CONSOLIDATED SCHOOL
DISTRICT 158
ALGONQUIN, ILLINOIS
ANNUAL FINANCIAL REPORT
JUNE 30, 2010
CONSOLIDATED SCHOOL DISTRICT 158
ANNUAL FINANCIAL REPORT
JUNE 30, 2010
TABLE OF CONTENTS
Exhibits Page(s)
Independent Auditors’ Report
1
Management’s Discussion and Analysis
3
Basic Financial Statements:
Statement of Net Assets
A
15
Statement of Activities
B
16
Balance Sheet Governmental Funds
C
18
Statement of Revenues, Expenditures, and Changes in Fund Balances
Governmental Funds
D
21
Statement of Fiduciary Assets and Liabilities Agency Funds – Student
Activity Funds
E
26
Notes to the Basic Financial Statements
27
Required Supplementary Information –
Illinois Municipal Retirement Fund
44
Schedules
Schedule of Revenues, Expenditures and Changes in Fund Balances –
Budget to Actual for the Year Ended June 30, 2010 with Comparative
Actual Amounts for the Year Ended June 30, 2009:
Educational Fund
Operations and Maintenance Fund
Debt Service Fund
Transportation Fund
Municipal Retirement/Social Security Fund
Capital Projects Fund
Working Cash Fund
Fire Prevention and Life Safety Fund
Schedule of Changes in Assets and Liabilities – Agency Fund
Debt Service Schedule – 2005 General Obligation Refunding Bonds
Debt Service Schedule – 2006B General Obligation Bonds
Debt Service Schedule – 1999 Capital Appreciation 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
1
2
3
4
5
6
7
8
45
55
56
57
59
61
62
63
9
64
10
11
12
13
14
15
69
70
71
72
73
74
CONSOLIDATED SCHOOL DISTRICT 158
ANNUAL FINANCIAL REPORT
JUNE 30, 2010
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
16
17
18
19
20
75
76
77
78
79
Balance Sheet – Operating and Non-Operating Governmental Funds
21
80
Statement of Revenues, Expenditures and Changes in Fund Balances –
Operating and Non-Operating Governmental Funds
22
82
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, 2010 as listed in the table of contents. These financial statements are the
responsibility of the school district’s management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis for our opinion.
The District has elected to omit the disclosures required by Governmental Accounting Standards Board
Statement 45 Accounting and Financial Reporting for Post-Employment Benefits Other Than Pensions.
The amount by which this disclosure would affect the financial statements is not reasonably determinable.
In our opinion, except for effect of the omission described in the preceding paragraph, the financial
statements referred to above present fairly, in all material respects, the respective financial position of the
governmental activities, each major fund, and the aggregate remaining fund information of the
Consolidated School District No. 158 as of June 30, 2010, 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 15,
2010, 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 15, 2010
Rolling Meadows, IL
(15)
2
CONSOLIDATED SCHOOL DISTRICT 158
MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2010
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, 2010.
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.
For example, assets that are restricted for use in the Debt Service Fund solely for the payment of long
term principal or interest are grouped with unrestricted assets of the General Fund. 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, 2010
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), Operations and Maintenance, Transportation,
Municipal Retirement/Social Security, Debt Service, Capital Projects, Working Cash, and 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
Operations and
Maintenance Fund
Transportation Fund
Special Revenue Funds
Municipal
Retirement/Social
Security Fund
Working Cash Fund
Fire Prevention & Life
Safety Fund
Capital Projects Fund
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, 2010
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
o
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.
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.
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
Operating fund balances increased to $20.58 million from $16.31 million in prior year, which is an
increase of $4.27 million. The increase in operating fund balances is primarily driven by the budget
favorability in salaries, benefits, purchased services and supplies. The operating surplus of $4.27 million
reflects revenue recognized of $2.45 million from the State of Illinois that, as of the date of this published
report, has yet to be received. These dollars are recorded as an intergovernmental receivable in the June
30, 2010 financials of the District.
During the year, as part of the refunding of the Series 2006A 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 by approximately .30% versus an insured-only bond issue,
saving the District over $190,000 in interest expense and bond insurance fees on the 2009 Refunding
Bonds.
During the year, the District created a process and data model to review and analyze the District’s 5-year
plan on an annual basis. This operating plan will be an essential financial tool and resource to assist the
District in meeting its financial needs into the future.
5
CONSOLIDATED SCHOOL DISTRICT 158
MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2010
Subsequent to year end, the District entered into a new Collective Bargaining Agreement with Huntley
Education Support Personnel Association (IEA-NEA) through FY 2013. The Agreement includes a pay
freeze in fiscal year 2011 and salary increases tied to CPI the remaining two years.
In FY 2008, the District began to directly pay for its employee health care benefits under a self-insurance
health plan. To minimize year-to-year fluctuations and resulting financial risks, the District's self-funded
health plan is managed by a third party administrator and contains a stop-loss policy. In FY 2010, the
stop-loss policy covered catastrophic health care costs above $100,000 per insured individual. In FY
2010, the District’s healthcare costs decreased by $.61 million from prior year. However, in FY 2009, the
District’s healthcare costs increased by $1.03 million from FY 2008 as a result of increased claims as well
as an increase 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. The District received $0.74 million
in previous fiscal years and $81,000 during FY 2010 whereby the remaining receivable and deferred
revenue balance approximate $ .47 million.
The District’s legal debt margin, which is the capacity to borrow additional funds, is $120.4 million, up
from prior years $111.7 million. (See Note 6 in the Notes to the Financial Statements).
The District continued to pay down its long-tem debt retiring $14.3 million of debt in FY 2010 (see Note 6
to the Financial Statements). In FY 2010, the District refunded the remaining principal and interest
payments, approximating $3.7 million, on the Marlowe Series 2006A Bonds with proceeds from the
Series 2009 Refunding Bonds.
No tax anticipation warrants (short-term notes issued to finance current operations, with repayment from
future tax receipts) were issued in FY 2010. This is the fourth consecutive year the District has not
needed to use this short term financing mechanism to cover operating expenses in the latter part of the
fiscal year.
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.
6
CONSOLIDATED SCHOOL DISTRICT 158
MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2010
Based on the improved fund balance and cash flow in FY 2010, the District’s estimated Financial Profile
rating for FY 2010 is 3.7 or ''Recognition,” the highest rating of financial strength. Prior year’s rating was
3.35 or “Review.” Below is a Profile Score History outlining the positive trend the District has made over
the years.
Profile Score History
4
3.5
3
2.5
2
1.5
1
2004
2005
2006
2007
2008
2009
2010
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. Enrollment increased 3.6%,
primarily the result of the District’s senior class graduating and being replaced by a larger kindergarten
class.
New construction within the District’s boundaries for the past several levy years is as follows:
2005
2006
2007
2008
2009
$129,736,000
$ 96,598,000
$ 63,873,000
$ 34,046,000
$ 29,569,000
7
CONSOLIDATED SCHOOL DISTRICT 158
MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2010
FY 2010 Government-Wide Financial Analysis
Figure A-1
S um m a ry S ta te m ent of Net As sets
June 30
Go vernm en tal
G overnm enta l
Activities
Activities
2010
20 09
Current a ssets
Capital asset s,
net of d epreciation
$
65, 648,2 38
$
5 9,72 8,052
I ncre ase
(Decrease)
$
5,9 20,18 6
%
Chang e
9.9 %
Tota l assets
179, 505,7 66
245, 154,0 04
18 2,65 6,289
24 2,38 4,341
(3,1 50,52 3)
2,7 69,66 3
-1 .7%
1.1 %
Total liabilit ies
141, 214,1 68
40, 602,8 80
181, 817,0 48
14 2,25 9,177
3 8,90 3,306
18 1,16 2,483
(1,0 45,00 9)
1,6 99,57 4
6 54,56 5
-0.7 %
4.4 %
0.4 %
73, 278,8 24
7 5,58 2,035
(2,3 03,21 1)
-3 .0%
5, 469,0 72
(15, 410,9 40)
63, 336,9 56
4,81 5,215
(1 9,17 5,392 )
6 1,22 1,858
6 53,85 7
3,7 64,45 2
2,1 15,09 8
1 3.6%
-19.6 %
3.5 %
2,7 69,66 3
1.1 %
Long -t erm liab ilitie s
O ther liabilities
Net a ssets:
Invested in capital a ssets,
net of related debt
Restricted
(for debt serv ice and capital projec ts)
Unrestricted
To tal net assets
To tal lia bilities and net assets $ 245, 154,0 04
$ 24 2,38 4,341
$
Analysis of the FY 2010 Statement of Net Assets
Overall, the District's total net assets at June 30, 2010 increased to $63.34 million from $61.22 million in
FY 2009, an increase of 3.5%, or approximately $2.12 million. In FY 2010, the District's total assets
increased $2.77 million while the District's current assets increased $5.92 million. Current Assets
increased primarily due to increases in cash and investments of $2.23 million, property tax receivables of
$1.90 million and the intergovernmental receivable for State reimbursements of $1.75 million. In FY
2010, as a result of depreciation, the District's capital assets decreased ($3.15) million.
The District's total liabilities increased by $.65 million in FY 2010. Major changes to the liabilities in FY
2010 are primarily due to an increase in deferred revenue for the tax levy and registration fees. Longterm liabilities decreased in FY 2010 by ($1.05) million due to pay down of long term debt (see Note 6 in
the Notes to the Financial Statements).
8
CONSOLIDATED SCHOOL DISTRICT 158
MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2010
FY 2010 Statement of Activities
Figure A-2
Summary Statement of Activities
June 30
Governmental
Governmental
Activities
Activities
2010
2009
Revenues
Program revenues
Charges for services
$
Operating grants & contributions
Total program revenues
4,477,060
19,724,691
24,201,751
General revenues
Property taxes
State formula aid & formula grants
Other
Total general revenues
Total revenues
57,542,933
13,024,905
63,104
70,630,942
94,832,693
Expenses
Instruction
Pupil & instructional services
Administration & business
Operations & maintenance
Transportation
Interest and fees
Other
Total expenses
48,925,600
9,303,228
8,169,693
6,927,000
5,090,502
7,617,198
6,637,652
92,670,873
$
Increase
(Decrease)
%
Change
(794,883)
4,685,626
3,890,743
-15.1%
31.2%
19.2%
54,218,418
11,826,738
309,191
66,354,347
86,665,355
3,324,515
1,198,167
(246,087)
4,276,595
8,167,338
6.1%
10.1%
-79.6%
6.4%
9.4%
45,006,164
8,293,435
8,799,968
7,544,194
4,297,143
8,595,498
6,454,584
88,990,986
3,919,436
1,009,793
(630,275)
(617,194)
793,359
(978,300)
183,068
3,679,887
8.7%
12.2%
-7.2%
-8.2%
18.5%
-11.4%
2.8%
4.1%
5,271,943
15,039,065
20,311,008
$
Increase (Decrease) in Assets $
2,161,820
$
(2,325,631) $ 4,487,451
Beginning Balance (Restated) $
Ending Balance $
61,175,136
63,336,956
$
$
63,547,459
61,221,828
2,115,128
207.6%
3.5%
Analysis of the FY 2010 Statement of Activities
In summary, total revenues of all governmental activities during FY 2010 were $94.83 million and the total
expenses of all governmental activities were $92.67 million. Some of the costs were financed by users of
the District‘s programs via charges for services of $4.48 million. Federal and state governmental funds
subsidized certain programs with operating grants and contributions in the amount of $19.72 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 $68.47 million,
which was financed by District taxpayers. Overall, total revenues for governmental activities exceeded
total expenditures, increasing net assets by $2.16 million.
In FY 2010, driven by the increase in EAV for levy years 2008 and 2009, property tax revenues increased
$3.3 million. In FY 2010, the District's total revenue increased $8.17 million.
The cost of all governmental activities in FY 2010 was $92.67 million. This was an increase of $3.68
million from FY 2009 (See Figures A-2).
9
CONSOLIDATED SCHOOL DISTRICT 158
MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2010
The District's expenses predominantly related to instructing, caring for (pupil services), and transporting
students represented $63.3 million, reflecting 68% of total expenses. The District's administrative and
business activities accounted for $8.2 million, reflecting 9% of total expenses.
The following is a graphic illustration of the percent of revenue by source:
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%
2009 Percent of Revenue by Source
State Formula Aid &
Formula Grants,
13.50%
Other, 0.40%
Charges for Services,
7.10%
Property Taxes,
62.10%
Operating Grants &
Contributions, 16.90%
10
CONSOLIDATED SCHOOL DISTRICT 158
MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2010
The following is a graphic illustration of the percent of expense by source:
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%
2009 Percent of Expense by Source
Administration &
Business, 10.10%
Operations &
Maintenance, 8.00%
Transportation, 4.80%
Instruction, 51.10%
Interest & Fees, 10.00%
Other, 7.00%
Pupil & Instructional
Services, 9.00%
11
CONSOLIDATED SCHOOL DISTRICT 158
MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2010
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 2010 of $4.27 million, making the FY 2010 ending fund
balance for the operating funds $20.58 million.
