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2011 Comprehensive Annual Financial Report

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2011 Comprehensive Annual Financial Report COMPREHENSIVE ANNUAL FINANCIAL REPORT OF COMMUNITY UNIT SCHOOL DISTRICT NO. 300 CARPENTERSVILLE, ILLINOIS FOR THE FISCAL YEAR ENDED JUNE 30, 2011 Officials Issuing Report Cheryl Crates, Chief Financial Officer MeriAnn Besonen, Director of Finance Department Issuing Report Finance This page has been intentionally left blank. COMMUNITY UNIT SCHOOL DISTRICT NO. 300 TABLE OF CONTENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2011 Page{,\'! Introductory Section Transmittal Letter i-xxiii ASBO Certificate XXlV GFOA Certificate xxv Organizational Chart xxvi Principal Officers and Advisors xxvii - xxviii Financial Section Independent Auditor's Report I - 2 Required Supplementary Information Management's Discussion and Analysis (MD&A) - Unaudited 3 - II Basic Financial Statements Government-Wide Financial Statements Statement of Net Assets 12 Statement of Activities 13 Fund Financial Statements Balance Sheet - Governmental Funds 14 - 15 Reconciliation of the Govermnental Funds - Balance Sheet to the Statement of Net Assets 16 Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds 17 - 18 Reconciliation of the Governmental Funds - Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities 19 Statement of Fiduciary Assets and Liabilities - Agency Fund 20 Notes to Basic Financial Statements 21 - 40 Required Supplementary Information Historical Pension Information Illinois Municipal Retirement Fund - Schedule of Employer's Contributions and Anal ysis of Funding Progress 41 COMMUNITY UNIT SCHOOL DISTRICT NO. 300 TABLE OF CONTENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2011 PageGl') Required Supplementary Information - (Continued) General and Major Special Revenue Funds - Schedule of Revenues, Expenditures and Changes in Fund Balances - Budgct to Actual General Fund 42 - 52 Operations and Maintenance Fund 53 - 54 Transportation Fund 55 - 56 Municipal Retirement/Social Security Fund 57 - 58 Notes to Required Supplementary Information 59 Snpplementary Information Major Debt Service and Major Capital Projects Funds - Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget to Actual Debt Service Fund 60 Capital Projects Fund 61 General Fund - Combining Balance Sheet 62 General Fund - Combining Schedule of Revenues, Expenditures and Changes in Fund Balances 63 General Fund Accounts - Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget to Actual Educational Accounts 64 -74 Working Cash Accounts 75 Schedule of Changes in Asscts and Liabilities - Agency Funds 76 Operating Cost and Tuition Charge 77 Schedule of Bonds Outstanding, Issue Dated June I, 1994, General Obligation Capital Appreciation School Building Bonds, Series 1994 78 Schedule of Bonds Outstanding, Issue Dated December 1, 2001, General Obligation Capital Appreciation School Building Bonds, Series 2001 79 Schedule of Bonds Outstanding, Issue Dated May 1, 2002, General Obligation Working Cash Bonds, Series 2002 80 Schedule of Bonds Outstanding, Issue Dated May 1, 2002, General Obligation Working Cash Capital Appreciation Bonds, Series 2002 81 Schedule of Bonds Outstanding, Issue Datcd August 1, 2005, Gcneral Obligation School Refunding Bonds, Series 2005 82 Schedule of Bonds Outstanding, Issue Dated May 1, 2006, General Obligation School Building Bonds, Series 2006 83 Schedule of Bonds Outstanding, Issue Dated March 1, 2007, General Obligation School Building Bonds, Series 2007 84 COMMUNITY UNIT SCHOOL DISTRICT NO. 300 TABLE OF CONTENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2011 Pager,,! Supplementary Schedules - (Continued) Schedule of Bonds Outstanding, Issue Dated September 23, 2008, General Obligation School Bonds, Series 2008 85 Schedule of Bonds Outstanding, Issue Dated December 21, 2010, General Obligation School Refunding Bonds, Series 2010 86 Statistical Section Net Assets by Component 87 - 88 Changes in Net Assets 89 - 90 Fund Balances of Governmental Funds 91 - 92 Governmental Funds Revenues 93 - 94 Governmental Funds Expenditures and Debt Service Ratio 95 - 96 Other Financing Sources and Uses and Net Change in Fnnd Balances 97 - 98 Assessed Valuation and Estimated Actual Value of Taxable Propeliy 99-100 Property Tax Rates - All Direct and Overlapping Governments 101-102 Principal Property Taxpayers in the District 103 Property Tax Levies and Collections 104 Ratio of Outstanding Debt by Type 105-106 Ratios of General Bonded Debt Outstanding 107 Computation of Direct and Overlapping Debt 108 - 109 Legal Debt Margin Information 110-111 Demographic and Economic Statistics 112 Principal Employers 113 Number of Employees by Type 114-115 Operating Indicators by Function 116 -117 School Building Information 118-123 This page has been