ 230,699
$ 221,847
Implied
Interest
$
8,852
On August 10, 2010, the District entered into a capital lease with Sovereign Bank for the purchase of (5)
2011 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, 2011 are:
Due
Date
August
August
August
August
1,
1,
1,
1,
2011
2012
2013
2014
Payment
Amount
Principal
Implied
Interest
$ 53,911
53,911
53,911
53,911
$ 40,246
41,917
43,656
45,468
$ 13,665
11,994
10,255
8,443
215,644
171,287
44,357
39
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2011
NOTE 7 – 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, 2011.
Beginning
Balance
Additions
General Obligation Bonds
Capital Appreciation Bonds
Debt Certificates
Capital Leases on Buses
Unamortized Premiums/Discounts
$ 20,970,000
99,469,230
3,260,000
1,103,601
16,411,337
$ 6,095,000
8,664,171
225,198
(64,512)
$
620,000
8,925,000
615,000
482,774
1,286,396
$ 26,445,000
99,208,401
2,645,000
846,025
15,060,429
$
Total Long-Term Liabilities Governmental Activities
$ 141,214,168
$ 14,919,857
$ 11,929,170
$ 144,204,855
$ 13,439,842
Governmental Activities
Ending
Balance
Reductions
Due Within
One Year
940,000
9,370,000
2,645,000
484,842
-
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 on buses currently outstanding are as
follows:
Purpose
Refunding Bonds - 2005
Building/Refunding Bonds - 2006B
Building/Refunding Bonds - 2008
Building/Refunding Bonds - 2009
Refunding Bonds - 2010
Capital Appreciation Bonds - 2000
Capital Appreciation Bonds - 2001
Capital Appreciation Bonds - 2003
Capital Appreciation Bonds - 2003A
Capital Appreciation Bonds - 2004
Debt Certificates - 2007
Capital Leases on buses
Interest Rates
5.00%
3.50% -4.45%
3.00% - 3.90%
4.00% - 4.625%
4.50%
N/A
N/A
N/A
N/A
N/A
4.10% - 4.15%
Total
Face Amount
$
6,555,000
5,850,000
4,120,000
3,825,000
6,095,000
37,975,000
22,600,000
61,660,000
31,640,000
32,420,000
2,645,000
846,025
$ 216,231,025
40
Carrying Amount
$
6,555,000
5,850,000
4,120,000
3,825,000
6,095,000
20,119,523
18,267,283
25,989,633
17,825,894
17,006,068
2,645,000
846,025
$ 129,144,426
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2011
NOTE 7 – LONG-TERM LIABILITIES (CONT’D)
Annual debt service requirements to maturity for general obligation bonds and debt certificates are as follows for
governmental type activities:
Year Ending June 30
Principal
Interest
Total
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
$ 13,439,842
11,217,059
11,718,656
12,500,468
13,100,000
13,965,000
15,095,000
15,895,000
17,070,000
17,825,000
18,800,000
20,425,000
21,275,000
7,530,000
6,375,000
$ 1,303,845
1,140,752
1,087,351
1,002,846
966,684
937,448
899,034
858,294
842,296
810,167
775,966
739,629
700,656
658,971
286,735
$ 14,743,687
12,357,811
12,806,007
13,503,314
14,066,684
14,902,448
15,994,034
16,753,294
17,912,296
18,635,167
19,575,966
21,164,629
21,975,656
8,188,971
6,661,735
Total
$216,231,025
$ 13,010,674
$ 229,241,699
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 2010 the valuations
were:
McHenry County
Kane County
$
Total equalized assessed valuation
999,087,135
264,280,731
1,263,367,866
Statutory Limitation
13.8%
Statutory Debt Limit, based on 2010 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 2007
Capital leases on buses
$
174,344,766
8,360,054
7,718,984
12,999,409
9,199,649
9,149,259
6,555,000
5,850,000
4,120,000
3,825,000
6,095,000
2,645,000
846,025
Total applicable debt
77,363,380
Legal Debt Margin
$
96,981,386
There are numerous covenants with which the District must comply in regard to these bond issues. As of June
30, 2011, 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, 2011
NOTE 8 – OTHER CURRENT LIABILITIES
As of June 30, 2011, the District has $184,795 of amounts due to other government units. This is due to the
Teacher’s Retirement System for June 2011 withholdings, which were remitted in July.
NOTE 9 – RISK MANAGEMENT
The District is exposed to various risks of loss related to employee health benefits; workers’ compensation
claims; theft of, damage to, and destruction of assets; and natural disasters. To protect from such risks, the
District participates in the following public entity risk pools: 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, 2011, the District has recorded an estimated liability for claims incurred but not reported in the amount
of $1,266,106. This represents, based upon its experience, a three month reserve. The liability was recorded in
the Educational Fund $1,138,166, Operations & Maintenance Fund $28,807 and Transportation Fund $99,133.
NOTE 10 – JOINT AGREEMENTS
The District and eighteen other districts within McHenry County have entered into a joint agreement, Special
Education District of McHenry County (SEDOM) that provides special education services to residents of the
school districts enrolled. Each member district has a financial responsibility for annual and special assessments
as established by the management council. The District does not have an equity interest in this joint agreement.
Complete financial statements for SEDOM can be obtained at the Administrative offices located at 1200
Claussen Drive, Woodstock, IL 60098.
NOTE 11 – 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, 2011 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, 2011
NOTE 11 – 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, 2010 and 2009.
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, 2011, State of Illinois contributions were based
on 23.10 percent of creditable earnings not paid from federal funds, and the District recognized
revenue and expenditures of $8,721,263 in pension contributions that the State of Illinois paid
directly to TRS. For the years ended June 30, 2010 and June 30, 2009, the State of Illinois
contribution rates as percentages of creditable earnings not paid from federal funds were 23.38
percent ($8,511,103) and 17.08 percent ($5,805,265), 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,
2011 were $219,114. Contributions for the years ending June 30, 2010 and June 30, 2009 were
$211,139 and $197,134, 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, 2011, the employer pension contribution was 23.10 percent of salaries
paid from federal and special trust funds. For the years ended June 30, 2010 and 2009, the
employer contribution was 23.38 and 17.08 percent of salaries paid from federal and special trust
funds, respectively. For the year ended June 30, 2011, salaries totaling $23,843 were paid from
federal and special trust funds that required employer contributions of $5,508. For the years ended
June 30, 2010 and June 30, 2009, required District contributions were $16,566 and $1,433,
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, 2011, the District paid 23,761 to TRS for employer contributions under
the ERO program. For the years ended June 30, 2010 and June 30, 2009, the District paid $-0- and
$110,346 in employer ERO contributions, respectively.
