Niles Township High School District 219 Skokie, Illinois
Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2014
Niles Township High School District 219 Skokie, Illinois
Comprehensive Annual Financial Report
Fiscal Year Ended June 30, 2014
Officials Issuing Report Eric Trimberger Nikita Johnson-White
Assistant Superintendent for Business/CSBO Director of Fiscal Management
Department Issuing Report Business Office
Niles Township High School District 219 COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended June 30, 2014 TABLE OF CONTENTS
Page TABLE OF CONTENTS
i-iii
INTRODUCTORY SECTION Organizational Chart Officers and Officials Transmittal Letter Association of School Business Officials International-Certificate of Excellence Certificate of Achievement for Excellence in Financial Reporting FINANCIAL SECTION Independent Auditors' Report Management's Discussion and Analysis Basic Financial Statements Government-wide Financial Statements Statement of Net Position - Governmental Activities Statement of Activities Fund Financial Statements Balance Sheet - Governmental Funds Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities Fiduciary Funds - Statement of Fiduciary Net Position Fiduciary Funds - Private Purpose Trust Fund - Statement of Changes in Fiduciary Net Position Notes to the Financial Statements
iv v vi - x xi xii
1-4 5 - 15
16 17 18 - 19 20 21 - 22
23 24 25 26 - 60
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Niles Township High School District 219 COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended June 30, 2014 TABLE OF CONTENTS
Page FINANCIAL SECTION (Continued) Required Supplementary Information (Unaudited) Schedule of Funding Progress - Illinois Municipal Retirement Fund Schedule of Funding Progress - Other Postemployment Benefits Schedule of Revenues, Expenditures, and Changes in Fund Balances Budget and Actual - General Fund Schedule of Revenues, Expenditures, and Changes in Fund Balances Budget and Actual - Operations and Maintenance Fund Schedule of Revenues, Expenditures, and Changes in Fund Balances Budget and Actual - Transportation Fund Schedule of Revenues, Expenditures, and Changes in Fund Balances Budget and Actual - Municipal Retirement/Social Security Fund Notes to the Required Supplementary Information Other Supplementary Financial Information General Fund Combining Balance Sheet Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances Individual Fund Schedules Schedule of Revenues, Expenditures, and Changes in Fund Balances Budget and Actual - Debt Service Fund Schedule of Revenues, Expenditures, and Changes in Fund Balances Budget and Actual - Capital Projects Fund Schedule of Revenues, Expenditures, and Changes in Fund Balances Budget and Actual - Fire Prevention and Safety Fund Schedule of Changes in Assets and Liabilities - Agency Fund - Student Activity Funds Schedule of General Obligation Bonds
61 62 63 - 76 77 - 79 80 - 81 82 - 84 85
86 87
88 - 89 90 91 92 93 - 96
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Niles Township High School District 219 COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended June 30, 2014 TABLE OF CONTENTS
Page STATISTICAL SECTION (Unaudited) Statistical Section Contents Net Position - Last Ten Fiscal Years Changes In Net Position - Last Ten Fiscal Years Fund Balances - Governmental Funds - Last Ten Fiscal Years Governmental Funds Revenues - Last Ten Fiscal Years Governmental Funds Expenditures and Debt Service Ratio - Last Ten Fiscal Years Government-Wide Revenues - Last Ten Fiscal Years Property Tax Rates - Levies and Collections - Last Ten Tax Levy Years Equalized Assessed Valuation and Estimated Actual Value of Taxable Property - Last Ten Levy Years Property Tax Rates - Direct and Overlapping Governments - Last Ten Tax Levy Years Major Categories of Equalized Assessed Valuation Direct and Overlapping General Obligation Bonded Debt Legal Debt Margin - Last Ten Fiscal Years Ratio of Net General Bonded Debt to Assessed Value and Net General Bonded Debt per Capita - Last Ten Fiscal Years Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Expenditures - Last Ten Fiscal Years Ratio of Outstanding Debt by Type - Last Ten Fiscal Years Principal Taxpayers in the District - Current Tax Year and Six Years Ago Principal Employers - Current Year and Six Years Ago Demographic and Economic Statistics - Last Ten Years School Building Information - Last Ten Fiscal Years Number of Employees by Function - Last Ten Fiscal Years Operating Indicators by Function - Last Eight Fiscal Years District History Schedule of Insurance in Force Operating Expenditures Per Student
97 98 - 99 100 - 101 102 -103 104 - 105 106 - 107 108 - 109 110 - 111 112 113 114 - 115 116 117 - 118 119 120 121 122 123 124 125 - 126 127 - 130 131 - 132 133 - 136 137 - 139 140
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INTRODUCTORY SECTION
Niles Township High School District 219
General School Administration Organizational Chart
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Niles Township High School District 219 7700 Gross Point Road Skokie, Illinois 60077 Comprehensive Annual Financial Report Officers and Officials Fiscal Year Ended June 30, 2014 Board of Education Term Expires Robert Silverman Sheri Doniger Carlton Evans Ruth Klint Jeffrey Greenspan David Ko Eileen Valfer
President Vice President Secretary Secretary Pro Tem Member Member Member
2017 2015 2015 2017 2015 2015 2015
Township School Treasurer Martin Paltzer District Administration Dr. Nanciann Gatta Eric Trimberger
Superintendent Assistant Superintendent for Business/CSBO (Effective May, 2014) Officials Issuing Report
Eric Trimberger Dr. Nikita Johnson-White
Assistant Superintendent for Business/CSBO Director of Fiscal Management Principals
Dr. Ryan McTague Dr. Jason Ness
Niles North Niles West Department Issuing Report Business Office
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December 12, 2014 President and Members of the Board of Education, and Citizens of
Niles Township High School District 219 Skokie, Illinois Dear Members of the Board: The Illinois State Board of Education and State Statutes require that every school district issue a complete set of audited financial statements. This report is published to fulfill that requirement for fiscal year ended June 30, 2014. The Comprehensive Annual Financial Report (CAFR) of Niles Township High School District 219 (District), Skokie, Illinois, for the fiscal year ended June 30, 2014, is submitted herewith. The audit field work was completed and the report was subsequently issued. Management assumes full responsibility for the completeness and reliability of the information contained in this report, based on a comprehensive framework of internal control that has been established for this purpose. Because the cost of internal control should not exceed anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatements. Miller, Cooper & Co., Ltd., Certified Public Accountants, have issued an unmodified (“clean”) opinion on the Niles Township High School District 219’s basic financial statements, for the year ended June 30, 2014. The independent auditors’ report is located at the front of the financial section of this report. The management’s discussion and analysis (MD&A) immediately follows the independent auditors’ report and provides a narrative introduction, overview and analysis of the basic financial statements. The MD&A complements this letter of transmittal and should be read in conjunction with it.
Profile of the District Niles Township High School District 219, located approximately thirteen miles north of downtown Chicago, Illinois, is a high school district (grades 9 – 12) in Skokie, Illinois, which operates as an independent single district. The District serves approximately 4,800 students in two high schools (Niles North and Niles West) as well as in Niles Central School, which is housed in the same building as the central administrative offices.
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The governing body consists of a seven-member Board of Education elected from within the Niles Township boundaries and serve four-year terms. Based on the legislative authority codified in The School Code of Illinois, the Board of Education has the following powers: a. has the corporate power to sue and be sued in all courts, b. has the power to levy and collect taxes and to issue bonds, c. can contract for appointed administrators, teachers, and other personnel, as well as for goods and services. The Board of Education appoints a superintendent who, in turn, recommends to the Board of Education the appointment of the remaining administrative team. An organizational chart is provided in the Introductory Section of the CAFR. District 219 serves students of the Villages of Skokie, Lincolnwood, Morton Grove, and Niles and offers its diverse student population a broad cross-section of courses and opportunities tailored to the needs of every student. Over 250 courses are available for students including advanced placement, honors, Science, Technology, Engineering, and Mathematics (STEM) inquiry and research, Project Lead the Way (engineering program), fine arts, comprehensive English Language Learner (ELL) services, and a topnotch special education program. We also encourage student involvement in extracurricular activities, athletics and clubs. There are more than 20 competitive sports and 100 clubs for our students to join. The District is required to adopt an annual budget for all its governmental funds by September 30 of each year. The annual budget serves as a foundation for financial planning and control. The budget is prepared by fund, function (e.g., instruction, support services), location, program, and object (e.g., salaries, employee benefits). The Board of Education approves the hiring of employees, awarding of bids, and payments to vendors at its regular meetings throughout the year.
Local Economy Niles Township is in Cook County, Illinois. The majority of Niles Township is composed of the Villages of Skokie, Lincolnwood, Morton Grove, and Niles. The major industries include retail stores, medical centers, manufacturers, and distributors. Over the past ten years, there has been a shift of the property tax burden from industrial and commercial taxpayers to residential taxpayers. In 2003 the residential burden was 47% while the industrial and commercial share was 53%. However, in 2013 the residential burden increased to 54%, and the industrial and commercial share decreased to 46%. The July 2014 Cook County unemployment rate was approximately 7.2%. The state and national unemployment rates for the same period were 7.0% and 6.5%, respectively. In February 1995, the Illinois General Assembly passed tax cap legislation (P.L. 89-1) for Cook County making it retroactive to the 1994 tax year. This legislation, known as the Property Tax Extension Limitation Law Act, controls the District’s ability to generate property tax revenues. In addition to P.L. 89-1, the Illinois General Assembly amended Article 20, which limits the amount of debt service taxes a district can generate through the sale of non-referendum bonds to the district’s 1994 aggregate nonreferendum debt service amount. For District 219, this limit is $239,061,847. The available legal debt margin is $83,133,525. In order for a district to increase its property tax rates, a referendum question would need to be put to the voters. In March 2004, the voters of Niles Township High School District 219 approved a referendum increasing the Educational property tax rate by 23 cents from 1.2991 to 1.5291. -vii-
For information regarding the District’s financial position and respective changes in financial position, please read the Management’s Discussion and Analysis on pages 5 – 15.
Long-Term Financial Planning District finances are monitored through such means as monthly financial reports to the Board of Education, the annual budget process, and long-term financial projections. The Superintendent holds a series of Town Hall meetings each year. One of these Town Hall meetings is dedicated solely to the financial health and operations of the District. All District constituents, including parents, local governmental officials, business owners, community members, administration, and teachers, are invited and encouraged to attend.
Relevant Financial Policies Budget planning begins no later than March by adopting a proposed budget calendar. The proposed budget shall be available for public inspection and comment at least 30 days before the budget hearing. Within 30 days of adoption, the budget needs to be filed with the Cook County Clerk’s office and filed electronically with the Illinois State Board of Education (ISBE). Also, the adopted budget shall be posted on the District’s website. The Board of Education may amend the budget by following the same procedure as provided for in the original adoption. The Board of Education shall act on all expenditures, interfund loans and transfers, and transfers within funds in excess of 10 percent of the total fund. The Township Treasurer serves as the Chief Investment Officer. The Township Treasurer invests money that is not required for current operations, in accordance with Board policy and state law. See the Notes to the Financial Statements for additional information on cash and investments. The certificate of property tax levy is to be filed with the Cook County Clerk’s office by the last Tuesday in December. The District annually publishes a statement of affairs regarding its financial position by December 1 each year.
Major Initiatives On March 10, 2014, the Board of Education approved a new strategic plan, “Showing the Nation that Public Schools Work”. The Board adopted the mission statement of “The purpose of District 219 is to provide an equitable, student-focused learning environment where every student graduates prepared and ready for college.” This mission statement is the basis for improvements made to the curriculum and other student programs. In addition, five values were also established: Values: • All individuals are able to exceed expectations. • All students have the right to ambitious instruction and a rigorous education. • We embrace diversity and will work to eliminate the racial predictability of student achievement.
• •
We are committed to employing professional staff members who are culturally competent, reflective of our student body and qualified to advance district initiatives. We pledge to meet these commitments in the most financially efficient manner. -viii-
SUMMARY OF BOARD OF EDUCATION’S FIVE YEAR STRATEGIC PLAN 1. CHALLENGE: Use ambitious culturally relevant instruction, teacher collaboration and effective leadership to grow student’s learning beyond their expected academic trajectory. 2. ARTICULATE: Implement a framework for K-14 programming that leads to high school and college readiness. 3. ENGAGE: Increase digital literacy and teach using 21st century digital tools and applied/partnership opportunities. 4. SUPPORT: Involve families and provide individualized interventions to raise healthy students in a safe, culturally inclusive environment. 5. INVOLVE: Connect students with adults and their school through increased participation in extracurricular activities. 6. BUILD: Improve the physical learning environment using fiscally responsible and sustainable practices.
Awards and Acknowledgements Government Finance Officers Association (GFOA) GFOA awarded a Certificate of Achievement for Excellence in Financial Reporting to Niles Township High School District 219 for its comprehensive annual financial report (CAFR), for the fiscal year ended June 30, 2013. This is the thirteenth consecutive year that the District has received this prestigious award. In order to be awarded a Certificate of Achievement, the District had to publish an easily readable and efficiently organized CAFR that satisfied both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe that our current CAFR continues to meet the Certificate of Achievement Program’s requirements, and we are submitting it to the GFOA to determine its eligibility for another certificate. Association of School Business Officials International (ASBO) ASBO awarded a Certificate of Excellence in Financial Reporting to Niles Township High School District 219 for its comprehensive annual financial report (CAFR), for the fiscal year ended June 30, 2013. This is the thirteenth consecutive year that the District has received this prestigious award. In order to be awarded a Certificate of Excellence, the District had to prepare and issue a high-quality CAFR that met or exceeded the standards of the program. A Certificate of Excellence is valid for a period of one year only. We believe that our current CAFR continues to meet the Certificate of Excellence Program’s requirements, and we are submitting it to the ASBO to determine its eligibility for another certificate. The preparation of this report would not have been possible without the efficient and dedicated service of the entire Business Office staff. We wish to express our appreciation to all members of the Business Office department who assisted and contributed to the preparation of this report. Also, credit must be given to the Board of Education President and Members for their desire and commitment to maintain the highest standards of professionalism in the management of Niles Township High School District 219 finances. -ix-
Respectfully submitted,
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Association of School Business Officials International
The Certificate of Excellence in Financial Reporting Award is presented to
Niles Township High School District #219 For Its Comprehensive Annual Financial Report (CAFR) For the Fiscal Year Ended June 30, 2013 The CAFR has been reviewed and met or exceeded ASBO International’s Certificate of Excellence standards
Terrie S. Simmons, RSBA, CSBO President
John D. Musso, CAE, RSBA Executive Director
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FINANCIAL SECTION
INDEPENDENT AUDITORS' REPORT The Members of the Board of Education Niles Township High School District 219 Skokie, Illinois Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Niles Township High School District 219, as of and for the year ended June 30, 2014, and the related notes to the financial statements, which collectively comprise Niles Township High School District 219’s basic financial statements, as listed in the table of contents. Management’s Responsibility for the Financial Statements Niles Township High School District 219’s management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors' Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. -1(Continued)
The Members of the Board of Education Niles Township High School District 219 Skokie, Illinois
(Continued)
Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of Niles Township High School District 219, as of June 30, 2014, and the respective changes in financial position thereof, for the year then ended, in accordance with accounting principles generally accepted in the United States of America. Emphasis of a Matter As discussed in Note N to the audited financial statements, net position as of July 1, 2013 has been restated as a result of an adjustment due to the implementation of the Governmental Accounting Standards Board Statement No. 65, Items Previously Reported as Assets and Liabilities (GASB 65). Our opinion is not modified with respect to this matter. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management's discussion and analysis on pages 5 through 15, the Schedule of Funding Progress - Illinois Municipal Retirement Fund on page 61, the Schedule of Funding Progress - Other Postemployment Benefits on page 62, and the budgetary comparison schedules and notes to required supplementary information on pages 63 through 85 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit for the year ended June 30, 2014 was conducted for the purpose of forming opinions on the financial statements that collectively comprise Niles Township High School District 219’s basic financial statements. The other schedules listed in the table of contents in the introductory section, other supplementary financial information section, and the statistical section are presented for purposes of additional analysis and are not a required part of the basic financial statements. -2-
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The Members of the Board of Education Niles Township High School District 219 Skokie, Illinois
(Continued)
Other Information (Continued) The other supplementary financial information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information for the year ended June 30, 2014 has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the other supplementary financial information is fairly stated, in all material respects, in relation to the basic financial statements as a whole for the year ended June 30, 2014. We also previously audited, in accordance with auditing standards generally accepted in the United States of America, the basic financial statements of Niles Township High School District 219, as of and for the year ended June 30, 2013 (not presented herein), and have issued our report thereon dated December 5, 2013, which contained unmodified opinions on the respective financial statements of the governmental activities, each major fund, and the aggregate remaining fund information. The Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual for the Capital Projects Fund, Debt Service Fund, and Fire Prevention and Safety Fund, with comparative actual amounts for the year ended June 30, 2013, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the 2013 financial statements. The Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual for the Capital Projects Fund, Debt Service Fund, and Fire Prevention and Safety Fund have been subjected to the auditing procedures applied in the audit of the 2013 basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare those financial statements or to those financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual for the Capital Projects Fund, Debt Service Fund, and Fire Prevention and Safety Fund are fairly stated in all material respects in relation to the basic financial statements as a whole for the year ended June 30, 2013. The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on them.
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(Continued)
The Members of the Board of Education Niles Township High School District 219 Skokie, Illinois
(Continued)
Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 12, 2014 on our consideration of Niles Township High School District 219’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Niles Township High School District 219’s internal control over financial reporting and compliance. MILLER, COOPER & CO., LTD.
Certified Public Accountants Deerfield, Illinois December 12, 2014
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Niles Township High School District 219 Management’s Discussion and Analysis For the Year Ended June 30, 2014 As management of the Niles Township High School District 219 (“District”) finances, we offer readers of the Niles Township High School District 219 financial statements this narrative overview and analysis of the financial activities of the Niles Township High School District 219 for the fiscal year ended June 30, 2014. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in our transmittal letter at the front of this report.
Financial Highlights
District 219 improved its overall financial position for fiscal year 2014 from fiscal year 2013. The assets and deferred outflows of the District exceeded its liabilities and deferred inflows, at June 30, 2014, by $188,720,934 (net position). Of this amount, $81,648,383 represents unrestricted net position. Total governmental fund revenue of $162,114,083 exceeded total governmental fund expenditures of $157,581,434 by $4,532,649. As of June 30, 2014, the total fund balance for all governmental funds equaled $176,056,390, which is a $2,714,645 increase from the prior year. Approximately 79% of the total fund balance is available for spending at the District’s discretion (unassigned fund balance). Debt related to bonds and unamortized premiums, net of unamortized discounts, at year end, was $154,930,589 or 88.0% of the fund balance of all governmental funds.
Overview of the Financial Statements This management’s discussion and analysis (MD&A) is intended to serve as an introduction to the Niles Township High School District 219 basic financial statements. The District’s basic financial statements consist of three parts: government-wide financial statements, fund financial statements, and notes to the basic financial statements. Government-Wide Financial Statements These statements are designed to provide readers with a broad overview of the District’s finances, in a manner similar to private-sector businesses. The Statement of Net Position presents information on all of the District’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources, with the net amount of these items being reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating. The Statement of Activities presents information showing how the District’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in future fiscal years (e.g., uncollected taxes). The government-wide financial statements can be found on pages 17 - 18 of this report.
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Niles Township High School District 219 Management’s Discussion and Analysis For the Year Ended June 30, 2014 Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the District’s funds fall into two categories: governmental funds and fiduciary funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on nearterm inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government’s near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the District’s near-term financing decisions. Both the governmental funds balance sheet and the governmental funds statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The District maintains seven individual governmental funds. Information is presented separately in the governmental fund balance sheet and in the governmental funds statement of revenues, expenditures, and changes in fund balances for the General Fund; special revenue funds (Operations and Maintenance Fund, Transportation Fund, and the Municipal Retirement/Social Security Fund); Debt Service Fund; and capital projects funds (Capital Projects Fund and the Fire Prevention and Safety Fund). For reporting purposes, the District is classifying each of its governmental funds as a major fund. The District adopts an annual appropriated budget for all governmental funds. Budgetary comparison statements have been provided for each governmental fund to demonstrate compliance with this budget. The governmental fund financial statements can be found on pages –16 - 25 of this report. Fiduciary funds are used to account for resources held for the benefit of parties outside the District. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the District’s own programs. The fiduciary fund financial statements can be found on pages –24 - 25 of this report. Notes to the Financial Statements The notes are an integral part of the financial statements and provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements can be found on pages –26 - 60 of this report.
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Niles Township High School District 219 Management’s Discussion and Analysis For the Year Ended June 30, 2014 Other Information In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information (RSI) concerning the District’s operations. RSI schedules, individual fund schedules, and other supplementary financial information can be found on pages 61-96 of this report. The statistical section which includes various financial, operational, and historical schedules is on pages 97-140 of this report.
Government-Wide Financial Analysis Net Position As noted earlier, net position may serve over time as a useful indicator of the District’s financial position. The following is a condensed statement of net position as of June 30, 2014 and 2013 (restated as a result of the implementation of GASB 65, described in Note N to the financial statements):
Table 1 Condensed Statement of Net Position Governmental Activities Current and other assets, and deferred outflows Net capital assets Total assets and deferred outflows
Long-term liabilities Other liabilities and deferred inflows Total liabilities and deferred inflows Net position Net investment in capital assets Restricted Unrestricted Total net position
Percentage
2014 $ 269,468,570 153,261,615 422,730,185
2013 $ 261,425,679 146,144,367 407,570,046
Change 3.1% 4.9% 3.7%
161,669,792 72,339,459 234,009,251
168,171,733 65,143,508 233,315,241
-3.9% 11.0% 0.3%
71,697,465 35,375,086 81,648,383 $ 188,720,934
61,547,940 59,955,210 52,751,655 $ 174,254,805
16.5% -41.0% 54.8% 8.3%
The overall net position of the District, as of June 30, 2014, is $188,720,934, with $35,375,086 representing resources that are subject to external restrictions on how they may be used and $81,648,383 being unrestricted. A portion of the net position, $71,697,465, is invested in capital assets (e.g., land, buildings, and equipment), net of related debt and is not available for future spending. Although the District’s investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities.
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Niles Township High School District 219 Management’s Discussion and Analysis For the Year Ended June 30, 2014 Most of the current and other assets are comprised of $187,127,109 in cash and investments and $59,342,411 for property taxes receivable. Long-term liabilities outstanding of $161,669,792 consist primarily of bonds, while deferred inflows consist of unavailable property tax revenue of $59,005,463.
Changes in Net Position The following table provides a condensed government-wide summary of the changes in net position for the 2014 fiscal year and 2013 (restated as a result of the implementation of GASB 65, described in Note N to the financial statements):
Table 2 Changes in Net Position Governmental Activities 2014 2013 Revenues: Program revenues: Charges for services Operating grants and contributions General revenues: Property taxes Replacement taxes Other Total revenue
2,421,684 21,365,107
6.3% 12.0%
126,867,755 4,616,470 4,129,151 162,117,797
121,798,256 4,563,522 3,155,807 153,304,376
4.2% 1.2% 30.8% 5.7%
78,487,302 57,651,511 4,619,505 18,225 6,875,125 147,651,668
71,746,033 60,610,181 2,114,971 2,633 5,136,426 139,610,244
9.4% -4.9% 118.4% 592.2% 33.9% 5.8%
Change in net position 14,466,129 Beginning net position, restated (Note N) 174,254,805 Ending net position $ 188,720,934
13,694,132 160,560,673 $ 174,254,805
5.6% 8.5% 8.3%
Expenses: Instruction-related services Support services Community services Nonprogrammed charges Other Total expenses
$
2,573,836 23,930,585
$
Percentage Change
Revenues Property Taxes – As depicted in the following pie chart, 78.3% of District revenues is derived from property taxes. This revenue source is limited by the state’s “tax cap” methodology. In essence, the annual growth in property tax revenues is limited to a consumer price index (CPI) factor plus new property growth in the District’s community. The CPI factor related to the 2013 levy year increased to 1.7% from the 2012 levy year rate of 3.0%. The equalized assessed valuation (EAV) decreased by $474,186,341 to $3,464,664,451 from the 2012 tax levy year. The new property for the 2013 levy year was $4,916,859, which is a decrease of $498,676 from the prior levy year.
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Niles Township High School District 219 Management’s Discussion and Analysis For the Year Ended June 30, 2014
Replacement Taxes – There was an increase of $52,948 in replacement taxes from fiscal year 2013. Other General Revenues – Investment earnings increased by $161,787 from $929,891 in 2013 to $1,091,678 for fiscal year 2014. Expenses Salaries and employee benefits increased based on the collective bargaining agreements and individual employee contracts. The TRS on-behalf payment increased from $13,915,255 in 2013 to $17,676,460 in 2014, based on creditable earnings and the statutory contribution rate of 35.41% for fiscal year 2014. Depreciation expense increased from $10,302,849 in 2013 to $10,798,728 in 2014. Other changes in expenses are detailed in the next section. Change in Net Position The change in net position for fiscal year 2014 was higher than last year by $771,997 as detailed in Table 2. In fiscal year 2013, the change in net position equaled $13,694,132 while the change in net position for the current year was $14,466,129.
