Woodstock Community Unit Woodstock, IL School District 200 McHenry County
Comprehensive Annual Financial Report
For the fiscal year ended June 30, 2020
Serving the City of Woodstock, Village of Wonder Lake, Village of Bull Valley, Village of Greenwood, and portions of unincorporated McHenry County
WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 WOODSTOCK, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2020
Submitted by:
Business Office
Risa Hanson Chief Financial Officer
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INTRODUCTORY SECTION
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2020
TABLE OF CONTENTS Exhibits/ Schedules Page(s) INTRODUCTORY SECTION:
Table of Contents i-v Letter of Transmittal vi-xiv Organizational Chart xv School District Leadership xvi-xvii Certificate of Excellence xviii
FINANCIAL SECTION:
Independent Auditor’s Report 1
Required Supplementary Information:
Management’s Discussion and Analysis 4
Basic Financial Statements:
Government-Wide Financial Statements:
Statement of Net Position A 13
Statement of Activities B 15
Fund Financial Statements:
Balance Sheet Governmental Funds C 16
Reconciliation of Balance Sheet to the Statement of Net Position D 18
Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds E 19
Reconciliation of Statement of Revenues, Expenditures, and Changes in Fund Balances to Statement of Activities F 23
Statement of Fiduciary Assets and Liabilities Agency Funds – Student Activity Funds G 24
Notes to the Basic Financial Statements 25
Required Supplementary Information:
Schedule of Changes in Net Pension Liability and Related Ratios – Illinois Municipal Retirement Fund (IMRF) 57
Schedule of Employer Contributions – Illinois Municipal Retirement Fund (IMRF) 59
Schedule of Employer’s Proportionate Share of the Net Pension Liability – Teachers’ Retirement System (TRS) of the State of Illinois 60
Schedule of Employer Contributions – Teachers’ Retirement System (TRS) of the State of Illinois 62
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2020
TABLE OF CONTENTS (Continued) Schedules Page(s)
Schedule of Employer’s Proportionate Share of the Other Post-Employment Benefits (OPEB) Liability – Teacher’s Health Insurance Security (THIS) Fund 64
Schedule of Employer Contributions – Other Post-Employment Benefits (OPEB) – Teacher’s Health Insurance Security (THIS) Fund 65
Schedules of Changes in the District’s Total Plan Liability and Related Ratios – Other Post-Employment Benefits (OPEB) – Post-Retirement Health Plan 66
Schedule of Employer Contributions – Other Post-Employment Benefits (OPEB) – Other Post-Employment Benefits (OPEB) – Post-Retirement Health Plan 67
General and Major Special Revenue Funds - Schedules of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual – Budget Basis:
General Fund 1 68
Educational Account 2 70
Operations and Maintenance Account 3 81
Working Cash Account 4 83
Transportation Fund 5 84
Municipal Retirement Fund 6 85
Tort Fund 7 86
Notes to the Required Supplementary Information 87
Supplementary Information:
Major Debt Service and Major Capital Projects Funds – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual – Budget Basis:
Debt Service Fund 8 89
Capital Projects Fund 9 90
Fire Prevention and Safety Fund 10 91
Combining and Individual Fund Financial Statements and Schedules:
Governmental Funds:
General Fund:
Statement of Balance Sheets by Account 11 92
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2020
TABLE OF CONTENTS (Continued) Schedules Page(s)
Statement of Revenues, Expenditures and Changes in Fund Balance by Account – Modified Accrual Basis 12 93
Educational Account:
Comparative Statement of Revenues, Expenditures and Changes in Fund Balance – Modified Accrual Basis 13 95
Operations and Maintenance Account:
Comparative Statement of Revenues, Expenditures and Changes in Fund Balance – Modified Accrual Basis 14 106
Working Cash Account:
Comparative Statement of Revenues, Expenditures and Changes in Fund Balance – Modified Accrual Basis 15 108
Special Revenue Funds:
Transportation Fund:
Comparative Balance Sheet 16 109
Comparative Statement of Revenues, Expenditures and Changes in Fund Balance – Modified Accrual Basis 17 110
Municipal Retirement Fund:
Comparative Balance Sheet 18 111
Comparative Statement of Revenues, Expenditures and Changes in Fund Balance – Modified Accrual Basis 19 112
Tort Fund:
Comparative Balance Sheet 20 113
Comparative Statement of Revenues, Expenditures and Changes in Fund Balance – Modified Accrual Basis 21 114
Debt Service Fund:
Comparative Balance Sheet 22 115
Comparative Statement of Revenues, Expenditures and Changes in Fund Balance – Modified Accrual Basis 23 116
Capital Project Funds:
Capital Projects Fund:
Comparative Balance Sheet 24 117 iii
WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2020
TABLE OF CONTENTS (Continued) Schedules Page(s)
Comparative Statement of Revenues, Expenditures and Changes in Fund Balance – Modified Accrual Basis 25 118
Fire Prevention and Safety Fund:
Comparative Balance Sheet 26 119
Comparative Statement of Revenues, Expenditures and Changes in Fund Balance – Modified Accrual Basis 27 120
Agency Funds:
Student Activity Funds – Statement of Changes in Assets and Liabilities 28 121
Debt Service Schedule – 2006B School Capital Appreciation Bonds 29 122
Debt Service Schedule – 2010D Refunding School Bonds 30 123
Debt Service Schedule – 2011A Refunding School Bonds 31 124
Debt Service Schedule – 2012A Refunding School Bonds 32 125
Debt Service Schedule – 2012B Refunding School Bonds 33 126
Debt Service Schedule – 2013 Limited Bonds 34 127
Debt Service Schedule – 2013A Refunding School Bonds 35 128
Debt Service Schedule – 2014 Refunding School Bonds 36 129
Debt Service Schedule – 2015A Refunding School Bonds 37 130
Debt Service Schedule – 2015B Refunding School Bonds 38 131
Debt Service Schedule – 2018 Refunding School Bonds 39 132
STATISTICAL SECTION (UNAUDITED): Tables
Net Position by Component – Last Ten Fiscal Years 1 133
Change in Net Position – Last Ten Fiscal Years 2 135
Fund Balances of Governmental Funds – Last Ten Fiscal Years 3 137
Changes in Fund Balances – Governmental Funds – Last Ten Fiscal Years 4 139
Assessed Value and Estimated Actual Value of Taxable Property – Last Ten Fiscal Years 5 143
Property Tax Rates – Direct and Overlapping Governments – Last Ten Fiscal Years 6 145 iv
WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2020
TABLE OF CONTENTS (Continued) Tables Page(s)
Principal Property Taxpayers – Current Fiscal Year and Nine Years Ago 7 146
Property Tax Rates and Collections – Last Ten Fiscal Years 8 147
Ratios of Outstanding Debt by Type – Last Ten Fiscal Years 9 149
Ratios of General Bonded Debt Outstanding – Last Ten Fiscal Years 10 150
Direct and Overlapping Governmental Activities Debt as of June 30, 2019 11 151
Legal Debt Margin Information – Last Ten Fiscal Years 12 152
Demographic and Economic Statistics – Last Ten Fiscal Years 13 154
Principal Employers – Current Fiscal Year and Nine Years Ago 14 155
Full-Time Equivalent School District Employees by Function – Current and Prior Fiscal Years 15 156
School Building Information – Last Ten Fiscal Years 16 157
Operating Statistics – Last Ten Fiscal Years 17 159
Capital Asset Statistics by Function – Current and Prior Fiscal Years 18 160
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Woodstock Community Unit School District 200 2990 Raffel Road Tel: 815.337.5406 Michael Moan, EdD Woodstock, IL 60098 Fax: 815.338.2005 Superintendent www.woodstockschools.org [email protected]
October 6, 2020
Citizens of District 200 and Members of the Board of Education Woodstock Community Unit School District No. 200 2990 Raffel Road Woodstock, Illinois 60098
The Comprehensive Annual Financial Report of Woodstock Community Unit School District No. 200, Woodstock, Illinois, for the fiscal year ended June 30, 2020 is submitted herewith. Responsibility for the accuracy of the data presented and the completeness and fairness of the presentation, including all disclosures, rest with the District. We believe the information, as presented, is accurate in all material respects, is presented in a manner designed to set forth fairly the financial position and results of operations of the District as measured and reported by the financial activity of the various funds, and that all disclosures necessary to enable the reader to gain an understanding of the District’s financial affairs have been included. The District’s financial statements conform to Generally Accepted Accounting Principles (GAAP).
To facilitate the understanding of the District’s financial affairs, the Comprehensive Annual Financial Report (CAFR) is divided into an Introductory Section, a Financial Section and a Statistical Section. The Introductory Section of the CAFR includes a table of contents, a Letter of Transmittal, an organizational chart, and a listing of District officers and officials. The Financial Section consists of the unmodified opinion on the financial statements from the independent auditors, Evans, Marshall, & Pease, P.C.; Management’s Discussion and Analysis (MD&A) -- a wide-ranging analysis with numerous graphs, schedules, etc. illustrating the financial results of the fiscal year just ended; the notes to the basic financial statements; and any required supplementary information. The statistical section, not a part of the District’s basic financial statements, includes selected financial data and general information presented in tables on a multi-year basis. This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The MD&A can be found immediately following the report of the independent auditors.
The District
The Woodstock Community Unit School District No. 200 was combined as a Unit District on July 19, 1969. The District is located in McHenry County. It covers 110 square miles comprised of the communities of the City of Woodstock, Villages of Bull Valley and Greenwood and part of the Village of Wonder Lake as well as portions of unincorporated McHenry County. The District provides education for grades pre-kindergarten through age 21. The District maintains one early learning center, six elementary schools, two middle schools, two high schools, and one Special Education Center.
District No. 200 enjoys the advantages of a rural setting but is within reasonable driving distance of several metropolitan areas. Chicago is approximately 65 miles southeast and Rockford is 35 miles west. Transportation is provided to points throughout the metropolitan area by US Highway 14 and by State Highway 47. Interstate Highway 90 provides access to Chicago, Rockford and the northwest suburbs. Commuter train service to downtown Chicago is available in the City of Woodstock by the Metra Metropolitan Rail System. Chicago’s many theaters, museums, shopping areas, and airports are available to District residents with less than a two-hour drive.
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The District provides a full range of programs and services for all its students. These programs include elementary and secondary course offerings, including general, vocational, and college preparatory curriculum. An extensive array of co-curricular and athletic activities are also offered to enhance the student's educational experience. The District provides a therapeutic day school, in addition to district wide special educational services, gifted education, and an integrated technology education.
District 200 introduced the Dual Language Program in 2005. The Dual Language Program integrates native English and native Spanish speaking students for academic instruction, which is presented in both languages. The goal of the Dual Language Program is for students to become bi-lingual, bi-cultural, and bi-literate. During the 2015-16 school year, the District began offering the program at all grade levels (PreK- 12). For the 2019-20 school year the Dual Language Program served over 2,500 students, or 39% of the student population.
Over the course of the last five school years, District 200 has made a considerable investment in several technology related initiatives that focus on developing 21st century learning skills at all grade levels. Specifically, the district now provides chromebooks, or tablet computers, to all students in grades K-12. The devices are used with digital programs and curricula which first began at the elementary level during the 2015-2016 school year and now are incorporated at all grade levels. A Learning Management System (LMS) for students to access digital classroom materials in an organized and structured environment is used in grades K-12.
At the high school level the district implemented high school advanced placement (AP) classes to all students with the goal of having AP class enrollment mirror the overall high school student population. In addition, a unique business course (INCubator Edu) is offered at Woodstock High School that provides students with entrepreneurial experiences by involving community members and local area business owners who assist students in learning real life business practices.
For the 2019-20 school year, the District employed over 1,100 people (951.69 FTE), including teachers, administrators, clerical workers, custodial workers, bus drivers, classroom assistants, health related individuals, and substitutes. These employees served approximately 6,400 students, with budgeted expenditures totaling $99.5 million; of which capital projects and bond and interest payments total over $11.1 million.
Reporting Entity
The District has adopted the provisions of the Governmental Accounting Standards Board (GASB) Statement No. 14 as amended by GASB Statement No. 39 and 61. This states “The Financial Reporting Entity” under which these financial statements are prepared will include all organizations, activities, functions, funds and component units for which the District is financially accountable. Financial accountability is defined as the appointment of a voting majority of the component unit’s board, and either (1) the District’s ability to impose its will over the component unit or (2) the possibility that the component unit will provide a financial benefit to or impose a financial burden on the District. The District does not have any component units that meet the above requirements.
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 the day-to-day operations of the District. Based on the legislative authority codified in the Illinois School Code, the Board of Education has the following powers:
• The power to levy and collect taxes and to issue bonds. • The power to contract for appointed administrators, teachers, and other personnel as well as for goods and services. • The corporate power to sue and be sued in all courts.
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Compliance with GASB Statement No. 34, No. 68, No. 72 and No. 75
The District operates under the requirements set forth in GASB Statement No. 34 and this comprehensive annual financial report (CAFR) has been prepared to meet the requirements of this financial reporting model. There are two separate and equally important aspects of accountability in Statement 34. First, fiscal accountability requires that districts demonstrate compliance with public decisions concerning the raising and spending of public monies in the short term, which is usually a single budgetary cycle, or one year. Second, operational accountability requires that a district demonstrate the extent to which it has met and can continue to meet its operating objectives in an efficient and effective manner into the future. The requirements in Statement 34 are also designed to make annual reports easier for the public to understand and be more useful to stakeholders. The GASB Statement No. 34 represent a substantial advance in the disclosure of more meaningful and useful financial information by school districts.
The District’s CAFR is prepared using GASB Statement No. 68 – Accounting and Financial Reporting for Pensions and GASB Statement No. 75 – Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions (OPEB). These Statements establish standards for recognizing and measuring liabilities, deferred outflows and inflows of resources, and benefit payments related to pensions and other post-employment benefits (primarily health insurance). These Statements identify the methods and assumptions that are required to be used to project benefit payments, discount projected benefit payments to their actuarial present value, and attribute that present value to periods of employee service.
The District’s CAFR is prepared using GASB Statement No. 72 – Fair Value Measurement and Application. This Statement addresses accounting and financial reporting related to fair value measurements, or the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This Statement also provides guidance for applying fair value to certain investments and disclosures related to all fair value measurements.
Economic Condition and Outlook of Local Economy
District 200 grew steadily from the 1990’s through 2007. However, beginning in 2008, new home development began to decline, similarly to the nation as a whole, and the district’s enrollment flattened and has now begun to decline.
The majority of the District’s 110 square miles is still undeveloped. Prior to 2008 the City of Woodstock and surrounding communities within the District 200 boundaries experienced significant housing and commercial development. 2008 was the first substantial decrease in growth and this trend continued through 2017. Beginning in 2018, the district began to realize minimal growth in new housing. The local economy reflects the overall country’s economy and should see average growth in the next 10-20 years.
This District has a mixed tax base including residential, commercial, industrial, rural, railroad, and mineral properties within its boundaries. However, the majority of its tax base is residential (76.9%) which results in a large burden of tax revenues coming from homeowners instead of commercial and industrial property owners.
Rural Railroad 6.5% 0.3% Mineral Industrial 0.1% 4.5%
Commercial 11.8%
Residential 76.9%
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Historical and Projected Enrollment
The overriding District initiative is to provide excellent academic programming for all students while keeping pace with enrollment trends and maintaining reasonably low class sizes. The following table charts the District’s enrollment for the last ten fiscal years.
Fiscal Yr End 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Enrollment 6327 6623 6675 6665 6661 6649 6597 6479 6374 6357 % of Change -4.6% 4.7% 0.8% -0.1% -0.1% -0.2% -0.8% -1.8% -1.6% -0.3%
In the next five years, it is projected that District 200 will experience flat to modestly lower enrollment based on live births within the district boundaries and economic variations.
Facilities
District 200 has twelve school buildings that house the 6,357 students that attend its schools.
School Grades Served Year Built Enrollment Verda Dierzen Early Learning Center PreK-K 1957 733 Dean St. Elementary School 1-5 1921 270 Mary Endres Elementary School 1-5 1998 450 Greenwood Elementary School 1-5 1949 295 Olson Elementary School 1-5 1954 405 Prairiewood Elementary School 1-5 2007 389 Westwood Elementary School 1-5 1949 347 Northwood Middle School 6-8 1970 618 Creekside Middle School 6-8 2007 791 Woodstock High School 9-12 1921 1,003 Woodstock North High School 9-12 2008 971 Clay Academy K-12 1906 77 Private Placement 8 6,357
Several of these buildings have had significant additions and complete renovations made to them since their original building date. District 200 began to experience significant growth in the 1990's and again in the early 2000's. To manage its growth, District 200 has passed three major school construction referendums. In 1995 the voters approved a $20.965 million referendum to build one new elementary school, Mary Endres, and add on to three schools – Westwood Elementary, Greenwood Elementary and Northwood Middle School. In 1996 the voters passed a $19.86 million referendum to renovate and add on to Woodstock High School. In 2003 the District issued $5.7 million and in 2005 issued another $10 million of health/life safety bonds to begin to bring its aging buildings up to life safety code. The $5.7 million of project work was completed over a three-year period. The $10 million of project work was done over a two-year period and was completed during the Summer of 2006.
Even with the above additions and new school, the space for additional students became scarce due to growth. Consequently, on March 21, 2006, the community approved a school construction bond referendum to build three new schools – a new elementary school, a new middle school, and a new high school; and to renovate and/or add to two existing schools. The new combined elementary/middle school was completed in August, 2007; and the new high school was completed in August, 2008. In addition, Olson Middle School was converted back to an elementary school in the Summer of 2007 and Verda Dierzen Early Learning Center added six classrooms, a new cafeteria, and a new library/media center.
A decade later and due to declining enrollment projections due to the 2008 housing decline, the District commenced a community-wide Facilities Review Committee during the 2016-17 school year. This committee
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committee reviewed all of the district’s facilities, enrollment trends, and educational programming needs. The overall goal and objectives of this process was to maximize the utilization of the district’s current buildings and operate the overall district more efficiently, given future enrollment trends. The Committee’s recommendations for facility use was presented to the Board of Education in May, 2017. In order to receive feedback from all community stakeholders, an extensive community engagement program was held during the first few months of the 2017-18 school year. Feedback from the community engagement program was presented to the Board of Education in the Fall of 2018 and the final outcome of the process resulted in discontinuing a lease for additional administrative office space and the sale of the District’s Administrative Services Center. Personnel housed in these two office spaces were moved to unoccupied school space in order to save money and to operate more efficiently.
It is anticipated that another overall review of district facilities, capacities and programmatic need will be conducted within the next five years. A comprehensive review every decade is an important planning tool for the district and community and will ensure that the district maintains and utilizes its space effectively and efficiently.
Major Initiatives
This Mission of Woodstock Community Unit School District No. 200 is to empower learners to reach their educational and personal potential. To further clarify and refine this mission the District adopted the following major goals and objectives for the 2019-20 school year:
Student Growth & Achievement:
Ensure significant growth in personal development and academic achievement for ALL students.
• We will provide a rigorous curriculum with clarity and consistency in all subject areas and ensure reliable assessment data and feedback to guide best practice instruction.
• We will provide differentiated instruction, interventions, and enrichments to meet each student’s needs and equip students with the necessary skills, tools, technologies, and strategies to set goals, develop action plans, and monitor/report their own progress.
Family/Community Engagement:
Provide opportunities and information for families and community members to support the district in achieving its mission and vision.
• We will design, implement and reflect on a two-way communication system to share expectations for families to participate and be advocates for their student’s learning from birth through high school.
• We will utilize a data system to monitor progress and report district and school performance in an efficient, effective and timely manner.
Learning Environment:
Provide a safe, challenging, engaging and supportive learning environment.
• We will take responsibility to ensure physical environments support high-quality teaching and learning, wellness and health, and energy efficiencies.
• We will address the social and emotional needs of students to enhance engagement and positively impact academic performance.
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Exemplary Employees:
Cultivate a positive and productive working environment that attracts, develops and retains high-quality staff. • We will increase and improve internal communication and collaboration through the Professional Learning Community model.
• We will provide meaningful, research-based, consistent, on-going professional learning to our exemplary employees to assist them to meet continuously changing demands.
Essential Resources
Demonstrate effective and efficient business operations and ensure excellent stewardship of district resources.
• We will be proactive in forecasting and allocating financial resources to ensure the best possible educational program for our students while being mindful of our taxpayers.
Independent Audit
The School Code of Illinois and the District’s adopted policy require an annual audit of the books of accounts, financial records and transactions of all funds of the District. The audit is performed by independent certified public accountants selected by the District’s Board of Education. The independent auditor’s report has been included in the financial section of this report.
Internal Control Structure
In developing and evaluating the District’s accounting system, consideration is given to the adequacy of the internal accounting controls. Management of the District is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the District are protected from loss, theft, or misuse and to ensure that adequate accounting data is compiled to allow for the preparation of financial statements in conformity with generally accepted accounting principles. Such controls are designed to provide reasonable, but not absolute, assurance for the safeguarding of assets against loss from unauthorized use or disposition and the reliability of financial records for preparing financial statements and maintaining accountability for assets. We believe that our internal accounting controls adequately safeguard District assets and provide reasonable assurance of the proper recording of financial data.
Budgetary Controls
The objective of budgetary controls is to ensure compliance with legal provisions embodied in the annual budget approved by the Board of Education. The Board of Education is responsible for adopting the annual budget. The preparation, adoption and action on the District’s budget is a year-round process involving multiple levels of input and decision-making from staff members, administrators, and the Board of Education. Input from the public on how school tax dollars are spent is welcomed at Board meetings, public hearings and the Board’s budget workshop. Spending decisions are guided by the following criteria:
• Goals and priorities of the Board of Education • Requirements imposed upon the District by federal and state governments • Types of programs being taught • Number of employees • Requirements to maintain and operate the District’s schools and facilities • Bus transportation and food services programs • Employee collective bargaining agreements
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While budgetary control is exercised at the fund level, management control is exercised at the object, or line item, level. All expenditures are approved by the Board of Education. An encumbrance system is used to measure the uncommitted budget item amount that is available at any time during the budget year. An obligation is made in the form of a purchase order. When it occurs, the appropriate budgetary account is reserved. All encumbrances lapse at year-end. The budget is adopted and approved in accordance with the provisions of the Illinois State Statutes.
Long-Range Financial Planning
District 200 annually develops a comprehensive, long-range financial projection that includes historical information and expected trends that will affect the District's finances. Variables included in the forecast include prior year actual financial data, current year budget information, tax levy extension projections including equalized assessed valuation predictions, student enrollment projections, student to teacher ratios, debt retirement schedules, consumer price index projections, and salary and benefit projections based on employee contracts.
Several key financial indicators reflect positive results in the District's operating funds including proportion of fund balance to revenue, proportion of expenditures to revenue, days of cash on hand, percent of short- term borrowing needed, and fund balance as a percentage of next year's expenditures. A district priority is to keep overall expenditures in line with revenue and to reduce the property tax burden on homeowners and businesses.
The District regularly reviews the budget to identify areas of operations for improvements in efficiencies. This on-going review has resulted in significant cost reductions in the areas of energy (natural gas, electricity, and diesel fuel), employee insurance, and student transportation. District finances are monitored through monthly and quarterly financial reports to the Board of Education, the annual budget process, and long-range financial projections. As a result, the District intends to maintain a balanced budget that aligns resources to support the instructional program.
Relevant Financial Planning Factors
Housing development in the district’s boundaries has increased slightly over the past two years. While this is a positive economic trend, enrollment is not expected to increase and should remain relatively flat for the next several years. This trend will cause the District to carefully monitor and plan future operating and capital budgets. Average increases to EAV, coupled with lower CPI increases, will have an impact on the District’s budgets and tax rates for the next several years. The administration and Board of Education are dedicated to approving balanced budgets and to managing the district's tax rate.
One way to manage the district’s tax rate is to refinance its general obligation bonded debt. The overall objective of any refinancing of outstanding debt will be to create a flatter and more predictable debt service for levy years 2020 and beyond; capture lower cost of debt compared to current rates; avoid recurring restructuring issuances, and eliminate threats to the District’s debt costs including tax exemption, State of Illinois downgrade influences, and Federal Reserve actions that could appreciably change the rates at which the District can issue its debt. The Internal Revenue Service (IRS) regulates the timing and the frequency with which the Board may refund outstanding bonds. .
The district’s current general obligation bonded debt service payments for new schools constructed in 2006 through 2008 is structured to increase significantly beginning with levy year 2020, payable in 2021. The Board of Education has been looking at options to mitigate the tax impact to home and business owners. Options include using reserves to pay down the debt, refinancing the debt to extend it out to future years, reducing operating costs, or a combination of all three options. The Board has asked for the community’s input to help determine the best plan of action and should approve a comprehensive plan during the 2020- 21 school year.
Another way to manage the district’s tax rate and reduce the property tax burden on homeowners in District 200 boundaries, is to lower or keep the annual tax levy flat. The Board has taken the following action on the levy during the past five years:
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FINAL FINAL FINAL FINAL FINAL FINAL % of Inc/(Decr) 2014 2015 2016 2017 2018 2019 fr 2014 to 2019 Operating Levy 49,317,557 49,317,590 48,833,324 48,333,534 50,681,274 52,208,871 5.9% Debt Service Levy 9,782,906 9,782,917 8,855,832 8,356,290 6,008,168 7,351,894 -24.8% Total Levy 59,100,463 59,100,507 57,689,156 56,689,824 56,689,442 59,560,765 0.8%
Operating Tax Rate 6.8554 6.8208 6.4439 6.0153 6.0030 5.7957 -15.5% Debt Service Tax Rate 1.3599 1.353 1.1686 1.0400 0.7116 0.8161 -40.0% Total Tax Rate 8.2153 8.1738 7.6125 7.0553 6.7146 6.6119 -19.5%
Lowering the levy, coupled with rising EAV, has resulted in the district’s tax rate decreasing 19.5%. The Board will discuss similar action for the 2020 levy.
During the fiscal years of 2008-09 through 2016-17, the State of Illinois was substantially delinquent in sending promised funds for special education, transportation and grants to the School District and at one point during this time period the State owed the District over $3.9 million. A new General State Aid (GSA) formula was approved in August 2017 and many of these categorical funds are now included in the monthly GSA revenue distribution. Due to good fiscal management, the District has reserves available in the General Fund to meet its obligations without resorting to borrowing during the years that State payments are delinquent.
The new school funding formula ties GSA to an evidence-based, best-practices formula. Each school district is treated individually, with an Adequacy Target based on the needs of its student body. The formula calculates how adequately each district is funded from local and state revenues to educate the district’s specific student population for regular education, special education, poverty, and English language learners. The greater the student need, the more funding a district will receive. For the 2019-20 school year District 200 has been classified as a Tier 2 school district at 67% adequacy. The District has received $1,862,145 in additional funds during the past three school years in order to help close the funding gap. Additional Tier 2 funding is not expected for the 2020-21 school year due to the economic downturn caused by the coronavirus pandemic. However, it is anticipated that the district will receive GSA funds from the State without delay on a semi-monthly basis and the prior year Tier II funding of $1.8 million will be included.
For the 2020-21 school year the District has a balanced budget but does plan to use approximately $2.3 million of reserves from the Educational Fund, the Transportation Fund, the IMRF/SS Fund, and the Tort Immunity Fund. At the end of the 2019-20 school year the Educational Fund had a fund balance to expenditure ratio of 42.7% and the Transportation Fund had a Fund balance to expenditure ratio of 58.7% after backing out early taxes. This is higher than the Board of Education’s target of 25%. Consequently, the Board has authorized the use of reserves for the FY21 school year.
The District will continue to adhere to the practice of only approving budgets where available fund balances and anticipated revenues equal or exceed anticipated expenditures. Additionally, the Board is committed to not budgeting the use of early tax receipts intended to underwrite the next year’s budget for current year expenditures.
Certificate of Excellence
ASBO International awarded a Certificate of Excellence in financial reporting to the District for its comprehensive annual financial report for the fiscal year ended June 30, 2019. This was the twentieth year that the District had received this prestigious award. In order to be awarded a Certificate of Excellence, the District published an easily readable and efficiently organized comprehensive annual financial report. This report satisfied both generally accepted accounting principles and applicable legal requirements.
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Management’s Discussion and Analysis
Provided in the financial section of this report, immediately following the independent auditor’s report, is supplementary information entitled Management’s Discussion and Analysis (MD&A). This MD&A is intended to be an easily readable and objective analysis of the school district’s financial activities. It also contains a description of currently known facts, decisions, or conditions expected to have a significant effect on the future financial position and results of operations of the school district.
Acknowledgments
The timely preparation of this report could not have been accomplished without the efficient and dedicated services of the business services department. We would like to express appreciation to all the members of the business services department who assisted in the timely closing of the District’s financial records and the preparation of this report. We would like to thank the members of the Board of Education for their interest and support in planning and conducting the financial operations of the District in a responsible and progressive manner.
Respectfully submitted,
Michael Moan, EdD Risa L. Hanson Superintendent of Schools Chief Financial Officer
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200
PROFILE OF SCHOOL DISTRICT LEADERSHIP
BOARD OF EDUCATION Mr. Carl W. Gilmore ...... President Mr. Jacob Homuth ...... Vice President Mr. John Parisi ...... Secretary Dr. Michelle Bidwell ...... Member Dr. Bruce Farris ...... Member Mr. John Headley ...... Member Mr. Jerry Miceli ...... Member
EXECUTIVE TEAM Dr. Michael Moan ...... Superintendent Brian McAdow ...... Associate Supt. for Human Resources & Operations Dr. Justin Smith ...... Assistant Supt. for Middle & High School Education Keely Krueger ...... Assistant Supt. for Early Childhood & Elementary Education Risa Hanson...... Chief Financial Officer Curt Johannsen ...... Director of Financial Services Jacqueline Carrasco ...... Director of Elementary Curriculum Lynn Mohan ...... Executive Assistant to the Superintendent Lisa Pearson ...... Director of Special Services George Oslovich ...... Director of Information Services Lisa Tate ...... Director of Health Services Kevin Lyons...... Director of Communications
BUILDING PRINCIPALS Dawn Cook...... Clay Academy Ryan Doyle...... Dean St. Elementary School Keri Pala...... Mary Endres Elementary School Julie Smith...... Greenwood Elementary School Jared Skorberg ...... Prairiewood Elementary School Stephanie Watson ...... Olson Elementary School Ryan Hart ...... Westwood Elementary School Tricia Bogott ...... Verda Dierzen Early Learning Center Bethany Hall ...... Northwood Middle School Michael Wheatley ...... Creekside Middle School Arthur Vallicelli ...... Woodstock High School Darlea Livingood ...... Woodstock North High School
SUPPORT SERVICES Susan Malley...... Director of Food Services Steven Miller ...... Director of Buildings & Grounds Diane Carter ...... Director of Transportation
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FINANCIAL SECTION
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Independent Auditor’s Report
Board of Education Woodstock Community Unit School District No. 200 Woodstock, 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 Woodstock Community Unit School District No. 200, Woodstock, Illinois, (the “District”) as of and for the year ended June 30, 2020, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
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.
Auditor’s 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.
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 the District as of June 30, 2020, 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.
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Other Matters
Prior-Year Comparative Information
We have previously audited the District’s financial statements, and we expressed unmodified audit opinions on the respective financial statements of the governmental activities, each major fund, and the aggregate remaining fund information in our report dated September 27, 2019. In our opinion, the summarized comparative information presented herein as of and for the year ended June 30, 2019, is consistent, in all material respects, with audited financial statements from which it has been derived.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the required supplementary information (RSI), as listed in the table of contents, 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.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the District’s basic financial statements. The supplementary information, as listed in the table of contents, for the year ended June 30, 2020, is 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 basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements for the year ended June 30, 2020, 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 supplementary information, as listed in the table of contents, are fairly stated in all material respects, in relation to the basic financial statements as a whole for the year ended June 30, 2020.
