CO:MMUNITY UNIT SCHOOL DISTRICT 200 FINANCIAL STATEMENTS AS OFANDFOR THEYEAR ENDED JUNE 30, 2013 AND INDEPENDENT AUDITORS' REPORT
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TABLE OF CONTENTS AS OF AND FOR THE YEAR ENDED JUNE 30, 2013 Independent Auditors' Report Patefs) 1-3 Required Supplementary Information Management's Discussion and Analysis (MD&A) - Unaudited 4-10 Basic Financial Statements Government-Wide Financial Statements Statement of Net Position Statement of Activities 11 12 Fund Financial Statements Balance Sheet - Governmental Funds Reconciliation of the Governmental Funds - Balance Sheet to the Statement of Net Position Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds Reconciliation of the Governmental Funds - Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities Statement of Fiduciary Assets and Liabilities - Agency Fund Notes to Basic Financial Statements 13-14 15 16-17 18 19 20-41 Required Supplementary Information Illinois Municipal Retirement Fund - Schedule of Employer's Contributions and Analysis of Funding Progress Schedule of Funding Progress For Defined Post-employment Benefit Plan 42 43
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TABLE OF CONTENTS AS OF AND FOR THE YEAR ENDED JUNE 30, 2013 Required Supplementary Infonnation- (Continued) General and Major Special Revenue Funds - Schedule of Revenues. Expenditures and Changes in Fund Balances - Budget to Actual General Fund - Non-GAAP Budgetary Basis Operations and Maintenance Fund Transportation Fund Municipal Retirement/Social Security Fund Notes to Required Supplementary Information 44-53 54-55 56 57-58 59 Supplementary Infonnation Maior Debt Service and Major Capital Projects Funds - Schedule of Revenues. Expenditures and Changes in Fund Balances - Budget to Actual Debt Service Fund 60 Capital Projects Fund 61 General Fund - Combining Balance Sheet 62 General Fund - Combining Schedule of Revenues, Expenditures and Changes in Fund Balances 63 General Fund Accounts - Schedule of Revenues. Expenditures and Changes in Fund Balances - Budget to Actual Educational Accounts - Non-GAAP Budgetary Basis Working Cash Accounts Schedule of Changes i.n Assets and Liabilities - Agency Fund Five Year Summary of Assessed Valuations, Tax Rates and Extensions Operating Cost and Tuition Charge Bonds Payable by Year of Payment Presentation of Funds on a Tax Levy Year Basis General and Special Revenue Funds - Revenue by Source - Last Ten Fiscal Years Expenditures by Object - Educational, Operations and Maintenance, Transportation and IMRF Funds - Last Ten Fiscal Years 64-74 75 76 77 78 79-81 82-83 84-85 86-87
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AKER TILLY INDEPENDENT AUDITORS' REPORT Baker Tilly Yirchow Krause, LLP 1301 \XI 22nd Sr, Sre 400 Oak Brook, IL 60523-3389 tel630 990 3131 fax 630 990 0039 bakerrilly.com To the Board of Education Community Unit School District 200 Wheaton, Illinois Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Community Unit School District 200, as of and for the year ended June 30, 2013, and the related notes to the financial statements, which collectively comprise Community Unit School District 200's basic financial statements as listed in the table of contents. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors' Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' 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 over financial reporting relevant to Community Unit School District 200'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 Community Unit School District 200'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. nmdcpendcolmcmbero/ BAKER TILLY INHRNATIONAL - 1 - Ant\ fflrm:ll"ive Action El)tJ<ll Opportuniry Employe-r
To the Board of Education Community Unit School District 200 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 Community Unit School District 200 as of June 30, 201 3 and the respective changes in financial position thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Emphasis of Matter As discussed in Note 3, Community Unit School District 200 adopted the provisions of GASB Statement No. 63, Financial Reporting for Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position, effective July 1, 201 2. Our opinions are not modified with respect to this matter. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the required supplementary information as listed in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Supplementary Information Our audit for the year ended June 30, 201 3 was conducted for the purpose of forming opinions on the financial statements that collectively comprise Community Unit School District 200's basic financial statements. The supplementary information as listed in the table of contents for the year ended June 30, 201 3 are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements for the year ended June 30, 201 3, and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information as listed in the table of contents are fairly stated in all material respects, in relation to the basic financial statements as a whole for the year ended June 30, 201 3. -2-
To the Board of Education Community Unit School District 200 We also previously audited, in accordance with auditing standards generally accepted in the United States of America, the basic financial statements of Community Unit School District 200 as of and for the year ended June 30, 2012 (not presented herein), and have issued our report thereon dated September 28, 2012, which contained unmodified opinions on the respective financial statements of the the governmental activities, each major fund, and the aggregate remaining fund information. The supplementary information as listed in the table of contents for the year ended June 30, 2012 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the 2012 financial statements. The information has been subjected to the auditing procedures applied in the audit of the 2012 basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare those financial statements or to those 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 as listed in the table of contents is fairly stated in all material respects in relation to the basic financial statements as a whole for the year ended June 30, 2012. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated October 8, 2013 on our consideration of Community Unit School District 200's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Community Unit School District 200's internal control over financial reporting and compliance. Oak Brook, Illinois October 8, 2013-3-
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Community Unit School District 200 Management's Discussion and Analysis (Unaudited) As of and for the Year Ended June 30, 2013 The discussion and analysis of Community Unit School District 200's (the "District") financial performance provides an overall review of the District's financial activities as of and for the year ended June 30, 2013. The management of the District encourages readers to consider the information presented herein in conjunction with the basic financial statements to enhance their understanding of the District's financial performance. All amounts, unless otherwise indicated, are expressed in millions of dollars. Certain comparative information between the current year and the prior is required to be presented in the Management's Discussion and Analysis (the "MD&A"). Financial Highlights > In total, net position increased by $5.5. This represents a 8% increase from 2012. > General revenues accounted for $147.0 in revenue or 75% of all revenues. Program specific revenues in the form of charges for services and fees and grants accounted for $50.1 or 25% of total revenues of $197.1. > The District had $191.6 in expenses related to government activities. However, only $50.1 of these expenses were offset by program specific charges and grants. > The District used proceeds from the sale of Hubble Middle School to pay down portions of the principal owed on 2003B Series Bonds and 2003C Series Bonds in the amount of $4.9 million. in fiscal 2013. > Due to the current market conditions, interest income again was a nominal portion of the revenue stream. Over the past year, the District worked with Community Bank, JP Morgan Chase Bank, PFM Asset Management, PMA Financial Network Inc., and Wheaton Bank & Trust to obtain the best rates possible. Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction to the District's basic financial statements. The basic financial statements are comprised of three components: > Government-wide financial statements, > Fund financial statements, and > Notes to basic financial statements. This report also contains other supplementary information in addition to the basic financial statements. Government-wide financial statements The government-wide financial statements are designed to provide readers with a broad overview of the District's finances, in a manner similar to a private-sector business. The statement of net position presents information on all of the District's assets and liabilities, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating. -4-
Community Unit School District 200 Management's Discussion and Analysis (Unaudited) As of and for the Year Ended June 30, 2013 The statement of activities presents information showing how the government's net position changed during the fiscal year being reported. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods. The government-wide financial statements present the functions of the District that are principally supported by taxes and intergovernmental revenues (governmental activities). The District has no business-type activities; that is, functions that are intended to recover all or a significant portion of their costs through user fees and charges. The District's governmental activities include instructional services (regular education, special education and other), supporting services, operation and maintenance of facilities and transportation services. 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 uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the District can be divided into two categories: governmental funds and fiduciary funds (the District maintains no proprietary funds). Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a school district's near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government's near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The District maintains six individual governmental funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures and changes in fund balances for the General Fund, Operations and Maintenance Fund, Transportation Fund, Municipal Retirement/Social Security Fund, Debt Service Fund, and Capital Projects Fund, all of which are considered to be major funds. The District adopts an annual budget for each of the funds listed above. A budgetary comparison schedule has been provided for each fund to demonstrate compliance with this budget. Fiduciary funds are used to account for resources held for the benefit of parties outside the School District. Fiduciary funds are not reflected in the government-wide financial statement because the resources of those funds are not available to support the District's own programs. The accounting used for fiduciary funds is much like that for the government-wide financial statements. -5 -
Community Unit School District 200 Management's Discussion and Analysis (Unaudited) As of and for the Year Ended June 30, 2013 Notes to basic financial statements The notes to the financial statements provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. Other information In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the District's progress in funding its obligation to provide pension benefits to its non-certified employees. District-Wide Financial Analysis The District's combined net position was higher on June 30, 2013, than it was the year before, increasing 8% to $76.4. Table 1 Condensed Statements of Net Position (in millions of dollars) 2012 2013 Assets: Current and other assets Deferred charges Capital Assets $ 124.6 1.2 21 1.2 $ 130.2 1.0 205.5 Total assets 337.0 336.7 Liabilities: Current liabilities Long-term debt outstanding 71.7 194.4 76.8 183.5 Total liabilities 266.1 260.3 Net position: Net investment in capital assets Restricted Unrestricted 39.0 11.6 20.3 42.6 11.7 22.1 Total net position 70.9 $ 76.4 Revenues in the governmental activities of the District of $197.1 exceeded expenses by $5.5. This was attributable primarily to budget reductions that were enacted for FY 13. -6 -
Community Unit School District 200 Management's Discussion and Analysis (Unaudited) As of and for the Year Ended June 30, 2013 Table 2 Changes in Net Position (in millions of dollars) 2012 2013 Revenues: Program revenues: Charges for services Operating grants & contributions Capital grants & contributions General revenues: Taxes General state aid Other Total revenues Expenses: Instruction Pupil & instructional staff services Administration & business Transportation Operations & maintenance Other Total expenses Increase (decrease) in net position $ m 5.9 $ 6.0 38.7 44.1 14.5-132.3 135.7 6.5 6.3 0.5 5.0 198.4 197.1 116.6 121.5 16.7 17.8 15.6 15.8 7.9 8.1 12.2 11.9 16.9 16.5 185.9 191.6 12.5 5.5 Property taxes accounted for the largest portion of the District's revenues, contributing 69%. The remainder of revenues came from state, federal grants and other sources. The total cost of all the District's programs was $191.6, mainly related to instructing and caring for the students and student transportation at 77%. - 7 -
Community Unit School District 200 Management's Discussion and Analysis (Unaudited) As of and for the Year Ended June 30, 2013 District-Wide Revenues by Source Charges for services 3% 3% Other 3% General state aid Operating grants & contributions 22% District-Wide Expenses by Function 9% Other 6% Operations & maintenance Administration & business Instruction 64% 9% Pupil & instructional staff services Financial Analysis of the District's Funds The District's Governmental Funds balance increased from $52.3 to $55.4. - 8-
Community Unit School District 200 Management's Discussion and Analysis (Unaudited) As of and for the Year Ended June 30, 2013 General Fund Budgetary Highlights The General Fund revenues were higher than anticipated. For the past few years, receipt of State Categorical payments had been delayed. However, this year, the State paid the third quarter categoricals by fiscal year end and many fourth quarter payments were received in July. The Federal grants also were higher than anticipated as the District accessed carryover in Title I and IDEA grants and received additional Medicaid funds. General Fund expenditures were slightly higher than anticipated mainly due to the additional grant spending after accessing available carryover funds as well as increased tuition costs for outplaced students. The District is constantly monitoring and reviewing all areas for additional savings. We have been fortunate to renew or negotiate both our employee and vendor contracts at affordable rates in an effort to maintain long-term financial stability. The Board of Education is committed to maintaining adequate fund balances in order to provide the highest quality educational programs possible, consistent with the financial resources available. Capital Assets and Debt Administration Capital assets By the end of 2013, the District had compiled a total investment of $338.0 ($205.5 net of accumulated depreciation) in a broad range of capital assets including buildings, land and equipment. Total depreciation expense for the year was $8.2. More detailed information about capital assets can be found in Note 7 of the basic financial statements. Table 3 Capital Assets (net of depreciation) (in millions of dollars) Land Depreciable buildings, property, and equipment Total $ $ 8.2 $ 8.1 203.0 197.4 211.2 -$ ==--...,;; 2;.;;; 0.-5..,5 Long-term debt The District retired $12.4 in bonds and issued $1.4 in capital leases in 2013. Capital leases and other were reduced by $1.1. At the end of fiscal 2013, the District had a debt margin of $207.5. More detailed information on long-term debt can be found in Note 8 of the basic financial statements. Table 4 Outstanding Long-Term Debt. (in millions of dollars) 2012 2013 General Obligation Bonds $ 192.4 $ 180.0 Compensated absences and other 2.0 2.2 Capital Leases - 1.3 Total 194.4 183.5-9 -
Community Unit School District 200 Management's Discussion and Analysis (Unaudited) As of and for the Year Ended June 30, 2013 Factors Bearing on the District's Future At the time these financial statements were prepared and audited, the District was aware of the following circumstances that will significantly affect financial operations in the future: State Funding Potential Cost Shift of Employee Pension Obligations Negotiations Capital Projects Technology Initiatives Impact of the Affordable Care Act on District Self-insured Health Plan Requests for Information This fmancial report is designed to provide the District's citizens, taxpayers, and creditors with a general overview of the District's finances and to demonstrate the District's accountability for the money it receives. If you have questions about this report, or need additional financial information, contact the Business Office: William Farley, Assistant Superintendent of Business Operations Community Unit School District 200 130 West Park A venue Wheaton, Illinois 60189-10 -