-9-
Niles Township High School District 219 Management’s Discussion and Analysis For the Year Ended June 30, 2014 Financial Analysis of the Government’s Funds As noted earlier, the District uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. Governmental Funds The focus of the District’s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the District’s financing requirements. In particular, unassigned fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year. On June 30, 2014, the total fund balance for its governmental funds equaled $176,056,390, an increase of $2,714,645 in comparison to the prior year. A portion of the fund balances has been designated as nonspendable ($178,017) and is not available for new spending because it has already been committed for prepaid items. Fund balances have also been classified as restricted, $36,873,730 which can only be spent for those restricted purposes. The unassigned fund balance increased from fiscal year 2013 from $136,102,957 to $139,004,643 and is available for spending at the District’s discretion. In accordance with Government Accounting Standards Board Statement No. 54 (GASB 54), the General Fund’s fund balance of $145,345,760, as of June 30, 2014, represents three fund balance accounts. See the chart below:
Table 3 Fund Balance
Educational Account Tort Immunity and Judgment Account Working Cash Account Total General Fund
2014 $ 116,156,805 4,837,032 24,351,923 $ 145,345,760
2013 $ 112,074,423 3,541,897 24,244,302 $ 139,860,622
Percentage Change 3.6% 36.6% 0.4% 3.9%
The unassigned fund balance for all governmental funds was $139,004,643, which equals 121.8% of the General Fund expenditures and 88.2% of total governmental expenditures.
-10-
Niles Township High School District 219 Management’s Discussion and Analysis For the Year Ended June 30, 2014 The following pie chart shows the percentage of each individual fund balance in relation to the total governmental funds fund balance:
General Fund The General Fund consists of the Educational Account, Tort Immunity and Judgment Account and the Working Cash Account. The General Fund is the chief operating fund of the District and accounts for the instructional and support costs for educating students. As of June 30, 2014, the fund balance equaled $145,345,760. Property taxes increased by $7,644,692 and replacement taxes decreased by $2,072,052 due to a reallocation to the Operations and Maintenance Fund of $1,700,000 in 2014. State sources increased by $4,249,708 of which $3,761,205 was attributable to the increase in the TRS onbehalf contribution to $17,676,460. Overall, federal revenue decreased by $518,163. Certain grants varied from the prior year. There was a decrease of $285,221 from the prior year for the IDEA (the Individuals with Disabilities Education Act) Flow Through to $633,237. The IDEA Room and Board grant decreased by $227,531 from last year’s balance of $700,458. Total current year expenditures increased to $114,159,137 from $107,604,636 or by 6.1%. Overall staffing increased from fiscal year 2013 to 2014. Certified personnel, excluding administrators, decreased from 391.6 to 389.1 full-time equivalents (FTE). Total support staff increased by 21.4 FTE as a result of an increase in paraprofessionals for various educational initiatives including RTI (Special Education Response to Intervention). Salary increases are reflected under the appropriate functions. -11-
Niles Township High School District 219 Management’s Discussion and Analysis For the Year Ended June 30, 2014 Special Revenue Funds Operations and Maintenance Fund The fund balance from fiscal year 2013 to 2014 decreased by $123,674. Property taxes decreased by $967,365, and replacement taxes increased by $1,700,000 due to a reallocation in 2014. From fiscal year 2013 to 2014, capital outlay expenditures increased by $7,178,846. This was a result of capital project expenditures being funded by the O&M Fund. Overall, expenditures increased from the prior year by 58.5% or $7,376,347. Transportation Fund The fund balance decreased by $534,159 from fiscal year 2013 to fiscal year 2014. Property taxes decreased from $3,660,941 to $3,358,508 for the current year. State funding for regular and special education transportation decreased by approximately 36%. Total fund expenditures increased by 4% to $5,165,115. Municipal Retirement/Social Security Fund The fiscal year 2013 and 2014 fund balances were $894,340 and $25,468, respectively. Property tax revenue for fiscal year 2014 was $2,652,592 which was a decrease of $863,304 from the prior year. Expenditures decreased by $19,673 to $4,029,065.
Debt Service Fund There were twelve outstanding bond series as of June 30, 2014. Bond principal and interest payments were $6,365,232 and $2,093,976, respectively. The fund balance for fiscal year 2014 decreased to $4,357,702 from the fiscal year 2013 balance of $4,813,660.
Capital Projects Funds Capital Projects Fund Total expenditures in this fund were $3,358,185 for fiscal year 2014. Capital outlay amounted to $3,358,185. The fiscal year 2014 ending fund balance was a deficit of $1,336,992. This fund balance deficit will be covered by a fund balance transfer from the Education Fund and the Operations & Maintenance Fund in Fiscal Year 2015 that will cover the cost of the District’s five year capital plan. Fire Prevention and Safety Fund The fiscal year 2014 fund balance increased by $586,157 from the prior year fund balance of $4,662,691. Total expenditures increased by $142,351, or 6.7%. These expenditure categories can vary from year to year depending on the life safety projects that are approved by ISBE and completed.
-12-
Niles Township High School District 219 Management’s Discussion and Analysis For the Year Ended June 30, 2014 Budgetary Highlights There were no amendments to the fiscal year 2014 budget. Therefore, the original budget is also the final budget. See the Notes to the Required Supplementary Information for additional information on the budget process.
General Fund The general levy was $7,573,765 higher than the budgeted amount of $79,941,018. The special education levy increased from the budget by $783,884. Interest on investments was lower than expected and resulted in a $1,118,719 negative variance. The food services function was outsourced in fiscal year 2014. As a result, no student lunch sales were received in the school district’s General Fund. Total state revenue sources had a negative budget variance of $300,996 less than budget. General state aid was $853,591 greater than budget. The special education extraordinary grant and the special education personnel grant had negative variances of $47,996 and $38,441, respectively. The bilingual education grant was less than budget by $25,148. The federal special education flow through grant had a negative variance of $216,323. The Medicaid fee for service grant was higher than the budget by $62,649. Overall, total federal sources had a negative variance of $550,956 or -18.8%. Overall, expenditures were under budget by $3,951,704 or 3.5%. Total salaries were under budget by $1,811,262, or 2.73% and benefits were over budget by $960,099, or 7.90%. Purchased services had an unfavorable variance of $42,006. Supplies were under budget by $788,607 or 22.39%. The other objects category came in under budget by $1,623,679.
-13-
Niles Township High School District 219 Management’s Discussion and Analysis For the Year Ended June 30, 2014 Capital Asset and Debt Administration Capital Assets The historic cost, net of accumulated depreciation, of the District’s capital assets, as of June 30, 2014 and 2013, is shown below:
Table 4 Capital Assets (net of accumulated depreciation)
Land Construction in progress Buildings Land improvements Equipment Total
2014 $ 2,965,445 4,989,184 126,407,640 9,442,033 9,457,313 $ 153,261,615
2013 $ 2,965,445 9,213,523 114,797,138 9,928,391 9,239,870 $ 146,144,367
Percentage Change 0.0% -45.8% 10.1% -4.9% 2.4% 4.9%
As of June 30, 2014, the District had $153,261,615 of net capital assets. Construction in progress includes the expenses incurred in the construction of the Niles North Cafeteria and other projects associated with the District’s five year maintenance plan. Equipment increases include netbooks for students, STEM (science, technology, engineering, mathematics) equipment, computer hardware, and furniture. Depreciation expense charged to operations in fiscal year 2014 was $10,798,728. Additional detail is provided in Note E of the Notes to the Financial Statements.
Long-Term Debt Below is a condensed summary of the District’s long-term obligations outstanding, as of June 30, 2014 and 2013: Table 5 Outstanding Long-Term Obligations 2014 2013 $ 153,862,511 $ 158,753,064 1,572,630 1,727,497 (504,552) (538,193) 6,739,203 7,691,172 $ 161,669,792 $ 167,633,540
Bonds Unamortized premium Unamortized discount Other long-term obligations Total long-term obligations
Percentage Change -3.1% -9.0% -6.3% -12.4% -3.6%
General obligation bonds in the amount of $153,862,511 will be paid with specifically approved property tax levies accounted for in the Debt Service Fund. Other long-term obligations as of June 30, 2014 consist of employee early retirement obligations in the amount of $5,646,902, compensated absences of $270,622, IMRF net pension obligation of $793,357, and capital lease of $28,322. -14-
Niles Township High School District 219 Management’s Discussion and Analysis For the Year Ended June 30, 2014 During fiscal year 2014, the District paid $8,459,208 for all scheduled principal and interest obligations related to its debt instruments. State statutes limit the amount of general obligation debt for the high school district to 6.9% of the equalized assessed valuation (EAV) of taxable properties within Niles Township. As of June 30, 2014, the available bonding debt capacity equaled $83,133,525, or 34.8% of the legal debt limit of $239,061,847. Additional detail is provided in the Note F of the Notes to the Financial Statements.
Economic Factors and Next Year’s Budget The District is aware of the following items that could significantly affect its future financial position or results of operations:
The D219 Board of Education and the Niles Township Federation of Teachers and Support Staff (NTFTSS) agreed on a contract extension. The agreement calls for a twoyear extension for teachers and a one-year extension for support staff members, ensuring that the combined union is now on the same schedule for future negotiations. The agreement begins on the first day of school in August 2015 and ends before the first day of school for the 2017-18 school year. Employees formerly in the NTFT bargaining unit will continue to be bound by the NTFT language, and employees formerly in the NTSS will be bound by the NTSS language. Under the agreement, teacher salaries will increase 3.2%, including step increases, each of the two years of the extension. Support staff salaries will increase by 3.2%, including step, for its one-year extension. All other provisions from the existing contracts will be “rolled over” via the extension agreement.
The District’s five year capital plan includes facility improvement expenditures that will be funded by the Capital Projects Fund, including construction of the Niles North Kitchen and other various projects including HVAC at Niles Central/District Offices.
There is an legislative proposal to change how the TRS pension system is funded. Instead of having the State continue to fund the TRS pension at the current level, local school districts would pay more of the normal cost of teacher pensions. This could increase District 219 expenditures annually.
Requests for Information This financial report is designed to provide a general overview of the Niles Township High School District’s finances for all those with an interest in the government’s finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to Eric Trimberger, Assistant Superintendent for Business/CSBO, or Dr. Nikita Johnson-White, Director of Fiscal Management, Niles Township High School District 219, 7700 Gross Point Road, Skokie, Illinois 60077.
-15-
BASIC FINANCIAL STATEMENTS
Niles Township High School District 219 STATEMENT OF NET POSITION - GOVERNMENTAL ACTIVITIES June 30, 2014 ASSETS Cash and investments Receivables (net of allowance for uncollectibles): Interest Property taxes Replacement taxes Accounts Intergovernmental Prepaids and other assets Other postemployment benefit asset Capital assets: Land Construction in progress Depreciable buildings, property, and equipment, net
$
187,127,109 218,090 59,342,411 783,656 72,198 476,837 202,972 90,447 2,965,445 4,989,184 145,306,986
Total assets
401,575,335
DEFERRED OUTFLOW OF RESOURCES Deferred losses on refunding of bonds
21,154,850
LIABILITIES Accounts payable Salaries and wages payable Claims payable Other liabilities Interest payable Unearned revenue Long-term liabilities: Due within one year Due after one year
11,823,469 126,811 1,124,166 6,203 172,576 80,771 8,464,453 153,205,339
Total liabilities
175,003,788
DEFERRED INFLOW OF RESOURCES Unavailable property tax revenue
59,005,463
NET POSITION Net investment in capital assets
71,697,465
Restricted For: Operations and maintenance Debt service Student transportation Retirement benefits Capital projects Tort immunity Unrestricted
15,124,263 4,185,126 7,321,341 25,468 3,881,856 4,837,032 81,648,383
Total net position
$
The accompanying notes are an integral part of this statement.
-16-
188,720,934
Niles Township High School District 219 STATEMENT OF ACTIVITIES For the Year Ended June 30, 2014
Functions / Programs Governmental activities Instruction: Regular programs Special programs Other instructional programs State retirement contributions Support services: Pupils Instructional staff General administration School administration Business Transportation Operations and maintenance Central Other supporting services Community services Nonprogrammed charges excluding special education Interest and fees Total governmental activities
PROGRAM REVENUES Operating Charges for Grants and Services Contributions
Expenses
$
$
36,305,432 13,529,987 10,488,879 18,163,004
1,989,483 $ 5,700 448,134 -
930,081 3,366,916 196,472 18,163,004
7,730,148 3,553,692 4,741,939 5,914,148 11,626,400 5,106,468 5,332,694 13,624,712 21,310 4,619,505
49,489 62,738 18,292 -
129,051 1,145,061 -
18,225 6,875,125
-
147,651,668
$
Net (Expenses) Revenue and Changes in Net Position
$
2,573,836
$
(7,730,148) (3,424,641) (4,741,939) (5,914,148) (11,576,911) (3,898,669) (5,314,402) (13,624,712) (21,310) (4,619,505)
$
23,930,585
(18,225) (6,875,125) $
General revenues: Taxes: Real estate taxes, levied for general purposes Real estate taxes, levied for debt service Personal property replacement taxes State aid-formula grants Investment earnings Miscellaneous
135,613,376
Change in net position
14,466,129
Net position, beginning of year (as restated - see Note N)
The accompanying notes are an integral part of this statement.
-17-
(121,147,247)
119,156,247 7,711,508 4,616,470 2,505,244 1,091,678 532,229
Total general revenues
Net position, end of year
(33,385,868) (10,157,371) (9,844,273) -
174,254,805 $
188,720,934
Niles Township High School District 219 Governmental Funds BALANCE SHEET June 30, 2014
Operations and Maintenance
General
Municipal Retirement / Soc. Sec.
Transportation
ASSETS Cash and investments Receivables (net of allowance for uncollectibles): Interest Property taxes Replacement taxes Accounts Intergovernmental Prepaid Items Other assets Total assets
$ 146,549,443
$
183,529 42,203,736 783,656 63,437 476,837 150,364 24,955
21,206,152
$
13,038 8,783,371 8,761 26,578 -
7,787,225
$
6,591 2,175,829 -
9,969
5,753 1,716,328 -
$ 190,435,957
$
30,037,900
$
9,969,645
$
$
$
6,171,833 8,306 -
$
481,525 680 2,625
$
1,732,050
LIABILITIES, DEFERRED INFLOWS, AND FUND BALANCES LIABILITIES Accounts payable Salaries and wages payable Claims payable Other liabilities Unearned revenue Total liabilities
1,799,759 117,825 1,124,166 6,203 78,146
-
3,126,099
6,180,139
484,830
-
41,964,098
8,733,498
2,163,474
1,706,582
150,364 4,823,761 140,371,635
26,578 15,097,685 -
7,321,341 -
25,468 -
145,345,760
15,124,263
7,321,341
25,468
DEFERRED INFLOWS Unavailable property taxes FUND BALANCES Nonspendable Restricted Unassigned Total fund balance Total liabilities, deferred inflows, and fund balance
$ 190,435,957
$
The accompanying notes are an integral part of this statement.
-18-
30,037,900
$
9,969,645
$
1,732,050
Debt Service
$
Capital Projects
4,335,779
$
2,930 3,156,688 1,075 $
$
7,496,472
-
6,995
$
-
7,231,546
Total
$
6,249 1,306,459 -
187,127,109
218,090 59,342,411 783,656 72,198 476,837 178,017 24,955
$
6,995
$
8,544,254
$
248,223,273
$
1,373,987 -
$
1,996,365 -
$
11,823,469 126,811 1,124,166 6,203 80,771
-
1,373,987
3,138,770
$
Fire Prevention and Safety
-
1,996,365
13,161,420
1,299,041
59,005,463
1,075 4,356,627 -
(1,366,992)
5,248,848 -
178,017 36,873,730 139,004,643
4,357,702
(1,366,992)
5,248,848
176,056,390
7,496,472
$
6,995
$
8,544,254
$
248,223,273
-19-
Niles Township High School District 219 RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION June 30, 2014
Amounts reported for governmental activities in the statement of net position are different because: Total fund balances - governmental funds
$
176,056,390
Net capital assets used in governmental activities and included in the statement of net position do not require the expenditure of financial resources and, therefore, are not reported in the governmental funds balance sheet.
153,261,615
Deferred losses on refunding of bonds, included in the statement of net position, are not available to pay for current period expenditures and, accordingly, are not included in the governmental funds balance sheet.
21,154,850
The other postemployment benefit asset is not available to pay for current period expenditures and, accordingly, is not included in the governmental funds balance sheet.
90,447
Interest on long-term liabilities accrued in the statement of net position will not be paid with current financial resources and, accordingly, are not included in the governmental funds balance sheet.
(172,576)
Long-term liabilities included in the statement of net position are not due and payable in the current period and, accordingly, are not included in the governmental funds balance sheet.
(161,669,792)
Net position - governmental activities
$
The accompanying notes are an integral part of this statement. -20-
188,720,934
Niles Township High School District 219 Governmental Funds STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES For the Year Ended June 30, 2014
Operations and Maintenance
General Revenues Property taxes Replacement taxes State aid Federal aid Interest Other
$
Total revenues
91,023,029 2,416,470 22,908,354 2,382,414 920,456 2,730,966
$
122,381,689
Expenditures Current: Instruction: Regular programs Special programs Other instructional programs State retirement contributions Support services: Pupils Instructional staff General administration School administration Business Transportation Operations and maintenance Central Other supporting services Community services Nonprogrammed charges Debt service: Principal Interest and other Capital outlay
19,295,561 1,700,000 82,741 284,805
Transportation
$
21,363,107
38,951,210 12,291,566 9,096,180 18,163,004
Municipal Retirement / Soc. Sec.
3,358,508 1,145,061 40,807 86,580
$
4,630,956
-
2,652,592 500,000 7,601 3,160,193
-
858,294 485,466 386,314 -
7,332,692 3,222,149 4,596,989 5,371,276 1,681,558 8,052,073 21,310 1,387,303 1,760,939
10,609 6,249,107 3,131,022 -
5,098,167 -
2,230,888
10,594,534
66,948
114,159,137
19,985,272
5,165,115
8,222,552
1,377,835
Other financing sources (uses) Transfers in Transfers (out) Bond proceeds Payments to escrow agent Capital lease proceeds Proceeds from sale of fixed assets
(2,780,968) 43,554 -
478,975 (1,984,198) 3,714
-
-
Total other financing sources (uses)
(2,737,414)
(1,501,509)
-
-
Total expenditures Excess (deficiency) of revenues over expenditures
Net change in fund balance
5,485,138
Fund balance, beginning of year Fund balance, end of year
$
145,345,760
The accompanying notes are an integral part of this statement.
-21-
15,124,263
4,029,065
(868,872)
(534,159)
15,247,937 $
-
(534,159)
(123,674)
139,860,622
391,251 313,004 134,515 510,418 136,814 8,301 298,203 356,756 149,729 -
(868,872)
7,855,500 $
7,321,341
894,340 $
25,468
Debt Service
$
Capital Projects
7,711,508 20,954 -
$
7,732,462
-
$
-
-
-
-
-
2,826,557 19,119 -
Total
$
2,845,676
126,867,755 4,616,470 24,053,415 2,382,414 1,091,678 3,102,351 162,114,083
-
39,809,504 12,777,032 9,482,494 18,163,004
159,371 -
7,723,943 3,535,153 4,731,504 5,881,694 1,828,981 5,106,468 6,706,681 8,408,829 21,310 4,668,054 1,760,939
6,365,232 2,259,909 -
3,358,185
2,100,148
6,365,232 2,259,909 18,350,703
8,625,141
3,358,185
2,259,519
157,581,434
586,157
4,532,649
(892,679)
(3,358,185)
2,301,993 3,450,433 (5,315,705) -
1,984,198 -
-
4,765,166 (4,765,166) 3,450,433 (5,315,705) 43,554 3,714
436,721
1,984,198
-
(1,818,004)
(455,958)
(1,373,987)
4,813,660 $
Fire Prevention and Safety
4,357,702
$
586,157
2,714,645
6,995
4,662,691
173,341,745
(1,366,992) $
5,248,848
$
176,056,390
-22-
Niles Township High School District 219 RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES For the Year Ended June 30, 2014
Amounts reported for governmental activities in the statement of activities are different because: Net change in fund balance - total governmental funds
$
2,714,645
Governmental funds report capital outlays as expenditures. However, in the statement of activities, the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. This is the amount by which capital outlay exceeds depreciation expense in the current period.
7,117,248
Changes in the other postemployment benefit (OPEB) asset do not require the use of current financial resources and, therefore, are not reported as expenditures in the governmental funds.
82,211
Accrued interest reported in the statement of activities does not require the use of current financial resources and, therefore, is not reported as expenditures in the governmental funds.
119,029
The issuance of long-term debt provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds.
5,842,522
Governmental funds report the effect of gains and losses on refunding, premiums, discounts, and similar items when the debt is issued. However, these amounts are deferred and amortized in the statement of activities. This is the amount of the current year, net effect of these differences.
(1,409,526)
Change in net position - governmental activities
$
The accompanying notes are an integral part of this statement. -23-
14,466,129
Niles Township High School District 219 Fiduciary Funds STATEMENT OF FIDUCIARY NET POSITION June 30, 2014
Private Purpose Trust Fund
Agency Funds ASSETS Cash and investments
$
1,266,740
$
28,074
LIABILITIES Due to student groups Due to employees
1,056,832 209,908
-
Total liabilities
1,266,740
-
NET POSITION HELD IN TRUST FOR EXTERNAL PARTIES
The accompanying notes are an integral part of this statement. -24-
$
-
$
28,074
Niles Township High School District 219 Fiduciary Funds - Private Purpose Trust Fund STATEMENT OF CHANGES IN FIDUCIARY NET POSITION For the Fiscal Year Ended June 30, 2014
Private Purpose Trust Fund ADDITIONS Contributions by external parties
$
Total additions
8,847 8,847
DEDUCTIONS Scholarships paid
7,400
Changes in net position
1,447
Net position, beginning of year
26,627
Net position, end of year
$
The accompanying notes are an integral part of this statement.
-25-
28,074
Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of Niles Township High School District 219 (the District) have been prepared in conformity with accounting principles generally accepted in the United States of America, as applied to government units (hereinafter referred to as generally accepted accounting principles (GAAP)). The governmental accounting standards board (GASB) is the standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the District's accounting policies are described below. 1. Reporting Entity The District is located in Cook County, Illinois. The District is governed by an elected Board of Education. The Board of Education maintains final responsibility for all personnel, budgetary, taxing, and debt matters. The District includes all funds of its operations that are controlled by or dependent upon the District as determined on a basis of financial accountability. Financial accountability includes appointment of the organization's governing body, imposition of will, and fiscal dependency. The accompanying financial statements include only those funds of the District, as there are no organizations for which it has financial accountability. The District is not included as a component unit in any other governmental reporting entity, as defined by GASB pronouncements. 2. New Accounting Pronouncement The Governmental Accounting Standards Board (GASB) has issued Statement No. 65, Items Previously Reported as Assets and Liabilities (GASB 65), which was implemented by the District during the fiscal year ended June 30, 2014. This Statement establishes accounting and financial reporting standards that reclassify, as deferred outflows of resources or deferred inflows of resources, certain items that were previously reported as assets and liabilities. This Statement also provides other financial reporting guidance related to the impact of the financial statement elements deferred outflows of resources and deferred inflows of resources, such as changes in limiting the use of the term deferred in financial statement presentations. Specific changes to the District's financial statements relate to the following: deferred losses on refunding of bonds, unearned and unavailable property taxes, and bond issuance costs. Deferred losses on refunding of bonds are now reported as a deferred outflow of resources rather than an asset. Unearned property taxes are now reported as a deferred inflow of unavailable revenue rather than a liability. This reclassification for reporting purposes had no impact on the net position of the District. Bond issuance costs are no longer considered an asset and are expensed in the year the costs are incurred. See Note N for an explanation of the restatement relating to bond issuance costs. -26-
Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 3. Fund Accounting The accounts of the District are organized on the basis of funds. A fund is an independent fiscal and accounting entity with a self-balancing set of accounts. Fund accounting segregates funds according to their intended purpose and is used to aid management in demonstrating compliance with finance-related and contractual provisions. The minimum number of funds is maintained consistent with legal and managerial requirements. Funds are classified into the following categories: governmental and fiduciary. Governmental funds are used to account for all or most of the District's general activities, including the collection and disbursement of earmarked monies (special revenue funds), the servicing of general long-term debt (debt service funds), and the acquisition or construction of major capital facilities (capital projects funds). The General Fund is used to account for all activities of the general government not accounted for in some other fund. Fiduciary funds are used to account for assets held on behalf of outside parties, including other governments, or on behalf of other funds within the District. 4. Government-Wide and Fund Financial Statements The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all the nonfiduciary activities of the District. The effect of interfund activity has been eliminated from these statements. Governmental activities normally are supported by taxes, intergovernmental revenues, and local fees. The statement of activities demonstrates the degree to which the direct expenses of a given function are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function. Program revenues include (1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function and (2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function. Taxes and other items not properly included among program revenues are reported as general revenues. Separate financial statements are provided for governmental funds and fiduciary funds, even though the latter are excluded from the government-wide financial statements.