The net revenue over expenditures in the Education Fund was $2.87 million, contributing to a year end
fund balance of $13.26 million. A summary of the State of Revenues, Expenditures and Changes in Fund
Balance 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 2010 of $.52 million, making
the FY 2010 ending fund balance for the non-operating funds of $5.12 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 2010 is $25.7 million, an increase of $4.78 million
from FY 2009.
Figure A-3
Financial Analysis of District Funds
June 30, 2010
Other
Revenues
Expenditures
Fund
$ 70,541,410 $ 67,673,234 $
Educational
6,761,699
6,733,026
O &M
5,428,224
5,947,557
Transportation
2,072,180
2,082,398
IMRF/Social Security
292,416
Working Cash
9,577,761
9,790,855
Debt Service
165,948
Capital Projects
39
Fire Prevention & Safety
Net by Fund $ 95,553,649 $ 91,513,098 $
Total Operating Funds
Total Capital Funds
$
$
85,596,807
9,956,842
$
$
81,935,337
9,577,761
$
$
-
$
$
Net Change
2,868,176
(28,673)
519,333
10,218
292,416
213,094
165,948
39
4,040,551
$
$
3,661,470
379,081
Figure A-4
Analysis of District Expenses by Object
June 30, 2010
Operating
Capital
Funds
Funds
Object
$
Salaries
$
46,345,783 $
16,762,831
Employee benefits
Purchased services
6,946,765
Supplies and materials
7,719,646
Capital outlay
950,242
Other
9,577,761
3,210,070
9,577,761 $
Expenditures by Object $
81,935,337 $
12
Total
Funds
46,345,783
16,762,831
6,946,765
7,719,646
950,242
12,787,831
91,513,098
%
of Total
50.6%
18.3%
7.6%
8.4%
1.0%
14.0%
100.0%
CONSOLIDATED SCHOOL DISTRICT 158
MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2010
Capital Asset and Debt Administration
Analysis of the FY 2010 Capital Assets
By the end of FY 2010, the District had compiled a broad range of capital assets including land, buildings,
computers, furniture, and other equipment. The District recorded $207.67 million in gross assets and
$28.17 million in accumulated depreciation, resulting in $179.51 million in net capital assets. During FY
2010, the District placed in service $.9 million in capital additions. Fiscal year depreciation expense
ended the year at $4.99 million, an increase of $.24 million from FY 2009.
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
2010
2009 Restated
$ 10,837,743 $ 10,837,743
191,000
191,000
10,832,537
10,616,486
156,801,852
153,315,063
1,880,070
1,251,284
3,000,825
3,294,190
$ 179,505,766 $ 183,544,027
Depreciation expense-fiscal year
Accumulated Depreciation
$
$
Capital assets
$ 207,672,412
4,986,064
28,166,646
$
$
4,743,988
23,180,582
$ 206,724,609
Increase
%
(Decrease) Change
0.0%
$
0.0%
(216,051)
-2.0%
(3,486,789)
-2.2%
(628,786) -33.4%
9.8%
293,365
$ (4,038,261)
-2.2%
$
242,076
$ 4,986,064
$
947,803
5.1%
21.5%
0.5%
Analysis of the FY 2010 Long-Term Liabilities
As of June 30, 2010, the District has interest payable and long-term debt in the amount of $.53 million
and $141.21 million respectively. Of the long-term debt balance, $10.59 million are considered current
maturities, thus reducing the non-current debt balance to $130.63 million.
Figure A-6
Outstanding Long-Term Liabilities
June 30
Governmental
Governmental
Activities
Activities
2010
2009
Interest Payable
$
525,819 $
521,585
10,588,863
Long-term liabilities (due within 1 year)
10,670,000
130,625,305
Long-term liabilities (due after 1 year)
131,589,177
Total
$ 141,739,987 $ 142,780,762
%
Increase
(Decrease) Change
0.8%
$
4,234
-0.8%
(81,137)
-0.7%
(963,872)
-0.7%
$ (1,040,775)
See Capital Assets (Note 4) and Long-Term Liabilities (Note 6) to the basic financial statements for
further information.
13
CONSOLIDATED SCHOOL DISTRICT 158
MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2010
Factors Bearing on the District's Future
™ Fiscal year 2011 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 2011 and
beyond.
™ With the current economy and a Consumer Price Index that appears to be tracking lower than the
historical average of $2.7%, the expenditure level of the Operating Funds will need continued
monitoring for the ability to adequately staff schools to accommodate new student enrollment.
™ The resolution of adjustments to past and future general state aid claims, due to the McHenry
county clerk’s use of estimated assessed value from Kane county for the 2001 tax extension (in
2002), is still not resolved. The District has pursued legislation over the past several legislative
sessions to make a correction to the District’s general state aid. The District will continue to work
with other districts affected by this issue and attempt to get a larger coalition of districts and their
legislative representatives educated to support any future effort.
™ 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
Assessed
Valuation
Percent
Increase
Total
Tax
Rate
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
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
391,624,640
2.02%
6.26%
11.11%
15.99%
18.43%
19.83%
22.95%
20.53%
24.68%
37.27%
4.1230
4.0318
4.0323
4.1910
4.3366
4.6081
4.1706
4.7091
4.6310
4.3805
Equalized
™ The District's employment groups are under contract as follows:
o
o
Teaching staff (Huntley Education Association) through FY 2011.
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
14
Basic Financial Statements
EXHIBIT A
CONSOLIDATED SCHOOL DISTRICT 158
STATEMENT OF NET ASSETS
JUNE 30, 2010
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
Total
$
24,913,846
1,574,627
30,829,843
57,206
6,037,063
62,532
27,185
731,896
26,264
1,387,776
10,837,743
191,000
168,477,023
$
245,154,004
$
1,533,745
5,367,605
208,801
1,256,772
1,558
525,819
31,708,580
16,411,337
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
Total Liabilities
10,588,863
114,213,968
$
181,817,048
$
73,278,824
NET ASSETS
Invested in capital assets, net of related debt
Restricted for:
Debt service
Capital projects
Unrestricted
Total Net Assets
The accompanying notes to the financial statements are an integral part of this statement.
15
5,439,320
29,752
(15,410,940)
$
63,336,956
CONSOLIDATED SCHOOL DISTRICT 158
STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2010
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
Capital outlay below threshold
Interest and fees
Unallocated depreciation
Total Governmental Activities
Program
Charges for Services
Support
Instruction
Services
Expenses
Disbursed
$
38,881,648
7,066,019
2,977,933
$
5,851,479
3,451,749
1,523,772
3,441,359
3,204,562
5,090,502
6,927,000
1,719,375
175,004
2,847,310
2,439
7,617,198
1,893,524
$
92,670,873
1,718,322
-
$
2,758,738
-
$
1,718,322
$
2,758,738
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
Proceeds from the sale of capital assets
Total General Revenues
Change in net assets
Net Assets, Beginning of Year
Adjustment of Prior Year's Capital Assets
Net Assets, Beginning of Year-as restated
Net Assets, End of Year
The accompanying notes to the financial statements are an integral part of this statement.
16
EXHIBIT B
Revenues
Operating Grants & Contributions
Support
Instruction
Services
$
9,550,492
5,959,060
175,314
$
$
15,684,866
-
Excess (Deficiency)
of Revenue
Over Expenditures
and Changes
in Net Assets
Governmental
Activities
$
243,115
687,576
3,109,134
$
4,039,825
(24,854,096)
(1,106,959)
(2,802,619)
(5,608,364)
(3,451,749)
(1,523,772)
(3,441,359)
(2,516,986)
(1,981,368)
(6,927,000)
(1,719,375)
(175,004)
(2,847,310)
(2,439)
(7,617,198)
(1,893,524)
$
(68,469,122)
$
36,113,951
11,408,061
9,638,785
382,136
10,678,138
2,346,767
57,619
5,485
$
70,630,942
$
2,161,820
61,221,858
(46,722)
61,175,136
$
63,336,956
17
CONSOLIDATED SCHOOL DISTRICT 158
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2010
WITH COMPARATIVE TOTALS FOR JUNE 30, 2009
Educational
Fund
ASSETS
Cash
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
Total Liabilities
FUND BALANCE
Reserved fund balance:
Reserved for Debt Service
Reserved for Capital Projects:
Fire Prevention & Life Safety
Unreserved fund balance:
Designated for:
Incurred unreported health claims
Purchase of school buses
Undesignated
Total Fund Balance
Total Liabilities and Fund Balance
$
14,743,853
1,574,627
Operations and
Maintenance
Fund
$
19,629,962
57,206
3,914,439
37,796
27,185
26,264
231,383
1,730,106
-
Debt
Service
Fund
$
3,074,237
7,760
17,997
Transportation
Fund
4,790,610
-
$
5,466,622
395,488
1,969,102
-
1,441,805
2,122,624
16,976
87,028
$
40,242,715
$
4,830,100
$
10,652,720
$
5,637,535
$
766,154
5,356,076
208,801
1,128,832
(281)
19,519,480
$
396,024
9,041
28,807
2,924,453
$
1,839
5,211,561
$
13,608
2,488
99,133
1,374,260
$
26,979,062
$
3,358,325
$
5,213,400
$
1,489,489
$
5,439,320
$
$
-
$
-
-
1,128,832
12,134,821
-
28,807
1,442,968
-
-
99,133
4,048,913
$
13,263,653
$
1,471,775
$
5,439,320
$
4,148,046
$
40,242,715
$
4,830,100
$
10,652,720
$
5,637,535
The accompanying notes to the financial statements are an integral part of this statement.
18
EXHIBIT C
Municipal
Retirement/Social
Security Fund
$
534,895
-
Capital
Projects
Fund
$
1,063,828
-
Working
Cash Fund
10,906
-
$
-
1,104,622
-
Fire
Prevention
and Life
Safety Fund
$
153,389
-
29,752
-
-
Total
2010
$ 24,913,846
1,574,627
2009
$
30,829,843
57,206
6,037,063
62,532
27,185
26,264
731,896
28,930,918
73,715
4,287,263
276,352
681,838
$
1,598,723
$
10,906
$
1,258,011
$
29,752
$
1,014,648
$
357,959
-
$
146,243
$
-
1,533,745
5,367,605
208,801
1,256,772
1,558
30,190,645
$
1,014,648
$
357,959
$
146,243
$
-
$ 38,559,126
$
-
5,439,320
4,785,502
29,752
29,713
1,256,772
18,975,492
1,256,772
14,843,952
$
-
$
-
-
$
-
584,075
-
(347,053)
29,752
1,111,768
-
$ 64,260,462
24,256,079
-
$
58,506,165
1,496,400
5,151,105
490,646
1,256,772
707
29,194,596
$
37,590,226
$
584,075
$
(347,053)
$
1,111,768
$
29,752
$ 25,701,336
$
20,915,939
$
1,598,723
$
10,906
$
1,258,011
$
29,752
$ 64,260,462
$
58,506,165
19
EXHIBIT C
(CONT'D)
CONSOLIDATED SCHOOL DISTRICT 158
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TO THE STATEMENT OF NET ASSETS
JUNE 30, 2010
Total fund balances - governmental funds
$
25,701,336
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
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
State and federal aid revenue
$
$
207,672,412
(28,166,646)
179,505,766
(1,436,600)
(81,335)
(1,517,935)
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.
(141,214,168)
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.
1,387,776
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.
20
(525,819)
$
63,336,956
(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, 2010
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED JUNE 30, 2009
Educational
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
Community services
Payments to Other Districts &
Governmental Units
Debt Service:
Principal
Interest and other
Capital outlay
On behalf expenditure
Total Expenditures
$
36,601,661
$
6,491,652
281,875
45,612
2,505
4,010,787
14,954,116
5,830,467
8,816,892
238,869
-
$
70,541,410
$
$
27,636,172
848,001
6,634,060
5,362
2,540,342
$
5,627,370
3,379,641
1,471,308
3,054,233
2,931,692
2,800
34,403
1,599,787
175,004
-
-
$
6,761,699
9,786,070
$
$
$
9,790,855
-
61,597
3,109,134
$
$
-
The accompanying notes to the financial statements are an integral part of this statement.