Salary increases over 6 percent and excess sick leave Public Act 94-0004 added two additional
employer contributions to TRS.
43
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2011
NOTE 11 – RETIREMENT SYSTEMS (CONT’D)
A.
Teachers’ Retirement System of the State of Illinois (Cont’d)
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, 2011, the District paid $-0- to TRS for employer contributions due on
salary increases in excess of 6 percent. For the years ended June 30, 2010 and June 30, 2009, 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 used to calculate
final average salary, and the TRS total normal cost rate (18.03 percent of salary during the year
ended June 30, 2011, as recertified pursuant to Public Act 96-1511).
For the year ended June 30, 2011, the District paid $-0- to TRS for sick leave days granted in the
excess of the normal annual allotment. For the years ended June 30, 2010 and June 30, 2009, 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, 2010. The report for the year ended June 30, 2011, is expected to be available in
late 2011.
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 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. The director of HFS
determines the rates and premiums for annuitants and dependent beneficiaries and establishes the
cost-sharing parameters. 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 make a contribution to THIS.
44
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2011
NOTE 11 – RETIREMENT SYSTEMS (CONT’D)
B.
THIS Fund Contributions (Cont’d)
The percentage of employer required contributions in the future will be determined by the director of
HFS and 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, 2011. State of Illinois contributions were $332,448, 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,
2010 and June 30, 2009 were also 0.84 percent of pay. State contributions on behalf of District
employees were $305,788 and $285,505, 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 year ended June 30,
2011, and 0.63 percent during the years ended June 30, 2010 and June 30, 2009. For the year
ended June 30, 2011, the District paid $249,336 to the THIS Fund. For the years ended June 30,
2010 and June 30, 2009, 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 defined benefit pension plan for Regular employees provides
retirement and disability benefits, post retirement increases, and death benefits to plan members and
beneficiaries. The employer plan is affiliated with the Illinois Municipal Retirement Fund (IMRF), an
agent multiple-employer plan. Benefit provisions are established by statute and may only be changed
by the General Assembly of the State of Illinois. IMRF issues a publicly available financial report that
includes financial statements and required supplementary information. That report may be obtained online at www.imrf.org.
Funding Policy. As set by statute, your employer Regular plan members are required to contribute 4.50
percent of their annual covered salary. The statute requires employers to contribute the amount
necessary, in addition to member contributions, to finance the retirement coverage of its own
employees. The employer contribution rate for calendar year 2010 used by the employer was 9.64
percent of annual covered payroll. The employer annual required contribution rate for calendar year
2010 was 9.64 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, 2010, the employer’s actual
contributions for pension cost for the Regular were $903,125. Its required contribution for calendar year
2010 was $903,125.
45
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2011
NOTE 11 – RETIREMENT SYSTEMS (CONT’D)
C.
Illinois Municipal Retirement Fund (Cont’d)
Three-Year Trend Information for the Regular Plan
Ending
12/31/2010
12/31/2009
12/31/2008
Cost (APC)
$
APC Contributed
903,125
817,264
786,342
100%
100%
100%
Obligation
$
-
The required contribution for 2010 was determined as part of the December 31, 2008, actuarial
valuation using the entry age normal actuarial cost method. The actuarial assumptions at December
31, 2008, 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, 2008 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, 2010, the most recent actuarial valuation
date, the Regular plan was 78.66 percent funded. The actuarial accrued liability for benefits was
$12,222,455 and the actuarial value of assets was $9,614,376, resulting in an underfunded actuarial
accrued liability (UAAL) of $2,608,079. The covered payroll for calendar year 2010 (annual payroll of
active employees covered by the plan) was $9,368,520 and the ratio of the UAAL to the covered payroll
was 28 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 12 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, 2011, and the date of
this audit report requiring disclosure in the financial statements.
A non-recognized event occurred on September 30, 2011; The District issued refunding bonds in the amount of
$2,060,000. The proceeds of the issue will be used to retire 2007 Debt Certificates in the amount of
$2,041,500. The new bonds will have a maturity date of January 1, 2022. The effective interest rate, net of the
cost of borrowing, is 2.79%.
46
(THIS PAGE INTENTIONALLY LEFT BLANK)
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
12/31/10
12/31/09
12/31/08
$
9,614,376
8,790,270
7,710,752
Acturaial Accrued
Liability (AAL)
-- Entry Age
(b)
$
12,222,455
11,008,354
9,488,766
Unfunded
AAL
(UAAL)
(b-a)
$
2,608,079
2,218,084
1,778,014
Funded
Ratio
(a/b)
78.66%
79.85%
81.26%
Covered
Payroll
(c)
$
6,368,520
9,010,633
8,669,707
UAAL as a
Percentage of
Covered Payroll
[(b-a)/c]
27.84%
24.62%
20.51%
On a market value basis, the actuarial value of assets as of December 31, 2010 is $10,135,302. On a market
basis, the funded ratio would be 82.92%.