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Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4. Government-Wide and Fund Financial Statements (Continued) a. General Fund The General Fund includes the Educational Account, the Working Cash Account, and the Tort Immunity and Judgment Account. The Educational Account is the District's primary operating account. It accounts for all financial resources of the general government, except those required to be accounted for in another fund. The Working Cash Account is for the financial resources held by the District to be used as temporary interfund loans for working capital requirements. Money loaned by the Working Cash Account to other funds must be repaid within one year. As allowed by the School Code of Illinois, this Fund may be permanently abolished and become part of the Educational Account or it may be partially abated to any fund in need, as long as the District maintains a balance in the Working Cash Account of at least .05% of the District's current equalized assessed valuation. The Tort Immunity and Judgment Account is used to account for revenues derived from a specific property levy and state reimbursement grants, and expenditures of these monies for risk management activities. b. Special Revenue Funds The special revenue funds are used to account for and report the proceeds of specific revenue sources (other than those accounted for in the debt service or capital projects funds) that are legally restricted to expenditures for specified purposes. Each of the District's special revenue funds has been established as a separate fund in accordance with the fund structure required by the state of Illinois for local educational agencies. These funds account for local property taxes restricted to specific purposes. A brief description of the District's special revenue funds is as follows: Operations and Maintenance Fund - accounts for all revenues and expenditures made for operations, repair, and maintenance of the District's buildings and land. Revenues consist primarily of local property taxes. Transportation Fund - accounts for all revenue and expenditures made for student transportation. Revenues are derived primarily from local property taxes and state reimbursement grants. Municipal Retirement/Social Security Fund - accounts for the District's portion of pension contributions to the Illinois Municipal Retirement Fund, payments to Medicare, and payments to the Social Security System for noncertified employees. Revenues to finance contributions are derived primarily from local property taxes and personal property replacement taxes. -28-
Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4. Government-Wide and Fund Financial Statements (Continued) c. Debt Service Fund The Debt Service Fund - is used for the accumulation of resources for, and the payment of, general longterm debt principal, interest, and related costs. The primary revenue source is local property taxes levied specifically for debt service and transfers from other funds. d. Capital Projects Funds The Capital Projects Fund - accounts for financial resources to be used for the acquisition or construction of major capital facilities. Revenues consist of bond proceeds or transfers from other funds. The Fire Prevention and Safety Fund - accounts for state-approved life safety projects financed through bond issues or local property tax levies specifically for such purposes. e. Fiduciary Funds The Fiduciary Funds account for assets held by the District in a trustee capacity or as an agent for individuals, private organizations, other governments, or other funds. The Student Activity Funds - are custodial in nature (assets equal liabilities) and do not involve measurement of the results of operations. These Funds account for assets, held by the District, which are owned, operated, and managed generally by the student body, under the guidance and direction of adults or a staff member, for educational, recreational, or cultural purposes. They account for activities such as student yearbook, student clubs and council. The Flexible Spending Account Fund - is custodial in nature and does not involve measurement of the results of operations. This Fund accounts for assets held by the District and administered on behalf of the District's employees, for personal medical and dependent care purposes. The Private Purpose Trust Fund - is accounted for on the flow of economic resources measurement focus and uses the accrual basis of accounting. Under this method, revenues are recorded when earned and expenses are recorded at the time liabilities are incurred. The Private Purpose Trust Fund accounts for scholarship and memorial trust funds.
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Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 5. Measurement Focus, Basis of Accounting, and Basis of Presentation The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues and additions are recorded when earned, and expenses and deductions are recorded when a liability is incurred. Property taxes are recognized as revenues in the year for which they are levied (i.e. intended to finance). Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are considered to be available when they are collectible within the current period and soon enough thereafter to pay liabilities of the current period. The District considers property tax revenues and most other revenues to be available if they are collected within 60 days of the end of the current fiscal period. Revenues that are paid to the District by the Illinois State Board of Education are considered available if vouchered by year-end. Expenditures generally are recorded when a fund liability is incurred. However, debt service expenditures are recorded only when payment is due. Property and replacement taxes, interest, and intergovernmental revenues associated with the current fiscal period are all considered to be susceptible to accrual and are recognized as revenues of the current fiscal period. All other revenue items are considered to be measurable and available only when cash is received by the District. The District reports unearned/unavailable revenue on its financial statements. Unearned/unavailable revenue arises when a potential revenue does not meet both the "measurable" and "available" criteria for recognition in the current period. In subsequent periods, when both revenue recognition criteria are met, or when the District has a legal claim to the resources, the unearned/unavailable revenue is removed from the balance sheet and revenue is recognized. The fiduciary fund statements are reported using the accrual basis of accounting.
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Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 6. Deferred Outflows / Deferred Inflows In addition to assets, the statement of net position and the governmental funds balance sheet may report deferred outflows of resources. Deferred outflows of resources represent a consumption of net position / fund balance that applies to future periods. At June 30, 2014, the District has deferred outflows of resources associated with losses on refunding of bonds in prior years. In addition to liabilities, the District may report deferred inflows of resources. Deferred inflows of resources represent the acquisition of resources that is applicable to a future reporting period. At June 30, 2014, the District's unavailable property taxes are reported as deferred inflows of resources. 7. Budgetary Data Budgets are adopted on a basis consistent with generally accepted accounting principles. Annual budgets are adopted for the governmental funds. The annual budget is legally enacted and provides for a legal level of control at the fund level. All annual budgets lapse at fiscal year-end. 8. Deposits and Investments State statutes require the District to use the investment services of the Niles Township Schools Treasurer. Investments are stated at fair value. Due to the nature of the District's investments, fair value approximates cost. No amortization is made to interest income for discounted federal securities. Gains and losses on the sale of investments are recorded as interest income at the date of sale or maturity. 9. Capital Assets Capital assets, which include land, land improvements, buildings, and equipment, are reported in the government-wide financial statements. Capital assets are defined, by the District, as assets with an initial individual or group cost of more than $5,000 and an estimated useful life in excess of one year. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets' lives are not capitalized.
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Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 9. Capital Assets (Continued) Major outlays for capital assets and improvements are capitalized as projects are constructed. Buildings and equipment are depreciated using the straight-line method over the following estimated useful lives: Assets
Years
Buildings Land improvements Equipment
50 7 - 30 5 - 20
Construction in progress is stated at cost and includes engineering, design, and legal costs incurred for planned construction. No provision for depreciation is made on construction in progress until the asset is completed and put in use. 10. Prepaid Items Prepaid items are recorded at cost and amortized over the terms of the underlying agreements. Reported prepaid expenditures are equally offset by fund balance reserves, which indicate that they do not constitute "available spendable resources" even though they are a component of current net position. Prepaid items are accounted for using the consumption method, that is, they are recognized as an expenditure as they are used. 11. Accumulated Unpaid Vacation and Sick Pay All administrators and teachers receive 15 sick days a year. All twelve-month support staff who have less than 40 sick days accumulated will receive 13 days in the following fiscal year. All twelve-month support staff who have between 40 and 80 sick days accumulated will receive 14 days in the following fiscal year. All twelvemonth support staff who have over 80 sick days accumulated will receive 15 days in the following fiscal year. All ten-month support staff who have less than 40 sick days accumulated will receive 10 1/2 days in the following fiscal year. All ten-month support staff who have between 40 and 80 sick days accumulated will receive 11 1/2 days in the following year. All ten-month support staff who have over 80 sick days accumulated will receive 12 1/2 days in the following fiscal year. Sick days accumulate without limit. Upon retirement, a certified employee may apply up to 340 days of unused sick leave toward service credit for the Teachers' Retirement System (TRS). Accordingly, no liability for unused sick leave has been reported within the financial statements.
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Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 11. Accumulated Unpaid Vacation and Sick Pay (Continued) All administrators and teachers receive two personal days in each fiscal year. All support staff (ten-month and twelve-month) receive three personal days in each fiscal year. Any unused personal days will be converted to unused sick days, for the next fiscal year. All employees receive five bereavement days. Any unused bereavement days are lost at the end of the fiscal year. Administrators who have unused bereavement days at fiscal year-end will have these days converted to sick days, for the next fiscal year. All administrators will initially receive 20 days of vacation. Upon their 11th year of employment, all administrators will receive 25 days of vacation. All twelve-month support staff receive vacation depending on their length of employment: Beginning with the 1st year Beginning with the 4th year Beginning with the 8th year Beginning with the 16th year
10 vacation days 15 vacation days 20 vacation days 25 vacation days
All employees eligible to earn vacation may carry over a maximum of ten unused earned vacation days to the following fiscal year. Employees will lose any vacation days that exceed the ten days being carried forward. Employees are compensated for unused earned vacation days at their current rate of pay upon termination of employment. 12. Long-Term Obligations In the government-wide financial statements, long-term debt and other long-term obligations are reported as liabilities in the statement of net position. Bond premiums and discounts, and losses on refunding of bonds, are deferred and amortized over the life of the bonds using the straight line method. Bonds payable are reported net of the applicable bond premium or discount or loss on refunding. Bond issuance costs are expensed in the period incurred. In the fund financial statements, governmental funds recognize bond premiums and discounts, losses on refunding, and bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources, while discounts on debt issuances are reported as other financing uses. Losses on refunding and issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures. -33-
Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 13. Personal Property Replacement Taxes Personal property replacement tax revenues are first allocated to the Municipal Retirement/Social Security Fund, with the balance allocated at the discretion of the District. 14. Restricted Net Position For the government-wide financial statements, net position is reported as restricted when constraints placed on net position are either: (1) externally imposed by creditors (such as debt covenants), grantors, contributors, or laws or regulations of other governments, (2) imposed by law through constitutional provisions, or (3) imposed by enabling legislation. All of the District's restricted net position were restricted as a result of enabling legislation. When both restricted and unrestricted resources are available for use, it is the District's policy to use restricted resources first, and then unrestricted resources, as they are needed. 15. Fund Balance The governmental funds report five components of fund balance: nonspendable, restricted, committed, assigned, and unassigned. a. Nonspendable - includes amounts that cannot be spent because they are either not in spendable form or legally or contractually required to be maintained intact. The nonspendable in form criteria includes items that are not expected to be converted to cash such as prepaid items. b. Restricted - refers to amounts that are subject to outside restrictions such as creditors, grantors, contributors, laws and regulations of other governments, or imposed by law through enabling legislation. Special revenue funds are by definition restricted for those specified purposes. c. Committed - refers to amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of the District's highest level of decision making authority (the Board of Education). The Board of Education commits fund balances by passing a resolution. Amounts committed cannot be used for any purpose unless the District removes or changes the specific use by taking the same type of formal action it employed to previously commit those funds. The District had no committed fund balances at June 30, 2014.
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Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 15. Fund Balance (Continued) d. Assigned - refers to amounts that are constrained by the District's intent to be used for a specific purpose, but are neither restricted or committed. Intent may be expressed by the Board of Education or the individual the Board of Education delegates the authority to assign amounts to be used for specific purposes. The Board of Education delegated this authority to the Assistant Superintendent for Business. The District had no assigned fund balances at June 30, 2014. e. Unassigned - refers to all spendable amounts not contained in the other four classifications described above. In funds other than the general fund, the unassigned classification is used only to report a deficit balance resulting from overspending for specific purposes for which amounts had been restricted, committed, or assigned. Unless specifically identified, expenditures act to reduce restricted balances first, then committed balances, next assigned balances, and finally they act to reduce unassigned balances. Expenditures for a specifically identified purpose will act to reduce the specific classification of fund balance that is identified. Governmental fund balances reported on the fund financial statements, at June 30, 2014, are as follows: The nonspendable fund balance in the General Fund, Operations and Maintenance Fund, and Debt Service Fund consist of $150,364, $26,578, and $1,075, respectively for prepaid items. The restricted fund balance in the General Fund is comprised of $4,823,761, representing the remaining unspent portion of the restricted tort immunity levy. The remaining restricted fund balances are for the purpose of the restricted funds as described in Note A-4. 16. Use of Estimates In preparing financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets, deferred outflows, liabilities, and deferred inflows, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
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Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE B - RECONCILIATION OF GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS 1. Explanation of Certain Differences Between the Governmental Funds Balance Sheet and the Government-wide Statement of Net Position The governmental funds balance sheet includes a reconciliation between fund balance – total governmental funds and net position – governmental activities as reported in the government-wide statement of net position. One element of that reconciliation explains that “Long-term liabilities included in the statement of net position are not due and payable in the current period and, accordingly, are not reported in the governmental funds balance sheet.” The details of this difference are as follows: General obligation bonds Capital lease Unamortized premiums Unamortized discounts Employee retirement obligations Compensated absences IMRF net pension obligation
$ (153,862,511) (28,322) (1,572,630) 504,552 (5,646,902) (270,622) (793,357)
Net adjustment to reduce fund balance-total governmental funds to arrive at net position – governmental activities
$ (161,669,792)
2. Explanation of Certain Differences Between the Governmental Fund Statement of Revenues, Expenditures, and Changes in Fund Balances and the Government-wide Statement of Activities The governmental funds statement of revenues, expenditures, and changes in fund balances includes a reconciliation between net changes in fund balances - total governmental funds and changes in net position governmental activities as reported in the government-wide statement of activities. One element of that reconciliation explains that "Governmental funds report capital outlays as expenditures. However, in the statement of activities, the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense." The details of this difference are as follows: Capital outlay Depreciation expense Loss on disposals Net adjustment to increase net change in fund balances - total governmental funds to arrive at change in net position governmental activities -36-
$
18,252,280 (10,798,728) (336,304)
$
7,117,248
Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE B - RECONCILIATION OF GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS (Continued) 2. Explanation of Certain Differences Between the Governmental Fund Statement of Revenues, Expenditures, and Changes in Fund Balances and the Government-wide Statement of Activities (Continued) Another element of that reconciliation states that "The issuance of long-term debt provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds." The details of this difference are as follows: General obligation bonds, net Capital lease, net Employee retirement obligations, net Compensated absences, net IMRF net pension obligation, net Net adjustment to increase net change in fund balances – total governmental funds to arrive at change in net position governmental activities
$
4,890,553 (28,322) 1,022,390 (11,661) (30,438)
$
5,842,522
Another element of that reconciliation states that "Governmental funds report the effect of gains and losses on refunding, premiums, discounts, and similar items when the debt is issued. However, these amounts are deferred and amortized in the statement of activities." The details of this difference are as follows: Amortization of losses on refunding of bonds Amortization of discounts Amortization of bond premiums Net adjustment to decrease net change in fund balances – total governmental funds to arrive at change in net position governmental activities
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$
(1,530,752) (33,641) 154,867
$
(1,409,526)
Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE C - DEPOSITS AND INVESTMENTS At June 30, 2014, the District's cash and investments consisted of the following: Governmental Cash and investments
Fiduciary
$ 187,127,109 $
Total
1,294,814 $ 188,421,923
For disclosure purposes, this amount is segregated as follows: Total Cash and investments under custody of Township Treasurer Deposits with financial institutions Cash on hand
$ 187,126,009 1,294,814 1,100 $ 188,421,923
1. Cash and Investments Under the Custody of the Township Treasurer The Illinois Compiled Statutes require the District to utilize the investment services of the Niles Township Schools Treasurer (the Treasurer). As such, the Treasurer is the lawful custodian of these school funds. The Treasurer is appointed by the Township Treasurer Board of Trustees, an independently elected body, to serve the school districts in the township. The investment policies are established by the Niles Township Schools Treasurer, as prescribed by the Illinois School Code. The Treasurer is the direct recipient of property taxes, replacement taxes, and most state and federal aid, and disburses school funds upon lawful order to the school board. The Treasurer invests excess funds at his discretion, subject to the legal restrictions discussed below. For these purposes, the Treasurer is permitted to combine monies from more than one fund of a single district and to combine monies of more than one district in the township. The Treasurer's investment policy, which is the same as the District's, is in line with State Statutes. The investments that the District may purchase are limited by Illinois law to the following: (1) securities that are fully guaranteed by the U.S. government as to principal and interest; (2) certain U.S. government agency securities; (3) interest-bearing savings accounts, interest-bearing certificates of deposit or time deposits or any other investments constituting direct obligations of any bank as defined by the Illinois Banking Act; (4) shortterm discount obligations of corporations organized in the United States with assets exceeding $500,000,000; (5) interest-bearing bonds of any county, township, city, village, incorporated town, municipal corporation or school district; (6) fully collateralized repurchase agreements; (7) the State Treasurer's Illinois and Prime Funds; and (8) money market mutual funds and certain other instruments. -38-
Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE C - DEPOSITS AND INVESTMENTS (Continued) 1. Cash and Investments Under the Custody of the Township Treasurer (Continued) The District's cash and investments (other than the agency funds, certain local accounts, and petty cash funds) are part of a common pool for all the school districts and cooperatives within the Township. The Treasurer maintains records that segregate the cash and investment balances by district or cooperative. Income from investments is distributed based upon the District's percentage participation in the pool. Cash for all funds is not deemed available for purposes other than those for which these balances are intended. The Treasurer's office operates as a nonrated, external investment pool. The fair value of the District's investment, in the Treasurer's pool, is determined by the District's proportionate share of the fair value of the investments held by the Treasurer's office. The weighted-average maturity of all pooled marketable investments held by the Treasurer was 3.584 years at June 30, 2014. The Treasurer also holds money-market type investments and deposits with financial institutions, including certificates of deposit. As of the same date, the fair value of all investments held by the Treasurer's office was $383,734,809, and the fair value of the District's proportionate share of the pool was $187,126,009. Interest Rate Risk The District's investment policy, which is the same as the Treasurer's office, seeks to ensure preservation of capital in the District's overall portfolio. The highest return on investments is sought, consistent with the preservation of principal and prudent investment principles. The investment portfolio is required to provide sufficient liquidity to pay District obligations as they come due, considering maturity and marketability. The investment portfolio is also required to be diversified as to maturities and investments, as appropriate to the nature, purpose, and amount of funds. 2. Cash and Investments in the Custody of the District At June 30, 2014, the carrying value of the District's student activity, scholarship and memorial, and flexible spending account funds was $1,294,814, all of which was deposited with financial institutions, and was collateralized or insured. The District also maintains $1,100 in petty cash.
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Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE D - PROPERTY TAXES RECEIVABLE The District must file its tax levy resolution by the last Tuesday in December of each year. The tax levy resolution was approved, by the Board, on December 16, 2013. The District's property tax is levied each year on all taxable real property located in the District and becomes a lien on the property on January 1 of that year. The owner of real property on January 1 (the lien date) in any year is liable for taxes of that year. The Cook County Assessor is responsible for the assessment of all taxable real property within Cook County except for certain railroad property, which is assessed directly by the state. One-third of the county is reassessed every year by the Assessor. The Illinois Department of Revenue has the statutory responsibility for ensuring uniformity of real property assessments throughout the state. Each year, the Illinois Department of Revenue furnishes the county clerks with an adjustment factor to equalize the level of assessment between counties at one-third of market value. This factor (the equalization factor) is then applied to the assessed valuation to compute the valuation of property to which the tax rate will be applied (the equalized assessed valuation). The equalization factor was 2.6621 for 2013. The County Clerk adds the equalized assessed valuation of all real property in the county to the valuation of property assessed directly by the state (to which the equalization factor is not applied) to arrive at the base amount (the assessment base) used to calculate the annual tax rates, as described above. The equalized assessed valuation for the extension of the 2013 tax levy was $3,464,664,451. Property taxes are collected by the Cook County Collector/Treasurer who remits them to the School Treasurer. Taxes levied in one year become due and payable in two installments on March 1 and August 1 during the following year. The first installment is an estimated bill, and is fifty-five percent of the prior year's tax bill. Property taxes are normally collected by the District within 60 days of the respective installment dates. The second installment is based on the current levy, assessment, equalization, and any changes from the prior year will be reflected in the second installment bill. The portion of the 2013 property tax levy not received, by June 30, is recorded as a receivable, net of estimated uncollectibles of 2%. The net receivable collected within the current year or due and expected to be collected soon enough thereafter to be used to pay liabilities of the current period less the taxes collected soon enough after the end of the previous fiscal year are recognized as revenue. Such time thereafter does not exceed 60 days. Net taxes receivable less the amount expected to be collected within 60 days is reflected as unavailable property tax revenue.
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Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE E - CAPITAL ASSETS Capital asset activity for the year ended June 30, 2014 was as follows: Balance July 1, 2013 Capital assets, not being depreciated Land $ Construction in progress
Increases $ 4,989,184
$ 9,213,523
2,965,445 4,989,184
12,178,968
4,989,184
9,213,523
7,954,629
212,918,157 16,543,999 27,239,261
19,733,245 272,418 2,470,956
795,300
232,651,402 16,816,417 28,914,917
Total capital assets, being depreciated 256,701,417
22,476,619
795,300
278,382,736
98,121,019 6,615,608 17,999,391
8,122,743 758,776 1,917,209
458,996
106,243,762 7,374,384 19,457,604
122,736,018
10,798,728
458,996
133,075,750
Total capital assets, being depreciated, net 133,965,399
11,677,891
336,304
145,306,986
9,549,827
$ 153,261,615
Total capital assets, not being depreciated Capital assets, being depreciated Buildings Land improvements Equipment
Less accumulated depreciation for: Buildings Land improvements Equipment Total accumulated depreciation
Governmental activities capital assets, net
2,965,445 $ 9,213,523
Balance June 30, 2014
Decreases
$ 146,144,367
$
16,667,075
$
Depreciation expense was charged to functions/programs of the primary government as follows: Governmental activities General government Instruction Support services
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$
1,594,330 9,204,398
$
10,798,728
Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE F - LONG-TERM LIABILITIES The following is the long-term liability activity for the District for the year ended June 30, 2014: Balance July 1, 2013 General Obligation bonds Unamortized premium Unamortized discount
Capital lease Compensated absences Employee retirement obligations IMRF net pension obligation Total long-term obligations
$ 158,753,064 $ 1,727,497 (538,193)
Increases / Accretion
Balance June 30, 2014
Decreases
Due Within One Year
3,699,447 $ -
8,590,000 $ 153,862,511 $ 154,867 1,572,630 (33,641) (504,552)
6,635,046 -
159,942,368
3,699,447
8,711,226
154,930,589
6,635,046
258,961
43,554 275,488
15,232 263,827
28,322 270,622
13,816 270,622
6,669,292
731,648
1,754,038
5,646,902
1,544,969
762,919
2,105,244
2,074,806
793,357
$ 167,633,540 $
6,855,381 $
-
12,819,129 $ 161,669,792 $
8,464,453
1. Bonds Payable The summary of activity in bonds payable for the year ended June 30, 2014 is as follows:
Bonds Payable July 1, 2013 $65,000,000 School Building Bonds Series 2000; due December 1, 2019; interest at 5.5% to 8%. $
21,285,000 $
$4,925,429 Capital Appreciation Bonds Series 2001; due December 1, 2020; interest at 5.75%.
3,933,064
$19,230,000 Refunding School Bonds Series 2004; due December 1, 2017; interest at 4%.
8,285,000 -42-
Debt Issued/ Accretion
-
229,401
-
Debt Retired/ Defeased
$
-
-
3,290,000
Bonds Payable June 30, 2014
$
21,285,000
4,162,465
4,995,000
Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE F - LONG-TERM LIABILITIES (Continued) 1. Bonds Payable (Continued) Bonds Payable July 1, 2013
Debt Issued/ Accretion
Debt Retired/ Refunded
Bonds Payable June 30, 2014
$47,280,000 Refunding School Bonds Series 2007A; due December 1, 2027; interest at 5%. $
47,280,000 $
-
$17,850,000 Refunding School Bonds Series 2007B; due December 1, 2023; interest at 5.375% to 6%.
17,850,000
-
$32,435,000 Taxable GO Refunding Bonds Series 2010A; issued December 28, 2010; due December 1, 2028; interest at 2.3% to 7%.
32,435,000
-
1,155,000
31,280,000
9,745,000
-
1,710,000
8,035,000
17,940,000
-
1,030,000
16,910,000
$9,745,000 GO School Bonds Series 2010B; issued December 28, 2010; due December 1, 2030; interest at 4.875% to 5.125%. $20,025,000 Taxable GO Refunding School Bonds Series 2010C; issued December 28, 2010; due December 1, 2026; interest at 2.3% to 6.5%.
$
-
-
$
47,280,000
17,850,000
$590,000 Taxable GO Refunding Bonds Series 2013A; issued November 7, 2013; due December 1, 2030; interest at 5%.
-
590,000
-
590,000
$145,000 Taxable GO Refunding Bonds Series 2013B; issued November 7, 2013; due December 1, 2014; interest at 2%.
-
145,000
-
145,000
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Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE F - LONG-TERM LIABILITIES (Continued) 1. Bonds Payable (Continued) Debt Issued/ Accretion
Bonds Payable July 1, 2013 $839,546 GO Capital Appreciation Refunding Bonds Series 2013C; issued November 7, 2013; due June 1, 2015; interest at 0.75% to 1%. $
-
$1,875,887 GO Capital Appreciation Refunding Bonds Series 2013D; issued November 7, 2013; due June 1, 2015; interest at 0.85% to 0.9%.