We also previously audited, in accordance with auditing standards generally accepted in the United States of America, the basic financial statements of Woodstock Community Unit School District No. 200 as of and for the year ended June 30, 2019, (not presented herein), and have issued our report thereon dated September 27, 2019, which contained unmodified opinions on the respective financial statements of the governmental activities, each major fund, and the aggregate remaining fund information. The supplementary information, as listed in the table of contents, for the year ended June 30, 2019, is presented for purposes of additional analysis and is 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 2019 financial statements. The information has been subjected to the auditing procedures applied in the audit of the 2019 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 supplementary information, as listed in the table of contents, is fairly stated in all material respects, in relation to the basic financial statements as a whole for the year ended June 30, 2019.
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Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the District’s basic financial statements. 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.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated October 6, 2020, on our consideration of the District’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 the District’s internal control over financial reporting and compliance.
Evans, Marshall & Pease, P.C. Evans, Marshall & Pease, P.C. Certified Public Accountants
October 6, 2020 Rolling Meadows, IL (10)
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REQUIRED SUPPLEMENTARY INFORMATION Management’s Discussion and Analysis
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED JUNE 30, 2020
This section of Woodstock Community Unit School District No. 200’s (the District) comprehensive annual financial report represents its discussion and analysis of the District’s financial performance during the fiscal year ending June 30, 2020. The management of the District encourages readers to consider the information presented herein in conjunction with the transmittal letter found in the introductory section and the basic financial statements to enhance their understanding of the District's financial performance. Certain comparative information between the current year and the prior year is required to be presented in the Management's Discussion and Analysis (MD&A).
Financial Highlights
• Total revenues were $131.7 million. 63% of total revenues are classified as General revenues which is primarily comprised of local property taxes and general state aid. The remaining 37% is classified as program revenues comprised of charges for services, grants, and contributions.
• Total expenditures were $132.3 million. Over 91% of these expenses were incurred for instructional services and direct student support completely benefitting students and schools including transportation, utilities, and debt service. A significant portion of these expenses are fixed and/or mandated by regulatory and contractual obligations.
• District 200 maintained its Recognition status from the Illinois State Board of Education (ISBE). This is the eleventh year that the district has been given Recognition status and is the highest rating possible under the ISBE annual financial profile rating system for all districts in Illinois. This rating confirms District 200’s commitment to financial responsibility.
• The District’s overall bond rating of AA by Standard & Poor’s and Aa2 by Moody’s remained unchanged.
• The District paid down $6.7 million in general obligation bonded debt during the 2019-20 fiscal year. No new debt was issued. This is compliant with the Board of Education’s Strategic Plan goal to systematically decease the district’s long-term debt and not issue any new debt except in an emergency.
• The District’s tax rate decreased over $.10 and has decreased 19.5% over the past five years due to the Board of Education’s action to reduce or keep the levy flat coupled with rising Equalized Assessed Valuation (EAV). This was the fifth consecutive year that the district has lowered its tax rate.
Overview of the Financial Statements
This financial report consists of three parts – management’s discussion and analysis (this section), basic financial statements and required supplementary information. The basic financial statements include two kinds of statements that present different views of the District:
• The statement of net position and statement of activities are government-wide financial statements that provide both short-term and long-term information about the District’s overall financial status.
• The remaining statements are fund financial statements that focus on individual parts of the District. Fund statements generally report operation in more detail than the government-wide financial statements.
The financial statements also include notes that explain some of the information in the statements and provide more detailed data. The statements are followed by a section of required supplementary information that further explains and supports the financial statements. The major features of the District’s financial statements, including the portion of the District’s activities they cover and the types of information they contain is shown in the following table.
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED JUNE 30, 2020
Major Features of the Government-Wide and Fund Financial Statements
Government- Fund Financial Statements Wide Statements Government Funds Proprietary Funds Fiduciary Funds Scope Entire District The activities of the Activities the District Assets held by the (except fiduciary District that are not operates similar to District on behalf funds) proprietary or fiduciary private business. of someone else such as educational such as student and operations & activities monies maintenance Required Statement of net Balance sheet, Statement of net Statement of financial position (deficit) statement of revenues, position, statement of fiduciary net statements and statement of expenditures and revenues, expenses and position activities changes in fund changes in net position balance (deficit) and statement of cash flows Accounting basis Accrual Modified accrual Accrual accounting and Accrual and accounting and accounting and current economic resources accounting and measurement economic financial resources focus economic focus resources focus focus resources focus Type of All assets and Generally, assets All assets and liabilities, All assets and asset/liability liabilities, both expected to be used both financial and capital; liabilities, both information financial and up and liabilities that short-term and long-term short-term and capital: short-term come due during the long-term; funds and long-term year or soon do not currently thereafter; no capital contain capital assets or long-term assets, although liabilities included they can Type of All revenue and Revenues for which All revenues and All additions or inflow/outflow expenses during cash is received during expenses during the deductions during information the year, the year or soon after year, regardless of when the year, regardless of the end of the year; cash is received or paid regardless of when cash is expenditures when when cash is received or paid goods or services have received or paid been received and the related liability is due and payable
Government-Wide Financial Statements
The government-wide financial statements report information about the District as a whole using accounting methods similar to those used by private-sector companies. The statement of net position includes all of the District’s assets and liabilities. All of the current year’s revenues and expenses are accounted for in the statement of activities regardless of when cash is received or paid.
The two government-wide financial statements report the District’s net position and how they have changed. Net Position – the difference between the District’s assets and liabilities – is one way to measure the District’s financial health or position.
• Over time, increases or decreases in the District’s net position are an indicator of whether its financial position is improving or deteriorating, respectively.
• To assess the District’s overall health, you need to consider additional non-financial factors such as changes in the District’s property tax base and the condition of school buildings and other facilities.
In the government-wide financial statements, the District’s activities are reported under Governmental activities. All of the District’s activities are included here, such as regular and special education, transportation, support services, community programs and administration. Property taxes and general state aid finance most of these activities.
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED JUNE 30, 2020
Fund Financial Statements
The fund financial statements provide more detailed information about the District’s funds, focusing on its most significant or “major” funds – not the District as a whole. Funds are accounting devices the District uses to keep track of specific sources of funding and spending on particular programs and to demonstrate compliance with various regulatory requirements.
• Some funds are required by state law and by bond covenants.
• The District establishes other funds to control and manage money for particular purposes (such as repaying its long-term debt) or to show that it is properly using certain revenues (such as working cash).
The District has two kinds of funds:
• Governmental funds – Most of the District’s basic services are included in governmental funds, which generally focus on (1) how cash and other financial assets that can readily be converted to cash flow in and out; and (2) the balances left at year-end that are available for spending. Consequently, the governmental funds statements provide a detailed short-term view that helps one determine whether there are more or fewer financial resources than can be spent in the near future to finance the District’s programs. Because this information does not encompass the additional long-term focus of the government-wide statements, additional information is included as a separate statement explaining the relationship (or differences) between them.
• Fiduciary funds – The District serves as a trustee, or fiduciary, for assets that belong to others, such as the student activities funds. The District is responsible for ensuring that the assets reported in these funds are used only for their intended purposes and only by those to whom the assets belong. These activities are excluded from the government-wide financial statements because the District cannot use these assets to finance its operations.
Financial Analysis of the District as a Whole
Statement of Net Position: The District’s total net assets and liabilities were $4.32 million on June 30, 2020, as detailed in Exhibit A. This represents a decrease of $.62 million from the prior year primarily attributable to accounting for deferred outflows and inflows of resources for pensions and other post-employment benefits and paying down outstanding bonded debt. 3-Year Comparison of Change in Net Position (shown in millions) 6/30/2018 6/30/2019 6/30/2020 Variance Assets: Current Assets $ 95.41 $ 97.58 $ 101.93 $ 4.34 Non-Current Assets $ 112.39 $ 108.74 $ 105.13 $ (3.61) Total Assets $ 207.80 $ 206.32 $ 207.06 $ 0.74
Deferred Outflows of Resources $ 13.52 $ 17.58 $ 12.44 $ (5.14)
Liabilities: Current Liabilities $ 32.30 $ 35.50 $ 39.84 $ 4.34 Non-Current Liabilities Due Within One Year $ 7.26 $ 8.03 $ 8.34 $ 0.31 Due in More Than One Yr $ 161.94 $ 161.86 $ 150.06 $ (11.80) Total Liabilities $ 201.50 $ 205.38 $ 198.24 $ (7.14)
Deferred Inflows of Resources $ 13.61 $ 13.58 $ 16.94 $ 3.36
Net Position Net Investments in Capital Assets $ 4.16 $ 6.53 $ 10.95 $ 4.42 Restricted $ 29.17 $ 27.51 $ 28.12 $ 0.61 Unrestricted $ (27.12) $ (29.10) $ (34.75) $ (5.65) Total Net Position $ 6.21 $ 4.94 $ 4.32 $ (0.62) 6
WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED JUNE 30, 2020
Statement of Activities: The District’s total governmental activities’ expenses were $132.33 million. General revenues totaled $83.3 million and program revenues totaled $48.41 million. Total revenues combined with total expenses results in reduction in net position of $.62 million. (See Exhibit B).
$134.00 $132.00 $130.00 $128.00 $126.00 $124.00 $122.00
IN MILLIONS IN $120.00 $118.00 $116.00 6/30/2018 6/30/2019 6/30/2020 Revenue $123.83 $123.61 $131.71 Expenses $122.23 $124.88 $132.33
3-Year Comparison of Statement of Activities (shown in millions) 6/30/2018 6/30/2019 6/30/2020 Variance Revenues: Program Revenues Charges for Services $ 6.70 $ 6.31 $ 5.38 $ (0.93) Grants & Contributions $ 39.05 $ 38.02 $ 43.03 $ 5.01 Total Program Revenues $ 45.74 $ 44.33 $ 48.41 $ 4.08 General Revenues: Property Taxes $ 56.54 $ 56.46 $ 59.36 $ 2.90 State Aid $ 19.51 $ 20.22 $ 20.97 $ 0.75 CPPRT $ 0.72 $ 0.80 $ 1.00 $ 0.20 Donations $ 0.65 $ 0.62 $ 0.95 $ 0.33 Interest $ 0.67 $ 1.17 $ 1.02 $ (0.15) Total General Revenues $ 78.09 $ 79.27 $ 83.30 $ 4.03
Total Revenue $ 123.83 $ 123.61 $ 131.71 $ 8.11 Expenses: Governmental Activities Instruction $ 75.55 $ 75.70 $ 80.76 $ 5.06 Supporting Services $ 35.23 $ 37.96 $ 40.26 $ 2.30 Community Services $ 0.65 $ 0.56 $ 0.54 $ (0.02) Nonprogrammed Charges $ 0.02 $ 0.01 $ 0.01 $ 0.00 Interest on long-term debt $ 6.19 $ 6.31 $ 5.81 $ (0.50) Depreciation - unallocated $ 4.59 $ 4.35 $ 4.95 $ 0.60 Total Expenses $ 122.23 $ 124.88 $ 132.33 $ 7.45
Change in Net Position $ 1.60 $ (1.27) $ (0.62)
Net Position - Beginning $ 48.08 $ 6.21 $ 4.94
Prior Period Adjustments $ (43.48) $ - $ -
Net Position - Beg as Restated $ 4.61 $ 6.21 $ 4.94
Net Position - Ending $ 6.21 $ 4.94 $ 4.32
The decrease in the Change in Net Position in the Statement of Activities of $.62 million is primarily a result of increased salaries and benefits based on contractual obligations for the district’s four bargaining agreements. Offsetting this increase in costs is an increase in property taxes and State Aid from the new State funding formula coupled with the state making payments on time. The district had the authority to levy additional taxes for outstanding bonded debt, however, the Board voted to levy less than needed and to use General Fund reserves ($2.7 million) to make bond payments. This strategy offers property tax relief to residents and should not reflect poorly on the ongoing stability of the District’s finances. The District has ample reserves for this action and has an established real estate base and budgetary controls in place to mitigate this action. 7
WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED JUNE 30, 2020
Property taxes accounted for the largest portion of the District's revenue, contributing 45% of all revenues. General State Aid accounted for almost 16% of all revenue. The remaining revenue came from state and federal sources for specific programs and from fees charged for services and miscellaneous sources. The coronavirus pandemic caused the district to receive $930,000 less in fees from tuition, registration and activities. The District's expenses are predominately related to instructing, supporting, and transporting students (92%). The remaining 8% of expenses are attributable to interest on long-term debt and depreciation.
The District continues to operate within its available revenues and fund balances and has a working cash fund reserve for interfund loan purposes of $4.2 million. The District does not intend to utilize the working cash fund for financing district operations.
Governmental Activities
Program revenues for the District’s governmental activities for 2019-20 totaled $48.41 million, an increase of 9.2%, or $4.08 million compared to 2018-19. Expenditures for 2019-20 totaled $132.33 million, an increase of 6% or $7.45 million compared to 2018-19. The District's Net Position decreased $.62 million as outlined in Exhibit B & F.
Exhibit B – Statement of Activities can be broken down further by the chart below. This chart presents the cost of six major District activities: Instruction, Support Services, Community Services, Non-programmed Charges, Debt Services and Other. The table also shows each activity’s net cost (total cost less fees generated by the activities and intergovernmental aid provided for specific programs). The net cost shows the financial burden placed on the District taxpayers by each of these functions.
2017-18 2018-19 2019-20 Total Cost Net Cost Total Cost Net Cost Total Cost Net Cost of Servs of Services of Servs of Services of Servs of Services Instruction 75.55 35.39 75.70 36.89 80.76 38.01 Sprt Servs 35.23 29.64 37.96 32.44 40.26 34.60 Comm Servs 0.65 0.65 0.56 0.56 0.54 0.54 Non-Prgm 0.02 0.02 0.01 0.01 0.01 0.01 Debt Servs 6.19 6.19 6.31 6.31 5.81 5.81 Other 4.59 4.59 4.35 4.35 4.95 4.95 Total 122.23 76.48 124.88 80.54 132.33 83.92
• The cost of all governmental activities for the 2019-20 year was $132.33 million. • Some of the cost was financed by the users of the District’s programs - $5.4 million. • The Federal and State governments subsidized certain programs with grants and contributions - $43.03 million. • The remainder of the District’s costs - $83.92 million – were financed by District and State taxpayers.
Financial Analysis of the District’s Funds
The financial performance of the District is also reflected in its Statement of Revenues, Expenditures and Changes in Fund Balance (Exhibit E). The District completed the year with a total governmental fund balance of $66.14 million, an increase of $130,486 from the prior year’s total governmental fund balance of $66.01 million. The district’s total revenue increased $7.86 million compared to the prior year, primarily due to increased property taxes and state revenues. The district’s total expenditures increased $6.5 million compared to the prior year, primarily due to increased employee costs as stated previously. In addition, the Board of Education authorized the transfer of $2.7 million from the Educational Fund to the Debt Service Fund in an effort to use available reserves to pay debt and not increase property taxes. These changes have resulted in a modest increase in the district’s fund balances on June 30, 2020.
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED JUNE 30, 2020
The following table summarizes revenues by source, expenditures by major function, and the change in fund balance for the years ending June 30, 2019 and June 30, 2020 for all Governmental Funds.
Statement of Revenues, Expenditures, and Change in Fund Balances
2018-19 2019-20 REVENUES: Local Sources: Property Taxes $ 53,368,431 $ 56,018,638 CPPRT $ 803,836 $ 997,787 Interest on Investments $ 1,165,978 $ 1,017,093 Food Services $ 757,918 $ 634,497 Contributions & Donations $ 574,450 $ 912,617 Pupil Activities $ 302,242 $ 324,785 Textbooks $ 700,476 $ 537,318 Impact Fees $ 47,982 $ 44,322 Rentals $ 36,775 $ 27,089 Transportation Fees $ 92,244 $ 71,585 Tuition $ 3,327,021 $ 3,439,590 Refund of Prior Years' Exp $ 84,994 $ 11,567 Other Local Sources $ 1,010,888 $ 337,969 Total Local Sources $ 62,273,235 $ 64,374,857 State Sources $ 53,472,819 $ 58,896,780 Federal Sources $ 4,768,392 $ 5,104,454 TOTAL REVENUES $ 120,514,446 $ 128,376,091 EXPENDITURES: Instruction Regular Programs $ 51,607,213 $ 56,309,948 Pre-K Programs $ 1,155,234 $ 1,089,887 Special Education Programs $ 10,412,677 $ 10,567,774 CTE Programs $ 1,098,146 $ 1,105,681 Interscholastic Programs $ 2,068,169 $ 2,061,135 Bilingual Programs $ 5,644,993 $ 5,539,093 Other Instructional Programs $ 1,952,866 $ 1,859,618 Support Services Pupil Services $ 7,134,928 $ 7,520,969 Instructional Staff Services $ 3,068,985 $ 3,315,557 General Admin Services $ 1,566,073 $ 1,545,380 School Admin Services $ 4,477,170 $ 4,445,949 Business Services $ 3,657,651 $ 3,412,781 Operations & Maintenance $ 7,683,431 $ 7,745,212 Transportation Services $ 5,352,316 $ 5,483,847 Central Services $ 2,539,875 $ 3,127,406 Community Services $ 556,546 $ 542,607 Payments to Other Gov Units $ 5,428 $ 6,385 Capital Outlay $ 1,989,745 $ 2,459,694 Debt Service Principal $ 6,110,000 $ 6,712,201 Interest $ 3,443,985 $ 3,389,188 Other $ 228,689 $ 5,293 TOTAL EXPENDITURES $ 121,754,120 $ 128,245,605 EXCESS/(DEFICIENCY) $ (1,239,674) $ 130,486 OTHER FINANCING SOURCES/(USES) Transfers In $ 983,000 $ 2,799,277 Transfers Out $ (983,000) $ (2,799,277) Net Bond Refunding $ (78,598) $ - Capital Leases $ 10,605 $ - TOTAL OTHER FINANCING SOURCES/(USES) $ (67,993) $ - NET CHANGE IN FUND BALANCE $ (1,307,667) $ 130,486 FUND BALANCE AT BEGINNING OF YEAR $ 67,319,100 $ 66,011,433 FUND BALANCE AT END OF YEAR $ 66,011,433 $ 66,141,919
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED JUNE 30, 2020
This two-year comparison of total revenues, expenditures, and fund balances reports that all governmental funds combined have increased their ending fund balance position. However, on an individual fund basis, the following results occurred:
• The General Fund – comprised of the Educational Account, the Operations & Maintenance Account and the Working Cash Account – shows an increase of $1,017,273. Total revenues equaled $111.4 million and total expenditures equaled $107.6 million. However, $2.7 million was transferred out of the Educational Fund to the Debt Service Fund in order to make mandatory principal & interest payments and as a way to keep the tax rate down as per Board of Education action.
• The Transportation Fund reported a decrease in the fund balance of $171,354 at year end. Since this funds’ reserves are higher than needed, the Board approved the use of fund balance.
• The Municipal Retirement Fund has reported a decrease in fund balance of $216,067. This is a result of lowering the tax levy and using available fund balance in order to lower the overall tax rate.
• The Tort Fund has reported an increase in fund balance of $20,270. This is the result of expenditures being less than anticipated compared to available revenue.
• The Debt Service Fund reported a decrease of $83,046 due to Board action to levy less than needed for debt service and to use available reserves to make required principal and interest payments.
• The Capital Projects and Fire Prevention & Safety Funds reported a combined decrease in fund balance of $436,590. This is primarily due to the transfer of $75,004 from the Developer Impact Fee Fund, a sub-fund of the Capital Projects Fund, to the Debt Service Fund and spending down life safety funds on approved projects.
In total, revenues in the Major Funds increased $7.9 million and expenditures increased $6.5 million in the 2019-20 school year compared to the 2018-19 school year. In addition, transferring of reserve funds increased $1.8 million in order to pay required outstanding debt without raising taxes.
General Fund Budgetary Highlights
The 2019-20 budget was adopted by the Board of Education on September 24, 2019. Over the course of the year, the District carefully monitored the budget in order to ensure that expenditures would not exceed revenues. The District did not revise the annual operating budget. At year-end, the General Funds’ actual revenues exceeded expenditures by $3,417,922 (See Schedule 1).
The following factors explain this variance – total local revenues were $1.5 million less than budgeted primarily due to property taxes being $1.1 million less than budgeted, food service revenue/sales being $250,000 less than budgeted, and activities and contribution revenues being $200,000 less than budgeted. All of these reductions in revenue sources are attributable to the coronavirus pandemic and closing school in March 2020 and the State of Illinois allowing taxpayers to delay payments. However, State revenues were $4.5 million more than budgeted due to an increase of General State Aid and required State of Illinois TRS On-Behalf revenue recognition.
At year-end, actual expenditures in the General Fund exceeded the budget by $154,337. This is also a direct result of accounting for required State of Illinois TRS On-Behalf costs.
Capital Assets and Debt Administration
Capital Assets: By the end of the 2019-2020 school year the District had invested approximately $105.1 million, net of depreciation, in a broad range of capital assets, including land and improvements, school and administrative buildings, computer and audio-visual equipment, transportation equipment and other furniture, fixtures and equipment. Total depreciation expense for the year exceeded $5.0 million, while additions 10
WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED JUNE 30, 2020 additions to capital assets amounted to approximately $2.5 million and disposal of capital assets amounted to $4.5 million. More detailed information about capital assets can be found in Note 4 to the financial statements.
Long-Term Debt: At year-end, the District had approximately $87.1 million in general obligation bonds and capital leases, a decrease of $6.71 million from the prior year. More detailed information about the District’s long-term debt and other obligations is presented in Note 5 to the financial statements and Schedules 29- 39.
The following chart shows the District’s outstanding long-term bonded debt principal and interest requirements for the eleven outstanding bond issues on June 30, 2020:
24,000,000 22,000,000 20,000,000 18,000,000 16,000,000 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 -
Factors Bearing on the District’s Future
At the time these financial statements were prepared and audited, the District was unaware of any adverse existing circumstances that could significantly affect its financial health in the future. Below are factors that may influence decisions for the future:
• The District has solid fund balances in the General Fund to weather short-term, unknown State of Illinois fiscal policy changes that may occur. In August, 2017, the State legislature passed a new school funding formula. Each school district will be treated individually, with an Adequacy Target based on the needs of its student body. The new formula calculates how adequately each district is funded from local and state revenues to educate the district’s specific student population for regular education, special education, poverty and English language learners. The greater the student need, the more funding a district will receive. New State dollars will go to the neediest districts first – those furthest from 100% of the Adequacy Target.
District 200 is classified as a Tier 2 school district with 67% adequacy and received over $1.8 million in additional funds over the past three fiscal years in order to close the funding gap. The State of Illinois has told districts not to expect any additional Tier funding during the 2020-21 school year due to the financial crisis caused by the coronavirus pandemic. However, the state has promised to continue include the additional $1.8 million of Tier II funding in GSA revenue during fiscal year 2020-21.
• The Board of Education reached 5-year contract settlements with each of its four employee collective bargaining units during the 2015-2016 school year. Having long-term employee contracts in place is helpful in developing future budgets and in creating long-range financial projections. The District will begin negotiations with each bargaining unit during the 2020-21 school year.
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED JUNE 30, 2020
• The Board of Education commenced a community-wide Facilities Review Committee during the 2016-17 school year. This committee reviewed all of the district’s buildings, enrollment trends, and educational programming needs. The Committee’s final recommendations were presented to the Board of Education in May, 2017. During the 2017-18 school year the district underwent a community engagement program regarding these recommendations. The Board of Education agreed to condense the district’s administrative offices into existing space at schools. The District Administrative Annex lease was not renewed and the District Administrative Services Center was sold. Currently there is no expectation for enrollment trends to spike downward, but if that should happen another Facilities Review Committee would be commenced to ensure efficient use of district facilities.
• The District’s debt for new school buildings is structured to increase significantly in levy year 2020. The Board of Education will consider refunding this debt in order to manage the District’s future Debt Service tax rate. The overall objective of any refunding will be to create a flatter and more predictable debt service for levy years 2020 and beyond, capture lower cost of debt compared to current rates, avoid recurring restructuring issuances, and eliminate threats to the District’s debt costs including tax exemption, State of Illinois downgrade influences, and Federal Reserve actions that could appreciably change the interest rates at which the District can issue its debt. The Internal Revenue Service regulates the timing and the frequency with which the Board may refund outstanding bonds. Based on IRS rules, opportunities to refund debt may arise during the 2020- 21 school year.
• The Illinois Fair Tax is a proposed amendment to the Illinois state constitution that would change the state income tax system from a flat tax to a graduated income tax. The proposal will appear on the ballot in the November 2020 election in Illinois as a legislatively referred constitutional amendment. The current tax rate is 4.95% and the proposed tax rates can be as high as 7.99% based on taxable income. If this should be approved, the State’s financial position could improve which could potentially help school districts.
• There are no restrictions, commitments, or other limitations significantly affecting the availability of fund resources for future use. The Board is investigating the use of fund reserves to pay down escalating debt, but no definitive action has been taken.
Contacting the District’s Financial Management
The financial report is designed to provide the District’s citizens, taxpayers, investors and creditors with a general overview of the District’s finances and to demonstrate the District’s accountability for the money it receives. If you have questions about this report, contact the Chief Financial Officer, Risa Hanson, at Woodstock Community Unit School District No. 200, 2990 Raffel Road, Woodstock, Illinois, 60098, or (815) 338-8204.
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EXHIBIT A WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 STATEMENT OF NET POSITION JUNE 30, 2020 (WITH COMPARATIVE TOTALS AS OF JUNE 30, 2019)
Governmental Activities 2020 2019 ASSETS Current Assets: Cash and investments $ 68,036,490 $ 68,362,027 Receivables, net of allowances 33,617,773 28,988,203 Vocational projects 270,894 231,518
Total Current Assets 101,925,157 97,581,748
Non-Current Assets: Capital Assets, not being depreciated: Construction in progress 455,851 81,471 Land 6,005,850 6,009,087
Depreciable Capital Assets, net of accumulated depreciation: Land improvements 4,006,019 4,393,056 Buildings and improvements 90,033,502 92,507,893 Equipment 2,613,468 3,778,504 Transportation equipment 2,020,902 1,968,350
Total Depreciable Capital Assets, net of depreciation 98,673,891 102,647,803
Total Non-Current Assets 105,135,592 108,738,361
Total Assets 207,060,749 206,320,109
DEFERRED OUTFLOWS OF RESOURCES Deferrals related to pensions 8,513,996 12,499,577 Deferrals related to other post-employment benefits 2,084,142 2,978,969 Deferred charge on refunding 1,842,493 2,105,154
Total Deferred Outflows of Resources 12,440,631 17,583,700
LIABILITIES Current Liabilities: Accounts payable 816,261 790,533 Accrued salaries 5,857,971 5,601,412 Accrued insurance claims 1,060,382 376,876 Unearned revenue 22,125 114,699 Interest payable 32,084,268 28,615,513
Total Current Liabilities 39,841,007 35,499,033
(Continued) 13 EXHIBIT A (Concluded) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 STATEMENT OF NET POSITION JUNE 30, 2020 (WITH COMPARATIVE TOTALS AS OF JUNE 30, 2019)
Governmental Activities 2020 2019 Non-Current Liabilities: Due within one year $ 8,336,877 $ 8,028,396 Due in more than one year 150,062,664 161,855,408
Total Non-Current Liabilities 158,399,541 169,883,804
Total Liabilities 198,240,548 205,382,837
DEFERRED INFLOWS OF RESOURCES Deferrals related to other post-employment benefits 8,310,869 7,275,103 Deferrals related to pensions 8,627,363 6,305,706
Total Deferred Inflows of Resources 16,938,232 13,580,809
NET POSITION Net investment in capital assets 10,953,408 6,527,873 Restricted for: Insurance and other 911,788 732,577 Tort 1,560,476 1,655,286 Operations and maintenance 7,895,087 7,226,358 Debt service 7,683,592 6,923,602 Student transportation 6,056,543 6,270,115 Retirement benefits 3,458,007 3,761,138 Capital projects - 164,164 Fire prevention and safety - capital projects 556,514 779,044 Unrestricted (34,752,815) (29,099,994)
Total Net Position $ 4,322,600 $ 4,940,163
See accompanying notes to basic financial statements. 14 EXHIBIT B WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2020 (WITH SUMMARIZED TOTALS FOR THE YEAR ENDED JUNE 30, 2019)
Totals Program Revenues 2020 2019 Operating Net (Expense) Revenue Charges for Grants and and Changes in Functions/Programs Expenses Services Contributions Net Position
Governmental Activities: Instruction $ 80,764,908 $ 4,640,379 $ 38,118,222 $ (38,006,307) $ (36,886,308) Support services 40,256,583 744,021 4,915,523 (34,597,039) (32,435,217) Community services 543,173 - - (543,173) (557,112) Payments to other governmental units 6,385 - - (6,385) (5,428) Interest on long-term debt 5,809,794 - - (5,809,794) (6,311,570) Depreciation - unallocated* 4,952,515 - - (4,952,515) (4,349,282)
Total Governmental Activities $ 132,333,358 $ 5,384,400 $ 43,033,745 (83,915,213) (80,544,917)
General Revenues: Taxes: Property taxes, levied for general purposes 52,220,668 49,333,691 Property taxes, levied for debt service 7,137,674 7,130,804 Contributions and donations 956,939 622,432 Personal property replacement taxes 997,787 803,836 State aid not restricted for specific purposes 20,967,489 20,220,243 Earnings on investments 1,017,093 1,165,978
Total General Revenues 83,297,650 79,276,984
Change in Net Position (617,563) (1,267,933)
Net Position - Beginning 4,940,163 6,208,096
Net Position - Ending $ 4,322,600 $ 4,940,163
* This amount excludes the depreciation that is included in the direct expenses of the various programs.
See accompanying notes to basic financial statements. 15 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 BALANCE SHEET GOVERNMENTAL FUNDS JUNE 30, 2020 (WITH SUMMARIZED TOTALS AS OF JUNE 30, 2019)
Municipal General Transportation Retirement Tort Fund Fund Fund Fund ASSETS Cash and investments $ 54,280,742 $ 4,379,655 $ 1,968,011 $ 1,225,291 Restricted Assets: Cash, restricted for insurance 1,963,647 - - - Receivables, net of allowance for uncollectibles: Property taxes 24,391,220 876,637 1,361,387 335,185 Due from other governments 1,211,124 863,195 128,609 - Vocational projects 270,894 - - -
Total Assets $ 82,117,627 $ 6,119,487 $ 3,458,007 $ 1,560,476
LIABILITIES Accounts payable $ 332,863 $ 53,944 $ - $ - Payable from restricted assets: Accrued insurance claims 1,060,382 - - - Accrued salaries 5,848,971 9,000 - - Other unearned revenue 22,125 - - -
Total Liabilities 7,264,341 62,944 - -
DEFERRED INFLOWS OF RESOURCES Unavailable revenues - property taxes 21,846,618 785,182 1,219,362 300,217
Total Deferred Inflows of Resources 21,846,618 785,182 1,219,362 300,217
FUND BALANCES Nonspendable 270,894 - - - Restricted 4,800,535 5,271,361 2,238,645 1,260,259 Assigned 911,788 - - - Unassigned 47,023,451 - - -
Total Fund Balances 53,006,668 5,271,361 2,238,645 1,260,259
Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 82,117,627 $ 6,119,487 $ 3,458,007 $ 1,560,476
See accompanying notes to basic financial statements. 16 EXHIBIT C
Fire Capital Prevention Total Debt Service Projects and Safety Governmental Funds Fund Fund Fund 2020 2019
$ 3,697,281 $ - $ 521,863 $ 66,072,843 $ 67,317,972
- - - 1,963,647 1,044,055
3,862,376 - 464,105 31,290,910 26,767,897 123,935 - - 2,326,863 2,220,306 - - - 270,894 231,518
$ 7,683,592 $ - $ 985,968 $ 101,925,157 $ 97,581,748
$ - $ - $ 429,454 $ 816,261 $ 790,533
- - - 1,060,382 376,876 - - - 5,857,971 5,601,412 - - - 22,125 114,699
- - 429,454 7,756,739 6,883,520
3,459,433 - 415,687 28,026,499 24,686,795
3,459,433 - 415,687 28,026,499 24,686,795
- - - 270,894 231,518 4,224,159 - 140,827 17,935,786 18,558,219 - - - 911,788 732,577 - - - 47,023,451 46,489,119
4,224,159 - 140,827 66,141,919 66,011,433
$ 7,683,592 $ - $ 985,968 $ 101,925,157 $ 97,581,748
17 EXHIBIT D WOODSTOCK COMMUNITY SCHOOL DISTRICT NO. 200 RECONCILIATION OF BALANCE SHEET TO THE STATEMENT OF NET POSITION JUNE 30, 2020
Total Fund Balances - Governmental Funds $ 66,141,919
Amounts reported for governmental activities in the statement of net position are different because:
Capital assets used in governmental activities are not financial resources and therefore are not reported as assets in governmental funds.