21
-
-
8,569,100
1,008,661
9,577,761
5,947,557
3,842,420
-
-
$
2,774,326
2,500
-
215,502
$
Transportation
Fund
4,785
-
68,857
8,816,892
67,673,234
6,733,026
Service
Funds
6,546,197
-
2,847,310
$
Debt
Operations and
Maintenance
Fund
797,641
122,281
665,882
$
5,428,224
EXHIBIT D
Municipal
Retirement/Social
Security Fund
$
1,981,355
Capital
Projects
Fund
$
100,261
782
-
$
2,082,398
$
$
377,024
48,025
314,242
24,088
$
221,119
63,812
45,838
147,287
177,208
395,665
158,879
98,993
-
165,948
-
291,160
$
1,256
157,737
8,071
-
$
$
Working
Cash Fund
140
-
Fire
Prevention
and Life
Safety Fund
39
$
$
292,416
-
-
$
$
39
Total
2010
$ 57,926,224
2009
$
54,417,232
382,136
57,619
472,359
309,191
157,737
4,319,324
18,063,250
5,830,467
8,816,892
376,534
4,895,409
16,531,153
4,364,202
6,090,770
$ 95,553,649
$
87,456,850
-
28,013,196
896,026
6,948,302
5,362
2,564,430
$
27,059,419
1,075,279
6,687,502
3,434
2,415,127
-
-
-
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
-
6,194,376
2,087,818
1,628,003
2,891,990
3,226,922
4,297,143
7,544,194
1,615,238
135,453
2,341
-
-
-
-
2,847,310
2,742,829
-
-
-
-
9,366,741
1,130,942
950,241
8,816,892
10,170,000
1,224,489
1,072,849
6,090,770
-
$ 91,513,098
2,072,180
$
-
$
-
$
22
$
88,165,176
CONSOLIDATED SCHOOL DISTRICT 158
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2010
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED JUNE 30, 2009
Educational
Fund
Excess (deficiency) of revenues
over expenditures
Other Financing Sources (Uses)
Abatement of Working Cash Fund
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)
$
2,868,176
Debt
Operations and
Maintenance
Fund
Service
Funds
$
(28,673)
$
213,094
367,245
3,825,000
56,142
(3,807,663)
Transportation
Fund
$
519,333
$
665,882
-
$
(67,453)
2,125
-
$
3,360
-
$
$
(65,328)
$
3,360
$
440,724
$
665,882
(25,313)
$
653,818
$
1,185,215
Net Change in Fund Balance
$
2,802,848
$
Fund Balance, Beginning of Year
Adjustment of Prior Years Revenues
$
10,460,805
-
$
1,497,088
-
$
4,785,502
-
$
2,962,831
-
Fund Balance Beginning of Year as Restated
$
10,460,805
$
1,497,088
$
4,785,502
$
2,962,831
Fund Balance, End of Year
$
13,263,653
$
1,471,775
$
5,439,320
$
4,148,046
The accompanying notes to the financial statements are an integral part of this statement.
23
EXHIBIT D
(Cont'd)
Municipal
Retirement/Social
Security Fund
Capital
Projects
Fund
Fire
Prevention
and Life
Safety Fund
Working
Cash Fund
$
10,218
$
165,948
$
292,416
$
-
$
(299,792)
-
$
-
$
-
$
-
$
(299,792)
$
-
$
-
$
10,218
$
(133,844)
$
$
573,857
-
$
(213,209)
-
$
573,857
$
(213,209)
$
819,352
$
584,075
$
(347,053)
$
1,111,768
292,416
$
$
819,352
-
39
39
Total
2010
$
4,040,551
$
5,485
665,882
3,825,000
56,142
(3,807,663)
$
-
-
$
744,846
$
$
4,785,397
$
29,713
-
20,915,939
-
$
29,713
$ 20,915,939
$
29,752
$ 25,701,336
24
2009
(708,326)
(708,326)
22,024,403
(400,138)
21,624,265
$
20,915,939
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, 2010
Net Change in Fund Balances - total governmental funds (Exhibit D)
$
4,785,397
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
$
$
947,803
(4,986,064)
(4,038,261)
(765,427)
38,987
(726,440)
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
Transfer to escrow for refunding bonds
$ 9,366,741
(4,476,421)
3,807,663
8,697,983
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
$ 1,276,572
(42,377)
1,234,195
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
(4,234)
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.
25
(7,786,820)
$
2,161,820
EXHIBIT E
CONSOLIDATED SCHOOL DISTRICT 158
STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES
AGENCY FUNDS
JUNE 30, 2010
Agency
Student
Activity
Fund
ASSETS
Cash and investments
$ 719,616
LIABILITIES
Due to student groups
The accompanying notes to the financial statements are an integral part of this statement.
26
$ 719,616
(THIS PAGE INTENTIONALLY LEFT BLANK)
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2010
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
27
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2010
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. Property taxes are recognized as revenues in the year for which they are levied.
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. 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
Educational Fund – is the general operating fund of the District. It accounts for all financial
resources except those required to be accounted for in another fund. 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.
Special Revenue Funds – account for the proceeds of specific revenue sources that are
legally restricted to expenditures for specified purposes and include the Transportation Fund,
the Municipal Retirement Fund and the Working Cash Fund, other than those accounted for in
the Debt Service Fund, Capital Projects Funds, or Fiduciary Funds.
Debt Service Fund – The Debt Service Fund accounts for the accumulation of resources for,
and the payment of general long-term debt principal, interest and related costs. Since there are
no legal requirements on bond indentures which mandate a separate fund be established for
each bond issue, the District maintains one Debt Service Fund for all issues.
Capital Projects Fund – The Capital Projects Funds include both the Capital Projects Fund
and the Fire Prevention and Life Safety Fund. The Capital Projects Fund accounts for financial
resources to be used for the acquisition or construction of major capital facilities. The Fire
Prevention and Life Safety Fund accounts for financial resources to be used for school
construction projects and authorized fire prevention and life safety projects.
28
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2010
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
C.
Measurement Focus and Basis of Accounting (Cont’d)
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 (Educational) 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.
Working Cash Fund – accounts for financial resources held by the District to be used as
temporary interfund loans for working capital requirements to the Educational Fund and the
Special Revenue Fund’s Operation and Maintenance and Transportation Funds. Money loaned
by the Working Cash Fund to other funds must be repaid within one year. As allowed by the
School Code of Illinois, this fund may be permanently abolished and become a part of the
General Fund or it may be partially abated to the Educational Fund, Special Revenue Funds,
Debt Service Funds, or the Fire Prevention and Life Safety Fund.
29
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2010
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.
30
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2010
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 17, 2009 and was amended on May 20, 2010.
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
2009 levy ordinance was approved during the December 17, 2009 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).
31
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2010
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 PTELA limitation is applied in the aggregate to the total levy (excluding certain levies for the
repayment of debt). PTELA 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 2009 and 2008 tax levies were 2.7 and .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 2009 property tax levy is recognized as a receivable in fiscal 2010. The District considers that the
first installment of the 2009 levy is to be used to finance operations in fiscal 2010. The District has
determined that the second installment of the 2009 levy is to be used to finance operations in fiscal
2011 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, 2010. 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.
32
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2010
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.
33
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2010
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 Education
Fund in the amount of $67,968, Operations & Maintenance Fund in the amount of $9,041 and the
Transportation Fund in the amount of $2,488
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.
Restricted Net Assets
For the government-wide financial statements, net assets are reported as restricted when constraints
placed on net assets are either: (1) Externally imposed by creditors (such as debt covenants), grantors,
contributors, or laws or regulations of other governments or (2) imposed by law through constitutional
provisions or enabling legislation.
When both restricted and unrestricted resources are available for use, it is the District’s policy to use
restricted resources first, and then unrestricted resources as they are needed.
Reserved Fund Balances
In the governmental funds financial statements, the District reserves those portions of fund balances
which are legally segregated for a specific purpose or do not represent amounts available for other
appropriations.
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, 2010, 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.
34
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2010
NOTE 2 – STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITYACCOUNTABILITY
Excess of Expenditures over Budget
For the year ended June 30, 2010, expenditures exceeded budget in the Debt Service Fund by $493,326.
NOTE 3 – DEPOSITS AND INVESTMENTS
At year end, the District’s cash and investments was comprised of the following:
GovernmentWide
Cash - interest bearing checking
$ 26,488,473
Fiduciary
$
719,616
Total
$ 27,208,089
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, 2010, the bank balance of the District’s
deposits with financial institutions totaled $28,165,444 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.
35
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2010
NOTE 4 – CAPITAL ASSETS
Capital asset activity for the District for the year ended June 30, 2010 was as follows:
(As Restated)
July 1, 2009
Increases
Decreases
June 30, 2010
-
$
-
$ 10,837,743
191,000
-
$
-
$ 11,028,743
27,700
33,390
220,831
665,882
$
-
$ 12,201,402
176,025,652
3,835,591
4,581,024
$
947,803
$
-
$ 196,643,669
$
243,751
3,520,179
849,617
372,517
$
-
$
Capital Assets not Being Depreciated:
Land
Construction in progress
$ 10,837,743
191,000
$
Total Capital Assets not Being Depreciated
$ 11,028,743
$
Capital Assets Being Depreciated:
Land improvements
Buildings and improvements
Equipment
Vehicles
$ 12,173,702
175,992,262
3,614,760
3,915,142
$
Total Capital Assets Being Depreciated
$ 195,695,866
$
Less: Accumulated Depreciation of:
Land improvements
Buildings and improvements
Equipment
Vehicles
1,341,165
19,190,410
1,734,690
914,317
1,584,916
22,710,589
2,584,307
1,286,834
Total Accumulated Depreciation
$ 23,180,582
$ 4,986,064
$
-
$ 28,166,646
Net Capital Assets Being Depreciated
$ 172,515,284
$(4,038,261)
$
-
$ 168,477,023
Net Governmental Activities Capital Assets
$ 183,544,027
$(4,038,261)
$
-
$ 179,505,766
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
$ 1,155,535
112,356
413,503
2,990
8,296
6,626
239,839
187,521
849,617
95,662
19,439
1,156
1,893,524
Total depreciation expense Governmental activities
$ 4,986,064
36
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2010
NOTE 5 – OPERATING LEASES
The District leases copier equipment and school buses under noncancelable operating leases. Total costs for
such leases were $96,832 for the year ended June 30, 2010.
NOTE 6 – LONG-TERM LIABILITIES
Changes in General Long-term Liabilities. The following is the long-term liability activity for the District for the
year ended June 30, 2010
Restated
Beginning
Balance
Additions
Reductions
Ending
Balance
$ 22,250,000
98,527,410
3,850,000
934,460
17,631,767
$ 3,825,000
7,786,820
665,882
56,142
$ 5,105,000
6,845,000
590,000
496,741
1,276,572
$ 20,970,000
99,469,230
3,260,000
1,103,601
16,411,337
$
Total Long-Term Liabilities Governmental Activities
$ 143,193,637
$ 12,333,844
$ 14,313,313
$ 141,214,168
$ 10,588,863
Governmental Activities
General Obligation Bonds
Capital Appreciation Bonds
Debt Certificates
Capital Leases on Buses
Unamortized Premiums
Due Within
One Year
620,000
8,925,000
615,000
428,863
-
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
Capital Appreciation Bonds - 1999
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%
N/A
N/A
N/A
N/A
N/A
N/A
4.10% - 4.15%
Total
Face Amount
$
6,555,000
5,970,000
4,620,000
3,825,000
2,750,000
37,975,000
23,850,000
61,660,000
31,640,000
37,345,000
3,260,000
1,103,601
$ 220,553,601
37
Carrying Amount
$
6,555,000
5,970,000
4,620,000
3,825,000
2,677,048
18,432,432
17,950,648
23,799,466
16,323,719
20,285,917
3,260,000
1,103,601
$ 124,802,831
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2010
NOTE 6 – 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
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
$ 10,588,863
13,399,596
11,175,142
11,675,000
12,455,000
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
280,000
$ 1,102,411
1,013,619
854,483
802,821
720,128
692,409
663,173
624,759
584,019
568,021
535,892
501,691
465,354
426,381
384,696
12,460
$ 11,691,274
14,413,215
12,029,625
12,477,821
13,175,128
13,792,409
14,628,173
15,719,759
16,479,019
17,638,021
18,360,892
19,301,691
20,890,354
21,701,381
7,914,696
292,460
Total
$ 220,553,601
$ 9,952,317
$ 230,505,918
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
$ 1,163,082,468
Kane County
271,611,794
$ 1,434,694,262
Total equalized assessed valuation
Statutory Limitation
13.80%
Statutory Debt Limit, based on 2009 assessed valuation
Debt applicable:
School Building Bonds, Series 1999
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
Debt Certificates, Series 2007
Capital leases on buses
$
Total applicable debt
Legal Debt Margin
$
197,987,808
$
77,581,588
$
120,406,220
1,502,710
8,360,054
8,268,022
12,999,409
9,199,649
11,918,143
6,555,000
5,970,000
4,620,000
3,825,000
3,260,000
1,103,601
There are numerous covenants with which the District must comply in regard to these bond issues. As of June
30, 2010, the District was in compliance with all significant bond covenants.