-
Total bonds payable
$
842,316 $
1,892,730
$ 158,753,064 $
3,699,447 $
Debt Retired/ Refunded
450,000 $
392,316
955,000
937,730
8,590,000 $ 153,862,511
The face amount and carrying amount of bonds payable at June 30, 2014 are as follows: Interest Rates
Face Amount
School Building Bonds - 2000 5.5%-8% $ Capital Appreciation Bonds - 2001 5.75% Refunding School Bonds - 2004 4% Refunding School Bonds - 2007A 5% Refunding School Bonds - 2007B 5.375%-6% Refunding Bonds - 2010A 2.3%-7% School Bonds - 2010B 4.875%-5.125% Refunding School Bonds - 2010C 2.3%-6.5% Taxable GO Refunding Bonds - 2013A 5% Taxable GO Refunding Bonds - 2013B 2% Capital Appreciation Bonds - 2013C 0.75%-1% Capital Appreciation Bonds - 2013D 0.85%-0.9%
21,285,000 $ 6,190,000 4,995,000 47,280,000 17,850,000 31,280,000 8,035,000 16,910,000 590,000 145,000 395,000 945,000
Carrying Amount 21,285,000 4,162,465 4,995,000 47,280,000 17,850,000 31,280,000 8,035,000 16,910,000 590,000 145,000 392,316 937,730
$ 155,900,000 $ 153,862,511
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Bonds Payable June 30, 2014
Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE F - LONG-TERM LIABILITIES (Continued) 1. Bonds Payable (Continued) At June 30, 2014, the District's future cash flow requirements for retirement of bond principal and interest were as follows: Year Ending June 30
Principal
2015 $ 2016 2017 2018 2019 2020 - 2024 2025 - 2029 2030 - 2031
6,645,000 $ 5,385,000 5,475,000 6,155,000 6,420,000 45,665,000 76,765,000 3,390,000
Total
$ 155,900,000 $
Interest 2,099,392 $ 5,755,998 5,334,396 5,387,842 5,857,806 29,528,047 12,123,054 276,830
Total 8,744,392 11,140,998 10,809,396 11,542,842 12,277,806 75,193,047 88,888,054 3,666,830
66,363,365 $ 222,263,365
These payments will be made from amounts budgeted from the debt service tax levies in future periods. There is $4,356,627 in the Debt Service Fund to service the outstanding bonds payable. During the fiscal year ended June 30, 2014, the District issued $3,450,433 of Taxable General Obligation Refunding Bonds Series 2013A and B, and General Obligation Capital Appreciation Refunding Bonds Series 2013C and D. These bond issuances were use to refund certain principal and interest maturities on the District's 2010 A, B, and C bonds. This transaction resulted in a theoretical economic gain (difference between the present value of the debt service payments on the old and new debt) of $135,021. In current and prior years, the District defeased certain general obligation and other bonds by placing the proceeds of new bonds in an irrevocable trust to provide for all future debt service payments on the old bonds. Accordingly, the trust account assets and the liability for the defeased bonds are not included in the District's financial statements. At June 30, 2014, $79,390,008 of bond principal outstanding is considered defeased. The District is subject to the Illinois School Code, which limits the bond indebtedness to 6.9% of the most recent available equalized assessed valuation of the District. As of June 30, 2014, the statutory debt limit for the District was $239,061,847, of which $83,133,525 is fully available.
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Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE F - LONG-TERM LIABILITIES (Continued) 2. Capital Lease The District leases various equipment, with a gross asset cost of $43,554, under a capital lease which expires on January 28, 2016. The lease requires annual payments of $15,232. The District has imputed interest at 5%. The following is a schedule by years of the future minimum lease payments, together with the present value of the minimum lease payments as of June 30, 2014: Years Ending June 30,
Minimum Payments
2015 2016
$
Total minimum lease payments Less amount representing interest Present value of minimum lease payments
15,232 15,232 30,464 (2,142)
$
28,322
3. Compensated Absences At June 30, 2014 compensated absences amounted to $270,622. Future payments will be made from the same fund where the employee's salary is recorded.
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Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE F - LONG-TERM LIABILITIES (Continued) 4. Employee Retirement Obligations If an employee, subject to certain stipulations as defined in their employment contract, notifies the District of his or her irrevocable intent to retire, by February 1 of the sixth year prior to the end of his or her last year of employment, the employee shall receive a total increase of six percent per year over his or her salary in the previous year for the final five years of employment prior to retirement. If the employee provides notification of an irrevocable intent to retire less than five years in the future, the employee shall receive a total increase of six percent in each of the remaining years prior to retirement. As of June 30, 2014, future obligations under these arrangements were as follows: Year Ending June 30,
Amount
2015 2016 2017 2018 2019
$
1,544,969 1,617,483 1,832,664 552,772 99,014
Total
$
5,646,902
NOTE G - OPERATING LEASES The District leases nine copiers under a noncancelable operating lease expiring in December 2016. The terms of the lease require aggregate annual payments of $121,468. The District also leased various other copier equipment under a noncancelable operating lease that expired in December 2013. Total lease expense for the year ended June 30, 2014 was $142,777. At June 30, 2014, future minimum lease payments for the copier lease are as follows: Years Ending June 30, 2015 2016 2017
Total $
121,468 121,468 60,734
$
303,670
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Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE H - INTERFUND TRANSFERS The District transferred $478,975 to the Operations and Maintenance Fund from the General (Working Cash) Fund. The amount transferred represents interest earned on investments in the Working Cash Account. The District transferred $2,286,761 to the Debt Service Fund from the General (Educational) Fund, to be used for debt service obligations of the District. The District transferred $15,232 to the Debt Service Fund from the General (Educational) Fund, to be used for capital lease obligations of the District. The District also transferred $1,984,198 to the Capital Projects Fund from the Operations and Maintenance Fund, for capital outlay purposes. NOTE I - RETIREMENT FUND COMMITMENTS 1. Teachers' Retirement System of the State of Illinois The District participates in the Teachers’ Retirement System of the State of Illinois (TRS). TRS is a costsharing, multiple-employer defined benefit pension plan that was created by the Illinois legislature for the benefit of Illinois public school teachers employed outside the city of Chicago. The Illinois Pension Code outlines the benefit provisions of TRS, and amendments to the plan can be made only by legislative action, with the Governor’s approval. The state of Illinois maintains the primary responsibility for funding the plan, but contributions from participating employers and members are also required. The TRS Board of Trustees is responsible for the System’s administration. TRS members include all active nonannuitants who are employed by a TRS-covered employer to provide services for which teacher certification is required. The active member contribution rate for the year ended June 30, 2014 was 9.4 percent of creditable earnings. The same contribution rate applies to members whose first contributing service is on or after January 1, 2011, the effective date of the benefit changes contained in Public Act 96-0889. These contributions, which may be paid on behalf of employees by the employer, are submitted to TRS by the employer. The active member contribution rate was also 9.4 percent for the years ended June 30, 2013 and 2012. The state of Illinois makes contributions directly to TRS on behalf of the District's TRS-covered employees.
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Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE I - RETIREMENT FUND COMMITMENTS (Continued) 1. Teachers' Retirement System of the State of Illinois (Continued) On-behalf Contributions The State of Illinois makes employer pension contributions on behalf of the District. For the year ended June 30, 2014, State of Illinois contributions were based on 35.41 percent of creditable earnings not paid from federal funds, and the District recognized revenue and expenditures of $17,676,460 in pension contributions that the State of Illinois paid directly to TRS. For the years ended June 30, 2013 and June 30, 2012, the state of Illinois contribution rates as percentages of creditable earnings not paid from federal funds were 28.05 percent, $13,915,255, and 24.91 percent, and $12,026,327, respectively. The District makes other types of employer contributions directly to TRS. 2.2 Formula Contributions Employers contribute 0.58 percent of total creditable earnings for the 2.2 formula change. This rate is specified by statute. Contributions for the year ended June 30, 2014 were $290,923. Contributions for the years ended June 30, 2013 and June 30, 2012, were $288,410 and $280,570 , respectively. Federal and Special Trust Fund Contributions When TRS members are paid from federal and special trust funds administered by the District, there is a statutory requirement for the District to pay an employer pension contribution from those funds. Under a policy adopted by the TRS Board of Trustees that was first effective for the fiscal year ended June 30, 2006, employer contributions for employees paid from federal and special trust funds will be the same as the state contribution rate to TRS. Public Act 98-0674 now requires the two rates to be the same. For the year ended June 30, 2014, the employer pension contribution was 35.41 percent of salaries paid from federal and special trust funds. For the years ended June 30, 2013 and 2012, the employer contribution was 28.05 and 24.91 percent, respectively, of salaries paid from federal and special trust funds. For the year ended June 30, 2014, salaries totaling $239,804 were paid from federal and special trust funds that required employer contributions of $84,914. For the years ended June 30, 2013 and June 30, 2012, required District contributions were $32,842 and $23,665, respectively.
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Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE I - RETIREMENT FUND COMMITMENTS (Continued) 1. Teachers' Retirement System of the State of Illinois (Continued) Early Retirement Option (ERO) The District is also required to make one-time employer contributions to TRS for members retiring under the Early Retirement Option (ERO). The payments vary depending on the age and salary of the member. The maximum employer ERO contribution is 146.5 percent and applies when the member is age 55 at retirement. For the year ended June 30, 2014, the District paid $329,404 to TRS for employer contributions under the ERO program. For the years ended June 30, 2013 and June 30, 2012, the District paid $330,182 and $98,146, respectively, in employer ERO contributions. Salary Increases Over 6 Percent and Excess Sick Leave If an employer grants salary increases over 6 percent and those salaries are used to calculate a retiree’s final average salary, the employer makes a contribution to TRS. The contribution will cover the difference in actuarial cost of the benefit based on actual salary increases and the benefit based on salary increases of up to 6 percent. For the year ended June 30, 2014, the District paid $116 to TRS for employer contributions due on salary increases in excess of 6 percent. For the years ended June 30, 2013 and June 30, 2012, the District paid $76,746 and $0 respectively, to TRS for employer contributions due on salary increases in excess of 6 percent. If the District grants sick leave days in excess of the normal annual allotment and those days are used as TRS service credit, the employer makes a contribution to TRS. The contribution is based on the number of excess sick leave days used as service credit, the highest salary rate reported by the granting employer during a four-year sick leave review period, and the TRS total normal cost rate (17.29 percent of salary during the year ended June 30, 2014). For the year ended June 30, 2014, the District paid $0 to TRS for sick leave days granted in excess of the normal annual allotment. For the years ended June 30, 2013 and June 30, 2012, the District paid $0 in employer contributions granted for sick leave days.
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Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE I - RETIREMENT FUND COMMITMENTS (Continued) 1. Teachers' Retirement System of the State of Illinois (Continued) Further Information on TRS TRS financial information, an explanation of TRS benefits, and descriptions of member, employer, and state funding requirements can be found in the TRS Comprehensive Annual Financial Report for the year ended June 30, 2013. The report for the year ended June 30, 2014 is expected to be available in late 2014. The reports may be obtained by writing to the Teachers’ Retirement System of the State of Illinois, 2815 West Washington Street, P.O. Box 19253, Springfield, IL 62794-9253. The most current report is also available on the TRS Web site at http://trs.illinois.gov. THIS Fund Employer Contributions The District participates in the Teacher Health Insurance Security (THIS) Fund, a cost-sharing, multipleemployer defined benefit postemployment healthcare plan that was established by the Illinois legislature for the benefit of retired Illinois public school teachers employed outside the city of Chicago. The THIS Fund provides medical, prescription, and behavioral health benefits, but it does not provide vision, dental, or life insurance benefits to annuitants of the Teachers’ Retirement System (TRS). Annuitants may participate in the state-administered participating provider option plan or choose from several managed care options. Beginning February 1, 2014, annuitants who were enrolled in Medicare Parts A and B may be eligible to enroll in Medicare Advantage plans. The State Employees Group Insurance Act of 1971 (5 ILCS 375) outlines the benefit provisions of the THIS Fund and amendments to the plan can be made only by legislative action, with the Governor’s approval. Effective July 1, 2012, in accordance with Executive Order 12-01, the plan is administered by the Illinois Department of Central Management Services (CMS) with the cooperation of TRS. Section 6.6 of the State Employees Group Insurance Act of 1971 requires all active contributors to TRS who are not employees of the state to make a contribution to the THIS Fund. The percentage of employer-required contributions in the future will not exceed 105 percent of the percentage of salary actually required to be paid in the previous fiscal year.
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Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE I - RETIREMENT FUND COMMITMENTS (Continued) 1. Teachers' Retirement System of the State of Illinois (Continued) THIS Fund Employer Contributions (Continued) On-behalf Contributions to the THIS Fund The State of Illinois makes employer retiree health insurance contributions on behalf of the District. State contributions are intended to match contributions to the THIS Fund from active members, which were 0.97 percent of pay during the year ended June 30, 2014. State of Illinois contributions were $486,544, and the District recognized revenue and expenditures of this amount during the year. State contributions intended to match active member contributions during the years ended June 30, 2013 and June 30, 2012 were 0.92 and 0.88 percent of pay, respectively. State contributions on behalf of District employees were $457,478 and $425,692, respectively. Employer Contributions to the THIS Fund The District also makes contributions to the THIS Fund. The employer THIS Fund contribution was 0.72 percent during the year ended June 30, 2014, and 0.69 and 0.66 percent during the years ended June 30, 2013 and June 30, 2012, respectively. For the year ended June 30, 2014, the District paid $361,146 to the THIS Fund. For the years ended June 30, 2013 and June 30, 2012, the District paid $343,108 and $319,269, respectively, to the THIS Fund, which was 100 percent of the required contribution. Further Information on the THIS Fund The publicly available financial report of the THIS Fund may be found on the website of the Illinois Auditor General: http://www.auditor.illinois.gov/Audit-Reports/ABC-List.asp. The current report is listed under "Central Management Services." Prior reports are available under "Healthcare and Family Services."
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Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE I - RETIREMENT FUND COMMITMENTS (Continued) 2. Illinois Municipal Retirement Fund Plan Description The District's defined benefit pension plan for regular employees provides retirement and disability benefits, postretirement increases, and death benefits to plan members and beneficiaries. The District's plan is affiliated with the Illinois Municipal Retirement Fund (IMRF), an agent, multiple-employer plan. Benefit provisions are established by statute and may only be changed by the General Assembly of the State of Illinois. IMRF issues a publicly available financial report that includes financial statements and required supplementary information. That report may be obtained on-line at www.imrf.org. Funding Policy As set by state statute, the District's regular plan members are required to contribute 4.5 percent of their annual covered salary. The statute requires the District to contribute the amount necessary, in addition to member contributions, to finance the retirement coverage of its own employees. The District contribution rate for calendar year 2013 was 13.71 percent of annual covered payroll. The employer annual required contribution rate for calendar year 2013 was 13.80 percent. The District also contributes for disability benefits, death benefits, and supplemental retirement benefits, all of which are pooled at the IMRF level. Contribution rates for disability and death benefits are set by the IMRF Board of Trustees, while the supplemental retirement benefits rate is set by state statute. Fiscal IMRF Pension Cost and Net IMRF Pension Obligation The District's annual IMRF pension cost is calculated based on the annual required contribution (ARC) of the employer. The following table shows the components of the District's annual IMRF pension cost for the fiscal year, the amount actually contributed to the plan for the fiscal year, and changes in the District's net IMRF pension obligation, as of June 30, 2014.
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Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE I - RETIREMENT FUND COMMITMENTS (Continued) 2. Illinois Municipal Retirement Fund (Continued) Fiscal IMRF Pension Cost and Net IMRF Pension Obligation (Continued) June 30, 2014 Annual Required Contribution (ARC) Interest on net IMRF pension obligation Adjustment to annual required contribution
$
Annual IMRF cost Contributions made
2,081,063 57,796 (33,615) 2,105,244 (2,074,806)
Increase in IMRF pension obligation Net IMRF pension obligation at July 1, 2013
30,438 762,919
Net IMRF pension obligation at June 30, 2014
$
793,357
The General Fund is expected to be used to liquidate the net IMRF pension obligation. Annual Pension Cost Information related to the employer's contributions are on a fiscal year basis. The actuarial and trend information are on a calendar basis as that is the year used by the IMRF. The required contribution for the fiscal year 2014 was $2,081,063. Trend Information Actuarial Valuation Date 6/30/14 6/30/13 6/30/12
Annual Pension Cost (APC) $
2,105,244 2,134,219 1,925,279
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Percentage of APC Contributed 99% 96% 90%
Net Pension Obligation $
793,357 762,919 685,785
Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE I - RETIREMENT FUND COMMITMENTS (Continued) 2. Illinois Municipal Retirement Fund (Continued) Annual Pension Cost (Continued) The required contribution for 2013 was determined as part of the December 31, 2011 actuarial valuation using the entry age normal actuarial cost method. The actuarial assumptions at December 31, 2011 included (a) 7.5 percent investment rate of return (net of administrative and direct investment expenses), (b) projected salary increases of 4 percent a year, attributable to inflation, (c) additional projected salary increases ranging from 0.4 percent to 10 percent per year depending on age and service, attributable to seniority/merit, and (d) postretirement benefit increases of 3 percent annually. The actuarial value of the District's regular plan assets was determined using techniques that spread the effects of short-term volatility in the market value of investments over a five-year period with a 20 percent corridor between the actuarial value and market value of assets. The District's regular plan's unfunded actuarial accrued liability at December 31, 2011 is being amortized as a level percentage of projected payroll on an open 30-year basis. Funded Status and Funding Progress As of December 31, 2013, the most recent actuarial valuation date, the regular plan was 54.07 percent funded. The actuarial accrued liability for benefits was $32,361,688 and the actuarial value of assets was $17,498,528, resulting in an underfunded actuarial accrued liability (UAAL) of $14,863,160. The covered payroll for calendar year 2013 (annual payroll of active employees covered by the plan) was $15,505,338 and the ratio of the UAAL to the covered payroll was 96 percent. The schedule of funding progress, presented as required supplementary information (RSI) following the notes to the financial statements, presents multiyear trend information about whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued liabilities for benefits. 3. Social Security/Medicare Employees not qualifying for coverage under the Illinois Teachers' Retirement System or the Illinois Municipal Retirement Fund are considered "nonparticipating employees". These employees and those qualifying for coverage under the Illinois Municipal Retirement Fund are covered under Social Security/Medicare. The District paid the total required contribution for the current fiscal year.
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Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE J - OTHER POSTEMPLOYMENT BENEFITS Plan Description The District administers a single-employer defined benefit healthcare plan (“the Retiree Health Plan”). The plan provides the ability for IMRF retirees (TRS members are excluded as they are eligible to enroll in the state plan, the THIS Fund), spouses and dependents access to the District’s group health and dental insurance plans during retirement. If a retiree elects to leave the health or dental plan, they may not return to the plan in a future year. Retirees are responsible to contribute a premium toward the cost of their insurance. For 2013 (most recent information available) a total of 18 former employees and beneficiaries accessed a postemployment benefit through the District. The plan does not issue a separate report. Funding Policy Retirees under the age of 65 contribute the full Consolidated Omnibus Budget Reconciliation Act (COBRA) equivalent rate. The medical and dental contributions required by the District are set by administration in consultation with the District’s broker. Retirees who are Medicare eligible may access a Medicare supplemental policy through the District. For fiscal year 2014, the District contributed $158,860 toward the cost of postemployment benefits for retirees. Annual OPEB Cost and Net OPEB Obligation The District's annual other postemployment benefit (OPEB) cost (expense) is calculated based on the annual required contribution of the employer (ARC), an amount actuarially determined in accordance with the parameters of GASB Statement 45. The ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and to amortize any unfunded actuarial liabilities (or funding excess) over a period not to exceed thirty years. The following table shows the components of the District's annual OPEB cost for the year, the amount actually contributed to the plan, and changes in the District's net OPEB benefit to the Retiree Health Plan: June 30, 2014 Annual required contribution Interest on net OPEB asset Adjustment to annual required contribution Annual OPEB cost Contributions made
$
Increase in net OPEB asset Net OPEB asset, beginning of year
76,978 (329) 76,649 (158,860) (82,211) (8,236)
Net OPEB asset, end of year
$ -56-
(90,447)
Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE J - OTHER POSTEMPLOYMENT BENEFITS (Continued) Annual OPEB Cost and Net OPEB Obligation (Continued) The District's annual OPEB cost, the percentage of annual OPEB cost contributed to the plan, and the net OPEB asset for fiscal year 2014 and the two preceding fiscal years were as follows:
Actuarial Valuation Date 6/30/2014* $ 06/30/2013 6/30/2012*
Annual OPEB Cost 76,649 56,710 56,437
Percentage Annual OPEB Cost Contributed 207.3% 101.3% 101.8%
Net OPEB Asset $
(90,447) (8,236) (7,480)
* Estimated based on prior year information Funding Status and Funding Progress As of June 30, 2013 (most recent information available), the actuarial accrued liability for benefits was $916,237, all of which was unfunded. The covered payroll (annual payroll of active employees covered by the plan) and the ratio of the unfunded actuarial accrued liability to the covered payroll were not available. The projection of future benefit payments for an ongoing plan involved estimates of the value of reported amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment, mortality, and the healthcare cost trend. Amounts determined regarding the funded status of the plan and the annual required contributions of the employer are subject to continual revision as actual results are compared with past expectations and new estimates are made about the future. The schedule of funding progress, presented as required supplementary information (RSI) following the notes to the financial statements, presents multiyear trend information about whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued liabilities for benefits. Methods and Assumptions Projections of benefits for financial reporting purposes are based on the substantive plan (the plan understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculations.
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Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE J - OTHER POSTEMPLOYMENT BENEFITS (Continued) Methods and Assumptions (Continued) The following simplifying assumptions were made: Contribution rates: District Plan members Actuarial valuation date Actuarial cost method Amortization period Remaining amortization period Asset valuation method
Not applicable 0.00% June 30, 2013 Entry age Level percentage of pay, open 30 years Market
Actuarial assumptions: Investment rate of return* Projected salary increases Healthcare inflation rate
4.00% 4.00% 8.00% initial; 6.00% ultimate (0.5% reduction per year)
Mortality, Turnover, Disability, Retirement ages
Similar rate utilized for IMRF
Percentage of active employees assumed to elect benefit Employer provided benefit
20% Explicit (eligible retired administrators): 100% of premium to age 65 Implicit (All): 40% of premium to age 65 (50% of $686/mo, + 50% of $1,713/mo).
*Includes inflation at 3.00%
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Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE K - RISK MANAGEMENT The District is exposed to various risks of loss related to torts, theft of, damage to, and destruction of assets, errors and omissions, injuries to employees, and natural disasters. The District purchases coverage against such risks. To protect the District from such risks, the District participates in the Collective Liability Insurance Cooperative (CLIC) public entity risk pool for property damage and injury claims. The arrangements with the pool provide that the pool will be self-sustaining through member premiums, and will reinsure through commercial companies for claims in excess of certain levels established by the pool. Settlements have not exceeded coverage for each of the past three fiscal years. The District is self insured in the Workers' Compensation area, which is administered through Employer's Claim Service, Inc. Reinsurance coverage is provided for losses over $400,000, with a limit of $1,000,000 per occurrence. The District develops an estimate of claims that have been incurred but not reported, based on reports by the administrative agent which considers histoircal experience based on the type of claim. Balances of workers' compensation claims liabilities during the past two years are as follows:
Unpaid claims, beginning of fiscal year
$
Incurred claims (including claims incurred but not yet reported (IBNRs)) Claim payments and other
2014
2013
231,288 $
336,347
22,377 (87,586)
Unpaid claims, end of fiscal year
$
166,079 $
5,117 (110,176) 231,288
The District also provides health insurance through a self-insurance program with Blue Cross/Blue Shield as the administrative agent. The stop-loss deductible is $175,000 per plan member. The District develops an estimate of claims that have been incurred but not reported, based on reports prepared by the administrative agent which utilize historical lag periods and current claim experience. Current claims payable, and an estimate of the incurred but not reported claims liability of $958,087, are included in claims payable in the accompanying statement of net position.
-59-
Niles Township High School District 219 NOTES TO THE FINANCIAL STATEMENTS June 30, 2014
NOTE L - CONTINGENCIES 1. Litigation The District is a defendant in various lawsuits, and is subject to various ongoing property tax appeals and objections. Although the outcome of these matters is not presently determinable, the resolution of these matters, should the outcome be unfavorable, could result in significant lost property tax revenues to the District. 2. Grants Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time, although the District expects such amounts, if any, to be immaterial. NOTE M - COMMITMENTS The District has certain contracts for construction projects at June 30, 2014. Commitments under these contracts approximated $9,433,000. NOTE N - PRIOR PERIOD ADJUSTMENT The implementation of GASB 65 (Note A-2) required that bond issuance costs be expensed in the year incurred. As a result of this implementation, net position and deferred charges as of July 1, 2013 were restated and decreased $1,469,562. NOTE O - DEFICIT FUND BALANCE The District had a deficit fund balance in the Capital Projects Fund at June 30, 2014. The deficit is a timing difference related to accounts payable for construction in progress. The District transferred funds when the invoices were paid in fiscal year 2015. NOTE P - SUBSEQUENT EVENTS Management has evaluated subsequent events through December 12, 2014, the date that these financial statements were available to be issued. Management has determined that no events or transactions have occurred subsequent to the statement of net position/balance sheet date that require disclosure in the financial statements. -60-
REQUIRED SUPPLEMENTARY INFORMATION (Unaudited)
Niles Township High School District 219 SCHEDULE OF FUNDING PROGRESS ILLINOIS MUNICIPAL RETIREMENT FUND June 30, 2014
Actuarial Valuation Date
(1) Actuarial Value of Assets
(2) Actuarial Accrued Liability (AAL)
12/31/13 $ 12/31/12 12/31/11
17,498,528 $ 17,321,193 15,449,119
32,361,688 32,900,827 29,612,412
(3) Funded Ratio (1) / (2)
(4) Unfunded AAL (UAAL) (2) - (1)
54.07 % $ 14,863,160 52.65 15,579,634 52.17 14,163,293
(5) Covered Payroll $ 15,505,338 14,866,685 14,246,745
(6) UAAL as a Percentage of Covered Payroll [(2)-(1)]/(5) 95.86 % 104.80 99.41
On a market value basis, the actuarial value of assets, as of December 31, 2013, was $23,922,982. On a market basis, the funded ratio would be 73.92%. The actuarial value of assets and accrued liability cover active and inactive members who have service credit with Niles Township High School District 219. They do not include amounts for retirees. The actuarial accrued liability for retirees is 100% funded.
