2011-12 End of Year Report

&2012-13 Tentative Budget

PresentationAugust 21, 2012

Operating Funds: Adopted Budget Actual

Education Fund $61,352,117 $64,216,580 Operations & Mtns $ 6,093,865 $ 5,752,940 Transportation $ 2,702,411 $ 3,743,638 IMRF/Social Security $ 2,430,895 $ 2,356,100Working Cash Fund $ 5,222,000 $ 5,208,766

Total - Operating Funds $77,801,288 $81,278,024

2011-12 Revenues Adopted Budget Compared to Unaudited Actual

Operating Funds: Amended Budget Actual

Education Fund $63,224,165 $64,216,580 Operations & Mtns $ 6,093,865 $ 5,752,940 Transportation $ 2,953,129 $ 3,743,638 IMRF/Social Security $ 2,430,895 $ 2,356,100Working Cash Fund $ 5,222,000 $ 5,208,766

Total - Operating Funds $79,924,054 $81,278,024

2011-12 Revenues Amended Budget Compared to Unaudited Actual

Non-Operating Funds: Adopted Budgeted Actual

Capital Projects $ 186,000 $ 223,232 Debt Service $8,092,435 $8,055,058Tort $ 0 $ 0 Life/Fire/Safety $ 500 $ 93

Total Non-Operating Funds $8,278,935 $8,278,383

2011-12 Revenues Adopted Budget Compared to Unaudited Actual

Non-Operating Funds: Amended Budget Actual

Capital Projects $ 227,663 $ 223,232 Debt Service $8,092,435 $8,055,058Tort $ 0 $ 0 Life/Fire/Safety $ 500 $ 93

Total Non-Operating Funds $8,320,598 $8,278,383

2011-12 Revenues Amended Budget Compared to Unaudited Actual

Operating Funds:

Adopted budget=$77,801,288Amended budget= $79,924,054Unaudited actual= $81,278,024

Difference between adopted/amended= $2,122,766Difference between amended/actual= $1,353,970Difference between adopted/actual= $3,476,736

Comparison—Adopted/Amended Budget to Unaudited Actual Received

Non-Operating Funds:

Adopted budget= $8,278,935Amended budget= $8,320,598Unaudited actual= $8,278,383

Difference between adopted/amended=$41,663Difference between amended/actual=$42,215Difference between adopted/actual=$552

Comparison—Amended Budget to Unaudited Actual Received

2009 TIF receiptsUnbudgeted prior year property taxesIncreased Corporate Personal Property TaxesIncreased local revenuesSignificantly more state revenue due

conservatively budgeted amounts

Reasons for Increased Revenue

Operating Funds: Adopted Budget Actual

Education Fund $57,617,771 $56,616,152Operations & Mtns $ 6,186,432 $ 5,554,248Transportation $ 3,201,335 $ 2,858,844 IMRF/Social Security $ 2,029,592 $ 1,991,612Tort $ 256,184 $ 256,184Working Cash Fund $ 0 $ 0

Total - Operating Funds $69,291,314 $67,277,040

2011-12 ExpendituresAdopted Budget Compared to Unaudited Actual

Operating Funds: Amended Budget Actual

Education Fund $57,964,748 $56,616,152Operations & Mtns $ 6,186,432 $ 5,554,248Transportation $ 3,201,335 $ 2,858,844 IMRF/Social Security $ 2,029,592 $ 1,991,612Tort $ 256,184 $ 256,184Working Cash Fund $ 0 $ 0

Total - Operating Funds $69,638,291 $67,277,040

2011-12 ExpendituresAmended Budget Compared to Unaudited Actual

Non-Operating Funds: Adopted Budget Actual

Capital Projects $ 3,223,988 $ 3,248,880Debt Service $ 8,239,210 $ 7,518,975Life/Fire/Safety $ 0 $ 0