38
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2010
NOTE 7 – OTHER CURRENT LIABILITIES
As of June 30, 2010, the District has $208,801 of amounts due to other government units. This is due to the
Teacher’s Retirement System for June 2010 withholdings, which were remitted in July.
NOTE 8 – RISK MANAGEMENT
The District is exposed to various risks of loss related to employee health benefits; workers’ compensation
claims; theft of, damage to, and destruction of assets; and natural disasters. To protect from such risks, the
District participates in the following public entity risk pools: Illinois County Risk Management and Collective
Liability Insurance Cooperative (CLIC). The District pays annual premiums to the pools for insurance coverage.
The arrangements with the pools provide that each will be self-sustaining through member premiums, and will
reinsure through commercial companies for claims in excess of certain levels established by the pools. There
have been no significant reductions in insurance coverage from coverage in any of the past three fiscal years.
The District continues to carry commercial insurance for all other risks of loss, including torts and professional
liability insurance. Premiums have been recorded as expenditures in the appropriate funds. There have been
no significant reductions in insurance coverage from coverage in the prior years. Settled claims resulting from
these risks have not exceeded commercial insurance coverage in any of the past three fiscal years. The District
is self insured for health insurance coverage with Blue Cross Blue Shield being the third party administrator. At
June 30, 2010, the District has recorded an estimated liability for claims incurred but not reported in the amount
of $1,256,772. This represents, based upon its experience, a three month reserve. The liability was recorded in
the Educational Fund $1,128,832, Operations & Maintenance Fund $28,807 and Transportation Fund $99,133.
NOTE 9 – JOINT AGREEMENTS
The District and eighteen other districts within McHenry County have entered into a joint agreement, Special
Education District of McHenry County (SEDOM) that provides special education services to residents of the
school districts enrolled. Each member district has a financial responsibility for annual and special assessments
as established by the management council. The District does not have an equity interest in this joint agreement.
Complete financial statements for SEDOM can be obtained at the Administrative offices located at 1200
Claussen Drive, Woodstock, IL 60098.
NOTE 10 – RETIREMENT SYSTEMS
A.
Teachers’ Retirement System of the State of Illinois
The School District (employer) participates in the Teachers’ Retirement System of the State of Illinois
(TRS). TRS is a cost-sharing multiple-employer defined benefit pension plan that was created by the
Illinois legislature for the benefit of Illinois public school teachers employed outside the city of Chicago.
The Illinois Pension Code outlines the benefit provisions of TRS, and amendments to the plan can be
made only by legislative action with the Governor’s approval. The State of Illinois maintains 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, 2010 was 9.4 percent of creditable earnings. 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, 2009 and 2008.
39
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2010
NOTE 10 – RETIREMENT SYSTEMS (CONT’D)
A.
Teachers’ Retirement System of the State of Illinois (Cont’d)
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, 2010, State of Illinois contributions were based
on 23.38 percent of creditable earnings not paid from federal funds, and the District recognized
revenue and expenditures of $8,511,103 in pension contributions that the State of Illinois paid
directly to TRS. For the years ended June 30, 2009 and June 30, 2008, the State of Illinois
contribution rates as percentages of creditable earnings not paid from federal funds were 17.08
percent ($5,805,265) and 13.11 percent ($4,121,184), 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,
2010 were $211,139. Contributions for the years ending June 30, 2009 and June 30, 2008 were
$197,134 and $182,325, 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, 2010, the employer pension contribution was 23.38 percent of salaries
paid from federal and special trust funds. For the years ended June 30, 2009 and 2008, the
employer contribution was 17.08 and 13.11 percent of salaries paid from federal and special trust
funds, respectively. For the year ended June 30, 2010, salaries totaling $70,855 were paid from
federal and special trust funds that required employer contributions of $16,566. For the years ended
June 30, 2009 and June 30, 2008, required District contributions were $1,433 and $37,020,
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.
Public Act 94-0004 made changes in the ERO program that were in effect for all ERO retirements in
fiscal years 2008 through 2010. The act increased member and employer contributions and
eliminated the waiver of member and employer ERO contributions that had been in effect for
members with 34 years of service.
Under the current ERO, the maximum employer contribution 117.5 percent and applies when the
member is age 55 at retirement.
For the year ended June 30, 2010, the District paid $ -0- to TRS for employer contributions under
the ERO program. For the years ended June 30, 2009 and June 30, 2008, the District paid
$110,346 and $9,230 in employer ERO contributions, respectively.
40
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2010
NOTE 10 – RETIREMENT SYSTEMS (CONT’D)
A.
•
Teachers’ Retirement System of the State of Illinois (Cont’d)
Salary increases over 6 percent and excess sick leave Public Act 94-0004 added two additional
employer contributions to TRS.
•
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, 2010, the District paid $ -0- to TRS for employer contributions due
on salary increases in excess of 6 percent. For the years ended June 30, 2009 and June 30,
2008, 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 (18.55 percent of salary
during the year ended June 30, 2010).
For the year ended June 30, 2010, 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, 2009 and June 30,
2008, 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, 2009. The report for the year ended June 30, 2010, is expected to be available in
late 2010.
The reports may be obtained by writing to the Teachers’ Retirement System of the State of Illinois, P. O.
Box 19253, 2815 West Washington Street, Springfield, IL 62794-9253. The most current report is also
available on the TRS Web site at 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
41
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2010
NOTE 10 – RETIREMENT SYSTEMS (CONT’D)
B.
THIS Fund Contributions (Cont’d)
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.
The percentage of employer required contributions in the future will be determined by the director of
Healthcare and Family Services 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 0.84 percent of pay during the year
ended June 30, 2010. State of Illinois contributions were $305,788, 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,
2009 and June 30, 2008 were also 0.84 percent of pay. State contributions on behalf of District
employees were $285,505 and $264,507, respectively.
•
Employer Contributions to THIS Fund – The employer (District) also makes contributions to THIS
Fund. The employer THIS Fund contribution was 0.63 percent during the years ended June 30,
2010, June 30, 2009 and June 30, 2008. For the year ended June 30, 2010, the District paid
$229,341 to the THIS Fund. For the years ended June 30, 2009 and June 30, 2008, the District
paid $214,129 and $198,043 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 on-line at www.imrf.org.
Funding Policy. As set by statute, your employer Regular plan members are required to contribute 4.50 percent
of their annual covered salary. The statute requires employers to contribute the amount necessary, in addition
to member contributions, to finance the retirement coverage of its own employees. The employer contribution
rate for calendar year 2009 was 9.07 percent of annual covered payroll. 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.
42
CONSOLIDATED SCHOOL DISTRICT 158
NOTES TO FINANCIAL STATEMENTS
(AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS)
JUNE 30, 2010
NOTE 10 – RETIREMENT SYSTEMS (CONT’D)
C.
Illinois Municipal Retirement Fund (Cont’d)
Annual Pension Cost. For fiscal year ending December 31, 2009, the employer’s annual pension cost of
$817,264 for the Regular plan was equal to your employer’s required and actual contributions.
Fiscal Year
Ending
Annual Pension
Cost (APC)
12/31/2009
12/31/2008
12/31/2007
$
Percentage of
APC Contributed
817,264
786,342
739,145
100%
100%
100%
Net Pension
Obligation
$
-
The required contribution for 2009 was determined as part of the December 31, 2007, actuarial valuation using
the entry age normal actuarial cost method. The actuarial assumptions at December 31, 2007, included (a) 7.5
percent investment rate of return (net of administrative and direct investment expenses), (b) projected salary
increases of 4.00% a year, attributable to inflation, (c) additional projected salary increases ranging from 0.4% to
10% per year depending on age and service, attributable to seniority/merit, and (d) post retirement benefit
increases of 3% annually. The actuarial value of your employer Regular plan assets was determined using
techniques that spread the effects of short-term volatility in the market value of investments over a five-year
period with a 15% corridor between the actuarial and market value of assets. The employer Regular plan’s
unfunded actuarial accrued liability is being amortized as a level percentage of projected payroll on a closed
basis. The remaining amortization period at December 31, 2007, was 23 years.
Funded Status and Funding Progress. As of December 31, 2009, the most recent actuarial valuation date, the
Regular plan was 79.85 percent funded. The actuarial accrued liability for benefits was $11,008,354 and the
actuarial value of assets was $8,790,270, resulting in an underfunded actuarial accrued liability (UAAL) of
$2,218,084. The covered payroll (annual payroll of active employees covered by the plan) was $9,010,633 and
the ratio of the UAAL to the covered payroll was 25 percent. In conjunction with the December 2009 actuarial
valuation the market value of investments was determined using techniques that spread the effect 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. In 2010, the unfunded actuarial accrued liability is being amortized on a level
percentage of projected payroll on an open 30 year basis.
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.
NOTE 11 SUBSEQUENT EVENTS
Subsequent events are events or transactions that occur after the balance sheet date but before the financial
statements are issued or available to be issued. There are two types of subsequent events: recognized (events
that relate to conditions present at the balance sheet date) and non-recognized (events or conditions that did not
exist at the balance sheet date but arose after that date).
There have been no recognized or non-recognized subsequent events that have occurred between June 30,
2010, and the date of this audit report requiring disclosure in the financial statements.
43
(THIS PAGE INTENTIONALLY LEFT BLANK)
REQUIRED SUPPLEMENTARY INFORMATION
Huntley School District #158
REQUIRED SUPPLEMENTARY INFORMATION
Illinois Municipal Retirement Fund
Schedule of Funding Progress
Actuarail
Value of
Assets
(a)
Actuarial
Valuation
Date
12/31/09
12/31/08
12/31/07
$
8,790,270
7,710,752
7,248,275
Acturaial Accrued
Liability (AAL)
-- Entry Age
(b)
$
11,008,354
9,488,766
8,115,556
Unfunded
AAL
(UAAL)
(b-a)
$
2,218,084
1,778,014
867,281
Funded
Ratio
(a/b)
79.85%
81.26%
89.31%
Covered
Payroll
(c)
$
UAAL as a
Percentage of
Covered Payroll
[(b-a)/c]
9,010,633
8,669,707
7,821,642
On a market value basis, the actuarial value of assets as of December 31, 2009 is $8,580,599. On a market
basis, the funded ratio would be 77.95%.
44
24.62%
20.51%
11.09%
(THIS PAGE INTENTIONALLY LEFT BLANK)
SCHEDULE 1
CONSOLIDATED SCHOOL DISTRICT 158
EDUCATIONAL FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2010
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2009
2010
2009
Budget
Original
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
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
School Infrastructure maintenance grant
National Board Certification Initiatives
Other
Total From State Sources
$
35,793,987
Final
$
415,000
11,012
2,769
61,219
148,207
2,396,127
118,966
37,611
25,043
50,653
769
137,802
1,256,700
13,992
1,782
45,776
34,229
35,793,987
Actual
$
415,000
11,012
2,769
61,219
148,207
2,396,127
118,966
37,611
25,043
50,653
769
137,802
1,256,700
13,992
1,782
45,776
34,229
36,601,661
Actual
$
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
$
40,551,644
$
40,551,644
$
12,313,573
607,155
1,059,050
1,661,688
19,219
302
40,000
110,332
4,471
4
55,836
296,168
203,801
$
12,313,573
607,155
1,059,050
1,661,688
19,219
302
40,000
110,332
4,471
4
55,836
296,168
203,801
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
9,248,499
566,434
1,016,993
1,565,883
29,414
36,358
109,841
7,065
67
54,871
357,219
214,976
69,102
26,609
5,500
73,331
13,123
12,211
-
276,408
22,113
6,081
17,945
12,000
-
$
16,472,810
45
$
16,472,810
$
40,939,935
371,599
12,884
3,100
74,063
169,160
2,205,905
93,315
36,213
21,925
49,668
809
129,210
1,725,931
20,868
1,944
52,517
29,245
$
69,102
26,609
5,500
$
33,766,436
14,954,116
$
38,764,792
13,542,167
SCHEDULE 1
(Page 2)
CONSOLIDATED SCHOOL DISTRICT 158
EDUCATIONAL FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2010
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2009
2009
2010
Budget
Original
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.