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STATEMENT OF NET POSITION AS OF JUNE 30, 201 3 GOVERNMENTAL ACTIVITIES Assets Cash and investments Receivables (net of allowance for uncollectibles): Property taxes Replacement taxes Intergovernmental Deferred charges Capital assets: Land Depreciable buildings, property and equipment, net Total assets $ 57,055,094 68,687,409 397,374 3,975,843 1,026,891 8,098,223 197.378.949 336.619.783 Liabilities Accounts payable Salaries and wages payable Payroll deductions payable Interest payable Unearned revenue Health claims payable Long-term liabilities: Other long-term liabilities - due within one year Other long-term liabilities - due after one year Total liabilities 1,217,271 93,566 2,303,003 2,003,139 69,1 79,357 1,946,213 9,475,492 174.051.816 260.269.857 Net position Net investment in capital assets Restricted for: Operations and maintenance Retirement benefits Debt service Capital projects Unrestricted Total net position 42,605,247 2,374,963 509,209 8,673,438 90,901 22.096.1 68 $ 76.349.926 See Notes to Basic Financial Statements - 11 -
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STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2013 FUNCTIONS/PROGRAMS EXPENSES PROGRAM REVENUE NET(EXPENSES) REVENUE AND CHANGES IN NET POSITION OPERATING CHARGES FOR GRANTS AND GOVERNMENTAL SERVICES CONTRIBUTIONS ACTIVITIES Governmental activities Instruction: Regular programs Special programs Other instructional programs State retirement contributions Support Services: Pupils Instructional staff General administration School administration Business Transportation Operations and maintenance Central Other supporting services Community services Payments to other districts and gov't units - excluding special education Interest and fees Total governmental activities $ 60,932,328 $ 25,764,772 10,131,150 24,610,967 13,222,240 4,532,949 2,272,004 9,524,183 4,037,976 8,135,905 11,933,824 4,286,283 1,437,807 1,022,237 693,460 9,024,378 $ 191.562,463 $ 4,106,174 $ 528,474 $ (56,297,680) 12,843,611 (12,921,161) 384,972 663,720 (9,082,458) 24,610,967 (13,222,240) 414,050 ( 4, 118,899} (2,272,004} (9,524, 183} 1 '168,071 1,461,991 (1,407,914} 180,016 3,549,323 (4,406,566} 185,853 (11,747,971) (4,286,283) (1,437,807) (1,022,237) (693,460) (9,024,378) 6.025,086 $ 44,072.136 (141,465,241) General revenues: Taxes: Real estate taxes, levied for general purposes 99,767,555 Real estate taxes, levied for specific purposes 17,308,260 Real estate taxes, levied for debt service 16,566,250 Personal property replacement taxes 2,059,198 State aid-formula grants 6,320,387 Grants and contributions not restricted to specific programs 4,327,067 Investment income 113,327 Miscellaneous 528,878 Total general revenues 146.990,922 Change in net position 5,525,681 Net position, beginning of year 70.824,245 Net position, end of year 761349,926 See Notes to Basic Financial Statements -12 -
GOVERNMENTAL FUNDS BALANCE SHEET AS OF JUNE 30, 2013 WITH COMPARATIVE TOTALS AS OF JUNE 30, 2012 OPERATIONS AND MUNICIPAL MAINTENANCE TRANSPORTATION RETIREMENT/SOCIAL GENERAL FUND FUND FUND SECURITY FUND Assets Cash $ 13,010,565 $ 8,654,998 $ 1,405 $ 489,435 Investments 19,647,370 4,512,663 Receivables (net allowance for uncollectibles): Property taxes 51,295,215 5,526,280 1,983,793 1,422,662 Replacement taxes 397,374 Intergovernmental 3,089,058 886,785 Loan to transportation fund 3,500,000 Total assets $ 9019391582 18,6931941 2,8711983 119121097 Liabilities and fund balance Cash deficit $ $ $ $ Accounts payable 809,835 216,707 101,969 Salaries and wages payable 82,158 11,283 125 Payroll deductions payable 2,303,003 Loan from general fund 3,500,000 Deferred revenue 52,053,839 5,449,469 1,956,220 1,402,888 Health claims payable 1,946,213 Total liabilities 57,195,048 5 677 459 5,558,314 1,402,888 Fund balance Nons pend able 3,500,000 Restricted 2,374,963 509,209 Assigned 10,641,519 Unassigned 30,244,534 (2,686,331) Total fund balance (deficit) 33,744,534 13,016,482 (2,686,331) 509,209 Total liabilities and fund balance 90,9391582 18,6931941 2,8711983 119121097 See Notes to Basic Financial Statements - 13 -
DEBT SERVICE CAPITAL TOTAL FUND PROJECTS FUND 2013 2012 $ 7,063,935 $ 179,661 $ 29,399,999 $ 30,182,388 3,495,062 27,655,095 23,852,790 8,459,459 68,687,409 65,572,879 397,374 367,587 3,975,843 5,014,786 3,500,000 3,600,000 $ 19,018.456 $ 179,661 $ 133,615,720 $ 128,590.430 $ $ $ $ 470,157 88,760 1,217,271 1,260,585 93,566 93,566 2,303,003 3,500,000 3,600,000 8,341,879 69,204,295 69,169,057 1,946,213 1,675,347 8,341,879 88 760 78.264,348 76,268,712 3,500,000 3,600,000 10,676,577 90,901 13,651,650 13,607,124 10,641,519 11,601,519 27,558,203 23,513,075 10.676,577 90 901 55,351,372 52,321,718 m 19,0181456 1791661 133,6151720 128,5901430-14 -
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RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE STATEMENT OF NET POSITION AS OF JUNE 30, 2013 Total fund balances - governmental funds $ 55,351,372 Amounts reported for governmental activities in the Statement of Net Position are different because: Net capital assets used in governmental activities and included in the Statement of Net Position do not require the expenditure of financial resources and, therefore, are not reported in the Governmental Funds Balance Sheet. 205,4 77,172 Certain revenues receivable by the District and recognized in the Statement of Net Position do not provide current financial resources and are deferred in the Governmental Funds Balance Sheet, as follows: Grant revenue $ --=2'-'"4...::.9 3""'8 24,938 Long-term liabilities applicable to the District's governmental activities are not due and payable in the current period, and accordingly, are not reported as fund liabilities. All liabilities, both current and long-term, are reported in the Statement of Net Position. Balances at June 30, 2013 are: Bonds payable Capital Lease Compensated absences Other post-employment benefit Interest on long-term liabilities accrued in the Statement of Net Position will not be paid with current financial resources and, therefore, is not recognized in the Governmental Funds Balance Sheet. Governmental funds report the effect of bond issuance costs, premiums, discounts, and similar items in the year the debt was first issued. Whereas, these amounts are deferred and amortized in the entity-wide Statement of Net Position. At June 30, 2013 the unamortized balances of such items are: Deferred charges Unamortized bond refunding amounts Unamortized bond premium Net position of governmental activities $ (182,055,000) (1,350,933) (650,519) (1.562.273) $ 1,026,891 4,061,663 (1.970.246) (185,618,725) (2,003,139) 3.118.308 $ 76.349.926 See Notes to Basic Financial Statements - 15 -
GOVERNMENTAL FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED JUNE 30, 2013 WITH COMPARATIVE TOTALS FOR THE YEAR ENDED JUNE 30, 2012 OPERATIONS AND MUNICIPAL MAINTENANCE TRANSPORTATION RETIREMENT/SOCIAL GENERAL FUND FUND FUND SECURITY FUND Revenues Property taxes $ 99,767,555 $ 10,680,161 $ 3,720,852 $ 2,907,247 Corporate personal property replacement taxes 1,729,787 329,411 State aid 39,281,839 245,728 4,739,831 Federal aid 8,660,570 Investment income 69,172 29,222 13 432 Other 6,018,291 342 381 193,292 Total revenues 155,527,214 11,297,492 8,653,988 3,237,090 Expenditures Current: Instruction: Regular programs 55,950,994 738,878 Special programs 22,599,638 1,210,498 Other instructional programs 9,951,212 177,046 State retirement contributions 24,610,967 Support Services: Pupils 12,287,183 210,072 Instructional staff 4,193,790 87,220 General administration 2,053,352 85,545 School administration 8,537,259 466,021 Business 3,431,550 75,730 Transportation 47,139 8,080,148 8,618 Operations and maintenance 223,785 10,653,731 386,133 Central 3,997,027 225,949 Other supporting services 1,436,840 967 Community services 922,234 299 101,993 Payments to other districts and gov't units 1,280,298 Debt Service: Principal Interest and other Capital outlay 632,658 1,730,355 Total expenditures 152,155,926 12,384,385 8,080,148 3 774 670 Excess (deficiency) of revenues over expenditures 3,371,288 (1,086,893) 573 840 (537,580) Other financing sources (uses) Transfers in 982,876 Transfers (out) (1,079,423) Principal on bonds sold Premium on bonds sold Sale or compensation for fixed assets Capital lease value 1,446,040 Deposit with escrow agent Total other financing sources (uses) 1.349,493 Net change in fund balance 3,371,288 262,600 573,840 (537,580) Fund balance (deficit), beginning of year 30,373,246 12,753,882 (3,260,171) 1,046.789 Fund balance (deficit), end of year $ 33,7441534 131016,482 (216861331 > m 509,209 See Notes to Basic Financial Statements - 16 -
DEBT SERVICE CAPITAL TOTAL FUND PROJECTS FUND 2013 2012 $ 16,566,250 $ $ 133,642,065 $ 130,310,704 2,059,198 2,015,376 44,267,398 53,793,527 8,660,570 6,706,798 14,458 30 113,327 99,861 6,553,964 6,376,190 16,580,708 30 195,296,522 199,302,456 56,689,872 56,315,776 23,810,136 22,167,787 10,128,258 10,148,074 24,610,967 21,564,327 12,497,255 11,537,140 4,281,010 4,234,921 2,138,897 2,214,609 9,003,280 8,701,550 3,507,280 3,583,168 8,135,905 7,883,110 88,760 11,352,409 11,403,372 4,222,976 4,340,495 1,437,807 1,273,399 1,024,526 1 '110,499 1,280,298 1,343,036 7,755,107 7,755,107 9,684,942 8,426,951 8,426,951 9,259,161 780,339 3,143,352 4 314 796 16,182,058 869,099 193.446,286 191,080,162 398,650 (869,069) 1,850,236 8,222,294 119,423 960,000 2,062,299 6,493,930 (982,876) (2,062,299) (6,493,930) 10,555,000 (50, 136) 4,994,697 4,994,697 1,446,040 3,299,942 (5,261,319) (5,261,319) (10.386,385) (147,199) (22,876) 1 179 418 3,418,421 251,451 (891,945) 3,029,654 11,640,715 10,425,126 982,846 52,321,718 40,681,003 $ 10.676.577 $ 90.901 $ 55,351.372 $ 52.321.718-17 -
RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2013 Net change in fund balances - total governmental funds Amounts reported for governmental activities in the Statement of Activities are different because: Governmental funds report capital outlay as expenditures. However, in the Statement of Activities, the cost of these assets is allocated over their estimated useful lives and reported as depreciation expense. This is the amount by which depreciation expense exceeds current year net capital outlay in the current period. Certain revenues included in the Statement of Activities do not provide current financial resources and, therefore, are deferred in the fund statements: Grant revenue (2,535,445) The issuance of long-term debt (bonds, capital leases, etc.) provides current financial resources to the governmental funds, while its principal repayment consumes current financial resources of the governmental funds. Neither transaction, however, has any effect on net position. This is the amount by which current year principal repayments exceeded proceeds from long-term financing arrangements. The following is the net effect of various debt related transactions: Amortization of bond premium $ 325,892 Amortization and issuance of bond refunding amounts (455,953) Amortization of bond issuance costs (159,076) In the Statement of Activities, operating expenses are measured by the amounts incurred during the year. However, 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 $ 58,029 Compensated absences (22,487) Net OPEB obligation (184,525) Change in net position of governmental activities $ 3,029,654 (5,734,475) (2,535,445) 11,204,067 (289, 137) (148,983) 515251681 See Notes to Basic Financial Statements -18 -
AGENCY FUND STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES AS OF JUNE 30, 2013 AGENCY STUDENT ACTIVITY FUND Assets Cash Investments Total assets $ 1,143,453 28 703 $ 1.172.156 Liabilities Due to student groups Total liabilities $ 1.172.156 $ 1! 172.156 See Notes to Basic Financial Statements - 19-
NOTES TO BASIC FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED JUNE 30, 2013 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Community Unit School District 200 (the "District") operates as a public school system governed by a seven-member board. The District is organized under the School Code of the State of Illinois, as amended. 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: Basis of Presentation Government-wide Financial Statements The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the nonfiduciary 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 properly included among program revenues are reported instead 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 with a selfbalancing 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. Measurement Focus and Basis of Accounting The government-wide financial statements are reported using the economic resources measurement focus, while the fiduciary fund statements do not have a measurement focus. The government-wide financial statements and the fiduciary fund financial statements are reported using 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. -20-
NOTES TO BASIC FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED JUNE 30, 2013 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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 all revenues available if they are collected within 60 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. Major Governmental Funds General Fund - 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 or committed to expenditures for specified purposes, other than those accounted for in the Debt Service Fund, Capital Projects Funds or Fiduciary Funds. 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 I 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. Debt Service Fund - accounts for the accumulation of resources that are restricted, committed, or assigned for, and the payment of, long-term debt principal, interest and related costs. The primary revenue source is local property taxes levied specifically for debt service. Capital Project Funds - accounts for the financial resources that are restricted, committed, or assigned to be used for the acquisition or construction of, and/ or renovations to, major capital facilities. The District finances capital projects through transfers of excess fund balance from the Operations and Maintenance Fund. Other Fund Types 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. - 21 -
NOTES TO BASIC FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED JUNE 30, 2013 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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. 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. All Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures/ expenses during the reporting period. Actual results could differ from those estimates. Assets, Liabilities and Net Position or Equity Deposits and Investments State statutes authorize the District to invest in obligations of the U.S. Treasury, certain highly-rated commercial paper, corporate bonds, repurchase agreements, and the State Treasurer's Investment Pool. Investments are stated at fair value. Changes in fair value of investments are included as investment mcome. 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". These amounts are eliminated in the governmental activities column in the statement of net position. Receivables are expected to be collected within one year. -22-
NOTES TO BASIC FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED JUNE 30 2013 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Deferred Revenue Governmental funds report deferred revenue in connection with receivables for revenues that are not considered to be available to liquidate liabilities of the current period. Property taxes levied for the subsequent year are not earned and cannot be used to liquidate liabilities of the current period. Governmental funds also defer revenue recognition in connection with resources that have been received, but not yet earned. At the end of the current fiscal year, the various components of deferred revenue and unearned revenue reported in the governmental funds were as follows: Unavailable Unearned Totals Property taxes receivable for subsequent year $ $ 67,732,707 $ 67,732,707 Local receipts receivable 1,446,650 1,446,650 State and federal aid receivable 24,938 24 938 Total $ 241938 6911 791357 69,2041295 Property Tax Revenues The District must file its tax levy resolution by the last Tuesday in December of each year. The District's 2012 levy resolution was approved during the December 12, 2012 board meeting. The District's property tax is levied each year on all taxable real property located in the District and it becomes a lien on the property on January 1 of that year. The owner of real property on January 1 in any year is liable for taxes of that year. The 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 PTE LA 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 lessor 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 district property becoming eligible for taxation. The CPI rates applicable to the 2012 and 2011 tax levies were 3. 0% and 1. 5%, respectively. Property taxes are collected by the County Collector/Treasurer, who remits to the District its share of collections. Taxes levied in one year become due and payable in two equal installments: the first due on June 1 and the second due on September 1. Property taxes are normally collected by the District within 60 days of the respective installment dates. The 2012 property tax levy is recognized as a receivable in fiscal 2013, net of estimated uncollectible amounts approximating 1%. The District considers that the first installment of the 2012 levy is to be used to finance operations in fiscal 2013. The District has determined that the second installment of the 2012 levy is to be used to finance operations in fiscal 2014 and has deferred the corresponding receivable. Personal Property Replacement Taxes Personal property replacement taxes are first allocated to the Municipal Retirement I Social Security Fund, and the balance is allocated to the remaining funds at the discretion of the District. -23-