-61-
Niles Township High School District 219 SCHEDULE OF FUNDING PROGRESS OTHER POSTEMPLOYMENT BENEFITS June 30, 2014
Actuarial Valuation Date
(2) Actuarial Accrued Liability (AAL) -Entry Age
(1) Actuarial Value of Assets
06/30/13 $ 06/30/12* 06/30/11
-
$
916,237 700,342 700,342
(4) Unfunded AAL (UAAL) (2) - (1)
(3) Funded Ratio (1) / (2) -
% $
916,237 700,342 700,342
$
(5) Covered Payroll
(6) UAAL as a Percentage of Covered Payroll [(2)-(1)]/(5)
NA NA NA
NA NA NA
%
NA - not available Note: Actuarial valuations are required to be performed biennially. The District had valuations performed as of June 30, 2013 and June 30, 2011. *Results from prior year.
-62-
Niles Township High School District 219 General Fund SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL For the Year Ended June 30, 2014 With Comparative Actual Amounts for the Year Ended June 30, 2013 2014 Original and Variance Final From Budget Actual Final Budget
2013 Actual
Revenues Local sources General levy Special education levy Corporate personal property replacement taxes Regular tuition from pupils or parents Summer school tuition from pupils or parents CTE tuition from pupils or parents Special education tuition from pupils or parents Interest on investments Sales to pupils - lunch Admissions - athletic Fees Book store sales Other district/school activity revenue Rentals - regular textbook Sales - regular textbook Other - textbooks Contributions and donations from private sources Services provided other districts Refund of prior years' expenditures Drivers' education fees Other Total local sources
$ 79,941,018 2,724,362
$ 87,514,783 3,508,246
$ 7,573,765 783,884
2,800,000 447,000 4,000 6,000 2,039,175 19,000 249,475 35,000 1,400,000 700 -
2,416,470 13,717 443,658 4,476 5,700 920,456 14,547 311,808 24,640 52,569 1,454,781 1,528 11,768
(383,530) 13,717 (3,342) 476 (300) (1,118,719) (4,453) 62,333 (10,360) 52,569 54,781 828 11,768
4,488,522 454,890 3,965 9,150 694,742 296 18,556 117,918 36,143 1,433,935 1,048 -
50,229 51,000 36,000 148,500
35,405 49,489 84,466 27,858 194,556
(14,824) (1,511) 84,466 (8,142) 46,056
107,235 18,949 9,937 24,908 143,051
89,951,459
97,090,921
7,139,462
$
80,663,379 2,714,958
90,941,582
(Continued) -63-
Niles Township High School District 219 General Fund SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL For the Year Ended June 30, 2014 With Comparative Actual Amounts for the Year Ended June 30, 2013 2014 Original and Variance Final From Budget Actual Final Budget
2013 Actual
State sources General State Aid Special Education - Private Facility Tuition Special Education - Extraordinary Special Education - Personnel Special Education - Orphanage - Individual Special Education Orphanage - Summer Individual Special Education - Summer School Bilingual Ed. - Downstate - T.P.I. and T.P.E. State Free Lunch and Breakfast Driver Education Other state sources On Behalf Payments to TRS from the State Total state sources
$ 1,651,653 247,000 705,000 1,096,000 40,000
$
2,505,244 286,898 657,004 1,057,559 19,852
$
853,591 $ 39,898 (47,996) (38,441) (20,148)
1,875,329 248,036 661,551 1,031,841 86,747
6,500 65,000 78,000 120,197 19,200,000
1,466 8,658 39,852 46,575 122,242 18,163,004
1,466 2,158 (25,148) (31,425) 2,045 (1,036,996)
1,076 6,725 194,699 1,773 52,496 125,640 14,372,733
23,209,350
22,908,354
(300,996)
18,658,646
690,866 849,560 503,000 109,000 43,000 80,000 88,619
693,386 633,237 472,927 104,214 52,406 6,809
2,520 (216,323) (30,073) (4,786) (43,000) (27,594) (81,810)
582,086 918,458 700,458 109,494 35,351 11,848 59,260
340,000
66,666
(273,334)
131,067
100,000 129,325
162,649 190,120
62,649 60,795
228,502 124,053
2,933,370
2,382,414
116,094,179
122,381,689
Federal sources Title I - Low Income Federal - Special Ed - I.D.E.A. - Flow Through Federal - Special Ed - I.D.E.A. - Room and Bd. CTE - Perkins - Title IIIE Technical Prep Race to the Top Program Emergency Immigrant Assistance Title III - English Language Acquisition Title II - Teacher Quality Medicaid Matching Funds Administrative Outreach Medicaid Matching Funds Fee-For-Service-Program Other federal sources Total federal sources Total revenues
-64-
(550,956) 6,287,510
2,900,577 112,500,805 (Continued)
Niles Township High School District 219 General Fund SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL For the Year Ended June 30, 2014 With Comparative Actual Amounts for the Year Ended June 30, 2013 2014 Original and Variance Final From Budget Actual Final Budget
2013 Actual
Expenditures Instruction Regular programs Salaries Employee benefits On-behalf payments to TRS from the state Purchased services Supplies and materials Capital outlay Other objects Non-capitalized equipment Termination benefits Total Special education programs Salaries Employee benefits Purchased services Supplies and materials Capital outlay Other objects Non-capitalized equipment Total
$ 30,386,678 6,888,041 19,200,000 658,629 1,671,325 575,133 4,748 -
$ 29,346,834 6,888,041 18,163,004 714,570 1,325,640 617,500 259,676 41,790 -
$ 1,039,844 $ 1,036,996 (55,941) 345,685 (42,367) (254,928) (41,790) -
28,597,209 10,078,463 14,372,733 1,056,992 1,325,971 224,443 5,477 1,207
59,384,554
57,357,055
2,027,499
55,662,495
8,233,132 1,099,848 301,889 98,937 69,050 21,249 -
7,893,198 1,099,848 295,320 77,066 31,823 14,276 359
339,934 6,569 21,871 37,227 6,973 (359)
7,914,491 1,126,604 315,328 65,660 32,874 21,831 -
9,824,105
9,411,890
412,215
9,476,788
(Continued) -65-
Niles Township High School District 219 General Fund SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL For the Year Ended June 30, 2014 With Comparative Actual Amounts for the Year Ended June 30, 2013 2014 Original and Variance Final From Budget Actual Final Budget Remedial and Supplemental programs K-12 Salaries Employee benefits Purchased services Supplies and materials Capital outlay Total CTE programs Salaries Employee benefits Purchased services Supplies and materials Capital outlay Other objects Non-capitalized equipment Total Interscholastic programs Salaries Employee benefits Purchased services Supplies and materials Capital outlay Other objects Non-capitalized equipment Total
$
33,791 53,166 -
$
299 33,585 -
$
2013 Actual
$ 33,791 (299) 19,581 -
70,839 29,320 (20,460) 72,505 33,300
53,073
185,504
86,957
33,884
2,497,567 462,722 42,902 131,722 148,000 4,475 -
2,515,886 32,706 61,327 146,668 121,243 1,942 4,629
(18,319) 430,016 (18,425) (14,946) 26,757 2,533 (4,629)
2,676,492 33,992 51,647 138,215 122,413 3,843 -
3,287,388
2,884,401
402,987
3,026,602
3,094,959 189,304 523,751 336,588 347,041 101,641 -
3,059,932 18,016 539,618 325,310 252,835 91,809 5,120
35,027 171,288 (15,867) 11,278 94,206 9,832 (5,120)
2,965,182 16,561 501,204 286,826 255,185 80,181 -
4,593,284
4,292,640
300,644
4,105,139
(Continued) -66-
Niles Township High School District 219 General Fund SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL For the Year Ended June 30, 2014 With Comparative Actual Amounts for the Year Ended June 30, 2013 2014 Original and Variance Final From Budget Actual Final Budget Summer school programs Salaries Employee benefits Purchased services Supplies and materials Total Drivers education programs Salaries Employee benefits Purchased services Supplies and materials Total Bilingual programs Salaries Employee benefits Purchased services Supplies and materials Capital outlay Total Regular K-12 programs - private tuition Special ed programs K-12 - private tuition Total instruction
$
435,033 106 18,164 17,105
$
663,625 6,916 9,133 6,033
$
2013 Actual
(228,592) $ (6,810) 9,031 11,072
537,577 6,117 6,645 11,497
470,408
685,707
(215,299)
561,836
117,665 1,494 62,528 4,591
128,427 1,669 60,696 3,144
(10,762) (175) 1,832 1,447
114,050 1,449 60,093 1,950
186,278
193,936
(7,658)
177,542
1,341,830 186,007 597 4,678 -
1,392,693 13,450 3,505 3,926 -
(50,863) 172,557 (2,908) 752 -
1,494,376 15,213 516 3,549 2,097
1,533,112
1,413,574
119,538
1,515,751
375,000
374,659
341
501,876
3,700,000
2,877,615
822,385
2,691,866
83,441,086
79,525,361
3,915,725
77,905,399
(Continued) -67-
Niles Township High School District 219 General Fund SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL For the Year Ended June 30, 2014 With Comparative Actual Amounts for the Year Ended June 30, 2013 2014 Original and Variance Final From Budget Actual Final Budget
2013 Actual
Support services Pupils Attendance and social work services Salaries Employee benefits Purchased services Supplies and materials Capital outlay Other objects Total Guidance services Salaries Employee benefits Purchased services Supplies and materials Capital outlay Other objects Total Health services Salaries Employee benefits Purchased services Supplies and materials Total
$ 2,116,524 16,238 89,479 15,173 1,398
$
2,050,356 21,371 137,050 11,801 922
$
66,168 $ (5,133) (47,571) 3,372 476
2,168,327 23,372 76,577 10,490 1,486 821
2,238,812
2,221,500
17,312
2,281,073
3,490,784 34,328 65,030 31,764 2,417
3,498,679 36,843 40,662 23,702 8,246 1,519
(7,895) (2,515) 24,368 8,062 (8,246) 898
3,465,491 34,618 45,402 25,579 811 1,201
3,624,323
3,609,651
14,672
3,573,102
429,057 1,423 2,702 7,711
362,566 1,292 8,274 5,166
66,491 131 (5,572) 2,545
369,361 1,320 2,720 6,552
440,893
377,298
63,595
379,953
(Continued) -68-
Niles Township High School District 219 General Fund SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL For the Year Ended June 30, 2014 With Comparative Actual Amounts for the Year Ended June 30, 2013 2014 Original and Variance Final From Budget Actual Final Budget Psychological services Salaries Employee benefits Purchased services Supplies and materials Total Speech pathology and audiology services Salaries Employee benefits Supplies and materials Total Other support services - pupils Purchased services Supplies and materials Total Total pupils
$
829,122 9,300 45,856 6,925
$
716,942 8,280 7,410 6,117
$
112,180 1,020 38,446 808
2013 Actual
$
740,273 8,385 21,765 5,508
891,203
738,749
152,454
775,931
491,288 6,239 1,532
339,524 4,414 -
151,764 1,825 1,532
354,509 4,502 -
499,059
343,938
155,121
359,011
41,730 9,157
39,724 10,078
2,006 (921)
39,049 10,307
50,887
49,802
1,085
49,356
7,745,177
7,340,938
404,239
7,418,426
(Continued) -69-
Niles Township High School District 219 General Fund SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL For the Year Ended June 30, 2014 With Comparative Actual Amounts for the Year Ended June 30, 2013 2014 Original and Variance Final From Budget Actual Final Budget
2013 Actual
Instructional staff Improvement of instruction services Salaries Employee benefits Purchased services Supplies and materials Capital outlay Other objects Total Educational media services Salaries Employee benefits Purchased services Supplies and materials Capital outlay Other objects Total
$ 2,358,931 8,856 351,944 98,380 102,493
1,910,154 8,694 307,189 53,060 2,081
$
448,777 162 44,755 45,320 100,412
2,110,643 11,345 285,147 46,735 3,171 4,768
2,281,178
483,361 2,756 3,871 145,153 229
422,672 2,851 200,863 67,106 410
60,689 (95) (196,992) 78,047 (181)
558,679 4,070 86,218 134,973 774 200
635,370
693,902
(58,532)
784,914
4,096
247,069 -
(247,069) 4,096
202,319 -
4,096
247,069
(242,973)
202,319
3,560,070
3,222,149
Total
639,426
$
2,920,604
Assessment and testing Purchased services Supplies and materials
Total instructional staff
$
337,921
2,461,809
3,449,042
(Continued) -70-
Niles Township High School District 219 General Fund SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL For the Year Ended June 30, 2014 With Comparative Actual Amounts for the Year Ended June 30, 2013 2014 Original and Variance Final From Budget Actual Final Budget
2013 Actual
General administration Board of education services Purchased services Supplies and materials Capital outlay Other objects Total Executive administration services Salaries Employee benefits Purchased services Supplies and materials Capital outlay Other objects Total Special area administrative services Salaries Employee benefits Purchased services Supplies and materials Capital outlay Other objects Total
$
18,079 10,365 23,149
$
13,107 6,127 22,452
$
4,972 4,238 697
$
22,859 7,635 2,186 21,068
51,593
41,686
9,907
53,748
277,667 37,701 15,838 10,753 5,638 5,500
327,097 3,381 3,361 11,859 5,638 5,786
(49,430) 34,320 12,477 (1,106) (286)
388,764 37,127 4,511 8,105 4,746
353,097
357,122
(4,025)
443,253
648,556 5,310 32,838 5,392 3,198
656,913 5,637 10,111 3,607 489 1,855
(8,357) (327) 22,727 1,785 (489) 1,343
651,949 5,422 2,973 2,178 2,549
695,294
678,612
16,682
665,071
(Continued) -71-
Niles Township High School District 219 General Fund SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL For the Year Ended June 30, 2014 With Comparative Actual Amounts for the Year Ended June 30, 2013 2014 Original and Variance Final From Budget Actual Final Budget Tort immunity services Salaries Employee benefits Purchased services Supplies and materials Capital outlay Other objects Non-capitalized equipment Total Total general administration
$
449,786 2,468,421 63,842 13,831 1,058,679 -
$
418,860 60 3,048,782 27,383 34,646 30,035 576
$
30,926 $ (60) (580,361) 36,459 (20,815) 1,028,644 (576)
2013 Actual
493,126 3,058,003 19,581 12,105 -
4,054,559
3,560,342
494,217
3,582,815
5,154,543
4,637,762
516,781
4,744,887
723,581 5,644 16,338 97,704 5,586
734,067 6,274 21,811 98,986 5,470
(10,486) (630) (5,473) (1,282) 116
801,036 9,551 18,714 97,940 5,731
848,853
866,608
(17,755)
932,972
School administration Office of the principal services Salaries Employee benefits Purchased services Supplies and materials Other objects Total
(Continued) -72-
Niles Township High School District 219 General Fund SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL For the Year Ended June 30, 2014 With Comparative Actual Amounts for the Year Ended June 30, 2013 2014 Original and Variance Final From Budget Actual Final Budget Other support services school administration Salaries Employee benefits Purchased services Supplies and materials Capital outlay Other objects Total Total school administration
$ 4,143,338 58,014 162,286 65,993 36,000 15,811
$
4,237,534 41,034 141,136 65,828 28,151 19,136
$
2013 Actual
(94,196) $ 16,980 21,150 165 7,849 (3,325)
3,928,866 48,728 123,747 51,011 34,439 15,715
4,481,442
4,532,819
(51,377)
4,202,506
5,330,295
5,399,427
(69,132)
5,135,478
114,878 20,000 -
132,313 7,403 152
(17,435) 12,597 (152)
131,615 600 -
134,878
139,868
(4,990)
132,215
622,593 601,081 23,937 78,710 4,109 -
638,905 4,350 568,479 15,491 77,530 68,955 600
(16,312) (4,350) 32,602 8,446 1,180 (64,846) (600)
647,887 913,145 16,195 269 3,158 -
1,330,430
1,374,310
(43,880)
1,580,654
Business Direction of business support services Salaries Employee benefits Supplies and materials Total Fiscal services Salaries Employee benefits Purchased services Supplies and materials Capital outlay Other objects Non-capitalized equipment Total
(Continued) -73-
Niles Township High School District 219 General Fund SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL For the Year Ended June 30, 2014 With Comparative Actual Amounts for the Year Ended June 30, 2013 2014 Original and Variance Final From Budget Actual Final Budget Food services Purchased services Supplies and materials Capital outlay Non-capitalized equipment Total Total business
$
113,502 25,000 -
$
127,634 106,526 10,750
$
(14,132) $ (81,526) (10,750)
2013 Actual
129,074 292,918 11,476 -
138,502
244,910
(106,408)
433,468
1,603,810
1,759,088
(155,278)
2,146,337
161,793 78,782 12,219 3,500 437 -
163,489 44,761 8,379 1,868 350 234
(1,696) 34,021 3,840 1,632 87 (234)
245,451 36,020 10,388 4,504 347 -
256,731
219,081
37,650
296,710
662,261 3,082,121 355,354 35,000 5,670 5,085 -
758,687 4,895,921 201,720 20,671 2,946 773
(96,426) (1,813,800) 153,634 14,329 5,670 2,139 (773)
684,025 1,004,952 176,171 19,300 3,098 2,114 -
4,145,491
5,880,718
(1,735,227)
1,889,660
Central Information services Salaries Purchased services Supplies and materials Capital outlay Other objects Non-capitalized equipment Total Staff services Salaries Employee benefits Purchased services Supplies and materials Capital outlay Other objects Non-capitalized equipment Total
(Continued) -74-
Niles Township High School District 219 General Fund SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL For the Year Ended June 30, 2014 With Comparative Actual Amounts for the Year Ended June 30, 2013 2014 Original and Variance Final From Budget Actual Final Budget Data processing services Salaries Employee benefits Purchased services Supplies and materials Capital outlay Other objects Non-capitalized equipment Total Total central Other supporting services Purchased services Total Total support services Community services Salaries Employee benefits Purchased services Supplies and materials Capital outlay Other objects Total
$ 1,234,909 2,237 511,800 443,837 877,821 500 -
$
1,233,930 2,307 306,224 231,271 1,043,879 509 179,901
$
979 $ (70) 205,576 212,566 (166,058) (9) (179,901) 73,083
2013 Actual
1,238,023 2,455 352,530 425,723 530,232 590 -
3,071,104
2,998,021
7,473,326
9,097,820
121,188
21,310
99,878
29,181
121,188
21,310
99,878
29,181
30,988,409
31,478,494
(490,085)
27,659,274
1,064,782 4,934 698,228 90,088 57,040 9,274
995,530 5,755 263,668 38,844 55,589 34,957
69,252 (821) 434,560 51,244 1,451 (25,683)
161,208 478 194,846 32,766 11,358 41,098
1,924,346
1,394,343
530,003
441,754
(1,624,494)
2,549,553 4,735,923
(Continued) -75-
Niles Township High School District 219 General Fund SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL For the Year Ended June 30, 2014 With Comparative Actual Amounts for the Year Ended June 30, 2013 2014 Original and Variance Final From Budget Actual Final Budget
2013 Actual
Payments to other districts and government units Payments for regular programs Other objects
$
20,000
$
18,225
$
1,775
2,633
20,000
18,225
1,737,000
1,742,714
(5,714)
1,595,576
Total
1,737,000
1,742,714
(5,714)
1,595,576
Total payments to other districts and other government units
1,757,000
1,760,939
(3,939)
1,598,209
118,110,841
114,159,137
3,951,704
107,604,636
8,222,552
10,239,214
4,896,169
(478,975) 43,554 (2,286,761)
(131,975) 43,554 (2,286,761)
(15,232)
(15,232)
(2,737,414)
(2,390,414)
Total Payments for special education programs Other objects
Total expenditures Excess (deficiency) of revenues over expenditures
(2,016,662)
1,775
$
2,633
Other financing sources (uses) Permanent transfer of interest - out Capital lease proceeds Other uses not classified elsewhere Transfer to Debt Service Fund for payment on capital lease Total other financing sources (uses) Net change to fund balance
(347,000) (347,000) $ (2,363,662)
Fund balance, beginning of year Fund balance, end of year
5,485,138
$ 7,848,800
(324,974) (324,974) 4,571,195
139,860,622
135,289,427
$ 145,345,760
$ 139,860,622 (Concluded)
-76-
Niles Township High School District 219 Operations and Maintenance Fund SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL For the Year Ended June 30, 2014 With Comparative Actual Amounts for the Year Ended June 30, 2013 2014 Original and Variance Final From Budget Actual Final Budget
2013 Actual
Revenues Local sources General levy Leasing levy Corporate personal property replacement taxes Interest on investments Admissions - athletic Fees Rentals Contributions and donations from private sources Refund of prior years' expenditures Other
$ 20,443,079 933,635
$ 18,353,353 942,208
1,700,000 18,600 84,000 157,000
1,700,000 82,741 1,331 78,952 18,292
23,336,314
Total local sources
62,398 123,832 21,363,107
$ (2,089,726) $ 19,331,965 8,573 930,961 64,141 1,331 (5,048) (138,708)
(1,067) 69,744 88,442
62,398 123,832
40,000 25,456
(1,973,207)
20,485,501
State sources General State Aid Total state sources
451,000
-
(451,000)
-
451,000
-
(451,000)
-
23,787,314
Total revenues
21,363,107
(2,424,207)
20,485,501
(Continued) -77-
Niles Township High School District 219 Operations and Maintenance Fund SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL For the Year Ended June 30, 2014 With Comparative Actual Amounts for the Year Ended June 30, 2013 2014 Original and Variance Final From Budget Actual Final Budget
2013 Actual
Expenditures Support services Pupils Purchased services Supplies and materials
$
15,713 3,063 18,776
Total
$
-
$
15,713 3,063
$
-
18,776
-
Business Facilities acquisition and construction services Purchased services Capital outlay
227,779 9,961,477
10,609 9,785,989
217,170 175,488
-
10,189,256
9,796,598
392,658
-
1,690,655 1,083,500 2,190,584 1,286,901 563,950 1,803 -
1,460,417 1,017,033 2,518,630 1,243,728 808,545 945 8,354
230,238 66,467 (328,046) 43,173 (244,595) 858 (8,354)
1,995,642 994,052 2,856,073 1,690,791 3,415,688 1,003 -
6,817,393
7,057,652
(240,259)
10,953,249
Total business
17,006,649
16,854,250
152,399
10,953,249
Total support services
17,025,425
16,854,250
171,175
10,953,249
Total Operation and maintenance of plant services Salaries Employee benefits Purchased services Supplies and materials Capital outlay Other objects Non-capitalized equipment Total
(Continued) -78-
Niles Township High School District 219 Operations and Maintenance Fund SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL For the Year Ended June 30, 2014 With Comparative Actual Amounts for the Year Ended June 30, 2013 2014 Original and Variance Final From Budget Actual Final Budget Community services Salaries Purchased services Supplies and materials
$
153,043 2,488,194 569,980 3,211,217
Total
100,000
Provision for contingencies Total expenditures Excess (deficiency) of revenues over expenditures
$
154,567 2,406,475 569,980 3,131,022 -
$
2013 Actual
(1,524) $ 81,719 1,655,676 80,195 100,000 351,370
1,655,676 -
20,336,642
19,985,272
12,608,925
3,450,672
1,377,835
(2,072,837)
7,876,576
Other financing sources (uses) Permanent transfer from Working Cash Fund - interest Sale or compensation for capital assets Transfer to Capital Projects Fund
347,000 -
478,975 3,714 (1,984,198)
131,975 3,714 (1,984,198)
324,974 -
Total other financing sources (uses)
347,000
(1,501,509)
(1,848,509)
324,974
(123,674) $ (3,921,346)
8,201,550
Net change in fund balance
$ 3,797,672
Fund balance, beginning of year Fund balance, end of year
15,247,937
7,046,387
$ 15,124,263
$ 15,247,937
(Concluded) -79-
Niles Township High School District 219 Transportation Fund SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL For the Year Ended June 30, 2014 With Comparative Actual Amounts for the Year Ended June 30, 2013 2014 Original and Variance Final From Budget Actual Final Budget
2013 Actual
Revenues Local sources General levy from pupils or parents Summer school transportation fees from pupils or parents Interest on investments Other local fees
$ 2,560,605 63,000
$ 3,358,508 62,738
19,500 93,200 -
40,807 23,842
2,736,305
3,485,895
749,590
3,740,351
20,000 1,007,040
38,011 1,107,050
18,011 100,010
18,555 1,772,152
1,027,040
1,145,061
118,021
1,790,707
3,763,345
4,630,956
867,611
5,531,058
Total local sources
$
797,903 $ 3,660,941 (262) 59,154 (19,500) (52,393) 23,842
20,256 -
State sources Transportation - Regular/Vocational Transportation - Special Education Total state sources Total revenues Expenditures Support services Pupils Other support services Purchased services Total
40,425
-
40,425
-
40,425
-
40,425
