Managing Illinois School Finance: Insights and Strategies
Explore the key financial responsibilities of the Board of Education, the school district budget process, revenue sources, expenditure breakdown, enrollment forecasts, operating expenses per pupil, and managing current debt for facility renovations in District 41. Gain valuable insights into the financial dynamics affecting educational institutions in Illinois.
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Presentation Transcript
Illinois School Finance PRESENTED BY: REBECCA ALLARD INTERIM ASSISTANT SUPERINTENDENT FINANCE, FACILITIES AND OPERATIONS MARCH 17, 2016
Board of Education Financial Responsibilities The Board is the voice of the community Establish the outcomes and priorities that are reflected in the budget Communicate to the community that budget reflects its expectations
School District Budget Process Budget process is governed by the Illinois School Code The budget is comprised of revenues and expenditures in a format defined by the Illinois State Board of Education (ISBE)
All Financial Decisions Are Approved By The BOARD OF EDUCATION Committees Make Recommendations
Forward Thinking WHAT IS THE CURRENT STATUS OF DISTRICT 41 S FINANCIAL POSITION
Enrollment Forecast5 Analytics, Inc. 3/2/2016
FY 16 Revenue Source by Detail Other Local 5.2%General State Aid 2.6% Other State 4.5% Federal 1.8% Flow-Through 0.0% Property Taxes 86.0%
FY 2016 Expenditures by Object Supplies & Materials 5.1% Capital Outlay 2.5% Purchased Services 13.2% Other Objects 4.7% Other Expenses 0.0% Benefits 10.0% Salaries 64.4%
Base Case Forecast5 Analytics, Inc. 3/2/2016
Operating Expense per Pupil Source of Information:ISBE AFR Forecast5 Analytics, Inc. 3/2/2016
Current Debt HOW DOES A DISTRICT FINANCE FACILITY RENOVATIONS
Outstanding Debt Referendum Debt Debt Service Fund 2004 General Obligation Refunding Bonds final payment 2/1/2017 1998 General Obligation Capital Appreciation Bonds final payment 2/1/2018 Final tax year 2016 2014 tax rate $0.25 per $100 of Equalized Assessed Value (EAV) Non-Referendum Debt O & M Fund 2014 Debt Certificates ($7,000,000 15-year term) Average Annual Payments ($625,000)
Other Debt Issuance Options The District can issue bonds without a referendum to fund capital projects, if the debt service payments fit within the Debt Service Extension Base . Current amount available is approximately $6 million (20 year repayment schedule) The types of limited bonds are: Working Cash Fund Bonds Can be used for capital or operating purposes Requires a petition period and a public hearing Life Safety Bonds Funding Bonds Proceeds must be used for life safety projects only Requires a public hearing Can be used to refund debt obligations such as leases or debt certificates Requires a public hearing