NOTES TO BASIC FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED JUNE 30, 2013 NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (CONTINUED) Capital Assets Capital assets, which include land, land improvements, buildings, building improvements, vehicles, machinery, 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 $1,000 and an estimated useful life of more than 1 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. Depreciation of capital assets is provided using the straight-line method over the following estimated useful lives: Assets Buildings Land improvements Vehicles Equipment Ye ars 20-50 20 8 5-20 In the fund financial statements, capital assets used in governmental fund operations are accounted for as capital outlay expenditures of the governmental fund upon acquisition. Compensated Absences Under terms of employment, employees are granted sick leave and vacations in varying amounts. Only benefits considered to be vested are disclosed in these statements. All vested vacation and sick leave pay is accrued when incurred in the government-wide and proprietary fund financial statements. A liability for these amounts is reported in governmental funds only if they have matured, for example, as a result of employee resignations and retirements, or are payable with expendable available resources. Payments for vacation and sick leave will be made at rates in effect when the benefits are used. Accumulated vacation and sick leave liabilities at June 30, 2013 are determined on the basis of current salary rates and include salary related payments. Employees who work a twelve-month year are entitled to be compensated for vacation time. Applicable employees are allowed to canyover earned but unused vacation into the next fiscal year, with certain restrictions. The liability for unused compensated absences is reported on the government-wide financial statements. For governmental funds, the current portion of the compensated absences is the amount that is due and payable from expendable available financial resources. These amounts are recorded in the fund from which the employees who have accumulated vacation leave are paid. Administrators may cany 36 days of unused vacation time into the next year; any accumulated days in excess of this transfer are lost. Other staff may accumulate 15 days of vacation into the next year, and a maximum of three vacation days may be converted to sick days. Any days in excess of this are lost. -24-
NOTES TO BASIC FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED JUNE 30 2013 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) All certified employees receive a specified number of annual sick days, depending on their years of service, in accordance with the agreement between the Board of Education and the Education Association. Unused sick leave may accumulate with no risk of loss. Upon retirement, a certified employee may apply up to 340 days of unused sick leave toward service credit for TRS. Educational support personnel receive fifteen sick days per year, which accumulate to a maximum of 240 days. The District does not reimburse employees for unused sick days remaining upon retirement or termination of employment. Due to the nature of the policies on sick leave, no liability is provided in the financial statements for accumulated unpaid sick leave. Long- Term Obligations In the government-wide financial statements, long-term debt and other long-term obligations are reported as liabilities in the statement of net position. Bond premiums and discounts, as well as issuance costs, are deferred and amortized over the life of the applicable bonds using the effective interest method. 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. Equity Classifications Equity is classified as net position in the government-wide financial statements and displayed in three components: Net investment in capital assets - Consists of capital assets including restricted capital assets, net of accumulated depreciation and reduced by the outstanding balances of any bonds, mortgages, notes, or other borrowings that are attributable to the acquisition, construction, or improvement of those assets less than any unspent debt proceeds. Restricted net position - Consists of net position with constraints placed on its use either by 1) external groups such as creditors, grantors, contributors, or laws or regulations of other governments or, 2) law through constitutional provisions or enabling legislation. Unrestricted net position - All other net position that does not meet the definition of "restricted" or "net investment in capital assets." 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. -25-
NOTES TO BASIC FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED JUNE 30, 2013 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (CONTINUED) Equity is classified as fund balance in the fund financial statements and displayed in five components: Nonspendable - includes amounts not in spendable form, such as inventory, or amounts required to be maintained intact legally or contractually (principal endowment) (e.g. inventory, pre-paid items, permanent scholarships). Restricted - includes amounts constrained for a specific purpose by external parties (e.g. Debt Service, Capital Projects, State and Federal Grant Funds). Committed - includes amounts constrained for a specific purpose by a government using its highest level of decision making authority, the Board of Education. This formal action (a resolution) must occur prior to the end of the reporting period, but the amount of the commitment, which will be subject to the constraints, may be determined in the subsequent period. Any changes to the constraints imposed require the same formal action ofthe Board of Education board that originally created the commitment. Assigned - includes general fund amounts constrained for a specific purpose by the Board of Education or by an official that has been delegated authority to assign amounts. The Board of Education has declared that the Superintendent or the Superintendent's designee may assign amounts for a specific purpose. The Board ofeducation may also take official action to assign amounts. Additionally, all remaining positive spendable amounts in governmental funds, other than the General Fund, that are neither restricted nor committed are considered assigned. Assignments may take place after the end of the reporting period. Unassigned - includes residual positive fund balance within the General Fund which has not been classified within the other above mentioned categories. Unassigned fund balance may also include negative balances for any governmental fund if expenditures exceed amounts restricted, committed or assigned for those specific purposes. In circumstances where an expenditure is to be made for a purpose for which amounts are available in multiple fund balance classifications, the order in which resources will be expended in the General Fund is as follows: restricted fund balance, followed by committed fund balance, assigned fund balance, and lastly, unassigned fund balance. In all other funds (Special Revenue, Debt Service, Capital Projects), assigned fund balance will be spent first, followed by committed fund balance, and then restricted fund balance. The nonspendable fund balance in the General Fund represents a loan to the Transportation Fund. The restricted and assigned fund balances are for the purpose of the respective funds as described above in the Major Governmental Funds section. Comparative Data The financial statements include summarized prior-year comparative information. Such information does not include sufficient detail to constitute a presentation in conformity with accounting principles generally accepted in the United States of America. Accordingly, such information should be read in conjunction with the District's financial statements for the year ended June 30, 2012, from which such summarized information was derived. Eliminations and Reclassifications In the process of aggregating data for the government-wide financial statements, some amounts reported as interfund activity and balances were eliminated or reclassified. -26-
NOTES TO BASIC FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED JUNE 30, 2013 NOTE 2 -STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY Excess of Expenditures over Budget For the year ended June 30, 2013, expenditures exceeded budget in the General, Operations and Maintenance, Transportation and IMRF funds by $1,191,609, $1,221,645, $112,648 and $124,670, respectively. Deficit Fund Equity The Transportation Fund had a deficit fund balance of $2,686,331 as of June 30, 2013. District management expects to fund this deficit through future tax collections. NOTE 3 - CHANGES IN ACCOUNTING PRINCIPLES In June 2011, the GASB issued statement No. 63 - Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position. This statement provides financial reporting guidance for deferred outflows of resources and deferred inflows of resources. Previous financial reporting standards did not include guidance for these elements, which are distinct from assets and liabilities. The District implemented this standard effective July 1, 2012. NOTE 4 - DEPOSITS AND INVESTMENTS At year end, the District's cash and investments was comprised of the following: Fiduciary Total Cash and investments $ 57,055,094 1,172,156 Total $ 571055,094 111721156 58,227,250 581227,250 For disclosure purposes, this amount is segregated into the following components: Cash and investments Deposits with financial institutions Money market investment pools Negotiable certificate of deposit Total $ 57,731,004 247,339 248 907 581227,250 Governmentwide -27-
NOTES TO BASIC FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED JUNE 30, 2013 NOTE 4 DEPOSITS AND INVESTMENTS (CONTINUED) At year end, the District had the following investments: Investment Type Fair Value Maturity % of Portfolio Interest Rate GE Capital Bank Negotiable CD $ 248.907 3/07/2014 1:...::: 0=0=. 0=0... % 0.2% Total $ 248.907 100.00 % Interest Rate Risk. Interest rate risk is the risk that changes in interest rates will adversely affect the value of an investment. The District's investment policy seeks to ensure preservation of capital in the District's overall portfolio. Return on investment is of secondary importance to safety of principal and liquidity. The policy does not limit investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates. However, the policy requires that District investment portfolio to be sufficiently liquid to enable the District to meet all operating requirements as they come due. A portion of the portfolio is required to be invested in readily available funds to ensure appropriate liquidity. Credit Risk. Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. State Statutes limit the investments in commercial paper and corporate bonds to the top three ratings of two nationally recognized statistical rating organizations (NRSRO's). The District's investment policy authorizes investments in any type of security as permitted by Section 2 through 6 of the Illinois Public Funds Investment Act. As of June 30, 2013, all of the District's investments in money market investment pools had an "AAAm" rating with their applicable rating agency. As of June 30, 2013, the District's negotiable certificate of deposit was unrated. The money market investment pool represents the District's investment in the Illinois School District Liquid Asset Fund Plus (ISDLAF + ), a not-for-profit investment trust formed pursuant to the Illinois Municipal Code and managed by a Board of Trustees elected from participating members. The trust is not registered with the SEC as an investment company. Investments are rated AAAm and are valued at share price, which is the price for which the investment could be sold. Custodial Credit Risk -Deposits. With respect to deposits, custodial credit risk refers to the risk that, in the event of a bank failure, the District's deposits may not be returned to it. The District's investment policy limits the exposure to deposit custodial credit risk by requiring all deposits in excess of FDIC insurable limits to be secured by collateral in the event of default or failure of the financial institution holding the funds. As of June 30, 2013, the bank balance of the District's deposit with financial institutions totaled $60,393,682; of this amount, $1,580,996 was uncollateralized and uninsured. Custodial Credit Risk - Investments. With respect to investments, custodial credit risk is the risk that, in the event of the failure of the counterparty, the District will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. The District's investment policy limits the exposure to investment custodial credit risk by requiring all investments be secured by private insurance or collateral. None of the District's investments were exposed to custodial credit risk at year end. -28-
NOTES TO BASIC FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED JUNE 30 201 3 NOTE 5 - INTERFUND LOANS The composition of interfund loan balances as of June 30, 2013 for the District's individual major funds, is as follows: Loan Receivable Fund Loan Payable Fund Amount General Transportation $ 3.500.000 Total $ 3.500.000 The above loan exists to provide for general operating expenses in the Transportation Fund. The District intends to repay the General Fund within one year. NOTE 6 - INTERFUND TRANSFERS During the year, the Board transferred $982,876 from Capital Projects to the Operations and Maintenance Fund after the Hubble Middle School Construction Project was completed. Also during the year, a transfer of$960,000 was made from the Operations and Maintenance Fund to the Capital Projects Fund in order to cover the District's capital projects. Finally, transfers of $95,107 and $24,316 were made from the Operations and Maintenance Fund to the Debt Service Fund. These amounts represent payments for capital leases. State law allows for the above transfers. -29-
NOTES TO BASIC FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED JUNE 30, 2013 NOTE 7 CAPITAL ASSETS Capital asset activity for the District for the year ended June 30, 2013, was as follows: Ca12.ital assets not being de12.reciated: Beginning Balance Increases Decreases Land m 8,212,523 $ 114,300 Total capital assets not being depreciated 8,212,523 114 300 Ca12.ital assets being de12.reciated: Land improvements 7,095,394 444,066 120,485 Buildings 302,177,997 2,081,333 3,584,514 Equipment 19,893,599 579,287 Vehicles 1,308,071 Total capital assets being depreciated 330,475,061 3,104,686 3,704,999 Less Accumulated De12.reciation for: Land improvements 3,374,003 292,269 119,104 Buildings 107,406,797 6,668,644 3,032,565 Equipment 15,507,337 1 '172,788 Vehicles 1,187,800 37 830 Total accumulated depreciation 127,475,937 8171 531 3,1 51,669 Net capital assets being depreciated 202.999.124 (5,066,845) 553,330 Net governmental activities capital assets $ 21121 1.647 $ {5.066,845) $ 667.630 Ending Balance m 8,098,223 8,098,223 7,418,975 300,67 4,816 20,472,886 1,308,071 329,874,748 3,547,168 111,042,876 16,680,125 1,225,630 132.495,799 197,378,949 $ 205.477.172 Depreciation expense was recognized in the operating activities of the District as follows: Governmental Activities Depreciation Regular programs Special programs Pupils Instructional staff General administration School administration Business Operations and maintenance Total depreciation expense- governmental activities $ 3,981,181 1,357,199 688,175 251,939 133,107 519,613 555,122 685,195 m 811711531-30-
NOTES TO BASIC FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED JUNE 30, 2013 NOTE 8 LONG TERM LIABILITIES Changes in General Long-term Liabilities. The following is the long-term liability activity for the District for the year ended June 30, 2013: Beginning Ending Due Within Balance Additions Deletions Balance One Year General obligation bonds $ 194,610,000 $ $ 12,555,000 $ 182,055,000 $ 8,610,000 Deferred refunding (4,517,616) (455,953) (4,061,663) Unamortized premium/discount 2,296,138 325,892 1,970,246 Total bonds payable 192,388,522 12,424,939 179,963,583 8,610,000 Capital leases 1,446,040 95,107 1,350,933 214,973 Other post-employment benefits 1,377,748 423,495 238,970 1,562,273 Compensated absences 628,032 780 167 757 680 650,519 650 519 Total long-term liabilities - governmental activities 1941394,302 2,649?02 13,5161696 18315271308 914751492 The obligations for the compensated absences and other post-employment benefits will be repaid from the General Fund. General Obligation Bonds. General obligation bonds are direct obligations and pledge the full faith and credit of the District. General obligation bonds currently outstanding are as follows: Original Carrying Pure.ose Interest Rates Indebtedness Amount Series Refunding and Building dated May 15, 2003, October 14, 2003, and September 1, 2004 are due in annual installments through 2016 2.00% to 5.25% $ 98,475,000 $ 6,335,000 Series Refunding dated April 1, 2005 are due in annual installments through 2019 5.00% 15,285,000 10,750,000 Series Refunding dated February 1, 2006 are due in annual installments through 2023 4.00% to 4.25% 41,665,000 38,775,000 Series Refunding and Building dated March 31, 2008 are due in annual installments through 2022 3.75% to 5.00% 80,665,000 47,490,000 Series Refunding and Working Cash dated May 1, 2009 are due in annual installments through 2025 2.00% to 5.45% 71,595,000 68,355,000 Series Refunding and Building dated May 9, 2012 are due in annual installments through November 1, 2023 0.50% to 3.50% 10,555,000 10,350,000 Total 31812401000 182,0551000-31 -