IDEA - part b - preschool
IDEA - part b - flow-through
ARRA - General state aid
ARRA - General state aid SFSF
ARRA - I.D.E.A. Part B Preschool Flow Through
ARRA - I.D.E.A. Flow Through
ARRA - Homeless Ed
Emergency immigrant assistance
Title III - English language acquisition
Title II - teacher quality
Medicaid matching funds administrative outreach
Medicaid matching funds fee-for-service program
Total From Federal Sources
On-behalf revenue
Total Revenues
Expenditures
Instruction
Regular Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Other objects
Total
$
Final
376,000
2,249
50,260
12,099
$
-
Actual
376,000
2,249
50,260
12,099
$
-
474,696
4,449
198,893
66,096
13,443
Actual
$
321,046
2,398
193,446
50,260
12,381
3,026
3,454
1,035,947
1,035,947
1,023,218
892,023
136,000
12,398
56,404
1,542,036
586,361
26,190
40,448
136,000
12,398
56,404
1,542,036
586,361
26,190
40,448
107,872
12,680
1,760,406
586,361
17,940
1,215,029
101
58,200
44,942
(134,940)
11,947
2,698,561
21,945
46,980
42,815
109,999
109,999
172,567
172,237
70,548
29,649
-
-
$
3,986,391
$
3,986,391
$
5,830,467
$
4,364,202
$
6,948,361
$
6,948,361
$
8,816,892
$
6,090,770
$
67,959,206
$
67,959,206
$
70,541,410
$
62,761,931
$
23,979,979
2,901,314
182,031
502,781
8,500
58,560
$
23,979,979
2,901,314
182,031
525,281
8,500
58,560
$
24,021,303
2,795,570
232,487
534,229
8,213
52,583
$
22,742,347
3,204,969
274,730
443,139
6,550
44,449
$
27,633,165
$
27,655,665
$
27,644,385
$
26,716,184
46
SCHEDULE 1
(Page 3)
CONSOLIDATED SCHOOL DISTRICT 158
EDUCATIONAL FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2010
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2009
2010
2009
Budget
Original
Expenditures (Cont'd)
Instruction (Cont'd)
Pre-K Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Other objects
Total
Special Education Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Other objects
Total
Special Education Programs-Pre-K
Employee benefits
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
Final
Actual
Actual
$
896,278
118,978
11,152
36,886
-
$
896,278
118,978
11,152
36,886
-
$
687,284
126,433
11,609
22,675
-
$
823,140
136,185
10,499
56,889
1,200
-
$
1,063,294
$
1,063,294
$
848,001
$
1,027,913
$
5,758,035
821,926
48,845
1,083,543
-
$
5,758,035
821,926
48,845
276,589
-
$
5,726,888
693,167
68,930
145,075
-
$
5,389,438
719,528
73,583
169,793
387
$
7,712,349
$
6,905,395
$
6,634,060
$
6,352,729
$
3,026
$
3,026
$
5,362
$
165
3,070
$
3,026
$
3,026
$
5,362
$
3,235
$
329,488
49,733
25,740
24,780
$
329,488
49,733
25,740
24,780
$
335,079
40,000
61,339
24,520
$
265,141
37,365
23,147
20,205
$
429,741
$
429,741
$
460,938
$
345,858
$
739,430
32,149
80,803
135,100
19,600
$
739,430
32,149
80,803
135,100
19,600
$
694,187
22,466
81,868
108,820
24,634
$
740,588
91,800
64,614
117,641
19,159
$
1,007,082
$
1,007,082
$
931,975
$
1,033,802
$
244,815
2,604
11,840
$
244,815
2,604
11,840
$
201,622
8,462
945
35,851
$
136,111
26,430
1,788
4,065
$
259,259
$
259,259
$
246,880
$
168,394
47
SCHEDULE 1
(Page 4)
CONSOLIDATED SCHOOL DISTRICT 158
EDUCATIONAL FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2010
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2009
2009
2010
Budget
Original
Expenditures (Cont'd)
Instruction (Cont'd)
Gifted Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Other objects
Final
Actual
Actual
$
115,524
36,641
28,130
6,000
3,000
$
115,524
36,641
28,130
6,000
3,000
$
105,389
19,869
8,207
3,354
2,697
$
112,768
16,247
10,389
14,948
4,365
$
189,295
$
189,295
$
139,516
$
158,717
$
85,737
7,087
3,241
12,600
$
85,737
7,087
3,241
12,600
$
87,547
6,088
3,773
6,584
$
98,192
8,091
1,053
7,206
$
108,665
$
108,665
$
103,992
$
114,542
$
523,297
65,436
4,222
42,879
$
523,297
65,436
4,222
42,879
$
547,936
64,883
4,372
39,850
$
460,143
72,663
5,529
31,724
Total
$
635,834
$
635,834
$
657,041
$
570,059
Total Instruction
$
39,041,710
$
38,257,256
$
37,672,150
$
36,491,433
$
826,683
115,229
6,855
8,000
1,610
500
$
826,683
115,229
6,855
8,000
1,610
500
$
801,238
97,433
7,608
4,940
754
-
$
796,405
104,582
32,446
4,099
1,613
-
$
958,877
$
958,877
$
911,973
$
939,145
$
543,709
66,438
5,112
5,500
$
543,709
66,438
5,112
5,500
$
583,566
56,310
5,274
5,749
$
541,354
68,342
2,723
5,440
$
620,759
$
620,759
$
650,899
$
617,859
Total
Driver's Educations Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
Total
Bilingual Programs
Salaries
Employee benefits
Purchased services
Supplies and materials
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
48
SCHEDULE 1
(Page 5)
CONSOLIDATED SCHOOL DISTRICT 158
EDUCATIONAL FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2010
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2009
2009
2010
Budget
Original
Expenditures (Cont'd)
Support Services (Cont'd)
Health services
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Final
Actual
Actual
$
1,134,911
135,440
176,642
34,500
4,000
$
1,134,911
135,440
176,642
44,500
4,000
$
974,276
114,609
174,779
58,263
509
$
1,058,552
147,937
128,369
17,968
234
$
1,485,493
$
1,495,493
$
1,322,436
$
1,353,060
$
654,031
68,683
43,148
12,832
$
654,031
68,683
43,148
12,832
$
636,361
58,216
43,083
15,108
$
677,484
96,741
34,441
5,039
$
778,694
$
778,694
$
752,768
$
813,705
$
1,212,508
100,062
107,639
8,500
$
1,212,508
100,062
141,139
12,954
$
1,015,002
83,551
99,360
10,216
$
1,090,563
150,435
82,376
8,599
$
1,428,709
$
1,466,663
$
1,208,129
$
1,331,973
$
808,666
3,933
4,523
$
808,666
3,933
4,523
$
775,818
2
6,608
$
803,694
110,156
4,740
Total
$
817,122
$
817,122
$
782,428
$
918,590
Total Pupils
$
6,089,654
$
6,137,608
$
5,628,633
$
5,974,332
$
415,526
79,843
126,567
712,734
2,500
$
451,452
79,843
336,205
1,703,746
2,500
$
401,209
60,593
179,818
1,496,981
1,105
$
257,333
54,871
111,794
696,517
4,409
$
1,337,170
$
2,573,746
$
2,139,706
$
1,124,924
Total
Pupils
Psychological Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Total
Speech Pathology and Audiology Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Total
Other Support Services
Salaries
Employee benefits
Purchased services
Instructional Staff
Improvement of Instruction Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Other objects
Total
49
SCHEDULE 1
(Page 6)
CONSOLIDATED SCHOOL DISTRICT 158
EDUCATIONAL FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2010
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2009
2010
2009
Budget
Original
Expenditures (Cont'd)
Support Services (Cont'd)
Instructional Staff
Educational Media Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Final
Actual
Actual
$
806,443
111,051
19,029
117,745
$
806,443
111,051
19,029
198,084
$
759,074
93,594
16,521
177,226
$
621,939
88,880
14,241
97,390
$
1,054,268
$
1,134,607
$
1,046,415
$
822,450
$
140,000
-
$
140,000
32,085
$
176,000
17,520
$
77,878
-
Total
$
140,000
$
172,085
$
193,520
$
77,878
Total Instructional Staff
$
2,531,438
$
3,880,438
$
3,379,641
$
2,025,252
$
160,000
444,481
6,350
46,000
$
160,000
444,481
6,350
46,000
$
146,740
595,262
2,365
42,492
$
201,378
533,518
2,678
35,637
$
656,831
$
656,831
$
786,859
$
773,211
$
594,441
109,011
12,178
7,020
14,500
$
594,441
109,011
12,178
7,020
14,500
$
550,878
97,034
21,533
5,587
9,136
$
570,565
103,792
26,570
6,932
8,538
$
737,150
$
737,150
$
684,168
$
716,397
Total
Assessment and Testing
Purchased services
Supplies and materials
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
Salaries
Employee benefits
Purchased services
$
-
$
-
$
281
$
64,000
22,293
337
Total
$
-
$
-
$
281
$
86,630
Total General Administration
$
$
1,471,308
$
1,576,238
1,393,981
50
$
1,393,981
SCHEDULE 1
(Page 7)
CONSOLIDATED SCHOOL DISTRICT 158
EDUCATIONAL FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2010
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2009
2009
2010
Budget
Original
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
Final
Actual
Actual
$
2,332,941
554,105
26,120
288,299
750
7,990
$
2,332,941
554,105
26,120
426,654
750
7,990
$
2,282,164
483,290
24,294
258,293
464
6,192
$
2,258,243
421,617
27,263
24,257
170
5,221
Total
$
3,210,205
$
3,348,560
$
3,054,697
$
2,736,771
Total School Administration
$
3,210,205
$
3,348,560
$
3,054,697
$
2,736,771
$
126,125
18,091
1,175
$
126,125
18,091
1,175
$
125,082
17,455
1,105
$
53,750
14,022
6,131
$
145,391
$
145,391
$
143,642
$
73,903
$
324,890
58,360
73,731
195,180
4,000
$
324,890
58,360
73,731
195,180
4,000
$
307,329
41,929
91,966
195,326
3,513
$
299,038
48,375
121,306
208,858
2,670
$
656,161
$
656,161
$
640,063
$
680,247
$
1,000
-
$
1,000
-
$
33,199
1,204
33,482
$
340
-
$
1,000
$
1,000
$
67,885
$
340
$
7,000
$
7,000
$
2,800
$
2,481
$
7,000
$
7,000
$
2,800
$
2,481
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
51
SCHEDULE 1
(Page 8)
CONSOLIDATED SCHOOL DISTRICT 158
EDUCATIONAL FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2010
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2009
2010
2009
Budget
Original
Expenditures (Cont'd)
Support Services (Cont'd)
Business (Cont'd)
Food Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Other objects
Total
Internal Services
Supplies and materials
Final
Actual
Actual
$
675,269
123,955
52,984
1,488,568
4,000
3,725
$
675,269
123,955
52,984
1,488,568
4,000
3,725
$
643,960
102,643
38,681
1,359,533
25,435
3,170
$
667,164
83,832
26,246
1,395,907
3,636
3,566
$
2,348,501
$
2,348,501
$
2,173,422
$
2,180,351
$
-
$
-
$
-
$
134,529
Total
$
-
$
-
$
-
$
134,529
Total Business
$
3,158,053
$
3,158,053
$
3,027,812
$
3,071,851
$
29,732
8,670
88,387
800
$
29,732
8,670
88,387
800
$
26,438
7,179
98,365
392
$
29,989
3,673
101,402
-
$
127,589
$
127,589
$
132,374
$
135,064
$
690,255
74,525
16,656
13,500
1,000
$
690,255
74,525
16,656
16,000
1,000
$
247,066
51,973
19,898
15,412
1,431
$
242,490
40,083
14,727
12,280
1,442
$
795,936
$
798,436
$
335,780
$
311,022
$
493,839
61,195
327,483
142,300
2,200
$
493,839
61,195
327,483
237,300
2,200
$
495,994
50,819
67,324
514,506
2,990
$
408,878
63,867
317,218
284,980
1,857
Total
$
1,027,017
$
1,122,017
$
1,131,633
$
1,076,800
Total Central
$
1,950,542
$
2,048,042
$
1,599,787
$
1,522,886
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
Other objects
52
SCHEDULE 1
(Page 9)
CONSOLIDATED SCHOOL DISTRICT 158
EDUCATIONAL FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2010
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2009
2009
2010
Budget
Original
