INDEPENDENT AUDITOR S REPORT. Management s Responsibility for the Financial Statements

Transcription

1 1415 West Diehl Road, Suite 4 Naperville, IL To the Board of Education Rockford Public School District #25 Rockford, Illinois Report on the Financial Statements INDEPENDENT AUDITOR S REPORT We have audited the financial statements of the governmental activities, each major fund and the aggregate remaining fund information of Rockford Public Schools, District #25 (the District) as of and for the year ended June 3, 217, and the related notes to financial statements which collectively comprise the District s basic financial statements. The basic financial statements have been audited; however, they are not presented as part of this Annual Financial Report form. The basic financial statements should be read in conjunction with the following auditor s opinion. Our opinion reads as follows: Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of these financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

2 Auditor s Responsibility (Continued) An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the District s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, 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 Rockford Public Schools, District #25, as of June 3, 217, and the respective changes in financial position and where applicable, cash flows thereof, for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management s discussion and analysis, and other required supplementary information identified in the accompanying table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

3 Other Matters (Continued) Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the District s basic financial statements. The introductory section, supplementary information and statistical section as listed in the table of contents are presented for purposes of additional analysis and are not a required part of the basic financial statements. The supplementary information is the responsibility of management and was derived from and relate directly to the underlying accounting and other records used to prepare the financial statements. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information is fairly stated in all material respects in relation to the financial statements as a whole. The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we also issued a report dated December 8, 217, on our consideration of the District s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District s internal control over financial reporting and compliance. Report on Other Legal and Regulatory Requirements Our audit was made for the purpose of forming opinions on the basic financial statements taken as a whole. The accompanying regulatory-based financial statements, as listed in the table of contents of this Annual Financial Report form, are presented for purposes of additional analysis and are not a required part of the basic financial statements of the District. Such information is the responsibility of management and was derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. The information, except for the financial profile, estimated financial profile summary, schedule of ad valorem tax receipts, schedules of short-term and long-term debt, schedule of restricted local tax levies and selected revenue sources, schedule of tort immunity expenditures, schedule of capital outlay and depreciation, estimated operating expense per pupil, estimated indirect cost rate for federal programs, report on shared services or outsourcing, administrative cost worksheet, itemization

4 schedules and deficit AFR summary information, which were not audited, has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the basic financial statements as a whole. Purpose of this Report This purpose of this report is intended solely to meet the reporting requirements of the Illinois State Board of Education Accordingly, this report is not suitable for any other purpose. Rockford, Illinois December 8, 217

5 1415 West Diehl Road, Suite 4 Naperville, IL INDEPENDENT AUDITOR S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS The Board of Education Rockford Public Schools, District #25 Rockford, Illinois We have audited, in accordance with the 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, the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Rockford Public Schools, District #25 (the District), as of and for the year ended June 3, 217, and the related notes to financial statements, which collectively comprise the District s basic financial statements and have issued our report thereon dated December 8, 217. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the District s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District s internal control. Accordingly, we do not express an opinion on the effectiveness of the District s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the District s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies may exist that were not identified. We did identify certain deficiencies in internal control, described in the accompanying schedule of findings and questioned costs as Finding and that we consider to be material weaknesses

6 Compliance and Other Matters As part of obtaining reasonable assurance about whether the District s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. District s Response to Findings The District s response to the findings identified in our audit is described in the accompanying schedule of findings and questioned costs. The District s response was not subjected to the auditing procedures applied in the audit of the financial statements, and accordingly, we express no opinion on it. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. Rockford, Illinois December 8,

7 Due to ROE on Friday, October 14th Due to ISBE on Tuesday, November 15th SD/JA17 X School District Joint Agreement ILLINOIS STATE BOARD OF EDUCATION School Business Services Division 1 North First Street, Springfield, Illinois / Illinois School District/Joint Agreement Annual Financial Report * June 3, 217 School District/Joint Agreement Number: X ACCRUAL Name of Auditing Firm: Sikich LLP County Name: Winnebago School District/Joint Agreement Information (See instructions on inside of this page.) CASH Name of Audit Manager: Chad Lucas Name of School District/Joint Agreement: Address: Rockford Public Schools, District West State Street, Suite 59 Address: Filing Status: City: State: Zip Code: 51 7th Street Submit electronic AFR directly to ISBE Rockford IL 6111 City: Phone Number: Fax Number: Rockford Click on the Link to Submit: Address: Send ISBE a File IL License Number (9 digit): Expiration Date: /3/218 Zip Code: Address: 6114 chad.lucas@sikich.com Annual Financial Report Type of Auditor's Report Issued: Qualified X Unqualified X YES NO Are Federal expenditures greater than $75,? Adverse X YES NO Is all Single Audit Information completed and attached? Disclaimer X YES NO Were any financial statement or federal award findings issued? ISBE Use Only Reviewed by District Superintendent/Administrator Reviewed by Township Treasurer (Cook County only) Reviewed by Regional Superintendent/Cook ISC Name of Township: Accounting Basis: Single Audit Status: District Superintendent/Administrator Name (Type or Print): Dr. Ehren Jarrett Township Treasurer Name (type or print) RegionalSuperintendent/Cook ISC Name (Type or Print): Address: Address: Address: ehren.jarrett@rps25.com Telephone: Fax Number: Telephone: Fax Number: Telephone: Fax Number: Signature & Date: Signature & Date: Signature & Date: Certified Public Accountant Information * This form is based on 23 Illinois Administrative Code 1, Subtitle A, Chapter I, Subchapter C (Part 1). This form is based on 23 Illinois Administrative Code, Subtitle A, Chapter I, Subchapter C, Part 1. ISBE Form SD5-35/JA5-6 (5/17) In some instances, use of open account codes (cells) may not be authorized by statute or administrative rule. Each school district or joint agreement is responsible for obtaining the concurring legal opinion and/or other s upporting authorization/documentation, as necessary, to use the applicable account code (cell). Printed: 12/15/217 afr-17-form.xlsm