-
(Continued) -80-
Niles Township High School District 219 Transportation Fund SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL For the Year Ended June 30, 2014 With Comparative Actual Amounts for the Year Ended June 30, 2013 2014 Original and Variance Final From Budget Actual Final Budget
2013 Actual
Business Pupil transportation services Salaries Employee benefits Purchased services Supplies and materials Capital outlay
$
42,639 5,635,430 47,442 67,436 5,792,947
Total Other support services Employee benefits Purchased services Total
Community services Purchased services Total Provision for contingencies
Excess (deficiency) of revenues over expenditures
Fund balance, end of year
(4,130) $ 57,386 (53,185) 49,924 716,541 4,767,543 (31,882) 72,329 488 627,832
4,947,182
49,170 30,510
1,408
79,680
-
79,680
1,408
747,937
4,948,590
5,165,115
11,174
-
11,174
11,174
11,174
-
11,174
11,174
100,000
-
100,000
-
$ (2,260,881)
Fund balance, beginning of year
5,165,115
$
-
6,024,226
Total expenditures
46,769 53,185 4,918,889 79,324 66,948
49,170 30,510
5,913,052
Total support services
$
5,165,115
859,111
4,959,764
(534,159) $ 1,726,722
571,294
7,855,500
7,284,206
$ 7,321,341
$ 7,855,500 (Concluded)
-81-
Niles Township High School District 219 Municipal Retirement / Social Security Fund SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL For the Year Ended June 30, 2014 With Comparative Actual Amounts for the Year Ended June 30, 2013 2014 Original and Variance Final From Budget Actual Final Budget
2013 Actual
Revenues Local sources General levy Social security/Medicare only levy Corporate personal property replacement taxes Interest on investments
$ 1,805,171 2,805,171
$ 1,326,296 1,326,296
75,000 43,100
500,000 7,601
425,000 (35,499)
75,000 12,590
4,728,442
3,160,193
(1,568,249)
3,603,486
4,728,442
3,160,193
(1,568,249)
3,603,486
707,064 465,465 32,575 200,877 6,696 834 78,422
858,294 485,466 35,583 237,456 33,543 1,813 77,919
(151,230) (20,001) (3,008) (36,579) (26,847) (979) 503
840,494 476,682 37,917 234,458 29,350 1,606 77,111
1,491,933
1,730,074
(238,141)
1,697,618
Total local sources Total revenues
$
(478,875) $ 1,757,948 (1,478,875) 1,757,948
Expenditures Instruction Regular programs Special education programs Vocational educational programs Interscholastic programs Summer school programs Drivers education programs Bilingual programs Total instruction
(Continued) -82-
Niles Township High School District 219 Municipal Retirement / Social Security Fund SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL For the Year Ended June 30, 2014 With Comparative Actual Amounts for the Year Ended June 30, 2013 2014 Original and Variance Final From Budget Actual Final Budget
2013 Actual
Support services Pupils Attendance and social work services Guidance services Health services Psychological services Speech pathology and audiology services
$
Total pupils
124,318 166,214 59,507 17,974 5,296
$
136,844 179,167 57,103 15,051 3,086
$
(12,526) $ (12,953) 2,404 2,923 2,210
167,871 180,343 56,482 15,346 3,275
373,309
391,251
(17,942)
423,317
271,576 44,796
269,046 43,958
2,530 838
263,981 51,077
316,372
313,004
3,368
315,058
18,422 41,940 57,984
15,043 52,321 67,151
3,379 (10,381) (9,167)
23,390 51,544 83,619
118,346
134,515
(16,169)
158,553
45,925 422,120
57,070 453,348
(11,145) (31,228)
58,745 443,033
468,045
510,418
(42,373)
501,778
Instructional staff Improvement of instruction services Educational media services Total instructional staff General administration Executive administration services Special area administrative services Risk management and claims services payments Total general administration School administration Office of the principal services Other support services - school administration Total school administration
(Continued) -83-
Niles Township High School District 219 Municipal Retirement / Social Security Fund SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL For the Year Ended June 30, 2014 With Comparative Actual Amounts for the Year Ended June 30, 2013 2014 Original and Variance Final From Budget Actual Final Budget
2013 Actual
Business Direction of business support services Fiscal services Operation and maintenance of plant services Pupil transportation services
$
Total business
17,490 105,232 322,302 3,813
$
24,305 112,509 298,203 8,301
$
(6,815) $ (7,277) 24,099 (4,488)
26,710 131,539 402,065 11,785
448,837
443,318
5,519
572,099
34,288 67,823 213,827
34,465 98,091 224,200
(177) (30,268) (10,373)
50,195 97,914 214,812
315,938
356,756
(40,818)
362,921
2,040,847
2,149,262
(108,415)
2,333,726
126,991
149,729
(22,738)
17,394
3,659,771
4,029,065
(369,294)
4,048,738
Central Information services Staff services Data processing services Total central Total support services Community services Total expenditures Excess (deficiency) of revenues over expenditures
$ 1,068,671
(868,872) $ (1,937,543)
(445,252)
894,340
Fund balance, beginning of year $
Fund balance, end of year
25,468
1,339,592 $
894,340
(Concluded) -84-
Niles Township High School District 219 Notes to the Required Supplementary Information June 30, 2014
1. LEGAL COMPLIANCE AND ACCOUNTABILITY - BUDGETS Budgets are adopted on a basis consistent with generally accepted accounting principles. Annual budgets are adopted at the fund level for the governmental funds. The annual budget is legally enacted and provides for a legal level of control at the fund level. The Board of Education follows these procedures in establishing the budgetary data reflected in the financial statements: a) The Administration submits to the Board of Education a proposed operating budget for the fiscal year commencing July 1. The operating budget includes proposed expenditures and the means of financing them. b) Public hearings are conducted and the proposed budget is available for inspection to obtain comments. c) By September 30, the budget is legally adopted through passage of a resolution. By the last Tuesday in December each year, a tax levy resolution is filed with the County Clerk to obtain tax revenues. d) Management is authorized to transfer budget amounts, provided funds are transferred between the same function and object codes. The Board of Education is authorized to transfer up to a legal level of 10% of the total budget between functions within a fund; however, any revisions that alter the total expenditures of any fund must be approved by the Board of Education after the public hearing process mandated by law. e) Formal budgetary integration is employed as a management control device, during the year, for the governmental funds. f) The budget amounts shown in the financial statements are as originally adopted, by the Board of Education, on September 16, 2013. g) All budget appropriations lapse at the end of the fiscal year. 2. EXPENDITURES IN EXCESS OF BUDGETS The following funds had an excess of expenditures over budget for the year ended June 30, 2014: Fund Debt Service Municipal Retirement/Social Security Capital Projects Fire Prevention and Safety
Variance $
-85-
198,742 369,294 3,358,185 1,261,036
OTHER SUPPLEMENTARY FINANCIAL INFORMATION
Niles Township High School District 219 General Fund COMBINING BALANCE SHEET June 30, 2014
Educational Account
Tort Immunity and Working Cash Judgment Account Account
Total
ASSETS Cash and investments Receivables (net of allowance for uncollectibles): Interest Property taxes Replacement taxes Accounts Intergovernmental Prepaid items Other current assets Total assets
$ 117,046,238
$
127,881 39,864,600 783,656 63,437 476,837 137,093 24,955
5,194,971
$
13,195 2,121,393 13,271 -
$ 158,524,697
$
7,342,830
$
$
$
228,978 1,394 166,079 -
$
24,308,234
$ 146,549,443
42,453 217,743 -
183,529 42,203,736 783,656 63,437 476,837 150,364 24,955
24,568,430
$ 190,435,957
LIABILITIES, DEFERRED INFLOWS, AND FUND BALANCES LIABILITIES Accounts payable Salaries and wages payable Claims payable Other liabilities Deferred revenue Total liabilities
1,570,781 116,431 958,087 6,203 78,146
-
$
1,799,759 117,825 1,124,166 6,203 78,146
2,729,648
396,451
3,126,099
39,638,244
2,109,347
216,507
41,964,098
137,093 116,019,712
13,271 4,823,761 -
24,351,923
150,364 4,823,761 140,371,635
116,156,805
4,837,032
24,351,923
145,345,760
24,568,430
$ 190,435,957
DEFERRED INFLOWS Unavailable property taxes FUND BALANCES Nonspendable Restricted Unassigned Total fund balance Total liabilities, deferred inflows, and fund balance
$ 158,524,697
-86-
$
7,342,830
$
Niles Township High School District 219 General Fund COMBINING SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES For the Year Ended June 30, 2014 Educational Account Revenues Property taxes Replacement taxes State aid Federal aid Interest Other
$
Total revenues
85,719,195 2,416,470 22,908,354 2,382,414 782,217 2,730,966
Tort Immunity and Judgment Account $
116,939,616
Expenditures Current: Instruction: Regular programs Special programs Other instructional programs State retirement contributions Support services: Pupils Instructional staff General administration School administration Business Central Other supporting services Community services Nonprogrammed charges Capital outlay
4,831,812 23,665 -
Working Cash Account $
4,855,477
38,951,210 12,291,566 9,096,180 18,163,004
472,022 114,574 -
Total $
586,596
-
91,023,029 2,416,470 22,908,354 2,382,414 920,456 2,730,966 122,381,689
-
38,951,210 12,291,566 9,096,180 18,163,004
7,332,692 3,222,149 1,071,293 5,371,276 1,681,558 8,052,073 21,310 1,387,303 1,760,939 2,196,242
3,525,696 34,646
-
7,332,692 3,222,149 4,596,989 5,371,276 1,681,558 8,052,073 21,310 1,387,303 1,760,939 2,230,888
110,598,795
3,560,342
-
114,159,137
Excess (deficiency) of revenues over expenditures
6,340,821
1,295,135
Other financing sources (uses) Transfers (out) Capital lease proceeds
(2,301,993) 43,554
Total other financing sources (uses)
(2,258,439)
Total expenditures
Net change in fund balance Fund balance, beginning of year Fund balance, end of year
$
586,596
8,222,552
-
(478,975) -
(2,780,968) 43,554
-
(478,975)
(2,737,414)
4,082,382
1,295,135
107,621
5,485,138
112,074,423
3,541,897
24,244,302
139,860,622
116,156,805 -87-
$
4,837,032
$
24,351,923
$
145,345,760
Niles Township High School District 219 Debt Service Fund SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL For the Year Ended June 30, 2014 With Comparative Actual Amounts for the Year Ended June 30, 2013 2014 Original and Variance Original Final From Budget Budget Actual Final Budget
2013 Actual
Revenues Local sources General levy Interest on investments Total local sources Total revenues
$ 8,015,363 91,400
$ 7,711,508 20,954
$
(303,855) $ 8,228,625 56,684
8,106,763
7,732,462
(303,855)
8,285,309
8,106,763
7,732,462
(303,855)
8,285,309
4,945,000
2,093,976
2,851,024
3,509,711
3,478,284
6,365,232
(2,886,948)
3,570,000
Expenditures Debt service Debt services - interest Bonds - interest Principal payments on long-term debt
(Continued) -88-
Niles Township High School District 219 Debt Service Fund SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL For the Year Ended June 30, 2014 With Comparative Actual Amounts for the Year Ended June 30, 2013 2014 Original and Variance Original Final From Budget Budget Actual Final Budget Other debt service Purchased services Other objects
$
3,115
Total expenditures
$
(165,933) $ 3,115
1,400
165,933
(162,818)
1,400
8,426,399
8,625,141
(198,742)
7,081,111
8,426,399
8,625,141
(198,742)
7,081,111
(892,679)
(502,597)
1,204,198
3,450,433 2,301,993 (5,315,705)
3,450,433 2,301,993 (5,315,705)
(319,636)
Excess (deficiency) of revenues over expenditures
165,933 -
3,115
Total Total debt service
$
2013 Actual
Other financing sources (uses) Principal on bonds sold Transfer from General Fund Deposit with escrow agent
-
Total other financing sources (uses) Net change in fund balance
$
(319,636)
Fund balance, beginning of year Fund balance, end of year
436,721 (455,958) $
436,721 (65,876)
1,204,198
4,813,660
3,609,462
$ 4,357,702
$ 4,813,660
(Concluded) -89-
Niles Township High School District 219 Capital Projects Fund SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL For the Year Ended June 30, 2014 With Comparative Actual Amounts for the Year Ended June 30, 2013 2014 Original and Variance Final From Budget Actual Final Budget
2013 Actual
Revenues Local sources Interest on investments
$
Total local sources Total revenues
-
$
-
$
-
$
83,834
-
-
-
83,834
-
-
-
83,834
Expenditures Support services Facilities acquisition and construction services Purchased services Capital outlay
-
3,358,185
(3,358,185)
1,230,300 8,859,984
Total support services
-
3,358,185
(3,358,185)
10,090,284
Total expenditures
-
3,358,185
(3,358,185)
10,090,284
-
(3,358,185)
-
1,984,198
1,984,198
-
-
1,984,198
1,984,198
-
Excess (deficiency) of revenues over expenditures
(3,358,185) (10,006,450)
Other financing sources (uses) Transfer from Operations and Maintenance Fund Total other financing sources (uses) Net change in fund balance
$
-
(1,373,987) $ (1,373,987) (10,006,450) 6,995
Fund balance, beginning of year
$ (1,366,992)
Fund balance, end of year
-90-
10,013,445 $
6,995
Niles Township High School District 219 Fire Prevention and Safety Fund SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL For the Year Ended June 30, 2014 With Comparative Actual Amounts for the Year Ended June 30, 2013 2014 Original and Variance Final From Budget Actual Final Budget
2013 Actual
Revenues Local sources General levy Interest on investments
$ 2,761,326 75,007
$ 2,826,557 19,119
2,836,333
2,845,676
9,343
2,814,383
2,836,333
2,845,676
9,343
2,814,383
934,020 39,463 25,000
121,158 38,213 2,100,148
812,862 1,250 (2,075,148)
287,621 17,215 1,812,332
Total support services
998,483
2,259,519
(1,261,036)
2,117,168
Total expenditures
998,483
2,259,519
(1,261,036)
2,117,168
$ 1,837,850
586,157
$ (1,251,693)
697,215
Total local sources Total revenues
$
65,231 $ 2,751,531 (55,888) 62,852
Expenditures Support services Operations and maintenance of plant services Purchased services Supplies and materials Capital outlay
Excess (deficiency) of revenues over expenditures Fund balance, beginning of year Fund balance, end of year
-91-
4,662,691
3,965,476
$ 5,248,848
$ 4,662,691
Niles Township High School District 219 STATEMENT OF CHANGES IN ASSETS AND LIABILITIES AGENCY FUNDS - STUDENT ACTIVITY FUNDS Year Ended June 30, 2014
Balance July 1, 2013 Assets Cash and cash equivalents $ Liabilities Student Activity Funds Central $ West North Flexible Spending Account Fund Total liabilities
$
Additions
Deletions
Balance June 30, 2014
1,255,083 $
3,138,148 $
3,126,491 $
1,266,740
114,931 $ 490,284 440,785
6,144 $ 1,305,074 1,105,464
4,978 $ 1,284,761 1,116,111
116,097 510,597 430,138
209,083
721,466
720,641
209,908
1,255,083 $
3,138,148 $
3,126,491 $
-92-
1,266,740
Niles Township High School District 219 GENERAL LONG-TERM DEBT SCHEDULE OF GENERAL OBLIGATION BONDS Year Ended June 30, 2014
Maturity as follows for the Year Ended June 30 School Building Bonds, dated April 1, 2000 (interest payable June 1 and December 1)
2015 2016 2017 2018 2019 2020
Total
Principal
Interest
Total
$
4,110,000 $ 3,340,000 3,425,000 5,205,000 5,205,000
2,472 $ 638 3,037 3,237 4,250
4,112,472 3,340,638 3,428,037 5,208,237 5,209,250
$
21,285,000 $
13,634 $
21,298,634
Capital Appreciation Bonds, dated May 31, 2001
2021
$
6,190,000 $
-
$
6,190,000
General Obligation Refunding School Bonds, dated December 1, 2004 (interest payable June 1 and December 1)
2018
$
4,995,000 $
-
$
4,995,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
$
$ 5,610,000 9,020,000 9,470,000 11,160,000 12,020,000
$ 1,384,000 1,052,000 1,182,000 1,704,000 2,364,000 2,364,000 2,364,000 2,364,000 2,223,750 1,858,000 1,395,750 880,000 300,500
1,384,000 1,052,000 1,182,000 1,704,000 2,364,000 2,364,000 2,364,000 2,364,000 7,833,750 10,878,000 10,865,750 12,040,000 12,320,500
$
47,280,000 $
21,436,000 $
68,716,000
General Obligation Refunding School Bonds, dated December 28, 2007 (interest payable June 1 and December 1)
Total
(Continued) -93-
Niles Township High School District 219 GENERAL LONG-TERM DEBT SCHEDULE OF GENERAL OBLIGATION BONDS Year Ended June 30, 2014
Maturity as follows for the Year Ended June 30 General Obligation Refunding School Bonds, dated December 28, 2007 (interest payable June 1 and December 1)
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Total General Obligation Refunding Bonds, dated December 28, 2010 (interest payable June 1 and December 1)
Total
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Principal
Interest
Total
$
$ 965,000 935,000 6,430,000 6,815,000 2,705,000
$ 1,033,191 982,128 957,000 957,000 957,000 957,000 764,100 366,750 81,150
1,998,191 1,917,128 957,000 957,000 957,000 957,000 7,194,100 7,181,750 2,786,150
$
17,850,000 $
7,055,319 $
24,905,319
$
$ 235,000 210,000 965,000 2,050,000 2,155,000 3,145,000 4,520,000 4,815,000 6,135,000 7,050,000
2,065,970 $ 2,065,970 2,065,970 2,065,970 2,065,970 2,059,801 2,047,858 2,014,821 1,928,110 1,804,549 1,643,729 1,403,510 1,091,475 708,225 246,750
2,065,970 2,065,970 2,065,970 2,065,970 2,065,970 2,294,801 2,257,858 2,979,821 3,978,110 3,959,549 4,788,729 5,923,510 5,906,475 6,843,225 7,296,750
$
31,280,000 $
25,278,678 $
56,558,678
(Continued) -94-
Niles Township High School District 219 GENERAL LONG-TERM DEBT SCHEDULE OF GENERAL OBLIGATION BONDS Year Ended June 30, 2014
Maturity as follows for the Year Ended June 30 General Obligation School Bonds, dated December 28, 2010 (interest payable June 1 and December 1)
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Total
General Obligation Refunding Bonds, dated December 28, 2010 (interest payable June 1 and December 1)
Total
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Principal
Interest
Total
$
$ 1,145,000 1,995,000 2,095,000 2,200,000 600,000
$ 401,069 401,069 401,069 401,069 401,069 444,888 488,706 488,706 488,706 488,706 488,706 460,797 383,013 280,763 173,388 59,192
401,069 401,069 401,069 401,069 401,069 444,888 488,706 488,706 488,706 488,706 488,706 1,605,797 2,378,013 2,375,763 2,373,388 659,192
$
8,035,000 $
6,250,916 $
14,285,916
$
1,050,000 $ 1,080,000 1,115,000 1,160,000 1,215,000 1,270,000 1,340,000 1,415,000 1,490,000 1,580,000 1,675,000 1,775,000 745,000
$ 841,630 800,691 752,303 697,029 634,228 564,040 487,216 404,033 313,818 215,306 106,113 24,211
1,050,000 1,921,630 1,915,691 1,912,303 1,912,029 1,904,228 1,904,040 1,902,216 1,894,033 1,893,818 1,890,306 1,881,113 769,211
$
16,910,000 $
5,840,618 $
-95-
22,750,618 (Continued)
Niles Township High School District 219 GENERAL LONG-TERM DEBT SCHEDULE OF GENERAL OBLIGATION BONDS Year Ended June 30, 2014
Maturity as follows for the Year Ended June 30 Taxable GO Refunding Bonds, dated November 7, 2013 (interest payable June 1 and December 1)
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Principal
Interest
Total
$
- $ 590,000
29,500 $ 29,500 29,500 29,500 29,500 29,500 29,500 29,500 29,500 29,500 29,500 29,500 29,500 29,500 29,500 29,500 14,750
29,500 29,500 29,500 29,500 29,500 29,500 29,500 29,500 29,500 29,500 29,500 29,500 29,500 29,500 29,500 29,500 604,750
$
590,000 $
486,750 $
1,076,750
1,450 $
146,450
Taxable GO Refunding Bonds, dated November 7, 2013 (interest payable June 1 and December 1)
2015
$
145,000 $
GO Capital Appreciation Refunding Bonds, dated November 7, 2013
2015
$
395,000 $
-
$
395,000
GO Capital Appreciation Refunding Bonds, dated November 7, 2013
2015
$
945,000 $
-
$
945,000
$
155,900,000 $
66,363,365 $
222,263,365
Total General Obligation Bonds Payable
(Concluded) -96-
STATISTICAL SECTION (Unaudited)
Statistical Section This part of the District's comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the District's overall financial health. Contents
Page
Financial Trends These schedules contain trend information to help the reader understand how the District's financial performance and well-being have changed over time.
98 - 109
Revenue Capacity These schedules contain information to help the reader assess the District's most significant local revenue source, the property tax.
1110 - 116
Debt Capacity These schedules present information to help the reader assess the affordability of the District's current levels of outstanding debt and the District's ability to issue additional debt in the future.
117 - 124
Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader understand the environment within which the District's financial activities take place.
125 - 126
Operating Information These schedules contain information about the District's service and resources to help the reader understand how the District's financial information relates to the services the District provides and the activities it performs.
127 - 140
SOURCES: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year.
-97-
Niles Township High School District 219 NET POSITION LAST TEN FISCAL YEARS
2014 Governmental Activities Net investment in capital assets Restricted Unrestricted Total governmental activities net position
2013 *
2012
2011
2010
$
71,697,465 35,375,086 81,648,383
$
61,547,940 61,424,772 52,751,655
$
54,165,462 52,283,365 55,687,432
$
49,765,101 42,294,096 59,386,202
$
43,461,211 30,822,466 68,444,392
$
188,720,934
$
175,724,367
$
162,136,259
$
151,445,399
$
142,728,069
* As originally stated. The implementation of GASB 65 required that bond issuance costs be expensed in the year incurred. As a result of this implementation, net position as of July 1, 2013 was restated and decreased $1,469,562.
-98-
2009
2008
2007
2006
2005
$
43,317,206 32,302,463 40,266,280
$
43,766,332 44,057,986 12,363,411
$
48,853,367 19,530,227 10,859,471
$
50,966,036 15,170,554 4,303,021
$
53,333,594 27,900,039 (6,709,395)
$
115,885,949
$
100,187,729
$
79,243,065
$
70,439,611
$
74,524,238
-99-
Niles Township High School District 219 CHANGES IN NET POSITION LAST TEN FISCAL YEARS
2014 Expenses Instruction Support services Community services Nonprogrammed charges* Interest and fees Total expenses
$
Program Revenues Charges for Services Instruction Support services Community services Operating Grants and Contributions Instruction Support services Community services Total program revenues Net expense General Revenues Taxes: Real estate taxes, levied for general purposes Real estate taxes, levied for debt service Personal property replacement taxes Miscellaneous State aid - formula grants Accrued interest Investment earnings Total general revenues Change in Net Position
$
2013
2012
2011
78,487,302 $ 57,651,511 4,619,505 18,225 6,875,125 147,651,668
71,746,033 $ 60,610,181 2,114,971 2,633 5,242,450 139,716,268
79,698,026 $ 52,476,062 2,544,508 323,465 8,382,990 143,425,051
2,443,317 130,519 -
2,254,843 166,841 -
2,239,571 1,361,729 -
2,109,925 350,990 -
22,656,473 1,274,112 26,504,421
19,387,727 1,977,380 23,786,791
18,519,415 2,467,459 24,588,174
17,650,257 2,095,960 22,207,132
(121,147,247)
(115,929,477)
(118,836,877)
(117,096,687)
119,156,247
113,569,631
112,761,319
109,452,620
7,711,508
8,228,625
7,637,355
6,969,874
4,616,470 532,229 2,505,244 1,091,678
4,563,522 350,587 1,875,329 929,894
4,466,377 165,411 1,748,919 2,748,356
4,855,123 101,227 1,616,196 2,818,977
135,613,376
129,517,588
129,527,737
125,814,017
14,466,129 $
13,588,111 $
10,690,860 $
*Beginning in fiscal year 2006, Nonprogrammed charges exclude special education.