NOTES TO BASIC FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED JUNE 30, 2013 NOTE 8 LONG TERM LIABILITIES (CONTINUED) During the year, the District used proceeds from the sale of Hubble Middle School in the amount of $5,019,757 and a transfer from prior issue debt service funds in the amount of $250,062 to refund $2,530,000 of outstanding 2003B Series bonds and $2,365,000 of outstanding 2003C Series bonds. Proceeds of $5,261,319 were put in an escrow account to provide for future debt service payments on the 2003B Series bonds and the 2003C Series bonds. As a result, part of the 2003B Series bonds and 2003C Series bonds are considered to be defeased and the liability for those bonds has been removed from the Statement of Net Assets. The District refunded the 2003B Series bonds and 2003C Series bonds for tax rate structuring purposes. In prior years, the District defeased certain other general obligation and other bonds by placing the proceeds of new bonds in an irrevocable trust to provide for all future debt service payments on the old bonds. Accordingly, the trust account assets and the liability for the defeased bonds are not included in the District's financial statements. At June 30, 2013, $120,575,000 of bonds outstanding are considered defeased. Annual debt service requirements to maturity for general obligation bonds are as follows for governmental type activities: Principal Interest Total 2014 $ 8,61 0,000 $ 8,074,292 $ 16,684,292 2015 9,295,000 7,713,262 17,008,262 2016 10,505,000 7,285,409 17,790,409 2017 11,540,000 6,793,682 18,333,682 2018 13,105,000 6,247,549 19,352,549 2019-2023 95,795,000 20,009,668 115,804,668 2024-2025 33,205,000 1,098,088 34,303,088 Total $ 18210551000 571221,950 239,2761950 The District is subject to the Illinois School Code, which limits the amount of certain indebtedness to 13.8 percent of the most recent available equalized assessed valuation of the District. As of June 30, 2013, the statutory debt limit for the District was $389,550,233, providing a debt margin of $207,495,233. There are numerous covenants with which the District must comply in regard to these bond issues. As of June 30, 2013, the District was in compliance with all significant bond covenants, including federal arbitrage regulations. -32-
NOTES TO BASIC FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED JUNE 30 2013 NOTE 8 -LONG TERM LIABILITIES - (CONTINUED) Capital Leases. The District has entered into a lease agreement as lessee for financing the acquisition of technology equipment. This lease agreement qualified as a capital lease for accounting purposes and, therefore, the assets and obligations have been recorded at the present value of the future minimum lease payments as of the inception date. At June 30, 2013, $1,446,040 of amounts included in capital assets were acquired via capital leases. During the year, the District transferred $95,107 for principal payments and $24,316 for interest payments from the Operations and Maintenance Fund to the Debt Service Fund for payments on the capital lease. The future minimum lease obligations related to this lease as of June 30, 2013 are the following: 2014 $ 2015 2016 2017 2018 2019 Total minimum lease payments Less: amount representing interest 238,846 238,846 238,846 238,846 238,846 238,845 1,433,075 (82,142) Present value of minimum lease payments $ NOTE 9 - RISK MANAGEMENT The District is exposed to various risks of loss related to employee health benefits; workers' compensation claims; theft of, damage to, and destruction of assets; and natural disasters. To protect from such risks, the District participates in the following public entity risk pools: School Employees Loss Fund (SELF) for workers' compensation claims and Collective Liability Insurance Cooperative for other risks of loss, including torts, general liability and professional liability insurance. 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 is self-insured for medical coverage that is provided to District personnel A third party administrator administers claims for a monthly fee per participant. Expenditures are recorded as incurred in the form of direct contributions from the District to the third party administrator for payment of employee health claims and administration fees. The District's liability will not exceed $225,000 per employee or $13,876,823 in the aggregate, as provided by stop-loss provisions incorporated in the plan. -33-
NOTES TO BASIC FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED JUNE 30, 2013 NOTE 9 RISK MANAGEMENT (CONTINUED) At June 30, 2013, total unpaid claims, including an estimate of claims that have been incurred but not reported to the administrative agent, totaled $1,946,213. The estimates are developed based on reports prepared by the administrative agent. The District does not allocate overhead costs or other nonincremental costs to the claims liability. For the two years ended June 30, 2012 and June 30, 2013, changes in the liability reported in the General Fund for unpaid claims are summarized as follows: Claims Payable Beginning of Year Current Year Claims and Changes in Estimates Claims Claims Payable Payments End of Year Fiscal Year 2012 $ 114951807 9!7311951 915521411 1,6751347 Fiscal Year 2013 $ 11675.347 12.118.660 11.847/94 1,946.213 NOTE 1 0 OTHER POST -EMPLOYMENT BENEFITS Teachers' Health Insurance Security The District participates in the Teacher Health Insurance Security (THIS) Fund, a cost-sharing, multipleemployer 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. Effective July 1, 2012, in accordance with Executive Order 12-01, the plan is administered by the Illinois Department of Central Management Services (CMS) with the cooperation of TRS. Section 6.6 of the State Employees Group Insurance Act of 1971 requires all active contributors to TRS who are not employees of the state to make a contribution to THIS Fund. The percentage of employer required contributions in the future will not exceed 105 percent of the percentage of salary actually required to be paid in the previous fiscal year. On Behalf Contributions to THIS Fund. The State of Illinois makes employer retiree health insurance contributions on behalf of the District. State contributions are intended to match contributions to THIS Fund from active members which were 0.92 percent of pay during the year ended June 30, 2013. State of Illinois contributions were $792,806, and the District recognized revenues and expenditures of this amount during the year. State contributions intended to match active member contributions during the years ended June 30, 2012 and June 30, 2011 were 0.88 percent of pay. For these years, state contributions on behalf of District employees were $744,978 and $740,058, respectively. -34-
NOTES TO BASIC FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED JUNE 30, 201 3 NOTE 10 OTHER POST-EMPLOYMENT BENEFITS (CONTINUED) Employer Contributions to THIS Fund. The District also makes contributions to THIS Fund. The employer THIS Fund contribution was 0.69 percent during the year ended June 30, 2013 and 0.66 percent during the years ended June 30, 2012 and 2011. For the years ended June 30, 2013, 2012 and 2011 the District paid $594,605, $558,734 and $555,043 to the THIS Fund, respectively, which was 100 percent of the required contribution for those years. The publicly available financial report of the THIS Fund may be found on the website of the Illinois Auditor General: http:/ /www.auditor.illinois.gov/ Audit-Reports/ ABC-List.asp. The 2013 report is listed under "Central Management Services." Prior reports are available under "Healthcare and Family Services." Defined Post-employment Benefit Plan The District administers a single-employer defined benefit healthcare plan ("the Defmed Post-employment Benefit Plan"). The plan provides medical and prescription drug benefits for eligible retirees and their spouses through the District's self-insurance plan which covers both active and retired members. Benefit provisions are established through personnel policy guidelines and state that eligible retirees and their spouses at established contribution rates. The Defined Post-employment Benefit Plan does not issue a publicly available financial report. Contribution requirements are established through personnel policy guidelines and may be amended by the action of the governing body. The District makes the same monthly health insurance contribution on behalf of the retiree as it makes on behalf of all other active employees during that year. The medical and dental benefit plans for the District are funded on a pay as you go basis. Retiree group life insurance premiums are paid monthly by the District. For fiscal year 2013, the District contributed $238,970 to the plan. The District's annual other postemployment benefit (OPEB) cost (expense) is calculated based on the annual required contribution of the employer (ARC) The ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial liabilities (or funding excess) over a period not to exceed thirty years. The following table shows the components of the District's annual OPEB cost for the year, the amount actually contributed to the Defined Postemployment Benefit Plan, and changes in the District's net OPEB obligation to the Defined Postemployment Benefit Plan: Annual required contribution Interest on net OPES obligation Adjustment to annual required contribution Annual OPES cost Contributions made Increase in net OPES obligation (asset) Net OPES Obligation (Asset) - Beginning of Year Net OPES Obligation (Asset)- End of Year $ $ 443,795 23,48 1 (43.781 ) 423,495 (238.970) 184, 525 1 377 748 1,562,273-35-
NOTES TO BASIC FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED JUNE 30, 2013 NOTE 10 - OTHER POST-EMPLOYMENT BENEFITS - (CONTINUED) The District's annual OPEB cost, the percentage of annual OPEB cost contributed to the Defined Postemployment Benefit Plan, and the net OPEB obligation for June 30, 2013 and the two preceding years are as follows: Percentage of Annual OPEB Net OPEB Annual OPEB Cost Obligation Fiscal Year Ended Cost Contributed {Asset June 30, 2013 $ 423,495 56.43 % $ 1,562,273 June 30, 2012 432,604 68.11 % 1,377,748 June 30, 2011 445,291 53.45 % 1,239,793 The funded status of the Defined Post-employment Benefit Plan as of July 1, 2012, the most recent actuarial valuation date, is as follows: Actuarial accrued liability (AAL) $ 4,093,368 Actuarial value of plan assets Unfunded Actuarial Accrued Liability (UAAL) $ 4, 093,368 Funded ratio (actuarial value of plan assets/aal) -% Covered payroll (active plan members) $ 18,722,423 UAAL as a percentage of covered payroll 21.86% Actuarial valuations of an ongoing plan involve estimates for the value of reported amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment, mortality, and the healthcare cost trend. Amounts determined regarding the funded status of the plan and annual required contributions of the employer are subject to continual revision as actual results are compared with past expectations and new estimates are made about the future. The schedule of funding progress, presented as required supplementary information following the notes to the financial statements, presents multiyear trend information that shows whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued liabilities for benefits. Projections of benefits for financial reporting purposes are based on the substantive plan (the plan is understood by the employer and plan members) and include the type of benefits provided at the time of each valuation and the historical pattern of sharing benefit costs between the employer and plan members to that point. The methods and assumptions used include techniques that are designed to reduce short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculations. - 36 -
NOTES TO BASIC FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED JUNE 30 2013 NOTE 10 - OTHER POST-EMPLOYMENT BENEFITS - (CONTINUED) In the July 1, 2012 actuarial valuation, the projected unit credit actuarial cost method was used. The actuarial assumptions include a 3 percent investment rate of return and an annual health care cost trend rate of 10 percent initially, reduced by decrements to an ultimate rate of 3 percent after 5 years. Both rates include a 3 percent inflation assumption. The actuarial value of the Defined Post-employment Benefit Plan assets was determined using techniques that spread the effects of short-term volatility in the market value of investments over a three-year period. The Defined Post-employment Benefit Plan's unfunded actuarial accrued liability is being amortized as a level of percentage of projected payroll on an open basis. The remaining amortization period at June 30, 2013 is 30 years. NOTE 11 - RETIREMENT SYSTEMS The retirement plans of the District include the Teachers' Retirement System of the State of Illinois (TRS) and the Illinois Municipal Retirement Fund (IMRF). Most funding for TRS is provided through payroll withholdings of certified employees and contributions made by the State of Illinois on-behalf of the District. IMRF is funded through property taxes and a perpetual lien of the District's corporate personal property replacement tax. Each retirement system is discussed below. Teachers' Retirement System The District participates in the Teachers' Retirement System of the State of Illinois (TRS). TRS is a costsharing, 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 the funding of the plan, but contributions from participating employers and members are also required. The TRS Board of Trustees is responsible for the System's administration. TRS members include all active nonannuitants that are employed by a TRS-covered employer to provide services for which teacher certification is required. The active member contribution rate for the year ended June 30, 2013 was 9.4 percent of creditable earnings. The same contribution rate applies to members whose first contributing service is on or after January 1, 2011, the effective date of the benefit changes contained in Public Act 96-0889. These contributions, which may be paid on behalf of the employees by the employer, are submitted to TRS by the District. The active member contribution rate was also 9.4 percent for the years ended June 30, 2012 and 2011. On Behalf Contributions. The State of Illinois also makes contributions directly to TRS on behalf of the District's TRS-covered employees. For the year ended June 30, 2013, State of Illinois contributions were based on 28.05 percent of creditable earnings not paid from federal funds, and the District recognized revenue and expenditures of $23,818,161 in pension contributions that the State of Illinois paid directly to TRS. For the years ended June 30, 2012 and 2011, the State of Illinois contributions rates as percentages of creditable earnings not paid from federal funds were 24.91 percent ($20,819,349) and 23.10 percent ($19,426,516), respectively. - 37 -
NOTES TO BASIC FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED JUNE 30, 2013 NOTE 11 RETIREMENT SYSTEMS (CONTINUED) The District makes other types of employer contributions directly to TRS: 2.2 Formula Contributions. For the years ended June 30, 2013, 2012 and 2011, the District contributed 0.58 percent of creditable earnings for the 2.2 formula change. This rate is specified by statute. Contributions for those years were $499,813, $491,008 and $487,765, respectively. Federal and 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 additional TRS contribution from those funds. Under a policy adopted by the TRS Board of Trustees that was first effective in the fiscal year ended June 30, 2006, employer contributions for employees paid from federal and special trust funds will be the same as the state contribution rate to TRS. For the year ended June 30, 2013, the employer pension contribution was 28.05 percent of salaries paid from federal and special trust funds. For the years ended June 30, 2012 and 2011, the employer pension contribution was 24.91 and 23.10 percent of salaries paid from those funds, respectively. For the year ended June 30, 2013, salaries totaling $1,261,347 were paid from federal and special trust funds that required employer contributions of $353,808, which was equal to the District's actual contribution. For the years ended June 30, 2012 and 2011, required District contributions were $268,617 and $243,070, respectively. Early Retirement Option. The District is also required to make one-time employer contributions to TRS for members retiring under the Early Retirement Option (ERO). The payments vary depending on the age and salary of the member. The maximum employer ERO contribution is 117.5 percent and applies when the member is age 55 at retirement. For the year ending June 30, 2013, the District paid $72,580 to TRS for District contributions under the ERO program. For the years ended June 30, 2012 and 2011, the District paid $80,720 and $105,574, respectively, in ERO contributions. Salary increases over 6 percent and excess sick leave. If an employer grants salary increases over 6 percent and those salaries are used to calculate a retiree's final average salary, the employer makes a contribution to TRS. The contribution will cover the difference in actuarial cost of the benefit based on actual salary increases and the benefit based on salary increases of up to 6 percent. For the years ended June 30, 2013, 2012 and 2011, the District paid $19,981, $10,414 and $117,492, respectively, to TRS for employer contributions due on salary increases in excess of 6 percent. If an employer grants sick leave days in excess of the normal annual allotment and those days are used as TRS service credit, the employer makes a contribution to TRS. The contribution is based on the number of excess sick leave days used as service credit, the highest salary rate reported by the granting employer during the four-year sick leave review period, and the TRS total normal cost rate (17.63 percent of salary during the year ended June 30, 2013). For the years ended June 30, 2013, the District paid $2,284, to TRS for sick leave days granted in excess of the normal annual allotment. For the years ended June 30, 2012 and 2011, the District made no payments to TRS for sick leave days granted in excess of the normal annual allotment. Further Information on TRS. TRS financial information, an explanation of TRS's benefits; and descriptions of member, employer and state funding requirements, can be found in the TRS Comprehensive Annual Financial Report for the year ended June 30, 2012. The report for the year ended June 30, 2013, is expected to be available in late 2013. The reports may be obtained by writing to the Teachers' Retirement System of the State of Illinois, 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 http:/ /trs.illinois.gov. -38-