8 TABLE OF CONTENTS TAB Name AFR Page No. Auditor's Questionnaire Aud Quest 2 Comments Applicable to the Auditor's Questionnaire Aud Quest 2 Financial Profile Information.... FP Info 3 Estimated Financial Profile Summary Financial Profile 4 Basic Financial Statements Statement of Assets and Liabilities Arising from Cash Transactions/Statement of Position... Assets-Liab 5-6 Statement of Revenues Received/Revenues, Expenditures Disbursed/Expenditures, Other Sources (Uses) and Changes in Fund Balances (All Funds) Acct Summary 7-8 Statements of Revenues Received/Revenues (All Funds)... Revenues 9-14 Statements of Expenditures Disbursed/Expenditures Budget to Actual (All Funds)... Expenditures Supplementary Schedules Federal Stimulus - American Recovery and Reinvestment Act (ARRA) Schedule (See Note Regarding page 23: below) ARRA Sched 23 Schedule of Ad Valorem Tax Receipts.. Tax Sched 24 Schedule of Short-Term Debt/Long-Term Debt... Short-Term Long-Term Debt 25 Schedule of Restricted Local Tax Levies and Selected Revenue Sources/ Schedule of Tort Immunity Expenditures Rest Tax Levies-Tort Im 26 Statistical Section Schedule of Capital Outlay and Depreciation... Cap Outlay Deprec 27 Estimated Operating Expenditures Per Pupil and Per Capita Tuition Charge Computation PCTC-OEPP Estimated Indirect Cost Rate for Federal Programs (Section I, Section II)... ICR Computation 3 Report on Shared Services or Outsourcing... Shared Outsourced Serv. 31 Administrative Cost Worksheet.... AC 32 Itemization Schedule... ITEMIZATION 33 Reference Page... REF 34 Notes, Opinion Letters, etc Opinion-Notes 35 Deficit Reduction Calculation Deficit AFR Sum Calc 36 Audit Checklist/Balancing Schedule... AUDITCHECK - Single Audit Section Annual Federal Compliance Report... Single Audit Cover - CAP INSTRUCTIONS/REQUIREMENTS: For School Districts/Joint Agreements Note regarding Page 23: Removed because it was no longer needed to report ARRA revenues and expenditures to the federal government. Page numbers are left intact to be consistant with instructions and other notes related to page numbers. In the 218 AFR, page numbers will be changed. All School Districts/Joint Agreements must complete this form (Note: joint agreement supplementary/statistical schedules may not be applicable) Round all amounts to the nearest dollar. Do not enter cents. (Exception: 9 Month ADA on page 28, line 78) This form complies with Part 1 (Requirements for Accounting, Budgeting, Financial Reporting, and Auditing). 23, Illinois Administrative Code 1, Subtitle A, Chapter I, Subchapter C (Part 1) Any errors left unresolved by the Audit Checklist/Balancing Schedule must be explained in the itemization page. Submit AFR Electronically * The Annual Financial Reports (AFR) must be submitted directly through the Attachment Manager to the AFR Group by the Auditor or School District designated personnel (Please see Instructions for complete submission procedures). Attachment Manager Link Note: CD/Disk no longer accepted. * AFR supporting documentation must be embedded as Microsoft Word (.doc), Word Perfect (*.wpd) or Adobe (*.pdf) and inserted within tab "Opinions & Notes". These documents include: The Audit, Management letter, Opinion letters, Compliance letters, Financial notes etc. For embedding instructions see "Opinions & Notes" tab of this form. Note: In Windows 7 and above, files can be saved in Adobe Acrobat (*.pdf) and embedded even if you do not have the software. If you have problems embedding the files you may attach them as separate (.docx) in the Attachment Manager and ISBE will embedded them for you. Submit Paper Copy of AFR with Signatures 1) The auditor must send three paper copies of the AFR form (cover through page 8 at minimum) to the School District with the auditor signature. Note: School Districts and Regional Superintendents may prefer a complete paper copy in lieu of an electronic file. Please comply with their requests as neccessary. 2) Upon receipt, the School District retains one copy for their records, signs, and forwards the remaining two copies to the Regional Superintendent's office no later than October 15, annually. 3) Upon receipt, the Regional Superintendent's office retains one copy for their records, signs, and forwards the remaining paper copy to ISBE no later than November 15, annually. * Yellow Book, CPE, and Peer Review requirements must be met if the Auditor issues an opinion stating "Governmental Auditing Standards" were utilized. Federal Single Audit 2 CFR 2.5 Qualifications of Auditing Firm * School District/Joint Agreement entities must verify the qualifications of the auditing firm by requesting the most current peer review report and the corresponding acceptance letter from the approved peer review program, for the current peer review period. * A school district/joint agreement who engages with an auditing firm who is not licensed and qualified will be required to complete a new audit by a qualified auditing firm at the school district's/joint agreement's expense.