The cost of capital assets is $ 190,805,797 Accumulated depreciation is (85,670,205) 105,135,592 Property taxes receivable will be collected this year, but are not available soon enough to pay for the current period's expenditures, and therefore are deferred in the funds. 28,026,499
Deferred outflows of resources do not relate to current financial resources and are not included in the governmental funds balance sheet:
Deferred charge on refunding 1,842,493 Deferred outflows related to pensions 8,513,996 Deferred outflows related to other post employment benefits 2,084,142 12,440,631 Deferred inflows of resources do not relate to current financial resources and are not included in the governmental funds balance sheet:
Deferred inflows related to pensions (8,627,363) Deferred inflows related to other post employment benefits (8,310,869) (16,938,232)
Long-term liabilities, including bonds payable, are not due and payable in the current period and therefore are not reported as liabilities in the funds. Governmental funds report the effect premiums, discounts, and similar items when debt is first issued, whereas these amounts are deferred and amortized in the statement of activities. In addition, interest relating to long- term liabilities is not recorded in the governmental funds until due. All liabilities, both current and long-term, deferred outflows/inflows and net pension liability are reported in the statement of net position. Balances as of June 30, 2020 were:
Net pension liability (12,829,615) Net other post-employment benefits liability (50,895,048) Accrued interest on long-term debt (32,084,268) Unamortized bond premium (7,056,840) Accrued vacation (492,694) Long-term debt (87,125,344) (190,483,809)
Total Net Position - Governmental Activities $ 4,322,600
See accompanying notes to basic financial statements. 18 (THIS PAGE INTENTIONALLY LEFT BLANK) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2020 (WITH SUMMARIZED TOTALS FOR THE YEAR ENDED JUNE 30, 2019)
Municipal General Transportation Retirement Tort Fund Fund Fund Fund REVENUES Local Sources: Property taxes $ 43,577,128 $ 1,707,358 $ 2,673,281 $ 753,336 Personal property replacement taxes 169,163 - 128,609 - Earnings on investments 855,715 65,655 34,028 12,163 Food services 634,497 - - - Contributions and donations 912,617 - - - Pupil activities 324,785 - - - Textbooks 537,318 - - - Impact fees - - - - Rental 27,089 - - - Transportation fees - 71,585 - - Tuition 3,439,590 - - - Refund of prior years' expenditures 11,567 - - - Other local sources 300,030 37,939 - -
Total Local Sources 50,789,499 1,882,537 2,835,918 765,499
State sources 55,474,495 3,372,285 - - Federal sources 5,104,454 - - -
Total Revenues 111,368,448 5,254,822 2,835,918 765,499
EXPENDITURES Current: Instruction Regular programs 56,027,278 - 282,670 - Pre-k programs 1,083,439 - 6,448 - Special education programs 10,018,185 - 334,302 - Special education pre-k programs 213,561 - 1,726 - CTE programs 1,072,521 - 33,160 - Interscholastic programs 1,988,436 - 72,699 - Bilingual programs 5,440,892 - 98,201 - Other instructional programs 1,837,241 - 22,377 - Support services Pupil services 7,173,954 - 347,015 - Instructional staff services 3,249,213 - 66,344 - General administration services 772,643 - 27,508 745,229 School administration services 4,221,928 - 224,021 - Business services 3,148,064 - 264,145 - Operations and maintenance services 7,192,848 - 552,364 - Transportation services 84,274 4,859,895 539,678 - Central services 2,948,170 - 179,236 - Community services 542,516 - 91 -
19 EXHIBIT E
Capital Fire Total Debt Service Projects Prevention and Governmental Funds Fund Fund Safety Fund 2020 2019
$ 6,477,017 $ - $ 830,518 $ 56,018,638 $ 53,368,431 700,015 - - 997,787 803,836 47,327 670 1,535 1,017,093 1,165,978 - - - 634,497 757,918 - - - 912,617 574,450 - - - 324,785 302,242 - - - 537,318 700,476 - 44,322 - 44,322 47,982 - - - 27,089 36,775 - - - 71,585 92,244 - - - 3,439,590 3,327,021 - - - 11,567 84,994 - - - 337,969 1,010,888
7,224,359 44,992 832,053 64,374,857 62,273,235
- - 50,000 58,896,780 53,472,819 - - - 5,104,454 4,768,392
7,224,359 44,992 882,053 128,376,091 120,514,446
- - - 56,309,948 51,607,213 - - - 1,089,887 1,155,234 - - - 10,352,487 10,206,861 - - - 215,287 205,816 - - - 1,105,681 1,098,146 - - - 2,061,135 2,068,169 - - - 5,539,093 5,644,993 - - - 1,859,618 1,952,866
- - - 7,520,969 7,277,682 - - - 3,315,557 3,068,985 - - - 1,545,380 1,566,073 - - - 4,445,949 4,334,416 - 572 - 3,412,781 3,657,651 - - - 7,745,212 7,683,431 - - - 5,483,847 5,352,316 - - - 3,127,406 2,539,875 - - - 542,607 556,546
(Continued) 20 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2020 (WITH SUMMARIZED TOTALS FOR THE YEAR ENDED JUNE 30, 2019)
Municipal General Transportation Retirement Tort Fund Fund Fund Fund EXPENDITURES (continued) Payments to other government units $ 6,385 $ - $ - $ - Capital outlay 605,354 566,281 - - Debt services: Principal - - - - Interest - - - - Other - - - -
Total Expenditures 107,626,902 5,426,176 3,051,985 745,229
Excess (deficiency) of revenues over (under) expenditures 3,741,546 (171,354) (216,067) 20,270
OTHER FINANCING SOURCES (USES) Transfers in - - - - Refunding bonds issued - - - - Premium on bonds - - - - Transfer to escrow agent on refunding bonds - - - - Capital leases - - - - Transfers out (2,724,273) - - -
Total Other Financing Sources (Uses) (2,724,273) - - -
Net Change in Fund Balances 1,017,273 (171,354) (216,067) 20,270
Fund Balances at Beginning of Year 51,989,395 5,442,715 2,454,712 1,239,989
Fund Balances at End of Year $ 53,006,668 $ 5,271,361 $ 2,238,645 $ 1,260,259
See accompanying notes to basic financial statements. 21 EXHIBIT E (Concluded)
Capital Fire Total Debt Service Projects Prevention and Governmental Funds Fund Fund Safety Fund 2020 2019
$ - $ - $ - $ 6,385 $ 5,428 - 133,580 1,154,479 2,459,694 1,989,745
6,712,201 - - 6,712,201 6,110,000 3,389,188 - - 3,389,188 3,443,985 5,293 - - 5,293 228,689
10,106,682 134,152 1,154,479 128,245,605 121,754,120
(2,882,323) (89,160) (272,426) 130,486 (1,239,674)
2,799,277 - - 2,799,277 983,000 - - - - 13,865,000 - - - - 1,495,970 - - - - (15,439,568) - - - - 10,605 - (75,004) - (2,799,277) (983,000)
2,799,277 (75,004) - - (67,993)
(83,046) (164,164) (272,426) 130,486 (1,307,667)
4,307,205 164,164 413,253 66,011,433 67,319,100
$ 4,224,159 $ - $ 140,827 $ 66,141,919 $ 66,011,433
22 EXHIBIT F WOODSTOCK COMMUNITY SCHOOL DISTRICT NO. 200 RECONCILIATION OF STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO STATEMENT OF ACTIVITIES YEAR ENDED JUNE 30, 2020
Total Net Change in Fund Balances - Governmental Funds $ 130,486
Amounts reported for governmental activities in the statement of activities are different because:
When capital assets that are to be used in governmental activities are purchased or constructed, the resources expended for those assets are reported as expenditures in governmental funds. However, in the statement of activities, the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. Capital outlays for items below the District's capitalization limits are expensed.
Depreciation expense $ (6,062,463) Capital outlay over capitalization limits 2,459,694 (3,602,769)
Because some property taxes will not be collected for several months after the District's fiscal year ends, they are not considered as "available" revenues in the governmental funds, and are instead counted as deferred tax revenues. They are, however, recorded as revenues in the statement of activities. 3,339,704
Repayment of debt principal is reported as an expenditure in governmental funds, but it reduces long-term liabilities in the statement of net position and does not affect the statement of activities as follows:
Principal payments 6,712,201
Interest on long-term debt in the statement of activities differs from the amount reported in the governmental funds because interest is recorded as an expenditure in the funds when due, and thus requires the use of current financial resources. In the statement of activities, how- ever, interest expense is recognized as the interest accrues, regardless of when it is due. (3,468,755)
Some amounts reported in the statement of activities do not require the use of current financial resources and therefore are not reported in the governmental funds. These amounts include the change in:
Other post-employment benefit costs (3,480,873) Pension expense (1,168,210) Accrued vacation (132,789) Amortization of refunding expenses (262,661) Amortization of bond premium 1,316,103 (3,728,430)
Change in Net Position of Governmental Activities $ (617,563)
See accompanying notes to basic financial statements. 23 EXHIBIT G WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES AGENCY FUNDS - STUDENT ACTIVITY FUNDS JUNE 30, 2020 (WITH COMPARATIVE TOTALS FOR JUNE 30, 2019)
2020 2019
ASSETS Cash $ 868,637 $ 833,410
Total Assets $ 868,637 $ 833,410
LIABILITIES Due to organizations $ 868,637 $ 833,410
Total Liabilities $ 868,637 $ 833,410
See accompanying notes to basic financial statements. 24 (THIS PAGE INTENTIONALLY LEFT BLANK)
WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Woodstock Community Unit School District No. 200 (the “District”) is governed by an elected Board of Education. The District provides education for grades Pre-K through 12. The accounting policies of the District conform to accounting principles generally accepted in the United States of America as applicable to local education agencies. A summary of the significant accounting policies, consistently applied in the preparation of the accompanying financial statements are as follows:
A. The Reporting Entity
As defined by accounting principles generally accepted in the United States of America established by the Governmental Accounting Standards Board, a financial reporting entity consists of a primary government, as well as its component units, which are legally separate organizations for which the elected officials of the primary government are financially accountable. Financial accountability is defined as the appointment of a majority of the component unit’s board, and either 1) the District’s ability to impose its will over the component unit, or 2) the possibility that the component unit will provide a financial benefit to or impose a financial burden on the District. The District does not have any component units, foundations or other organizations that meet the above requirements.
B. Basis of Presentation – Fund Accounting
Government-Wide Financial Statements
The Statement of Net Position and Statement of Activities display information about the District as a whole. They include all funds of the reporting entity except for fiduciary funds. The statements distinguish between governmental and business-type activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other non-exchange revenues. Business-type activities are financed in whole or in part by fees charged to external parties for goods or services. There are no business-type activities within the District. The effect of interfund activity has been removed from these statements.
Fund Financial Statements
Fund financial statements of the reporting entity are organized into funds, each of which is considered to be separate accounting entities. Each fund is accounted for by providing a separate set of self-balancing accounts that constitute its assets, liabilities, fund equity, revenues, and expenditures. The District maintains individual funds required by the Illinois State Board of Education (ISBE). Funds are organized into three major categories: governmental, proprietary, and fiduciary. There are no proprietary funds within the District.
The funds of the District are described below:
Governmental Funds
General Fund – The General Fund, which consists of the legally mandated Educational Account, Operations and Maintenance Account and Working Cash Account is the general operating fund of the District and is always classified as a major fund. It is used to account for the revenues and expenditures which are used in providing education in the District. It is used to account for all financial resources except those required to be accounted for in other funds. Included in the Educational Account is the District’s food service operation. The food service operation is a self-supporting activity; however, measurement of profit and loss is not an objective. This method of reporting is required for reports filed with the ISBE.
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
Special Revenue Funds – Special Revenue Funds, which includes the Transportation Fund, Municipal Retirement Fund and the Tort Fund are used to account for the proceeds of specific revenue sources (other than those accounted for in the Debt Service and Capital Projects Funds) that are legally restricted to expenditures for specified purposes.
Debt Service Fund – The Debt Service Fund accounts for the accumulation of resources for, and the payment of, general long-term debt principal, interest, and related costs. Since there are no legal requirements on bond indentures which mandate that a separate fund be established for each bond issue, the District maintains one Debt Service Fund for all bond issues.
Capital Projects Fund – Capital Projects Funds, which includes the Capital Projects Fund and the Fire Prevention and Safety Fund, are used to account for financial resources to be used for the acquisition or construction of major capital facilities. The Fire Prevention and Safety Fund accounts for financial resources to be used for authorized fire prevention and safety projects.
Fiduciary Funds (not included in government-wide statements)
Agency Funds – The Agency Funds (Student Activity Funds) account for assets held by the District in trustee capacity or as an agent for student organizations. These funds are custodial in nature (assets equal liabilities) and do not involve measurement of the results of operations.
Major and Non-major Funds
An emphasis is placed on major funds within the governmental and proprietary categories. A fund is considered major if it is the primary operating fund of the District, is considered major by the District or meets the following criteria:
1. Total assets, liabilities, revenues, or expenditures of that individual governmental or enterprise fund are at least ten percent of the corresponding total for all funds of that category or type; and
2. Total assets, liabilities, revenues, or expenditures of the individual governmental or enterprise fund are at least five percent of the corresponding total for all governmental and enterprise funds combined.
The District has classified all funds as major:
Major:
General Fund - See above for description.
Debt Service Fund - A Debt Service Fund used to accumulate resources for, and payment of, general long-term debt, principal, interest, and related costs.
Capital Projects Fund - A Capital Projects Fund that accounts for financial resources to be used for the acquisition, construction, or additions to major capital facilities.
Transportation Fund - A Special Revenue Fund to account for activity relating to student transportation to and from school.
Municipal Retirement Fund - A Special Revenue Fund to account for the District’s portion of pension contributions to the Illinois Municipal Retirement Fund for non-certified employees.
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
Tort Fund - A Special Revenue Fund to account for the portion of the District’s tax levy restricted for tort immunity expenditures in accordance with the Illinois Compiled Statutes.
Fire Prevention and Safety Fund - A Capital Projects Fund used to account for financial resources to be used for activity relating to fire prevention and safety capital projects.
C. Measurement Focus/Basis of Accounting
Measurement Focus
On the government-wide Statement of Net Position and the Statement of Activities, governmental activities are presented using the economic resources measurement focus. The accounting objectives of this measurement focus are the determination of operating income, changes in net position (cost recovery), financial position, and cash flows. All assets and liabilities (whether current or non-current) associated with their activities are reported.
The fund financial statements use the “current financial resources” measurement focus. Only current financial assets and liabilities are generally included on their balance sheets. Their operating statements present sources and uses of available spendable financial resources during a given period. These funds use fund balance as their measure of available spendable financial resources at the end of the period.
Agency funds are not involved in the measurement of results of operations; therefore, measurement focus is not applicable to them.
Basis of Accounting
In the government-wide Statement of Net Position and Statement of Activities, the governmental activities are presented using the accrual basis of accounting. Agency funds are also presented using the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded when the liability is incurred or economic asset used. Revenues, expenses, gains, losses, assets, and liabilities resulting form exchange and exchange-like transactions are recognized when the exchange takes place.
In the fund financial statements, governmental funds are presented on the modified accrual basis of accounting, which is in conformity with the Illinois Program Accounting Manual for Local Education Agencies. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual; i.e., both measurable and available. Measurable means the amount of the transaction can be determined, and available means the amount is due and collectible within the current period or 60 days after year-end to be used to pay liabilities of the current period. Expenditures, other than principal and interest on long-term debt, are generally recognized under the modified accrual basis of accounting when the related fund liability is incurred. Principal and interest on general long-term debt are recorded as fund liabilities when due or when amounts have been accumulated in the Debt Service Fund for payment to be made in the following year.
In applying the susceptible to accrual concept to intergovernmental revenues, the legal and contractual requirements of the numerous individual programs are used as guidance. There are however, essentially two types of these revenues. In one, monies must be expended on the specific purpose or project before any amounts will be paid to the District; therefore, revenues are recognized based upon the expenditures recorded. In the other, monies are virtually unrestricted as to purpose of expenditure and are usually revocable only for failure to comply with prescribed compliance requirements. These resources are reflected as revenues at the time of receipt or earlier if the susceptible to accrual criteria are met.
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
Those revenues susceptible to accrual are property taxes, replacement taxes, interest revenue, and intergovernmental revenues. Grant funds are considered earned to the extent of expenditures made under grant provisions. Charges for services and miscellaneous revenues (except investment earnings) are recorded as revenues when received in cash because they are generally not measurable until actually received. Amounts reported as program revenues include: 1) charges for services (i.e., student and parental fees as well as payments from other governments for services rendered) 2) operating grants and contributions (i.e., state and federal grant monies received for specific programs) and 3) capital grants and contributions, including special assessments. Internally dedicated resources are reported as general revenues rather than as program revenues. Likewise, general revenues include all taxes.
D. Investments
Investments are stated at fair value. Gains or losses are recognized upon realization. The District has adopted a formal written deposit and investment of funds policy that is in compliance with Illinois law.
E. Receivables
In government-wide statements, receivables consist of all revenues earned at year-end and not yet received. Allowances for uncollectible accounts receivable are based upon historical trends. Major receivable balances are shown on the exhibits. In fund financial statements, material receivables in governmental funds include revenue accruals that are both measurable and available. Non-exchange transactions collectible but not available are deferred in the fund financial statements in accordance with modified accrual, but not deferred in the government-wide financial statements in accordance with the accrual basis.
F. Property Taxes
The District must file its tax levy ordinance by the last Tuesday in December of each year. The District’s 2019 levy was passed on December 10, 2019. The District’s 2018 levy was passed on December 11, 2018. The District’s property tax is levied each year on all taxable real property located in the District. The owner of real property on January 1 (the lien date) in any year is liable for taxes of that year.
The McHenry County Assessor is responsible for the assessment of all taxable real property within McHenry County except for certain railroad property which is assessed directly by the State. The County is reassessed every four years by the Assessor.
The County Clerk computes the annual tax rate by dividing the levy into the assessed valuation of the taxing district. The County Clerk then computes the rate for each parcel of real property by aggregating the tax rates of all units having jurisdiction over that parcel. Property taxes are collected by the McHenry County Collector/Treasurer who remits to the units their respective shares of the collections. Taxes levied in one year become due and payable in two installments on or about June 1 and September 1 during the following year. Substantial collections are received by the District in June and September.
In the fund financial statements, the property tax levy receivable collected within the current year or expected to be collected within 60 days of year end to be used to pay liabilities of the current period less the taxes collected within 60 days after the end of the previous fiscal year is recognized as revenue. The tax receivable less the amount expected to be collected within 60 days of year-end to be used to pay liabilities of the current period is reflected as deferred revenue. In the government-wide financial statements revenue is recognized based on the period that the levy is intended to finance. Based upon collection histories, the District has provided an allowance for uncollectible real property taxes equal to .5% of the current extension. All property taxes receivable over one year old have been written off.
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
H. Personal Property Replacement Taxes
Personal property replacement tax revenues are first allocated to the extent required by Illinois law in the Municipal Retirement Fund with the balance allocated to funds at the discretion of the District.
I. Encumbrances
Encumbrance accounting, under which purchase orders, contracts, and other commitments for the expenditure of monies are recorded in order to reserve that portion of the applicable appropriation, is employed as an extension of formal budgetary integration in the Governmental Funds. All encumbrances are canceled at year-end, and, if necessary, are reinstated at the beginning of the subsequent fiscal year.
J. Capital Assets
In government-wide financial statements, capital outlay expenditures are accounted for as capital assets. All capital outlay expenditures which exceed a capitalization threshold of $5,000 per asset are capitalized and valued at historical cost, or estimated historical cost if actual is unavailable, except for donated capital assets which are recorded at their acquisition value at the date of donation. Prior to July 1, 2002, infrastructure assets were not capitalized. Such assets have been valued at estimated historical cost. Depreciation of all exhaustible capital assets is recorded as an allocation in the Statement of Activities, with accumulated depreciation reflected in the Statement of Net Position. Depreciation is provided over the assets’ estimated useful lives using the straight-line method of depreciation. The range of estimated useful lives by type of asset is as follows: buildings, improvements and infrastructure 20 – 50 years, transportation equipment 8 years, equipment 5 – 20 years. Land and construction in progress are not depreciated.
In the fund financial statements, capital assets are accounted for as capital outlay expenditures upon acquisition. No depreciation is recorded in the fund financial statements.
K. Long-term Debt
The accounting treatment of long-term debt depends on whether they are reported in the government- wide or fund financial statements. All long-term debts, to be repaid from governmental resources, are reported as liabilities in the government-wide statements. The long-term debt for governmental funds is not reported as liabilities in the fund financial statements. The debt proceeds are reported as other financing sources and payment of principal and interest reported as expenditures.
L. Compensated Absences
Non-certified employees earn vacation days after completing a full year of service. These vacation days are accrued at the end of the fiscal year based on current pay rates and must be taken within the next year or are lost. Accumulated unpaid vacation amounts, including salary-related amounts, are accrued when earned by the employee.
Each staff member, without deduction of pay, is entitled to the number of sick days listed in the chart below. Sick leave shall be interpreted to mean personal illness, quarantine at home or serious illness or death in the immediate family or household. Immediate family shall be understood to include parents, spouse, brothers, sisters, children, grandparents, grandchildren, parents-in-law, children-in-law, brothers- in-law, sisters-in-law and legal guardians.
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
Sick leave in the initial year of employment shall be prorated in accordance with the portion of the year remaining until the end of that school year. Unused sick leave shall accumulate without limit. After accumulated sick leave days have been used, administrators and teachers shall be entitled to use up to 180 sick leave days from the sick leave bank. Accumulated sick leave may be paid upon termination under certain circumstances.
For an illness in which a prolonged absence is anticipated, the staff member and the Superintendent or designee shall agree upon a plan for commencement and termination of such leave.
Annual # of Days Administrators 10.5 Months 16 11 Months 16 12 Months 16 Teachers 16 Support Staff 9 Months 12 10 Months 13 11 Months 14 12 Months 15
M. Restricted Assets
Certain monies are set aside for the operation of the District self-insurance plan. The plan is funded through District and employee contributions, and expenditures are incurred when claims are paid. Resources for payment of these expenditures are maintained in bank accounts and restricted for this use. All other restricted assets are used for qualified restricted purposed prior to the use of unrestricted assets for restricted purposes.
N. Fund Balance Reporting
Equity is classified as net position and displayed in three components:
Net investment in capital assets – Consists of capital assets including restricted capital assets, net of accumulated depreciation and reduced by the outstanding balances of any bonds, mortgages, notes or other borrowings that are attributable to the acquisition, construction, or improvement of those assets less any unspent debt proceeds.
Restricted net position – Consists of net position with constraints placed on their use either by 1) external groups such as creditors, grantors, contributors, or laws or regulations of other governments or, 2) law through constitutional provisions or enabling legislation.
Unrestricted net position – All other net position that do not meet the definition of “Restricted” or “Net investment in capital assets.”
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.
Governmental fund balances are to be classified into five major classifications; Nonspendable, Restricted, Committed, Assigned, and Unassigned.
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
Nonspendable – The nonspendable fund balance classification includes amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact. The “not in spendable form” criterion includes items that are not expected to be converted to cash, for example inventories and prepaid amounts. The amount classified in the General Fund as nonspendable of $270,894 relates to vocational projects.
Restricted – The restricted fund balance classification refers to amounts that are subject to outside restrictions, not controlled by the District. Items such as restrictions imposed by creditors (such as debt covenants), grantors, contributors, or laws or regulations of other governments, or imposed by law through constitutional provisions or enabling legislation.
Special Revenue Funds are by definition restricted for those specified purposes. The restricted fund balances are: Transportation Fund $5,271,361; Municipal Retirement Fund $2,238,645; Tort Fund $1,260,259; Debt Service Fund $4,224,159; and the Fire Prevention and Safety Fund $140,827, totaling $13,135,251. Within the General Fund the Operations and Maintenance Account of $4,800,535 is restricted. The District has several revenue sources received within different funds that also fall into these categories –
• Special Education – Revenues and the related expenditures of this restricted tax levy are accounted for in the Educational Account. Expenditures exceeded revenues for this purpose, resulting in no restricted fund balance. • Operations and Maintenance – Revenues and the related expenditures of this restrict tax levy are accounted for in the General Fund. As of June 30, 2020, an unexpended balance of $4,800,535 remains. • State Grants – Proceeds from state grants and the related expenditures have been included in the Educational Account and Transportation Funds. As of June 30, 2020, expenditures exceeded revenues from state grants, resulting in no restricted balance. • Federal Grants – Proceeds from federal grants and the related expenditures have been included in the Educational Account. As of June 30, 2020, expenditures exceeded revenues from federal grants, resulting in no restricted balance. • Social Security – Revenues and the related expenditures of this restricted tax levy are accounted for in the Municipal Retirement/Social Security Fund. As of June 30, 2020, the Social Security portion of the restricted fund balance is $966,454. • Developers Impact Revenue – Revenues collected from developers must be expended in accordance with the provisions of ordinances of municipalities within the District. Under the terms of the ordinances, expenditures are restricted to various functions intended to serve the immediate or future needs of children from developments from which the revenues originated. Such revenues and the related expenditures covered by the ordinances are accounted for in the Capital Projects Fund and the portion of the fund balance attributable to Developer Impact Revenues is $-0-.
Committed – The committed fund balance refers to amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of the school board. Those committed amounts cannot be used for any other purpose unless the government removes or changes the specified use by taking the same type of formal action it employed to previously commit those amounts.
Assigned – The assigned fund balance classification refers to amounts that are constrained by the District’s intent to be used for specific purposes, but are neither restricted nor committed. Under the assigned fund balance definition in the General Fund $903,265 is for self-insurance and $8,523 is for the Kid’s Club, totaling $911,788. The Board of Education has given the Chief Financial Officer authority to assign fund balances. Assignments may take place after the reporting period.
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Concluded)
Unassigned – The unassigned fund balance classification is the residual classification for amounts in the General Fund for amounts that have not been restricted, committed, or assigned to specific purposes within the General Fund or other funds. Included in this classification is $4,227,002 pertaining to the Working Cash Account and the balance in the Educational Account of $42,796,449.
Expenditures of fund balances – Unless specifically identified, expenditures reduce restricted balances first, then to committed balances, next assigned balances, and finally act to reduce unassigned balances. Expenditures for a specifically identified purpose will act to reduce the specific classification of fund balance that is identified.
O. Deferred outflows/inflows of resources
In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. The District has three items that qualify for reporting in this category. The deferred charge on refunding, deferrals relating to pension and other post-employment benefit expenses are reported in the government-wide statement of net position. A deferred charge on refunding results from the difference in the carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt. The second and third items are related to pensions and other post-employment benefits reported in the government-wide statement of position. These result from the differences between expected and actual experience, the net differences projected and actual investment earnings on plan investments, changes of assumptions, and changes in proportion and differences between contributions and proportion share of contributions.
In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow or resources (revenue) until that time. The District has three of these items. The first item, unavailable revenue – property taxes, is reported only in the governmental funds balance sheet. This amount is deferred and recognized as an inflow of resources in the period that the amounts become available. The second and third items are related to pensions and other post-employment benefits reported in the government-wide statement of position. This result is from the differences between expected and actual experience, the net differences projected and actual investment earnings on plan investments, changes of assumptions, and changes in proportion and differences between contributions and proportion share of contributions.
NOTE 2 – DEPOSITS AND INVESTMENTS
Deposits are considered to be cash on hand, cash with financial institutions, savings deposit accounts, money market accounts, and non-negotiable certificates of deposit. Deposits are stated at cost. Investments are considered to be negotiable certificates of deposit. Investments are stated at fair value. Changes in fair value of investments are included as investment income. The District has adopted a formal cash and investment management policy. The financial institutions in which accounts are made must be approved by the Board of Education.
Separate deposit and investment accounts are not maintained for all District funds; instead, the individual funds maintain their balances in the common accounts, with accounting records being maintained to show the portion of the common account balance attributable to each participating fund.
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 2 – DEPOSITS AND INVESTMENTS (Cont’d)
Permitted Deposits and Investments – The District is allowed to invest in securities as authorized by the Illinois Compiled Statutes, Chapter 30, Sections 23 5/2 and 23 5/6; and Chapter 105, Section 5/8-7.
At June 30, 2020, the carrying amount of the District’s deposits and investments totaled $68,905,127 ($68,036,490 governmental and $868,637 fiduciary), which includes $1,150 in the governmental petty cash fund. Bank balances totaling $70,913,963 as follows:
Governmental Fiduciary Total Cash and Investments $ 70,019,070 $ 894,893 $ 70,913,963
For disclosure purposes, the amounts are classified as follows:
Maturities Less Than Six Months to One Year to Cash and Investments Amount Six Months One Year Three Years Cash with Financial Institutions $ 33,194,776 $ 33,194,776 $ - $ - Savings 17,698,024 17,698,024 ISDLAF+ 16,826,300 16,826,300 - - PMA - Non-Negotiable Certificates of Deposit 2,947,600 2,711,600 236,000 - PMA - Negotiable Certifcates of Deposit 247,263 247,263 - - Total $ 70,913,963 $ 70,677,963 $ 236,000 $ -
The District categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the assets. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs.
At June 30, 2020, the District had the following fair value measurements:
Investment Type Fair Value Level 1 Level 2 Level 3 PMA - Negotiable Certifcates of Deposit $ 247,263 $ 247,263 $ - $ - Total Investments $ 247,263 $ 247,263 $ - $ -
Interest rate risk: As a means of limiting its exposure to fair value losses arising from rising interest rates, the District limits the weighted average maturity of its portfolio is 10.35 days.
Credit risk: Under Illinois law, the District is restricted to investing funds in specific types of investment instruments. The liquid asset funds are invested in U.S. Treasury securities. The entire District’s other investments had either “AAA” or “A-1+” ratings from Standard and Poor’s. The following generally represents the types of instruments allowable by state law:
• Securities issued or guaranteed by the United States. • Interest-bearing accounts of financial institutions insured by the Federal Deposit Insurance Corporation.
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 2 – DEPOSITS AND INVESTMENTS (Concluded)
• Short-term obligations (less than 180 days) of U. S. corporations with assets over $500,000,000 rated in the highest classifications by at least two rating agencies. • Insured accounts of an Illinois credit union chartered under United States or Illinois law. • Money market mutual funds with portfolios of securities issued or guaranteed by the United States or agreements to repurchase these same types of obligations. • The Illinois Funds Money Market Fund. • The Illinois School District Liquid Asset Fund. • Repurchase agreements which meet instrument transactions requirements of Illinois law.
The Illinois School District Liquid Asset Fund Plus (ISDLAF+) and the Illinois Funds are a not-for-profit investment trust formed pursuant to the Illinois Municipal Code and managed by a Board of Trustees elected from participating members. These funds are not registered with the SEC as an investment company, but do operate in a manner consistent with Rule 2a-7 of the Investment Company Act of 1940. Investments are valued at net asset value (NAV) per share price, which is the price at which the investment could be sold, as determined by the pool.
Custodial credit risk: Custodial credit risk is the risk that, in the event of the failure of the bank or the counterparty, the District will not be able to recover the value of its deposits, investments or collateral securities that are in the possession of an outside party. As of June 30, 2020, the District’s deposits are covered by depository insurance or collateralized with securities held by financial institutions as follows:
Depository Account Amount FDIC Insured $ 3,444,863 Collateralized 50,642,800 Uncollateralized 16,826,300 Total $ 70,913,963
Concentration of credit risk: The District’s investment policy does not allow for an investment in any one issuer that is in excess of 5 percent of the District’s total investments.