NOTES TO BASIC FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED JUNE 30, 2013 NOTE 11 -RETIREMENT SYSTEMS - (CONTINUED) Illinois Municipa Retirement Fund Plan Description. The District'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 District's 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. The report may be obtained on-line at www.imrf.org. Funding Policy. As set by statute, District employees participating in IMRF are required to contribute 4.50 percent of their annual covered salary. The statute requires the District to contribute the amount necessary, in addition to member contributions, to finance the retirement coverage of its own employees. The District's contribution rate for calendar year 2012 was 11.4 7 percent of annual covered payroll. The employer annual required contribution rate for calendar year 2012 was 11.71 percent. The District also contributes for disability benefits, death benefits and supplemental retirement benefits, all of which are pooled at the IMRF level. Contribution rates for disability and death benefits are set by the IMRF Board of Trustees, while the supplemental retirement benefits rate is set by statute. Annual Pension Cost and Net Pension Obligation. The District's annual pension cost and net pension obligation are as follows: Annual required contribution Interest on net pension obligation Adjustment to annual pension contribution Annual pension cost Contributions made Change in net pension obligation Net Pension Obligation- Beginning of Year Net Pension Obligation - End of Year $ 1,617,287 1,61 7,287 (1,584,1 40) 33,147 404 470 437,61 7 The liability for the IMRF net pension obligation is considered immaterial to the government-wide financial statements, and therefore, has not been recorded. The interest on the beginning net pension obligation and adjustment to the annual required contribution are considered immaterial and have not been included in the annual pension cost calculation. The District's annual pension cost, percentage of annual pension cost contributed, and net pension obligation for for the current year and each of the two preceding years were as follows: Fiscal Year Ended Annual Pension Cost Percentage of Annual Pension Cost Contributed Net Pension Obligation June 30, 2013 June 30, 2012 June 30, 201 1 $ 1,61 7,287 1,567,522 1,535,869 98 % $ 90 % 84 % 437,61 7 404,470 243,940-39-
NOTES TO BASIC FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED JUNE 30, 2013 NOTE 11 RETIREMENT SYSTEMS (CONTINUED) The required contribution for fiscal year 2013 was determined as part of the December 31, 2010, actuarial valuation using the entry age actuarial cost method. The actuarial assumptions at December 31, 2010, included (a) 7.50% 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 District plan assets was determined using techniques that smooth the effects of short-term volatility in the market value of investments over a five-year period with a 20% corridor between the actuarial and market value of assets. The District's unfunded actuarial accrued liability at December 31, 2010 is being amortized as a level percentage of projected payroll on an open 30 year basis. Funded Status and Funding Progress. As of December 31, 2012, the most recent actuarial valuation date, the Regular plan was 80.30 percent funded. The actuarial accrued liability for benefits was $41,066,106 and the actuarial value of assets was $32,977,641, resulting in an underfunded actuarial accrued liability (UAAL) of $8,088,465. The covered payroll for calendar year 2012 (annual payroll of active employees covered by the plan) was $13,811,160 and the ratio of the UAAL to the covered payroll was 58.56 percent. The schedule of funding progress, presented as RSI following the notes to the financial statements, presents multiyear trend information about whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued liability for benefits. NOTE 12 STATE AND FEDERAL AID CONTINGENCIES The District has received federal and state grants for specific purposes that are subject to review and audit by the grantor agencies. Such audits could lead to requests for reimbursements to the grantor agency for expenditures disallowed under terms of the grants. Management believes such disallowances, if any, would be immaterial. NOTE 13 EFFECT OF NEW ACCOUNTING STANDARDS ON CURRENT-PERIOD FINANCIAL STATEMENTS The Governmental Accounting Standards Board (GASB) has approved GASB Statement No. 65, Items Previously Reported as Assets and Liabilities; Statement No. 66, Technical Corrections - 2012 - an amendment of GA SB Statements No. 10 and No. 62; Statement No. 67, Financial Reporting for Pension Plans - an amendment of GASB Statement No. 25; and Statement No. 68, Accounting and Financial Reportingfor Pensions - an amendment of GASB Statement No. 27. Application of these standards may restate portions of these financial statements. -40-
NOTES TO BASIC FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED JUNE 30, 2013 NOTE 14 OPERATING LEASES The District leases building and office facilities and other equipment under noncancelable operating leases. Total costs for such leases were $358,390 for the year ended June 30, 2013. A June 30, 2013, there are no future minimum lease payments for these leases. Year Ending June 30, Amount 2014 $ 358,390 2015 358,390 2016 217,108 2017 217,108 2018 54 064 Total $ 112051060-41 -
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ILLINOIS MUNICIPAL RETIREMENT FUND SCHEDULE OF EMPLOYER'S CONTRIBUTIONS AND ANALYSIS OF FUNDING PROGRESS AS OF AND FOR THE YEAR ENDED JUNE 30, 2013 Actuarial Valuation Date 12/31/12 12/31/11 12/31 /10 Annual Pension Percentage of Net Pension Cost {APC} APC Contributed Obligation $ 1,617,287 98% $ 437,617 1,567,522 84% 404,470 1,535,869 100% 243,940 Actuarial Valuation Date 12/31/12 12/31 /11 12/31/10 Actuarial UML as a Actuarial Value Accrued Liability Unfunded ML Percentage of of Assets (ML) Entry Age (UML) Funded Ratio Covered Payroll Covered Payroll (al (b} {b-al (alb} (c} ((b-a}/cl $ 32,977,641 $ 41,066,106 $ 8,088,465 80.30% $ 13,811,160 58.56% 30,821 '178 39,479,815 8,658,637 78.07% 13,489,861 64.19% 29,641,968 37,964,927 8,322,959 78.08% 13,627,945 61.07% See Auditors' Report and Notes to Required Supplementary Information -42 -
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SCHEDULE OF FUNDING PROGRESS FOR DEFINED POST -EMPLOYMENT BENEFIT PLAN AS OF JUNE 30, 2013 Actuarial Valuation Date 7/1/12 7/1/10 7/1/08 Actuarial UML as a Actuarial Value Accrued Liability Unfunded ML Percentage of of Assets (ML) Entry Age (UML) Funded Ratio Covered Payroll Covered Payroll {a {b {b-a {alb (c {{b-a /c $ $ 4,093,368 $ 4,093,368 N/A $ 18,722,423 21.86% 4,514,070 4,514,070 N/A 16,387,381 27.55% 3,681,907 3,681,907 N/A 17,619,387 20.90% Valuations must be performed every two years for OPEB plans with more than 200 members and at least every three years for plans with fewer than 200 members. As such, only one year's information is applicable. See Auditors' Report and Notes to Required Supplementary Information -43-
GENERAL FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL - NON- GAAP BUDGETARY BASIS FOR THE YEAR ENDED JUNE 30, 2013 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012 Revenues Local sources 2013 ORIGINAL AND VARIANCE WITH 2012 FINAL BUDGET ACTUAL FINAL BUDGET ACTUAL General levy $ 98,523,000 $ 99,045,980 $ 522,980 $ 96,662,063 Special education levy 588,900 721,575 132,675 460,568 Corporate personal property replacement taxes 1,700,000 1,729,787 29, 787 1,801,630 Regular tuition from pupils or parents (in state) 1,790,000 2,206,348 416,348 2,040,967 Summer school - tuition from pupils or parents (in state) 115,000 318,812 203,812 210,671 Special education - tuition from pupils or parents (in state) 5,825 Investment income 80,000 69,172 (10,828) 76,142 Sales to pupils - lunch 1,300,000 1 '168,071 (131,929) 1,312,51 1 Admissions - athletic 89,500 102,343 12,843 103,334 Admissions- other 2,440 2,440 Fees 8,560 Book store sales 525,000 510,264 (14,736) 525,459 Other pupil activity revenue 20,000 47,940 27,940 27,377 Sales - regular textbook 67,727 67,727 37,557 Other - textbooks 100,000 128,417 28,417 114,510 Contributions and donations from private sources 3,000 3,000 5,645 Impact fees from municipal or county governments 51,450 51,450 4,690 Refund of prior years' expenditures 300,000 328,653 28,653 323,416 Driver's education fees 100,000 65,610 (34,390) 146,163 Payment from other LEA's 550 550 Other 1,200,000 1,016,666 (1 83,334) 1 076 61 1 Total local sources 106,431,400 107,584,805 1,1 53,405 104,943,699 State sources General state aid 6,100,000 6, 120,387 20,387 5,997,609 Special education - private facility tuition 1,100,000 1,652,167 552,167 1,352,571 Special education - extraordinary 1,900,000 2,168,715 268,715 2,295,354 Special education - personnel 3,400,000 4,093,122 693,122 3,238,059 Special education - orphanage - individual 50,000 5,805 (44,195) 62,634 Special education - orphanage - summer 5,000 (5,000) 6,256 Special education - summer school 25,000 18,296 (6,704) 22,760 CTE - Secondary program improvement 60,600 60,638 38 58,955 Bilingual education - downstate - TPI 280,000 388,069 108,069 498,961 State free lunch & breakfast 70,000 36,151 (33,849) 66,464 Driver education 60,000 107,261 47,261 67,362 Other restricted revenue from state sources 20,261 20,261 17237 Total state sources 13,050,600 14,670,872 1,620,272 13,684,222 See Auditors' Report and Notes to Required Supplementary Information -44-
GENERAL FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL - NON- GAAP BUDGETARY BASIS FOR THE YEAR ENDED JUNE 30, 2013 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012 2013 ORIGINAL AND VARIANCE WITH 2012 FINAL BUDGET ACTUAL FINAL BUDGET ACTUAL Federal sources National school lunch program $ 1,200,000 $ 1 '156,327 $ (43,673) $ 1,183,550 School breakfast program 250,000 276,165 26,165 250,01 1 Title I - Low income 936,770 1,243,794 307,024 664,488 Federal - special education - preschool flowthrough 68,000 69,802 1,802 110,691 Federal - special education - IDEA - flowthrough/low incident 2,808,000 3,695,575 887,575 2,692,776 Federal - special education - IDEA - room & board 370,000 445,546 75,546 455,161 CTE - Other 40,460 40,459 (1) 48,171 Other ARRA funds - XI 8,878 Title Ill - English language acquisition 166,350 174,554 8,204 73,295 Title II -Teacher quality 371,770 414,050 42,280 209,748 Medicaid matching funds - administrative outreach 700,000 288,086 (41 1,914) 409,356 Medicaid matching funds - fee-for-service program 691,834 691,834 444,065 Other restricted revenue from federal sources 20 000 164 378 144 378 135 009 Total federal sources 6,931,350 8,660,570 1,729,220 6.685,199 Total revenues 126,41 3,350 130,916,247 4,502,897 125,31 3,1 20 Expenditures Instruction Regular programs Salaries 49,1 53,740 48,331,846 821,894 48,500,571 Employee benefits 6,019,600 5,807,425 212,175 5,688,991 Purchased services 208,866 107,334 101,532 86,347 Supplies and materials 1,695,443 1,673,389 22,054 1,278,273 Capital outlay 94,683 153,945 (59,262) 147,730 Other objects 13,930 12,441 1,489 11,516 Non-capitalized equipment 4 980 18 559 (1 3,579) Total 57,1 91,242 56,1 04,939 1,086,303 55,71 3,428 Pre-K programs Salaries 230,500 238,109 (7,609) 227,137 Employee benefits 41,200 19,585 21,615 37,698 Supplies and materials 4 500 4 436 64 2 762 Total 276,200 262,1 30 14 070 267,597 See Auditors' Report and Notes to Required Supplementary Information -45-
GENERAL FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL - NON- GAAP BUDGETARY BASIS FOR THE YEAR ENDED JUNE 30, 2013 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012 2013 ORIGINAL AND VARIANCE WITH 2012 FINAL BUDGET ACTUAL FINAL BUDGET ACTUAL Special education programs Salaries $ 14,717,500 $ 15,266,576 $ (549,076) $ 14,609,085 Employee benefits 1,749,200 1,753,467 (4,267) 1,610,298 Purchased services 226,510 206,342 20,168 201,236 Supplies and materials 108,318 204,991 (96,673) 155,009 Capital outlay 29,520 21 '125 8,395 47,084 Other objects 1 425 Total 16,831,048 17.452,501 (621,453) 16.624,137 Special education programs Pre-K Salaries 994,000 1,097,019 (103,019) 989,414 Employee benefits 93,800 158,657 (64,857) 85,457 Purchased services 139 (139) Supplies and materials 13,985 (13,985) 29,967 Capital outlay 3 598 (3,598) 12 039 Total 1,087,800 1.273,398 (185,598) 1116 877 CTE programs Salaries 1,542,600 1,510,848 31,752 1,521,204 Employee benefits 196,500 178,290 18,210 177,202 Purchased services 143 (143) Supplies and materials 33,750 31,325 2,425 35,822 Capital outlay 725 (725) Other objects 700 962 (262) 652 Total 1,773,550 1,722,293 51 257 1,734,880 Interscholastic programs Salaries 1,491 '100 1,492,879 (1,779) 1,489,354 Employee benefits 151,400 146,983 4,417 142,217 Purchased services 295,600 242,296 53,304 279,486 Supplies and materials 37,965 50,484 (12,519) 40,237 Capital outlay 7,000 9,706 (2,706) 6,375 Other objects 61 450 53 741 7 709 53 764 Total 2,044,515 1,996,089 48 426 2,011,433 Summer school programs Salaries 398,380 361,918 36,462 375,423 Employee benefits 7,100 3,767 3,333 3,257 Purchased services 10,290 (10,290) 2,707 Supplies and materials 2 500 21 243 (18,743) 13 004 Total 407 980 397 218 10 762 394 391 See Auditors' Report and Notes to Required Supplementary Information -46-
GENERAL FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES- BUDGET TO ACTUAL- NON- GAAP BUDGETARY BASIS FOR THE YEAR ENDED JUNE 30, 2013 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012 2013 ORIGINAL AND VARIANCE WITH 2012 FINAL BUDGET ACTUAL FINAL BUDGET ACTUAL Gifted programs Salaries $ 918,200 $ 863,774 $ 54,426 $ 905,745 Employee benefits 106,000 93 957 12043 92 897 Total 1,024,200 957 731 66 469 998,642 Driver's education programs Salaries 330,500 329,481 1,019 326,878 Employee benefits 40,500 35,374 5,126 36,502 Supplies and materials 8386 (8,386) 7 043 Total 371,000 373 241 (2,241) 370 423 Bilingual programs Salaries 3,781,400 3,764,565 16,835 3,731,462 Employee benefits 462,600 409,275 53,325 418,165 Purchased services 10,500 4,259 6,241 Supplies and materials 67,690 74,842 (7, 152) 57,352 Capital outlay 3,000 3,000 Non-capitalized equipment 2 000 2 000 Total 4,327,1 90 4.252,941 74 249 4,206,979 Special education programs K-12 - private tuition Other objects 3,042,720 3,898,462 (855,742) 3,345,991 Total 3,042,720 3,898,462 (855,742) 3,345,991 Total instruction 88,377,445 88,690,943 (31 3,498) 86,784,778 Support services Pupils Attendance and social work services Salaries 1,961,900 2,077,515 (115,615) 1,925,962 Employee benefits 247,100 241,043 6,057 222,345 Purchased services 1,000 2,180 (1,180) 460 Supplies and materials 8 750 18 695 (9,945) 8 538 Total 2,21 8)50 2,339,433 (1 20,683) 2,1 57,305 Guidance services Salaries 2,444,600 2,454,530 (9,930) 2,412,459 Employee benefits 244,600 21 1,425 33,175 215,299 Purchased services 1,000 1,000 500 Supplies and materials 1 365 1 670 (305) 1 159 Total 2,691,565 2,667,625 23,940 2,629,417 See Auditors' Report and Notes to Required Supplementary Information -47-
GENERAL FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL - NON- GAAP BUDGETARY BASIS FOR THE YEAR ENDED JUNE 30, 2013 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012 201 3 ORIGINAL AND VARIANCE WITH 2012 FINAL BUDGET ACTUAL FINAL BUDGET ACTUAL Health services Salaries $ 1,329,100 $ 1,388,736 $ (59,636) $ 1,315,796 Employee benefits 159,600 161,357 (1 '757) 179,717 Purchased services - 89,450 109,601 (20, 151) 28,841 Supplies and materials 31,500 27,557 3,943 21,457 Capital outlay 689 (689) Total 1,609,650 1,687,940 (78,290) 1 545 811 Psychological services Salaries 1,914,700 2,243,599 (328,899) 1,871 I 194 Employee benefits 236,700 249,052 (12,352) 212,145 Purchased services 5,100 4,807 293 Supplies and materials 40,095 64,058 (23,963) 20,994 Capital outlay 789 (789) Total 2,1 96,595 2,562,305 (365,71 0) 2,1 04,333 Speech pathology and audiology services Salaries 2,376,900 2,441,384 (64,484) 2,344,655 Employee benefits 307,300 362,084 (54,784) 282,729 Purchased services 3,100 6,566 (3,466) Supplies and materials 22,936 14,726 8,210 13,492 Capital outlay 5 500 25 844 (20,344) 17340 Total 2,71 5,736 2,850,604 (1 34.868) 2,658,216 Other support services - pupils Salaries 12,700 14,729 (2,029) 11,434 Employee benefits 1,055 (1,055) 470 Purchased services 50,000 137,158 (87, 1 58) 153,742 Supplies and materials 20,000 51,606 (31,606) 98,445 Capital outlay 13,013 (13,013) 5,445 Other objects 2 050 (2,050) 250 Total 82,700 219 61 1 (1 36,91 1) 269,786 Total pupils 11,514,996 12,327,518 (812,522) 11,364,868 Instructional staff Improvement of instructional services Salaries 1,353,630 1,420,034 (66,404) 1,285,41 7 Employee benefits 204,200 341,573 (137,373) 366,652 Purchased services 108,027 34,352 73,675 117,130 Supplies and materials 31,950 32,834 (884) 80,308 Capital outlay 6,575 Other objects 15,520 3,814 11,706 1,783 Non-capitalized equipment 979 (979) Termination benefits 11 469 (1 1,469) 33 943 Total 1.713,327 1,845,055 (1 31,728) 1,891,808 See Auditors' Report and Notes to Required Supplementary Information -48 -
GENERAL FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL - NON- GAAP BUDGETARY BASIS FOR THE YEAR ENDED JUNE 30, 2013 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012 2013 ORIGINAL AND VARIANCE WITH 2012 FINAL BUDGET ACTUAL FINAL BUDGET ACTUAL Educational media services Salaries $ 1,721,800 $ 1,686,202 $ 35,598 $ 1,698,519 Employee benefits 218,300 193,487 24,813 200,290 Purchased services 68 (68) Supplies and materials 161 '158 256,961 (95,803) 146,017 Capital outlay 2 874 Total 2,101,258 2,136,718 (35,460) 2.047,700 Assessment and testing Salaries 13,800 12,702 1,098 10,769 Employee benefits 19 (19) 8 Purchased services 314,700 191,325 123,375 188,198 Supplies and materials 48.050 7 971 40 079 13 449 Total 376,550 212.017 164 533 212 424 Total instructional staff 4,1911135 4,193,790 (2,655) 4,151,932 General administration Board of education services Salaries 122,000 126,688 (4,688) 119,517 Employee benefits 20,300 17,399 2,901 17,314 Purchased services 116,400 111,009 5,391 103,847 Supplies and materials 2,000 440 1,560 8,122 Capital outlay 7,650 15,360 (7,710) 14,378 Other objects 30 000 32,228 (2,228) 41 656 Total 298,350 303,124 (4,774) 304 834 Executive administration services Salaries 316,000 292,608 23,392 311,239 Employee benefits 65,040 77,166 (12,126) 84,478 Purchased services 16,700 14,275 2,425 14,052 Supplies and materials 2,700 1,788 91 2 1,765 Capital outlay 1,000 1,000 Other objects 4,400 3,458 942 4,840 Termination benefits 1 701 (1,701 ) Total 405,840 390,996 14 844 416 374 Special area administration services Salaries 1,049,700 1,108,708 (59,008) 1,088,275 Employee benefits 176,800 251,366 (74,566) 263,077 Purchased services 2,000 10,383 (8,383) 595 Supplies and materials 5,000 4,135 865 13,245 Capital outlay 4,927 Termination benefits 56 023 Total 1,233,500 1.374,592 (141,092) 1,426,142 Total general administration 1,937,690 2,068,712 (131,022) 2,147,350 See Auditors' Report and Notes to Required Supplementary Information -49-
