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 $ 2,356,100

Working 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 $ 2,356,100

Working 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 $8,055,058

Tort $ 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 $8,055,058

Tort $ 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= $77,801,288

Amended budget= $79,924,054

Unaudited actual= $81,278,024

Difference between adopted/amended= $2,122,766

Difference between amended/actual= $1,353,970

Difference between adopted/actual= $3,476,736

Comparison—Adopted/Amended Budget to Unaudited Actual Received

Non-Operating Funds:

Adopted budget= $8,278,935

Amended budget= $8,320,598

Unaudited actual= $8,278,383

Difference between adopted/amended=$41,663

Difference between amended/actual=$42,215

Difference 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 $56,616,152

Operations & Mtns $ 6,186,432 $ 5,554,248

Transportation $ 3,201,335 $ 2,858,844

IMRF/Social Security $ 2,029,592 $ 1,991,612

Tort $ 256,184 $ 256,184

Working 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 $56,616,152

Operations & Mtns $ 6,186,432 $ 5,554,248

Transportation $ 3,201,335 $ 2,858,844

IMRF/Social Security $ 2,029,592 $ 1,991,612

Tort $ 256,184 $ 256,184

Working 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 $ 3,248,880

Debt Service $ 8,239,210 $ 7,518,975

Life/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 $ 3,248,880

Debt Service $ 8,239,210 $ 7,518,975

Life/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= $69,291,314

Amended budget= $69,638,291

Unaudited actual= $67,277,040

Difference between adopted/amended= $ 346,977

Difference between amended/actual= $2,361,251

Difference 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 $59,481,314

Operations & Mtns $ 5,954,423 $ 6,225,096

Transportation $ 3,635,093 $ 3,085,312

IMRF/Social Security $ 2,283,230 $ 2,217,300

Working 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 Expenditures

Capital Projects $ 76,150 $3,496,295

Debt Service $ 7,723,181 $8,274,095

Tort $ 0 $ 0

Life/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