47
(THIS PAGE INTENTIONALLY LEFT BLANK)
SCHEDULE 1
CONSOLIDATED SCHOOL DISTRICT 158
COMBINING BALANCE SHEET- GENERAL FUND
JUNE 30, 2011
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
$
17,939,208
$
3,000,000
997,182
-
19,835,819
60,996
3,154,060
159,283
22,279
16,921
343,767
Total Assets
LIABILITIES AND FUND BALANCE
Accounts payable
Salaries and wages payable
Due to other governments
Health insurance payable
Other current liabilities
Deferred revenues
3,000,000
997,182
155,266
-
19,991,085
60,996
3,154,060
159,283
22,279
16,921
343,767
45,529,515
$
1,567,841
$ 47,097,356
$
996,378
5,614,466
184,127
1,138,166
225
20,252,359
$
150,782
996,378
5,614,466
184,127
1,138,166
225
20,403,141
28,185,721
150,782
28,336,503
360,688
3,000,000
13,983,106
1,417,059
360,688
3,000,000
15,400,165
17,343,794
1,417,059
18,760,853
1,567,841
$ 47,097,356
FUND BALANCE
Non Spendable
Restricted
Unassigned
Total Fund Balance
$
48
$ 19,351,783
$
Total Liabilities
Total Liabilities and Fund Balance
1,412,575
TOTAL
GENERAL
FUND
45,529,515
$
SCHEDULE 2
CONSOLIDATED SCHOOL DISTRICT 158
COMBINING SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - GENERAL FUND
FOR THE YEAR ENDED JUNE 30, 2011
ORIGINAL AND
FINAL BUDGET
REVENUES:
Local sources
State sources
On-behalf revenues
Federal sources
$
43,591,046
14,814,864
9,185,698
3,558,730
EDUCATIONAL
ACCOUNT
$
43,092,583
16,833,473
9,053,711
4,336,832
WORKING
CASH
ACCOUNT
$
305,291
-
TOTAL
GENERAL
FUND
$
43,397,874
16,833,473
4,336,832
Total Revenues Received
71,150,338
73,316,599
EXPENDITURES:
Current:
Instruction
Support services
Payments to other districts and government units
Debt service
On-behalf expenditures
Capital outlay
40,095,527
17,224,263
2,908,056
97,678
9,185,698
75,185
39,255,039
17,436,163
3,410,884
9,053,711
13,135
-
39,255,039
17,436,163
3,410,884
9,053,711
13,135
Total Expenditures Disbursed
69,586,407
69,168,932
-
69,168,932
1,563,931
4,147,667
EXCESS (DEFICIENCY) OF REVENUES RECEIVED
OVER EXPENDITURES DISBURSED BEFORE OTHER
FINANCING SOURCES (USES)
305,291
73,621,890
305,291
4,452,958
OTHER FINANCING SOURCES (USES)
Transfer to Debt Service
-
(67,526)
-
(67,526)
TOTAL OTHER FINANCING SOURCES (USES)
-
(67,526)
-
(67,526)
NET CHANGES IN FUND BALANCE
1,563,931
4,080,141
305,291
4,385,432
FUND BALANCE AT JULY 1, 2010,
14,301,347
13,263,653
1,111,768
14,375,421
17,343,794
$ 1,417,059
FUND BALANCE AT JUNE 30, 2011
$
15,865,278
49
$
$
18,760,853
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, 2011
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2010
2011
2010
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
Other pupil activity revenue
Rentals - regular textbook
Rentals
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
Reading improvement block grant
School safety & educational improvement
block grant
Technology - Closing the Gaps
State library grant
National Board Certification Initiatives
Art Education and Foreign Language
Other
Total From State Sources
50
38,408,888
Actual
$
38,452,103
Actual
$
36,601,661
426,205
11,379
2,861
63,260
60,313
2,475,998
122,931
38,865
25,878
52,341
795
142,395
1,356,543
14,370
1,830
47,012
35,153
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
281,875
3,601
650
79,290
28,228
45,612
2,342,067
86,322
43,177
31,498
61,691
371
141,776
1,017,320
6,252
34,976
48,800
84,768
43,287,017
43,092,583
40,939,935
12,601,087
311,774
543,822
853,277
9,869
155
20,540
31,770
92,458
2,296
46,000
296,168
-
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
-
10,639,151
722,772
1,085,287
1,657,112
70,517
56,287
70,852
9,395
143
45,948
294,186
203,801
5,648
6,375
5,915
97,681
-
73,331
13,123
12,211
-
14,814,864
16,833,473
14,954,116
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, 2011
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2010
2011
2010
Original &
Final Budget
Revenues (Cont'd)
Federal Sources
National school lunch program
School breakfast program
Food service - commodities
Title I - Low income
Title IV - safe & drug free schools - formula
Federal - special education - IDEA Preschool flow-through
Federal - special education - IDEA flow-through low incident
Federal - special education - IDEA Room & Board
VE - Perkins - Title IIIE- tech. prep.
ARRA - General State Aid - SFSF - Education
ARRA - General State Aid - SFSF - Government
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
ARRA - Homeless Ed
Title III - English language acquisition
Title II - teacher quality
Medicaid matching funds administrative outreach
Medicaid matching funds fee-for-service program
$
490,000
2,310
68,181
-
On-behalf revenue
Total Revenues
Expenditures
Instruction
Regular Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Non-Capitalized equipment
Other objects
Total
51
$
Actual
562,513
7,561
199,372
71,108
-
$
474,696
4,449
198,893
66,096
13,443
3,026
1,131,070
1,101,064
1,023,218
52,000
12,940
38,464
331,989
1,160,788
26,897
44,091
71,629
6,940
38,464
327,007
11,125
1,142,676
44,850
44,091
107,872
12,680
1,760,406
586,361
17,940
1,215,029
101
58,200
44,942
200,000
155,585
172,567
552,847
70,548
3,558,730
4,336,832
5,830,467
9,185,698
9,053,711
8,816,892
70,846,309
73,316,599
70,541,410
24,039,427
3,838,182
183,390
411,063
8,500
43,603
24,378,749
3,667,533
171,403
454,511
27,555
30,890
24,021,303
2,795,570
232,487
534,229
8,213
52,583
28,524,165
28,730,641
27,644,385
-
Total From Federal Sources
Actual
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, 2011
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2010
2011
2010
Original &
Final Budget
Expenditures (Cont'd)
Instruction (Cont'd)
Pre-K Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
$
Total
Special Education Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Other objects
Total
Special Education Programs-Pre-K
Supplies and materials
Total
Vocational Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Total
Interscholastic Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Other objects
Total
Summer School
Salaries
Employee benefits
Purchased service