GENERAL FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL - NON- GAAP BUDGETARY BASIS FOR THE YEAR ENDED JUNE 30, 2013 School administration WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012 2013 ORIGINAL AND FINAL BUDGET ACTUAL VARIANCE WITH FINAL BUDGET 2012 ACTUAL Office of the principal services Salaries $ 6,945,450 Employee benefits 1,081,500 Purchased services 29,060 Supplies and materials 47,300 Capital outlay 13,365 Other objects 5,000 Termination benefits 97 000 $ 7,083,197 1,361,913 29,581 48,412 4,225 4,500 9 656 $ (137,747) (280,413) (521) (1,112) 9,140 500 87 344 $ 6,822,406 1,337,556 33,824 41,695 4,180 4,904 38,638 Total 8,218,675 8,541,484 (322,809) 8,283,203 Total school administration 8,218,675 8,541,484 (322,809) 8,283,203 Business Direction of business support services Salaries 494,200 Employee benefits 79,100 Purchased services 81,690 Supplies and materials 25,000 Capital outlay 9,000 Other objects 3 000 489,460 91,435 53, 763 12,181 1 194 4,740 (12,335) 27,927 12,819 9,000 1 806 485,816 90,895 57,233 14,841 6,398 1 483 Total 691,990 648,033 43 957 656,666 Fiscal services Salaries 97,800 Employee benefits 31,600 Purchased services 10 000 96,762 31,735 1,038 (135) 10 000 96,042 30,987 Total 139,400 128 497 10 903 127,029 Operation and maintenance of plant services Employee benefits Purchased services 208,800 Supplies and materials 1,599 221,885 301 (1,599) (13,085) (301) 1,668 233,504 Total 208,800 223,785 (14,985) 235,172 Pupil transportation services Employee benefits Purchased services 47 938 57 47 082 (57) 856 66 445 Total 47 938 47 139 799 511 See Auditors' Report and Notes to Required Supplementary Information -50-
GENERAL FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL - NON- GAAP BUDGETARY BASIS FOR THE YEAR ENDED JUNE 30, 201 3 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30. 2012 201 3 ORIGINAL AND VARIANCE WITH 2012 FINAL BUDGET ACTUAL FINAL BUDGET ACTUAL Food services Salaries $ 179,400 $ 155,931 $ 23,469 $ 153,506 Employee benefits 3,000 2,286 714 2,905 Purchased services 2,500,000 2,212,867 287,133 2,351,410 Supplies and materials 50,000 158,323 (108,323) 137,460 Capital outlay 70 000 1 110 68,890 12 307 Total 2,802,400 2,530,517 271,883 2,657,588 Internal services Purchased services 4,566 (4,566) 3,122 Supplies and materials 85,000 121 047 (36,047) 83 384 Central Total 85,000 125 613 (40,613) 86,506 Total business 3,975,528 3,703,584 271 944 3,763,472 Planning, research, development and evaluation services Salaries 52,500 51,618 882 51,234 Employee benefits 9 200 13530 (4,330) 13542 Total 61 700 65 148 (3,448) 64 776 Information services Salaries 261,000 220,681 40,319 254,345 Employee benefits 23,300 26,483 (3, 1 83) 35,610 Purchased services 276,650 374,275 (97,625) 242,403 Supplies and materials 13,500 7,128 6,372 10,316 Capital outlay 1,500 1,500 Other objects 3 000 5 060 (2,060) 3 665 Total 578,950 633,627 (54,677) 546,938 Staff services Salaries 475,000 487,554 (12,554) 446,975 Employee benefits 99,100 114,475 (15,375) 155,436 Purchased services 41,300 84,988 (43,688) 25,624 Supplies and materials 5,750 20,224 (14,474) 16,590 Capital outlay 8,400 4,839 3,561 11,877 Other objects 3,000 1 '191 1,809 1,710 Termination benefits 1 500 7 518 (6,0 18) 25,201 Total 634,050 720,789 (86,739) 683 413 599 See Auditors' Report and Notes to Required Supplementary Information -51 -
GENERAL FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL - NON- GAAP BUDGETARY BASIS FOR THE YEAR ENDED JUNE 30, 2013 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30! 2012 2013 ORIGINAL AND VARIANCE WITH 2012 FINAL BUDGET ACTUAL FINAL BUDGET ACTUAL Data processing services Salaries $ 899,000 $ 905,293 $ (6,293) $ 852,305 Employee benefits 114,800 143,026 (28,226) 123,351 Purchased services 1,498,900 1,173,980 324,920 1,466,533 Supplies and materials 446,194 358,905 87,289 399, 401 Capital outlay 240,000 287,824 (47,824) 3,393,544 Other objects 89 (89) Termination benefits 1 500 1 009 491 Total 3,200,394 2,870,126 330,268 6,235,134 Total central 4 475 094 4,289,690 185 404 7,530,261 Other supporting services Employee benefits 104,460 8,528 95,932 39,447 Purchased services 1,245,364 1,308,131 (62,767) 1,220,009 Supplies and materials 1,500 1,500 12,581 Other objects 120 181 (120,181) Total 1,351,324 1,436,840 (85,516) 1,272,037 Total support services 35,664,442 36,561,618 (897,176) 38,513,123 Community services Salaries 655,900 619,394 36,506 643,932 Employee benefits 101 '100 72,089 29,011 97,895 Purchased services 38,245 30,088 8,157 60,975 Supplies and materials 37,536 200,663 (163,127) 208,958 Capital outlay 24,382 89,866 (65,484) 51,006 Non-capitalized equipment 800 800 Total community services 857,963 1,012,100 (154,137) 1,062,766 Payments to other districts and governmental units Payments for regular programs Purchased services 4,000 4,000 Other objects 4500 7 942 (3,442) 8 046 Total 8 500 7 942 558 8 046 Other payments to in-state governmental units Purchased services 8,193 (8, 193) 14,376 Other objects 10 000 17 180 (7,180) 9 315 Total 10 000 25,373 (15,373) 23 691 See Auditors' Report and Notes to Required Supplementary Information -52-
GENERAL FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL - NON- GAAP BUDGETARY BASIS FOR THE YEAR ENDED JUNE 30, 2013 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012 2013 ORIGINAL AND VARIANCE WITH 2012 FINAL BUDGET ACTUAL FINAL BUDGET ACTUAL Payments for special education programs - tuition Other objects 700,000 586,838 113,162 614,799 Total 700 000 586,838 113 162 614 799 Payments for CTE programs - tuition Other objects 735,000 660,145 74 855 696,500 Total 735,000 660 145 74 855 696,500 Total payments to other districts and governmental units 1,453,500 1,280,298 173,202 1,343,036 Total expenditures 126,353,350 127,544,959 (1,191,609) 127,703,703 Excess (deficiency) of revenues over expenditures 60 000 3,371,288 3,311,288 (2,390,583) Other financing sources (uses) Transfer among funds 2,874,677 Capital lease value 3,299,942 Permanent transfer from working cash accounts - abatment (312,000) Transfer to debt service fund to pay principal on capital leases (3,299,942) Transfer to debt service fund to pay interest on capital leases (7,311) Total other financing sources (uses) 2,555,366 Net change in fund balance 601000 3,371,288 313111288 164,783 Fund balance, beginning of year 30,373,246 30,208,463 Fund balance, end of year 33,7441534 30,3731246 See Auditors' Report and Notes to Required Supplementary Information -53-
OPERATIONS AND MAINTENANCE FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL FOR THE YEAR ENDED JUNE 30, 201 3 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012 Revenues Local sources 2013 ORIGINAL AND VARIANCE WITH 2012 FINAL BUDGET ACTUAL FINAL BUDGET ACTUAL General levy $ 10,805,000 $ 10,680,161 $ (124,839) $ 10,595,068 Investment income 17,000 29,222 12,222 1,731 Rentals 160,000 185,853 25,853 158,496 Refund of prior years' expenditures 500 17,358 16,858 71 Other 60,000 139 170 79 170 145 947 Total local sources 11,042,500 11,051,764 9264 10,901,313 State sources Other restricted revenue from state sources 212,400 245,728 33,328 14.464 91 7 Total state sources 212,400 245,728 33,328 14 464 917 Federal sources Other restricted revenue from federal sources 21 599 Total federal sources 21,599 Total revenues 11,254,900 11,297,492 42,592 25,387,829 Expenditures Support services Business Facilities acquisition and construction service Capital outlay 54 000 (54,000) 72 045 Total 54 000 (54,000) 72 045 Operation and maintenance of plant services Salaries 2,310,000 2,298,165 11,835 2,293,704 Employee benefits 785,000 737,258 47,742 745,927 Purchased services 4,668,240 4,896,396 (228, 1 56) 4,846,789 Supplies and materials 3,027,500 2,720,040 307,460 2,904,150 Capital outlay 372,000 1,676,355 (1,304,355) 441,246 Other objects 318 (318) Termination benefits 1 554 (1,554) Total 11,1 62,740 12.330,086 (1,1 67,346) 11,231,816 Total business 11,1 62,740 12,384,086 (1,221,346) 11,303,861 Total support services 11,1 62,740 12,384,086 (1,221,346) 11,303,861 See Auditors' Report and Notes to Required Supplementary Information -54-
OPERATIONS AND MAINTENANCE FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL FOR THE YEAR ENDED JUNE 30, 2013 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30. 2012 Community services 2013 ORIGINAL AND VARIANCE WITH 2012 FINAL BUDGET ACTUAL FINAL BUDGET ACTUAL Purchased services m m 299 m (299) m 337 Total community services 299 (299) 337 Total expenditures 11,162,740 12,384,385 (1,221,645) 11,304,198 Excess (deficiency) of revenues over expenditures 92,160 (1,086,893) (1,179,053) 14,083,631 Other financing sources (uses) Permanent transfer from working cash accounts - abatement 312,000 Permanent transfer from capital projects fund 982,840 982,876 36 Capital lease value 1,446,040 1,446,040 Transfer among funds (2,863,398) Transfer to debt service fund to pay principal on capital leases (95, 107) (95, 107) Transfer to debt service fund to pay interest on capital leases (24,316) (24,316) Transfer to capital projects fund (960,000) (960,000) Total other financing sources (uses) 22,840 1,349,493 1,326,653 (2,551,398) Net change in fund balance 1151000 262,600 m 147,600 11,532,233 Fund balance, beginning of year 12,753,882 1.221,649 Fund balance, end of year 1310161482 121753,882 See Auditors' Report and Notes to Required Supplementary Information -55-
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TRANSPORTATION FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL FOR THE YEAR ENDED JUNE 30, 2013 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012 Revenues Local sources 2013 ORIGINAL AND VARIANCE WITH 201 2 FINAL BUDGET ACTUAL FINAL BUDGET ACTUAL General levy $ 4,036,000 $ 3,720,852 $ (315, 148) $ 3,438,084 Special education - transportation fees from other LEAs (in state) 100,000 180,016 80,016 116,515 Investment income 1,500 13 (1,487) 1,822 Other local fees 10 000 13 276 3 276 11 865 Total local sources 4.147,500 3,914,157 (233,343) 3,568,286 State sources General state aid 200,000 200,000 442,000 Transportation - regular/vocational 440,000 595,311 155,311 531,394 Transportation - special education 3,180,000 3,944,520 764,520 3,106,667 Total state sources 3,820,000 4,739,831 919831 4,080,061 Total revenues 7,967,500 8,653,988 686,488 7,648,347 Expenditures Support Services Business Pupil transportation services Salaries 108,000 92,319 15,681 103,365 Employee benefits 22,500 18,480 4,020 19,661 Purchased services 7,437,000 7,533,480 (96,480) 7,357,377 Supplies and materials 86 Other objects 400 000 435,869 (35,869) 392,605 Total 7,967,500 8,080,148 (112,648) 7,873,094 Total business 7,967,500 8,080,148 (112,648) 7,873,094 Total support services 7,967,500 8,080,148 (112,648) 7,873,094 Total expenditures 7,967,500 8,080,148 (112,648) 7,873,094 Net change in fund balance $ 573,840 5731840 (224,747) Fund balance (deficit), beginning of year (3,260,171) (3,035,424) Fund balance (deficit), end of year (21686i331) (312601171) See Auditors' Report and Notes to Required Supplementary Information -56-
MUNICIPAL RETIREMENT/SOCIAL SECURITY FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL FOR THE YEAR ENDED JUNE 30, 2013 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012 Revenues Local sources 2013 ORIGINAL AND VARIANCE WITH 2012 FINAL BUDGET ACTUAL FINAL BUDGET ACTUAL General levy $ 656,000 $ 649,528 $ (6,472) $ 1,169,819 Social security/medicare only levy 2,627,000 2,257,719 (369,281 ) 1,928,150 Corporate personal property replacement taxes 213,700 329,41 1 115,711 213,746 Investment income 1 300 432 (868) 1 480 Total local sources 3,498,000 3,237,090 (260,910) 3,313,1 95 Total revenues 3,498,000 3,237,090 (260,910) 3,313,1 95 Expenditures Instruction Regular programs 758,300 738,878 19,422 750,078 Pre-K programs 3,000 3,360 (360) 3,013 Special education programs 1,074,400 1 '139,045 (64,645) 1,071,685 Special education programs Pre-K 69,000 71,453 (2,453) 68,220 CTE programs 19,400 19,089 31 1 19,390 Interscholastic programs 43,200 47,111 (3,91 1) 42,373 Summer school programs 19,600 20,213 (613) 19,213 Gifted programs 12,300 11,660 640 12,306 Driver's education programs 4,500 4,585 (85) 4,520 Bilingual programs 71 600 71 028 572 69,289 Total instruction 2,075,300 2,1 26,422 (51,1 22) 2,060,087 Support services Pupils Attendance and social work services 26,500 27,871 (1,371 ) 26,168 Guidance services 32,500 32,979 (479) 32,388 Health services 80,100 83,723 (3,623) 79,699 Psychological services 26,500 32,131 (5,631) 26,473 Speech pathology and audiology services 28,800 31,298 (2,498) 28,729 Other support services - pupils 1 650 2 070 (420) 1 600 Total pupils 196,050 210,072 (1 4,022) 195 057 Instructional staff Improvement of instructional staff 60,250 54,087 6,163 59,290 Educational media services 33,650 32,831 81 9 32,864 Assessment and testing 250 302 (52) 284 Total instructional staff 94 150 87,220 6 930 92 438 See Auditors' Report and Notes to Required Supplementary Information - 57 -
MUNICIPAL RETIREMENT/SOCIAL SECURITY FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL FOR THE YEAR ENDED JUNE 30, 2013 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012 General administration ORIGINAL AND FINAL BUDGET 2013 ACTUAL VARIANCE WITH FINAL BUDGET 2012 ACTUAL Board of education services Executive administration services Special area administration services $ 1,700 $ 15,200 73 600 1,835 $ 11,935 71 775 (135) $ 3,265 1 825 1,730 14,887 69 947 Total general administration 90.500 85 545 4 955 86.564 School administration Office of the principal services 424.500 466 021 (41.521) 422.527 Total school administration 424.500 466 021 (41.521) 422.527 Business Direction of business support services Fiscal services Operations and maintenance of plant services Pupil transportation services Food services 52,300 7,200 373,300 9,600 15 400 53,917 7,149 386,133 8,618 14 66.4 (1,617) 51 (12,833) 982 736 51,889 7,123 373,640 9,505 15 072 Total business 457.800 470 481 (12.681) 457.229 Central Planning, research, development and evaluation services Information services Staff services Data processing services 800 22,500 64,800 123.600 732 16,145 60,763 148.309 68 6,355 4,037 (24.709) 726 21,851 60,351 133.326 Total central 211 700 225.949 (14,249) 216.254 Other supporting services 967 (967) 289 Total support services 1 474 700 1.546,255 (71.555) 1.470.358 Community services 100.000 101 993 (1.993) 98 402 Total expenditures 3.650.000 3.774.670 (124.670) 3.628.847 Net change in fund balance $ (152.000) ( 537,580) ""$,loii;; 3 85. 5 8 0) (315,652) Fund balance, beginning of year Fund balance, end of year $ 1.046.789 509.209 $ 1.362.441 1.046.789 See Auditors' Report and Notes to Required Supplementary Information -58-
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NOTES TO REQUIRED SUPPLEMENTARY INFORMATION AS OF AND FOR THE YEAR ENDED JUNE 30, 2013 STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY Budgetary Data Except for the exclusion of on-behalf payments from other governments, discussed below, the budgeted amounts for the Governmental Funds are adopted on the modified accrual basis, which is consistent with accounting principles generally accepted in the United States of America. The Board of Education follows these procedures in establishing the budgetary data reflected in the general purpose financial statements: 1. The Administration submits to the Board of Education a proposed operating budget for the fiscal year commencing July 1. The operating budget includes proposed expenditures and the means of financing them. 2. Public hearings are conducted and the proposed budget is available for inspection to obtain taxpayer comments. 3. Prior to September 30, the budget is legally adopted through passage of an resolution. By the last Tuesday in December, a tax levy resolution is filed with the county clerk to obtain tax revenues. 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 a legal level of 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. The budget amounts shown in the financial statements are as originally adopted because there were no amendments during the past fiscal year. Budget Reconciliations The Statement of Revenues, Expenditures and Changes in Fund Balance - Governmental Funds (GAAP basis) includes "on-behalf" payments received and made for the amounts contributed by the State of Illinois for the employer's share of the Teachers Retirement System pension. The District does not budget for these amounts in the Educational Accounts of the General Fund. The differences between the budget and GAAP basis are as follows: Revenues Expenditures General Fund Budgetary Basis To adjust for on-behalf payments received To adjust for on-behalf payments made General Fund GAAP Basis $ $ 130,916,247 $ 127,544,959 24,610,967 24,610,967 155.527,21 4 15211 55,926 Excess of Expenditures over Budget For the year ended June 30, 2013, expenditures exceeded budget in the General, Operations and Maintenance, Transportation and IMRF funds by $1,191,609, $1,221,645, $112,648 and $124,670, respectively. See Auditors' Report -59-