NOTE 3 – ACCOUNTS RECEIVABLE
Accounts receivable of the governmental activities consist of property taxes and intergovernmental revenues. Receivable detail at June 30, 2020, is as follows:
Governmental Activities: Due from Other Property Taxes Governments Total Accounts receivable $ 31,886,517 $ 2,326,863 $ 34,213,380 Allowance for doubtful accounts (595,607) - (595,607) Net accounts receivable $ 31,290,910 $ 2,326,863 $ 33,617,773
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 4 – CAPITAL ASSETS AND DEPRECIATION
Capital asset activity for the year ended June 30, 2020, was as follows:
Balance Balance July 1, 2019 Additions Deletions June 30, 2020 Governmental Activities: Capital Assets Not Being Depreciated: Construction in progress $ 81,471 $ 455,851 $ 81,471 $ 455,851 Land 6,009,087 - 3,237 6,005,850 Total Capital Assets Not Being Depreciated at Historical Costs 6,090,558 455,851 84,708 6,461,701 Capital Assets Being Depreciated: Land improvements 10,433,223 130,574 285,474 10,278,323 Buildings and improvements 155,258,983 1,274,239 28,044 156,505,178 Equipment 13,800,368 114,220 3,706,347 10,208,241 Transportation equipment 7,186,768 566,281 400,695 7,352,354 Total Capital Assets Being Depreciated at Historical Costs 186,679,342 2,085,314 4,420,560 184,344,096 Accumulated Depreciation: Land improvements (6,040,167) (454,387) (222,250) (6,272,304) Buildings and improvements (62,751,090) (3,747,652) (27,066) (66,471,676) Equipment (10,021,864) (372,364) (2,799,455) (7,594,773) Transportation equipment (5,218,418) (513,729) (400,695) (5,331,452) Total Accumulated Depreciation (84,031,539) (5,088,132) (3,449,466) (85,670,205) Net Depreciable Capital Assets 102,647,803 (3,002,818) 971,094 98,673,891 Net Total Capital Assets $ 108,738,361 $ (2,546,967) $ 1,055,802 $ 105,135,592
Depreciation was charged to functions as follows:
Governmental Activities: Instruction Regular programs $ 60,813 Support services 74,238 Community services 566 Unallocated 4,952,515 Total $ 5,088,132
NOTE 5 – DEBT SERVICE REQUIREMENTS
The following is a summary of the components of long-term debt and related transactions of the District for the year ended June 30, 2020:
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 5 – DEBT SERVICE REQUIREMENTS (Cont’d)
Balance Balance Due Within July 1, 2019 Additions Deletions June 30, 2020 One Year Capital lease $ 10,605 $ - $ 2,201 $ 8,404 $ 2,477 General Obligation Bonds: 06/02/06 Cap. Appreciation 13,866,940 - - 13,866,940 - 03/15/10 Refunding 925,000 - - 925,000 925,000 01/02/11 Refunding 3,460,000 - 1,695,000 1,765,000 1,765,000 07/02/12 Refunding 4,780,000 - - 4,780,000 - 07/02/12 Refunding 1,395,000 - - 1,395,000 1,395,000 01/08/13 Refunding 3,095,000 - - 3,095,000 - 12/23/13 Refunding 5,120,000 - - 5,120,000 - 02/25/14 Refunding 25,025,000 - 3,780,000 21,245,000 1,920,000 03/02/15 Refunding 9,015,000 - - 9,015,000 - 03/16/15 Refunding 13,280,000 - - 13,280,000 - 12/05/18 Refunding 13,865,000 - 1,235,000 12,630,000 1,270,000 Total Bonds Payable 93,826,940 - 6,710,000 87,116,940 7,275,000 Net pension liability 17,968,643 - 5,139,028 12,829,615 - Net OPEB liability 49,344,768 1,550,280 - 50,895,048 - Compensated absences 359,905 132,789 - 492,694 - Unamortized bond premium 8,372,943 - 1,316,103 7,056,840 1,059,400 Total Long-Term Debt $ 169,883,804 $ 1,683,069 $ 13,167,332 $ 158,399,541 $ 8,336,877
The District generally issues serial bonds with varying amounts of principal maturing each year with varying maturities through 2034. Long-term debt at June 30, 2020, is comprised of the following:
General Obligation and Refunding Bonds Payable
School Capital Appreciation Bonds dated June 2, 2006 were issued by the District in the amount of $13,866,940. Principal and interest payments are due January 15 at a rate of 8.50% through the fiscal year ending January 15, 2026.
On March 15, 2010, the District issued $925,000 in general obligation refunding bonds with an interest rate of 4.00% to pay interest obligations on the 2007 Building bond.
On January 2, 2011, the District issued $4,960,000 in general obligation refunding bonds with an interest rate of 3.75% to 4.50% to pay principal and interest due of $1,459,106 of the outstanding 2004 bonds, $1,553,975 of the 2006 bonds and $2,167,050 of the 2006A bonds.
On July 2, 2012, the District issued $4,780,000 in general obligation refunding bonds with an interest rate of 4.00% to fully refund the outstanding 2004 bonds. Principal and interest payments are due January 15 and July 15 through January 15, 2027.
On July 2, 2012, the District issued $1,395,000 in general obligation refunding bonds with an interest rate of 5.00% to partially refund the outstanding 2008A Limited School Bonds. Principal and interest payments are due January 15 and July 15 through January 15, 2021.
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 5 – DEBT SERVICE REQUIREMENTS (Cont’d)
On January 8, 2013, the District issued $3,830,000 in general obligation refunding bonds with an interest rate of 2.00% to 3.125% to fully refund the 2010B Life Safety Debt Certificates. Principal and interest payments are due January 15 and July 15 through January 15, 2032.
On December 23, 2013, the District issued $5,120,000 in general obligation refunding bonds with an interest rate of 5.75% to partially refund the outstanding 2006A Building Bonds. Principal and interest payments are due January 15 and July 15 through January 15, 2033.
On February 25, 2014, the District issued $34,945,000 in general obligation refunding bonds with an interest rate of 2.0% to 5.0% to partially refund the 2006A Building Bonds and fully refund the 2007 School Bonds. Principal and interest payments are due January 15 and July 15 through January 15, 2034.
On March 2, 2015, the District issued $9,015,000 in general obligation refunding bonds with an interest rate of 2.0% to 3.0% to partially advance refund the 2006A Building Bonds. Principal and interest payments are due January 15 and July 15 through January 15, 2023.
On March 16, 2015, the District issued $13,280,000 in general obligation refunding bonds with an interest rate of 2.5% to 3.0% to fully advance refund the 2006A Building Bonds. Principal and interest payments are due January 15 and July 15 through January 15, 2023.
On December 5, 2018, the District issued $13,865,000 in general obligation refunding bonds with an interest rate of 5.00% to advance refund $6,500,000 of outstanding 2010A bonds and $8,565,000 of the 2010C bonds. Principal and interest payments are due January 15 and July 15 through January 15, 2030.
Defeasance of Debt: In prior years, the District defeased certain general obligation 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 liabilities for the defeased bonds are not included in the District’s financial statements. At June 30, 2020, $45,840,000 of bonds outstanding are considered defeased.
Capital Lease
On May 14, 2019, the District purchased two copiers in the amount of $10,605 through a capital lease agreement. The capital lease is to be paid over a four-year period at a rate of 11.5%. The balance at June 30, 2020 is $8,404.
As of June 30, 2020, the annual debt service requirements of all long-term debt to retirement were as follows:
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 5 – DEBT SERVICE REQUIREMENTS (Concluded)
Year Ending June 30, Principal Interest Total 2021 $ 7,277,477 $ 3,077,141 $ 10,354,618 2022 16,227,788 2,744,394 18,972,182 2023 10,629,529 8,978,504 19,608,033 2024 5,286,900 15,482,988 20,769,888 2025 5,177,950 16,294,438 21,472,388 2026 5,760,700 17,180,938 22,941,638 2027 9,010,000 1,824,137 10,834,137 2028 3,860,000 1,454,287 5,314,287 2029 4,030,000 1,261,575 5,291,575 2030 4,220,000 1,061,000 5,281,000 2031 3,155,000 858,300 4,013,300 2032 5,450,000 660,087 6,110,087 2033 5,520,000 371,650 5,891,650 2034 1,520,000 76,000 1,596,000 Total $ 87,125,344 $ 71,325,439 $ 158,450,783
Payments to retire bonds payable will be made from debt service levies in future periods. Payments to retire the capital lease will be paid through the General Fund. There is $4,224,159 of fund equity available in the Debt Service Fund to service outstanding bonds payable.
Legal Debt Margin
The District is subject to the Illinois School Code which limits the amount of bond indebtedness, including tax anticipation warrants, to 13.8% of the most recent available equalized assessed valuation of the District. As of June 30, 2020, the statutory debt limit for the District was $124,312,626 providing a legal debt margin of $41,411,441 after taking into account amounts available in the Debt Service Fund.
Operating Leases
On June 9, 2017, the District entered into an operating lease agreement to lease various copiers for a period of five years through June, 2021. As of June 30, 2020, the annual rental amounts are as follows:
Year Ending June 30, 2021 $ 85,180 $ 85,180
Operating leases are liquidated by the General Fund. The District paid $90,191 in operating lease payments during the year ended June 30, 2020.
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 6 – RETIREMENT SYSTEMS
A. Teachers’ Retirement System (TRS) of the State of Illinois
General Information about the Pension Plan
Plan Description
The employer participates in the Teachers’ Retirement System (TRS) of the State of Illinois. TRS is a cost-sharing 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. TRS members include all active nonannuitants who are employed by a TRS-covered employer to provide services for which teacher licensure is required. 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 TRS Board of Trustees is responsible for the system’s administration.
TRS issues a publicly available financial report that can be obtained at www.trsil.org; by writing to TRS at 2815 West Washington Street, P. O. Box 19253, Springfield, IL 62794; or by calling (888) 678-3675, option 2.
Benefits Provided
TRS provides retirement, disability, and death benefits. Tier I members have TRS or reciprocal system service prior to January 1, 2011. Tier I members qualify for retirement benefits at age 62 with five years of service, at age 60 with 10 years, or age 55 with 20 years. The benefit is determined by the average of the four highest consecutive years of creditable earnings within the last 10 years of creditable service and the percentage of average salary to which the member is entitled. Most members retire under a formula that provides 2.2 percent of final average salary up to a maximum of 75 percent with 34 years of service.
Tier II members qualify for retirement benefits at age 67 with 10 years of service, or a discounted annuity can be paid at age 62 with 10 years of service. Creditable earnings for retirement purposes are capped and the final average salary is based on the highest consecutive eight years of creditable service rather than the last four. Disability provisions for Tier II are identical to those of Tier I. Death benefits are payable under a formula that is different from Tier I.
Essentially all Tier I retirees receive an annual 3 percent increase in the current retirement benefit beginning January 1 following the attainment of age 61 or on January 1 following the member’s first anniversary in retirement, whichever is later. Tier II annual increases will be the lesser of three percent of the original benefit or one-half percent of the rate of inflation beginning January 1 following attainment of age 67 or on January 1 following the member’s first anniversary in retirement, whichever is later.
Public Act 100-0023, enacted in 2017, creates an optional Tier III hybrid retirement plan, but it has not yet gone into effect. Public Act 100-0587, enacted in 2018, requires TRS to offer two temporary benefit buyout programs that expire June 30, 2021. One program allows retiring Tier I members to receive a partial lump-sum payment in exchange for accepting a lower, delayed annual increase. The other allows inactive vested Tier I and Tier II members to receive a partial lump-sum payment in lieu of a retirement annuity. Both programs will begin in 2019 and will be funded by bonds issued by the state of Illinois.
Contributions
The State of Illinois maintains the primary responsibility for funding TRS. The Illinois Pension Code, as amended by Public Act 88-0593 and subsequent acts, provides that for years 2010 through 2045, the minimum contribution to the System for each fiscal year shall be an amount determined to be sufficient to bring the total assets of the system up to 90 percent of the total actuarial liabilities of the system by the end of fiscal year 2045.
39
WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 6 – RETIREMENT SYSTEMS (Cont’d)
Contributions from active members and TRS contributing employers are also required by the Illinois Pension Code. The contribution rates are specified in the pension code. The active member contribution rate for the year ended June 30, 2020, was 9.0 percent of creditable earnings. The member contribution, which may be paid on behalf of employees by the employer, is submitted to TRS by the employer.
On-Behalf Contributions to TRS
The State of Illinois makes employer pension contributions on behalf of the employer. For the year ended June 30, 2020, State of Illinois contributions recognized by the employer were based on the State’s proportionate share of the collective net pension liability associated with the employer, and the employer recognized revenue and expenditures of $31,323,416 in pension contributions from the State of Illinois.
2.2 Formula Contributions
Employers contribute 0.58 percent of total creditable earnings for the 2.2 formula change. The contribution rate is specified by statute. Contributions for the year ended June 30, 2020, were $233,038, and are deferred because they were paid after the June 30, 2019, measurement date.
Federal and Special Trust Fund Contributions
When TRS members are paid from federal and special trust funds administered by the employer, there is a statutory requirement for the employer to pay an employer pension contribution from those funds. Under Public Act 100-0340, the federal and special trust fund contribution rate is the total employer normal cost beginning with the year ended June 30, 2018.
Previously, employer contributions for employees paid from federal and special trust funds were at the same rate as the state contribution rate to TRS and were much higher.
For the year ended June 30, 2020, the employer pension contribution was 10.66 percent of salaries paid from federal and special trust funds. For the year ended June 30, 2020, salaries totaling $196,012 were paid from federal and special trust funds that required employer contributions of $20,895. These contributions are deferred because they were paid after the June 30, 2019, measurement date.
Employer Retirement Cost Contributions
Under GASB Statement No. 68, contributions that an employer is required to pay because of a TRS member retiring are categorized as specific liability payments. The employer is required to make a one-time contribution to TRS for members granted salary increases over 6 percent if those salaries are used to calculate a retiree’s final average salary.
A one-time contribution is also required for members granted sick leave days in excess of the normal annual allotment if those days are used as TRS service credit. For the year ended June 30, 2020, the employer paid $202 to TRS for employer contributions due on salary increases in excess of 6 percent and $-0- for sick leave days granted in excess of the normal annual allotment.
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 6 – RETIREMENT SYSTEMS (Cont’d)
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions
At June 30, 2019, the employer reported a liability for its proportionate share of the net pension liability (first amount shown below) that reflected a reduction for state pension support provided to the employer. The state’s support and total are for disclosure purposes only. The amount recognized by the employer as its proportionate share of the net pension liability, the related state support and the total portion of the net pension liability that was associated with the employer were as follows:
Employer’s proportionate share of the net pension liability $ 4,053,673 State’s proportionate share of the net pension liability associated with the employer 288,495,490
Total $ 292,549,163
The net pension liability was measured as of June 30, 2019, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2018, and rolled forward to June 30, 2019. The employer’s proportion of the net pension liability was based on the employer’s share of contributions to TRS for the measurement year ended June 30, 2019, relative to the contributions of all participating TRS employers and the state during that period. At June 30, 2019, the employer’s proportion was .0049978607 percent, which was a decrease of .0004116 percent from its proportion measured as of June 30, 2018.
For the year ended June 30, 2020, the employer recognized pension expense of $31,414,655 and revenue of $31,821,458 for support provided by the state. At June 30, 2020, the employer reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:
Deferred Deferred Outflows of Inflows of Resources Resources Differences between expected and actual experience $66,469 $ - Net difference between projected and actual earnings on pension plan investments 6,421 - Changes of assumptions 90,830 77,810 Changes in proportion and differences between employer contributions and proportionate share of contributions - 1,593,196 Employer contributions subsequent to the measurement date 253,850 - Total $417,570 $ 1,671,006
$253,850 reported as deferred outflows of resources related to pensions resulting from employer contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the reporting year ended June 30, 2021. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows:
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 6 – RETIREMENT SYSTEMS (Cont’d)
Year ended June 30: 2021 $(684,074) 2022 (458,812) 2023 (226,428) 2024 (114,717) 2025 ( 23,255) Actuarial assumptions
The total pension liability in the June 30, 2019, actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement:
Inflation 2.50 percent Salary increases Varies by amount of service credit Investment rate of return 7.00 percent, net of pension plan investment expense, including inflation
In the June 30, 2019, actuarial valuation, mortality rates were based on the RP-2014 White Collar Table with adjustments as appropriate for TRS experience. The rates are used on a fully-generational basis using projection table MP-2017. In the June 30, 2018, actuarial valuation, mortality rates were also based on the RP-2014 White Collar Table with appropriate adjustments for TRS experience. The rates were used on a fully-generational basis using projection table MP-2014.
The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class that were used by the actuary are summarized in the following table: Target Long-Term Expected Asset Class Allocation Real Rate of Return U. S. equites large cap 15.0% 6.3% U. S. equities small/mid cap 2.0 7.7 International equities developed 13.6 7.0 Emerging market equities 3.4 9.5 U. S. bonds core 8.0 2.2 U. S. bonds high yield 4.2 4.0 International debt developed 2.2 1.1 Emerging international debt 2.6 4.4 Real estate 16.0 5.2 Real return 4.0 1.8 Absolute return 14.0 4.1 Private Equity 15.0 9.7 Total 100%
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 6 – RETIREMENT SYSTEMS (Cont’d)
Discount Rate
At June 30, 2019, the discount rate used to measure the total pension liability was 7.00 percent, which was the same as the June 30, 2018 rate. The projection of cash flows used to determine the discount rate assumed that employee contributions, employer contributions, and state contributions will be made at the current statutorily-required rates.
Based on those assumptions, TRS’s fiduciary net position at June 30, 2019, was projected to be available to make all projected future benefit payments of current active and inactive members and all benefit recipients. Tier I’s liability is partially-funded by Tier II members, as the Tier II member contribution is higher than the cost of Tier II benefits. Due to this subsidy, contributions from future members in excess of the service cost are also included in the determination of the discount rate. All projected future payments were covered, so the long-term expected rate on TRS investments was applied to all periods of projected benefit payments to determine the total pension liability.
Sensitivity of the Employer’s Proportionate Share of the Net Pension Liability to Changes in the Discount Rate
The following presents the employer’s proportionate share of the net pension liability calculated using the discount rate of 7.00 percent, as well as what the employer’s proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (6.00 percent) or 1-percentage-point higher (8.00 percent) than the current rate.
1% Decrease Current Discount Rate 1% Increase (6 .00%) (7.00%) (8.00%) Employer’s proportionate share of the net pension liability $4,951,207 $4,053,673 $3,315,722
TRS Fiduciary Net Position
Detailed information about the TRS’s fiduciary net position as of June 30, 2019, is available in the separately issued TRS Comprehensive Annual Financial Report.
B. Illinois Municipal Retirement Fund (IMRF) Pension Plan
IMRF Plan Description
The employer’s defined benefit pension plan for regular employees provides retirement and disability benefits, post-retirement increases, and death benefits to plan members and beneficiaries. The employer’s plan is managed by the Illinois Municipal Retirement Fund (IMRF), the administrator of a multi-employer public pension fund. A summary of IMRF’s pension benefits is provided in the “Benefits Provided” section of this document. Details of all benefits are available from IMRF. 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 Comprehensive Annual Financial Report that includes financial statements, detailed information about the pension plan’s fiduciary net position, and required supplementary information. The report is available for download at www.imrf.org.
Benefits Provided
IMRF has three benefit plans. The vast majority of IMRF members participate in the Regular Plan (RP). The Sheriff’s Law Enforcement Personnel (SLEP) plan is for sheriffs, deputy sheriffs, and selected police chiefs. Counties could adopt the Elected County Official (ECO) plan for officials elected prior to August 8, 2011, (the ECO plan was closed to new participants after that date).
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 6 – RETIREMENT SYSTEMS (Cont’d)
All three IMRF benefit plans have two tiers. Employees hired before January 1, 2011, are eligible for Tier 1 benefits. Tier 1 employees are vested for pension benefits when they have at least eight years of qualifying service credit. Tier 1 employees who retire at age 55 (at reduced benefits) or after age 60 (at full benefits) with eight years of service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1-2/3% of the final rate of earnings for the first 15 years of service credit, plus 2% for each year of service credit after 15 years to a maximum of 75% of their final rate of earnings. Final rate of earnings is the highest total earnings during any consecutive 48 months within the last 10 years of service, divided by 48. Under Tier 1, the pension is increased by 3% of the original amount on January 1 every year after retirement.
Employees hired on or after January 1, 2011, are eligible for Tier 2 benefits. For Tier 2 employees, pension benefits vest after ten years of service. Participating employees who retire at age 62 (at reduced benefits) or after age 67 (at full benefits) with ten years of service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1-2/3% of the final rate of earnings for the first 15 years of service credit, plus 2% for each year of service credit after 15 years to a maximum of 75% of their final rate of earnings. Final rate of earnings is the highest total earnings during any 96 consecutive months within the last 10 years of service, divided by 96. Under Tier 2, the pension is increased on January 1 every year after retirement, upon reaching age 67, by the lesser of:
• 3% of the original pension amount, or • 1/2 of the increase in the Consumer Price Index of the original pension amount.
Employees Covered by Benefit Terms
As of December 31, 2019, the following employees were covered by the benefit terms:
IMRF Retirees and Beneficiaries currently receiving benefits 534 Inactive Plan Members entitled to but not yet receiving benefits 698 Active Plan Members 511 Total 1,743
Funding Policy
As set by statute, the employer’s Regular plan members are required to contribute 4.5% of their annual covered salary. The statute requires employers to contribute the amount necessary, in addition to member contributions, to finance the retirement coverage of its own employees. The employer’s annual contribution rate for calendar year 2019 was 10.27%. For the fiscal year ended June 30, 2020, the employer contributed $1,740,021 to the plan. The employer 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 IMRF’s Board of Trustees, while the supplemental retirement benefits rate is set by statute.
Net Pension Liability
The employer’s net pension liability was measured as of December 31, 2019. The total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date.
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 6 – RETIREMENT SYSTEMS (Cont’d)
Actuarial Assumptions
The following are the methods and assumptions used to determine total pension liability at December 31, 2019:
• The Actuarial Cost Method used was Entry Age Normal. • The Asset Valuation Method used was Market Value of Assets. • The Inflation Rate was assumed to be 2.50%. • Salary Increases were expected to be 3.35% to 14.25%. • The Investment Rate of Return was assumed to be 7.25%. • Projected Retirement Age was from the Experience-based table of rates, specific to the type of eligibility condition, last updated for the 2017 valuation according to an experience study from years 2014 to 2016. • For non-disabled retirees, an IMRF-specific mortality table was used with fully generational projection scale MP-2017 (base year 2015). The IMRF specific rates were developed from the RP-2014 Blue Collar Health Annuitant Mortality Table with adjustments to match current IMRF experience. • For disabled retirees, an IMRF-specific mortality table was used with fully generational projection scale MP-2017 (base year 2015). The IMRF-specific rates were developed from the RP-2014 Disabled Retirees Mortality Table, applying the same adjustments that were applied for non-disabled lives. • For active members, an IMRF- specific mortality table was used with fully generational projection scale MP-2017 (base year 2015). The IMRF-specific rates were developed from the RP-2014 Employee Mortality Table with adjustments to match current IMRF experience. • The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense, and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return to the target asset allocation percentage and adding expected inflation. The target allocation and best estimates of geometric real rates of return for each major asset class are summarized in the following table:
Projected Returns/Risks Target One Year Ten Year Asset Class Allocation Arithmetic Geometric Equities 37% 7.05% 5.75% International Equities 18% 8.10% 6.50% Fixed Income 28% 3.70% 3.25% Real Estate 9% 6.35% 5.20% Alternatives: 7% Private Equity 11.30% 7.60% Hedge Funds n/a n/a Commodities 4.65% 3.60% Cash Equivalents 1% 1.85% 1.85% Total 100%
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 6 – RETIREMENT SYSTEMS (Cont’d)
Single Discount Rate
A Single Discount Rate of 7.25% was used to measure the total pension liability. The projection of cash flow used to determine this Single Discount Rate assumed that the plan members’ contributions will be made at the current contribution rate, and that employer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. The Single Discount Rate reflects:
1. The long-term expected rate of return on pension plan investments (during the period in which the fiduciary net position is projected to be sufficient to pay benefits), and
2. The tax-exempt municipal bond rate based on an index of 20-year general obligation bonds with an average AA credit rating (which is published by the Federal Reserve) as of the measurement date (to the extent that the contributions for use with the long-term expected rate of return are not met).
For the purpose of the most recent valuation, the expected rate of return on plan investments is 7.25%, the municipal bond rate is 2.75%, and the resulting single discount rate is 7.25%.
Changes in the Net Pension Liability
Total Plan Net Pension Fiduciary Pension Liability Net Position Liability (A) (B) (A) - (B) Balances at December 31, 2018 $ 65,049,631 $ 51,297,390 $ 13,752,241 Changes for the year: Service Cost 1,628,400 - 1,628,400 Interest on the Total Pension Liability 4,672,653 - 4,672,653 Differences Between Expected and Actual Experience of the Total Pension Liability 1,006,147 - 1,006,147 Changes of Assumptions - - - Contributions - Employer 1,626,653 (1,626,653) Contributions - Employees - 711,947 (711,947) Net Investment Income - 9,476,823 (9,476,823) Benefits Payments, including Refunds of Employee Contributions (2,826,895) (2,826,895) - Other (Net Transfer) - 468,076 (468,076) Net Changes 4,480,305 9,456,604 (4,976,299) Balances at December 31, 2019 $ 69,529,936 $ 60,753,994 $ 8,775,942
Sensitivity of the Net Pension Liability to Changes in the Discount Rate
The following presents the plan’s net pension liability, calculated using a Single Discount Rate of 7.25% as well as what the plan’s net pension liability would be if it were calculated using a Single Discount Rate that is 1% lower or 1% higher:
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 6 – RETIREMENT SYSTEMS (Cont’d)
1% Lower Current Discount 1% Higher (6.25%) (7.25%) (8.25%) Total Pension Liability $ 78,254,731 $ 69,529,936 $ 62,316,426 Plan Fiduciary Net Position 60,753,994 60,753,994 60,753,994 Net pension liability/(asset) $ 17,500,737 $ 8,775,942 $ 1,562,432
Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources Related to Pensions
For the year ended June 30, 2020, the employer recognized pension expense of $3,061,184. At June 30, 2020 the employer reported deferred outflows or resources and deferred inflows of resources related to pensions from the following sources:
Deferred Deferred Outflows of Inflows of Deferred Amounts Related to Pensions Resources Resources Deferred amounts to be recognized in pension expense in future periods: Differences between expected and actual experience $ 2,485,055 $ 93,360 Changes of assumptions 507,866 535,402 Net difference between projected and actual earnings on pension plan investments 4,114,834 6,327,595 Total deferred amounts to be recognized in pension expense in future periods 7,107,755 6,956,357 Pension contributions made subsequent to the measurement date 988,671 - Total Deferred Amounts Related to Pensions $ 8,096,426 $ 6,956,357
Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense in future periods as follows:
Year Ending Net Deferred Ouflows Net Deferred Inflows December 31 of Resources of Resources 2020 $ 1,332,271 $ - 2021 (230,962) - 2022 200,788 - 2023 (1,151,699) - 2024 - - Thereafter - - Total $ 150,398 $ -
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 6 – RETIREMENT SYSTEMS (Concluded)
C. Aggregate Pension Amounts
For the year ended June 30, 2020, aggregate pension amounts are as follows:
TRS IMRF TOTAL Deferred outflows of resources $ 417,570 $ 8,096,426 $ 8,513,996 Deferred inflows of resources 1,671,006 6,956,357 8,627,363 Net pension liability 4,053,673 8,775,942 12,829,615 Pensions expense, net of state support (406,803) 3,315,034 2,654,381
NOTE 7 – OTHER POST-EMPLOYMENT BENEFITS (OPEB)
A. THIS Fund Contributions
Plan description. The employer participates in the Teacher Health Insurance Security (THIS) Fund, a cost-sharing, multiple-employer defined benefit post-employment healthcare plan that was established by the Illinois legislature for the benefit of retired Illinois public school teachers employed outside the city of Chicago.
Benefits provided. 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 not enrolled in Medicare may participate in the state- administered participating provider option plan or choose from several managed care options. Annuitants who are enrolled in Medicare Parts A and B may be eligible to enroll in a Medicare Advantage plan.
The State Employees Group Insurance Act of 1971 (5 ILCS 375) outlines the benefit provisions of THIS Fund and amendments to the plan can be made only by legislative action with the Governor’s approval. 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.
Contributions. 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.
• On-Behalf Contributions to the THIS Fund The State of Illinois makes employer retiree health insurance contributions on behalf of the employer. State contributions are intended to match contributions to the THIS Fund from active members which were 1.24 percent of pay during the year ended June 30, 2020. State of Illinois contributions were $498,042, and the employer recognized revenue and expenditures of this amount during the year.
• Employer Contributions to the THIS Fund The employer also makes contributions to the THIS Fund. The employer THIS Fund contribution was 0.92 percent during the year ended June 30, 2020. For the year ended June 30, 2020, the employer paid $369,515 to the THIS Fund, which was 100 percent of the required contribution.
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 7 – OTHER POST-EMPLOYMENT BENEFITS (OPEB) (Cont’d)
THIS Liabilities, THIS Expenses, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB
At June 30, 2019, the employer reported a liability for its proportionate share of the net THIS liability (first amount shown below). The state’s support and total are for disclosure purposes only. The amount recognized by the employer as its proportionate share of the net THIS liability, the related state support, and the total portion of the net THIS liability that was associated with the employer were as follows:
Employer's proportionate share of the net THIS liability $ 44,158,337 State's proportionate share of the net THIS liability associated with the employer 59,796,022 Total $ 103,954,359
The net THIS liability was measured as of June 30, 2019, and the total THIS liability used to calculate the net THIS liability was determined by an actuarial valuation as of June 30, 2018. The employer’s proportion of the net THIS liability was based on the employer’s share of contributions to THIS for the measurement year ended June 30, 2019, relative to the contributions of all participating THIS employers and the state during that period. At June 30, 2019, the employer’s proportion was .159546 percent, which was a decrease of .003612 percent from its proportion measured as of June 30, 2018.
For the year ended June 30, 2020, the employer recognized THIS expense of $1,626,775. At June 30, 2020, the employer reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:
Deferred Deferred Outflows of Inflows of Resources Resources Differences between expected and actual experience $ - $ 732,773 Changes of assumptions 16,741 5,061,984 Net difference between projected and actual earnings on plan investments - 1,446 Changes in proportion and differences between employer contributions and share of contributions 1,220,630 1,687,994 District contributions subsequent to the measurement date 369,515 - Total $ 1,606,886 $ 7,484,197
$369,515 reported as deferred outflows of resources related to THIS resulting from District contributions subsequent to the measurement date will be recognized as a reduction of the net THIS liability in the year ended June 30, 2021.
Year ended June 30: 2021 $ (1,258,143) 2022 (1,258,143) 2023 (1,258,019) 2024 (1,257,763) 2025 (854,684) Thereafter (360,073)
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WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 7 – OTHER POST-EMPLOYMENT BENEFITS (OPEB) (Cont’d)
Actuarial assumptions. The total THIS liability was determined by an actuarial valuation as of June 30, 2018, using the following actuarial assumptions, applied to all periods included in the measurement date, unless otherwise specified:
Inflation 2.50 percent Salary increases Varies by amount of service Investment rate of return 0%, net of THIS plan investment expense, including inflation Healthcare cost trend rates Actual trend used for fiscal year 2019. For fiscal years on and after 2020, trend starts at 9.00% for non-Medicare costs and Medicare costs, respectively, and gradually decreases to an ultimate trend rate of 4.50%. Additional trend rate of .31% is added to non-Medicare costs on and after 2022 to account for Excise Tax.
Mortality rates for retirement and beneficiary annuitants were based on the RP-2014 White Collar Annuitant Mortality Table, adjusted for TRS experience. For disabled annuitants mortality rates were based on the RP-Disabled Annuitant table. Mortality rates for pre-retirement were based on the RP-2014 White Collar Table. All tables reflect future mortality improvements using Projection Scale MP-2017.
The actuarial valuation was based on the Entry Age Normal cost method. Under this method, the normal cost and actuarial accrued liability are directly proportional to the employee’s salary. The normal cost rate equals the present value of future benefits at entry age divided by the present value of future salary at entry age. The normal cost at the member’s attained age equals the normal cost rate at entry age multiplied by the salary at attained age. The actuarial accrued liability equals the present value of benefits at attained age less present value of future salaries at attained age multiplied by normal cost rate at entry age.