Supplies and materials
Total
52
995,171
125,379
11,414
19,400
Actual
$
881,903
149,188
10,153
5,119
Actual
$
687,284
126,433
11,609
22,675
1,151,364
1,046,363
848,001
5,781,947
860,708
49,164
1,064,375
-
5,634,339
824,195
54,175
262,502
7,755
2,379
5,726,888
693,167
68,930
145,075
-
7,756,194
6,785,345
6,634,060
3,067
3,005
5,362
3,067
3,005
5,362
345,066
49,942
47,342
24,536
344,941
49,891
50,877
24,383
335,079
40,000
61,339
24,520
466,886
470,092
460,938
687,048
33,262
121,237
124,659
24,600
734,092
23,718
88,609
102,865
27,058
694,187
22,466
81,868
108,820
24,634
990,806
976,342
931,975
190,241
2,545
55,326
195,661
2,581
71,049
201,622
8,462
945
35,851
248,112
269,291
246,880
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, 2011
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2010
2011
2010
Original &
Final Budget
Expenditures (Cont'd)
Instruction (Cont'd)
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
Support Services
Pupils
Attendance and social work services
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Other objects
Total
Guidance Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Total
53
110,285
24,761
16,209
5,400
3,000
Actual
$
109,644
23,696
3,490
129
1,622
Actual
$
105,389
19,869
8,207
3,354
2,697
159,655
138,581
139,516
85,591
7,443
3,263
11,375
105,708
7,546
2,705
8,811
87,547
6,088
3,773
6,584
107,672
124,770
103,992
583,754
69,483
4,157
38,712
-
563,319
71,142
3,785
66,921
13,197
547,936
64,883
4,372
39,850
-
696,106
718,364
657,041
40,104,027
39,262,794
37,672,150
842,933
121,304
6,972
10,655
1,610
500
837,177
118,892
6,218
7,329
12
801,238
97,433
7,608
4,940
754
-
983,974
969,628
911,973
604,804
70,541
5,316
4,950
627,380
73,108
4,909
3,559
583,566
56,310
5,274
5,749
685,611
708,956
650,899
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, 2011
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2010
2011
2010
Original &
Final Budget
Expenditures (Cont'd)
Support Services (Cont'd)
Health services
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
$
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
Capital outlay
Total
Other Support Services
Salaries
Employee benefits
Purchased services
Total
Total Pupils
Instructional Staff
Improvement of Instruction Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Other objects
Total
54
1,056,820
142,247
237,082
30,227
4,000
Actual
$
1,182,195
129,196
202,347
23,378
-
Actual
$
974,276
114,609
174,779
58,263
509
1,470,376
1,537,116
1,322,436
552,005
70,828
29,191
8,233
639,001
74,584
24,690
3,863
636,361
58,216
43,083
15,108
660,257
742,138
752,768
1,195,451
106,866
10,945
5,948
50,000
1,111,140
110,341
36,717
15,710
-
1,015,002
83,551
99,360
10,216
-
1,369,210
1,273,908
1,208,129
656,128
3,213
4,704
697,349
4,344
-
775,818
2
6,608
664,045
701,693
782,428
5,833,473
5,933,439
5,628,633
310,082
96,055
201,680
244,549
1,826
254,467
70,906
310,305
350,146
-
401,209
60,593
179,818
1,496,981
1,105
854,192
985,824
2,139,706
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, 2011
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2010
2011
2010
Original &
Final Budget
Expenditures (Cont'd)
Support Services (Cont'd)
Instructional Staff
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
Executive Administration Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Other objects
Total
Special Area Administration Services
Purchased services
Total
Total General Administration
826,577
116,782
11,880
183,075
-
$
Actual
827,081
111,578
156
281,811
3,660
$
759,074
93,594
16,521
177,226
-
1,138,314
1,224,286
1,046,415
170,000
-
129,462
729
176,000
17,520
170,000
130,191
193,520
2,162,506
2,340,301
3,379,641
160,000
495,987
4,015
39,106
174,410
561,793
1,685
33,578
146,740
595,262
2,365
42,492
699,108
771,466
786,859
517,511
104,937
11,172
6,318
9,651
513,008
96,275
20,363
2,989
7,601
550,878
97,034
21,533
5,587
9,136
649,589
640,236
684,168
-
-
281
-
-
281
1,348,697
55
Actual
1,411,702
1,471,308
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, 2011
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2010
2011
2010
Original &
Final Budget
Expenditures (Cont'd)
Support Services (Cont'd)
School Administration
Office of the Principal Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Other objects
$
2,369,862
574,969
26,123
121,416
750
6,607
Actual
$
2,267,601
522,497
22,504
145,719
6,006
Actual
$
2,282,164
483,290
24,294
258,293
464
6,192
Total
3,099,727
2,964,327
3,054,697
Total School Administration
3,099,727
2,964,327
3,054,697
131,170
18,996
1,222
129,688
31,523
1,128
125,082
17,455
1,105
151,388
162,339
143,642
330,529
51,780
75,838
217,200
3,151
318,898
45,293
111,331
204,630
4,458
307,329
41,929
91,966
195,326
3,513
678,498
684,610
640,063
1,000
-
6,035
-
33,199
1,204
33,482
1,000
6,035
67,885
2,798
7,600
2,800
2,798
7,600
2,800
Business:
Direction of Business Support Services
Salaries
Employee benefits
Purchased services
Total
Fiscal Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Other objects
Total
Operation & Maintenance of Plant Services
Purchased services
Supplies and materials
Capital outlay
Total
Pupil Transportation Services
Purchased services
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, 2011
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2010
2011
2010
Original &
Final Budget
Expenditures (Cont'd)
Support Services (Cont'd)
Business (Cont'd)
Food Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Other objects
$
697,072
130,153
54,237
1,479,757
4,000
3,725
Actual
$
667,560
124,052
49,497
1,411,940
3,537
Actual
$
643,960
102,643
38,681
1,359,533
25,435
3,170
Total
2,368,944
2,256,586
2,173,422
Total Business
3,202,628
3,117,170
3,027,812
30,921
9,104
88,644
720
30,925
7,963
119,664
224
26,438
7,179
98,365
392
129,389
158,776
132,374
257,633
62,209
16,294
9,956
788
237,935
56,148
14,456
6,682
402
247,066
51,973
19,898
15,412
1,431
346,880
315,623
335,780
506,135
64,193
367,662
211,600
6,325
1,733
482,664
69,330
286,097
342,855
4,623
495,994
50,819
67,324
514,506
2,990
Total
1,157,648
1,185,569