-100-
73,409,256 51,566,122 458,546 12,758 13,857,137 139,303,819
8,717,330
2010 $
$
2009
2008
2007
63,463,132 $ 48,232,890 31,983 48,283 6,104,404 117,880,692
55,549,540 $ 45,224,783 32,159 60,544 5,966,743 106,833,769
2,221,072 238,818 -
2,225,033 374,837 -
2,389,879 327,651 44,660
2,346,667 381,951 -
2,598,148 227,770 -
2,155,152 167,269 -
15,975,517 2,799,396 21,234,803
12,191,462 2,439,102 17,230,434
10,062,272 2,217,188 15,041,650
7,933,733 1,383,151 12,045,502
6,375,541 1,229,611 10,431,070
6,631,714 1,258,608 10,212,743
(102,859,574)
(100,650,258)
(91,792,119)
(86,431,610)
(84,022,813)
(80,091,186)
113,909,320
103,138,703
96,646,766
77,966,429
71,363,686
65,173,382
5,926,690
3,420,757
6,045,204
7,283,312
7,498,860
7,162,850
3,743,872 457,896 1,357,614 4,306,302
4,627,823 214,891 1,319,287 3,627,017
5,290,329 87,392 1,257,935 3,409,157
4,947,134 232,684 1,418,972 3,386,493
4,534,438 91,862 1,344,059 2,362,270
3,577,581 445,583 1,337,417 61,807 1,911,584
129,701,694
116,348,478
112,736,783
95,235,024
87,195,175
79,670,204
15,698,220 $
20,944,664 $
-101-
8,803,414 $
48,601,167 $ 39,624,927 37 32,370 6,195,382 94,453,883
2005
67,564,458 $ 50,347,702 233,318 41,487 5,907,412 124,094,377
26,842,120 $
53,189,353 $ 39,349,355 3,443 18,544 5,916,417 98,477,112
2006
3,172,362 $
45,294,055 36,006,701 2,304,539 6,698,634 90,303,929
(420,982)
Niles Township High School District 219 FUND BALANCES - GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS
2014* General Fund Reserved Unreserved Nonspendable Restricted Unassigned
$
Total General Fund All Other Governmental Funds Reserved Unreserved
2013*
2012*
2011*
$ 150,364 4,823,761 140,371,635
$ 223,593 3,534,072 136,102,957
$ 232,525 4,154,667 130,902,235
365,194 5,977,397 118,329,032
145,345,760
139,860,622
135,289,427
124,671,623
-
-
-
-
Nonspendable, reported in: Special Revenue Funds Debt Service Fund Capital Projects Funds
26,578 1,075 -
14,013 1,074 360
50,414 1,089 3,945
18,333 1,089 -
Restricted, reported in: Special Revenue Funds Debt Service Fund Capital Projects Funds
22,444,494 4,356,627 5,248,848
23,983,764 4,812,586 4,669,326
15,619,771 3,608,373 13,974,976
11,979,566 5,187,062 15,196,780
Unrestricted, reported in: Capital Projects Funds
(1,366,992)
Total All Other Governmental Funds Total All Governmental Funds
30,710,630 $
176,056,390 $
33,481,123 173,341,745 $
33,258,568 168,547,995 $
32,382,830 157,054,453
*Note: GASB 54 was implemented in fiscal year 2011, which also required the restatement of 2010. With this implementation, the Working Cash Fund and Tort Immunity and Judgment Fund were combined with the General Fund, and governmental funds report five components of fund balance: nonspendable, restricted, committed, assigned, and unassigned.
-102-
2010*
$
2009
$ 230,964 7,284,014 97,896,218 105,411,196
-
2007
2006
2005
210,839 $ 65,483,021 -
8,266,081 $ 35,949,112 -
5,358,690 $ 20,718,060 -
3,414,086 $ 16,193,973 -
2,145,247 13,422,874 -
65,693,860
44,215,193
26,076,750
19,608,059
15,568,121
1,089 41,716,728
1,539 46,454,206
1,260 32,642,647
1,089 28,897,616
(46,758) 27,141,516
217,688 735 -
-
-
-
-
-
15,731,795 2,593,547 3,538,767
-
-
-
-
-
-
-
-
-
-
22,082,532 $
2008
127,493,728 $
41,717,817 107,411,677 $
46,455,745
32,643,907
28,898,705
27,094,758
90,670,938 $
58,720,657 $
48,506,764 $
42,662,879
-103-
Niles Township High School District 219 GOVERNMENTAL FUND REVENUES LAST TEN FISCAL YEARS
2014 Local Sources Taxes Earnings on investments Other local sources
2013
2012
2011
$ 131,484,225 $ 126,361,778 $ 124,865,051 $ 121,277,617 1,091,678 929,891 2,748,356 2,818,977 3,102,351 2,662,777 3,653,434 2,562,142
Total local sources
135,678,254
129,954,446
131,266,841
126,658,736
State and Federal Sources
8,272,825
8,977,197
10,397,015
10,381,037
143,951,079
138,931,643
141,663,856
137,039,773
TRS On-Behalf Receipt
18,163,004
14,372,733
12,452,019
10,981,376
Other Financing Sources
8,262,867
324,974
353,969
78,652,990
Total Direct Revenues
Total
$ 170,376,950 $ 153,629,350 $ 154,469,844 $ 226,674,139
-104-
2010
2009
$ 123,579,882 $ 111,187,283 $ 4,306,302 3,627,017 2,956,326 2,827,528
2008
2007
2006
2005
107,982,299 $ 3,409,157 2,862,296
90,196,875 $ 3,386,493 2,961,227
83,396,984 $ 2,362,270 2,916,330
75,913,813 1,911,584 2,762,854
130,842,510
117,641,828
114,253,752
96,544,595
88,675,584
80,588,251
9,383,235
8,325,047
7,944,536
6,996,186
6,406,587
5,226,178
140,225,745
125,966,875
122,198,288
103,540,781
95,082,171
85,814,429
10,749,292
7,566,237
5,580,145
3,739,710
2,542,624
4,001,561
775,567
1,004,755
110,312,164
1,068,036
776,842
27,632,139
$ 151,750,604 $ 134,537,867 $
238,090,597 $
108,348,527 $
-105-
98,401,637 $ 117,448,129
Niles Township High School District 219 GOVERNMENTAL FUNDS EXPENDITURES AND DEBT SERVICE RATIO LAST TEN FISCAL YEARS
2014 Current Instruction Regular Programs Special Programs Interscholastic Programs Summer School
$
2013
2012
2011
32,111,718 $ 15,514,561 4,021,789 678,791
31,453,193 $ 15,605,952 3,833,393 662,097
30,291,492 $ 15,089,726 3,662,920 645,017
28,547,879 15,392,036 3,452,655 524,100
52,326,859
51,554,635
49,689,155
47,916,670
Supporting Services Instructional Operations and Maintenance Pupil Transportation Capital Projects Fire Prevention and Safety Employee Benefits
26,560,934 8,373,705 5,044,982 159,371 18,215,796
26,300,299 8,300,479 4,909,840 1,129,006 304,836 17,597,358
26,699,902 8,113,089 4,337,178 926,021 256,753 15,556,290
24,526,715 9,698,572 4,194,807 106,800 94,835 15,562,449
Total Supporting Services
58,354,788
58,541,818
55,889,233
54,184,178
110,681,647
110,096,453
105,578,388
102,100,848
Other Debt Service Principal Interest and Other Charges Nonprogrammed Charges Capital Outlay
6,365,232 2,259,909 1,760,939 18,350,703
3,570,000 3,511,111 1,598,209 15,362,120
2,330,000 6,946,630 2,071,163 13,251,369
17,845,000 6,553,843 1,658,975 12,061,268
Total Other
28,736,783
24,041,440
24,599,162
38,119,086
139,418,430 18,163,004 10,080,871
134,137,893 14,372,733 324,974
130,177,550 12,452,019 346,733
140,219,934 10,981,376 45,912,104
$
167,662,305 $
148,835,600 $
142,976,302 $
197,113,414
$
2,714,645 $
4,793,750 $
11,493,542 $
29,560,725
Total Instruction
Total Current
Total Direct Expenditures TRS On-Behalf Payment Other Financing Uses Total Net Change in Fund Balance Debt Service as a Percentage of Noncapital Expenditures *
5.78%
5.31%
7.15%
13.18%
* Calculated by dividing (1) the sum of principal, interest, and other charges by (2) total expenditures, net of capital outlay.
-106-
2010
$
2009
2008
2007
2006
2005
27,290,252 $ 14,647,781 3,150,244 393,135
26,221,007 $ 13,741,049 2,926,561 373,708
24,977,498 $ 12,403,738 2,787,941 411,566
23,547,545 $ 12,041,630 2,600,880 428,151
21,783,294 $ 12,039,174 2,368,983 334,821
20,005,114 11,354,623 2,208,765 299,402
45,481,412
43,262,325
40,580,743
38,618,206
36,526,272
33,867,904
23,587,992 8,196,431 4,964,536 2,154,139 39,890 14,035,527
22,751,118 8,025,011 4,532,095 525,305 86,166 13,716,722
20,528,796 7,997,651 4,244,490 238,450 194,093 11,869,804
18,619,291 7,294,035 4,041,865 91,619 10,339,531
17,489,553 7,161,148 3,335,138 59,733 10,769,417
15,994,910 6,237,467 2,962,206 88,256 9,694,469
52,978,515
49,636,417
45,073,284
40,386,341
38,814,989
34,977,308
98,459,927
92,898,742
85,654,027
79,004,547
75,341,261
68,845,212
1,095,000 4,671,567 1,964,516 13,952,744
1,150,000 4,713,661 1,352,329 9,111,404
5,010,000 5,847,445 1,380,593 5,104,898
4,920,000 4,412,069 1,412,310 3,578,037
3,989,033 5,195,631 1,586,607 3,127,204
3,294,138 5,376,741 2,304,539 2,188,438
21,683,827
16,327,394
17,342,936
14,322,416
13,898,475
13,163,856
120,143,754 10,749,292 775,507
109,226,136 7,566,237 1,004,755
102,996,963 5,580,145 97,563,208
93,326,963 3,739,710 1,067,961
89,239,736 2,542,624 775,392
82,009,068 4,001,561 27,455,775
$
131,668,553 $
117,797,128 $
206,140,316 $
98,134,634 $
92,557,752 $
113,466,404
$
20,082,051 $
16,740,739 $
31,950,281 $
10,213,893 $
5,843,885 $
3,981,725
4.90%
5.40%
5.40%
-107-
9.87%
10.27%
7.79%
Niles Township High School District 219 GOVERNMENT-WIDE REVENUES LAST TEN FISCAL YEARS
2014 Program Revenue Charges for services Operating grants
$
General Revenues Taxes Investment income Miscellaneous Total Revenues
2,573,836 23,930,585
2013
$
131,484,225 1,091,678 3,037,473 $
162,117,797
2012
2,421,684 21,365,107
$
126,361,778 929,891 2,225,916 $
153,304,376
3,601,300 20,986,874
2011
$
124,865,051 2,748,356 1,914,330 $
-108-
154,115,911
3,052,852 18,989,929
2010
$
121,277,617 2,818,977 1,881,774 $
148,021,149
2,459,890 18,774,913
123,579,882 4,306,302 1,815,510 $
150,936,497
2009
$
2,474,867 14,571,997
2008
$
111,187,283 3,627,017 1,717,748 $
133,578,912
2,762,190 12,279,460
2007
$
107,982,299 3,409,157 1,345,327 $
127,778,433
2,728,618 9,316,924
2006
$
90,196,875 3,386,493 1,671,556 $
107,300,466
2,825,918 7,605,152
2005
$
83,396,984 2,362,270 1,435,921 $
-109-
97,626,245
2,322,421 7,890,322
75,913,813 1,973,391 1,783,000 $
89,882,947
Niles Township High School District 219 PROPERTY TAX RATES - LEVIES AND COLLECTIONS LAST TEN TAX LEVY YEARS
2013 Rates Extended Educational Special Education Tort Immunity Operations and Maintenance Leasing Educational Facilities Transportation Municipal Retirement Social Security Working Cash Debt Service Fire Prevention and Safety Total rates extended Levies Extended Educational Special Education Tort Immunity Operations and Maintenance Leasing Educational Facilities Transportation Municipal Retirement Social Security Working Cash Debt Service Fire Prevention and Safety Total levies extended Collections on levies extended Current Year Collections Subsequent Collections Total Collections
2012
2.3705 0.1194 0.1325 0.5214 0.0272 0.1359 0.0536 0.0536 0.0136 0.1971 0.0816 3.7064
$
$
$ $
Percentage of levy extensions collected Current Year Collections Subsequent Collections Total % of extensions collected
2.1358 0.0735 0.1291 0.4872 0.0245 0.0523 0.0212 0.0212 0.0123 0.2251 0.0735 3.2557
2011 1.7804 0.0658 0.0219 0.4830 0.0219 0.1317 0.0658 0.0658 0.0110 0.1906 0.0658 2.9037
2010 1.8455 0.1139 0.0759 0.2087 0.0759 0.1554 0.0618 2.5371
82,129,870 $ 4,136,809 4,590,680 18,064,760 942,388 4,708,478 1,857,060 1,857,060 471,194 6,829,889 2,827,166 128,415,354 $
84,124,041 $ 2,894,912 5,083,504 19,189,888 963,504 2,060,000 834,912 834,912 483,952 8,864,432 2,894,912 128,228,969 $
76,048,366 $ 2,810,594 935,441 20,630,959 935,441 5,625,460 2,810,594 2,810,594 469,856 8,141,218 2,810,594 124,029,117 $
88,293,811 5,449,290 3,631,265 9,984,783 3,631,265 7,434,256 2,956,682 121,381,352
66,504,636 $ 66,504,636 $
63,460,054 $ 60,026,169 123,486,223 $
63,033,867 $ 57,246,731 120,280,598 $
60,658,533 59,023,999 119,682,532
51.79% 51.79%
49.49% 46.81% 96.30%
50.82% 46.16% 96.98%
Note: Tax Rates are expressed in dollars per $100 of assessed valuation. Source of information: Cook County - Agency Tax Rate Reports, Annual Financial Reports, and Niles Township Treasurer - Property Tax Levy Report
-110-
49.97% 48.63% 98.60%
2009 1.7078 0.2087 0.0759 0.0379 0.0379 0.1323 0.0664 2.2669
$
$
$ $
2008 1.5882 0.0886 0.0734 0.1894 0.0222 0.0222 0.0438 0.0860 0.0060 2.1198
2007
2006
1.5095 0.0843 0.0697 0.1800 0.0632 0.0603 0.0211 0.0211 0.0423 0.0517 0.0101 2.1133
2005
1.3225 0.0991 0.1734 0.3220 0.0328 0.0823 0.0248 0.0248 0.0500 0.1853 0.0570 2.3740
1.2079 0.0191 0.0865 0.2520 0.0479 0.1131 0.0471 0.1847 0.0479 2.0062
2004 1.2876 0.0174 0.1343 0.2174 0.0435 0.0287 0.0215 0.0215 0.0435 0.1969 2.0123
88,081,188 $ 10,763,874 3,914,604 1,954,723 1,954,723 6,820,540 3,424,634 116,914,286 $
85,368,837 $ 4,762,422 3,945,392 10,180,618 1,193,293 1,193,293 2,354,335 4,618,103 322,511 113,938,804 $
76,014,000 $ 4,243,600 3,512,300 9,064,000 3,182,700 3,038,500 1,060,900 1,060,900 2,129,029 2,599,863 507,718 106,413,510 $
55,002,000 $ 4,120,000 7,210,000 13,390,000 1,364,013 3,424,012 1,030,000 1,030,000 2,079,503 7,706,457 2,369,000 98,724,985 $
50,359,570 $ 798,250 3,605,000 10,506,000 1,998,200 4,717,116 1,965,465 7,702,415 1,998,200 83,650,216 $
49,365,921 666,908 5,150,000 8,336,351 1,667,270 1,100,000 824,000 824,000 1,667,270 7,551,939 77,153,659
59,106,557 $ 56,350,311 115,456,868 $
50,533,172 $ 60,683,860 111,217,032 $
36,764,822 $ 66,609,970 103,374,792 $
40,334,831 $ 56,204,739 96,539,570 $
37,640,908 $ 43,876,556 81,517,464 $
33,358,972 42,717,560 76,076,532
50.56% 48.20% 98.76%
44.35% 53.26% 97.61%
34.55% 62.60% 97.15%
-111-
40.86% 56.93% 97.79%
45.00% 52.45% 97.45%
43.24% 55.37% 98.60%
Niles Township High School District 219 EQUALIZED ASSESSED VALUATION AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY LAST TEN LEVY YEARS
Tax Levy Year
Equalized Assessed Valuation
2013 2012 2011 2010 2009 2008 2007 2006 2005 2004
$ 3,464,664,451 $ 3,938,850,792 4,271,420,265 4,784,275,890 5,157,582,183 5,375,194,371 5,035,682,949 4,159,005,554 4,169,080,210 3,833,886,423
Amount of Increase (Decrease) Over Previous Year (474,186,341) (332,569,473) (512,855,625) (373,306,293) (217,612,188) 339,511,422 876,677,395 (10,074,656) 335,193,787 520,770,749
Percentage Increase (Decrease) Over Previous Year
Total Direct Rate
-12.04% -7.79% -10.72% -7.24% -4.05% 6.74% 21.08% -0.24% 8.74% 15.72%
3.707 3.256 2.904 2.537 2.267 2.120 2.114 2.374 2.007 2.013
Source of information: Cook County Levy, Rate, and Extension Reports for 2004 to 2013. Note: See the breakdown by category for the Equalized Assessed Valuation on pg. 113 - 114.
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Actual Estimated Value $
10,393,993,353 11,816,552,376 12,814,260,795 14,352,827,670 15,472,746,549 16,125,583,113 15,107,048,847 12,477,016,662 12,507,240,630 11,501,659,269
Niles Township High School District 219 PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS* LAST TEN TAX LEVY YEARS
Taxing District
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
Overlapping County of Cook Cook County Forest Preserve District Metropolitan Water Reclamation District Suburban Tuberculosis Sanitarium North Shore Mosquito Abatement Niles Township Niles Township General Assistance Consolidated Elections Village of Skokie Village of Skokie Library Fund Skokie Park District School District No. 68 Community College District No. 535
0.560 0.069 0.417 0.007 0.049 0.007 0.031 0.767 0.623 0.581 3.144 0.256
0.531 0.063 0.370 0.010 0.042 0.006 0.000 0.655 0.535 0.518 2.723 0.219
0.462 0.058 0.320 0.010 0.037 0.005 0.025 0.604 0.489 0.476 2.452 0.196
0.423 0.051 0.274 0.009 0.032 0.004 0.539 0.432 0.423 2.133 0.160
0.394 0.049 0.261 0.008 0.029 0.003 0.021 0.497 0.390 0.383 1.999 0.140
0.415 0.051 0.252 0.008 0.027 0.003 0.483 0.369 0.386 1.882 0.140
0.446 0.053 0.263 0.008 0.027 0.003 0.012 0.517 0.375 0.375 1.931 0.141
0.500 0.057 0.284 0.005 0.009 0.031 0.003 0.635 0.435 0.436 2.258 0.166
0.533 0.060 0.315 0.005 0.008 0.031 0.002 0.014 1.035 0.404 0.407 2.149 0.158
0.593 0.060 0.347 0.001 0.008 0.033 1.064 0.437 2.178 0.161
Direct Niles Township High School District 219 Total
3.706
3.256
2.904
2.537
2.267
2.120
2.114
2.374
2.007
2.013
10.217
8.928
8.038
7.017
6.441
6.136
6.265
7.193
7.128
6.895
*Tax Rates are expressed in dollars per $100 of assessed valuations. NOTE: The totals above reflect the typical tax rates for individual taxpayers within the District. By showing all other overlapping rates, we would have materially distorted the true picture of tax rate burden within the District. Source of information: Cook County Clerk's Office - Chicago and Suburban Property Rates Schedule -113-
Niles Township High School District 219 MAJOR CATEGORIES OF EQUALIZED ASSESSED VALUATION
2013 Valuation
Category Industrial Residential Commercial Railroad Farm
2012 Valuation
2011 Valuation
2010 Valuation
2009 Valuation
$
624,131,158 $ 1,872,446,062 967,391,108 559,127 136,996
675,447,511 $ 2,214,842,088 1,047,956,378 452,661 152,154
726,061,814 $ 2,426,755,598 1,118,050,522 400,177 152,154
843,456,589 $ 2,627,025,439 1,313,265,090 376,618 152,154
842,955,005 3,022,912,596 1,291,249,104 301,283 164,195
$
3,464,664,451 $
3,938,850,792 $
4,271,420,265 $
4,784,275,890 $
5,157,582,183
Source of information: Cook County Clerk's Office
-114-
2008 Valuation
2007 Valuation
2006 Valuation
2005 Valuation
2004 Valuation
$ 1,005,741,942 2,941,329,200 1,427,823,099 250,198 49,932
$
954,490,431 $ 868,325,560 $ 875,517,761 $ 791,220,709 2,695,301,742 2,105,087,062 2,077,538,727 1,916,591,345 1,385,611,968 1,185,334,507 1,215,764,653 1,125,802,472 228,876 208,493 209,137 221,965 49,932 49,932 49,932 49,932
$ 5,375,194,371
$ 5,035,682,949 $ 4,159,005,554 $ 4,169,080,210 $ 3,833,886,423
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Niles Township High School District 219 DIRECT AND OVERLAPPING GENERAL OBLIGATION BONDED DEBT June 30, 2014
Outstanding Bonds
Taxing Authority Niles Township High School 219
$
154,930,589 (1)
Cook County 3,572,060,000 Cook County Forest Preserve 124,455,000 (3) Metropolitan Water Reclamation District 2,458,515,565 (2) Village of Glenview 48,955,000 (4) Village of Lincolnwood 3,705,000 Village of Morton Grove 23,430,000 Village of Niles 14,815,000 Village of Skokie 60,330,000 Glenview Park District 14,270,000 (3) Morton Grove Park District 1,500,000 Niles Park District 990,000 (3) Skokie Park District 6,575,000 (3) Niles Public Library District 1,375,000 School District #34 17,660,000 School District #67 11,915,470 (1) School District #68 4,190,000 School District #69 11,950,000 School District #70 3,995,000 School District #72 3,995,000 School District #73 1,221,099 (1) School District #73 1/2 5,800,000 Community College #535 23,510,000 (5) Total Overlapping General Obligation Bonded Debt Total Direct and Overlapping General Obligation Bonded Debt
Applicable to District Percent Amount 100.00 % $
154,930,589
2.76 2.76 2.81 1.08 100.00 78.47 45.93 88.39 4.45 78.18 50.11 87.60 36.23 0.29 100.00 100.00 100.00 100.00 100.00 100.00 100.00 18.33
98,517,415 3,432,469 69,180,169 528,273 3,705,000 18,385,755 6,804,011 53,323,394 635,272 1,172,652 496,040 5,759,897 498,109 50,984 11,915,470 4,190,000 11,950,000 3,995,000 3,995,000 1,221,099 5,800,000 4,309,618 309,865,627 $
464,796,216
(1) - Includes accreted balance of outstanding Capital Appreciation Bonds. (2) - Includes IEPA Revolving Loan Fund Bonds. (3) - Excludes outstanding General Obligation Alternate Revenue Source Bonds which are expected to be paid from sources other than general taxation. (4) - Excludes self-supporting bonds. (5) - Excludes outstanding debt certificates. Note: Percent applicable to School District calculated using assessed valuation of the School District area value contained within the noted governmental unit divided by assessed valuation of the governmental unit. Sources of information: Office of the Cook County Clerk, Cook County Department of Revenue, and the Treasurer of the Metropolitan Water Reclamation District
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Niles Township High School District 219 LEGAL DEBT MARGIN LAST TEN FISCAL YEARS
2014 Debt Limit
$
Total Net Debt Applicable to Limit Legal Debt Margin
$
Total Net Debt Applicable to the Limit as a Percentage of Debt Limit 2013 Equalized Assessed Valuation
2013
271,780,705 $ 294,727,998 $ 330,115,036
155,928,322
158,753,064
83,133,525 $
65%
58%
$
Less: Exempted Debt
239,061,847
155,928,322 -
Net Subject to 6.9% Limit
155,928,322
Total Legal Voted and Unvoted Debt Margin
$
-117-
162,106,290
164,231,463
113,027,641 $ 132,621,708 $ 165,883,573
$ 3,464,664,451
$
2011
239,061,847 $
Voted and Unvoted Debt Limit - 6.9% of Equalized Assessed Valuation Total Debt Outstanding
2012
83,133,525
55%
50%
2010
2009
2008
2007
2006
2005
$ 355,873,171 $ 370,888,412 $ 347,462,123 $ 286,971,383 $ 287,666,534 $ 134,102,964
135,015,112
147,910,000
122,475,008
127,395,008
$ 221,770,207 $ 235,873,300 $ 199,552,123 $ 164,496,375 $ 160,271,526 $
38%
36%
43%
43%
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44%
264,538,163 106,909,033 157,629,130
40%
Niles Township High School District 219 RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE AND NET GENERAL BONDED DEBT PER CAPITA LAST TEN FISCAL YEARS
Fiscal Year Ended June 30,
Tax Levy Year
2014 2013 2012 2011 2010 2009 2008 2007 2006 2005
2013 2012 2011 2010 2009 2008 2007 2006 2005 2004
General Bonded Debt $
154,930,589 $ 160,480,561 162,106,290 164,231,463 134,102,964 135,015,112 147,910,000 122,475,008 127,395,008 106,909,033
Equalized Assessed Valuation 3,464,664,451 3,938,850,792 4,271,420,265 4,784,275,890 5,157,582,183 5,375,194,371 5,035,682,949 4,159,005,554 4,169,080,210 3,833,886,423
Ratio of Bonded Debt to Estimated Actual Value 1.34 1.34 1.27 1.14 0.87 0.84 0.98 0.98 1.02 0.92
Source of Information: Estimated population is obtained from U.S. Census Bureau
-119-
Estimated Population 95,983 $ 95,983 105,882 105,882 105,882 102,638 102,638 102,638 102,638 102,638
General Bonded Debt Per Capita 1,614.15 1,671.97 1,531.01 1,551.08 1,266.53 1,315.45 1,441.08 1,193.27 1,241.21 1,041.61
Niles Township High School District 219 RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL BONDED DEBT TO TOTAL GENERAL EXPENDITURES LAST TEN FISCAL YEARS
Fiscal Year Ended June 30,
Tax Levy Year
2014 2013 2012 2011 2010 2009 2008 2007 2006 2005
2013 2012 2011 2010 2009 2008 2007 2006 2005 2004
Total General Expenditures (A) $
157,581,434 148,510,626 142,629,569 151,201,310 130,893,046 116,792,373 108,577,108 97,066,673 91,782,360 86,010,629
Debt Service Fund Expenditures (B) $
8,625,141 7,081,111 9,276,630 24,398,843 5,766,567 5,863,661 9,201,673 7,306,463 7,167,845 6,646,410
Percentage of Annual Debt Service Fund Expenditures to Total General Expenditures 5.47 % 4.77 6.50 16.14 4.41 5.02 8.47 7.53 7.81 7.73
(A) Includes expenditures of all Governmental Fund Types. (B) Debt Service Fund expenditures represent payment of principal, interest, and other charges on General Bonded Debt.