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DEBT SERVICE FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL FOR THE YEAR ENDED JUNE 30, 2013 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 301 2012 Revenues Local sources 2013 ORIGINAL AND VARIANCE WITH 2012 FINAL BUDGET ACTUAL FINAL BUDGET ACTUAL General levy $ 16,747,000 $ 16,566,250 $ (180, 750) $ 16,056,952 Investment income 14 458 14 458 15 787 Total local sources 16,747,000 16,580,708 (166,292) 16,072,739 Total revenues 16,747,000 16,580,708 (166,292) 16,072,739 Expenditures Debt services Payments on long term debt Interest on long term debt 8,649,750 8,417,476 232,274 9,146,511 Principal payments on long term debt 7,660,000 7,755,107 (95, 107) 9,684,942 Total 16,309,750 16,172,583 137 167 18,831,453 Other debt service Other objects 9 475 (9,475) 112650 Total 9 475 (9,475) 112 650 Total debt services 16.309,750 16,182,058 127 692 18,944,103 Total expenditures 16,309,750 16,182,058 127,692 18,944,103 Excess (deficiency) of revenues over expenditures 437 250 398,650 (38,600) (2,871,364) Other financing sources (uses) Principal on bonds sold 10,555,000 Premium on bonds sold (50, 136) Sale or compensation for fixed assets 5,000,200 4,994,697 (5,503) Transfer to debt service to pay principal on capital leases 95,107 95,107 3,299,942 Transfer to debt service to pay interest on capital leases 24,316 24,316 7,311 Transfer among funds (11,279) Deposit with escrow agent (5,000,200) (5,261,319) (261,119) (10,386,385) Total other financing sources (uses) (147,199) (147, 199) 3 414 453 Net change in fund balance $ 4371250 251,451 (185J99) 543,089 Fund balance, beginning of year 10.425,126 9,882,037 Fund balance, end of year 1016761577 1014251126-60-
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CAPITAL PROJECTS FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL FOR THE YEAR ENDED JUNE 30, 2013 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012 Revenues Local sources 2013 ORIGINAL AND VARIANCE WITH 2012 FINAL BUDGET ACTUAL FINAL BUDGET ACTUAL Investment income 30 30 2,899 Total local sources 30 30 2 899 Total revenues 30 30 2899 Expenditures Support services Business Facilities acquisition and construction service Purchased services 88,760 (88,760) Supplies and materials 3,990 Capital outlay 960,000 780,339 179 661 56,827 Total 960,000 869,099 90 901 60 817 Total business 960,000 869,099 90 901 60 817 Other supporting services Purchased services 1 073 Total 1 073 Total support services 960,000 869,099 90 901 61 890 Total expenditures 960,000 869,099 90 901 61 890 Excess (deficiency) of revenues over expenditures (960,000) (869,069) 90 931 (58,991) Other financing sources (uses) Transfer to capital projects fund 960,000 960,000 Permanent transfer to operations and maintenance fund {982,840) (982,876) (36) Total other financing sources (uses) (22,840) (22,876) (36) Net change in fund balance (9821840) (891,945) 901895 (58,991) Fund balance, beginning of year 982,846 1,041,837 Fund balance, end of year 901901 982,846-61 -
GENERAL FUND COMBINING BALANCE SHEET AS OF JUNE 30, 2013 EDUCATIONAL WORKING CASH ACCOUNTS ACCOUNTS EUMINATIONS TOTAL Assets Cash $ 8,897,171 $ 4,113,394 $ $ 13,010,565 Investments 244,073 19,403,297 19,647,370 Receivables (net allowance for uncollectibles): Property taxes 51,295,215 51,295,215 Replacement taxes 397,374 397,374 Intergovernmental 3,089,058 3,089,058 Loan to educational accounts 3,500,000 (3,500,000) Loan to transportation fund 3,500,000 3,500,000 Total assets 63,9221891 3015161691 (315001000) 90,9391582 Liabilities and fund balance Accounts payable $ 809,835 $ $ $ 809,835 Salaries and wages payable 82,158 82,158 Payroll deductions payable 2,303,003 2,303,003 Loan from working cash accounts 3,500,000 (3,500,000) Deferred revenue 52,053,839 52,053,839 Health claims payable 1,946,213 1,946,213 Total liabilities 60,695,048 (3,500,000) 57,195,048 Fund balance Non spendable 3,500,000 3,500,000 Unassigned (272, 157) 30,516,691 30,244,534 Total fund balance 3,227,843 30,516,691 33,744,534 Total liabilities and fund balance 6319221891 3015161691 pl5001000) 90,9391582-62 -
GENERAL FUND COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED JUNE 30, 2013 EDUCATIONAL WORKING CASH ACCOUNTS ACCOUNTS ELIMINATIONS TOTAL Revenues Property taxes $ 99,767,555 $ $ $ 99,767,555 Corporate personal property replacement taxes 1,729,787 1,729,787 State aid 39,281,839 39,281,839 Federal aid 8,660,570 8,660,570 Investment income 12,669 56,503 69,172 Other 6,018,291 6,018,291 Total revenues 155,470,711 56 503 155,527,214 Expenditures Current: Instruction: Regular programs 55,950,994 55,950,994 Special programs 22,599,638 22,599,638 Other instructional programs 9,951,212 9,951,212 State retirement contributions 24,610,967 24,610,967 Support Services: Pupils 12,287,183 12,287,183 Instructional staff 4,193,790 4,193,790 General administration 2,053,352 2,053,352 School administration 8,537,259 8,537,259 Business 3,431,550 3,431,550 Transportation 47,139 47,139 Operations and maintenance 223,785 223,785 Central 3,997,027 3,997,027 Other supporting services 1,436,840 1,436,840 Community services 922,234 922,234 Payments to other districts and gov't units 1,280,298 1,280,298 Capital outlay 632,658 632,658 Total expenditures 152,155,926 152,155,926 Net change in fund balance 3,314,785 56,503 3,371,288 Fund balance (deficit), beginning of year (86,942) 30,460,188 30,373,246 Fund balance, end of year $ 31227,843 30,5161691 33/44,534-63 -
EDUCATIONAL ACCOUNTS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES- BUDGET TO ACTUAL- NON GAAP BUDGETARY BASIS FOR THE YEAR ENDED JUNE 30, 2013 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012 Revenues Local sources ORIGINAL AND FINAL BUDGET 2013 ACTUAL VARIANCE WITH FINAL BUDGET 2012 ACTUAL General levy Special education levy Corporate personal property replacement taxes Regular tuition from pupils or parents (in state) Summer school -tuition from pupils or parents (in state) Special education - tuition from pupils or parents (in state) Investment income Sales to pupils - lunch Admissions - athletic Admissions - other Fees Book store sales Other pupil activity revenue Sales - regular textbook Other - textbooks Contributions and donations from private sources Impact fees from municipal or county governments Refund of prior years' expenditures Driver's education fees Payment from other LEA's Other $ 98,523,000 588,900 1,700,000 1,611,000 115,000 20,000 1,300,000 89,500 525,000 20,000 100,000 300,000 100,000 1,200,000 $ 99,045,980 721,575 1,729,787 2,206,348 318,812 12,669 1,168,071 102,343 2,440 510,264 47,940 67,727 128,417 3,000 51,450 328,653 65,610 550 1,016,666 $ 522,980 132,675 29,787 595,348 203,812 (7,331) (131,929) 12,843 2,440 (14,736) 27,940 67,727 28,417 3,000 51,450 28,653 (34,390) 550 (183,334) $ 96,662,063 460,568 1,801,630 2,040,967 210,671 5,825 18,714 1,312,511 103,334 8,560 525,459 27,377 37,557 114,510 5,645 4,690 323,416 146,163 1 076 611 Total local sources 1 06,192,400 107,528,302 1,335,902 104,886,271 State sources General state aid Special education - private facility tuition Special education - extraordinary Special education - personnel Special education - orphanage - individual Special education - orphanage - summer Special education - summer school CTE- Secondary program improvement Bilingual education - downstate - TPI State free lunch & breakfast Driver education Other restricted revenue from state sources 6,100,000 1,100,000 1,900,000 3,400,000 50,000 5,000 25,000 60,600 280,000 70,000 60,000 6,120,387 1,652,167 2,168,715 4,093,122 5,805 18,296 60,638 388,069 36,151 107,261 20,261 20,387 552,167 268,715 693,122 (44,195) (5,000) (6,704) 38 108,069 (33,849) 47,261 20,261 5,997,609 1,352,571 2,295,354 3,238,059 62,634 6,256 22,760 58,955 498,961 66,464 67,362 17 237 Total state sources 13,050,600 14,670,872 1,620,272 13,684,222 Federal sources -64-
EDUCATIONAL ACCOUNTS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL - NON- GMP BUDGETARY BASIS FOR THE YEAR ENDED JUNE 30, 201 3 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012 ORIGINAL AND VARIANCE WITH 2012 FINAL BUDGET ACTUAL FINAL BUDGET ACTUAL National school lunch program $ 1,200,000 $ 1,156,327 $ (43,673) $ 1,183,550 School breakfast program 250,000 276,165 26,165 250,011 Title I - Low income 936,770 1,243,794 307,024 664,488 Federal - special education - preschool flowthrough 68,000 69,802 1,802 110,691 Federal - special education - IDEA- flowthrough/low incident 2,808,000 3,695,575 887,575 2,692,776 Federal - special education - IDEA - room & board 370,000 445,546 75,546 455,161 CTE- Other 40,460 40,459 ( 1) 48,171 Other ARRA funds - XI 8,878 Title Ill- English language acquisition 166,350 174,554 8,204 73,295 Title II -Teacher quality 371,770 414,050 42,280 209,748 Medicaid matching funds - administrative outreach 700,000 288,086 (41 1,914) 409,356 Medicaid matching funds -fee-for-service program 691,834 691,834 444,065 Other restricted revenue from federal sources 20,000 164 378 144 378 135 009 Total federal sources 6,931,350 8,660,570 1,729,220 6,685,1 99 Total revenues 126,1 7 4,350 130,859,744 4,685,394 125,255,692 Expenditures Instruction Regular programs Salaries 49, 1 53,740 48,331,846 821,894 48,500,571 Employee benefits 6,019,600 5,807,425 212,175 5,688,991 Purchased services 208,866 107,334 101,532 86,347 Supplies and materials 1,695,443 1,673,389 22,054 1,278,273 Capital outlay 94,683 153,945 (59,262) 147,730 Other objects 13,930 12,441 1,489 11,516 Non-capitalized equipment 4 980 18 559 2013 (1 3,579) Total 57,1 91,242 56,1 04,939 1,086,303 55,71 3,428 Pre-K programs Salaries 230,500 238,109 (7,609) 227,137 Employee benefits 41,200 19,585 21,615 37,698 Supplies and materials 4 500 4 436 64 2 762 Total 276,200 262,1 30 14 070 267,597-65-
EDUCATIONAL ACCOUNTS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL - NON- GAAP BUDGETARY BASIS FOR THE YEAR ENDED JUNE 30, 2013 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 301 2012 201 3 ORIGINAL AND VARIANCE WITH 2012 FINAL BUDGET ACTUAL FINAL BUDGET ACTUAL Special education programs Salaries $ 14,717,500 $ 15,266,576 $ (549,076) $ 14,609,085 Employee benefits 1,749,200 1,753,467 (4,267) 1,610,298 Purchased services 226,510 206,342 20,168 201,236 Supplies and materials 108,318 204,991 (96,673) 155,009 Capital outlay 29,520 21 '125 8,395 47,084 Other objects 1 425 Total 16,831,048 17.452.501 (621,453) 16,624,137 Special education programs Pre-K Salaries 994,000 1,097,019 (103,019) 989,414 Employee benefits 93,800 158,657 (64,857) 85,457 Purchased services 139 (139) Supplies and materials 13,985 (13,985) 29,967 Capital outlay 3 598 (3.598) 12039 Total 1,087,800 1,273,398 (185,598) 1116 877 CTE programs Salaries 1,542,600 1,510,848 31,752 1,521,204 Employee benefits 196,500 178,290 18,210 177,202 Purchased services 143 (143) Supplies and materials 33,750 31,325 2,425 35,822 Capital outlay 725 (725) Other objects 700 962 (262) 652 Total 1,773,550 1,722,293 51 257 1,734,880 Interscholastic programs Salaries 1,491 '100 1,492,879 (1,779) 1,489,354 Employee benefits 151,400 146,983 4,417 142,217 Purchased services 295,600 242,296 53,304 279,486 Supplies and materials 37,965 50,484 (12,519) 40,237 Capital outlay 7,000 9,706 (2,706) 6,375 Other objects 61 450 53 741 7 709 53 764 Total 2,044,515 1,996,089 48 426 2.011,433 Summer school programs Salaries 398,380 361,918 36,462 375,423 Employee benefits 7,100 3,767 3,333 3,257 Purchased services 10,290 (10,290) 2,707 Supplies and materials 2 500 21 243 (18,743) 13 004 Total 407 980 397,218 10 762 394 391-66-
EDUCATIONAL ACCOUNTS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL - NON- GAAP BUDGETARY BASIS FOR THE YEAR ENDED JUNE 30, 2013 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012 2013 ORIGINAL AND VARIANCE WITH 2012 FINAL BUDGET ACTUAL FINAL BUDGET ACTUAL Gifted programs Salaries $ 918,200 $ 863,774 $ 54,426 $ 905,745 Employee benefits 106,000 93 957 12 043 92 897 Total 1,024,200 957 731 66 469 998,642 Driver's education programs Salaries 330,500 329,481 1,019 326,878 Employee benefits 40,500 35,374 5,126 36,502 Supplies and materials 8 386 {8,386) 7 043 Total 371 000 373 241 (2,241) 370,423 Bilingual programs Salaries 3,781,400 3,764,565 16,835 3,731,462 Employee benefits 462,600 409,275 53,325 418,165 Purchased services 10,500 4,259 6,241 Supplies and materials 67,690 74,842 (7,152) 57,352 Capital outlay 3,000 3,000 Non-capitalized equipment 2,000 2 000 Total 4.327,1 90 4,252,941 74 249 4,206,979 Special education programs K -1 2 - private tuition Other objects 3,042,720 3,898,462 {855,742) 3,345,991 Total 3,042,720 3,898,462 (855,742) 3,345,991 Total instruction 88,377,445 88,690,943 {31 3,498) 86,784,778 Support services Pupils Attendance and social work services Salaries 1,961,900 2,077,515 (115,61 5) 1,925,962 Employee benefits 247,100 241,043 6,057 222,345 Purchased services 1,000 2,180 (1,180) 460 Supplies and materials 8 750 18695 (9,945) 8 538 Total 2,218,750 2,339,433 {1 20,683) 2,1 57,305 Guidance services Salaries 2,444,600 2,454,530 (9,930) 2,412,459 Employee benefits 244,600 21 1,425 33,175 215,299 Purchased services 1,000 1,000 500 Supplies and materials 1 365 1 670 (305) 1 159 Total 2,691,565 2,667,625 23,940 2,629,41 7-67-
EDUCATIONAL ACCOUNTS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL- NON- GAAP BUDGETARY BASIS FOR THE YEAR ENDED JUNE 30, 2013 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012 2013 ORIGINAL AND VARIANCE WITH 2012 FINAL BUDGET ACTUAL FINAL BUDGET ACTUAL Health services Salaries $ 1,329,100 $ 1,388,736 $ (59,636) $ 1,315,796 Employee benefits 159,600 161,357 (1,757) 179,717 Purchased services 89,450 109,601 (20,151 ) 28,841 Supplies and materials 31,500 27,557 3,943 21,457 Capital outlay 689 (689) Total 1,609,650 1,687,940 (78,290) 1545 811 Psychological services Salaries 1,914,700 2,243,599 (328,899) 1,871 '194 Employee benefits 236,700 249,052 (12,352) 212,145 Purchased services 5,100 4,807 293 Supplies and materials 40,095 64,058 (23,963) 20,994 Capital outlay 789 (789) Total 2,1 96,595 2,562,305 (365,71 0) 2,1 04,333 Speech pathology and audiology services Salaries 2,376,900 2,441,384 (64,484) 2,344,655 Employee benefits 307,300 362,084 (54,784) 282,729 Purchased services 3,100 6,566 (3,466) Supplies and materials 22,936 14,726 8,210 13,492 Capital outlay 5 500 25 844 (20,344) 17340 Total 2,71 5,736 2,850,604 (1 34,868) 2,658,216 Other support services - pupils Salaries 12,700 14,729 (2,029) 11,434 Employee benefits 1,055 (1,055) 470 Purchased services 50,000 137,158 (87, 1 58) 153,742 Supplies and materials 20,000 51,606 (31,606) 98,445 Capital outlay 13,013 (13,013) 5,445 Other objects 2 050 (2,050) 250 Total 82 700 219 61 1 (1 36,91 1) 269,786 Total pupils 11,514,996 12,327,518 (812,522) 11,364,868-68-
EDUCATIONAL ACCOUNTS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL - NON- GMP BUDGETARY BASIS FOR THE YEAR ENDED JUNE 30, 2013 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012 Instructional staff 2013 ORIGINAL AND VARIANCE WITH 2012 FINAL BUDGET ACTUAL FINAL BUDGET ACTUAL Improvement of instructional services Salaries $ 1,353,630 $ 1,420,034 $ (66,404) $ 1,285,417 Employee benefits 204,200 341,573 (137,373) 366,652 Purchased services 108,027 34,352 73,675 117,130 Supplies and materials 31,950 32,834 (884) 80,308 Capital outlay 6,575 Other objects 15,520 3,814 11,706 1,783 Non-capitalized equipment 979 Termination benefits 11 469 (1 1,469) 33 943 Total 1,71 3,327 1,845,055 (1 31,728) 1,891,808 Educational media services Salaries 1,721,800 1,686,202 35,598 1,698,519 Employee benefits 218,300 193,487 24,81 3 200,290 Purchased services 68 (68) Supplies and materials 161,158 256,961 (95,803) 146,017 Capital outlay 2 874 Total 2,1 01,258 2,1 36,718 (35,460) 2,047,700 Assessment and testing Salaries 13,800 12,702 1,098 10,769 Employee benefits 19 (19) 8 Purchased services 314,700 191,325 123,375 188,198 Supplies and materials 48 050 7 971 40 079 13449 Total 376,550 212 017 164 533 212,424 Total instructional staff 4,1 91,1 35 4,1 93,790 (2,655) 4,1 51,932 General administration Board of education services Salaries 122,000 126,688 (4,688) 119,517 Employee benefits 20,300 17,399 2,901 17,314 Purchased services 116,400 111,009 5,391 103,847 Supplies and materials 2,000 440 1,560 8,122 Capital outlay 7,650 15,360 (7,710) 14,378 Other objects 30,000 32,228 (2,228) 41 656 (979) Total 298,350 303 124 (4,774) 304 834-69-
EDUCATIONAL ACCOUNTS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL - NON- GAAP BUDGETARY BASIS FOR THE YEAR ENDED JUNE 30, 201 3 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012 2013 ORIGINAL AND VARIANCE WITH 2012 FINAL BUDGET ACTUAL FINAL BUDGET ACTUAL Executive administration services Salaries $ 316,000 $ 292,608 $ 23,392 $ 31 1,239 Employee benefits 65,040 77,166 (12,126) 84,478 Purchased services 16,700 14,275 2,425 14,052 Supplies and materials 2,700 1,788 912 1,765 Capital outlay 1,000 1,000 Other objects 4,400 3,458 942 4, 840 Termination benefits 1 701 (1,701} Total 405 840 390,996 14 844 41 6 374 Special area administration services Salaries 1,049,700 1,108,708 (59,008) 1,088,275 Employee benefits 176,800 251,366 (74, 566) 263,077 Purchased services 2,000 10,383 (8,383} Supplies and materials 5,000 4, 135 865 13,245 Capital outlay 4,927 Termination benefits 56,023 Total 1,233,500 1,374,592 (141,092} 1,426,142 Total general administration 1,937,690 2,068,71 2 (1 31,022) 2,147,350 School administration Office of the principal services Salaries 6,945,450 7,083,197 (137,747) 6,822,406 Employee benefits 1,081,500 1,361,91 3 (280,41 3) 1,337,556 Purchased services 29,060 29,581 (521 ) 33,824 Supplies and materials 47,300 48,41 2 (1,112) 41,695 Capital outlay 13,365 4,225 9,140 4, 180 Other objects 5,000 4, 500 500 4,904 Termination benefits 97 000 9 656 87 344 38 638 Total 8,218,675 8 541 484 (322,809) 8,283,203 Business Total school administration 8,218,675 8 541 484 (322,809) 8,283,203 Direction of business support services Salaries 494, 200 489,460 4, 740 485,816 Employee benefits 79,100 91,435 (12,335) 90,895 Purchased services 81,690 53,763 27,927 57,233 Supplies and materials 25,000 12,181 12,819 14,841 Capital outlay 9,000 9,000 6,398 Other objects 3 000 1 194 1 806 1 483 Total 691,990 648,033 43 957 656,666 595-70-