9 Page 2 Page 2 the box on the left, and attach the appropriate findings/comments. AUDITOR'S QUESTIONNAIRE INSTRUCTIONS: If your review and testing of State, Local, and Federal Programs revealed any of the following statements to be true, then check PART A - FINDINGS 1. One or more school board members, administrators, certified school business officials, or other qualifying district employees failed to file economic interested statements pursuant to the Illinois Government Ethics Act. [5 ILCS 42/4A-11] 2. One or more custodians of funds failed to comply with the bonding requirements pursuant to Illinois School Code [15 ILCS 5/8-2;1-2.19;19-6]. 3. One or more contracts were executed or purchases made contrary to the provisions of the Illinois School Code [15 ILCS 5/1-2.21]. 4. One or more violations of the Public Funds Deposit Act or the Public Funds Investment Act were noted [3 ILCS 225/1 et. seq. and 3 ILCS 235/1 et. seq.]. 5. Restricted funds were commingled in the accounting records or used for other than the purpose for which they were restricted. 6. One or more short-term loans or short-term debt instruments were executed in non-conformity with the applicable authorizing statute or without statutory Authority. 7. One or more long-term loans or long-term debt instruments were executed in non-conformity with the applicable authorizing statute or without statutory Authority. 8. Corporate Personal Property Replacement Tax monies were deposited and/or used without first satisfying the lien imposed pursuant to the Illinois State Revenue Sharing Act [3 ILCS 115/12]. 9. One or more interfund loans were made in non-conformity with the applicable authorizing statute or without statutory authorization per Illinois School Code [15 ILCS 5/ , 2-4 and 2-5]. 1. One or more interfund loans were outstanding beyond the term provided by statute Illinois School Code [15 ILCS 5/ , 2-4, 2-5]. 11. One or more permanent transfers were made in non-conformity with the applicable authorizing statute/regulation or without statutory/regulatory authorization per Illinois School Code [15 ILCS 5/17-2A]. 12. Substantial, or systematic misclassification of budgetary items such as, but not limited to, revenues, receipts, expenditures, disbursements or expenses were observed. X 13. The Chart of Accounts used to define and control budget and accounting records does not conform to the minimum requirements imposed by ISBE rules pursuant to Illinois School Code [15 ILCS 5/2-3.27; ]. 14. At least one of the following forms was filed with ISBE late: The FY16 AFR (ISBE FORM 5-35), FY16 Annual Statement of Affairs (ISBE Form 5-37) and FY17 Budget (ISBE FORM 5-36). Explain in the comments box below in persuant to Illinois School Code [15 ILCS 5/3-15.1; 5/1-17; 5/17-1]. PART B - FINANCIAL DIFFICULTIES/CERTIFICATION Criteria pursuant to the Illinois School Code [15 ILCS 5/1A-8]. 15. The district has issued tax anticipation warrants or tax anticipation notes in anticipation of a second year's taxes when warrants or notes in anticipation of current year taxes are still outstanding, as authorized by Illinois School Code [15 ILCS 5/17-16 or through 34-27]. 16. The district has issued short-term debt against two future revenue sources, such as, but not limited to, tax anticipation warrants and General State Aid certificates or tax anticipation warrants and revenue anticipation notes. 17. The district has issued school or teacher orders for wages as permitted in Illinois School Code [15 ILCS 5/8-16, and 34-76] or issued funding bonds for this purpose pursuant to Illinois School Code [15 ILCS 5/8-6; ; 34-76; and 19-8]. 18. The district has for two consecutive years shown an excess of expenditures/other uses over revenues/other sources and beginning fund balances on its annual financial report for the aggregate totals of the Educational, Operations & Maintenance, Transportation, and Working Cash Funds. PART C - OTHER ISSUES X 19. Student Activity Funds, Imprest Funds, or other funds maintained by the district were excluded from the audit. 2. Findings, other than those listed in Part A (above), were reported (e.g. student activity fund findings). 21. Federal Stimulus Funds were not maintained and expended in accordance with the American Recovery and Reinvestment Act (ARRA) of 29. If checked, an explanation must be provided. X 22. Check this box if the district is subject to the Property Tax Extension Limitation Law. Effective Date: 1/1/1991 (Ex: //) 23. If the type of Auditor Report designated on the cover page is other than an unqualified opinion and is due to reason(s) other than solely Cash Basis Accounting, please check and explain the reason(s) in the box below. Printed: 12/15/217 afr-17-form.xlsm

10 PART D - EXPLANATION OF ACCOUNTING PRACTICES FOR LATE MANDATED CATEGORICAL PAYMENTS (For School Districts who report on an Accrual/Modified Accrual Accounting Basis only) School districts that report on the accrual/modified accrual basis of accounting must identify where late mandated categorical payments (Acct Codes 31, 315, 311, 35, and 351) are recorded. Depending on the accounting procedure these amounts will be used to adjust the Direct Receipts/Revenues in calculation 1 and 2 of the Financial Profile Score. In FY217, identify those late payments recorded as Intergovermental Receivables, Other Recievables, or Deferred Revenue & Other Current Liabilities or Direct Receipts/Revenue. Payments should only be listed once. 24. Enter the date that the district used to accrue mandated categorical payments Date: 8/31/ For the listed mandated categorical (Revenue Code (311, 35, 351, 31, 315) that were vouchered prior to June 3th, but not released until after year end as reported in ISBE FRIS system, enter the amounts that were accrued in the chart below. Account Name Total Deferred Revenues (49) Mandated Categoricals Payments (311, 35, 351, 31, 315) 1,34,54 2,441,485 69,6 677, ,184 6,112,55 Direct Receipts/Revenue Mandated Categoricals Payments (311, 35, 351, 31, 315 Total 6,112,55 * Revenue Code (311-Sp Ed Personnel, 351-Sp Ed Transportation, 35-Regular/Vocational Transportation, 315-Sp Ed Funding for Children Requiring Services, 31-Sp Ed Private Facilities) PART E - QUALIFICATIONS OF AUDITING FIRM * School District/Joint Agreement entities must verify the qualifications of the auditing firm by requesting the most current peer review report and the corresponding acceptance letter from the approved peer review program for the current peer review. * A school district/joint agreement who engages with an auditing firm who is not licensed and qualified will be required to complete a new audit by a qualified auditing firm at the school district's/joint agreement's expense. Comments Applicable to the Auditor's Questionnaire: Part A #14: The ISBE AFR was submitted on 12/14/16. The form is due to ISBE by 11/15. Extensions for filing were applied and obtained by the District in FY16. Sikich LLP Name of Audit Firm (print) The undersigned affirms that this audit was conducted by a qualified auditing firm and in accordance with the applicable standards [23 Illinois Administrative Code Part 1] and the scope of the audit conformed to the requirements of subsection (a) or (b) of 23 Illinois Administrative Code Part 1 Section 11, as applicable. Signature 12/15/17 mm/dd/yyyy