1,131,633
Total Central
1,633,917
1,659,968
1,599,787
Central
Information Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Total
Staff Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Other objects
Total
Data Processing Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Other objects
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, 2011
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2010
2011
2010
Original &
Final Budget
Expenditures (Cont'd)
Support Services (Cont'd)
Other Supporting Services
Purchased services
Supplies and materials
$
Total
Total Support 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 Payments to Other Districts
& Governmental Units
10,000
$
Actual
3,485
5,771
$
61,618
113,386
10,000
9,256
175,004
17,290,948
17,436,163
18,336,882
15,930
39,001
12,483
15,930
39,001
12,483
1,008,232
1,300,000
583,894
1,161,321
1,489,109
717,989
804,958
1,644,204
385,665
2,892,126
3,368,419
2,834,827
-
5,380
3,464
-
-
8,844
-
2,908,056
Debt Services
Debt service - interest
Actual
3,416,264
2,847,310
97,678
-
-
Total
97,678
-
-
Total Debt Services
97,678
-
-
On-behalf expenditure
9,185,698
9,053,711
8,816,892
Total Expenditures
69,586,407
69,168,932
67,673,234
58
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, 2011
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2010
2011
2010
Original &
Final Budget
Excess (Deficiency) of Revenues Over
Expenditures Before Other Financing
Sources (Uses)
$
1,259,902
Actual
$
4,147,667
Actual
$
2,868,176
Other Financing Sources (Uses)
Permanent transfer to Debt Service Fund
Sale of Fixed Assets
-
(67,526)
-
(67,453)
2,125
Total Other Financing Sources (Uses)
-
(67,526)
(65,328)
Net Change in Fund Balances
Fund Balance - Beginning of Year
Fund Balance - End of Year
$
59
1,259,902
4,080,141
2,802,848
13,184,854
13,263,653
10,460,805
14,444,756
$
17,343,794
$
13,263,653
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, 2011
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2010
2011
2010
Original &
Final Budget
Revenues
Local Sources
General levy
Interest income
Rentals
Insurance reimbursements
Other
$
5,996,855
9,417
205,400
-
Actual
$
Actual
6,037,669
3,764
218,653
63,355
61,484
$
6,491,652
2,505
192,551
34,058
12,260
Total Local Sources
6,211,672
6,384,925
6,733,026
Total Revenues
6,211,672
6,384,925
6,733,026
977,220
138,695
3,090,545
2,184,478
145,001
1,261
922,702
137,407
4,113,634
1,850,145
175,038
1,205
926,180
109,374
3,604,616
1,905,007
215,502
1,020
6,537,200
7,200,131
6,761,699
Expenditures
Support Services
Business
Operation and Maintenance of Plant Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Other objects
Total
Pupil Transportation Services
Salaries
Total
9,000
-
-
9,000
-
-
Total Business
6,546,200
7,200,131
6,761,699
Total Support Services
6,546,200
7,200,131
6,761,699
Total Expenditures
6,546,200
7,200,131
6,761,699
Excess (Deficiency) of Revenues Over
Expenditures Before Other Financing Sources
(Uses)
(334,528)
Other Financing Sources (Uses)
Sale of Fixed Assets
Total Other Financing Sources (Uses)
Net Change in Fund Balances
(815,206)
-
-
3,360
-
-
3,360
(334,528)
Fund Balance - Beginning of Year
(815,206)
1,450,349
Fund Balance - End of Year
$
60
(28,673)
1,115,821
(25,313)
1,471,775
$
656,569
1,497,088
$
1,471,775
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, 2011
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2010
2011
2010
Original &
Final Budget
Actual
$ 10,651,810
16,447
$ 10,482,214
18,597
Total Local Sources
10,668,257
10,500,811
9,790,855
Total Revenues
10,668,257
10,500,811
9,790,855
Expenditures
Debt Service:
Bond - interest
Bond - principal retired
Other costs
83,000
10,444,829
20,000
798,713
9,846,350
99,456
933,730
8,569,100
74,931
Total Debt Services
10,547,829
10,744,519
9,577,761
Total Expenditures
10,547,829
10,744,519
9,577,761
Revenues
Local Sources
General levy
Interest income
Actual
$
9,786,070
4,785
Excess (Deficiency) of Revenues
Over Expenditures
120,428
Other Financing Sources (Uses):
Permanent transfer to Debt Service Fund
Bonds issued
Premium on Bonds Issued
Transfer to Bond Escrow
Other sources not classified elsewhere
248,519
367,642
6,095,000
-
248,519
6,462,642
440,724
368,947
6,218,934
653,818
5,479,461
5,439,320
4,785,502
5,848,408
$ 11,658,254
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Fund Balance - Beginning of Year
Fund Balance - End of Year
$
61
(243,708)
213,094
367,245
3,825,000
56,142
(3,807,663)
-
$
5,439,320
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, 2011
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2010
2011
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
$
2,819,030
2010
Actual
$
2,837,192
Actual
$
2,774,326
62,633
60,797
58,819
1,891
4,427
4,261
6,351
2,777
2,500
2,887,981
2,908,601
2,838,422
651,397
458,879
1,387,155
927,030
2,272,228
836,906
Total State Sources
1,110,276
2,314,185
3,109,134
Total Revenues
3,998,257
5,222,786
5,947,556
2,534,776
943,076
981,075
566,670
59,225
4,727
2,536,759
507,930
404,488
724,247
338,328
6,316
2,386,913
424,080
395,115
636,311
665,882
9,642
Total
5,089,549
4,518,068
4,517,943
Total Business
5,089,549
4,518,068
4,517,943
Total Support Services
5,089,549
4,518,068
4,517,943
Debt Service:
Capital lease - principal
Bond - interest
522,750
46,862
827,034
118,235
797,641
112,639
Total Debt Services
569,612
945,269
910,280
5,659,161
5,463,337
5,428,223
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
62
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, 2011
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2010
2011
Original &
Final Budget
Excess (Deficiency) of Revenues Over
Expenditures Before Other Financing
Sources (Uses)
$
Other Financing Sources
Proceeds from Capital Leases
(1,660,904)
Actual
$
-
Net Change in Fund Balances
$
63
2,299,577
$
1,185,215
4,148,046
$
4,132,693
519,333
665,882
(15,353)
3,960,481
Fund Balance - End of Year
(240,551)
Actual
225,198
(1,660,904)
Fund Balance - Beginning of Year
2010
2,962,831
$
4,148,046
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, 2011