Given the significant benefit payable, negative asset value and pay-as-you-go funding policy, the long- term expected rate of return assumption was set at zero.
Discount Rate. Projected benefit payments were discounted to their actuarial present value using a Single Discount Rate that reflects (1) a long-term expected rate of return on THIS plan investments (to the extent that the plan fiduciary net position is projected to be sufficient to pay benefits), and (2) tax-exempt municipal bond rate based on an index of 20-year general obligation bond with an average AA credit rating as of the measurement date (to the extent that the contributions for use with the long-term expected rate of return are not met). Since THIS is financed on a pay-as-you-go basis, a discount rate consistent with fixed-income municipal bonds with 20 years to maturity that include only federal tax- exempt municipal bonds as reported in Fidelity’s index’s “20-year Municipal GO AA Index” has been selected. The discount rates are 3.13%, as of June 30, 2019, and 3.62% as of June 30, 2018.
Sensitivity of the Employer’s Proportionate Share of the Net THIS Liability to Changes in the Discount Rate
The following presents the employer’s proportionate share of the net THIS liability calculated using the discount rate of 3.13 percent, as well as what the employer’s proportionate share of the net THIS liability would be if it were calculated using a discount rate that is 1-percentage-point lower (2.13 percent) or 1- percentage-point higher (4.13 percent) than the current rate.
Current 1% Decrease Discount Rate 1% Increase (2.13%) (3.13%) (4.13%) Employer's proportionate share $ 53,094,263 $ 44,158,337 $ 37,100,746 of the net pension liability
50
WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 7 – OTHER POST-EMPLOYMENT BENEFITS (OPEB) (Cont’d)
Sensitivity of the Employer’s Proportionate Share of the Net THIS Liability to Changes in the Health Care Trend Rate
The following presents the employer’s proportionate share of the net THIS liability calculated using the health care trend rate of 8.00 percent, as well as what the employer’s proportionate share of the net THIS liability would be if it were calculated using a health care trend rate that is 1-percentage-point lower (7.00 percent) or 1-percentage-point higher (9.00 percent) than the current rate.
Current 1% Decrease Discount Rate 1% Increase (7.00%) (8.00%) (9.00%) Employer's proportionate share $ 35,676,278 $ 44,158,337 $ 55,614,264 of the net pension liability
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 reports are listed under “Central Management Services.” Prior reports are available under “Healthcare and Family Services”.
B. Post-retirement Health Plan
General Information about the Post-retirement Health Plan
Plan description. The District administers a single-employer defined benefit post-retirement health care plan to all employees retiring from service at the District who were participating in the medical plan prior to retirement, along with satisfying certain eligibility requirements. No assets are accumulated in a trust that meets the criteria of GASB Statement 75.
Benefits provided. The contributions required by the District are negotiated between the District and union representatives. The plan provides for the District to pay for medical, dental and life insurance coverage for retired administrators through age 65. Vision coverage is paid by the retiree. IMRF retirees may continue medical indefinitely at full cost. Certified staff receives medical coverage through the Teacher’s Retirement Insurance Program paid by the District. They may also continue life insurance coverage paid by the retiree until the age of 65. Retirees under the age of 65 contribute the full Consolidated Omnibus Budget Reconciliation Act (COBRA) equivalent rate. The District contributes to the plan on a pay-as-you- go cash basis. With this type of policy, the District funds no more than the current year cost of the post- employment benefits for the retirees.
Employees covered by benefit terms. At the census date, the following employees were covered by the benefit terms:
Active Employees 746 Inactive Plan Members entitled to but not yet receiving benefits - Inactive Employees Currently Receiving Benefits 53 Total 799
51
WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 7 – OTHER POST-EMPLOYMENT BENEFITS (OPEB) (Cont’d)
Total Post-retirement Health Plan Liability
The District’s total Post-retirement Health Plan liability of $6,736,711, as of June 30, 2020, was determined by calculating the June 30, 2019, results one year later. Starting costs and trend rates are appropriately adjusted to reflect the passage of one year.
Actuarial assumptions and other inputs. The total liability in the June 30, 2020, actuarial valuation was determined using the following actuarial assumptions and other inputs, applied to all periods included in the measurement, unless otherwise specified:
• The Actuarial Cost Method used was Entry Age Normal. • The Inflation Rate was assumed to be 2.50%. • Salary Increases were expected to be 4.00%. • The Funded Ratio was assumed to be 0.00%. • The Discount rate of 2.66% was based on the S&P Municipal Bond 20 Year High-Grade Rate Index as of June 30, 2020. • Initial Healthcare Cost Trend Rates: District Medical Plan 6.50%, decreasing to an ultimate rate of 4.50% for 2029 and later years; District Dental Plan 2.00% for all years; TRIP Plan 5.00% for all years; Life Insurance 0.00% for all years. • The Retiree Contribution Trend is the same as the Healthcare Cost Trend. • The Mortality rates were based on the RP-2014 Combined Annuitant Mortality Table for males and females.
The actuarial assumptions used in the June 30, 2019, valuation was based on the results of an actuarial experience study for the period July 1, 2018 – June 30, 2019.
Changes in the Total Post-retirement Health Plan Liability
Total Plan Net Pension Fiduciary Pension Liability Net Position Liability (A) (B) (A) - (B) Balances at June 30, 2018 $ 6,359,468 $ - $ 6,359,468 Changes for the Year: Service Cost 416,729 - 416,729 Interest on the Total Liability 172,947 - 172,947 Changes of Benefit Terms - - - Difference Between Expected and Actual Experience - - - Changes of Assumptions and Other 106,991 - 106,991 Contributions - Employer - - - Contributions - Active and Inactive Employees - - - Net Investment Income - - - Benefits Payments, Estimated (321,270) - (321,270) Administrative Expenses - - - Other Changes 1,846 - 1,846 Net Changes 377,243 - 377,243 Balances at June 30, 2019 $ 6,736,711 $ - $ 6,736,711
52
WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 7 – OTHER POST-EMPLOYMENT BENEFITS (OPEB) (Cont’d)
Other changes include new census, change to the Entry Age Normal actuarial cost method, and interaction amongst changes.
Sensitivity of the total Post-retirement Health Plan liability to changes in the discount rate. The following presents the District’s total Post-retirement Health Plan liability, as well as what the District’s total Post- retirement Health Plan liability would be if it were calculated using a discount rate that is 1-percentage- point lower (1.66%) or 1-percetage-point higher (3.66%) than the current discount rate:
1% Lower Current Discount 1% Higher (1.66%) (2.66%) (3.66%) Total Post-retirement Health Plan liability $ 7,268,816 $ 6,736,711 $ 6,235,547
Sensitivity of the total Post-retirement Health Plan liability to changes in the healthcare cost trend rates. The following presents the District’s total Post-retirement Health Plan liability, as well as what the District’s total Post-retirement Health Plan liability would be if it were calculated using a healthcare cost trend rate that is 1-percentage-point lower (5.50%) or 1-percentage-point higher (7.50%) than the current discount rate:
1% Lower Current Discount 1% Higher (5.50%) (6.50%) (7.50%) Total Post-retirement Health Plan liability $ 5,970,132 $ 6,736,711 $ 7,647,012
Post-retirement Health Plan Expense and Deferred Outflows of Resources and Deferred Inflow of Resources
For the year ended June 30, 2020, the District recognized a Post-retirement Health Plan expense of $734,212. At June 30, 2020, the District reported deferred outflows of resources and deferred inflow of resources related to the Post-retirement Health Plan from the following sources:
Deferred Deferred Outflows of Inflows of Resources Resources Differences between expected and actual experience $ - $ 649,060 Changes of assumptions 477,256 177,612 Net difference between projected and actual earnings on plan investments - - Total $ 477,256 $ 826,672
Amounts reported as deferred outflows of resources and deferred inflows of resources will be recognized in expense in future periods as follows:
53
WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 7 – OTHER POST-EMPLOYMENT BENEFITS (OPEB) (Concluded)
Year Ending Net Deferred Ouflows June 30 of Resources 2021 $ 144,536 2022 144,536 2023 144,536 2024 144,536 2025 144,536 Thereafter 369,062 Total $ 1,091,742
Expected Cash Flows
The following projected cash flows is based on a closed group valuation. It does not take into account the impact of future new hires. It also includes the Implicit Rate Subsidiary.
Fiscal Estimated Benefit Year Payments 2021 $ 344,815 2022 348,488 2023 348,225 2024 372,189 2025 343,615 2026 351,114 2027 303,796 2028 307,018 2029 309,396 2030 354,446
For the year ended June 30, 2020, aggregate pension amounts are as follows:
Health Benefit THIS Plan Total Deferred Outflows of Resources $ 1,606,886 $ 477,256 - $ 2,084,142 Net OPEB Liability* 44,158,337 6,736,711 50,895,048 Deferred Inflows of Resources 7,484,197 826,672 8,310,869 OPEB Expense 1,626,775 1,854,098 3,480,873
*The Net OPEB Liability is recorded in non-current liabilities due in more than one year.
NOTE 8 – COMMITMENTS
As of June 30, 2020, the District had entered into various contractual commitments for construction projects. The unpaid balance of these contracts is approximately $892,190.
54
WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 9 – VOCATIONAL PROJECTS
The District is involved in the construction of houses, often referred to as “building trades”, through its high school vocational programs. Typically, one house is completed every two years and is offered for sale to the general public, while others are in various stage of completion. During the fiscal year, expenditures related to these houses are capitalized as assets (vocational projects) and are removed from the accounting records when the houses are sold.
NOTE 10 – RISK MANAGEMENT
The District is exposed to various risks of loss related to torts; theft of, or damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. The District has purchased insurance through risk pools (see Note 11) and from private insurance companies. Risks covered include general liability, workers’ compensation and other. During fiscal year 2019 there was no significant reduction in insurance coverage for any category. Settled claims resulting from these risks have not exceeded commercial insurance coverage in any of the past three years. Premiums have been displayed as expenditures in appropriate funds. The District also operates a self-insurance program for medical and dental coverage for employees (see Note 12).
NOTE 11 – COOPERATIVES The District is a member of the Collective Liability Insurance Cooperative (CLIC), which has been formed to provide casualty, property and liability protections and to administer some or all insurance coverage and protection other than health, life and accident coverage. It is intended that CLIC will provide a way for members to equalize annual fluctuations in insurance costs. To do this, reserves may be created to fund temporary deficits of members and will, ultimately, equalize the risks and stabilize the costs of providing casualty, property and liability protection. If the funds on hand in the account of CLIC are not sufficient to pay expenses of administration, the Board of Directors shall require proportionate supplementary payment from all members.
Complete financial statements for CLIC can be obtained from its administrator, 1441 Lake Street, Libertyville, IL 60048.
NOTE 12 – SELF INSURANCE PLAN
The District operates a self-insurance plan to provide medical and dental insurance to its employees. The plan is funded through District and employee contributions, and expenditures are incurred when claims are paid. Total claims and fees paid during the year ended June 30, 2020, were $14,170,463. The District liability will not exceed $125,000 per employee or $13,121,923 in the aggregate as provided by stop loss provisions from private insurance companies. At June 30, 2020, a liability of $1,060,382 has been recorded in the General Fund, which represents claims incurred but not yet reported. Claims incurred but not yet reported includes known loss events that are expected to later be presented as claims, unknown loss events that are expected to become claims, and expected future development on claims already reported.
A summary of the changes in the District’s claim liability is as follows:
55
WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO BASIC FINANCIAL STATEMENTS (AN INTEGRAL PART OF THE BASIC FINANCIAL STATEMENTS) JUNE 30, 2020
NOTE 12 – SELF INSURANCE PLAN (Concluded)
Fiscal Year Ended June 30, 2020 June 30, 2019 Claims liability at July 1, $ 376,876 $ 437,680 Current year claims and changes in estimates 14,170,463 13,219,282 Claim payments (13,486,957) (13,280,086) Claims liability at June 30, $ 1,060,382 $ 376,876
NOTE 13 – EXPENDITURES IN EXCESS OF BUDGET (BUDGET BASIS)
The District operated within the confines of the approved budget during the year ended June 30, 2020.
NOTE 14 – INTERFUND LOANS AND TRANSFERS
The District made interfund transfers of $2,724,273 from the General Fund (Educational Account) and $75,004 from the Capital Projects Fund to the Debt Service Fund to fund debt payments.
NOTE 15 – SUBSEQUENT EVENTS
Subsequent events are events or transactions that occur after the balance sheet date but before the financial statements are issued or available to be issued. There are two types of subsequent events: recognized (events that relate to conditions present at the balance sheet date) and non-recognized (events or conditions that did not exist at the balance sheet date but arose after that date). There have been no recognized or non-recognized subsequent events that have occurred between June 30, 2019, and the date of this audit report requiring disclosure in the financial statements.
On March 11, 2020, the World Health Organization declared the outbreak of coronavirus (COVID-19) a pandemic. As a result, economic uncertainties have arisen which are likely to negatively impact changes in net position/net assets, etc. Other financial impact could occur though such potential impact is unknown at this time.
56
REQUIRED SUPPLEMENTARY INFORMATION
Required supplementary information includes financial information and disclosures that are required by the GASB but are not considered a part of the basic financial statements. Such information includes:
Schedule of Changes in Net Pension Liability and Related Ratios - IMRF
Schedule of Employer Contributions - IMRF
Schedule of Employer's Proportionate Share of the Net Pension Liability - TRS
Schedule of Employer Contributions - TRS
Schedule of Employer's Proportionate Share of the OPEB Liability - THIS
Schedule of Employer Contributions - OPEB - THIS
Schedule of Changes in the District's Total Plan Liability and Related Ratios - OPEB - Post-Retirement Health Plan
Schedule of Contributions - OPEB - Post-Retirement Health Plan
Schedules of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Budget Basis for:
General Fund
Educational Account
Operations and Maintenance Account
Working Cash Account
Transportation Fund
Municipal Retirement Fund
Tort Fund
Notes to Required Supplementary Information (THIS PAGE INTENTIONALLY LEFT BLANK) (THIS PAGE INTENTIONALLY LEFT BLANK) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS ILLINOIS MUNICIPAL RETIREMENT FUND MOST RECENT CALENDAR YEARS
Calendar year ending December 31, 2019 2018 2017
Total pension liability Service cost $ 1,628,400 $ 1,515,979 $ 1,531,126 Interest on the total pension liability 4,672,653 4,345,185 3,891,061 Benefit changes - - - Difference between expected and actual experience of the total pension liability 1,006,147 1,487,939 4,984,002 Changes of assumptions - 1,828,542 (1,808,004) Benefit payments, including refunds of employee contributions (2,826,895) (2,611,657) (2,459,585)
Net change in total pension liability 4,480,305 6,565,988 6,138,600 Total pension liability - beginning 65,049,631 58,483,643 52,345,043
Total pension liability - ending (A) $ 69,529,936 $ 65,049,631 $ 58,483,643
Plan fiduciary net position Contributions - employer $ 1,626,653 $ 1,676,336 $ 1,676,577 Contributions - employees 711,947 687,866 658,042 Net investment income 9,476,823 (2,750,439) 7,630,615 Benefit payments, including refunds of employee contributions (2,826,895) (2,611,657) (2,459,585) Other (net transfer) 468,076 1,356,672 1,977,794
Net change in plan fiduciary net position 9,456,604 (1,641,222) 9,483,443 Plan fiduciary net position - beginning 51,297,390 52,938,612 43,455,169
Plan fiduciary net position - ending (B) $ 60,753,994 $ 51,297,390 $ 52,938,612
Net pension liability/(asset) - ending (A) - (B) $ 8,775,942 $ 13,752,241 $ 5,545,031
Plan fiduciary net position as a percentage of the total pension liability 87.38% 78.86% 90.52%
Covered valuation payroll $ 15,597,056 $ 15,128,150 $ 14,528,376
Net pension liability as a percentage of covered valuation payroll 56.27% 90.90% 38.17%
This schedule is presented to illustrate the requirement to show information for 10 years. However, until a full 10-year trend is compiled, information is presented for those years for which information is available.
57 2016 2015 2014
$ 1,669,136 $ 1,570,864 $ 1,585,842 3,772,244 3,464,853 3,059,999 - - -
(1,528,044) 994,689 472,532 (256,458) 127,770 2,138,674
(2,087,090) (1,838,118) (1,617,830)
1,569,788 4,320,058 5,639,217 50,775,255 46,455,197 40,815,980
$ 52,345,043 $ 50,775,255 $ 46,455,197
$ 1,546,503 $ 1,613,082 $ 1,501,110 619,010 651,130 621,416 2,747,098 202,974 2,310,708
(2,087,090) (1,838,118) (1,617,830) 431,984 (813,142) (61,771)
3,257,505 (184,074) 2,753,633 40,197,664 40,381,738 37,628,105
$ 43,455,169 $ 40,197,664 $ 40,381,738
$ 8,889,874 $ 10,577,591 $ 6,073,459
83.02% 79.17% 86.93%
$ 13,631,531 $ 14,454,135 $ 13,510,925
65.22% 73.18% 44.95%
58 WOODSTOCK COMMUNITY UNTIL SCHOOL DISTRICT NO. 200 SCHEDULE OF EMPLOYER CONTRIBUTIONS ILLINOIS MUNICIPAL RETIREMENT FUND MOST RECENT CALENDAR YEARS
Calendar Year Actuarially Contribution Covered Actual Contribution Ending Determined Actual Deficiency Valuation as a % of Covered December 31 Contribution Contribution (Excess) Payroll Valuation Payroll
2019 $ 1,601,818 $ 1,626,653 $ (24,835) $ 15,597,056 10.43% 2018 1,676,199 1,676,336 (137) 15,128,150 11.08% 2017 1,676,575 1,676,577 (2) 14,528,376 11.54% 2016 1,549,905 1,546,503 3,402 13,631,531 11.35% 2015 1,613,081 1,613,082 (1) 14,454,135 11.16% 2014 1,498,362 1,501,110 (2,748) 13,510,928 11.11%
Summary of Actuarial Methods and Assumptions Used in the Calculation of the 2019 Contribution Rate*
Valuation Date:
Notes Actuarially determined contribution rates are calculated as of December 31 each year, which are 12 months prior to the beginning of the fiscal year in which contributions are reported.
Methods and Assumptions Used to Determine 2019 Contribution Rates:
Actuarial Cost Method: Aggregate entry age normal Amortization Method: Level percentage of payroll, closed Remaining Amortization Period: 24-year closed period Asset Valuation Method: 5-year smoothed market; 20% corridor Wage Growth: 3.25% Price Inflation: 2.50% Salary Increases: 3.35% to 14.25%, including inflation Investment Rate of Return: 7.50% Retirement Age: Experience-based table of rates that are specific to the type of eligibility condition; last updated for the 2017 valuation pursuant to an experience study of the period 2014 to 2016. Mortality: For non-disabled lives, an IMRF specific mortality table was used with fully generational projection scale MP-2017 (base year 2015). The IMRF specific rates were developed from the RP-2014 Blue Collar Health Annuitant Mortality Table with adjustments to match current IMRF experience. For disabled retirees, an IMRF specific mortality table was used with fully generational projection scale MP-2017 (base year 2015). The IMRF specific rates were developed from the RP-2014 Disabled Retirees Mortality Table applying the same adjustments that were applied for non-disabled lives. For active members, an IMRF specific mortality table was used with fully generational projection scale MP-2017 (base year 2015). The IMRF specific rates were developed from the RP-2014 Employee Mortality Table with adjustments to match current IMRF experience.
Other Information:
Notes: There were no benefit changes during the year.
*Based on Valuation Assumptions used in the December 31, 2017, actuarial valuation.
This schedule is presented to illustrate the requirement to show information for 10 years. However, until a full 10-year trend is compiled, information is presented for those years for which information is available.
59 THIS PAGE INTENTIONALLY LEFT BLANK) WOODSTOCK COMMUNITY UNTIL SCHOOL DISTRICT NO. 200 SCHEDULE OF THE EMPLOYER'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY TEACHERS' RETIREMENT SYSTEM OF THE STATE OF ILLINOIS MOST RECENT FISCAL YEARS
Fiscal year ending June 30,* 2020 2019 2018
Employer's proportion of the net pension liability 0.0050% 0.0054% 0.0066%
Employer's proportionate share of the net pension liability $ 4,053,673 $ 4,216,402 $ 5,038,712
State's proportionate share of the net pension liability associated with the employer 288,495,490 288,841,191 279,857,094
Total $ 292,549,163 $ 293,057,593 $ 284,895,806
Employer's covered-employee payroll $ 39,163,675 $ 38,564,418 $ 38,241,393
Employer's proportionate share of the net pension liability as a percentage of its covered-employee payroll 10.35% 10.93% 13.18%
Plan fiduciary net position as a percentage of the total pension liability 39.60% 39.30% 36.40%
*The amounts presented were determined as of the prior fiscal-year end.
Changes of Assumptions
For the 2019, 2018, 2017 and 2016 measurement years, the assumed investment rate of return was 7.0 percent, including an inflation rate of 2.5 percent and a real return of 4.5 percent. Salary increases were assumed to vary by service credit, but the rates of increase in the 2018 measurement year were slightly higher.
For the 2015 measurement year, the assumed investment rate of return was 7.5 percent, including an inflation rate of 3.0 percent and a real return of 4.5 percent. Salary increases were assumed to vary by service3 credit. Various other changes in assumptions were adopted based on the experience for the three-year period ending June 30, 2014.
Note: This schedule is presented to provide information for ten years. Additional years will be presented as they become available.
60 2017 2016 2015
0.0076% 0.0109% 0.0089%
$ 6,025,196 $ 7,123,710 $ 5,413,718
294,578,152 231,720,926 211,213,921
$ 300,603,348 $ 238,844,636 $ 216,627,639
$ 36,759,966 $ 35,923,578 $ 34,303,681
16.39% 19.83% 15.78%
36.40% 41.50% 43.00%
61 WOODSTOCK COMMUNITY UNTIL SCHOOL DISTRICT NO. 200 SCHEDULE OF EMPLOYER CONTRIBUTIONS TEACHERS' RETIREMENT SYSTEM OF THE STATE OF ILLINOIS MOST RECENT FISCAL YEARS
Fiscal year ending June 30, 2020 2019 2018
Contractually-required contribution $ 253,850 $ 227,149 $ 223,674
Contributions in relation to the contractually-required contribution 253,747 227,865 225,182
Contribution deficiency (excess) $ 103 $ (716) $ (1,508)
Employer's covered-employee payroll $ 40,164,646 $ 39,163,675 $ 38,564,418
Contributions as a percentage of covered-employee payroll 0.63% 0.58% 0.58%
Note: This schedule is presented to provide information for ten years. Additional years will be presented as they become available.
62 2017 2016 2015
$ 287,624 $ 280,272 $ 381,771
288,092 296,247 382,532
$ (468) $ (15,975) $ (761)
$ 36,759,966 $ 35,923,578 $ 34,303,681
0.78% 0.78% 1.11%
63 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 SCHEDULE OF EMPLOYER'S PROPORTIONATE SHARE OF THE OTHER POST-EMPLOYMENT BENEFITS LIABILITY - TEACHER'S HEALTH INSURANCE SECURITY FUND MOST RECENT FISCAL YEARS
Fiscal year ending June 30,* 2020 2019 2018
Employer's proportion of the net THIS liability 0.159546 0.163158 0.166491
Employer's proportionate share of the net THIS liability $ 44,158,337 $ 42,985,300 $ 43,203,739
State's proportionate share of the net THIS liability associated with the employer 59,796,022 57,719,988 56,737,245
Total $ 103,954,359 $ 100,705,288 $ 99,940,984
Covered-employee payroll $ 39,163,675 $ 38,564,418 $ 38,241,393
Employer's proportionate share of the net THIS liability as a percentage of its covered-employee payroll 112.75% 111.46% 112.98%
Plan fiduciary net position as a percentage of the total THIS liability 0.25% -0.07% -0.17%
*The amounts presented were determined as of the prior fiscal-year end.
Changes of Assumptions
The discount rate was changed from 3.62 percent at June 30, 2018, to 3.13 percent at June 30, 2019. The healthcare trend assumption was updated based on claim and enrollment experience through June 30, 2018, projected plan cost for plan year end June 30, 2019, premium changes through plan year end 2020, and expectation of future trend increases after June 30, 2019. The Excise Tax trend adjustment was updated based on available premium and enrollment information as of June 30, 2019. Per capita claim costs for plan year end June 30, 2019, were updated based on projected claims and enrollment experience through June 30, 2019, and updated premium rates through plan year 2020. Healthcare plan participation rates by plan were updated based on observed experience.
Amounts reported in 2019 reflect an investment rate of return of 0.00 percent, an inflation rate of 2.50 percent and salary increases that vary by amount of service credit. Amounts reported in 2017 reflect an investment rate of return of 0.00 percent, an inflation rate of 2.75 percent, and salary increases that vary by service credit. In 2016, assumptions used were an investment rate of return of 0.00 percent, an inflation rate of 2.75 percent, and salary increases that vary by amount of service. In 2015 and 2014, assumptions used were an investment rate of return of 4.50 percent, an inflation rate of 3.00 percent, and salary increases that vary by amount of service.
Note: This schedule is presented to provide information for ten years. Additional years will be presented as they become available.
64 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 SCHEDULE OF EMPLOYER CONTRIBUTIONS - OTHER POST-EMPLOYMENT BENEFITS TEACHER'S HEALTH INSURANCE SECURITY FUND MOST RECENT FISCAL YEARS
Fiscal year ending June 30, 2020 2019 2018
Contractually-required contribution $ 369,515 $ 360,306 $ 321,228
Contributions in relation to the contractually-required contribution 369,515 360,306 321,228
Contribution deficiency (excess) $ - $ - $ -
Employer's covered-employee payroll $ 40,164,646 $ 39,163,675 $ 38,241,393
Contributions as a percentage of covered-employee payroll 0.92% 0.92% 0.84%
Note: This schedule is presented to provide information for ten years. Additional years will be presented as they become available.
65 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 SCHEDULE OF CHANGES IN THE DISTRICT'S TOTAL PLAN LIABILITY AND RELATED RATIOS - OTHER POST-EMPLOYMENT BENEFITS - POST-RETIREMENT HEALTH PLAN MOST RECENT FISCAL YEARS
Fiscal year ending June 30,* 2020 2019 2018
Total Post-retirement Health Plan Liability Service cost $ 416,729 $ 397,519 $ 292,657 Interest on the total post-retirement health plan liability 172,947 163,194 171,002 Changes in benefit terms - - - Difference between expected and actual experience - 94,900 153,469 Changes of assumptions and other inputs 106,991 319,054 47,511 Benefit payments (321,270) (327,872) (310,398) Other changes 1,846 72,425 296,096
Net change 377,243 719,220 650,337 Total Post-retirement Health Plan Liability - beginning of year 6,359,468 5,640,249 4,395,938
Total Post-retirement Health Plan Liability - end of year $ 6,736,711 $ 6,359,469 $ 5,046,275
Covered-employee payroll $ 40,364,877 $ 40,364,877 $ 41,350,063
Net OPEB liability as a percentage of covered valuation payroll 16.69% 15.75% 12.20%
*The amounts presented were determined as of the prior fiscal-year end.
66 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 SCHEDULE OF CONTRIBUTIONS OTHER POST-EMPLOYMENT BENEFITS - POST-RETIREMENT HEALTH PLAN MOST RECENT FISCAL YEARS
Actuarially Contribution Covered Actual Contribution Fiscal Year Determined Actual Deficiency Valuation as a % of Covered Ended* Contribution Contribution (Excess) Payroll Valuation Payroll
2020 $ 321,270 $ 321,270 $ - $ 40,364,877 0.80% 2019 327,872 327,872 - 40,364,877 0.81% 2018 310,398 310,398 - 41,350,063 0.75%
*The amounts presented were determined as of the prior fiscal-year end.
This schedule is presented to illustrate the requirement to show information for 10 years. However, until a full 10-year trend is compiled, information is presented for those years for which information is available.