Expenditures (Cont'd)
Support Services (Cont'd)
Other Supporting Services
Purchased services
Supplies and materials
Final
Actual
Actual
$
12,361
$
19,006
$
61,618
113,386
$
89,454
45,999
Total
$
12,361
$
19,006
$
175,004
$
135,453
Total Support Services
$
18,346,234
$
19,985,688
$
18,336,882
$
17,042,783
Community Services
Purchased services
Supplies and materials
$
650
$
650
$
-
$
91
2,250
$
650
$
650
$
-
$
2,341
$
15,930
$
15,930
$
12,483
$
20,981
$
15,930
$
15,930
$
12,483
$
20,981
$
710,310
1,300,000
520,000
$
710,310
1,300,000
520,000
$
804,958
1,644,204
385,665
$
763,665
1,659,164
299,019
Total
$
2,530,310
$
2,530,310
$
2,834,827
$
2,721,848
Total Payments to Other Districts
& Governmental Units
$
2,546,240
$
2,546,240
$
2,847,310
$
2,742,829
$
101,368
$
101,368
$
-
$
-
Total
$
101,368
$
101,368
$
-
$
-
Total Debt Services
$
101,368
$
101,368
$
-
$
-
Total Community Services
Payments to Other Districts & Governmental Units
Payments for Regular Programs
Tuition
Total
Payments for Special Education Programs
Purchased services
Tuition
Other objects
Debt Services
Debt service - interest
On-behalf expenditure
Total Expenditures
6,948,361
$
66,984,563
53
6,948,361
$
67,839,563
8,816,892
$
67,673,234
6,090,770
$
62,370,156
SCHEDULE 1
(Page 10)
CONSOLIDATED SCHOOL DISTRICT 158
EDUCATIONAL FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2010
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2009
2009
2010
Budget
Original
Excess (Deficiency) of Revenues Over
Expenditures Before Other Financing
Sources (Uses)
Other Financing Sources (Uses)
Abatement of Working Cash Fund
Permanent transfer to Debt Service Fund
Sale of Fixed Assets
$
Final
974,643
$
Actual
119,643
$
2,868,176
Actual
$
391,775
$
-
$
-
$
(67,453)
2,125
$
1,596,835
(1,696,688)
-
$
-
$
-
$
(65,328)
$
(99,853)
Net Change in Fund Balances
$
-
$
-
$
2,802,848
$
291,922
Fund Balance - Beginning of Year
Adjustment of Prior Year's Medicare revenue
Adjustment of Prior Year's Deferred Registration Fees
$
10,324,153
-
$
10,460,805
-
$
10,569,021
(2,241)
(397,897)
Fund Balance - Beginning of Year as Restated
$
10,324,153
$
10,460,805
$
10,168,883
Fund Balance - End of Year
$
10,324,153
$
13,263,653
$
10,460,805
Total Other Financing Sources (Uses)
54
SCHEDULE 2
CONSOLIDATED SCHOOL DISTRICT 158
OPERATIONS AND MAINTENANCE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2010
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2009
2010
2009
Budget
Original
Revenues
Local Sources
General levy
Interest income
Rentals
Insurance reimbursements
Other
Final
Actual
Actual
$
7,151,010
22,179
200,000
-
$
7,151,010
22,179
200,000
-
$
6,491,652
2,505
192,551
34,058
12,260
$
6,913,192
24,110
241,925
147,783
72
Total Local Sources
$
7,373,189
$
7,373,189
$
6,733,026
$
7,327,082
Total Revenues
$
7,373,189
$
7,373,189
$
6,733,026
$
7,327,082
$
936,420
132,090
3,625,711
2,201,868
150,001
1,600
$
936,420
132,090
3,625,711
2,262,538
200,001
1,600
$
926,180
109,374
3,604,616
1,905,007
215,502
1,020
$
903,495
122,931
3,762,753
2,600,571
390,881
1,309
Total
$
7,047,690
$
7,158,360
$
6,761,699
$
7,781,940
Total Business
$
7,047,690
$
7,158,360
$
6,761,699
$
7,781,940
Total Support Services
$
7,047,690
$
7,158,360
$
6,761,699
$
7,781,940
Total Expenditures
$
7,047,690
$
7,158,360
$
6,761,699
$
7,781,940
Excess (Deficiency) of Revenues Over
Expenditures Before Other Financing Sources
(Uses)
$
325,499
$
214,829
$
(28,673)
$
Other Financing Sources (Uses)
Sale of Fixed Assets
$
-
$
-
$
3,360
$
-
$
-
$
-
$
3,360
$
-
$
(25,313)
$
Expenditures
Support Services
Business
Operation and Maintenance of Plant Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Other objects
Total Other Financing Sources (Uses)
Net Change in Fund Balances
$
$
1,497,088
Fund Balance - Beginning of Year
Fund Balance - End of Year
325,499
$
55
1,822,587
214,829
1,497,088
$
1,711,917
1,497,088
$
1,471,775
(454,858)
(454,858)
1,951,946
$
1,497,088
SCHEDULE 3
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, 2010
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2009
2009
2010
Budget
Original
Revenues
Local Sources
General levy
Interest income
Final
Actual
Actual
$
9,680,052
52,904
$
9,680,052
52,904
$
9,786,070
4,785
$
8,861,383
58,367
Total Local Sources
$
9,732,956
$
9,732,956
$
9,790,855
$
8,919,750
Total Revenues
$
9,732,956
$
9,732,956
$
9,790,855
$
8,919,750
Bond - interest
Bond - principal retired
Other costs
$
3,626,778
5,437,657
20,000
$
3,626,778
5,437,657
20,000
$
933,730
8,569,100
74,931
$
838,207
10,170,000
3,328
Total Debt Services
$
9,084,435
$
9,084,435
$
9,577,761
$ 11,011,535
Total Expenditures
$
9,084,435
$
9,084,435
$
9,577,761
$ 11,011,535
$
648,521
$
648,521
$
213,094
$
383,000
$
383,000
$
$
383,000
$
383,000
$
$
1,031,521
$
1,031,521
$
Expenditures
Debt Service:
Excess (Deficiency) of Revenues
Over Expenditures
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
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Fund Balance - Beginning of Year
Fund Balance - End of Year
4,972,546
$
6,004,067
56
4,972,546
$
6,004,067
367,245
3,825,000
56,142
(3,807,663)
-
$ (2,091,785)
$
2,125,215
-
440,724
$
2,125,215
653,818
$
33,430
4,785,502
$
5,439,320
4,752,072
$
4,785,502
SCHEDULE 4
CONSOLIDATED SCHOOL DISTRICT 158
TRANSPORTATION FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2010
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2009
2010
2009
Budget
Original
Revenues
Local Sources
General levy
Regular transportation fees from
pupils or parents
Summer school transportation fees
from pupils or parents
Interest income
Total Local Sources
$
2,798,974
Final
$
2,798,974
Actual
$
2,774,326
Actual
$
2,704,825
60,613
60,613
58,819
44,557
1,830
21,064
1,830
21,064
2,777
2,500
3,475
23,785
$
2,882,481
$
2,882,481
$
2,838,422
$
2,776,642
$
2,332,087
836,905
$
2,332,087
836,905
$
2,272,228
836,906
$
2,286,317
702,669
Total State Sources
$
3,168,992
$
3,168,992
$
3,109,134
$
2,988,986
Total Revenues
$
6,051,473
$
6,051,473
$
5,947,556
$
5,765,628
$
2,473,939
898,168
906,862
601,000
59,225
6,000
$
2,473,939
898,168
906,862
635,330
59,225
6,000
$
2,386,913
424,080
395,115
636,311
665,882
9,642
$
2,401,170
455,570
554,959
467,957
1,540,567
5,042
Total
$
4,945,194
$
4,979,524
$
4,517,943
$
5,425,265
Total Business
$
4,945,194
$
4,979,524
$
4,517,943
$
5,425,265
Total Support Services
$
4,945,194
$
4,979,524
$
4,517,943
$
5,425,265
$
63,612
501,500
$
63,612
501,500
$
112,639
797,641
$
247,520
92,254
290,700
Total Debt Services
$
565,112
$
565,112
$
910,280
$
630,474
Total Expenditures
$
5,510,306
$
5,544,636
$
5,428,223
$
6,055,739
State Sources
Transportation - regular/vocational
Transportation - special education
Expenditures
Support Services
Business
Pupil Transportation Services
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Other objects
Debt Service:
Capital lease - principal
Bond - interest
Bond - principal retired
57
SCHEDULE 4
(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, 2010
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2009
2010
2009
Budget
Original
Excess (Deficiency) of Revenues Over
Expenditures Before Other Financing
Sources (Uses)
$
Other Financing Sources
Proceeds from Capital Leases
$
Net Change in Fund Balances
$
541,167
543,177
$
$
$
2,775,787
Fund Balance - Beginning of Year
Fund Balance - End of Year
Final
$
3,318,964
58
Actual
506,837
506,837
$
519,333
$
$
665,882
$
1,181,980
$
1,185,215
$
893,878
2,775,787
$
3,282,624
Actual
2,962,831
$
4,148,046
(290,111)
2,070,962
$
2,962,831
SCHEDULE 5
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, 2010
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2009
2010
2009
Budget
Original
Revenues
Local Sources
IMRF levy
Social security/medicare levy
Corporate personal property
replacement taxes
Interest income
$
965,162
965,162
Final
$
10,000
7,660
965,162
965,162
Actual
$
10,000
7,660
1,497,759
483,596
Actual
$
944,776
944,776
100,261
782
100,760
8,381
Total Local Sources
$
1,947,984
$
1,947,984
$
2,082,398
$ 1,998,693
Total Revenues
$
1,947,984
$
1,947,984
$
2,082,398
$ 1,998,693
$
367,457
59,424
360,731
4,777
12,663
3,120
3,704
1,243
7,585
$
367,457
59,424
360,731
4,777
12,663
3,120
3,704
1,243
7,585
$
377,024
48,025
314,242
4,548
5,132
4,168
1,439
1,481
7,320
$
349,785
48,566
334,773
199
3,725
6,378
3,904
1,589
1,479
6,680
$
820,704
$
820,704
$
763,379
$
757,078
$
25,218
7,885
153,052
9,484
23,672
41,950
$
25,218
7,885
153,052
9,484
23,672
41,950
$
21,600
8,221
129,471
9,173
20,431
32,223
$
21,795
7,831
131,071
9,074
20,450
31,670
$
261,261
$
261,261
$
221,119
$
221,891
$
5,142
67,452
$
5,142
67,452
$
4,756
59,056
$
3,796
58,770
$
72,594
$
72,594
$
63,812
$
62,566
Expenditures
Instruction
Regular programs
Pre-K
Special education programs
Special education programs-Pre-K
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
59
SCHEDULE 5
(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, 2010
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2009
2010
2009
Budget
Original
Expenditures (Continued)
Support Services (Continued)
General Administration
Executive administration services
Service area administrative services
Final
Actual
Actual
$
58,077
-
$
58,077
-
$
45,838
-
$
50,845
920
Total General Administration
$
58,077
$
58,077
$
45,838
$
51,765
School Administration
Office of the principal services
$
158,786
$
158,786
$
147,287
$
155,389
Total School Administration
$
158,786
$
158,786
$
147,287
$
155,389
$
28,071
44,369
165,706
431,399
114,168
$
28,071
44,369
165,706
431,399
114,168
$
25,688
50,244
158,879
395,665
101,276
$
10,516
39,270
153,135
412,445
108,921
$
783,713
$
783,713
$
731,752
$
724,287
$
5,140
52,148
73,560
$
5,140
52,148
73,560
$
4,093
25,061
69,839
$
4,595
24,352
63,405
Total Central
$
130,848
$
130,848
$
98,993
$
92,352
Total Support Services
$
1,465,279
$
1,465,279
$
1,308,801
$ 1,308,250
Total Expenditures
$
2,285,983
$
2,285,983
$
2,072,180
$ 2,065,328
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
Excess (Deficiency) of Revenues
Over Expenditures
$
(337,999)
$
(337,999)
$
10,218
$
(66,635)
Net Change in Fund Balances
$
(337,999)
$
(337,999)
$
10,218
$
(66,635)
573,857
Fund Balance - Beginning of Year
Fund Balance - End of Year
$
235,858
60
573,857
$
235,858
573,857
$
584,075
640,492
$
573,857
SCHEDULE 6