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2010
2011
2010
Original &
Final Budget
Revenues
Local Sources
IMRF levy
Social security/medicare levy
Corporate personal property
replacement taxes
Interest income
$
1,040,808
1,040,808
Actual
$
1,068,659
1,068,658
Actual
$
1,497,759
483,596
10,270
3,269
125,730
1,313
100,261
782
Total Local Sources
2,095,155
2,264,360
2,082,398
Total Revenues
2,095,155
2,264,360
2,082,398
372,831
66,348
358,804
5,131
11,859
2,976
1,639
1,273
8,680
284,573
150,327
331,485
4,967
6,092
2,150
1,471
1,741
7,846
377,024
48,025
314,242
4,548
5,132
4,168
1,439
1,481
7,320
829,541
790,652
763,379
24,470
8,993
141,008
8,206
26,547
34,305
23,879
8,825
136,085
8,882
21,608
27,549
21,600
8,221
129,471
9,173
20,431
32,223
243,529
226,828
221,119
2,956
67,696
2,772
67,209
4,756
59,056
70,652
69,981
63,812
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
64
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, 2011
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2010
2011
2010
Original &
Final Budget
Expenditures (Continued)
Support Services (Continued)
General Administration
Executive administration services
$
37,354
Actual
$
35,537
Actual
$
45,838
Total General Administration
37,354
35,537
45,838
School Administration
Office of the principal services
157,282
147,811
147,287
Total School Administration
157,282
147,811
147,287
29,193
56,671
170,264
441,622
117,791
12,758
54,349
146,128
415,999
96,657
25,688
50,244
158,879
395,665
101,276
815,541
725,891
731,752
5,346
29,887
76,362
5,139
25,982
61,562
4,093
25,061
69,839
111,595
92,682
98,993
Total Support Services
1,435,953
1,298,730
1,308,801
Total Expenditures
2,265,494
2,089,382
2,072,180
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
(170,339)
174,978
10,218
Net Change in Fund Balances
(170,339)
174,978
10,218
487,166
584,075
573,857
Fund Balance - Beginning of Year
Fund Balance - End of Year
$
65
316,827
$
759,053
$
584,075
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, 2011
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2010
2011
2010
Original &
Final Budget
Revenues
Local Sources
Interest income
Contributions and donations
from private sources
Miscellaneous income
$
2,000
Actual
$
Actual
10
$
140
300,000
-
319,592
-
157,737
8,071
Total Local Sources
302,000
319,602
165,948
Total Revenues
302,000
319,602
165,948
Expenditures
Debt Services
Debt service - other
-
193,105
-
Total Debt Services
-
193,105
-
Total Expenditures
-
193,105
-
Excess (Deficiency) of Revenues
Over Expenditures
302,000
126,497
165,948
Other Financing Sources (Uses):
Permanent transfer to Debt Service Fund
Other uses not classified elsewhere
(248,519)
(300,116)
-
(299,792)
-
Total Other Financing Sources (Uses)
(248,519)
(300,116)
(299,792)
53,481
(173,619)
(133,844)
(209,254)
(347,053)
(213,209)
Net Change in Fund Balances
Fund Balance - Beginning of Year
Fund Balance - End of Year
$
66
(155,773)
$
(520,672)
$
(347,053)
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, 2011
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2010
2011
Original &
Final Budget
Revenues
Local Sources
General levy
Interest income
$
300,029
4,000
2010
Actual
$
Actual
302,105
3,186
$
291,160
1,256
Total Local Sources
304,029
305,291
292,416
Total Revenues
304,029
305,291
292,416
Expenditures
Total Expenditures
-
Net Change in Fund Balances
Fund Balance - Beginning of Year
Fund Balance - End of Year
$
67
-
-
304,029
305,291
292,416
1,116,493
1,111,768
819,352
1,420,522
$ 1,417,059
$
1,111,768
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, 2011
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2010
2011
2010
Original &
Final Budget
Revenues
Local Sources
Interest income
$
300
Actual
Actual
$
76
$
39
Total Local Sources
300
76
39
Total Revenues
300
76
39
Expenditures
Total Expenditures
-
-
-
Excess (Deficiency) of Revenues
over Expenditures
300
76
39
Net Change in Fund Balance
300
76
39
29,927
29,752
29,713
Fund Balance - Beginning of Year
Fund Balance - End of Year
$
68
30,227
$
29,828
$
29,752
SCHEDULE 11
CONSOLIDATED SCHOOL DISTRICT 158
AGENCY FUND
SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED JUNE 30, 2011
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 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, 2010
$
2,966
772
20,577
1,412
1,639
228
4,686
64
30
401
154
5,667
2,331
1,134
155
369
33,690
1,714
6,534
986
2,367
173
5,613
5,516
5,358
5,648
3,060
1,453
740
5,358
672
1,677
10,299
1,363
1,102
2,725
1,628
3,577
2,045
69
ADDITIONS
$
490
2,747
288
1,091
5,407
40,000
50,490
4,353
644
2,002
7,476
6,176
1,284
7,298
3,937
11,828
1,748
8,626
126
1,245
80,268
1,802
1,228
4,511
10,089
850
1,270
6,042
4,407
3,024
878
1,234
53,510
DELETIONS
$
1,868
2,501
6,376
459
5,844
1,000
177
31,787
1,400
402
232
7,640
6,260
1,569
8,071
4,783
7,744
1,424
8,804
180
1,971
74,200
2,241
1,097
3,622
8,938
402
1,180
4,517
3,440
6,337
813
967
55,080
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
SCHEDULE 11
(Page 2)
CONSOLIDATED SCHOOL DISTRICT 158
AGENCY FUND
SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED JUNE 30, 2011
Heineman Athletics
Heineman Boys Basketball
Heineman Science
Heineman Tech Lab
Heineman Art Club
Heineman Performance Readings
Heineman Field Trips
Heineman In & Out
Heineman Foods Club
6th Grade Magazine
7th Grade Magazine
8th Grade Magazine
Conley Photo
Conley Pop
Conley Recycling
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 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, 2010
$
10,084
1,720
1,011
215
1,088
148
893
1,422
5,756
5,821
639
702
5,801
3
123
5,298
17,689
469
2,150
150
27
15,939
3,788
24,415
1,241
295
1,171
2,290
3,417
2,692
21
454
2
9,228
3,333
1,263
12,903
7,609
5,764
6,405
70
ADDITIONS
$
5,963
1,721
621
930
540
422
1,703
1,156
1,911
12,437
31,727
3,705
1,186
112
1,375
1,200
700
500
8,839
18,816
5,149
12,363
2,341
2,295
10,898
1,816
153
7,872
7,752
7,971
4,333
2,941
7,116
2,715
5,044
3,475
10,395
19,012
6,733
18,135
DELETIONS
$
9,210
1,396
1,972
247
226
422
1,590