11 Page 3 Page A B C D E F G H I J K L M Required to be completed for School Districts only. A. Tax Rates (Enter the tax rate - ex:.15 for $1.5) Tax Year 216 Equalized Assessed Valuation (EAV): 1,98,75,854 Educational Operations & Maintenance Transportation Combined Total Working Cash Rate(s): = B. Results of Operations * Receipts/Revenues Disbursements/ Expenditures Excess/ (Deficiency) Fund Balance 356,328,41 343,992,312 12,336,98 19,756,87 * The numbers shown are the sum of entries on Pages 7 & 8, lines 8, 17, 2, and 81 for the Educational, Operations & Maintenance, Transportation and Working Cash Funds. C. Short-Term Debt ** CPPRT Notes TAWs TANs TO/EMP. Orders GSA Certificates Other Total = ** The numbers shown are the sum of entries on page 25. D. Long-Term Debt Check the applicable box for long-term debt allowance by type of district. X a. 6.9% for elementary and high school districts, 273,343,618 b. 13.8% for unit districts. Long-Term Debt Outstanding: c. Long-Term Debt (Principal only) Acct Outstanding: ,78,246 E. Material Impact on Financial Position If applicable, check any of the following items that may have a material impact on the entity's financial position during future reporting periods. Attach sheets as needed explaining each item checked. Comments: Pending Litigation Material Decrease in EAV Material Increase/Decrease in Enrollment Adverse Arbitration Ruling Passage of Referendum Taxes Filed Under Protest Decisions By Local Board of Review or Illinois Property Tax Appeal Board (PTAB) Other Ongoing Concerns (Describe & Itemize) FINANCIAL PROFILE INFORMATION Printed: 12/15/217 afr-17-form.xlsm

12 Page 4 Page A B C D E F G H I K L M N O P Q R District Name: Rockford Public Schools, District 25 District Code: County Name: Winnebago ESTIMATED FINANCIAL PROFILE SUMMARY (Go to the following website for reference to the Financial Profile) 1. Fund Balance to Revenue Ratio: Total Ratio Score 4 Total Sum of Fund Balance (P8, Cells C81, D81, F81 & I81) Funds 1, 2, 4, 7 + (5 & 8 if negative) 19,756, Weight.35 Total Sum of Direct Revenues (P7, Cell C8, D8, F8 & I8) Funds 1, 2, 4, & 7, 356,328,41. Value 1.4 Less: Operating Debt Pledged to Other Funds (P8, Cell C54 thru D74) Minus Funds 1 & 2. (Excluding C:D57, C:D61, C:D65, C:D69 and C:D73) 2. Expenditures to Revenue Ratio: Total Ratio Score 4 Total Sum of Direct Expenditures (P7, Cell C17, D17, F17, I17) Funds 1, 2 & 4 343,992, Adjustment Total Sum of Direct Revenues (P7, Cell C8, D8, F8, & I8) Funds 1, 2, 4 & 7, 356,328,41. Weight.35 Less: Operating Debt Pledged to Other Funds (P8, Cell C54 thru D74) Minus Funds 1 & 2. (Excluding C:D57, C:D61, C:D65, C:D69 and C:D73) Value 1.4 Possible Adjustment: 3. Days Cash on Hand: Total Days Score 3 Total Sum of Cash & Investments (P5, Cell C4, D4, F4, I4 & C5, D5, F5 & I5) Funds 1, 2 4 & 7 12,89, Weight.1 Total Sum of Direct Expenditures (P7, Cell C17, D17, F17 & I17) Funds 1, 2, 4 divided by ,534.2 Value.3 4. Percent of Short-Term Borrowing Maximum Remaining: Total Percent Score 4 Tax Anticipation Warrants Borrowed (P25, Cell F6-7 & F11) Funds 1, 2 & Weight.1 EAV x 85% x Combined Tax Rates (P3, Cell J7 and J1) (.85 x EAV) x Sum of Combined Tax Rates 93,744, Value.4 5. Percent of Long-Term Debt Margin Remaining: Total Percent Score 1 Long-Term Debt Outstanding (P3, Cell H37) 212,78, Weight.1 Total Long-Term Debt Allowed (P3, Cell H31) 273,343, Value.1 Total Profile Score: 3.6 * Estimated 218 Financial Profile Designation: RECOGNITION * Total Profile Score may change based on data provided on the Financial Profile Information, page 3 and by the timing of mandated categorical payments. Final score will be calculated by ISBE. Printed: 12/15/217 afr-17-form.xlsm