Total Non-Operating Funds $11,463,198 $10,767,855

2011-12 Expenditures Adopted Budget Compared to Unaudited

Actual

Non-Operating Funds: Amended Budget Actual

Capital Projects $ 3,223,988 $ 3,248,880Debt Service $ 8,239,210 $ 7,518,975Life/Fire/Safety $ 0 $ 0

Total Non-Operating Funds $11,463,198 $10,767,855

2011-12 Expenditures Amended Budget Compared to Unaudited

Actual

Operating Funds:

Adopted budget=$69,291,314Amended budget= $69,638,291Unaudited actual= $67,277,040

Difference between adopted/amended= $ 346,977Difference between amended/actual= $2,361,251Difference between adopted/actual= $2,014,274

Comparison—Adopted/Amended Budget to Unaudited Actual Spent

Education fund underspent: Purchased services Supplies, Materials Capital Outlay Dues/Fees Tuition Total: $1,546,449

Operations/Maintenance fund underspent: Purchased services Supplies, Materials Capital Outlay Total: $632,184

Transportation fund underspent: Purchased services Total: $342,491

IMRF/Social Security Fund underspent:Benefits Total: $37,959

Reasons for Under Expenditures

2012-13 Tentative Budget

Operating Funds:Revenues Expenditures

Education Fund $60,775,596 $59,481,314Operations & Mtns $ 5,954,423 $ 6,225,096Transportation $ 3,635,093 $ 3,085,312IMRF/Social Security $ 2,283,230 $ 2,217,300Working Cash Fund $ 3,691,584 $ 0

Total - Operating Funds $76,339,926 $71,009,022

2012-13 Proposed Revenues and Expenditures

Non-Operating Funds:

Revenues ExpendituresCapital Projects $ 76,150 $3,496,295Debt Service $ 7,723,181 $8,274,095Tort $ 0 $ 0Life/Fire/Safety $ 150 $ 0

Total Non-Operating Funds $ 7,799,481 $11,770,390

2012-13 Proposed Revenues and Expenditures

74.88%

17.17%

3.56%4.39%

TOTAL 2012-13 REVENUES - By Source

LocalState FederalDSEB Borrowing

56.87%

10.21%

9.48%

4.71%

5.09%

0.26%

3.38%

10.00%

2012-13 Total Expenditures-By Object

SalariesBenefitsPurchased ServicesSupplies & MaterialsCapital OutlayDues & FeesTuitionDebt Service

Collection of 55% property taxes in March (prior year extension)

Collection of 45% property taxes in September (actual adopted levy with increased CPI and EAV)

TIF receiptsFlat federal revenueGSA (General State Aid) at 89%PreSchool Grant at 92%All other state revenue at 95% less FY2012 due

2012-13 Revenue Assumptions

Inclusion of all collective bargaining agreements

33% increase in health insurance costsData coaches added/tech integrationists

eliminatedIB/ Common CoreReferendum vision components (foreign

language, music, art, technology, physical education and math)

2012-13 Expenditure Assumptions

Operating fund revenues= $76,339,926Operating fund expenditures= $71,009,022Operating fund expenditures of $71,009,022 compared to

unaudited 2011-12 operating expenditures of $66,843,024. This represents an increase of 6.23%.

The 2012-13 budget (operating and non-operating) demonstrates revenues at $84,139,407 and expenditures at $83,002,488.

Total 2012-13 expenditures = $83,002,488 compared to 2011-12 unaudited $78,540,916 which represents an increase of 5.68%

One final observation…While we ended 2011-12 with over receipted operating revenues

and under expended our operating funds, this should be viewed extremely cautiously given the uncertainty of the pension reform conversations at the state level as well as continued diminishing

state receipts.

Observations

August 21, 2012—adoption of tentative 2012-13 budget

September 11, 2012—public comment on 2012-13 budget and continued discussion by board of education

September 27, 2012Public hearing on 2012-13 budgetAdoption of 2012-13 budget

Submission to Illinois State Board of Education (ISBE)

Next Steps

Questions and Comments