2,174
9,329
36,723
2,158
1,005
102
5,589
1,184
320
32
9,455
29,028
4,522
10,735
2,280
7,241
3,661
11,992
2,364
7,182
8,397
9,129
5,998
2,933
2,915
11,393
325
4,035
11,208
19,241
8,192
14,402
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
1,644
2,258
1,027
21
462
4,203
551
8,052
703
12,090
7,379
4,304
10,138
SCHEDULE 11
(Page 3)
CONSOLIDATED SCHOOL DISTRICT 158
AGENCY FUND
SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED JUNE 30, 2011
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, 2010
$
4,910
4,516
4,394
4,124
2,897
854
10,468
5,537
1,150
1,050
216
680
346
43
4,652
131
411
3,880
5,828
966
120
7
555
3,992
29
1,690
1,881
2,858
26,032
725
5,676
1,242
104
1,410
836
216
11,446
2,299
3,676
1,948
2,087
534
1,207
4,138
71
ADDITIONS
$
5,186
10,463
4,693
6,398
3,767
233
79,230
1,524
6,605
131
845
455
19,511
281
2,498
60,429
6,778
4,130
97
98,163
375
1,050
8,007
14,599
105,328
600
32,049
4,063
752
5,793
1,271
4,916
60,984
32,728
9,058
2,678
6,131
563
5,319
DELETIONS
$
5,991
10,641
5,113
2,286
5,466
80,990
2,523
6,829
1,181
737
601
20,845
187
1,467
60,074
6,693
1,086
76,083
304
1,010
7,063
14,812
106,427
966
27,734
4,570
828
6,844
1,492
3,338
61,433
31,634
9,364
805
812
1,436
3,866
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
SCHEDULE 11
(Page 4)
CONSOLIDATED SCHOOL DISTRICT 158
AGENCY FUND
SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED JUNE 30, 2011
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
Strategy Ed/Life Strategy Garden
HS Dance Club
HS Recycling
Art Club
Guitar Club
HS Band (Fundraising)
HS Baking Club
HS Fashion Club
HS Social Studies Trips
HS Bowling
HS Swimming
HS Fishing Club
HS Science Club
HS Psychology Club
HS Horticulture Club
BALANCE
JUNE 30, 2010
$
10,460
9,201
8,232
602
8,638
4,593
9,728
12,929
13,565
10
1,663
2,362
119
2,938
1,147
6,347
4,279
14,501
23,022
5,423
251
12,637
1,523
3,369
3,150
1,151
258
59
31,141
5,249
11
4,462
196
60
192
104
1,890
72
ADDITIONS
$
11,367
15,846
24,195
2,700
5,843
14,687
30,755
25,279
58,760
6,457
1,192
26,071
1,000
2,125
148
320
20,639
16,694
25,505
16,053
5,145
4,435
22,348
6,204
16,315
5,072
270
390
50,291
4,925
664
1,490
7,540
290
558
12,866
808
3,776
603
2,082
3,349
180
DELETIONS
$
15,622
15,975
20,510
2,698
6,939
15,840
26,603
21,107
64,045
5,710
709
25,926
1,000
4,883
126
1,293
17,083
19,139
18,508
8,929
6,990
1,503
23,788
4,720
19,572
4,687
562
391
59,676
73
11
2,496
500
551
3,396
286
556
5,777
434
3,222
493
1,796
14
-
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
SCHEDULE 11
(Page 5)
CONSOLIDATED SCHOOL DISTRICT 158
AGENCY FUND
SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED JUNE 30, 2011
HS Graduation Ceremony
Class of 2010
Marlowe Class of 2011
Marlowe Class of 2012 - 8th Grade
Marlowe Class of 2013 - 7th Grade
Marlowe Class of 2014 - 6th Grade
Class of 2015
Class of 2016
Class of 2017
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
Grand Total
BALANCE
JUNE 30, 2010
$
3,215
8,764
390
12,025
2,856
750
7,778
8,327
2,687
1,265
1,425
14,563
3,782
2,763
2,251
232
ADDITIONS
$
423
2,446
71,119
955
2,070
701
1,015
7,973
3,734
49
2,103
809
10,120
18,793
3,250
10,666
3,043
DELETIONS
$
10,000
423
5,154
62,773
10,199
33
750
413
10,036
4,158
325
2,333
600
12,315
19,789
2,518
9,069
3,079
719,616
1,762,632
1,685,272
73
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
796,976
SCHEDULE 12
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2005 GENERAL OBLIGATION REFUNDING BONDS
JUNE 30, 2011
YEAR ENDING JUNE 30,
PRINCIPAL
2012
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%
74
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
327,750
$
6,555,000
$
4,588,500
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
327,750
6,882,750
$ 11,143,500
SCHEDULE 13
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2006B GENERAL OBLIGATION BONDS
JUNE 30, 2011
YEAR ENDING JUNE 30,
PRINCIPAL
2012
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%
75
INTEREST
TOTAL
$
420,000
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
$
238,035
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
$
658,035
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
$
5,850,000
$
1,546,887
$
7,396,887
SCHEDULE 14
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2000 CAPITAL APPRECIATION SCHOOL BUILDING BONDS
JUNE 30, 2011
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
$
1,508,888
2,591,880
2,509,166
2,625,043
2,524,492
$
2,581,568
4,434,555
4,292,925
4,491,243
4,319,232
$
8,360,054
$ 11,759,469
$
20,119,523
$
9,000,000
December 1, 2000
LaSalle Bank
January 1
January 1
None - Capital Appreciation Bonds
76
FUTURE
ACCRETION
$
1,418,432
3,065,445
3,632,075
4,558,757
5,180,768
$ 17,855,477
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, 2011
ORIGINAL
PRINCIPAL
YEAR ENDING JUNE 30,
2012
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
$
1,691,928
1,597,914
1,567,135
2,035,478
826,529
$
2,330,294
2,200,794
2,158,451
2,803,531
1,055,229
$
4,022,222
3,798,708
3,725,586
4,839,009
1,881,758
$
177,778
526,292
899,414
1,710,991
1,018,242
$
$
7,718,984
$ 10,548,299
$
18,267,283
$
4,332,717
$ 22,600,000
$
11,999,846
December 1, 2001
LaSalle Bank
January 1
January 1
None - Capital Appreciation Bonds
77
4,200,000
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, 2011
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
1,655,775
1,594,053
1,533,318
3,523,250
3,405,602
1,278,226
$
3,312,716
3,189,267
3,067,720
7,048,880
6,813,716
2,557,334
$
2,822,284
3,260,733
3,707,280
9,951,120
11,131,284
4,797,666
$
6,135,000
6,450,000
6,775,000
17,000,000
17,945,000
7,355,000
$ 12,990,224
$
25,989,633
$
35,670,367
$
61,660,000
$
12,999,409
December 1, 2003
LaSalle Bank
January 1
January 1
None - Capital Appreciation Bonds
78
SCHEDULE 17
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2003A CAPITAL APPRECIATION SCHOOL BUILDING BONDS
JUNE 30, 2011
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
$
1,824,507
1,754,143
1,688,872
1,560,864
1,797,859
$
3,770,340
3,624,893
3,490,046
3,225,440
3,715,175
$
9,199,649
