Update on 2016-2017 Fiscal Year State Funding
As of June 30, 2017, the District’s fiscal year-end, the District was owed over $2.5 million from the State of Illinois.
- Special Education – Private Facility Tuition $179,038.80
- Special Education – Extraordinary $459,009.08
- Special Education – Personnel $561,383.76
- Special Education – Orphanage $775.00
- Special Education – Summer School $10,090.73
- Agriculture Education $2,448.00
- Bilingual Education $7,731.00
- State Free Lunch and Breakfast $4,021.13
- Driver Education $25,326.47
- Regular Transportation $552,417.94
- Special Education Transportation $535,417.28
- Early Childhood Block Grant $166,306.00
- Orphanage Tuition - 18.3 $2,375.00
- TOTAL AMOUNT DUE $2,536,340.19
Prior to June 30, the District received approximately $1.2 million from the State for payment of the second quarter (December 2016) Special Education and Transportation categoricals.
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None of these payments impacted the Tax Anticipation Warrant borrowing that occurred in the Education and Transportation Funds prior to the end of the fiscal year. The District borrowed $4 million in the Education Fund and $1 million in the Transportation Fund to pay expenditures to complete the 2016-2017 school year.
Preliminary 2016-2017 Fiscal Year-End Results
Preliminary fiscal year-end results for the 2016-2017 school year were presented to the Finance Committee at its July 17, 2017, meeting. It is expected that the final audit will be presented to the Finance Committee and full Board on Monday, September 25, 2017.
In September 2016, the Board of Education approved the 2016-2017 budget which included a shortfall in the Education Fund of approximately $2.7 million, increasing the total Education Fund operating deficit (negative fund balance) to over $6.7 million.
The District has been diligently reviewing all Education Fund expenditures throughout the year and expects the final total operating deficit (negative fund balance) in the Education Fund to be approximately $5.2 million.
While this is a significant improvement over the original budget, the District still expended nearly $2 million more than collected revenues after the transfer of almost $627,000 in working cash tax receipts. As with this past year, the District enters the 2017-2018 school year with no cash reserves and is facing an approximate $2.5 million budget deficit.
The District expects the Education Fund operating debt (negative fund balance) to increase to over $7.5 million by the end of the 2017-2018 fiscal year.
The impact of the passage of the $0.55 tax increase in the Education Fund will not be realized until the beginning of the 2018-2019 school year.