13 Page 5 BASIC FINANCIAL STATEMENTS STATEMENT OF ASSETS AND LIABILITIES ARISING FROM CASH TRANSACTIONS STATEMENT OF POSITION AS OF JUNE 3, 217 Page CURRENT ASSETS (1) A B C D E F G H I J K (1) (2) (3) (4) (5) (6) (7) (8) (9) Acct. # Educational Operations & Maintenance Debt Services Transportation Municipal Retirement/Social Security Capital Projects Working Cash Tort Fire Prevention & Safety Cash (Accounts 111 through 115) 1 7,959,579 1,92,441 16,471,5 3,583,92 68,942,293 32,658,433 11,523,914 7,493,611 Investments 12 Taxes Receivable 13 44,21,847 6,878,45 6,11,519 7,55,194 2,928, ,942 2,763,455 97,966 Interfund Receivables ,354 Intergovernmental Accounts Receivable 15 22,692,223 6,264,27 Other Receivables ,665 4, ,51 51,52 19,89 13,29 Inventory 17 Prepaid Items 18 1,251,72 25,862 6,969 31,712 5,21 55,325 4,267 Other Current Assets (Describe & Itemize) 19 Total Current Assets 14,3,74 6,98,845 17,3,96 3,455,921 6,543,27 68,998,816 33,222,265 14,342,694 8,419,53 CAPITAL ASSETS (2) Works of Art & Historical Treasures 21 Land 22 Building & Building Improvements 23 Site Improvements & Infrastructure 24 Capitalized Equipment 25 Construction in Progress 26 Amount Available in Debt Service Funds 34 Amount to be Provided for Payment on Long-Term Debt 35 Total Capital Assets CURRENT LIABILITIES (4) Interfund Payables ,354 Intergovernmental Accounts Payable 42 1,116,776 Other Payables 43 7,692,375 3,513,78 295, ,447 4,125,381 91, ,351 1,988,797 Contracts Payable 44 Loans Payable 46 Salaries & Benefits Payable 47 16,631,426 87, ,36 689,67 9,886 23,27 8,22 Payroll Deductions & Withholdings 48 Deferred Revenues & Other Current Liabilities 49 51,885,34 7,362,8 13,61,843 11,152,343 3,13, ,333 2,986,866 97,667 Due to Activity Fund Organizations 493 Total Current Liabilities 77,325,611 11,376,5 13,61,843 11,581,97 4,492,764 4,135, ,82 3,282,244 2,967,486 LONG-TERM LIABILITIES (5) Long-Term Debt Payable (General Obligation, Revenue, Other) 511 Total Long-Term Liabilities Reserved Fund Balance 714 1,251,72 25,862 3,969,117 18,873,951 2,5,56 64,863,549 32,645,445 11,6,45 5,451,567 Unreserved Fund Balance 73 61,454,57 (4,493,517) Investment in General Fixed Assets ASSETS (Enter Whole Dollars) Total Liabilities and Fund Balance 14,3,74 6,98,845 17,3,96 3,455,921 6,543,27 68,998,816 33,222,265 14,342,694 8,419,53 Print Date: 12/15/217 afr-17-form.xlsm

14 Page 6 BASIC FINANCIAL STATEMENTS STATEMENT OF ASSETS AND LIABILITIES ARISING FROM CASH TRANSACTIONS STATEMENT OF POSITION AS OF JUNE 3, 217 Page CURRENT ASSETS (1) A B Acct. # Cash (Accounts 111 through 115) 1 Investments 12 Taxes Receivable 13 Interfund Receivables 14 Intergovernmental Accounts Receivable 15 Other Receivables 16 Inventory 17 Prepaid Items 18 Other Current Assets (Describe & Itemize) 19 Total Current Assets CAPITAL ASSETS (2) Works of Art & Historical Treasures 21 Land 22 Building & Building Improvements 23 Site Improvements & Infrastructure 24 Capitalized Equipment 25 Construction in Progress 26 Amount Available in Debt Service Funds 34 Amount to be Provided for Payment on Long-Term Debt 35 Total Capital Assets CURRENT LIABILITIES (4) Interfund Payables 41 Intergovernmental Accounts Payable 42 Other Payables 43 Contracts Payable 44 Loans Payable 46 Salaries & Benefits Payable 47 Payroll Deductions & Withholdings 48 Deferred Revenues & Other Current Liabilities 49 Due to Activity Fund Organizations 493 Total Current Liabilities LONG-TERM LIABILITIES (5) Long-Term Debt Payable (General Obligation, Revenue, Other) 511 Total Long-Term Liabilities Reserved Fund Balance 714 Unreserved Fund Balance 73 Investment in General Fixed Assets ASSETS (Enter Whole Dollars) Total Liabilities and Fund Balance L M N Account Groups Agency Fund 1,562,459 1,562,459 1,562,459 1,562,459 General Fixed Assets General Long- Term Debt 8,657,52 175,346,658 9,367,88 16,925,53 49,114,959 3,969,117 28,811, ,412,7 212,78, ,78, ,78, ,412,7 1,562, ,412,7 212,78,246 Print Date: 12/15/217 afr-17-form.xlsm