$
8,626,245
$
17,825,894
$
9,199,649
December 1, 2003
LaSalle Bank
January 1
January 1
None - Capital Appreciation Bonds
79
FUTURE
ACCRETION
$
TOTAL
1,139,660
1,530,107.0
1,929,954.0
2,244,560.0
6,969,825.0
$
4,910,000
5,155,000
5,420,000
5,470,000
10,685,000
$ 13,814,106
$
31,640,000
SCHEDULE 18
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2004 CAPITAL APPRECIATION SCHOOL BUILDING BONDS
JUNE 30, 2011
ORIGINAL
PRINCIPAL
YEAR ENDING JUNE 30,
2012
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
$
$
2,661,671
2,555,259
291,265
3,641,064
$
2,285,698
2,194,276
250,129
3,126,705
$
$
9,149,259
$
7,856,808
$ 17,006,067
$
25,000,000
December 1, 2004
Harris Bank
January 1
January 1
None - Capital Appreciation Bonds
80
4,947,369
4,749,535
541,394
6,767,769
TOTAL
222,631
670,465
948,606
13,572,231
$
5,170,000
5,420,000
1,490,000
20,340,000
$ 15,413,933
$
32,420,000
SCHEDULE 19
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2007 DEBT CERTIFICATES
JUNE 30, 2011
YEAR ENDING JUNE 30,
PRINCIPAL
2012
Amount of Original Issue
Date of Issue
Paying Agent
Principal Payment Date
Interest Payment Date
Interest Rates
$
$
$
4,995,000
April 15, 2007
Harris Bank
January 15
January 15 and July 15
4.10%-4.15%
81
2,645,000
2,645,000
INTEREST
$
$
109,767
109,767
TOTAL
$
$
2,754,767
2,754,767
SCHEDULE 20
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2008 REFUNDING BONDS
JUNE 30, 2011
YEAR ENDING JUNE 30,
PRINCIPAL
2012
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
520,000
540,000
570,000
585,000
610,000
635,000
660,000
4,120,000
INTEREST
$
148,525
131,781
113,637
93,744
72,625
49,934
25,740
635,986
TOTAL
$
668,525
671,781
683,637
678,744
682,625
684,934
685,740
4,755,986
SCHEDULE 21
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2009 REFUNDING BONDS
JUNE 30, 2011
YEAR ENDING JUNE 30,
PRINCIPAL
2012
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
165,519
142,519
117,769
91,419
62,981
32,606
1,936,962
TOTAL
$
165,519
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
5,761,962
SCHEDULE 22
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2010 GENERAL OBLIGATION REFUNDING BONDS
JUNE 30, 2011
YEAR ENDING JUNE 30,
PRINCIPAL
2012
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
$
$
276,561
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
4,116,411
TOTAL
$
$
276,561
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
10,211,411
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, 2011
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED JUNE 30, 2010
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
Other instructional programs
Support Services:
Pupils
Instructional staff
General administration
School administration
Business
Transportation
Operations and maintenance
Central
Other supporting services
Payments to Other Districts &
Other Governments
Debt Service:
Principal
Interest and other
Capital outlay
On-behalf revenue
Total Expenditures
$ 38,452,103
$
302,105
369,831
57,820
3,186
4,212,829
16,833,473
4,336,832
9,053,711
-
73,316,599
305,291
Operations and
Maintenance
Fund
Transportation
Fund
Municipal
Retirement/Social
Security Fund
$
6,037,669
$ 2,837,192
$
3,764
6,351
343,492
-
65,058
2,314,185
-
6,384,925
5,222,786
28,730,641
1,046,363
6,777,590
3,005
2,697,440
-
5,933,439
2,340,301
1,411,702
2,964,327
3,117,170
1,659,968
9,256
-
3,410,884
-
13,135
9,053,711
-
175,038
-
827,034
118,235
338,328
-
69,168,932
-
7,200,131
5,463,337
85
7,025,093
-
4,179,740
-
2,137,317
125,730
1,313
2,264,360
284,573
150,327
331,485
24,267
226,828
69,981
35,537
147,811
163,764
415,999
146,128
92,682
2,089,382
SCHEDULE 23
NON-OPERATING FUNDS
Total
Operating
Funds
Debt
Service
Fund
$ 49,766,386
$ 10,482,214
495,561
72,434
18,597
4,621,379
19,147,658
4,336,832
9,053,711
87,493,961
Fire
Prevention
and Life
Safety Fund
Capital
Projects
Find
10,500,811
$
-
$
-
-
319,592
-
76
-
319,602
2011
$
10
Total
76
60,248,600
2010
$
57,926,224
495,561
91,117
382,136
57,619
319,592
4,621,379
19,147,658
4,336,832
9,053,711
157,737
4,319,324
18,063,250
5,830,467
8,816,892
98,314,450
95,553,649
29,015,214
1,196,690
7,109,075
3,005
2,721,707
-
-
-
29,015,214
1,196,690
7,109,075
3,005
2,721,707
28,013,196
896,026
6,948,302
5,362
2,564,430
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
-
-
-
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
5,848,489
3,443,453
1,517,146
3,201,520
3,108,900
4,240,885
6,739,479
1,698,780
175,004
3,410,884
-
-
-
3,410,884
2,847,310
827,034
118,235
526,501
9,053,711
9,846,350
898,169
-
193,105
-
-
10,673,384
1,209,509
526,501
9,053,711
9,366,741
1,130,942
950,241
8,816,892
83,921,782
10,744,519
193,105
-
94,859,406
91,513,098
86
CONSOLIDATED SCHOOL DISTRICT 158
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2011
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED JUNE 30, 2010
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
Sale of Fixed Assets
Proceeds from capital leases
Proceeds from sale of bonds
Premium on bonds sold
Transfer to escrow agent
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balance, Beginning of Year
Fund Balance, End of Year
$
4,147,667
$
305,291
Operations and
Maintenance
Fund
$
(815,206)
Transportation
Fund
Municipal
Retirement/Social
Security Fund
$
$
(240,551)
174,978
(67,526)
-
-
-
225,198
-
-
(67,526)
-
-
225,198
-
4,080,141
305,291
13,263,653
1,111,768
$ 17,343,794
$ 1,417,059
87
(815,206)
$
(15,353)
1,471,775
4,148,046
656,569
$ 4,132,693
174,978
584,075
$
759,053
SCHEDULE 23
(Cont'd)
NON-OPERATING FUNDS
Total
Operating
Funds
$
3,572,179
Debt
Service
Fund
$
(243,708)
Capital
Projects
Find
$
126,497
Fire
Prevention
and Life
Safety Fund
$
76
Total
2011
$
3,455,044
2010
$
4,040,551
(67,526)
225,198
-
367,642
6,095,000
-
(300,116)
-
225,198
6,095,000
-
157,672
6,462,642
(300,116)
-
6,320,198
744,846
3,729,851
6,218,934
(173,619)
76
9,775,242
4,785,397
20,579,317
5,439,320
(347,053)
29,752
25,701,336
20,915,939
$ 24,309,168
$ 11,658,254
$
(520,672)
$
29,828
88
$
35,476,578
5,485
665,882
3,825,000
56,142
(3,807,663)
$
25,701,336