2013-14 End of Year Report&

2014-15 Preliminary BudgetPresentationJune 24, 2014

Operating Funds:

2013-14 Unaudited

Budget Actual

Education Fund $62,768,630 $62,430,544

Operations & Mtns $ 6,234,941 $ 5,492,592

Transportation $ 3,192,742 $ 3,092,384

IMRF/Social Security $ 2,512,746 $ 2,393,380

Working Cash Fund $ 3,116,000 $ 3,117,966

Total - Operating Funds $77,825,059 $76,526,866

2013-14 Revenues Budget Compared to Unaudited Actual (as of 6/18/14)

Non-Operating Funds:

2013-14 Unaudited

Budgeted Actual

Capital Projects $ 336,300 $ 398,080

Debt Service $8,150,003 $7,875,079

Tort $ 0 $ 0

Life/Fire/Safety $ 0 $ $261

Total

Non-Operating Funds $8,486,303 $8,273,420

2013-14 Revenues Amended Budget Compared to Unaudited Actual

2013-14 Unaudited

Budget Actual

Operating Funds $76,960,803 $75,622,871

Non-Operating Funds $ 8,486,303 $ 8,273,420

Total – All Funds $86,311,362 $84,800,286

Operating revenues = 98.26%

Non-Operating revenues = 97.49%

Overall un-receipted = $1,511,075

Total un-receipted = 1.75%

2013-14 Revenues - Budget Compared to Unaudited Actual

Remaining General State Aid Payment ($416,656)

Other State Receipts ($60,499 - Education & Transportation)

Remaining Federal Payments ($164,330)Additional Tax Receipts ($922,960)

Reasons for Unreceipted Revenues2013-14

Operating Funds:

2013-14 Unaudited

Budget Actual

Education Fund $63,251,295 $61,194,724

Operations & Mtns $ 6,147,234 $ 6,267,235

Transportation $ 3,239,277 $ 3,200,672

IMRF/Social Security $ 2,248,250 $ 2,240,930

Working Cash Fund $ 0 $ 0

Total - Operating Funds $74,886,056 $72,903,561

2013-14 Expenditures Budget Compared to Unaudited Actual

Non-Operating Funds:

2013-14 Unaudited

Budget Actual

Capital Projects $ 5,103,376 $ 5,332,244

Debt Service $ 8,660,789 $ 8,601,778

Life/Fire/Safety $ 0 $ 0

Total

Non-Operating Funds $13,764,165 $13,934,022

2013-14 Expenditures Budget Compared to Unaudited Actual

2013-14 Unaudited

Budget Actual

Operating Funds $74,886,056 $72,903,561

Non-Operating Funds $13,764,165 $13,934,022

Total $88,650,221 $86,837,583

Operating Expenditures = 97.35%

Non-Operating Expenditures = 101.23%

Difference between budget/actual = - $1,812,638

or under-expended by 2.04%

Comparison—2013-14 Budget to Unaudited Actual Received

Education fund under-spent: Salaries ($886,033) Fringe Benefits ($537,314) Purchased services ($526,563) Supplies, Materials ($174,148) Capital Outlay ($524,751) Other (36,327) Tuition ($446,221) Total: $2,056,571 or 3.25% of Education FundOperations/Maintenance fund over-spent: Salaries ($197,230) Purchased Services ($288,863) Supplies, Materials ($224,336) Total: $120,001 or 1.95% of O & M Fund

Transportation fund under-spent: Purchased services ($38,605)

IMRF/Social Security Fund under-spent: Benefits - ($7,320)

Reasons for 2013-14 Under Expenditures

2014-15 Tentative Budget

Operating Funds:

Revenues Expenditures

Education Fund $63,701,560 $66,650,534

Operations & Mtns $ 5,998,888 $ 6,482,860

Transportation $ 3,037,322 $ 3,335,511

IMRF/Social Security $ 2,386,767 $ 2,389,520

Working Cash Fund $ 1,066,000 $ -0-___

Total - Operating Funds $76,190,537 $78,858,425

2014-15 Proposed Revenues and Expenditures

Non-Operating Funds:

Revenues Expenditures

Capital Projects $ -0- $ 5,117,961

Debt Service $ 8,158,075 $ 8,596,474

Life/Fire/Safety $ -0- $ -0-

Total

Non-Operating Funds $ 8,158,075 $13,714,435

2014-15 Proposed Revenues and Expenditures

2014-15 Revenues 2014-15 Expenditures

Operating Funds $76,190,537 $78,858,425Non-Operating Funds $ 8,158,075 $13,714,435

Total $84,348,612 $92,572,860

2014-15 Total Revenues & Expenditures

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

Collection of 45% property taxes in September (actual adopted levy with increased 1.5% CPI)

TIF receiptsFlat federal revenueGSA (General State Aid) at 89%All other state revenue at 95%

2014-15Revenue Assumptions

Inclusion of all collective bargaining agreements10 new staffing positions ($700,000)6% increase in health insurance costs2.5% increase (Purchased Services & Supplies &

Materials)Constant - TuitionNew initiatives -- $ 1,343,500

Alio Conversion - $120,000 District Reorganization - $611,000 Rosetta Stone (Foreign Language Program) - $132,000 Math Textbook Adoption - $405,000 HR Software -- $25,500 UIC Math Consultant - $50,000

2013-14 Expenditure Assumptions

2013-14 Operating funds revenues = under received by 1.75% 2013-14 Operating funds expenditures = under-spent by 2.04%

2014-15 Operating Funds – Revenues = greater than Referendum Target – will verify all state revenues with Steve Miller

2014-15 Operating Funds – Expenditures – over Referendum Target (inclusive of 1.25% decrease in expenditure growth)

Referendum Target enrollment = 5,672 and OEPP = $13,548.78 Actual 2013-14 Enrollment = 5,969 x $13,548.78 = Potential expenditures

of$80,710,587

Proposed Operating Expenditures = $78,858,425

Operations & Mtns Fund – Projected 6/30/15 Year End - ($811,135) Capital Projects Fund – Projected 6/30/15 Year End – ($1,873,818)

.

Observations

July 22, 2014—Adoption of tentative 2014-15 budget

August 19, 2014 —Update &continued discussion of 2014-15 budget

September 9, 2014—Public Hearing of 2014-15 budget

September 23, 2014 – Adoption of 2014-15 Budget & submission to Illinois State Board of Education (ISBE)

Next Steps

Questions and Comments