intentionally left blank. ® Community Unit School District 300 ® 300 Cleveland Ave Carpentersville, IL 60110-1943 ® 847-551-8451 www.d300.org Community U nit Scllool District December 7, 2011 President, Members of the Board of Education and Citizens of Community Unit School District No. 300, Community Members Comm unity Unit School District No. 300 Carpentersville, Illinois The Comprehensive Annual Financial Report (CAFR) of Commun ity Unit School District No. 300 (the District), Carpentersville, Illinois, as of and for the year ended June 30, 2011, is su bmitted herewith. Responsibility for the accuracy of t he presented data and the completeness and fairness of the presentation, including all disclosures, rests with the District. We believe the data, as presented, is accurate in all material aspects; that it is presented in a manner designed to fairly set forth the financial position and results of operations of the District as shown by the disclosure of all financial activity of its various funds; and that all disclosures necessary for public understanding of the District's financial status have been Incorporated within this report. The CAFR includes all funds of the District and is presented in three sections: Introductory, Financial, and Statistical. The introductory section includes this transmittal letter, the District's organization chart, and a list of principal officers and elected officials. The financial section includes the independent auditor's report on financial statements and schedules, Management Discussion and Analysis (MD&A), basic financial statements and required supp lemental information such as the combining and individual fund financial statements and schedu les. The statistical section includes selected financial and demographic information, genera lly presented on a multi-year basis. GAAP require that management provide a narrative introduction, overview and analysis to accompany the basic financial statements in the form of Management's Discussion and Analysis (MD&A). This letter of transmittal is designed to complement MD&A and should be read in conjunction with it. The MD&A can be found immediately following the report of the independent auditors. Reporting Entity and Its Services The District is a unit district that comprises an area of 118 square miles in northern Illinois. The District includes Algonquin, Carpentersville, East Dundee, Gilberts, Hampshire, and Lake in the Hills, Pingree Grove, Sleepy Hollow and West Dundee. A small portion of the City of Elgin, an annexed portion of the Village of Hoffman Estates along with portions of Barrington Hills, Cary and Fox River Grove are also within the District. The District operates three high schools, five middle schools, sixteen elementary schools, one early childhood center, one alternative school, and two administration buildings. - i- The District has a tax base that includes residential and commercial development as well as agricultural areas. A regional shopping center, Spring Hill Mall, is located within the District. The mall is anchored by Macy's, Carson Pirie Scott and J.e. Penney's. There are also a number of outlet developments including several retailers such as Jewel Food Store, Target, and Best Buy. Algonquin Commons on Randall Road is an upscale shopping and dining destination with over 80 specialty stores and restaurants. The Arboretum on Higgins Road is an upscale shopping and dining destination with over 50 specialty stores and restaurants. The Villages of Carpentersville, West Dundee, East Dundee, Lake in the Hills and Algonquin have all developed existing parcels of property within the District's boundaries as well, including extensive retail, commercial and residential development of the Randall Road Corridor which runs from south Kane County through McHenry County. A factory outlet mall (Huntley Factory Shops) consists of numerous retail shops and is located at the intersection of Interstate 94 and Illinois State Route 47. This outlet mall is across from a Del Webb Senior Citizen development. Chase Bank has located its Illinois Bank Card Center in the District and Matsushita (Panasonic) maintains their Midwest Regional Operation Center in the District. Eighty percent of the Sears Merchandising Group Headquarters which employs 6,000 people is contained within the District. The District's 2,134 employees (1,249 teachers, 796 non·certified staff and 89 administrators) served approximately 19,959 students for the 2010-11 school year, with expenditures totaling approximately $235.8 million; of which capital projects and bond and interest payments totaled approximately $26.5 million. The governing body consists of a seven-member Board of Education elected from within the District's boundaries for four year overlapping terms. The Superintendent and staff administer
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