67 THIS PAGE INTENTIONALLY LEFT BLANK) GENERAL AND MAJOR SPECIAL REVENUE FUNDS - SCHEDULES OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - BUDGET BASIS (THIS PAGE INTENTIONALLY LEFT BLANK) (THIS PAGE INTENTIONALLY LEFT BLANK) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 GENERAL FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BY ACCOUNT - BUDGET AND ACTUAL - BUDGET BASIS FOR THE YEAR ENDED JUNE 30, 2020
EDUCATIONAL ACCOUNT OPERATIONS AND MAINTENANCE ACCOUNT
Original and Original and Final Budget Actual Variance Final Budget Actual Variance REVENUES Local Sources: Property taxes - general levies $ 37,222,950 $ 36,257,808 $ (965,142) $ 6,146,682 $ 6,015,449 $ (131,233) Personal property replacement taxes - - - 200,000 169,163 (30,837) Earnings on investments 602,280 730,092 127,812 80,000 67,540 (12,460) Food services 885,100 634,497 (250,603) - - - Contributions and donations 1,021,332 912,617 (108,715) - - - Pupil activities 399,500 295,968 (103,532) 28,000 28,817 817 Textbooks 571,500 537,318 (34,182) - - - Rentals - - - 40,000 27,089 (12,911) Tuition 3,540,000 3,659,459 119,459 - - - Refund of prior years' expenditures 2,500 11,567 9,067 - - - Other local sources 332,000 222,972 (109,028) 59,000 77,058 18,058
Total Local Sources 44,577,162 43,262,298 (1,314,864) 6,553,682 6,385,116 (168,566)
State Sources 49,933,126 54,448,068 4,514,942 875,000 875,000 -
Federal Sources 5,180,248 5,041,238 (139,010) - - -
Total Revenues 99,690,536 102,751,604 3,061,068 7,428,682 7,260,116 (168,566)
EXPENDITURES Current: Instruction 76,860,673 77,103,770 (243,097) - - - Support services 21,296,273 21,915,053 (618,780) 7,019,632 6,852,744 166,888 Community services 584,595 542,659 41,936 - - - Payments to other government units 40,000 6,385 33,615 - - - Capital outlay 661,405 350,055 311,350 409,050 255,299 153,751
Total Expenditures 99,442,946 99,917,922 (474,976) 7,428,682 7,108,043 320,639
Excess of Revenues Over Expenditures 247,590 2,833,682 2,586,092 - 152,073 152,073
OTHER FINANCING SOURCES (USES) Transfers out (2,900,000) (2,724,273) 175,727 - - -
Total Other Financing Sources (Uses) (2,900,000) (2,724,273) 175,727 - - -
Net Changes in Fund Balances $ (2,652,410) 109,409 $ 2,761,819 $ - 152,073 $ 152,073
Fund Balance, Budget Basis, at Beginning of Year 47,508,101 4,537,769
Fund Balance, Budget Basis, at End of Year $ 47,617,510 $ 4,689,842
68 SCHEDULE 1
WORKING CASH ACCOUNT TOTALS
Original and Original and Final Budget Actual Variance Final Budget Actual Variance
$ 398,000 $ 374,078 $ (23,922) $ 43,767,632 $ 42,647,335 $ (1,120,297) - - - 200,000 169,163 (30,837) 75,000 58,089 (16,911) 757,280 855,721 98,441 - - - 885,100 634,497 (250,603) - - - 1,021,332 912,617 (108,715) - - - 427,500 324,785 (102,715) - - - 571,500 537,318 (34,182) - - - 40,000 27,089 (12,911) - - - 3,540,000 3,659,459 119,459 - - - 2,500 11,567 9,067 - - - 391,000 300,030 (90,970)
473,000 432,167 (40,833) 51,603,844 50,079,581 (1,524,263)
- - - 50,808,126 55,323,068 4,514,942
- - - 5,180,248 5,041,238 (139,010)
473,000 432,167 (40,833) 107,592,218 110,443,887 2,851,669
- - - 76,860,673 77,103,770 (243,097) - - - 28,315,905 28,767,797 (451,892) - - - 584,595 542,659 41,936 - - - 40,000 6,385 33,615 - - - 1,070,455 605,354 465,101
- - - 106,871,628 107,025,965 (154,337)
473,000 432,167 (40,833) 720,590 3,417,922 2,697,332
- - - (2,900,000) (2,724,273) (175,727)
- - - (2,900,000) (2,724,273) (175,727)
$ 473,000 432,167 $ (40,833) $ (2,179,410) 693,649 $ 2,521,605
3,773,316 55,819,186
$ 4,205,483 $ 56,512,835
69 SCHEDULE 2 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 EDUCATIONAL ACCOUNT SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - BUDGET BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE ACTUAL TOTALS FOR 2019)
2020 Original and 2019 Final Budget Actual Variance Actual REVENUES Local Sources: Property taxes - general levies $ 31,053,950 $ 30,140,389 $ (913,561) $ 29,557,750 Property taxes - special ed levy 6,169,000 6,117,419 (51,581) 5,981,402 Earnings on investments 602,280 730,092 127,812 750,377 Food services 885,100 634,497 (250,603) 757,918 Contributions and donations 1,021,332 912,617 (108,715) 574,450 Pupil activities 399,500 295,968 (103,532) 268,895 Textbooks 571,500 537,318 (34,182) 700,476 Tuition 3,540,000 3,659,459 119,459 3,305,140 Refund of prior years' expenditures 2,500 11,567 9,067 69,086 Other local sources 332,000 222,972 (109,028) 442,135
Total Local Sources 44,577,162 43,262,298 (1,314,864) 42,407,629
State Sources: Unrestricted Grants-In-Aid: Evidence based funding formula 19,405,449 20,167,489 762,040 19,420,243 Restricted Grants-In-Aid: Special education 200,000 360,413 160,413 293,363 CTE 45,567 45,567 - 63,190 Early childhood 2,039,994 1,753,141 (286,853) 2,354,077 Drivers' education 60,000 41,034 (18,966) 61,551 School lunch aid- free 18,500 14,420 (4,080) 19,814 On behalf payments - State of Illinois 27,940,757 31,821,458 3,880,701 27,612,579 Other grants-in-aid 222,859 244,546 21,687 128,276
Total State Sources 49,933,126 54,448,068 4,514,942 49,953,093
Federal Sources: Restricted Grants-In-Aid: Title I 1,220,795 1,189,274 (31,521) 1,000,826 Food service 1,240,000 1,289,148 49,148 1,204,003 IDEA preschool flow through 60,573 59,516 (1,057) 51,196 IDEA flow through 1,487,050 1,585,969 98,919 1,399,074 IDEA room and board 250,000 226,074 (23,926) 287,623 V E Perkins 41,642 41,642 - 50,441 Medicaid matching 425,000 546,169 121,169 541,088 Title IV - Student support and enrichment - 1,771 1,771 17,530 Title III 122,576 95,286 (27,290) 109,582 Title II - 6,389 6,389 64,726 Other 332,612 - (332,612) 27,055
Total Federal Sources 5,180,248 5,041,238 (139,010) 4,753,144
Total Revenues 99,690,536 102,751,604 3,061,068 97,113,866
(Continued) 70 SCHEDULE 2 (Continued) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 EDUCATIONAL ACCOUNT SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - BUDGET BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE ACTUAL TOTALS FOR 2019)
2020 Original and 2019 Final Budget Actual Variance Actual EXPENDITURES Current: Instruction: Regular Programs: Salaries $ 18,520,227 $ 17,370,729 $ 1,149,498 $ 16,740,242 Employee benefits 6,062,946 4,680,935 1,382,011 5,830,208 On behalf payments - State of Illinois 27,940,757 31,821,458 (3,880,701) 27,612,579 Purchased services 729,599 687,598 42,001 514,838 Supplies and materials 578,544 578,610 (66) 359,983 Other objects 73,681 23,310 50,371 81,430 Non-capitalized equipment 4,200 31,908 (27,708) 10,625 Termination benefits 75,000 83,010 (8,010) 62,448
Total Regular Programs 53,984,954 55,277,558 (1,292,604) 51,212,353
Pre-K Programs: Salaries 882,769 808,859 73,910 811,913 Employee benefits 283,383 255,380 28,003 270,012 Purchased services 5,500 2,223 3,277 6,679 Supplies and materials 44,206 55,343 (11,137) 46,628
Total Pre-K Programs 1,215,858 1,121,805 94,053 1,135,232
Special Education Programs: Salaries 7,917,861 7,545,490 372,371 7,471,770 Employee benefits 2,201,048 2,064,990 136,058 2,040,191 Purchased services 30,101 37,029 (6,928) 50,575 Supplies and materials 60,710 109,684 (48,974) 90,375 Other objects 252,750 202,552 50,198 267,613 Non-capitalized equipment 600 17,527 (16,927) 670
Total Special Education Programs 10,463,070 9,977,272 485,798 9,921,194
Special Education Pre-K Programs: Salaries 149,394 175,413 (26,019) 164,538 Employee benefits 40,156 37,892 2,264 39,103
Total Special Education Pre-K Programs 189,550 213,305 (23,755) 203,641
(Continued) 71 SCHEDULE 2 (Continued) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 EDUCATIONAL ACCOUNT SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - BUDGET BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE ACTUAL TOTALS FOR 2019)
2020 Original and 2019 Final Budget Actual Variance Actual Instruction: Remedial and Supplemental Programs: Salaries $ 248,164 $ 240,035 $ 8,129 $ 211,739 Employee benefits 52,759 76,479 (23,720) 42,684 Purchased services 11,819 5,360 6,459 3,160 Supplies and materials 413,526 492,585 (79,059) 187,887 Non-capitalized equipment 45,000 - 45,000 45,222
Total Remedial and Supplemental Programs 771,268 814,459 (43,191) 490,692
CTE Programs: Salaries 900,073 845,466 54,607 823,555 Employee benefits 237,561 207,116 30,445 221,598 Purchased services 7,400 5,855 1,545 3,704 Supplies and materials 18,169 6,472 11,697 35,479 Non-capitalized equipment 1,546 4,308 (2,762) 2,989
Total CTE Programs 1,164,749 1,069,217 95,532 1,087,325
Interscholastic Programs: Salaries 1,755,712 1,673,121 82,591 1,660,563 Employee benefits 127,457 117,873 9,584 116,665 Purchased services 166,450 138,293 28,157 162,120 Supplies and materials 12,525 19,693 (7,168) 9,724 Other objects 40,900 39,869 1,031 41,859 Non-capitalized equipment - - - 1,800
Total Interscholastic Programs 2,103,044 1,988,849 114,195 1,992,731
Summer School Programs: Salaries 357,748 352,350 5,398 384,072 Employee benefits 6,100 12,941 (6,841) 14,567 Purchased services - 298 (298) 178 Supplies and materials 4,000 4,958 (958) 4,004
Total Summer School Programs 367,848 370,547 (2,699) 402,821
Gifted Programs: Salaries 248,361 256,507 (8,146) 243,753 Employee benefits 109,549 91,084 18,465 91,991 Purchased services 4,750 4,575 175 4,553 Supplies and materials 2,300 1,629 671 1,125
Total Gifted Programs 364,960 353,795 11,165 341,422
(Continued) 72 SCHEDULE 2 (Continued) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 EDUCATIONAL ACCOUNT SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - BUDGET BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE ACTUAL TOTALS FOR 2019)
2020 Original and 2019 Final Budget Actual Variance Actual Instruction: Driver's Education Programs: Salaries $ 137,635 $ 104,328 $ 33,307 $ 122,429 Employee benefits 15,910 12,494 3,416 13,437 Purchased services 3,239 1,251 1,988 4,109 Supplies and materials 4,000 1,083 2,917 1,815 Other objects 100 60 40 20
Total Driver's Education Programs 160,884 119,216 41,668 141,810
Bilingual Programs: Salaries 4,353,888 4,133,357 220,531 4,155,371 Employee benefits 1,480,456 1,268,976 211,480 1,340,060 Purchased services 7,200 5,682 1,518 9,108 Supplies and materials 32,944 22,965 9,979 24,632
Total Bilingual Programs 5,874,488 5,430,980 443,508 5,529,171
Special Education Programs K-12 Tuition: Other objects 200,000 366,767 (166,767) 394,256
Total Special Education Programs K-12 Tuition 200,000 366,767 (166,767) 394,256
Total Instruction 76,860,673 77,103,770 (243,097) 72,852,648
Support Services: Pupils: Attendance and Social Work Services: Salaries 1,149,765 1,136,732 13,033 986,220 Employee benefits 351,438 365,087 (13,649) 303,213 Purchase services 39,375 460 38,915 35,036 Supplies and materials 2,175 857 1,318 336
Total Attendance and Social Work Services 1,542,753 1,503,136 39,617 1,324,805
Guidance Services: Salaries 689,016 719,558 (30,542) 698,271 Employee benefits 180,668 172,212 8,456 173,883 Purchase services 7,716 7,735 (19) 7,776 Supplies and materials 950 1,024 (74) 736
Total Guidance Services 878,350 900,529 (22,179) 880,666
(Continued) 73 SCHEDULE 2 (Continued) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 EDUCATIONAL ACCOUNT SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - BUDGET BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE ACTUAL TOTALS FOR 2019)
2020 Original and 2019 Final Budget Actual Variance Actual Support Services: Pupils: Health Services: Salaries $ 1,746,676 $ 1,761,128 $ (14,452) $ 1,704,780 Employee benefits 392,450 413,225 (20,775) 360,108 Purchased services 5,250 97,027 (91,777) 55,341 Supplies and materials 43,300 51,097 (7,797) 26,830 Other Objects 31,700 26,329 5,371 28,891 Non-capitalized equipment - 1,440 (1,440) 1,598
Total Health Services 2,219,376 2,350,246 (130,870) 2,177,548
Psychological Services: Salaries 499,125 449,246 49,879 469,270 Employee benefits 143,141 120,631 22,510 133,168 Purchased services 5,350 5,373 (23) 2,300 Supplies and materials 5,875 2,762 3,113 2,804
Total Psychological Services 653,491 578,012 75,479 607,542
Speech Pathology and Audiology Services: Salaries 1,324,669 1,216,507 108,162 1,293,729 Employee benefits 429,708 370,365 59,343 409,011 Purchased services 7,510 36,022 (28,512) 37,331 Supplies and materials 12,525 11,299 1,226 11,375 Non-capitalized equipment - 5,850 (5,850) -
Total Speech Pathology and Audiology Services 1,774,412 1,640,043 134,369 1,751,446
Other Support Services: Salaries 48,486 141,143 (92,657) 153,381 Employee benefits 452 49,463 (49,011) 38,105
Total Other Support Services 48,938 190,606 (141,668) 191,486
Total Pupils 7,117,320 7,162,572 (45,252) 6,933,493
(Continued) 74 SCHEDULE 2 (Continued) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 EDUCATIONAL ACCOUNT SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - BUDGET BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE ACTUAL TOTALS FOR 2019)
2020 Original and 2019 Final Budget Actual Variance Actual Instructional Staff: Improvement of Instruction Services: Salaries $ 1,238,388 $ 1,483,056 $ (244,668) $ 1,199,974 Employee benefits 301,867 433,375 (131,508) 297,156 Purchased services 130,076 151,122 (21,046) 138,883 Supplies and materials 17,373 42,955 (25,582) 14,808 Other objects 1,400 6,436 (5,036) 1,389 Non-capitalized equipment - 832 (832) 989
Total Improvement of Instruction Services 1,689,104 2,117,776 (428,672) 1,653,199
Educational Media Services: Salaries 936,989 649,871 287,118 847,276 Employee benefits 326,739 168,516 158,223 291,736 Purchased services 7,200 5,541 1,659 6,233 Supplies and materials 37,085 30,475 6,610 28,616 Other objects - 150 (150) - Non-capitalized equipment - - - 595
Total Educational Media Services 1,308,013 854,553 453,460 1,174,456
Assessment and Testing Services: Salaries 84,257 80,946 3,311 78,202 Employee benefits 6,044 13,237 (7,193) 12,450 Purchased services 196,576 153,400 43,176 102,311 Supplies and materials 8,700 17,693 (8,993) 17,462
Total Assessment and Testing Services 295,577 265,276 30,301 210,425
Total Instructional Staff 3,292,694 3,237,605 55,089 3,038,080
General Administration: Board of Education Services: Salaries 174,576 174,429 147 168,932 Employee benefits 32,207 48,124 (15,917) 45,088 Purchased services 213,809 147,245 66,564 148,860 Supplies and materials 12,478 6,851 5,627 18,495 Other objects 15,000 19,917 (4,917) 31,774
Total Board of Education Service 448,070 396,566 51,504 413,149
(Continued) 75 SCHEDULE 2 (Continued) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 EDUCATIONAL ACCOUNT SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - BUDGET BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE ACTUAL TOTALS FOR 2019)
2020 Original and 2019 Final Budget Actual Variance Actual General Administration: Executive Administration Services: Salaries $ 266,731 $ 268,214 $ (1,483) $ 261,755 Employee benefits 80,455 69,791 10,664 66,702 Purchased services 9,000 3,648 5,352 5,236 Supplies and materials 2,700 395 2,305 1,792 Other objects 2,500 2,316 184 5,289
Total Executive Administration Services 361,386 344,364 17,022 340,774
Special Area Administration Services: Salaries 22,863 23,719 (856) 22,931 Employee benefits 9,483 9,964 (481) 9,394 Purchased services 2,000 3,308 (1,308) 4,119 Supplies and materials 2,000 747 1,253 1,751 Non-capitalized equipment - 1,200 (1,200) -
Total Special Area Administration Services 36,346 38,938 (2,592) 38,195
Total General Administration 845,802 779,868 65,934 792,118
School Administration: Office of the Principal Services: Salaries 3,254,872 3,208,999 45,873 3,223,121 Employee benefits 1,040,150 993,450 46,700 958,653 Purchased services 7,200 2,146 5,054 1,678 Supplies and materials 21,900 20,539 1,361 17,678 Other objects 7,102 1,723 5,379 3,708 Non-capitalized equipment 1,000 - 1,000 2,157
Total Office of the Principal Services 4,332,224 4,226,857 105,367 4,206,995
Other Support Services: Salaries 110,529 - 110,529 - Employee benefits 39,384 - 39,384 -
Total Other Support Services 149,913 - 149,913 -
Total School Administration 4,482,137 4,226,857 255,280 4,206,995
(Continued) 76 SCHEDULE 2 (Continued) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 EDUCATIONAL ACCOUNT SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - BUDGET BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE ACTUAL TOTALS FOR 2019)
2020 Original and 2019 Final Budget Actual Variance Actual Business: Direction of Business Support Services: Salaries $ 166,980 $ 168,611 $ (1,631) $ 163,711 Employee benefits 39,955 35,793 4,162 34,271 Purchased services - 291 (291) -
Total Direction of Business Support Services 206,935 204,695 2,240 197,982
Fiscal Services: Salaries 344,104 337,725 6,379 349,974 Employee benefits 95,310 82,920 12,390 93,998 Purchased services 205,333 153,092 52,241 158,214 Supplies and materials 18,500 5,538 12,962 6,206 Other objects 3,500 3,122 378 2,869 Non-capitalized equipment - 544 (544) -
Total Fiscal Services 666,747 582,941 83,806 611,261
Operations and Maintenance of Plant Services: Salaries 51,004 74,933 (23,929) 49,945 Employee benefits 29,475 22,169 7,306 27,463 Purchased services 6,146 97,353 (91,207) 4,510 Supplies and materials 3,300 114,557 (111,257) 18,941 Other objects 500 (119) 619 119 Non-capitalized equipment - 12,174 (12,174) -
Total Operations and Maintenance of Plant Services 90,425 321,067 (230,642) 100,978
Pupil Transportation Services: Salaries 36,564 26,104 10,460 39,399 Employee benefits 6,046 2,047 3,999 3,574 Purchased services 54,500 56,123 (1,623) 45,960 Supplies and materials - - - 300
Total Pupil Transportation Services: 97,110 84,274 12,836 89,233
Food Services: Salaries 1,172,578 1,170,939 1,639 1,163,833 Employee benefits 393,601 333,252 60,349 352,966 Purchased services 17,800 10,612 7,188 9,574 Supplies and materials 842,875 847,642 (4,767) 824,186 Other objects 6,250 3,683 2,567 3,534
Total Food Services 2,433,104 2,366,128 66,976 2,354,093
(Continued) 77 SCHEDULE 2 (Continued) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 EDUCATIONAL ACCOUNT SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - BUDGET BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE ACTUAL TOTALS FOR 2019)
2020 Original and 2019 Final Budget Actual Variance Actual Business: Internal Services: Purchased services $ - $ - $ - $ 169
Total Internal Services - - - 169
Total Business 3,494,321 3,559,105 (64,784) 3,353,716
Central: Information Services: Salaries 201,695 202,951 (1,256) 196,860 Employee benefits 20,470 20,152 318 19,068 Purchased services 46,800 2,783 44,017 15,611 Supplies and materials 13,300 750 12,550 9,989 Other objects 500 640 (140) 640
Total Information Services 282,765 227,276 55,489 242,168
Staff Services: Salaries 394,831 396,223 (1,392) 384,256 Employee benefits 123,043 121,913 1,130 112,607 Purchased services 24,750 35,330 (10,580) 21,666 Supplies and materials 8,500 7,675 825 3,404 Other objects 1,500 550 950 804
Total Staff Services 552,624 561,691 (9,067) 522,737
Data Processing Services: Salaries 571,773 549,639 22,134 565,651 Employee benefits 97,815 88,498 9,317 90,999 Purchased services 28,500 5,880 22,620 8,934 Supplies and materials 528,900 1,423,182 (894,282) 872,357 Other objects - - - 58,464 Non-capitalized equipment 1,000 92,880 (91,880) -
Total Data Processing Services 1,227,988 2,160,079 (932,091) 1,596,405
Total Central 2,063,377 2,949,046 (885,669) 2,361,310
Other Support Services: Supplies and materials 622 - 622 -
Total Other Support Services 622 - 622 -
Total Support Services 21,296,273 21,915,053 (618,780) 20,685,712
(Continued) 78 SCHEDULE 2 (Continued) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 EDUCATIONAL ACCOUNT SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - BUDGET BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE ACTUAL TOTALS FOR 2019)
2020 Original and 2019 Final Budget Actual Variance Actual Community Services: Salaries 363,420 335,115 28,305 347,845 Employee benefits 148,632 159,078 (10,446) 147,181 Purchased services 39,622 41,690 (2,068) 37,145 Supplies and materials 32,921 6,776 26,145 22,647
Total Community Services 584,595 542,659 41,936 554,818
Payments to Other Government Units: Other Objects 40,000 6,385 33,615 7,274
Total Payments to Other Government Units 40,000 6,385 33,615 7,274
Capital Outlay: Instruction: Regular programs 149,000 107,920 41,080 198,334 Special education 10,720 - 10,720 4,182 Remedial and Supplemental programs 12,340 - 12,340 12,339 CTE programs 1,400 - 1,400 23,700 Interscholastic programs 1,000 - 1,000 10,357
Total Instruction 174,460 107,920 66,540 248,912
Capital Outlay: Support Services: Health services 27,850 - 27,850 29,587 Psychological services 1,695 - 1,695 1,695 Speech pathology services 8,700 - 8,700 8,700 Improvement of instruction services 2,500 - 2,500 2,564 Educational media services 2,300 - 2,300 - Board of education - - - 1,441 Office of the principal services 2,800 - 2,800 10,142 Fiscal services - 8,907 (8,907) - Operations and maintenance of plant services 357,400 233,228 124,172 57,539 Pupil transportation services 2,700 - 2,700 - Food services 1,000 - 1,000 636 Data processing services 80,000 - 80,000 19,471
Total Support Services 486,945 242,135 244,810 131,775
Total Capital Outlay 661,405 350,055 311,350 380,687
Total Expenditures 99,442,946 99,917,922 (474,976) 94,481,139
(Continued) 79 SCHEDULE 2 (Concluded) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 EDUCATIONAL ACCOUNT SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - BUDGET BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE ACTUAL TOTALS FOR 2019)
2020 Original and 2019 Final Budget Actual Variance Actual
Excess of Revenues Over Expenditures $ 247,590 $ 2,833,682 $ 2,586,092 $ 2,632,727
OTHER FINANCING SOURCES (USES) Capital lease - - - 10,605 Transfers out (2,900,000) (2,724,273) 175,727 (633,000)
Total Other Financing Sources (Uses) (2,900,000) (2,724,273) 175,727 (622,395)
Net Changes in Fund Balances $ (2,652,410) 109,409 $ 2,761,819 2,010,332
Fund Balance, Budget Basis, at Beginning of Year 47,508,101 45,497,769
Fund Balance, Budget Basis, at End of Year $ 47,617,510 $ 47,508,101
80 SCHEDULE 3 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 OPERATIONS AND MAINTENANCE ACCOUNT SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - BUDGET BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE ACTUAL TOTALS FOR 2019)
2020 Original and 2019 Final Budget Actual Variance Actual REVENUES Local Sources: Property taxes - general levies $ 6,146,682 $ 6,015,449 $ (131,233) $ 5,901,076 Personal property replacement taxes 200,000 169,163 (30,837) 200,000 Earnings on investments 80,000 67,540 (12,460) 82,922 Pupil activities 28,000 28,817 817 33,347 Rentals 40,000 27,089 (12,911) 36,775 Other 59,000 77,058 18,058 85,247
Total Local Sources 6,553,682 6,385,116 (168,566) 6,339,367
State Sources: Unrestricted Grants-in-Aid: Evidence based funding formula 800,000 800,000 - 800,000 Restricted Grants-in-Aid: Transportation aid - regular 65,000 65,000 - 65,000 Transportation aid - special education 10,000 10,000 - 10,000
Total State Sources 875,000 875,000 - 875,000
Total Revenues 7,428,682 7,260,116 (168,566) 7,214,367
EXPENDITURES Current: Support Services: Operations and Maintenance of Plant Services: Salaries 3,033,174 3,033,080 94 2,958,077 Employee benefits 791,734 766,955 24,779 711,707 Purchased services 1,074,724 1,081,389 (6,665) 1,263,107 Supplies and materials 2,115,000 1,943,423 171,577 2,054,876 Other objects 1,000 1,526 (526) 1,977 Non-capitalized equipment - 26,371 (26,371) 774 Termination benefits 4,000 - 4,000 -
Total Operations and Maintenance of Plant Services 7,019,632 6,852,744 166,888 6,990,518
Total Support Services 7,019,632 6,852,744 166,888 6,990,518
(Continued) 81 SCHEDULE 3 (Concluded) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 OPERATIONS AND MAINTENANCE ACCOUNT SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - BUDGET BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE ACTUAL TOTALS FOR 2019)
2020 Original and 2019 Final Budget Actual Variance Actual EXPENDITURES Capital Outlay: Support Services: Operations and maintenance of plant services $ 409,050 $ 255,299 $ 153,751 $ 103,422
Total Capital Outlay 409,050 255,299 153,751 103,422
Total Expenditures 7,428,682 7,108,043 320,639 7,093,940
Net Changes in Fund Balances $ - 152,073 $ 152,073 120,427
Fund Balance, Budget Basis, at Beginning of Year 4,537,769 4,417,342
Fund Balance, Budget Basis, at End of Year $ 4,689,842 $ 4,537,769
82 SCHEDULE 4 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 WORKING CASH ACCOUNT SCHEDULE OF REVENUES RECEIVED, EXPENDITURES DISBURSED AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - BUDGET BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE ACTUAL TOTALS FOR 2019)
2020 Original and 2019 Final Budget Actual Variance Actual REVENUES Local Sources: Property taxes - general levies $ 398,000 $ 374,078 $ (23,922) $ 390,331 Earnings on investments 75,000 58,089 (16,911) 78,726
Total Revenues 473,000 432,167 (40,833) 469,057
EXPENDITURES - - - -
Net Changes in Fund Balances $ 473,000 432,167 $ (40,833) 469,057
Fund Balance, Budget Basis, at Beginning of Year 3,773,316 3,304,259
Fund Balance, Budget Basis, at End of Year $ 4,205,483 $ 3,773,316
83 SCHEDULE 5 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 TRANSPORTATION FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - BUDGET BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE ACTUAL TOTALS FOR 2019)
2020 Original and 2019 Final Budget Actual Variance Actual REVENUES Local Sources: Property taxes - general levies $ 1,890,500 $ 1,685,653 $ (204,847) $ 1,785,370 Earnings on investments 50,000 65,655 15,655 86,701 Transportation fees 65,000 71,585 6,585 92,244 Other 20,000 37,939 17,939 20,251
Total Local Sources 2,025,500 1,860,832 (164,668) 1,984,566
State Sources: Restricted Grants-in-Aid: Transportation aid - regular 2,500,000 2,657,409 157,409 2,519,236 Transportation aid - special ed 550,000 634,454 84,454 545,271
Total State Sources 3,050,000 3,291,863 241,863 3,064,507
Total Revenues 5,075,500 5,152,695 77,195 5,049,073
EXPENDITURES Current: Support Services: Pupil Transportation Services: Salaries 3,070,022 2,994,298 75,724 2,984,326 Employee benefits 433,802 502,363 (68,561) 388,501 Purchased services 504,200 625,441 (121,241) 604,824 Supplies and materials 786,665 739,324 47,341 773,318 Other 1,500 1,496 4 1,645
Total Support Services 4,796,189 4,862,922 (66,733) 4,752,614
Capital outlay 595,000 566,281 28,719 508,722
Total Expenditures 5,391,189 5,429,203 (38,014) 5,261,336
Net Changes in Fund Balances $ (315,689) (276,508) $ 39,181 (212,263)
Fund Balance, Budget Basis, at Beginning of Year 4,656,163 4,868,426
Fund Balance, Budget Basis, at End of Year $ 4,379,655 $ 4,656,163
84 SCHEDULE 6 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 MUNICIPAL RETIREMENT FUND SCHEDULE OF REVENUES RECEIVED, EXPENDITURES DISBURSED AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - BUDGET BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE ACTUAL TOTALS FOR 2019)
2020 Original and 2019 Final Budget Actual Variance Actual REVENUES Local Sources: Property taxes - general levies $ 2,985,000 $ 2,641,388 $ (343,612) $ 2,918,290 Personal property replacement taxes 130,358 128,609 (1,749) 95,200 Earnings on investments 38,500 34,028 (4,472) 43,903
Total Revenues 3,153,858 2,804,025 (349,833) 3,057,393
EXPENDITURES Current: Instruction 947,728 851,583 96,145 794,699 Support services 2,206,026 2,200,311 5,715 2,114,326 Community services 104 91 13 52
Total Expenditures 3,153,858 3,051,985 101,873 2,909,077
Net Changes in Fund Balances $ - (247,960) $ (247,960) 148,316
Fund Balance, Budget Basis, at Beginning of Year 2,215,971 2,067,655
Fund Balance, Budget Basis, at End of Year $ 1,968,011 $ 2,215,971
85 SCHEDULE 7 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 TORT FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - BUDGET BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE ACTUAL TOTALS FOR 2019)
2020 Original and 2019 Final Budget Actual Variance Actual REVENUES Local Sources: Property taxes - general levies $ 948,907 $ 753,378 $ (195,529) $ 1,043,447 Refund of prior years' expenditures - - - 15,908 Earnings on investments 15,000 12,163 (2,837) 15,757
Total Revenues 963,907 765,541 (198,366) 1,075,112
EXPENDITURES Current: Support Services: General Administration: Workers' Compensation: Purchased services 550,000 521,210 28,790 501,302 Unemployment Insurance: Purchased services 60,000 7,233 52,767 8,326 Insurance Payments: Purchased services 247,459 216,786 30,673 220,728
Total Expenditures 857,459 745,229 112,230 730,356
Net Changes in Fund Balances $ 106,448 20,312 $ (86,136) 344,756
Fund Balance, Budget Basis, at Beginning of Year 1,204,979 860,223
Fund Balance, Budget Basis, at End of Year $ 1,225,291 $ 1,204,979
86
WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO REQUIRED SUPPLEMENTARY INFORMATION JUNE 30, 2020
NOTE 1 – BUDGETARY DATA
The District’s budget is prepared and the District’s books are generally maintained on the basis of cash receipts and disbursements (budget basis) which results in the accounting for certain transactions to be on a basis other than accounting principles generally accepted in the United States of America (modified accrual/accrual). Under this basis, certain revenues and the related assets are recognized when received rather than when susceptible to accrual or earned, and certain expenditures are recognized when disbursed as determined by the date of the check rather than when the obligation is incurred. This is an acceptable method in accordance with Chapter 122, Paragraph 17-1 of the Illinois Revised Statutes. The budget was passed on September 24, 2019. Total fund expenditures may not legally exceed the budgeted expenditures. All budget appropriations lapse at the end of each fiscal year. The District has adopted a legal budget for all its governmental funds.
The District follows these procedures in establishing the budgetary data reflected in the financial statements:
1. 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.
2. Public hearings are conducted and the proposed budget is available for inspection to obtain taxpayer comments.
3. Prior to October 1 the budget is legally adopted through passage of a resolution. On or before the last Tuesday in December, a tax levy ordinance is filed with the County Clerk to obtain tax revenues.
4. The Superintendent is authorized to transfer up to 10% of the total budget between departments within any fund without Board of Education approval; however, any revisions that alter the total expenditures of any fund must be approved by the Board of Education following the public hearing process mandated by law.
5. Formal budgetary integration is employed as a management control device during the year for all funds.
The District operated within the confines of the approved budget during the year ended June 30, 2020. On an individual fund basis the Educational Fund over-expended its budget by $474,976, strictly due to underestimated on-behalf payments made by the State of Illinois; the Debt Service Fund over-expended its budget by $2,537; and the Transportation Fund over-expended its budget in the amount of $38,014.
NOTE 2 – BUDGET AND BOOK BASIS OF ACCOUNTING
The major differences between the budget and the modified accrual basis are as follows:
1. Revenues, primarily property tax revenues, are recorded when received in cash (budget) as opposed to when susceptible to accrual (modified accrual).
2. Expenditures, primarily payroll expenditures, are recorded when cash is disbursed as determined by the date of the check (budget) as opposed to when the liability is incurred (modified accrual).