15 Page 7 BASIC FINANCIAL STATEMENT STATEMENT OF REVENUES RECEIVED/REVENUES, EXPENDITURES/DISBURSED/EXPENDITURES, OTHER SOURCES (USES) AND CHANGES IN FUND BALANCE ALL FUNDS - FOR THE YEAR ENDING JUNE 3, 217 Page RECEIPTS/REVENUES A B C D E F G H I J K (1) (2) (3) (4) (5) (6) (7) (8) (9) Acct # Educational Operations & Maintenance Debt Services Transportation Municipal Retirement/ Social Security Capital Projects Working Cash Tort Fire Prevention & Safety LOCAL SOURCES 1 113,321,98 24,751,459 15,621,744 17,235,4 7,255,49 684, ,597 6,242,241 2,156,952 FLOW-THROUGH RECEIPTS/REVENUES FROM ONE DISTRICT TO 2 ANOTHER DISTRICT 15,496 STATE SOURCES 3 141,413,593 14,119,621 51,233 FEDERAL SOURCES 4 44,541,264 1,13,984 Total Direct Receipts/Revenues 299,292,333 24,751,459 16,725,728 31,355,21 7,255,49 684, ,597 6,242,241 2,28,185 Receipts/Revenues for "On Behalf" Payments ,767,6 798, ,962 Total Receipts/Revenues 418,59,933 24,751,459 16,725,728 32,153,79 7,255,49 684, ,597 6,62,23 2,28,185 DISBURSEMENTS/EXPENDITURES Instruction 1 186,229,75 2,385,333 Support Services 2 89,29,418 26,962,398 22,733,236 5,414,341 26,588,782 6,71,245 11,748,377 Community Services 3 3,711,51 39,966 Payments to Other Districts & Govermental Units 4 15,65,675 Debt Service 5 14,894,929 Total Direct Disbursements/Expenditures 294,296,678 26,962,398 14,894,929 22,733,236 7,839,64 26,588,782 6,71,245 11,748,377 Disbursements/Expenditures for "On Behalf" Payments ,767,6 798, ,962 Total Disbursements/Expenditures 413,64,278 26,962,398 14,894,929 23,531,924 7,839,64 26,588,782 6,449,27 11,748,377 Excess of Direct Receipts/Revenues Over (Under) Direct Disbursements/Expenditures 3 4,995,655 (2,21,939) 1,83,799 8,621,785 (584,231) (25,94,31) 929,597 17,996 (9,54,192) OTHER SOURCES/USES OF FUNDS OTHER SOURCES OF FUNDS (7) PERMANENT TRANSFER FROM VARIOUS FUNDS Abolishment of the Working Cash Fund Abatement of the Working Cash Fund Transfer of Working Cash Fund Interest 712 Transfer Among Funds 713 Transfer of Interest 714 Transfer from Capital Project Fund to O&M Fund 715 Transfer of Excess Fire Prevention & Safety Tax and Interest Proceeds 716 to O&M Fund 4 Transfer to Excess Fire Prevention & Safety Bond and Interest Proceeds 717 to Debt Service Fund 5 SALE OF BONDS (72) Principal on Bonds Sold 721 Premium on Bonds Sold 722 Accrued Interest on Bonds Sold 723 Sale or Compensation for Fixed Assets 6 73 Transfer to Debt Service to Pay Principal on Capital Leases 74 Transfer to Debt Service to Pay Interest on Capital Leases 75 Transfer to Debt Service to Pay Principal on Revenue Bonds 76 Transfer to Debt Service Fund to Pay Interest on Revenue Bonds 77 Transfer to Capital Projects Fund 78 ISBE Loan Proceeds 79 Other Sources Not Classified Elsewhere 799 Total Other Sources of Funds OTHER USES OF FUNDS (8) Description (Enter Whole Dollars) Print Date: 12/15/217 afr-17-form.xlsm

16 Page 8 BASIC FINANCIAL STATEMENT STATEMENT OF REVENUES RECEIVED/REVENUES, EXPENDITURES/DISBURSED/EXPENDITURES, OTHER SOURCES (USES) AND CHANGES IN FUND BALANCE ALL FUNDS - FOR THE YEAR ENDING JUNE 3, 217 Page A B C D E F G H I J K (1) (2) (3) (4) (5) (6) (7) (8) (9) Description (Enter Whole Dollars) PERMANENT TRANSFER TO VARIOUS OTHER FUNDS (81) Acct # Educational Operations & Maintenance Debt Services Transportation Municipal Retirement/ Social Security Capital Projects Working Cash Tort Abolishment or Abatement of the Working Cash Fund Transfer of Working Cash Fund Interest Transfer Among Funds 813 Transfer of Interest 814 Transfer from Capital Project Fund to O&M Fund 815 Transfer of Excess Fire Prevention & Safety Tax & Interest Proceeds to O&M Fund Transfer of Excess Fire Prevention & Safety Bond and Interest Proceeds to Debt Service Fund Taxes Pledged to Pay Principal on Capital Leases 841 Grants/Reimbursements Pledged to Pay Principal on Capital Leases 842 Other Revenues Pledged to Pay Principal on Capital Leases 843 Fund Balance Transfers Pledged to Pay Principal on Capital Leases 844 Taxes Pledged to Pay Interest on Capital Leases 851 Grants/Reimbursements Pledged to Pay Interest on Capital Leases 852 Other Revenues Pledged to Pay Interest on Capital Leases 853 Fund Balance Transfers Pledged to Pay Interest on Capital Leases 854 Taxes Pledged to Pay Principal on Revenue Bonds 861 Grants/Reimbursements Pledged to Pay Principal on Revenue Bonds 862 Other Revenues Pledged to Pay Principal on Revenue Bonds 863 Fund Balance Transfers Pledged to Pay Principal on Revenue Bonds 864 Taxes Pledged to Pay Interest on Revenue Bonds 871 Grants/Reimbursements Pledged to Pay Interest on Revenue Bonds 872 Other Revenues Pledged to Pay Interest on Revenue Bonds 873 Fund Balance Transfers Pledged to Pay Interest on Revenue Bonds 874 Taxes Transferred to Pay for Capital Projects 881 Grants/Reimbursements Pledged to Pay for Capital Projects 882 Other Revenues Pledged to Pay for Capital Projects 883 Fund Balance Transfers Pledged to Pay for Capital Projects 884 Transfer to Debt Service Fund to Pay Principal on ISBE Loans 891 Other Uses Not Classified Elsewhere 899 Fire Prevention & Safety Total Other Uses of Funds Total Other Sources/Uses of Funds Excess of Receipts/Revenues and Other Sources of Funds (Over/Under) Expenditures/Disbursements and Other Uses of Funds 4,995,655 (2,21,939) 1,83,799 8,621,785 (584,231) (25,94,31) 929,597 17,996 (9,54,192) Fund Balances - July 1, ,674,236 (2,256,716) 2,138,318 1,252,166 2,251,911 9,767,859 31,715,848 1,63,217 14,991,759 Other Changes in Fund Balances - Increases (Decreases) (Describe & Itemize) (964,762) 382, ,237 Fund Balances - June 3, ,75,129 (4,467,655) 3,969,117 18,873,951 2,5,56 64,863,549 32,645,445 11,6,45 5,451,567 Print Date: 12/15/217 afr-17-form.xlsm

