2011-12 End of Year Report & 2012-13 Tentative Budget Presentation August 21, 2012
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Transcript of 2011-12 End of Year Report & 2012-13 Tentative Budget Presentation August 21, 2012
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2011-12 End of Year Report
&2012-13 Tentative Budget
PresentationAugust 21, 2012
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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
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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
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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
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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
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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
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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
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2009 TIF receiptsUnbudgeted prior year property taxesIncreased Corporate Personal Property TaxesIncreased local revenuesSignificantly more state revenue due
conservatively budgeted amounts
Reasons for Increased Revenue
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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
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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
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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
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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
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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
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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
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2012-13 Tentative Budget
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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
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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
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74.88%
17.17%
3.56%4.39%
TOTAL 2012-13 REVENUES - By Source
LocalState FederalDSEB Borrowing
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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
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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
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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
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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
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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
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Questions and Comments