Adjustments necessary to convert the results of operations and fund balances as of June 30, 2020, on the modified accrual basis for governmental funds to the budget basis are as follows:
87
WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NOTES TO REQUIRED SUPPLEMENTARY INFORMATION JUNE 30, 2020
NOTE 2 – BUDGET AND BOOK BASIS OF ACCOUNTING (Cont’d)
Net Changes in Fund Balances Modified accrual basis: General Fund $ 1,017,273 Transportation Fund (171,354) Municipal Retirement Fund (216,067) Tort Fund 20,270 Debt Service Fund (83,046) Capital Projects Fund (164,164) Fire Prevention and Safety Fund (272,426) $ 130,486 Due to revenues: Received in cash during year but accrued as receivables, net of deferred revenue (modified accrual) at June 30, 2019 4,186,709 Accrued as receivables net of deferred revenue (modified accrual) at June 30, 2020, but not recognized in budget (5,569,143) Due to expenditures: Paid in cash during year but accrued as liability (modified accrual) at June 30, 2019 (6,768,821) Accrued as liability (modified accrual) at June 30, 2020, but not recognized in budget 7,733,429 Budget basis $ (287,340)
Fund Balance as of June 30, 2020 Modified accrual basis: $ 66,141,919 Due to revenues: Accrued as receivables net of deferred revenue (modified accrual) at June 30, 2020, but not recognized in budget (5,570,412) Due to expenditures: Accrued as liability (modified accrual) at June 30, 2020, but not recognized in budget 7,733,429 Budget basis $ 68,304,936
88
SUPPLEMENTARY INFORMATION (THIS PAGE INTENTIONALLY LEFT BLANK) MAJOR DEBT SERVICE AND MAJOR CAPITAL PROJECTS FUNDS - SCHEDULES OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - BUDGET BASIS (THIS PAGE INTENTIONALLY LEFT BLANK) SCHEDULE 8 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 DEBT SERVICE FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - BUDGET BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE ACTUAL TOTALS FOR 2019)
2020 Original and 2019 Final Budget Actual Variance Actual REVENUES Local Sources: Property taxes - general levies $ 5,978,112 $ 6,294,638 $ 316,526 $ 6,938,348 Personal property replacement taxes 500,000 576,080 76,080 503,106 Earnings on investments 28,150 47,327 19,177 86,451
Total Local Sources 6,506,262 6,918,045 411,783 7,527,905
Federal Sources: Build America Bond Rebate - - - 67,338
Total Revenues 6,506,262 6,918,045 411,783 7,595,243
EXPENDITURES Debt Service: Principal retirement 6,710,000 6,712,201 (2,201) 6,110,000 Interest 3,388,045 3,389,188 (1,143) 3,443,985 Other 6,100 5,293 807 228,689
Total Expenditures 10,104,145 10,106,682 (2,537) 9,782,674
(Deficiency) of Revenues (Under) Expenditures (3,597,883) (3,188,637) 409,246 (2,187,431)
OTHER FINANCING SOURCES (USES) Bonds issued - - - 13,865,000 Premium on bonds - - - 1,495,970 Transfer to escrow agent on refunding bonds - - - (15,439,568) Transfers in 2,950,000 2,799,277 (150,723) 983,000
Total Other Financing Sources (Uses) 2,950,000 2,799,277 (150,723) 904,402
Net Changes in Fund Balances $ (647,883) (389,360) $ 258,523 (1,283,029)
Fund Balance, Budget Basis, at Beginning of Year 4,086,641 5,369,670
Fund Balance, Budget Basis, at End of Year $ 3,697,281 $ 4,086,641
89 SCHEDULE 9 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 CAPITAL PROJECTS FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - BUDGET BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE ACTUAL TOTALS FOR 2019)
2020 Original and 2019 Final Budget Actual Variance Actual REVENUES Local Sources: Earnings on investments $ 3,000 $ 670 $ (2,330) $ 9,740 Impact fees 85,000 44,322 (40,678) 47,982 Other - - - 463,255
Total Local Sources 88,000 44,992 (43,008) 520,977
Total Revenues 88,000 44,992 (43,008) 520,977
EXPENDITURES Current: Support Services: Facilities Acquisition and Construction Services: Salaries - - - 12,320 Employee benefits - - - 1,792 Purchased services - 572 (572) 27,494 Supplies and materials - - - 25,123
Total Support Services - 572 (572) 66,729
Capital Outlay: Support services 198,083 196,336 1,747 191,107
Total Expenditures 198,083 196,908 1,175 257,836
Excess (Deficiency) of Revenues Over (Under) Expenditures (110,083) (151,916) 41,833 263,141
OTHER FINANCING (USES) Transfers out (50,000) (75,004) (25,004) (350,000)
Total Other Financing (Uses) (50,000) (75,004) (25,004) (350,000)
Net Changes in Fund Balances $ (160,083) (226,920) $ 16,829 (86,859)
Fund Balance, Budget Basis, at Beginning of Year 226,920 313,779
Fund Balance, Budget Basis, at End of Year $ - $ 226,920
90 SCHEDULE 10 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 FIRE PREVENTION AND SAFETY FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - BUDGET BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE ACTUAL TOTALS FOR 2019)
2020 Original and 2019 Final Budget Actual Variance Actual REVENUES Local Sources: Property taxes - general levies $ 835,800 $ 812,937 $ (22,863) $ 802,996 Earnings on investments 2,000 1,535 (465) 2,483
Total Local Sources 837,800 814,472 (23,328) 805,479
State Sources: School Maintenance Grant - 50,000 50,000 -
Total State Sources - 50,000 50,000 -
Total Revenues 837,800 864,472 26,672 805,479
EXPENDITURES Current: Support Services: Facilities Acquisition and Construction Services: Purchased services 92,000 - 92,000 -
Total Support Services 92,000 - 92,000 -
Capital Outlay: Support services 745,800 725,025 20,775 806,443
Total Expenditures 837,800 725,025 112,775 806,443
Net Changes in Fund Balances $ - 139,447 $ 139,447 (964)
Fund Balance, Budget Basis, at Beginning of Year 382,416 383,380
Fund Balance, Budget Basis, at End of Year $ 521,863 $ 382,416
91 (THIS PAGE INTENTIONALLY LEFT BLANK) COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES (THIS PAGE INTENTIONALLY LEFT BLANK) GENERAL FUND
To account for resources traditionally associated with government operations which are not required to be accounted for in another fund; the District maintains the following legally mandated accounts within the General Fund:
Educational Account - to account for most of the instructional and administrative aspects of the District's operations.
Operations and Maintenance Account - to account for repair and maintenance of District property.
Working Cash Account - to account for financial resources held by the District which may be temporarily loaned to other funds. (THIS PAGE INTENTIONALLY LEFT BLANK) SCHEDULE 11 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 GENERAL FUND STATEMENT OF BALANCE SHEETS BY ACCOUNT JUNE 30, 2020 (WITH COMPARATIVE TOTALS FOR 2019)
Operations and Working Educational Maintenance Cash Account Account Account 2020 2019 ASSETS Cash and investments $ 45,385,417 $ 4,689,842 $ 4,205,483 $ 54,280,742 $ 54,544,882 Restricted assets: Cash, restricted for insurance 1,963,647 - - 1,963,647 1,044,055 Receivables, net of allowance for uncollectibles: Property taxes 20,729,953 3,454,992 206,275 24,391,220 20,770,293 Due from other governments 1,211,124 - - 1,211,124 1,308,924 Vocational projects 270,894 - - 270,894 231,518
Total Assets $ 69,561,035 $ 8,144,834 $ 4,411,758 $ 82,117,627 $ 77,899,672
LIABILITIES Accounts payable $ 89,746 $ 243,117 $ - $ 332,863 $ 663,087 Payable from restricted assets: Accrued insurance claims 1,060,382 - - 1,060,382 376,876 Accrued salaries 5,842,341 6,630 - 5,848,971 5,600,131 Unearned revenue 22,125 - - 22,125 114,699
Total Liabilities 7,014,594 249,747 - 7,264,341 6,754,793
DEFERRED INFLOWS OF RESOURCES Unavailable revenues - property taxes 18,567,310 3,094,552 184,756 21,846,618 19,155,484
Total Deferred Inflows of Resources 18,567,310 3,094,552 184,756 21,846,618 19,155,484
FUND BALANCES Nonspendable 270,894 - - 270,894 231,518 Restricted - 4,800,535 - 4,800,535 4,536,181 Assigned 911,788 - - 911,788 732,577 Unassigned 42,796,449 - 4,227,002 47,023,451 46,489,119
Total Fund Balance 43,979,131 4,800,535 4,227,002 53,006,668 51,989,395
Total Liabilities, Deferred Inflows of Resources and Fund Balance $ 69,561,035 $ 8,144,834 $ 4,411,758 $ 82,117,627 $ 77,899,672
92 SCHEDULE 12 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BY ACCOUNT- MODIFIED ACCRUAL BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE TOTALS FOR 2019)
Operations and Working Educational Maintenance Cash Account Account Account 2020 2019 REVENUES Local Sources: Property taxes - general levies $ 37,047,109 $ 6,149,107 $ 380,912 $ 43,577,128 $ 40,486,848 Personal property replacement taxes - 169,163 - 169,163 200,000 Earnings on investments 730,086 67,540 58,089 855,715 920,943 Food service 634,497 - - 634,497 757,918 Contributions and donations 912,617 - - 912,617 574,450 Pupil activities 295,968 28,817 - 324,785 302,242 Textbooks 537,318 - - 537,318 700,476 Rentals - 27,089 - 27,089 36,775 Tuition 3,439,590 - - 3,439,590 3,327,021 Refund of prior years' expenditures 11,567 - - 11,567 69,086 Other 222,972 77,058 - 300,030 527,382
Total Local Sources 43,831,724 6,518,774 439,001 50,789,499 47,903,141
State Sources 54,599,495 875,000 - 55,474,495 50,402,484
Federal Sources 5,104,454 - - 5,104,454 4,701,054
Total Revenues 103,535,673 7,393,774 439,001 111,368,448 103,006,679
EXPENDITURES Current: Instruction Regular programs 56,027,278 - - 56,027,278 51,349,641 Pre-k programs 1,083,439 - - 1,083,439 1,148,047 Special education programs 10,018,185 - - 10,018,185 9,888,561 Special education pre-k programs 213,561 - - 213,561 204,310 CTE programs 1,072,521 - - 1,072,521 1,067,177 Interscholastic programs 1,988,436 - - 1,988,436 2,000,966 Bilingual programs 5,440,892 - - 5,440,892 5,558,490 Other instructional programs 1,837,241 - - 1,837,241 1,927,407 Support services Pupil services 7,173,954 - - 7,173,954 6,823,476 Instructional staff services 3,249,213 - - 3,249,213 3,002,240 General administration services 772,643 - - 772,643 810,055 School administration services 4,221,928 - - 4,221,928 4,246,848 Business services 3,148,064 - - 3,148,064 3,336,274 Operations and maintenance services 318,727 6,874,121 - 7,192,848 7,155,436 Transportation services 84,274 - - 84,274 89,233
(Continued) 93 SCHEDULE 12 (Concluded) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BY ACCOUNT- MODIFIED ACCRUAL BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE TOTALS FOR 2019)
Operations and Working Educational Maintenance Cash Account Account Account 2020 2019 EXPENDITURES (Cont'd) Support services (Cont'd) Central services $ 2,948,170 $ - $ - $ 2,948,170 $ 2,363,974 Community services 542,516 - - 542,516 556,494 Payments to other governmental units 6,385 - - 6,385 5,428 Capital outlay 350,055 255,299 - 605,354 483,473
Total Expenditures 100,497,482 7,129,420 - 107,626,902 102,017,530
Excess (Deficiency) of Revenues Over (Under) Expenditures 3,038,191 264,354 439,001 3,741,546 989,149
OTHER FINANCING SOURCES (USES) Capital lease - - - - 10,605 Transfers out (2,724,273) - - (2,724,273) (633,000)
Total Other Financing Sources (Uses) (2,724,273) - - (2,724,273) (622,395)
Net Changes in Fund Balances 313,918 264,354 439,001 1,017,273 366,754
Fund Balance, Modified Accrual Basis, at Beginning of Year 43,665,213 4,536,181 3,788,001 51,989,395 51,622,641
Fund Balance, Modified Accrual Basis, at End of Year $ 43,979,131 $ 4,800,535 $ 4,227,002 $ 53,006,668 $ 51,989,395
94 SCHEDULE 13 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 EDUCATIONAL ACCOUNT COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - MODIFIED ACCRUAL BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE TOTALS FOR 2019)
2020 2019 REVENUES Local Sources: Property Taxes - general levies $ 30,786,095 $ 28,623,276 Property Taxes - special ed levy 6,261,014 5,778,743 Earnings on investments 730,086 759,295 Food services 634,497 757,918 Contributions and donations 912,617 574,450 Pupil activities 295,968 268,895 Textbooks 537,318 700,476 Tuition 3,439,590 3,327,021 Refund of prior years expenditures 11,567 69,086 Other local sources 222,972 442,135
Total Local Sources 43,831,724 41,301,295
State Sources: Unrestricted Grants-In-Aid: Evidence based funding formula 20,167,489 19,420,243 Restricted Grants-In-Aid: Special education 377,478 302,385 CTE 44,142 43,415 Early childhood 1,882,084 1,926,567 Drivers' education 52,104 76,533 School lunch aid- free 12,769 19,300 On behalf payments - State of Illinois 31,821,458 27,612,579 Other grants-in-aid 241,971 126,462
Total State Sources 54,599,495 49,527,484
Federal Sources: Restricted Grants-In-Aid: Title I - low income 1,218,338 754,876 Title I - school improvement 32,201 24,474 Food service 1,334,279 1,359,165 IDEA preschool flow through 61,854 60,573 IDEA flow through 1,434,996 1,478,034 IDEA room and board 226,074 287,623
(Continued) 95 SCHEDULE 13 (Continued) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 EDUCATIONAL ACCOUNT COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - MODIFIED ACCRUAL BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE TOTALS FOR 2019)
2020 2019 Federal Sources: Restricted Grants-In-Aid: (Cont'd) V E Perkins $ 41,133 $ 50,493 Medicaid matching 556,156 539,649 Title IV - Student support and enrichment - 4,421 Title III - English language acquisition 95,744 96,849 Title II - Teacher quality 2,889 12,285 Title II - Teacher residency 29,600 - Other 71,190 32,612
Total Federal Sources 5,104,454 4,701,054
Total Revenues 103,535,673 95,529,833
EXPENDITURES Current: Instruction: Regular Programs: Salaries 17,535,062 16,786,031 Employee benefits 5,364,441 5,809,549 On behalf payments - State of Illinois 31,821,458 27,612,579 Purchased services 595,725 605,108 Supplies and materials 573,372 357,741 Other objects 24,558 81,430 Non-capitalized equipment 31,908 10,625 Termination benefits 80,754 86,578
Total Regular Programs 56,027,278 51,349,641
Pre-K Programs: Salaries 783,460 818,168 Employee benefits 255,380 270,012 Purchased services 2,223 6,679 Supplies and materials 42,376 53,188
Total Pre-K Programs 1,083,439 1,148,047
Special Education Programs: Salaries 7,606,430 7,431,777 Employee benefits 2,064,990 2,040,191 Purchased services 38,570 36,367 Supplies and materials 109,684 90,375 Other objects 180,984 289,181 Non-capitalized equipment 17,527 670
Total Special Education Programs 10,018,185 9,888,561
(Continued) 96 SCHEDULE 13 (Continued) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 EDUCATIONAL ACCOUNT COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - MODIFIED ACCRUAL BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE TOTALS FOR 2019)
2020 2019 Instruction: Special Education Pre-K Programs: Salaries $ 175,669 $ 165,207 Employee benefits 37,892 39,103
Total Special Education Pre-K Programs 213,561 204,310
Remedial and Supplemental Programs: Salaries 244,630 207,982 Employee benefits 76,479 42,684 Purchased services 5,360 3,160 Supplies and materials 326,051 353,653 Non-capitalized equipment - 45,222
Total Remedial and Supplemental Programs 652,520 652,701
CTE Programs: Salaries 849,096 801,567 Employee benefits 207,116 221,598 Purchased services 5,855 3,704 Supplies and materials 5,334 37,319 Non-capitalized equipment 5,120 2,989
Total CTE Programs 1,072,521 1,067,177
Interscholastic Programs: Salaries 1,672,708 1,668,798 Employee benefits 117,873 116,665 Purchased services 138,293 162,120 Supplies and materials 19,693 9,724 Other objects 39,869 41,859 Non-capitalized equipment - 1,800
Total Interscholastic Programs 1,988,436 2,000,966
Summer School Programs: Salaries 318,231 378,444 Employee benefits 12,941 14,567 Purchased services 298 178 Supplies and materials 4,958 2,903
Total Summer School Programs 336,428 396,092
(Continued) 97 SCHEDULE 13 (Continued) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 EDUCATIONAL ACCOUNT COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - MODIFIED ACCRUAL BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE TOTALS FOR 2019)
2020 2019 Instruction: Gifted Programs: Salaries $ 258,685 $ 245,367 Employee benefits 91,084 91,991 Purchased services 4,575 4,553 Supplies and materials 1,629 1,125
Total Gifted Programs 355,973 343,036
Driver's Education Programs: Salaries 104,677 121,481 Employee benefits 12,494 13,437 Purchased services 1,251 4,109 Supplies and materials 1,083 1,815 Non-capitalized equipment 60 20
Total Driver's Education Programs 119,565 140,862
Bilingual Programs: Salaries 4,145,266 4,185,610 Employee benefits 1,268,976 1,340,060 Purchased services 5,682 9,108 Supplies and materials 20,968 23,712
Total Bilingual Programs 5,440,892 5,558,490
Special Education Programs K-12 Tuition: Other objects 372,755 394,716
Total Special Education Programs K-12 Tuition 372,755 394,716
Total Instruction 77,681,553 73,144,599
Support Services: Pupils: Attendance and Social Work Services: Salaries 1,162,136 1,008,967 Employee benefits 365,087 303,213 Purchased services 460 35,036 Supplies and materials 857 336
Total Attendance and Social Work Services 1,528,540 1,347,552
(Continued) 98 SCHEDULE 13 (Continued) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 EDUCATIONAL ACCOUNT COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - MODIFIED ACCRUAL BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE TOTALS FOR 2019)
2020 2019 Support Services: Pupils: Guidance Services: Salaries $ 722,809 $ 687,991 Employee benefits 172,212 173,883 Purchased services 7,735 7,776 Supplies and materials 1,024 736
Total Guidance Services 903,780 870,386
Health Services: Salaries 1,783,259 1,680,329 Employee benefits 413,225 360,108 Purchased services 81,200 71,168 Supplies and materials 49,469 28,527 Other objects 26,364 28,891 Non-capitalized equipment 1,440 1,598
Total Health Services 2,354,957 2,170,621
Psychological Services: Salaries 442,920 481,790 Employee benefits 120,631 133,168 Purchased services 2,373 5,300 Supplies and materials 2,762 2,804
Total Psychological Services 568,686 623,062
Speech Pathology and Audiology Services: Salaries 1,205,507 1,303,458 Employee benefits 370,365 409,011 Purchased services 34,280 39,073 Supplies and materials 11,299 11,375 Non-capitalized equipment 5,850 -
Total Speech Pathology and Audiology Services 1,627,301 1,762,917
Other Support Services: Salaries 141,227 153,587 Employee benefits 49,463 38,105
Total Other Support Services 190,690 191,692
Total Pupils 7,173,954 6,966,230
(Continued) 99 SCHEDULE 13 (Continued) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 EDUCATIONAL ACCOUNT COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - MODIFIED ACCRUAL BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE TOTALS FOR 2019)
2020 2019 Instructional Staff: Improvement of Instruction Services: Salaries $ 1,548,648 $ 1,185,993 Employee benefits 433,375 297,156 Purchased services 133,097 158,967 Supplies and materials 42,955 14,808 Other objects 6,535 1,389 Non-capitalized equipment 832 989
Total Improvement of Instruction Services 2,165,442 1,659,302
Educational Media Services: Salaries 614,885 800,230 Employee benefits 168,516 291,736 Purchased services 5,541 6,233 Supplies and materials 30,475 28,616 Other objects 150 - Non-capitalized equipment - 595
Total Educational Media Services 819,567 1,127,410
Assessment and Testing Services: Salaries 81,154 82,025 Employee benefits 13,237 12,450 Purchased services 153,400 102,311 Supplies and materials 16,413 18,742
Total Assessment and Testing Services 264,204 215,528
Total Instructional Staff 3,249,213 3,002,240
General Administration: Board of Education Services: Salaries 174,429 168,932 Employee benefits 48,124 45,088 Purchased services 139,945 167,703 Supplies and materials 6,851 18,495 Other objects 19,917 31,774
Total Board of Education Services 389,266 431,992
(Continued) 100 SCHEDULE 13 (Continued) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 EDUCATIONAL ACCOUNT COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - MODIFIED ACCRUAL BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE TOTALS FOR 2019)
2020 2019 General Administration: Executive Administration Services: Salaries $ 268,214 $ 260,785 Employee benefits 69,791 66,702 Purchased services 3,648 5,236 Supplies and materials 395 1,792 Other objects 2,316 5,289
Total Executive Administration Services 344,364 339,804
Special Area Administration Services: Salaries 23,785 22,995 Employee benefits 9,964 9,394 Purchased services 3,308 4,119 Supplies and materials 756 1,751 Non-capitalized equipment 1,200 -
Total Special Area Administration Services 39,013 38,259
Total General Administration 772,643 810,055
School Administration: Office of the Principal Services: Salaries 3,202,740 3,121,786 Employee benefits 993,450 958,653 Purchased services 2,796 1,678 Supplies and materials 21,219 16,112 Other objects 1,723 3,708 Non-capitalized equipment - 2,157
Total Office of the Principal Services 4,221,928 4,104,094
Total School Administration 4,221,928 4,104,094
(Continued) 101 SCHEDULE 13 (Continued) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 EDUCATIONAL ACCOUNT COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - MODIFIED ACCRUAL BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE TOTALS FOR 2019)
2020 2019 Business: Direction of Business Support Services: Salaries $ 168,611 $ 163,711 Employee benefits 35,793 34,271 Purchased services 291 -
Total Direction of Business Support Services 204,695 197,982
Fiscal Services: Salaries 337,725 349,974 Employee benefits 82,920 93,998 Purchased services 132,288 179,018 Supplies and materials 5,605 6,206 Other objects 3,122 2,869 Non-capitalized equipment 544 -
Total Fiscal Services 562,204 632,065
Operations and Maintenance of Plant Services: Salaries 74,933 49,945 Employee benefits 22,169 27,463 Purchased services 97,353 4,510 Supplies and materials 112,193 21,373 Other objects (119) 119 Non-capitalized equipment 12,198 -
Total Operations and Maintenance of Plant Services 318,727 103,410
Pupil Transportation Services: Salaries 26,104 39,399 Employee benefits 2,047 3,574 Purchased services 56,123 45,960 Supplies and materials - 300
Total Pupil Transportation Services: 84,274 89,233
Food Services: Salaries 1,175,554 1,160,000 Employee benefits 333,252 352,966 Purchased services 10,612 9,574 Supplies and materials 858,064 979,348 Other objects 3,683 3,534 Non-capitalized equipment - 636
Total Food Services 2,381,165 2,506,058
(Continued) 102 SCHEDULE 13 (Continued) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 EDUCATIONAL ACCOUNT COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - MODIFIED ACCRUAL BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE TOTALS FOR 2019)
2020 2019 Business: Internal Services: Purchased services $ - $ 169
Total Internal Services - 169
Total Business 3,551,065 3,528,917
Central Services: Information Services: Salaries 202,951 196,860 Employee benefits 20,152 19,068 Purchased services 3,143 15,611 Supplies and materials 750 9,989 Other objects 640 640
Total Information Services 227,636 242,168
Staff Services: Salaries 396,223 384,256 Employee benefits 121,913 112,607 Purchased services 40,330 21,666 Supplies and materials 11,175 3,404 Other objects 550 804
Total Staff Services 570,191 522,737
Data Processing Services: Salaries 541,740 563,932 Employee benefits 88,498 90,999 Purchased services 7,578 8,934 Supplies and materials 1,419,647 876,740 Other objects - 58,464 Non-capitalized equipment 92,880 -
Total Data Processing Services 2,150,343 1,599,069
Total Central Services 2,948,170 2,363,974
Total Support Services 21,916,973 20,775,510
(Continued) 103 SCHEDULE 13 (Continued) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 EDUCATIONAL ACCOUNT COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - MODIFIED ACCRUAL BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE TOTALS FOR 2019)
2020 2019 Community Services: Salaries $ 337,110 $ 347,383 Employee benefits 159,078 147,181 Purchased services 39,552 39,283 Supplies and materials 6,776 22,647
Total Community Services 542,516 556,494
Payments to Other Government Units Other objects 6,385 5,428
Total Payments to Other Government Units 6,385 5,428
Capital Outlay: Instruction: Regular programs 107,920 198,334 Special education programs - 4,182 Remedial and supplemental programs - 12,339 CTE programs - 23,700 Interscholastic programs - 10,357
Total Instruction 107,920 248,912
Capital Outlay: Support Services: Health services - 29,587 Psychological services - 1,695 Speech Path and Audio services - 8,700 Improvement of instruction - 2,564 Board of education - 1,441 Office of the Principal services - 10,142 Fiscal services 8,907 - Operations and maintenance 233,228 57,539 Data processing services - 19,471
Total Support Services 242,135 131,139
Total Capital Outlay 350,055 380,051
Total Expenditures 100,497,482 94,862,082
Excess of Revenues Over Expenditures 3,038,191 667,751
(Continued) 104 SCHEDULE 13 (Concluded) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 EDUCATIONAL ACCOUNT COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - MODIFIED ACCRUAL BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE TOTALS FOR 2019)
2020 2019 OTHER FINANCING SOURCES (USES) Capital lease $ - $ 10,605 Transfers out (2,724,273) (633,000)
Total Other Financing Sources (Uses) (2,724,273) (622,395)
Net Changes in Fund Balances 313,918 45,356
Fund Balance, Modified Accrual Basis, at Beginning of Year 43,665,213 43,619,857
Fund Balance, Modified Accrual Basis, at End of Year $ 43,979,131 $ 43,665,213
105 SCHEDULE 14 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 OPERATIONS AND MAINTENANCE ACCOUNT COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - MODIFIED ACCRUAL BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE TOTALS FOR 2019)
2020 2019 REVENUES Local Sources: Property taxes - general levies $ 6,149,107 $ 5,708,260 Personal property replacement taxes 169,163 200,000 Earnings on investments 67,540 82,922 Pupil activities 28,817 33,347 Rentals 27,089 36,775 Other 77,058 85,247
Total Local Sources 6,518,774 6,146,551
State Sources: Unrestricted Grants-In-Aid: Evidence based funding formula 800,000 800,000 Restricted Grants-in-Aid: Transportation aid - special education 10,000 10,000 Transportation aid - regular 65,000 65,000
Total State Sources 875,000 875,000
Total Revenues 7,393,774 7,021,551
EXPENDITURES Current: Support Services: Operations and Maintenance of Plant Services: Salaries 3,039,041 2,951,961 Employee benefits 766,955 711,707 Purchased services 1,032,303 1,300,839 Supplies and materials 2,007,925 2,084,768 Other objects 1,526 1,977 Non-capitalized equipment 26,371 774
Total Operations and Maintenance of Plant Services 6,874,121 7,052,026
Total Support Services 6,874,121 7,052,026
Capital Outlay: Support Services: Operations and maintenance of plant services 255,299 103,422
Total Capital Outlay 255,299 103,422
Total Expenditures 7,129,420 7,155,448
(Continued) 106 SCHEDULE 14 (Concluded) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 OPERATIONS AND MAINTENANCE ACCOUNT COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - MODIFIED ACCRUAL BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE TOTALS FOR 2019)
2020 2019
Net Changes in Fund Balance $ 264,354 $ (133,897)
Fund Balance, Modified Accrual Basis, at Beginning of Year 4,536,181 4,670,078
Fund Balance, Modified Accrual Basis, at End of Year $ 4,800,535 $ 4,536,181
107 SCHEDULE 15 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 WORKING CASH ACCOUNT COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - MODIFIED ACCRUAL BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE TOTALS FOR 2019)
2020 2019 REVENUES Local Sources: Property taxes - general levies $ 380,912 $ 376,569 Earnings on investments 58,089 78,726
Total Revenues 439,001 455,295
EXPENDITURES - -
Net Changes in Fund Balances 439,001 455,295
Fund Balance, Modified Accrual Basis, at Beginning of Year 3,788,001 3,332,706
Fund Balance, Modified Accrual Basis, at End of Year $ 4,227,002 $ 3,788,001
108 (THIS PAGE INTENTIONALLY LEFT BLANK) SPECIAL REVENUE FUNDS
To account for proceeds from specific revenue sources which are designated to finance expenditures for specific purposes. The District maintains the following Special Revenue Funds:
Transportation Fund - to account for activity relating to student transportation to and from school.
Municipal Retirement Fund - to account for the District's portion of pension contributions to the Illinois Municipal Retirement Fund for noncertified employees.
Tort Fund - to account for the activity relating to the District's insurance and risk management. (THIS PAGE INTENTIONALLY LEFT BLANK) SCHEDULE 16 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 TRANSPORTATION FUND COMPARATIVE BALANCE SHEET JUNE 30, 2020 AND 2019
2020 2019 ASSETS Cash and investments $ 4,379,655 $ 4,656,163 Receivables, net of allowance for uncollectibles: Property taxes 876,637 897,150 Due from other governments 863,195 782,773
Total Assets $ 6,119,487 $ 6,336,086
LIABILITIES Accounts payable $ 53,944 $ 64,690 Accrued salaries 9,000 1,281
Total Liabilities 62,944 65,971
DEFERRED INFLOWS OF RESOURCES Unavailable revenue - property taxes 785,182 827,400
Total Deferred Inflows of Resources 785,182 827,400
FUND BALANCE Restricted 5,271,361 5,442,715
Total Fund Balance 5,271,361 5,442,715
Total Liabilities, Deferred Inflows of Resources and Fund Balance $ 6,119,487 $ 6,336,086
109 SCHEDULE 17 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 TRANSPORTATION FUND COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - MODIFIED ACCRUAL BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE TOTALS FOR 2019)
2020 2019 REVENUES Local Sources: Property taxes - general levies $ 1,707,358 $ 1,730,663 Earnings on investments 65,655 86,701 Transportation fees 71,585 92,244 Other 37,939 20,251
Total Local Sources 1,882,537 1,929,859
State Sources: Restricted Grants-in-Aid: Transportation aid - regular 2,714,836 2,506,401 Transportation aid - special education 657,449 563,934
Total Restricted Grants-in-Aid 3,372,285 3,070,335
Total State Sources 3,372,285 3,070,335
Total Revenues 5,254,822 5,000,194
EXPENDITURES Current: Support Services: Pupil Transportation Services: Salaries 3,002,017 2,963,698 Employee benefits 502,363 388,501 Purchased services 613,770 612,912 Supplies and materials 740,249 776,080 Other objects 1,496 1,645
Total Support Services 4,859,895 4,742,836
Capital outlay 566,281 508,722
Total Expenditures 5,426,176 5,251,558
Net Changes in Fund Balances (171,354) (251,364)
Fund Balance, Modified Accrual Basis, at Beginning of Year 5,442,715 5,694,079
Fund Balance, Modified Accrual Basis, at End of Year $ 5,271,361 $ 5,442,715
110 SCHEDULE 18 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 MUNICIPAL RETIREMENT FUND COMPARATIVE BALANCE SHEET JUNE 30, 2020 AND 2019
2020 2019
ASSETS Cash and investments $ 1,968,011 $ 2,215,971 Receivables, net of allowance for uncollectibles: Property taxes 1,361,387 1,416,558 Due from other governments 128,609 128,609
Total Assets $ 3,458,007 $ 3,761,138
DEFFERED INFLOWS OF RESOURCES Unavailable revenue - property taxes $ 1,219,362 $ 1,306,426
Total Deferred Inflows of Resources 1,219,362 1,306,426
FUND BALANCE Restricted 2,238,645 2,454,712
Total Fund Balance 2,238,645 2,454,712
Total Deferred Inflows of Resources and Fund Balance $ 3,458,007 $ 3,761,138
111 SCHEDULE 19 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 MUNICIPAL RETIREMENT FUND COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - MODIFIED ACCRUAL BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE TOTALS FOR 2019)
2020 2019
REVENUES Local Sources: Property taxes - general levies $ 2,673,281 $ 2,816,490 Personal property replacement taxes 128,609 128,609 Earnings on investments 34,028 43,903
Total Revenues 2,835,918 2,989,002
EXPENDITURES Current: Instruction 851,583 794,699 Support services 2,200,311 2,114,326 Community services 91 52
Total Expenditures 3,051,985 2,909,077
Net Changes in Fund Balances (216,067) 79,925
Fund Balance, Modified Accrual Basis, at Beginning of Year 2,454,712 2,374,787
Fund Balance, Modified Accrual Basis, at End of Year $ 2,238,645 $ 2,454,712
112 SCHEDULE 20 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 TORT FUND COMPARATIVE BALANCE SHEET JUNE 30, 2020 AND 2019
2020 2019
ASSETS Cash and investments $ 1,225,291 $ 1,204,979 Receivables, net of allowance for uncollectibles: Property taxes 335,185 450,307
Total Assets $ 1,560,476 $ 1,655,286
DEFFERED INFLOWS OF RESOURCES Unavailable revenue - property taxes 300,217 415,297
Total Deferred Inflows of Resources 300,217 415,297
FUND BALANCE Restricted 1,260,259 1,239,989
Total Fund Balance 1,260,259 1,239,989
Total Deferred Inflows of Resources and Fund Balance $ 1,560,476 $ 1,655,286
113 SCHEDULE 21 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 TORT FUND COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - MODIFIED ACCRUAL BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE TOTALS FOR 2019
2020 2019
REVENUES Local Sources: Property taxes - general levies $ 753,336 $ 993,114 Refund of prior years' expenditures - 15,908 Earnings on investments 12,163 15,757
Total Revenues 765,499 1,024,779
EXPENDITURES Current: Support Services: General Administration: Workers' Compensation: Purchased services 521,210 501,302 Unemployment Insurance: Purchased services 7,233 8,326 Insurance Payments: Employee benefits 216,786 220,728
Total Expenditures 745,229 730,356
Net Changes in Fund Balances 20,270 294,423
Fund Balance, Modified Accrual Basis, at Beginning of Year 1,239,989 945,566
Fund Balance, Modified Accrual Basis, at End of Year $ 1,260,259 $ 1,239,989
114 DEBT SERVICE FUND
Debt Service Fund - to account for the accumulation of resources for, and the payment of, general long-term debt, principal, interest, and related costs. (THIS PAGE INTENTIONALLY LEFT BLANK) SCHEDULE 22 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 DEBT SERVICE FUND COMPARATIVE BALANCE SHEET JUNE 30, 2020 AND 2019
2020 2019
ASSETS Cash and investments $ 3,697,281 $ 4,086,641 Receivables, net of allowance for uncollectibles: Property taxes 3,862,376 2,836,961 Due from other governments 123,935 -
Total Assets $ 7,683,592 $ 6,923,602
DEFERRED INFLOWS OF RESOURCES Unavailable revenue - property taxes $ 3,459,433 $ 2,616,397
Total Deferred Inflows of Resources 3,459,433 2,616,397
FUND BALANCE Restricted 4,224,159 4,307,205
Total Fund Balance 4,224,159 4,307,205
Total Deferred Inflows of Resources and Fund Balance $ 7,683,592 $ 6,923,602
115 SCHEDULE 23 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 DEBT SERVICE FUND COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - MODIFIED ACCRUAL BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE TOTALS FOR 2019)
2020 2019 REVENUES Local Sources: Property taxes - general levies $ 6,477,017 $ 6,564,627 Personal property replacement taxes 700,015 475,227 Earnings on investments 47,327 86,451
Total Local Sources 7,224,359 7,126,305
Federal Sources: Build America Bond Rebate - 67,338
Total Revenues 7,224,359 7,193,643
EXPENDITURES Debt Service: Principal 6,712,201 6,110,000 Interest 3,389,188 3,443,985 Other 5,293 228,689
Total Expenditures 10,106,682 9,782,674
(Deficiency) of Revenues (Under) Expenditures (2,882,323) (2,589,031)
OTHER FINANCING SOURCES (USES) Bonds issued - 13,865,000 Premium on bonds - 1,495,970 Transfer to escrow agent on refunding bonds - (15,439,568) Transfers in 2,799,277 983,000
Total Other Financing Sources (Uses) 2,799,277 904,402
Net Changes in Fund Balances (83,046) (1,684,629)
Fund Balance, Modified Accrual Basis, at Beginning of Year 4,307,205 5,991,834
Fund Balance, Modified Accrual Basis, at End of Year $ 4,224,159 $ 4,307,205
116 CAPITAL PROJECT FUNDS
Capital Projects Fund - to account for financial resources to be used for the acquisition, construction, or additions to major capital facilities.