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, 2010
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2009
2009
2010
Budget
Original
Revenues
Local Sources
Interest income
Contributions and donations
from private sources
Miscellaneous income
$
Final
2,886
$
300,000
-
Actual
2,886
$
300,000
-
Actual
140
$
157,737
8,071
3,206
376,534
-
Total Local Sources
$
302,886
$
302,886
$
165,948
$
379,740
Total Revenues
$
302,886
$
302,886
$
165,948
$
379,740
Expenditures
Support Services
Business
Facilities acquisition and
construction service
Capital outlay
$
-
$
-
$
-
$
62,458
Total
$
-
$
-
$
-
$
62,458
Total Business
$
-
$
-
$
-
$
62,458
$
-
$
-
$
-
$
-
Total Debt Services
$
-
$
-
$
-
$
-
Total Expenditures
$
-
$
-
$
-
$
62,458
Debt Services
Debt service - principal
Debt service - interest
Debt service - other
Excess (Deficiency) of Revenues
Over Expenditures
$
302,886
$
302,886
$
165,948
$
317,282
Other Financing Sources (Uses):
Permanent transfer to Debt Service Fund
Other uses not classified elsewhere
$
(383,000)
$
(383,000)
$
(299,792)
-
$
(428,527)
-
Total Other Financing Sources (Uses)
$
(383,000)
$
(383,000)
$
(299,792)
$
(428,527)
$
(80,114)
$
(80,114)
$
(133,844)
$
(111,245)
Net Change in Fund Balances
Fund Balance - Beginning of Year
Fund Balance - End of Year
(213,209)
$
(293,323)
61
(213,209)
$
(293,323)
(213,209)
$
(347,053)
(101,964)
$
(213,209)
SCHEDULE 7
CONSOLIDATED SCHOOL DISTRICT 158
WORKING CASH FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL
FOR THE YEAR ENDED JUNE 30, 2010
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2009
2009
2010
Budget
Original
Revenues
Local Sources
General levy
Interest income
Final
Actual
Actual
$
289,540
19,798
$
289,540
19,798
$
291,160
1,256
$
281,844
21,840
Total Local Sources
$
309,338
$
309,338
$
292,416
$
303,684
Total Revenues
$
309,338
$
309,338
$
292,416
$
303,684
Expenditures
Total Expenditures
$
Excess (Deficiency) of Revenues
Over Expenditures
$
Other Financing Sources (Uses)
Abatement of Working Cash Fund
$
Net Change in Fund Balances
$
-
309,338
-
309,338
Fund Balance - Beginning of Year
Fund Balance - End of Year
$
$
$
$
819,352
$
1,128,690
62
$
-
309,338
-
309,338
$
$
$
$
-
292,416
-
292,416
819,352
819,352
1,128,690
$ 1,111,768
$
$
-
303,684
$ (1,596,835)
$ (1,293,151)
2,112,503
$
819,352
SCHEDULE 8
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, 2010
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2009
2010
2009
Budget
Original
Revenues
Local Sources
Interest income
Final
Actual
Actual
$
302
$
302
$
39
$
342
Total Local Sources
$
302
$
302
$
39
$
342
Total Revenues
$
302
$
302
$
39
$
342
$
-
$
-
$
$
-
Excess (Deficiency) of Revenues
over Expenditures
$
302
$
302
$
39
$
342
Net Change in Fund Balance
$
302
$
302
$
39
$
342
Expenditures
Total Expenditures
29,713
Fund Balance - Beginning of Year
Fund Balance - End of Year
$
30,015
63
29,713
$
30,015
-
29,713
$
29,752
29,371
$
29,713
SCHEDULE 9
CONSOLIDATED SCHOOL DISTRICT 158
AGENCY FUND
SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED JUNE 30, 2010
District
Interest
District Pepsi Account
Locks
Food Service
District Recycling
HS Alumni
Deicke Memorial
Freeberg Memorial
Student Insurance
Parent Workshop
Foundation Grants
Star Lab
O & M Pop Fund
Transportation Pop Fund
Gerber
Gifted Program
Vision Team
Mackeben Photo
Mackeben Pop
Mackeben Recycling
Mackeben Sunshine Fund
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 Student Council
Heineman Chorus/Band
Heineman Wrestling
Heineman Visions
Heineman PE
Heineman Student Council
Heineman Music Camp
Heineman Outdoor Activity
Heineman Athletics
Heineman Science
Heineman Art Club
Heineman Performance Readings
BALANCE
JUNE 30, 2009
$
4,097
447
25,804
1,411
656
302
4,682
64
30
401
154
9,603
2,329
1,288
155
368
37,196
1,712
5,950
932
3,212
291
1,172
5,403
4,778
3,762
5,731
4,207
562
4,824
646
1,322
8,364
2,750
593
406
11,890
1,283
934
178
64
ADDITIONS
$
103
811
(127)
1
984
5
7,367
2
1
37,885
2
4,162
769
191
9,099
9,518
2,382
12,111
3,007
3,987
1,576
10,835
26
1,077
76,668
1,965
10,881
11,622
4,626
8,250
43,453
24,435
2,880
879
145
DELETIONS
$
1,233
485
5,100
75
11,303
155
41,391
3,578
715
1,036
292
1,000
8,889
8,780
787
12,195
4,154
2,534
1,398
10,302
723
66,369
601
18,143
11,647
3,590
4,673
41,814
26,242
2,444
802
108
BALANCE
JUNE 30, 2010
$
2,966
772
20,577
1,412
1,639
227
4,686
64
30
401
154
5,667
2,331
1,134
155
368
33,690
1,714
6,534
986
2,367
(0)
172
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
10,084
1,720
1,011
215
SCHEDULE 9
(Page 2)
CONSOLIDATED SCHOOL DISTRICT 158
AGENCY FUND
SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED JUNE 30, 2010
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 Sunshine
Conley Field Trips
Conley Library
Conley Yearbook
Conley In & Out
Pre-K Fieldtrips
ESL
Preschool
Chesak Assemblies
Chesak Photo
Chesak Pop
Chesak Recycle
Chesak Yearbook
Chesak Sunshine
Chesak Field Trips
Chesak Library
Chesak Market Day
Chesak Grant Funds
Chesak In & Out
Leggee Photo
Leggee Pop
Leggee Recycle
Leggee Art
Leggee Field Trips
Leggee Library
Leggee Yearbook
Leggee In & Out
Marlowe LRC
Marlowe Photo
Marlowe Fundraiser Funds
Marlowe Yearbook
BALANCE
JUNE 30, 2009
$
3,820
2,623
2,941
1,341
651
4,612
80
182
3,222
16,314
240
3,976
317
27
24,995
3,784
29,839
1,724
248
170
1,481
3,144
4,603
21
628
5,347
12,057
3,655
2,063
14,822
5,659
4,443
5,282
5,748
10,975
6,561
894
65
ADDITIONS
$
8,529
11,587
148
923
7,669
41,988
3,238
911
52
1,189
1,385
2,890
10,146
21,046
4,512
5,288
1,159
1,336
804
7,303
1,580
47
8,005
7,053
9,187
2,544
5,255
7,493
1,525
4
2
10,476
20,706
1,934
15,486
4,960
30,321
9,037
10,002
DELETIONS
$
8,529
10,499
30
10,068
38,855
358
1,612
1,462
2,950
8,069
19,671
4,282
7,114
1,327
10,392
800
12,728
2,063
6,835
170
6,244
8,915
4,455
5,429
12,838
4,355
325
801
12,394
18,757
614
14,363
5,798
36,781
11,204
6,772
BALANCE
JUNE 30, 2010
$
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
4,910
4,516
4,394
4,124
SCHEDULE 9
(Page 3)
CONSOLIDATED SCHOOL DISTRICT 158
AGENCY FUND
SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED JUNE 30, 2010
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 Adventure Club
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
Musical
BALANCE
JUNE 30, 2009
$
2,806
923
2,138
10,304
1,026
1,524
216
688
285
153
4,905
131
2,256
2,022
4,885
3,266
1,081
120
7
470
4,729
676
2,700
5,124
9,140
950
1,426
1,770
264
2,843
1,185
734
21,384
1,849
2,991
1,946
435
160
534
713
2,464
17,047
66
ADDITIONS
$
4,402
461
64,395
1,121
3,723
1
701
61
180
20,583
807
73,584
13,839
432
4
85
10,821
190
1,373
2,248
13,694
72,724
1,889
20,425
3,075
6,462
1
1,906
21,388
26,620
5,986
2
4,505
2,297
1
951
5,250
12,335
DELETIONS
$
4,310
531
56,065
5,888
3,600
475
708
290
20,836
2,653
71,726
12,896
3,698
119
11,557
160
360
3,067
15,961
55,832
2,115
16,176
3,603
160
7,894
350
2,425
31,326
26,170
5,301
4,941
370
457
3,576
18,922
BALANCE
JUNE 30, 2010
$
2,897
854
10,468
5,537
1,150
1,050
216
680
346
43
4,652
131
411
3,880
5,828
0
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
10,460
SCHEDULE 9
(Page 4)
CONSOLIDATED SCHOOL DISTRICT 158
AGENCY FUND
SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED JUNE 30, 2010
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 Social Studies Trips
Class of 2005
Class of 2009
Class of 2010
Marlowe Class of 2011
Marlowe Class of 2012 - 8th Grade
BALANCE
JUNE 30, 2009
$
5,241
5,960
1,211
6,170
6,123
7,873
9,932
18,615
3,105
1,705
1,892
19
370
35
9,248
8,028
2,251
9,882
31,424
5,421
6,049
1,623
3,971
2,610
1,503
258
59
12,151
1,150
315
966
1,167
1,095
911
3,289
2,604
2,830
67
ADDITIONS
$
21,675
23,790
2,026
13,951
14,243
36,585
20,847
49,521
252
1,413
10,748
100
4,205
235
4,315
16,415
13,347
25,515
99,022
3,354
2,994
26,712
7,136
9,793
3,145
34
52,566
5,548
(144)
6,561
196
60
1
5,492
375
1,890
388
4,184
44,841
7,455
DELETIONS
$
17,715
21,518
2,636
11,483
15,773
34,729
17,850
54,570
3,347
1,456
10,279
1,637
270
12,416
18,097
11,318
20,897
107,424
3,352
2,743
20,124
7,236
10,394
2,606
387
33,577
1,450
160
2,098
774
6,659
271
1,095
1,299
7,472
44,230
1,521
BALANCE
JUNE 30, 2010
$
9,201
8,232
602
8,638
4,593
9,728
12,929
13,565
10
1,663
2,362
119
2,938
0
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
0
104
1,890
(0)
3,215
8,764
SCHEDULE 9
(Page 5)
CONSOLIDATED SCHOOL DISTRICT 158
AGENCY FUND
SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED JUNE 30, 2010
Marlowe Class of 2013 - 7th Grade
Marlowe Class of 2014 - 6th Grade
Class of 2015
Class of 2016
Martin Assemblies
Martin Photo
Martin Pop
Martin Recycling
Martin Art
Martin Teaches Market Day
Martin Band
Martin Jean Fund
Martin Field Trips
Martin Library
Previous Martin Market Day
Martin Yearbook
Martin In & Out
BALANCE
JUNE 30, 2009
$
265
10,557
1,206
9
9,012
7,779
2,959
5
2,250
1,316
853
17,853
6,473
846
3,175
232
ADDITIONS
$
176
43,116
14,520
1,801
(9)
2,689
1,372
53
(5)
(9)
1,972
573
14,472
15,970
1,917
11,831
3,166
DELETIONS
$
51
41,649
12,870
1,052
3,924
824
325
2,241
2,023
17,762
18,661
12,755
3,166
BALANCE
JUNE 30, 2010
$
390
12,025
2,856
750
7,778
8,327
2,687
0
1,265
1,425
14,563
3,782
2,763
2,251
232
Grand Total
$
$
$
$
710,496
68
1,622,212
1,613,095
719,613
SCHEDULE 10
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2005 GENERAL OBLIGATION REFUNDING BONDS
JUNE 30, 2010
YEAR ENDING JUNE 30,
PRINCIPAL
2011
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%
69
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
163,875
$
6,555,000
$
4,752,375
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
327,750
6,718,875
$ 11,307,375
SCHEDULE 11
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2006B GENERAL OBLIGATION BONDS
JUNE 30, 2010
YEAR ENDING JUNE 30,
PRINCIPAL
2011
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%
70
INTEREST
TOTAL
$
120,000
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
$
242,535
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
$
362,535
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
$
5,970,000
$
1,716,972
$
7,759,422
SCHEDULE 12
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 1999 CAPITAL APPRECIATION BONDS
JUNE 30, 2010
ORIGINAL
PRINCIPAL
YEAR ENDING JUNE 30,
2011
Amount of Original Issue
Date of Issue
Paying Agent
Principal Payment Date
Interest Payment Date
Interest Rates
ACCRETION