17 Page 9 STATEMENT OF REVENUES RECEIVED/REVENUES FOR THE YEAR ENDING JUNE 3, 217 Page A B C D E F G H I J K (1) (2) (3) (4) (5) (6) (7) (8) (9) Municipal Acct Operations & Educational Debt Services Transportation Retirement/ # Maintenance Social Security Capital Projects Working Cash Tort Description (Enter Whole Dollars) Fire Prevention & Safety RECEIPTS/REVENUES FROM LOCAL SOURCES (1) AD VALOREM TAXES LEVIED BY LOCAL EDUCATION AGENCY 11 Designated Purposes Levies ( ) 7 78,62,148 14,636,624 13,67,9 17,131,374 2,837,47 97,845 5,97,35 1,941,69 Leasing Purposes Levy Special Education Purposes Levy ,611,965 FICA/Medicare Only Purposes Levies 115 3,421,491 Area Vocational Construction Purposes Levy 116 Summer School Purposes Levy 117 Other Tax Levies (Describe & Itemize) 119 Total Ad Valorem Taxes Levied By District 93,674,113 14,636,624 13,67,9 17,131,374 6,258,898 97,845 5,97,35 1,941,69 PAYMENTS IN LIEU OF TAXES 12 Mobile Home Privilege Tax 121 Payments from Local Housing Authorities 122 Corporate Personal Property Replacement Taxes ,211,296 8,357,421 2,5, 971,98 Other Payments in Lieu of Taxes (Describe & Itemize) 129 Total Payments in Lieu of Taxes 14,211,296 8,357,421 2,5, 971,98 TUITION 13 Regular - Tuition from Pupils or Parents (In State) ,347 Regular - Tuition from Other Districts (In State) 1312 Regular - Tuition from Other Sources (In State) 1313 Regular - Tuition from Other Sources (Out of State) ,127 Summer Sch - Tuition from Pupils or Parents (In State) ,317 Summer Sch - Tuition from Other Districts (In State) 1322 Summer Sch - Tuition from Other Sources (In State) 1323 Summer Sch - Tuition from Other Sources (Out of State) 1324 CTE - Tuition from Pupils or Parents (In State) 1331 CTE - Tuition from Other Districts (In State) 1332 CTE - Tuition from Other Sources (In State) 1333 CTE - Tuition from Other Sources (Out of State) 1334 Special Ed - Tuition from Pupils or Parents (In State) 1341 Special Ed - Tuition from Other Districts (In State) ,71,163 Special Ed - Tuition from Other Sources (In State) 1343 Special Ed - Tuition from Other Sources (Out of State) 1344 Adult - Tuition from Pupils or Parents (In State) ,27 Adult - Tuition from Other Districts (In State) 1352 Adult - Tuition from Other Sources (In State) 1353 Adult - Tuition from Other Sources (Out of State) 1354 Total Tuition 2,631,224 TRANSPORTATION FEES 14 Regular -Transp Fees from Pupils or Parents (In State) 1411 Regular - Transp Fees from Other Districts (In State) 1412 Regular - Transp Fees from Other Sources (In State) ,34 Regular - Transp Fees from Co-curricular Activities (In State) 1415 Regular Transp Fees from Other Sources (Out of State) 1416 Summer Sch - Transp. Fees from Pupils or Parents (In State) 1421 Summer Sch - Transp. Fees from Other Districts (In State) 1422 Summer Sch - Transp. Fees from Other Sources (In State) 1423 Summer Sch - Transp. Fees from Other Sources (Out of State) 1424 CTE - Transp Fees from Pupils or Parents (In State) 1431 Printed Date: 12/15/217 afr-17-form.xlsm