EDUCATIONAL ACCOUNTS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL - NON- GAAP BUDGETARY BASIS FOR THE YEAR ENDED JUNE 30, 2013 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012 2013 ORIGINAL AND VARIANCE WITH 201 2 FINAL BUDGET ACTUAL FINAL BUDGET ACTUAL Fiscal services Salaries $ 97,800 $ 96,762 $ 1,038 $ 96,042 Employee benefits 31,600 31,735 (135) 30,987 Purchased services 10 000 10 000 Total 139 400 128 497 10 903 127,029 Operation and maintenance of plant services Employee benefits 1,599 (1,599) 1,668 Purchased services 208,800 221,885 (13,085) 233,504 Supplies and materials 301 (301) Total 208,800 223,785 (1 4,985) 235,1 72 Pupil transportation services Employee benefits 57 (57) 66 Purchased services 47 938 47 082 856 Total 47 938 47 139 799 51 1 Food services Salaries 179,400 155,931 23,469 153,506 Employee benefits 3,000 2,286 714 2,905 Purchased services 2,500,000 2,212,867 287,133 2,351,410 Supplies and materials 50,000 158,323 (108,323) 137,460 Capital outlay 70 000 1 110 68,890 12307 Total 2,802,400 2,530,517 271,883 2,657,588 Internal services Purchased services 4,566 (4,566) 3,122 Supplies and materials 85,000 121 047 (36,047) 83 384 Central Total 85,000 125,61 3 (40,613} 86 506 Total business 3,975,528 3,703,584 271 944 3,763,472 Planning, research, development and evaluation services Salaries 52,500 51,618 882 51,234 Employee benefits 9 200 13530 (4,330) 13542 Total 61 700 65 148 (3,448) 445 64 776-71 -
EDUCATIONAL ACCOUNTS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL - NON- GAAP BUDGETARY BASIS FOR THE YEAR ENDED JUNE 30, 2013 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012 2013 ORIGINAL AND VARIANCE WITH 2012 FINAL BUDGET ACTUAL FINAL BUDGET ACTUAL Information services Salaries $ 261,000 $ 220,681 $ 40,319 $ 254,345 Employee benefits 23,300 26,483 (3, 1 83) 35,610 Purchased services 276,650 374,275 (97,625) 242,403 Supplies and materials 13,500 7,128 6,372 10,316 Capital outlay 1,500 1,500 599 Other objects 3 000 5 060 (2,060) 3665 Total 578,950 633,627 (54,677) 546,938 Staff services Salaries 475,000 487,554 (12,554) 446,975 Employee benefits 99,100 114,475 (15,375) 155,436 Purchased services 41,300 84,988 (43,688) 25,624 Supplies and materials 5,750 20,224 (14,474) 16,590 Capital outlay 8,400 4,839 3,561 11,877 Other objects 3,000 1 J 191 1,809 1,710 Termination benefits 1 500 7 518 (6,0 18) 25 201 Total 634,050 720,789 (86,739) 683 41 3 Data processing services Salaries 899,000 905,293 (6,293) 852,305 Employee benefits 114,800 143,026 (28,226) 123,351 Purchased services 1,498,900 1,173,980 324,920 1,466,533 Supplies and materials 446,194 358,905 87,289 399,401 Capital outlay 240,000 287,824 (47,824) 3,393,544 Other objects 89 (89) Termination benefits 1 500 1 009 491 Total 3.200,394 2,870,1 26 330,268 6,235,1 34 Total central 4,475,094 4,289,690 185 404 7,530,261 Other supporting services Employee benefits 104,460 8,528 95,932 39,447 Purchased services 1,245,364 1,308,131 (62, 767) 1,220,009 Supplies and materials 1,500 1,500 12,581 Other objects 120 181 (1 20,1 81) Total 1,351,324 1,436,840 (85,516) 1,272,037 Total support services 35,664,442 36,561,618 (897,1 76) 38,513,123-72-
EDUCATIONAL ACCOUNTS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL - NON- GAAP BUDGETARY BASIS FOR THE YEAR ENDED JUNE 30, 2013 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012 Community services 201 3 ORIGINAL AND VARIANCE WITH 2012 FINAL BUDGET ACTUAL FINAL BUDGET ACTUAL Salaries $ 655,900 $ 619,394 $ 36,506 $ 643,932 Employee benefits 101 '100 72,089 29,01 1 97,895 Purchased services 38,245 30,088 8,157 60,975 Supplies and materials 37,536 200,663 (163, 1 27) 208,958 Capital outlay 24,382 89,866 (65,484) 51,006 Non-capitalized equipment 800 800 Total community services 857,963 1,012,1 00 (1 54,1 37) 1,062,766 Payments to other districts and governmental units Payments for regular programs Purchased services 4,000 4,000 Other objects 4 500 7 942 (3,442) 8 046 Total 8 500 7942 558 8 046 Other payments to in-state governmental units Purchased services 8,193 (8, 1 93) 14,376 Other objects 10 000 17 180 (7,1 80) 9 315 Total 10 000 25 373 (1 5,373) 23 691 Payments for special education programs -tuition Other objects 700,000 586,838 113 162 614 799 Total 700,000 586,838 113,1 62 614 799 Payments for CTE programs - tuition Other objects 735,000 660 145 74 855 696,500 Total 735,000 660 145 74 855 696,500 Total payments to other districts and governmental units 1,453,500 1,280,298 173,202 1,343,036 Total expenditures 126,353,350 127,544,959 (1,1 91,609) 127 I 703,703 Excess (deficiency) of revenues over expenditures (1 79,000) 3,314,785 3,493,785 (2,448,01 1) -73-
EDUCATIONAL ACCOUNTS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL - NON GAAP BUDGETARY BASIS FOR THE YEAR ENDED JUNE 30, 2013 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012 Other financing sources {uses) ORIGINAL AND FINAL BUDGET 2013 ACTUAL VARIANCE WITH FINAL BUDGET 2012 ACTUAL Permanent transfer from working cash accounts - abolishment Transfer among funds Capital lease value Transfer to debt service fund to pay principal on capital leases Transfer to debt service fund to pay interest on capital leases $ $ $ $ 1,580,300 2,874,677 3,299,942 (3,299,942) (7,31 1) Total other financing sources (uses) 4 447.666 Net change in fund balance Fund balance (deficit), beginning of year (1 79. 000) 3,314,785 (86,942) m 3 1 493. 785 1,999,655 (2,086,599) Fund balance (deficit), end of year $ 3 1 227. 843 $ (86. 944) - 74 -
WORKING CASH ACCOUNTS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL FOR THE YEAR ENDED JUNE 30, 2013 WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2012 Revenues Local sources 2013 ORIGINAL AND VARIANCE WITH 2012 FINAL BUDGET ACTUAL FINAL BUDGET ACTUAL Investment income $ 60,000 56,503 (3,497) 57,428 Total local sources 60,000 56,503 (3,497) 57,428 Total revenues 60,000 56,503 (3,497) 57 428 Expenditures Total expenditures Excess (deficiency) of revenues over expenditures 60,000 56,503 (3,497) 57 428 Other financing sources (uses) Permanent transfer from working cash accounts - abatement (1,892,300) Total other financing sources (uses) (1,892,300) Net change in fund balance $ 60 1 000 56,503 (31497} (1,834,872) Fund balance, beginning of year 30,460,1 88 32,295,062 Fund balance, end of year 30,51 6,691 30 1 460,1 90-75-
AGENCY FUND STUDENT ACTIVITY FUNDS SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES FOR THE YEAR ENDED JUNE 30, 2012 BALANCE BALANCE JUNE 30, JUNE 30, 201 1 ADDITIONS REDUCTIONS 2012 Edison Middle School $ 39,627 $ 107,999 $ 102,610 $ 45,016 Franklin Middle School 44,538 77,191 80,771 40,958 Hubble Middle School 99,176 116,236 116,568 98,844 Monroe Middle School 73,425 207,990 220,358 61,057 Wheaton-Warrenville South High School 594,687 1,850,158 1,851,733 593,112 Wheaton North High School 275,392 1,366,239 1,338,109 303,522 Total all schools $ 1,126,845 $ 3,725,813 $ 3,710,149 $ 1,142,509 Note: Schedule does not include elementary school activity funds. -76-
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OPERATING COST AND TUITION CHARGE FOR THE YEAR ENDED JUNE 30, 2013 2013 2012 Operating Cost Per Pupil Average Daily Attendance (ADA): 12,243 12,354 Operating Costs: Educational $ 127,544,959 $ 127,703,703 Operations and maintenance 12,384,385 11,304,198 Debt service 16,182,058 18,944, 103 Transportation 8,080,148 7,873,094 Municipal retirement/social security 3,774,670 3,628,847 Subtotal 167,966,220 169,453,945 Less Revenues/Expenditures of Nonregular Programs: Tuition 4,078,478 3,345,991 Pre-K programs 1,606,743 1,443,668 Adult education 116,515 Summer school 417,431 413,604 Capital outlay 2,363,013 4,257,969 Non-capitalized equipment 19,538 Debt principal retired 7,755,107 9,684,942 Community services 1,024,526 1,110,499 Payments to other districts & governmental units 1, 280,298 1,343,036 Subtotal 18,545,134 21,716,224 Operating costs $ 149,421,086 $ 147,737,721 Operating Cost Per Pupil - Based on ADA $ 12,205 $ 11,959 Tuition Charge Operating Costs $ 149,421,086 $ 147,737,721 Less - revenues from specific programs, such as special education or lunch programs 24,140,417 34,673,502 Net operating costs 125,280,669 113,064,219 Depreciation allowance 10,61 1,783 10,507,857 Allowable Tuition Costs $ 135,892,452 $ 123,572 1 076 Tuition Charge Per Pupil - based on ADA $ 11 '1 00 $ 10,003-78-
BONDS PAYABLE BY YEAR OF PAYMENT JUNE 30, 201 3 MATURING TOTAL DURING DEBT TOTAL YEAR ENDING SERVICE INTEREST PRINCIPAL FEBRUARY 12, MAY 15, JUNE 30, REQUIREMENT PAYABLE PAYABLE 2002 A 2003 A MAY 15, 2003 B OCTOBER 14, SEPTEMBER 1, 2003 c 2004 A 2014 $ 16,684,292 $ 8,074,292 $ 8,610,000 $ $ 500,000 2015 17,008,262 7,713,262 9,295,000 600,000 2016 17,790,409 7,285,409 10,505,000 400,000 201 7 18,333,682 6,793,682 11,540,000 2018 19,352,549 6,247,549 13,105,000 2019 20,621,978 5,636,978 14,985,000 2020 23,073,973 4,923,973 18,150,000 2021 24,036,102 4,096,102 19,940,000 2022 25,344,216 3,164,216 22,180,000 2023 22,728,399 2,188,399 20,540,000 2024 29,181,213 976,213 28,205,000 2025 5,121,875 121 875 5,000,000 TOTAL $ 239,276,950 $ 57,221,950 $ 182,055,000 $ $ 1,500,000 $ 50,000 $ 50,000 $ 535,000 $ 1,325,000 1,325,000 1,600,000 $ 535,000 $ 4,250,000 Balance outstanding at June 30, 2012 $ 194,610,000 $ 1,180,000 $ 1,500,000 Issued during the year ended June 30, 201 3 Retired during the year ended June 30, 2013 7,660,000 1,180,000 Defeased during the year ended, June 30, 2013 4,895,000 $ 2,580,000 2,530,000 $ 3,365,000 $ 4,350,000 465,000 100,000 2,365,000 Balance outstanding at June 30, 201 3 $ 182,0551000 $ $ 1,500,000 Interest paid during the year ended June 30, 201 3 $ 8,393,160 $ 29,500 $ 60,000 $ 50,000 $ 2,000 $ 535,000 $ 4,250,000 $ 30,002 $ 179,925 Interest rate 4.50 to 5.00% 2.00 to 4.50% Payment dates: Principal December 1 November 1 Interest June 1 and May 1 and December 1 November 1 Purpose of issue Refunding Refunding Original amount of issue $ 7WO,OOO $ 1,715,000 3.00 to 5.25% December 1 June 1 and December 1 Refunding and Building $ 50,365,000 2.00 to 5.25% 2.00 to 5.00% October 1 October 1 April 1 and April 1 and October 1 October 1 Building Refunding $ 28,730,000 $ 17,665,000 NOTE A - The principal amount of bonds outstanding for unit school districts in the State of Illinois is limited to 13.8% of the District's assessed valuation. Bonds outstanding at June 30, 2013, aggregated 6.50% of the 201 3 assessed valuation of $2,822,827,772 Based upon the 2012 assessed valuation, unused bonding power at June 30, 201 3, was $207,495,233. (Continued) -79-
BONDS PAYABLE BY YEAR OF PAYMENT JUNE 30, 2013 SEPTEMBER 1, APRIL 1, FEBRUARY 1, MARCH 31, MARCH 31, MAY 1, MAY 1, MAY 1, MAY 1, 2004 B 2005 2006 2006 A 2006 B 2009A 2009B 2009C 20090 $ $ 1,060,000 $ 355,000 $ $ 2,660,000 $ $ $ $ 1,300,000 1,195,000 2,985,000 2,450,000 1 '130,000 815,000 2,225,000 1,885,000 2,565,000 1,230,000 4,405,000 2,745,000 595,000 1,690,000 1,125,000 6,490,000 2,875,000 925,000 1,685,000 4,640,000 5,41 0,000 895,000 2,1 1 5,000 7,005,000 5,250,000 3,050,000 775,000 7,565,000 7,245,000 2,940,000 7,905,000 12,030,000 6,625,000 11,215,000 27,300,000 5,000.000 $ $ 10,750,000 $ 38,775,000 $ 41,645,000 $ 5,845,000 $ 6,740,000 $ 5,165,000 $ 7,120,000 $ 43,51 5,000 $ 1,500,000 $ 12,515,000 $ 39,120,000 $ 41,645,000 $ 7,100,000 $ 8,740,000 $ 5,165,000 $ 7,120,000 $ 43,51 5,000 1,500,000 1,765,000 345,000 1,255,000 $ $ 10,750,000 $ 38,775,000 $ 41,645,000 $ 5,845,000 $ 8,740,000 $ 5,165,000 $ 7,120,000 $ 43,51 5,000 $ 30,000 $ 581,625 $ 1,633,682 $ 1,893,187 $ 276,560 $ 400,497 $ 237,100 $ 348,165 $ 2,265,788 3.00 to 4.00% 5.00% 4.00 to 4.25% 3.75 to 5.00% 3.75 to 5.00% 4.15to 5.00% 4.00 to 5.00% 2.90 to 5.45% 4.87 to 5.25% October 1 November 1 November 1 October 1 October 1 October 1 October 1 October 1 October 1 April 1 and May 1 and May 1 and April 1 and April 1 and April 1 and April 1 and April 1 and April 1 and October 1 November 1 November 1 October 1 October 1 October 1 October 1 October 1 October 1 Refunding and Refunding Refunding Refunding Refunding Refunding and Refunding and Refunding Refunding and Working Cash and Building and Building Working Cash Working Cash Working Cash $ 5,585,000 $ 15,285 1 000 $ 41,665,000 $ 71,585,000 $ 9 1 060,000 $ 8,740,000 $ 5,165,000 $ 8,130,000 $ 43,515,000 (Continued) -80-
MAY 1, 2009E $ 1,925,000 1,690,000 $ MAY 9, 2012 240,000 2,070,000 2,190,000 2,245,000 2,700,000 905,000 $ 3,615,000 $ 10,350,000 $ 4,660,000 645,000 $ 10,555,000 205,000 $ 3,615,000 $ 129,736 $ 10,350,000 $ 295,391 2.00 to 3.25% 0.50 to 3.50% October 1 April 1 and October 1 Working Cash November 1 May 1 and November 1 Refunding and Building $ 6,045,000 $ 10,555,000 (Concluded) - 61 -
PRESENTATION OF FUNDS ON A TAX LEVY YEAR BASIS FOR THE YEAR ENDED JUNE 30, 2013 (-) (+) JULY 1, 2012 FY 12 JULY 1, 2012 2012-2013 FUND AUDIT BALANCE EARLY TAXES BALANCE REVENUES General $ 30,373,246 $ 48,796,183 $ (18,422,937) $ 153,741,146 Operations and Maintenance 12,753,882 5,189,305 7,564,577 11,037,328 Debt Service 10,425,126 8,159,312 2,265,814 16,398,141 Transportation (3,260, 171) 1,750,663 (5,010,834) 8,448,432 IMRF 1,046,789 1,492,466 (445,677) 3,326,667 Capital Projects 982,846 982,846 30 Totals $ 52,321,718 $ 65,387,929 $ 13,066,211) $ 192,951,744-82-
Tax Lev Year Basis (- ) NET OTHER (+) JUNE 30, 2013 2012-2013 FINANCING JUNE 30, 2013 FY 13 AUDIT EXPENDITURES SOURCES/{ USES} BALANCE EARLY TAXES BALANCE $ 152,155,926 $ $ (16,837,717) $ 50,582,251 $ 33,744,534 12,384,385 1,349,493 7,567,013 5,449,469 13,016,482 21,443,377 5,114,120 2,334,698 8,341,879 10,676,577 8,080,148 (4,642,550) 1,956,219 (2,686,331) 3,774,670 (893,680) 1,402,889 509,209 869,099 (22,876) 90,901 90,901 $ 198,707,605 $ 6,440,737 $ (12,381,335) $ 67,732,707 $ 55,351,372-83 -
GENERAL AND SPECIAL REVENUE FUNDS REVENUES BY SOURCE LAST TEN FISCAL YEARS 2004 2005 2006 Local sources: Property taxes $ 85,269,345 $ 87,739,587 $ 90,041,316 Replacement taxes 1,334,088 1,614,325 2,046,091 Tuition 331,924 310,733 224,192 Interest on investments 277,863 576,593 1,290,539 Other local revenue 5,680,880 6,328,997 5,850,483 Total local sources 92,894,100 96,570,235 99,452,621 State sources: General state aid 8,528,244 9,065,108 9,341,206 Other state aid 11,751,727 11,250,263 12,119,620 Total state sources 20,279,971 20,315,371 21,460,826 Federal sources: Restricted grants 5,704,498 5,163,186 6,697,573 Total federal sources 5,704,498 5,163,186 6,697,573 Total revenues $ 118,878,569 $ 122,048,792 $ 127,61 1,020 2007 $ 95,561,723 2,232,313 1,868,120 1,933,685 4,534,469 106,130,310 9,068,319 12,340,992 21,409,31 1 5,955,083 5,955,083 $ 133,494,704 Note: Excludes On-behalf payments. I Revenues by Source - Last Ten Fiscal Years J 180 160 140 120 (/) c 100.Q 80 60 40 20 0 2004 2005 2006 2007 2008 2009 201 0 2011 201 2 201 3 Local Sources state Sources DFederal Sources SOURCE OF INFORMATION: 2004-2013 financial statements -84-
2008 2009 2010 2011 2012 201 3 $ 99,01 9,624 $ 103,438,681 $ 106,673,435 2,387,176 2,088,229 1,689,362 1,826,644 1,839,884 1,777,035 1,634,383 751,598 129,701 4,320,830 4,634,886 4,531,904 $ 1 09,910,166 $ 114,253,752 $ 117,075,815 2,190,795 2,015,376 2,059,198 1,987,946 2,257,463 2,525,160 111,257 81 '175 98,839 3,924,304 4,11 8,727 4,028,804 1 09,188,657 112,753,278 1 14,801,437 118,124,468 122,726,493 125,787,816 9,636,410 7,028,450 6,191,301 13,544,472 13,989,069 8,643,002 6,558,772 6,439,609 6,320,387 11 '150,208 25,789,591 13,336,044 23,1 80,882 21,017,519 14,834,303 17,708,980 32,229,200 19,656,431 6,357,884 8,799,625 8,820,957 9,284,783 6,706,798 8,660,570 6,357,884 8,799,625 8,820,957 9,284,783 6,706,798 8,660,570 $ 138,727,423 $ 142,570,422 $ 138,456,697 $ 145,11 8,231 $ 161,662,491 $ 154,104,81 7 Composition of Revenues 2004 Composition of Revenues 2013 State Sources 17.1 Federal Sources 4.8% State Sources 12.8% Federal Sources 5.6% Sources 78.1% Local Sources 81.6% -85-
EXPENDITURES BY OBJECT - EDUCATIONAL, OPERATIONS & MAINTENANCE, TRANSPORTATION AND IMRF FUNDS LAST TEN FISCAL YEARS 2004 2005 2006 Educational and Operations & Maintenance Funds Salaries and employee benefits $ 90,231,404 $ 91,922,616 $ 95,244,980 Purchased services and supplies 15,623,288 16,104,493 17,012,383 Tuition 4,273,808 4,367,321 4,505,840 All other expenditures 2,174,372 2,207,228 1,349,568 Total 112,302,872 114,601,658 118,112,771 Transportation and IMRF funds Salaries and employee benefits 2,782,888 2,961,824 3,112,108 Purchased services and supplies 6,486,685 6,642,715 6,579,119 All other expenditures 91,479 271,894 425,461 Total 9,361,052 9,876,433 10,11 6,688 Total expenditures $ 121,663,924 $ 124,478,091 $ 128,229,459 2007 $ 102,346,950 16,802,127 4,81 1,291 2,358,410 126,318,778 3,300,037 6,860,841 448,303 10,609,181 $ 136,927,959 Note: Excludes On-behalf payments I Expenditures by Object - Last Ten Fiscal Years J 1/) c.q 2004 2005 2006 2007 2008 2009 2010 201 1 201 2 201 3 salaries & Benefits services & Supplies DTuition All Other SOURCE OF INFORMATION: 2004-2013 Financial Statements -86-
2008 2009 2010 201 1 2012 2013 $ 106,800,046 $ 113,559,473 $ 114,029,167 16,864,796 19,067,184 17,369,075 5,154,253 5,062,367 4,890,334 1,508,131 1,342,529 1,320,603 $ 109,640,331 $ 112,184,267 $ 114,304,725 15,708,670 17,609,561 17,851,367 4,691,197 4,657,290 5,145,445 2,054,415 4,556,783 2,627,807 130,327,226 1 39,031,553 137,609,179 132,094,613 139,007,901 139,929,344 3,414,106 3,508,209 3,537,810 7,290,309 7,423,677 7,214,015 769,761 141,470 246,348 3,508,155 3,751,873 3,885,469 7,199,279 7,357,463 7,594,325 335,706 392,605 375,024 11,474,176 11,073,356 10,998,173 11,043,140 11,501,941 11,854,818 $ 141,801,402 $ 150,1 04,909 $ 148,607,352 $ 143,137,753 $ 150,509,842 $ 151,784,162 Composition of Expenditures 2004 Composition of Expenditures 2013 Services & Supplies 18.2% Tuition 3.5% All Other Services & Supplies 16.8% All Other 2.0% Salaries & Benefits 76.5% Salaries & Benefits 77.9% - 87 -