TO DATE
CURRENTLY
PAYABLE
FUTURE
ACCRETION
$
1,502,710
$
1,174,338
$
2,677,048
$
72,952
$
1,502,710
$
1,174,338
$
2,677,048
$
72,952
$
2,908,866
December 1, 1999
LaSalle Bank
January 1
January 1
None - Capital Appreciation Bonds
71
TOTAL
$
2,750,000
2,750,000
SCHEDULE 13
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2000 CAPITAL APPRECIATION SCHOOL BUILDING BONDS
JUNE 30, 2010
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
$
1,292,416
2,220,030
2,149,181
2,248,437
2,162,314
$
2,365,096
4,062,705
3,932,940
4,114,637
3,957,054
$
8,360,054
$ 10,072,378
$
18,432,432
$
9,000,000
December 1, 2000
LaSalle Bank
January 1
January 1
None - Capital Appreciation Bonds
72
FUTURE
ACCRETION
$
1,634,904
3,437,295
3,992,060
4,935,363
5,542,946
$ 19,542,568
TOTAL
$
4,000,000
7,500,000
7,925,000
9,050,000
9,500,000
$ 37,975,000
SCHEDULE 14
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2001 CAPITAL APPRECIATION SCHOOL BUILDING BONDS
JUNE 30, 2010
ORIGINAL
PRINCIPAL
YEAR ENDING JUNE 30,
2011
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
$
549,038
1,691,928
1,597,914
1,567,135
2,035,478
826,529
$
648,052
1,996,991
1,886,012
1,849,722
2,402,553
899,296
$
1,197,090
3,688,919
3,483,926
3,416,857
4,438,031
1,725,825
$
52,910
511,081
841,074
1,208,143
2,111,969
1,174,175
$
$
8,268,022
$
9,682,626
$
17,950,648
$
5,899,352
$ 23,850,000
$
11,999,846
December 1, 2001
LaSalle Bank
January 1
January 1
None - Capital Appreciation Bonds
73
1,250,000
4,200,000
4,325,000
4,625,000
6,550,000
2,900,000
SCHEDULE 15
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2003 CAPITAL APPRECIATION SCHOOL BUILDING BONDS
JUNE 30, 2010
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
1,376,571
1,325,346
1,274,784
2,929,270
2,831,362
1,062,724
$
3,033,512
2,920,560
2,809,186
6,454,900
6,239,476
2,341,832
$
3,101,488
3,529,440
3,965,814
10,545,100
11,705,524
5,013,168
$
6,135,000
6,450,000
6,775,000
17,000,000
17,945,000
7,355,000
$ 10,800,057
$
23,799,466
$
37,860,534
$
61,660,000
$
12,999,409
December 1, 2003
LaSalle Bank
January 1
January 1
None - Capital Appreciation Bonds
74
SCHEDULE 16
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2003A CAPITAL APPRECIATION SCHOOL BUILDING BONDS
JUNE 30, 2010
ORIGINAL
PRINCIPAL
YEAR ENDING JUNE 30,
2014
2015
2016
2017
2018
2019
2020
2021
2022
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
$
1,506,781
1,448,658
1,394,783
1,289,060
1,484,788
$
3,452,614
3,319,408
3,195,957
2,953,636
3,402,104
$
9,199,649
$
7,124,070
$
16,323,719
$
9,199,649
December 1, 2003
LaSalle Bank
January 1
January 1
None - Capital Appreciation Bonds
75
FUTURE
ACCRETION
$
TOTAL
1,457,386
1,835,592.0
2,224,043.0
2,516,364.0
7,282,896.0
$
4,910,000
5,155,000
5,420,000
5,470,000
10,685,000
$ 15,316,281
$
31,640,000
SCHEDULE 17
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2004 CAPITAL APPRECIATION SCHOOL BUILDING BONDS
JUNE 30, 2010
ORIGINAL
PRINCIPAL
YEAR ENDING JUNE 30,
2011
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
$
$
2,768,884
2,661,671
2,555,259
291,265
3,641,064
$
1,944,035
1,868,790
1,794,031
204,506
2,556,412
$
$
11,918,143
$
8,367,774
$ 20,285,917
$
25,000,000
December 1, 2004
Harris Bank
January 1
January 1
None - Capital Appreciation Bonds
76
4,712,919
4,530,461
4,349,290
495,771
6,197,476
TOTAL
212,081
639,539
1,070,710
994,229
14,142,524
$
4,925,000
5,170,000
5,420,000
1,490,000
20,340,000
$ 17,059,083
$
37,345,000
SCHEDULE 18
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2007 DEBT CERTIFICATES
JUNE 30, 2010
YEAR ENDING JUNE 30,
PRINCIPAL
2011
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%
77
615,000
2,645,000
3,260,000
INTEREST
$
$
135,290
109,767
245,057
TOTAL
$
$
750,290
2,754,767
3,505,057
SCHEDULE 19
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2008 REFUNDING BONDS
JUNE 30, 2010
YEAR ENDING JUNE 30,
PRINCIPAL
2011
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%
78
500,000
520,000
540,000
570,000
585,000
610,000
635,000
660,000
4,620,000
INTEREST
$
163,975
148,525
131,781
113,637
93,744
72,625
49,934
25,740
799,961
TOTAL
$
663,975
668,525
671,781
683,637
678,744
682,625
684,934
685,740
5,419,961
SCHEDULE 20
CONSOLIDATED SCHOOL DISTRICT 158
DEBT SERVICE SCHEDULE - 2009 REFUNDING BONDS
JUNE 30, 2010
YEAR ENDING JUNE 30,
PRINCIPAL
2011
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%
79
575,000
600,000
620,000
650,000
675,000
705,000
3,825,000
INTEREST
$
193,105
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
2,130,068
TOTAL
$
193,105
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
5,955,068
CONSOLIDATED SCHOOL DISTRICT 158
BALANCE SHEET
OPERATING and NON-OPERATING
GOVERNMENTAL FUNDS
JUNE 30, 2010
WITH COMPARATIVE TOTALS FOR JUNE 30, 2009
OPERATING FUNDS
Operations and
Maintenance
Fund
Educational
Fund
ASSETS
Cash
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
Total Liabilities
FUND BALANCE
Reserved Fund Balance:
Reserved for debt service
Reserved for Capital Projects:
Fire Prevention & Life Safety
Unreserved Fund Balance:
Designated for:
Incurred unreported health claims
Undesignated
Total Fund Balance
Total Liabilities and Fund Balance
$
14,743,853
1,574,627
$
19,629,962
57,206
3,914,439
37,796
27,185
26,264
231,383
1,730,106
-
Transportation
Fund
$
3,074,237
7,760
17,997
1,969,102
-
Municipal
Retirement/Social
Security Fund
$
1,441,805
2,122,624
16,976
87,028
534,895
-
1,063,828
-
$
40,242,715
$
4,830,100
$
5,637,535
$
1,598,723
$
766,154
5,356,076
208,801
1,128,832
(281)
19,519,480
$
396,024
9,041
28,807
2,924,453
$
13,608
2,488
99,133
1,374,260
$
1,014,648
$
26,979,062
$
3,358,325
$
1,489,489
$
1,014,648
$
-
$
-
-
$
-
1,128,832
12,134,821
-
$
-
28,807
1,442,968
-
99,133
4,048,913
584,075
$
13,263,653
$
1,471,775
$
4,148,046
$
584,075
$
40,242,715
$
4,830,100
$
5,637,535
$
1,598,723
80
SCHEDULE 21
NON-OPERATING FUNDS
Total
Operating
Funds
Working
Cash Fund
$
Debt
Service
Fund
25,363,221
57,206
6,037,063
62,532
27,185
26,264
336,408
$
1,258,011
$ 53,567,084
$
10,652,720
$
10,906
$
29,752
$
64,260,462
$
58,506,165
$
146,243
$
$
1,839
5,211,561
$
357,959
-
$
-
$
1,533,745
5,367,605
208,801
1,256,772
1,558
30,190,645
$
1,496,400
5,151,105
490,646
1,256,772
707
29,194,596
$
146,243
$ 32,987,767
$
5,213,400
$
357,959
$
-
$
38,559,126
$
37,590,226
$
$
5,439,320
$
$
-
$
5,439,320
$
4,785,502
-
-
10,906
-
5,466,622
395,488
-
$
-
-
-
$
-
-
-
29,752
-
$
30,829,843
57,206
6,037,063
62,532
27,185
26,264
731,896
29,752
(347,053)
24,913,846
1,574,627
2009
153,389
-
-
$
2010
$ 20,082,578
1,574,627
$
4,790,610
-
Total
1,104,622
-
1,175,786
5,367,605
208,801
1,256,772
(281)
24,979,084
$
Fire
Prevention
and Life
Safety Fund
Capital
Projects
Find
28,930,918
73,715
4,287,263
276,352
681,838
29,752
29,713
1,256,772
18,975,492
1,256,772
14,843,952
1,111,768
1,256,772
19,322,545
$
1,111,768
$ 20,579,317
$
5,439,320
$
(347,053)
$
29,752
$
25,701,336
$
20,915,939
$
1,258,011
$ 53,567,084
$
10,652,720
$
10,906
$
29,752
$
64,260,462
$
58,506,165
81
-
24,256,079
-
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, 2010
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED JUNE 30, 2009
OPERATING FUNDS
Educational
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
Pre-K
Special programs
Special programs-Pre-K
Other instructional programs
Support Services:
Pupils
Instructional staff
General administration
School administration
Business
Transportation
Operations and maintenance
Central
Other supporting services
Community services
Payments to Other Districts &
Other Governments
Debt Service:
Principal
Interest and other
Capital outlay
On-behalf revenue
Total Expenditures
$
36,601,661
Operations and
Maintenance
Fund
$
Municipal
Retirement/Social
Security Fund
$
$
2,774,326
281,875
45,612
2,505
2,500
4,010,787
14,954,116
5,830,467
8,816,892
238,869
-
61,597
3,109,134
-
$
70,541,410
$
$
27,636,172
848,001
6,634,060
5,362
2,540,342
$
5,627,370
3,379,641
1,471,308
3,054,233
2,931,692
2,800
34,403
1,599,787
175,004
-
82
-
$
$
6,761,699
-
$
2,082,398
$
377,024
48,025
314,242
24,088
221,119
63,812
45,838
147,287
177,208
395,665
158,879
98,993
-
-
215,502
$
5,947,557
-
797,641
122,281
665,882
$
5,428,224
1,981,355
100,261
782
3,842,420
-
-
68,857
8,816,892
67,673,234
6,733,026
6,546,197
-
2,847,310
$
6,491,652
Transportation
Fund
$
2,072,180
SCHEDULE 22
Working
Cash Fund
$
291,160
NONOPERATING
FUND
Fire
Prevention
and Life
Safety Fund
$
1,256
$
$
292,416
-
2010
$
39
$
-
Total
$
$
39
-
57,926,224
2009
$
54,417,232
382,136
57,619
472,359
309,191
157,737
4,319,324
18,063,250
5,830,467
8,816,892
376,534
4,895,409
16,531,153
4,364,202
6,090,770
$
95,553,649
$
87,456,850
$
28,013,196
896,026
6,948,302
5,362
2,564,430
$
27,059,419
1,075,279
6,687,502
3,434
2,415,127
-
-
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
-
6,194,376
2,087,818
1,628,003
2,891,990
3,226,922
4,297,143
7,544,194
1,615,238
135,453
2,341
-
-
2,847,310
2,742,829
-
-
9,366,741
1,130,942
950,241
8,816,892
10,170,000
1,224,489
1,072,849
6,090,770
-
$
-
$
91,513,098
$
88,165,176
83
CONSOLIDATED SCHOOL DISTRICT 158
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2010
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED JUNE 30, 2009
OPERATING FUNDS
Educational
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 bonds sold
Transfer to escrow agent
Total Other Financing Sources (Uses)
Net Change in Fund Balance
$
2,868,176
Operations and
Maintenance
Fund
Transportation
Fund
Municipal
Retirement/Social
Security Fund
$
(28,673)
$
519,333
$
10,218
$
(67,453)
2,125
-
$
3,360
-
$
665,882
-
$
-
$
(65,328)
$
3,360
$
665,882
$
-
$
(25,313)
$
1,185,215
$
10,218
$
2,802,848
Fund Balance, Beginning of Year
Adjustment of prior year's revenues
10,460,805
-
1,497,088
-
2,962,831
-
573,857
-
Fund Balance, Beginning of Year as Restated
10,460,805
1,497,088
2,962,831
573,857
Fund Balance, End of Year
$
13,263,653
84
$
1,471,775
$
4,148,046
$
584,075
SCHEDULE 22
(Cont'd)
Working
Cash Fund
$
292,416
NONOPERATING
FUND
Fire
Prevention
and Life
Safety Fund
$
39
Total
2010
2009
$
4,040,551
$
5,485
665,882
3,825,000
56,142
(3,807,663)
$
-
$
-
$
-
$
$
-
$
-
$
744,846
$
$
4,785,397
$
$
$
292,416
$
39
(708,326)
(708,326)
819,352
-
29,713
-
20,915,939
-
22,024,403
(400,138)
819,352
29,713
20,915,939
21,624,265
1,111,768
$
29,752
$
25,701,336
$
20,915,939
85