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Niles Township High School District 219 RATIO OF OUTSTANDING DEBT BY TYPE LAST TEN FISCAL YEARS
Year
General Obligation Bonds
2013 2013 2012 2011 2010 2009 2008 2007 2006 2005
$ 154,930,589 $ 160,480,561 162,106,290 164,231,463 134,102,964 135,015,112 147,910,000 103,780,008 107,450,008 85,749,033
Certificates of Participation $ 18,695,000 19,945,000 21,160,000
Total
Percentage of Equalized Assessed Valuation
154,930,589 160,480,561 162,106,290 164,231,463 134,102,964 135,015,112 147,910,000 122,475,008 127,395,008 106,909,033
4.47% 4.07% 3.80% 3.43% 2.60% 2.51% 2.94% 2.94% 3.06% 2.79%
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Ratio of Total Outstanding Outstanding Debt Debt Per To Personal Capita Income $
1,614 1,672 1,531 1,551 1,267 1,315 1,441 1,193 1,241 1,042
4.98 5.08 3.19 3.26 2.69 2.85 3.02 2.58 2.85 2.57
Niles Township High School District 219 PRINCIPAL TAXPAYERS IN THE DISTRICT CURRENT TAX YEAR AND SIX YEARS AGO
2013 Equalized Assessed Valuation *
Taxpayer 1 2 3 4 5 6 7 8 9 10
WFLD Processing Dept. DDRTC VLG Crossing LLC Forest City Simon Property Group Zeller Realty Group CRP Holdings Inland Real Estate Corp Old Orchard Acquisition CFO2 Kraft Foods
$
151,987,512 39,168,721 35,892,668 31,589,251 25,412,329 23,417,639 20,549,479 19,350,523 18,593,818 17,169,555
4.39% 1.13% 1.04% 0.91% 0.73% 0.68% 0.59% 0.56% 0.54% 0.50%
Total
$
383,131,495
11.06%
2007 Equalized Assessed Valuation *
Taxpayer 1 2 3 4 5 6 7 8 9 10
Percentage of Equalized Assessed Valuation
WFLD Processing Dept. DDRTC VLG Crossing LLC Kraft Foods CRP Holdings Simon Lincolnwood Inc.
$
180,726,119 52,801,028 45,054,597 36,458,087 34,419,036 32,744,343 29,861,470 28,782,475 26,487,391 23,571,753
3.59% 1.05% 0.89% 0.72% 0.68% 0.65% 0.59% 0.57% 0.53% 0.47%
$
490,906,299
9.74%
IRC
Shure Inc. Walton S. Capital LLC Centerpoint Prop. Trust Rlty Assoc Fnd Hiffman Total
*Includes only those parcels with an equalized assessed value of approximately $300,000 or over. Source of information: Cook County Clerk's and Assessor's Offices Note: 2007 is most recent information available -122-
Percentage of Total 2007 Equalized Assessed Valuation
Niles Township High School District 219 PRINCIPAL EMPLOYERS CURRENT YEAR AND SIX YEARS AGO
2014 Employer ACCO USA, Inc. Federal-Mogal Corp. Northshore University Healthsystem John Crane, Inc. Woodward MPC Corp. WW Granger, Inc. Avon Products, Inc. Skokie Park District ITT Residential & Commercial Water Niles Township High School
Type of Business or Property
Community Niles Skokie Skokie Morton Grove Skokie Niles Morton Grove Skokie Morton Grove Skokie
Office furniture Gaskets, packing, sealing Medical services Corporate HQ Aerospace equipment Air compressors, fans Cosmetic supplies Recreational fac/pgms Centrifugal pumps Public high schools
% of Total Employees Employment 1,872 1,500 1,200 900 900 763 750 699 650 648
3.86 % 3.09 2.47 1.86 1.86 1.57 1.55 1.44 1.34 1.34
2008 Employer Millard Maintenance Rush North Shore Federal Mogul John Crane, Inc. Avon Products, Inc. W.W. Grainger ITT, Bell & Gossett Evanston Northwestern Coca Cola Bottling Co. MPC Products Corp.
Type of Business or Property
Community Lincolnwood Skokie Skokie Morton Grove Morton Grove Niles Morton Grove Skokie Niles Skokie
Commercial Janitorial Medical Center Gaskets Corporate HQ Cosmetics Electric Motors Centrifugal pumps Health Care Beverage Distributor Hand Tool Manufacturer
Sources of Information: Illinois Manufacturers' Directory Illinois Service Directory Harris Illinois Industrial Directory Phone canvass Illinois Department of Employment Security Reference USA Illinois Department of Employment Security Note: 2008 is the earliest information available
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Employees 2,000 1,488 1,456 1,350 1,100 850 750 700 550 548
% of Total Employment NA NA NA NA NA NA NA NA NA NA
%
Niles Township High School District 219 DEMOGRAPHIC AND ECONOMIC STATISTICS LAST TEN YEARS
(a) Year
Population
2014 2013 2012 2011 2010 2009 2008 2007 2006 2005
95,983 95,983 105,882 105,882 105,882 102,638 102,638 102,638 102,638 102,638
(b) *Per Capita Income $
32,528 32,528 47,961 45,727 45,311 46,161 47,752 46,264 43,541 40,549
(a) x (b) Personal Income $
3,122,135,024 3,122,135,024 5,078,206,602 4,841,666,214 4,797,619,302 4,737,872,718 4,901,169,776 4,748,444,432 4,468,961,158 4,161,868,262
*Note 1: Data is for Cook County. Source of information: U.S. Census Bureau Bureau of Economic Analysis: Regional Economic Accounts Illinois Dept. of Commerce and Economic Opportunity
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*Unemployment Rate 7.2% 9.9% 9.8% 10.8% 10.9% 11.5% 6.6% 5.4% 5.3% 5.7%
Niles Township High School District 219 SCHOOL BUILDING INFORMATION LAST TEN FISCAL YEARS
2014
2013
2012
2011
Niles North High School (1964) Square Feet Capacity (Students) Enrollment
542,526 2,400 2,157
542,526 2,400 2,233
542,526 2,400 2,184
516,026 2,400 2,175
Niles West High School (1958) Square Feet Capacity (Students) Enrollment
577,932 2,733 2,589
577,932 2,733 2,676
577,932 2,733 2,607
577,932 2,733 2,553
Source of Information: Architect's Data and Sixth Day Enrollment Forms
-125-
2010
2009
2008
2007
2006
2005
516,026 2,400 2,121
514,085 2,400 2,177
514,085 2,400 2,198
514,085 2,400 2,199
514,085 2,400 2,264
514,085 2,400 2,243
556,383 2,600 2,623
547,009 2,500 2,556
547,009 2,500 2,504
547,009 2,500 2,571
547,009 2,500 2,470
547,009 2,500 2,502
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Niles Township High School District 219 NUMBER OF EMPLOYEES BY FUNCTION LAST TEN FISCAL YEARS
2014 * Non-union employees: Cabinet Administrators Associates Confidential secretaries Total non-union employees
7.0 25.9 31.0 13.0 76.9
7.0 24.0 29.0 13.0 73.0
23.2 8.8 14.1 84.4 2.0 51.0 2.0 27.3 54.0 55.1 39.8 27.4 389.1
25.0 9.0 14.1 85.2 3.0 47.8 3.0 27.3 55.0 55.0 40.4 26.8 391.6
100.4 22.0 71.7 14.0 4.0 6.0 218.1
79.0 22.0 71.7 14.0 4.0 6.0 196.7
684.1
661.3
(a) (b)
Teachers: Applied Sciences and Technology ELL Fine Arts Humanities IRC Mathematics PAR Physical Welfare Science Special Education Student Services World Languages Total Teachers
(c)
Other Supporting Staff: Paraprofessionals/Cadres Technology Secretarial/Clerical Maintenance RN, LPN Athletics Total other supporting staff
(d)
Total Staff Function Instruction Regular and Special Support Services Pupils Instructional Staff General Administration School Administration Fiscal Maintenance and Security Transportation Central Extra Curricular Activities Community Relations Total
2013 *
2014 448.8 77.1 25.0 8.0 61.9 11.3 18.3 0.3 20.9 3.0 9.5 684.1
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Niles Township High School District 219 NUMBER OF EMPLOYEES BY FUNCTION LAST TEN FISCAL YEARS (Continued)
2012 Administration: Superintendent District Administrators Principals and assistants Building Administrators Total administration Teachers: Regular Classroom Teachers Special Education Teachers Guidance/Counselors Psychologists Librarians/Media Specialists Social Workers ESL/Bilingual Teachers Speech/Language Therapists Reading Specialists Certified Nurses Total Teachers Coordinators/Supervisors Other Supporting Staff: Confidentials/Secretarial/Clerical/Paraprofessionals Custodial/Maintenance/Security/Technology Total Support Staff Total Staff
2011
2010
2009
1.0 6.0 6.0 23.0 36.0
1.0 6.0 6.0 22.0 35.0
1.0 6.0 6.0 21.0 34.0
1.0 6.0 6.0 21.0 34.0
273.4 59.8 20.8 7.5 3.0 8.9 10.6 2.0 3.0 2.0 391.0
273.8 61.0 21.0 7.0 5.0 9.4 10.8 2.0 3.0 2.0 395.0
278.6 67.0 20.0 7.6 5.0 6.4 9.2 1.8 3.0 2.0 400.6
263.8 63.6 23.1 9.2 6.6 9.5 9.4 2.8 4.5 2.0 394.5
17.0
17.0
16.0
16.0
160.0 44.0 204.0
157.0 44.0 201.0
161.0 47.0 208.0
164.0 52.0 216.0
648.0
648.0
658.6
660.5
Source of information: District Personnel Records and Teacher Service Records * Beginning in fiscal year 2014, the number of employees data have been listed by department to align with the District's financial system and human resources record keeping. Fiscal year 2013 data has been revised for historical comparison. a) Niles Township Federation of Teachers (NTFT) Special Education Coordinators were moved to Administration for fiscal years 2014 and 2013. b) Niles Township Support Staff (NTSS) Attendance Managers were moved to Associate Deans for fiscal years 2014 and 2013. c) This decrease further explains the increase in administration referred to in note (a) above. d) The District has invested heavily in interventions to support student learning: 7 cadre substitutes in Student Services, and additional paraprofessionals: 1.8 in Humanities, 4 in Math, 2 in Physical Welfare, 4 in Science, and 2.6 in Student Services.
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2008
2007
2006
2005
1.0 6.0 6.0 20.0 33.0
1.0 6.0 6.0 20.0 33.0
1.0 6.0 6.0 20.0 33.0
1.0 4.0 6.0 15.0 26.0
272.0 62.5 21.0 7.6 4.0 7.5 6.9 2.8 3.0 2.0 389.3
276.5 61.4 20.9 4.5 5.0 5.5 6.5 2.7 3.0 2.0 388.0
270.5 63.6 20.8 5.0 5.0 7.5 7.2 2.6 2.4 2.0 386.6
262.7 67.6 21.0 5.5 6.0 7.4 7.8 2.6 2.0 2.0 384.6
14.0
14.0
14.0
14.0
159.1 51.0 210.1
152.0 52.0 204.0
151.4 50.8 202.2
141.3 51.0 192.3
646.4
639.0
635.8
616.9
(Concluded)
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Niles Township High School District 219 OPERATING INDICATORS BY FUNCTION LAST EIGHT FISCAL YEARS
Function Instruction Regular and Special student enrollment Support Services Pupil Languages spoken by student population Instructional Staff ACT assessment composite score School Administration Average daily attendance Fiscal Purchase Orders Processed Maintenance District Square Footage Maintained by Custodians and Maintenance Staff District Acreage Maintained by Grounds Staff Transportation Avg. number of regular pupils transported per year Avg. number of regular bus runs to/from school Extra Curricular Activities Number of competitive sports Number of student clubs
2014
2013
2012
2011
2010
4,800
4,909
4,791
4,728
4,744
75
75
79
78
78
21.8
22.0
22.4
22.0
22.4
4,703
4,748
4,652
4,525
4,311
5,263
5,145
5,494
5,534
5,547
1,197,800 105
1,197,800 105
1,228,646 105
1,135,183 99
1,104,431 98
3,317 88
3,639 88
4,195 88
4,073 88
3,879 88
28 92
24 102
24 102
24 91
23 80
Source of information: Sixth Day Enrollment Report, Fall Housing Report, Purchase Orders, and Transportation Report Note: 2007 information is the earliest data available
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2009
2008
2007
4,733
4,702
4,770
81
70
50
21.2
22.3
21.9
4,256
4,256
4,373
5,488
5,445
5,529
1,104,431 98
1,104,431 98
1,104,431 98
3,903 88
3,906 88
3,872 88
23 80
23 75
20 70
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Niles Township High School District 219 DISTRICT HISTORY
June 1936
Voters approved formation of a four-year high school program.
November 1936
A $450,000 bond issue was approved to construct a high school building (Niles East) on the land adjacent to Lincoln School.
1937
Purchased 21 acres of adjacent land for $60,000 from Niles Center (Skokie) Park District to construct Niles Township High School (Niles East).
January 1939
457 high school students moved from Lincoln School to the newly constructed Niles Township High School (Niles East).
April 16, 1939
Niles Township High School on Lincoln Avenue was dedicated.
1953
District 70 purchased approximately eight acres of land to build Parkview School. District 219 had purchased the land for future use but found it too small for a high school.
August 1954
A $300,000 bond referendum was approved for the purchase of 56 acres of land on Oakton and Major for a second high school (Niles West).
August 1955
A $2,000,000 bond referendum was approved for construction of a new high school (Niles West).
September 1958
Niles Township High School West opened.
March 4, 1961
Voters approved funds to erect a building for Niles North High School on Lawler Avenue, west of Old Orchard Shopping Center.
April 1963
As provided under Illinois law, all ten public school districts of Niles Township entered into a joint agreement and established Department of Special Education.
November 1, 1964
Niles Township High School North was dedicated.
January 10, 1967
Niles Township Federation of Teachers (AFL-CIO) won a resounding victory over the Niles Township Education Association and was established as the bargaining agent for Niles Township High School teachers (now known as NTFT).
May 25, 1967
Niles Township Federation of Teachers (NTFT) did strike over a salary dispute – the first teacher strike in community history.
(Continued) -133-
Niles Township High School District 219 DISTRICT HISTORY
1972
Niles West Indians, coached by Jim Phipps, won first Illinois High School baseball championship.
September 1973
NTFT voted to strike and delay opening of school.
April 29, 1974
Bart Conner, sophomore at Niles West High School, appeared in Sports Illustrated’ s feature “Faces in the Crowd” for winning the IHSA all around gymnastics title with an 8.59 average. He won parallel bars for the second consecutive year.
June 1975
Niles West Indians, coached by Jim Phipps, won second State Tournament Baseball Crown.
June 16, 1975
Board of Education voted 4 – 2 to close Niles East High School due to declining enrollment.
February 9, 1976
School board established committee to close Niles East.
June 21, 1976
Ad-hoc committee appointed by District 219 presented report on recommendations for closing Niles East at the conclusion of the 1979 – 1980 school year.
September 20, 1976
NTFT did strike during contract negotiations.
September 4, 1979
Teachers went on strike.
June 1, 1980
Niles East closed its doors for the last time.
August 1984
Bart Conner, 1976 graduate of Niles West, won individual parallel bars gymnastic event at the 1984 Olympics in Los Angeles, CA.
1990
Niles East building and site were sold to Oakton Community College.
1993
Niles East High School was partially razed to make way for the new satellite campus for Oakton Community College.
October 21, 1996
NTFT did strike for the fifth time in 24 years and the first time in 11 years. The strike lasted for ten days.
1997
Board of Education ratified a new four-year contract with its teachers.
(Continued) -134-
Niles Township High School District 219 DISTRICT HISTORY
March 2000
Voters approved a $65 million bond referendum for construction of additional classrooms and improvements to its two high schools.
May 2000
Construction began at Niles North and Niles West High Schools to enlarge and upgrade buildings to better serve our 4,526 students.
May 2001
The District refunded a portion of the $65 million bonds.
June 2001
During fiscal year 2001, the District spent approximately $3,900,000 on its construction program.
June 2002
During fiscal year 2002, the District spent approximately $32,400,000 on its construction program.
November 2002
The District placed a 79 cent Education Fund rate increase referendum on the ballot. The outcome was 29% of the voters were in favor of the referendum while 71% of the voters were against the proposed rate increase.
June 2003
During fiscal year 2003, the District spent approximately $52,800,000 on its construction program.
July 24, 2003
The District sold $22,360,000 in General Obligation Limited Tax debt certificates.
March 16, 2004
Voters approved a 23 cent Education Fund property tax rate referendum.
October 2004
The Board of Education and both bargaining units, Niles Township Federation of Teachers (NTFT) and Niles Township Support Staff (NTSS), approved a five-year labor agreement for fiscal years 2005 – 2009.
December 2004
The District refunded a portion of the $65 million bonds and issued $19,230,000 of General Obligation Refunding School Bonds.
June 2005
The District withdrew from its special education cooperative, Niles Township District of Special Education (NTDSE).
August 23, 2005
Students’ schedules changed from prior years of utilizing blocks (mods) of time grouped to create 40 or 55 minute classes to nine 42-minute class periods.
(Continued) -135-
Niles Township High School District 219 DISTRICT HISTORY
April 17, 2007
The District received the Kennedy Center Alliance for Arts Education Network and National School Boards Association award for 2007. This prestigious national honor is bestowed on school districts that demonstrate support for all four artistic disciplines in their arts education program including visual arts, music, theater, and dance.
November 1, 2007
Issued $10,500,000 General Obligation Debt Certificates to be used to improve the sites of, build and equip additions to and alter, repair and equip the District's existing facilities.
December 28, 2007
Issued $96,555,000 Refunding Bonds that provided for the refunding of previous issues Series 1998, Series 2003 and Series 2007 debt certificates and portions of Series 2000, 2001, and 2004.
June 2009
During fiscal year 2009, the District spent approximately $2,900,000 on its construction program.
June 2010
During fiscal year 2010, the District spent $8,090,392 (the remaining funds) of the General Obligation Debt Certificates issued in November 2007.
October 5, 2010
Issued $16,000,000 in General Obligation Debt Certificates.
December 28, 2010
Issued $62,205,000 in bonds ($32,435,000 Taxable General Obligation Refunding School Bonds, Series 2010A; $9,745,000 General Obligation Limited School Bonds, Series 2010B; $20,025,000 Taxable General Obligation Refunding Limited School Bonds, Series 2010C). This new issuance provided for refunding the 2010 debt certificates, portions of Series 2004, 2007A and 2007B bonds, and all of the outstanding 2007C bonds.
June 2012
During fiscal year 2012, the District spent approximately $3,100,000 on its construction program.
June 2013
During 2013, the District began construction of the Niles North Aquatic Center and a new Daycare Center operated by Children's Learning World, scheduled to open during the 2013-2014 school year.
October 2013
The District held a grand opening celebration for the Niles North Aquatic Center.
March 2014
The Board of Education adopted its second comprehensive five-year Strategic Plan, which will guide the district's programs and policies from 2015 through 2019. The Board approved this Mission Statement: The purpose of District 219 is to provide an equitable, student-focused learning environment where every student graduates prepared and ready for college. (Concluded) -136-
Niles Township High School District 219 SCHEDULE OF INSURANCE IN FORCE
I.
Package Premium A. B. C. D. E.
Policy Number Carrier Policy Period Premium Coverages
F.
Limit
S1324488 Selective Insurance Co. of the Southeast July 1, 2013 - June 30, 2014 $30,003 Property, General Liability, Auto Liability and Physical Damage and Crime Property - Replacement cost $1,000,000 limit General liability - $1,000,000 per occurrence/ $3,000,000 aggregate per District Auto - $2,000,000 CSL/ $2,500 Ded/Comp & Collision
II.
Specific and Aggregate Excess Workers’ Compensation and Employers Liability Indemnity A. Policy Number AGC4048983 B. Carrier Safety National Casualty C. Policy Period July 1, 2013 - June 30, 2014 D. Premium $44,382 E. Limit $400,000 per occurrence/$1,000,000 aggregate
III.
Boiler and Machinery A. B. C. D. E.
Policy Number Carrier Policy Period Premium Limit
76401709 Federal Insurance Co. (Chubb) July 1, 2013 - June 30, 2014 $6,646 $100,000,000 per occurrence
School Board Legal Liability A. B. C. D. E.
Policy Number Carrier Policy Period Premium Limit
77665572 National Union Fire. July 1, 2013 - June 30, 2014 $7,421 $1,000,000 per claim/$1,000,000 aggregate per district
IV.
V.
Excess Liability A. B. C. D. E.
YUB301054F, G22035216008, Policy Number 13136546,XOMW293913 Genesis Insurance Co., Westchester, Lexington Ins. Co, Essex Insurance Co. Carrier Policy Period July 1, 2013 - June 30, 2014 Premium $16,713 Limit $40,000,000 xs $1,000,000 (Continued) -137-
Niles Township High School District 219 SCHEDULE OF INSURANCE IN FORCE
VI.
IX.
X.
XI.
XII.
Excess Property A. B. C. D. E.
Policy Number Carrier Policy Period Premium Limit
KTK-XSP-545D521-1-13 Travelers Insurance Co. July 1, 2013 - June 30, 2014 $38,408 $1,000,000,000 xs of $1,000,000
Excess Property A. B. C. D. E.
Policy Number Carrier Policy Period Premium Limit
0661-37-99-ILL Chubb Insurance Group July 1, 2013 - June 30, 2014 $956 $100,000,000 xs $1,000,000
Pollution Liability A. B. C. D. E.
Policy Number Carrier Policy Period Premium Limit
1063502 Ironshore Specialty July 1, 2013 - June 30, 2014 $4,199 $1,000,000 per occurrence, $2,000,000 aggregate, $75,000,000 pool aggregate
Identity Theft/Cyber Liability A. B. C. D. E.
Policy Number Carrier Policy Period Premium Limit
22051079 Lexington Insurance Co. July 1, 2013 - June 30, 2014 $3,573 $1,000,000 per security/privacy claim, $100,000 per regulatory defense claim, $25,000 per event management claim
Foreign Liability A. B. C. D. E.
Policy Number Carrier Policy Period Premium Limit
WR10003263 Insurance Co. of the State of Pennsylvania July 1, 2013 - June 30, 2014 $1,075 $1,000,000 per auto accident (liability), $10,000 per auto accident (medical expense), $30,000 per hired auto/ $250,000 each hired auto loss (physical damage)
(Continued) -138-
Niles Township High School District 219 SCHEDULE OF INSURANCE IN FORCE
XIII.
Fiduciary Liability A. B. C. D. E.
Policy Number Carrier Policy Period Premium Limit
8211-1782 Federal Insurance Co. (Chubb) July 1, 2013 - June 30, 2014 $2,050 $1,000,000
Policy Number Carrier Policy Period Premium Limit
13-3799-13 Gerber Life Insurance Co. July 1, 2013 - June 30, 2014 $30,190 $25,000 per claim
Student Accident - Catastrophic A. Policy Number B. Carrier C. Policy Period D. Premium E. Limit
13-06002-13 Gerber Life Insurance Co. July 1, 2013 - June 30, 2014 $4,909 $5,000,000 per claim
XIV. Student Accident - Mandatory A. B. C. D. E. XV.
XVI. Other CLIC Loss Fund - Package $186,297 Arthur J. Gallagher Risk Management Services, Inc. - Administration Fee $16,745 CLIC Loss Fund - School Board Legal - Loss Fund $4,713 Gallagher Bassett Services - Claims Administration Fee $2,638 Gallagher Bassett Services - Loss Control & Online Training Platform Fee$1,195 Note: Policies were renewed at approximately the same levels for the year ending June 30, 2015.
(Concluded) -139-
Niles Township High School District 219 OPERATING EXPENDITURES PER STUDENT June 30, 2014
Expenditures: Educational Fund Operations and Maintenance Fund Transportation Fund Municipal Retirement/Social Security Fund Debt Service Fund Tort
$
Less Revenues/Expenditures not Applicable to Operating Expense of Regular Programs General Educational: Tuition paid Summer school Capital outlay Community service Payments to other districts and governmental units Operations and Maintenance: Community service Capital outlay Special Revenue Transportation: Community service Capital outlay Municipal Retirement: Summer school Community service Debt Service Debt retirement
Net operating expenditures
$
Average daily attendance
2014
2013
92,435,791 $ 19,985,272 5,165,115 4,029,065 8,625,141 3,560,342
89,649,088 12,569,058 4,959,764 4,048,738 7,081,111 3,582,815
133,800,726
121,890,574
3,252,274 685,707 2,488,947 1,338,754 1,760,939
3,193,742 561,836 1,274,116 430,396 1,598,209
3,131,022 10,602,888
1,655,676 3,415,688
66,948
11,174 -
33,543 149,729
29,350 17,394
6,365,232
3,570,000
29,875,983
15,757,581
103,924,743 $ 4,651.98
Operating expenditures per student
$
-140-
22,340 $
106,132,993 4,748.14 22,353