18 Page 1 STATEMENT OF REVENUES RECEIVED/REVENUES FOR THE YEAR ENDING JUNE 3, 217 Page A B C D E F G H I J K (1) (2) (3) (4) (5) (6) (7) (8) (9) Municipal Acct Operations & Educational Debt Services Transportation Retirement/ # Maintenance Social Security Capital Projects Working Cash Tort Description (Enter Whole Dollars) CTE - Transp Fees from Other Districts (In State) 1432 CTE - Transp Fees from Other Sources (In State) 1433 CTE - Transp Fees from Other Sources (Out of State) 1434 Special Ed - Transp Fees from Pupils or Parents (In State) 1441 Special Ed - Transp Fees from Other Districts (In State) 1442 Special Ed - Transp Fees from Other Sources (In State) 1443 Special Ed - Transp Fees from Other Sources (Out of State) 1444 Adult - Transp Fees from Pupils or Parents (In State) 1451 Adult - Transp Fees from Other Districts (In State) 1452 Adult - Transp Fees from Other Sources (In State) 1453 Adult - Transp Fees from Other Sources (Out of State) 1454 Total Transportation Fees 44,34 EARNINGS ON INVESTMENTS 15 Fire Prevention & Safety Interest on Investments , ,654 49,157 25,413 21, ,878 46,873 89,26 Gain or Loss on Sale of Investments 152 (411,126) Total Earnings on Investments 239, ,654 49,157 25,413 21,817 (41,248) 46,873 89,26 FOOD SERVICE 16 Sales to Pupils - Lunch Sales to Pupils - Breakfast ,735 Sales to Pupils - A la Carte ,632 Sales to Pupils - Other (Describe & Itemize) ,353 Sales to Adults 162 3,959 Other Food Service (Describe & Itemize) ,58 Total Food Service 668,34 DISTRICT/SCHOOL ACTIVITY INCOME 17 Admissions - Athletic ,187 Admissions - Other (Describe & Itemize) 1719 Fees ,445 Book Store Sales 173 Other District/School Activity Revenue (Describe & Itemize) ,455 9,915 Total District/School Activity Income 353,642 29,36 TEXTBO INCOME 18 Rentals - Regular Textbooks 1811 Rentals - Summer School Textbooks 1812 Rentals - Adult/Continuing Education Textbooks 1813 Rentals - Other (Describe & Itemize) 1819 Sales - Regular Textbooks 1821 Sales - Summer School Textbooks 1822 Sales - Adult/Continuing Education Textbooks 1823 Sales - Other (Describe & Itemize) 1829 Other (Describe & Itemize) 189 Total Textbook Income OTHER REVENUE FROM LOCAL SOURCES 19 Rentals ,513 59,66 Contributions and Donations from Private Sources ,684 5, Impact Fees from Municipal or County Governments 193 Services Provided Other Districts 194 Refund of Prior Years' Expenditures ,394 1, Payments of Surplus Moneys from TIF Districts ,61 2 Drivers' Education Fees ,948 Proceeds from Vendors' Contracts 198 Printed Date: 12/15/217 afr-17-form.xlsm

19 Page 11 STATEMENT OF REVENUES RECEIVED/REVENUES FOR THE YEAR ENDING JUNE 3, 217 Page A B C D E F G H I J K (1) (2) (3) (4) (5) (6) (7) (8) (9) Municipal Acct Operations & Educational Debt Services Transportation Retirement/ # Maintenance Social Security Capital Projects Working Cash Tort Description (Enter Whole Dollars) School Facility Occupation Tax Proceeds 1983 Payment from Other Districts 1991 Fire Prevention & Safety Sale of Vocational Projects 1992 Other Local Fees (Describe & Itemize) ,766 Other Local Revenues (Describe & Itemize) ,741 1,118,36 9, , , , Total Other Revenue from Local Sources 1,544,46 1,727,755 1, , , ,2 Total Receipts/Revenues from Local Sources 1 113,321,98 24,751,459 15,621,744 17,235,4 7,255,49 684, ,597 6,242,241 2,156,952 FLOW-THROUGH RECEIPTS/REVENUES FROM ONE DISTRICT TO ANOTHER DISTRICT (2) Flow-through Revenue from State Sources 21 15,496 Flow-through Revenue from Federal Sources 22 Other Flow-Through (Describe & Itemize) 23 Total Flow-Through Receipts/Revenues from One District to Another 2 District 15, RECEIPTS/REVENUES FROM STATE SOURCES (3) UNRESTRICTED GRANTS-IN-AID (31-399) General State Aid- Sec ,81,724 General State Aid - Hold Harmless/Supplemental 32 Reorganization Incentives (Accounts ) 35 Other Unrestricted Grants-In-Aid from State Sources 399 (Describe & Itemize) Total Unrestricted Grants-In-Aid 115,81,724 RESTRICTED GRANTS-IN-AID (31-39) SPECIAL EDUCATION Special Education - Private Facility Tuition 31 2,761,968 Special Education - Funding for Children Requiring Sp ED Services 315 3,988,817 Special Education - Personnel 311 5,286,944 Special Education - Orphanage - Individual 312 1,121,499 Special Education - Orphanage - Summer Individual 313 Special Education - Summer School 3145 Special Education - Other (Describe & Itemize) 3199 Total Special Education 13,159,228 CAREER AND TECHNICAL EDUCATION (CTE) CTE - Technical Education - Tech Prep 32 CTE - Secondary Program Improvement (CTEI) 322 CTE - WECEP 3225 CTE - Agriculture Education 3235 CTE - Instructor Practicum 324 CTE - Student Organizations 327 CTE - Other (Describe & Itemize) 3299 Total Career and Technical Education BILINGUAL EDUCATION Bilingual Ed - Downstate - TPI and TBE ,578 Bilingual Education Downstate - Transitional Bilingual Education 331 Total Bilingual Ed 869,578 Printed Date: 12/15/217 afr-17-form.xlsm