Fire Prevention and Safety Fund - to account for financial resources to be used for the acquisition, constructions, or additions to major capital facilities for the purpose of preventing fires and increasing safety in the District. (THIS PAGE INTENTIONALLY LEFT BLANK) SCHEDULE 24 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 CAPITAL PROJECTS FUND COMPARATIVE BALANCE SHEET JUNE 30, 2020 AND 2019
2020 2019
ASSETS Cash and investments $ - $ 226,920
Total Assets $ - $ 226,920
LIABILITIES Accounts payable $ - $ 62,756 Accrued salaries - -
Total Liabilities - 62,756
FUND BALANCE Restricted - 164,164
Total Liabilities and Fund Balance $ - $ 226,920
117 SCHEDULE 25 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 CAPITAL PROJECTS FUND COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - MODIFIED ACCRUAL BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE TOTALS FOR 2019)
2020 2019
REVENUES Local Sources: Earnings on investments $ 670 $ 9,740 Impact fees 44,322 47,982 Other - 463,255
Total local sources 44,992 520,977
Total Revenues 44,992 520,977
EXPENDITURES Current: Support Services: Facilities Acquisition and Construction Services: Salaries - 10,130 Benefits - 1,792 Purchased services 572 (6,726) Supplies and materials - 60,179
Total Support Services 572 65,375
Capital Outlay: Support services 133,580 191,107
Total Expenditures 134,152 256,482
Excess (Deficiency) of Revenues Over (Under) Expenditures (89,160) 264,495
OTHER FINANCING (USES) Transfers out (75,004) (350,000)
Total Other Financing (Uses) (75,004) (350,000)
Net Changes in Fund Balances (164,164) (85,505)
Fund Balance, Modified Accrual Basis, at Beginning of Year 164,164 249,669
Fund Balance, Modified Accrual Basis, at End of Year $ - $ 164,164
118 SCHEDULE 26 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 FIRE PREVENTION AND SAFETY FUND COMPARATIVE BALANCE SHEET JUNE 30, 2020 AND 2019
2020 2019
ASSETS Cash $ 521,863 $ 382,416 Property taxes receivable, net of allowance for uncollectibles 464,105 396,628
Total Assets $ 985,968 $ 779,044
LIABILITIES Accounts payable $ 429,454 $ -
Total Liabilities 429,454 -
DEFERRED INFLOWS OF RESOURCES Unavailable revenue - property taxes 415,687 365,791
Total Deferred Inflows of Resources 415,687 365,791
FUND BALANCE Restricted 140,827 413,253
Total Fund Balance 140,827 413,253
Total Liabilities, Deferred Inflows of Resources and Fund Balance $ 985,968 $ 779,044
119 SCHEDULE 27 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 FIRE PREVENTION AND SAFETY FUND COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - MODIFIED ACCRUAL BASIS FOR THE YEAR ENDED JUNE 30, 2020 (WITH COMPARATIVE TOTALS FOR 2019)
2020 2019
REVENUES Local Sources: Property taxes - general levies $ 830,518 $ 776,689 Earnings on investments 1,535 2,483
Total Local Sources 832,053 779,172
State Sources: State Maintenance Grant 50,000 -
Total State Sources 50,000 -
Total Revenues 882,053 779,172
EXPENDITURES Capital Outlay: Support services 1,154,479 806,443
Total Expenditures 1,154,479 806,443
Net Changes in Fund Balances (272,426) (27,271)
Fund Balance, Modified Accrual Basis, at Beginning of Year 413,253 440,524
Fund Balance, Modified Accrual Basis, at End of Year $ 140,827 $ 413,253
120 AGENCY FUNDS
Activity Fund - to account for assets held by the District in a trustee capacity or as an agent for student organizations. (THIS PAGE INTENTIONALLY LEFT BLANK) SCHEDULE 28 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 STATEMENT OF CHANGES IN ASSETS AND LIABILITIES AGENCY FUNDS - STUDENT ACTIVITY FUNDS FOR THE YEAR ENDED JUNE 30, 2020
Balance Balance July 1, 2019 Additions Deductions June 30, 2020 ASSETS Cash $ 833,410 $ 1,135,562 $ 1,100,335 $ 868,637
Total Assets $ 833,410 $ 1,135,562 $ 1,100,335 $ 868,637
LIABILITIES Due to student groups: Northwood Middle School $ 35,230 $ 61,786 $ 66,118 $ 30,898 Creekside Middle School 63,855 63,694 65,799 61,750 John Swanson Trust 144,423 2,078 9,671 136,830 Dean Elementary 3,442 3,406 3,195 3,653 Dierzen Early Learning Center 9,799 8,048 9,056 8,791 Endres Elementary 698 8,005 6,458 2,245 Greenwood Elementary 5,620 3,712 3,903 5,429 Olson Elementary 4,755 15,306 14,167 5,894 Prairiewood Elementary 9,133 19,957 21,523 7,567 Westwood Elementary 3,548 7,507 6,802 4,253 North High School Athletic 88,930 162,204 155,159 95,975 High School Athletic 75,839 129,774 145,459 60,154 District Activity 156,798 196,933 138,914 214,817 North High School Activity 65,499 173,710 189,821 49,388 High School Activity / Co-Curricular 165,841 279,442 264,290 180,993
Total Liabilities $ 833,410 $ 1,135,562 $ 1,100,335 $ 868,637
121 SCHEDULE 29 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 DEBT SERVICE SCHEDULE - 2006B SCHOOL CAPITAL APPRECIATION BONDS JUNE 30, 2020
Amount of Original Issue: $13,866,940 Date of Issue: June 2, 2006 Paying Agent: Harris Bank
Interest Payment Fiscal Year Date Rate Principal Interest Total Payments 01/15/23 8.50% $ 2,256,390 $ 6,743,610 $ 9,000,000 $ 9,000,000 01/15/24 8.50% 4,036,900 13,463,100 17,500,000 17,500,000 01/15/25 8.50% 3,862,950 14,337,050 18,200,000 18,200,000 01/15/26 8.50% 3,710,700 15,289,300 19,000,000 19,000,000
$ 13,866,940 $ 49,833,060 $ 63,700,000 $ 63,700,000
122 SCHEDULE 30 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 DEBT SERVICE SCHEDULE - 2010D REFUNDING SCHOOL BONDS JUNE 30, 2020
Amount of Original Issue: $925,000 Date of Issue: March 15, 2010 Paying Agent: Bank of New York Mellon Trust Co.
Interest Payment Fiscal Year Date Rate* Principal Interest Total Payments 07/15/20 $ - $ 18,500 $ 18,500 01/15/21 4.000% 925,000 18,500 943,500 $ 962,000
$ 925,000 $ 37,000 $ 962,000 $ 962,000
* NOTE: Building America Bonds are 65% interest rate subsidized by the Federal Government.
123 SCHEDULE 31 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 DEBT SERVICE SCHEDULE - 2011A REFUNDING SCHOOL BONDS JUNE 30, 2020
Amount of Original Issue: $4,960,000 Date of Issue: January 12, 2011 Paying Agent: Bank of New York Mellon Trust Co.
Interest Payment Fiscal Year Date Rate Principal Interest Total Payments 07/15/20 $ - $ 33,094 $ 33,094 01/15/21 3.75% 1,765,000 33,093 1,798,093 $ 1,831,187
$ 1,765,000 $ 66,187 $ 1,831,187 $ 1,831,187
124 SCHEDULE 32 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 DEBT SERVICE SCHEDULE - 2012A REFUNDING BONDS JUNE 30, 2020
Amount of Original Issue: $4,780,000 Date of Issue: July 2, 2012 Paying Agent: UMB Bank, N.A.
Interest Payment Fiscal Year Date Rate Principal Interest Total Payments 07/15/20 $ - $ 95,600 $ 95,600 01/15/21 - 95,600 95,600 $ 191,200 07/15/21 - 95,600 95,600 01/15/22 - 95,600 95,600 191,200 07/15/22 - 95,600 95,600 01/15/23 - 95,600 95,600 191,200 07/15/23 - 95,600 95,600 01/15/24 - 95,600 95,600 191,200 07/15/24 - 95,600 95,600 01/15/25 - 95,600 95,600 191,200 07/15/25 - 95,600 95,600 01/15/26 - 95,600 95,600 191,200 07/15/26 - 95,600 95,600 01/15/27 4.00% 4,780,000 95,600 4,875,600 4,971,200
$ 4,780,000 $ 1,338,400 $ 6,118,400 $ 6,118,400
125 SCHEDULE 33 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 DEBT SERVICE SCHEDULE - 2012B REFUNDING BONDS JUNE 30, 2020
Amount of Original Issue: $1,395,000 Date of Issue: July 2, 2012 Paying Agent: UMB Bank, N.A.
Interest Payment Fiscal Year Date Rate Principal Interest Total Payments 07/15/20 $ - $ 34,875 $ 34,875 01/15/21 5.00% 1,395,000 34,875 1,429,875 $ 1,464,750
$ 1,395,000 $ 69,750 $ 1,464,750 $ 1,464,750
126 SCHEDULE 34 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 DEBT SERVICE SCHEDULE - 2013 LIMITED BONDS JUNE 30, 2020
Amount of Original Issue: $3,830,000 Date of Issue: January 8, 2013 Paying Agent: UMB Bank, N. A.
Interest Payment Fiscal Year Date Rate Principal Interest Total Payments 07/15/20 $ - $ 48,950 $ 48,950 01/15/21 - 48,950 48,950 $ 97,900 07/15/21 - 48,950 48,950 01/15/22 - 48,950 48,950 97,900 07/15/22 - 48,950 48,950 01/15/23 - 48,950 48,950 97,900 07/15/23 - 48,950 48,950 01/15/24 - 48,950 48,950 97,900 07/15/24 - 48,950 48,950 01/15/25 - 48,950 48,950 97,900 07/15/25 - 48,950 48,950 01/15/26 - 48,950 48,950 97,900 07/15/26 - 48,950 48,950 01/15/27 3.00% 155,000 48,950 203,950 252,900 07/15/27 - 46,625 46,625 01/15/28 3.00% 205,000 46,625 251,625 298,250 07/15/28 - 43,550 43,550 01/15/29 3.00% 275,000 43,550 318,550 362,100 07/15/29 - 39,425 39,425 01/15/30 3.00% 365,000 39,425 404,425 443,850 07/15/30 - 33,950 33,950 01/15/31 3.25% 1,945,000 33,950 1,978,950 2,012,900 07/15/31 - 2,344 2,344 01/15/32 3.125% 150,000 2,343 152,343 154,687
$ 3,095,000 $ 1,017,087 $ 4,112,087 $ 4,112,087
127 SCHEDULE 35 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 DEBT SERVICE SCHEDULE - 2013A REFUNDING SCHOOL BONDS JUNE 30, 2020
Amount of Original Issue: $5,120,000 Date of Issue: December 23, 2013 Paying Agent: UMB Bank
Interest Payment Fiscal Year Date Rate Principal Interest Total Payments 7/15/2020 $ - $ 147,200 $ 147,200 1/15/2021 - 147,200 147,200 $ 294,400 7/15/2021 - 147,200 147,200 1/15/2022 - 147,200 147,200 294,400 7/15/2022 - 147,200 147,200 1/15/2023 - 147,200 147,200 294,400 7/15/2023 - 147,200 147,200 1/15/2024 - 147,200 147,200 294,400 7/15/2024 - 147,200 147,200 1/15/2025 - 147,200 147,200 294,400 7/15/2025 - 147,200 147,200 1/15/2026 - 147,200 147,200 294,400 7/15/2026 - 147,200 147,200 1/15/2027 - 147,200 147,200 294,400 7/15/2027 - 147,200 147,200 1/15/2028 - 147,200 147,200 294,400 7/15/2028 - 147,200 147,200 1/15/2029 - 147,200 147,200 294,400 7/15/2029 - 147,200 147,200 1/15/2030 - 147,200 147,200 294,400 7/15/2030 - 147,200 147,200 1/15/2031 - 147,200 147,200 294,400 7/15/2031 - 147,200 147,200 1/15/2032 5.75% 2,500,000 147,200 2,647,200 2,794,400 7/15/2032 - 75,325 75,325 1/15/2033 5.75% 2,620,000 75,325 2,695,325 2,770,650
$ 5,120,000 $ 3,683,450 $ 8,803,450 $ 8,803,450
128 SCHEDULE 36 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 DEBT SERVICE SCHEDULE - 2014 REFUNDING SCHOOL BONDS JUNE 30, 2020
Amount of Original Issue: $34,945,000 Date of Issue: February 25, 2014 Paying Agent: UMB Bank
Interest Payment Fiscal Year Date Rate Principal Interest Total Payments 7/15/2020 $ - $ 539,694 $ 539,694 1/15/2021 5.00% 1,920,000 539,693 2,459,693 $ 2,999,387 7/15/2021 - 491,694 491,694 1/15/2022 - 491,694 491,694 983,388 7/15/2022 - 491,694 491,694 1/15/2023 - 491,694 491,694 983,388 7/15/2023 - 491,694 491,694 1/15/2024 - 491,694 491,694 983,388 7/15/2024 - 491,694 491,694 1/15/2025 - 491,694 491,694 983,388 7/15/2025 - 491,694 491,694 1/15/2026 - 491,694 491,694 983,388 7/15/2026 - 491,694 491,694 1/15/2027 5.25% 2,100,000 491,693 2,591,693 3,083,387 7/15/2027 - 436,569 436,569 1/15/2028 5.25% 2,325,000 436,568 2,761,568 3,198,137 7/15/2028 - 375,538 375,538 1/15/2029 5.25% 2,430,000 375,537 2,805,537 3,181,075 7/15/2029 - 311,750 311,750 1/15/2030 5.00% 2,550,000 311,750 2,861,750 3,173,500 7/15/2030 - 248,000 248,000 1/15/2031 5.00% 2,700,000 248,000 2,948,000 3,196,000 7/15/2031 - 180,500 180,500 1/15/2032 5.00% 2,800,000 180,500 2,980,500 3,161,000 7/15/2032 - 110,500 110,500 1/15/2033 5.00% 2,900,000 110,500 3,010,500 3,121,000 7/15/2033 38,000 38,000 1/15/2034 5.00% 1,520,000 38,000 1,558,000 1,596,000
$ 21,245,000 $ 10,381,426 $ 31,626,426 $ 31,626,426
129 SCHEDULE 37 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 DEBT SERVICE SCHEDULE - 2015A REFUNDING SCHOOL BONDS JUNE 30, 2020
Amount of Original Issue: $9,015,000 Date of Issue: March 2, 2015 Paying Agent: UMB Bank
Interest Payment Fiscal Year Date Rate Principal Interest Total Payments 07/15/20 $ - $ 111,275 $ 111,275 01/15/21 - 111,275 111,275 $ 222,550 07/15/21 - 111,275 111,275 01/15/22 3.00% 4,225,000 111,275 4,336,275 4,447,550 07/15/22 - 47,900 47,900 01/15/23 2.00% 4,790,000 47,900 4,837,900 4,885,800
$ 9,015,000 $ 540,900 $ 9,555,900 $ 9,555,900
130 SCHEDULE 38 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 DEBT SERVICE SCHEDULE - 2015B REFUNDING SCHOOL BONDS JUNE 30, 2020
Amount of Original Issue: $13,280,000 Date of Issue: March 16, 2015 Paying Agent: UMB Bank
Interest Payment Fiscal Year Date Rate Principal Interest Total Payments 07/15/20 $ - $ 193,200 $ 193,200 01/15/21 - 193,200 193,200 $ 386,400 07/15/21 - 193,200 193,200 01/15/22 3.00% 10,880,000 193,200 11,073,200 11,266,400 07/15/22 - 30,000 30,000 01/15/23 2.50% 2,400,000 30,000 2,430,000 2,460,000
$ 13,280,000 $ 832,800 $ 14,112,800 $ 14,112,800
131 SCHEDULE 39 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 DEBT SERVICE SCHEDULE - 2018 REFUNDING SCHOOL BONDS JUNE 30, 2020
Amount of Original Issue: $13,865,000 Date of Issue: December 5, 2018 Paying Agent: UMB Bank
Interest Payment Fiscal Year Date Rate Principal Interest Total Payments 7/15/2020 $ - $ 315,750 $ 315,750 1/15/2021 5.00% 1,270,000 315,750 1,585,750 $ 1,901,500 7/15/2021 - 284,000 284,000 1/15/2022 5.00% 1,120,000 284,000 1,404,000 1,688,000 7/15/2022 - 256,000 256,000 1/15/2023 5.00% 1,180,000 256,000 1,436,000 1,692,000 7/15/2023 - 226,500 226,500 1/15/2024 5.00% 1,250,000 226,500 1,476,500 1,703,000 7/15/2024 - 195,250 195,250 1/15/2025 5.00% 1,315,000 195,250 1,510,250 1,705,500 7/15/2025 - 162,375 162,375 1/15/2026 5.00% 1,350,000 162,375 1,512,375 1,674,750 7/15/2026 - 128,625 128,625 1/15/2027 5.00% 1,275,000 128,625 1,403,625 1,532,250 7/15/2027 - 96,750 96,750 1/15/2028 5.00% 1,290,000 96,750 1,386,750 1,483,500 7/15/2028 - 64,500 64,500 1/15/2029 5.00% 1,295,000 64,500 1,359,500 1,424,000 7/15/2029 - 32,125 32,125 1/15/2030 5.00% 1,285,000 32,125 1,317,125 1,349,250
$ 12,630,000 $ 3,523,750 $ 16,153,750 $ 16,153,750
132
STATISTICAL SECTION (UNAUDITED)
This part of the Woodstock Community Unit School District No. 200’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 government’s overall financial health.
Contents Page
Financial Trends 133
These schedules contain trend information to help the reader understand how the school district’s financial performance and well-being have changed over time.
Revenue Capacity 143
These schedules contain information to help the reader assess the school district’s most significant local revenue source, the property tax.
Debt Capacity 149
These schedules present information to help the reader assess the afford- ability of the school district’s current levels of outstanding debt and the school district’s ability to issue additional debt in the future.
Demographic and Economic Information 154
These schedules offer demographic and economic indicators to help the reader understand the environment within which the school district’s financial activities take place.
Operating Information 156
These schedules contain service and infrastructure data to help the reader understand how the information in the school district’s financial report relates to the services the school district provides and the activities it performs.
Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year.
(THIS PAGE INTENTIONALLY LEFT BLANK)
(THIS PAGE INTENTIONALLY LEFT BLANK) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 NET POSITION BY COMPONENT LAST TEN FISCAL YEARS (ACCRUAL BASIS OF ACCOUNTING)
Fiscal Year (Restated) 2020 2019 2018 2017
Governmental activities Net Investment in capital assets $ 10,953,408 $ 6,527,873 $ 4,163,315 $ (39,989) Restricted 28,122,007 27,512,284 29,163,954 28,901,090 Unrestricted (34,752,815) (29,099,994) (27,119,173) 19,220,887
Total governmental activities net position $ 4,322,600 $ 4,940,163 $ 6,208,096 $ 48,081,988
Note: GASB 75 was adopted for the year ended June 30, 2017. Prior year information has not been restated. GASB 68 and 71 was adopted for the year ended June 30, 2015. 2014 was restated but prior year information has not been restated.
133 TABLE 1
Fiscal Year (Restated) 2016 2015 2014 2013 2012 2011
$ 2,055,862 $ (2,076,107) $ (5,649,642) $ (8,254,375) $ (8,595,483) $ (10,116,650) 34,838,425 30,171,061 26,822,622 26,700,490 30,207,326 17,961,688 14,825,674 20,934,386 24,176,999 37,918,159 33,720,814 48,554,178
$ 51,719,961 $ 49,029,340 $ 45,349,979 $ 56,364,274 $ 55,332,657 $ 56,399,216
134 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 CHANGE IN NET POSITION LAST TEN FISCAL YEARS (ACCRUAL BASIS OF ACCOUNTING)
Fiscal Year
2020 2019 2018 2017 Expenses Governmental Activities: Instruction $ 80,764,908 $ 75,696,776 $ 75,548,243 $ 74,514,876 Support services 40,256,583 37,958,275 35,225,236 34,854,550 Community services 543,173 557,112 649,602 502,348 Payments to other governmental units 6,385 5,428 20,583 5,077 Interest on long-term debt 5,809,794 6,311,570 6,188,258 6,162,199 Depreciation - unallocated 1 4,952,515 4,349,282 4,594,543 4,650,088
Total Expenses 132,333,358 124,878,443 122,226,465 120,689,138
Program Revenues Governmental Activities: Charges For Services: Instruction 4,640,379 5,442,145 5,835,835 5,963,438 Support services 744,021 870,413 859,401 844,721 Operating Grants and Contributions: Instruction 38,118,222 33,368,323 34,322,758 38,148,351 Support services 4,915,523 4,652,645 4,724,015 4,142,360
Total Program Revenues 48,418,145 44,333,526 45,742,009 49,098,870
Net (Expense)/ Revenue (83,915,213) (80,544,917) (76,484,456) (71,590,268)
General Revenues and Other Changes in Net Position Governmental Activities: Taxes: Real estate taxes, levied for general uses 52,220,668 49,333,691 48,201,824 48,709,322 Real estate taxes, levied for debt service 7,137,674 7,130,804 8,336,388 8,839,610 Contributions and donations 912,617 574,450 598,412 654,841 Payments in lieu of taxes 44,322 47,982 53,201 108,173 Personal property replacement taxes 997,787 803,836 722,355 877,509 State aid not restricted for specific purposes 20,967,489 20,220,243 19,509,025 15,887,667 Earnings on investments 1,017,093 1,165,978 668,645 272,374 Gain (Loss) on sale of capital assets - - - (335,123) Total General Revenues and Other Changes in Net Position 83,297,650 79,276,984 78,089,850 75,014,373
Change in Net Position $ (617,563) $ (1,267,933) $ 1,605,394 $ 3,424,105
1 This amount excludes the depreciation that is included in the direct expenses of various programs. Note: GASB 75 was adopted for the year ended June 30, 2017. Prior year information has not been restated. GASB 68 and 71 was adopted for the year ended June 30, 2015. 2014 was restated but prior year information has not been restated.
135 TABLE 2
Fiscal Year (Restated) 2016 2015 2014 2013 2012 2011
$ 62,177,708 $ 57,967,916 $ 53,091,807 $ 47,624,991 $ 46,843,960 $ 41,933,382 36,848,305 33,844,854 31,860,199 30,716,201 31,196,095 31,936,693 261,510 268,204 266,405 284,543 316,917 164,332 10,169 141,354 79,516 197,088 261,327 251,581 6,148,224 7,328,580 7,361,220 6,405,621 6,694,121 6,665,063 3,810,756 3,908,483 4,019,358 4,115,406 4,222,006 4,334,546
109,256,672 103,459,391 96,678,505 89,343,850 89,534,426 85,285,597
5,420,356 4,726,140 3,947,608 3,665,046 3,049,428 2,604,086 799,025 775,286 852,021 956,102 1,058,991 1,149,843
26,831,896 25,213,669 20,065,455 17,031,856 14,911,058 14,072,360 4,447,420 4,789,580 4,173,444 4,457,077 6,220,242 5,495,601
37,498,697 35,504,675 29,038,528 26,110,081 25,239,719 23,321,890
(71,757,975) (67,954,716) (67,639,977) (63,233,769) (64,294,707) (61,963,707)
49,110,458 46,824,144 48,057,280 47,082,303 45,301,523 44,392,992 9,741,748 12,115,371 10,405,999 10,974,747 10,227,839 9,875,737 652,389 586,976 547,823 469,224 405,024 498,668 123,924 195,758 256,665 262,266 219,806 203,586 794,497 867,841 806,947 797,678 780,702 848,655 13,913,650 10,968,842 8,141,481 5,361,959 6,070,415 5,425,490 111,930 75,145 68,158 114,072 105,518 134,078 ------
74,448,596 71,634,077 68,284,353 65,062,249 63,110,827 61,379,206
$ 2,690,621 $ 3,679,361 $ 644,376 $ 1,828,480 $ (1,183,880) $ (584,501)
136 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 FUND BALANCES OF GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS (MODIFIED ACCRUAL BASIS OF ACCOUNTING)
Fiscal Year
2020 2019 2018 2017 General Fund Nonspendable $ 270,894 $ 231,518 $ 166,748 $ 229,268 Restricted 4,800,535 4,536,181 4,670,078 4,065,848 Assigned 911,788 732,577 803,254 1,026,659 Unassigned 47,023,451 46,489,119 45,982,561 40,413,058
Total General Fund $ 53,006,668 $ 51,989,395 $ 51,622,641 $ 45,734,833
All Other Governmental Funds Restricted for: Debt Service $ 4,224,159 $ 4,307,205 $ 5,991,834 $ 5,600,974 Capital Projects Funds 140,827 577,417 690,193 900,091 Special Revenue Funds 8,770,265 9,137,416 9,014,432 8,122,371 Unassigned - - - -
Total All Other Governmental Funds $ 13,135,251 $ 14,022,038 $ 15,696,459 $ 14,623,436
137 TABLE 3
Fiscal Year
2016 2015 2014 2013 2012 2011
$ 160,384 $ 257,680 $ 168,024 $ 267,852 $ 192,859 $ 253,557 3,597,688 3,738,176 3,416,280 3,638,079 2,897,953 2,853,874 2,003,858 2,502,540 1,156,103 1,144,517 345,212 1,152,048 36,424,144 36,743,939 33,215,729 33,102,467 33,170,999 33,224,818
$ 42,186,074 $ 43,242,335 $ 37,956,136 $ 38,152,915 $ 36,607,023 $ 37,484,297
$ 5,973,493 $ 6,611,252 $ 6,814,402 $ 8,150,271 $ 7,893,445 $ 10,449,494 1,542,667 1,942,242 1,237,630 1,139,497 1,360,099 2,448,669 7,319,229 6,378,011 3,982,778 3,479,884 2,822,101 2,821,995 - - - - (63,374) -
$ 14,835,389 $ 14,931,505 $ 12,034,810 $ 12,769,652 $ 12,012,271 $ 15,720,158
138 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS (MODIFIED ACCRUAL BASIS OF ACCOUNTING)
Fiscal Year
2020 2019 2018 2017 Revenues Local sources: Property taxes $ 56,018,638 $ 53,368,431 $ 60,244,560 $ 58,278,465 Payments in lieu of taxes 44,322 47,982 53,201 108,173 Personal property replacement taxes 997,787 803,836 722,355 877,509 Earnings on investments 1,017,093 1,165,978 668,645 272,374 Food services 634,497 757,918 745,001 750,511 Contributions and donations 912,617 574,450 598,412 654,841 Pupil activities 324,785 302,242 325,739 279,193 Textbooks 537,318 700,476 753,271 587,528 Rentals 27,089 36,775 36,148 53,189 Transportation fees 71,585 92,244 89,386 94,210 Tuition 3,439,590 3,327,021 4,035,803 3,974,918 Refund of prior years' expenditures 11,567 84,994 42,097 35,017 Other local sources 337,969 1,010,888 667,791 1,033,593 State sources 58,896,780 53,472,819 53,341,503 52,774,258 Federal sources 5,104,454 4,768,392 5,214,295 5,404,120
Total Revenues 128,376,091 120,514,446 127,538,207 125,177,899
Expenditures Current: Instruction 78,533,136 73,939,298 72,919,493 75,052,670 Support services 36,597,101 35,480,429 35,617,079 33,242,051 Community services 542,607 556,546 649,036 489,954 Payments to other governmental units 6,385 5,428 20,583 5,077 Capital outlay 2,459,694 1,989,745 1,445,923 3,022,846 Debt Service: Principal retirement 6,712,201 6,110,000 5,892,435 5,855,744 Interest and fees 3,389,188 3,443,985 4,025,944 4,165,468 Other 5,293 228,689 6,883 7,283
Total Expenditures 128,245,605 121,754,120 120,577,376 121,841,093
Excess or (Deficiency) of Revenues Over (Under) Expenditures 130,486 (1,239,674) 6,960,831 3,336,806
139 TABLE 4
Fiscal Year
2016 2015 2014 2013 2012 2011
$ 54,445,768 $ 64,047,761 $ 57,515,521 $ 58,318,774 $ 53,607,809 $ 53,208,607 123,924 195,758 256,665 262,266 219,806 203,586 794,497 867,841 806,947 797,678 780,702 848,655 111,930 75,145 68,158 114,072 105,518 134,078 732,043 698,456 754,354 852,052 954,325 996,060 652,389 586,976 547,823 469,224 405,024 498,668 283,561 271,915 258,350 263,155 332,813 338,626 582,469 591,036 540,142 537,583 383,496 396,586 43,683 27,373 47,249 48,529 63,443 73,430 66,982 76,830 97,667 91,495 95,236 79,429 3,822,363 3,194,275 2,577,226 2,120,442 1,853,956 1,395,001 4,092 7,280 20,659 28,515 31,255 73,779 684,188 634,261 503,982 679,377 393,895 401,018 40,239,758 35,493,168 27,408,786 21,692,553 21,554,641 18,920,494 4,953,208 5,478,923 4,971,594 5,158,339 5,647,074 6,072,957
107,540,855 112,246,998 96,375,123 91,434,054 86,428,993 83,640,974
61,538,984 58,066,866 52,852,894 47,015,132 46,060,953 41,717,057 33,651,517 32,274,572 31,611,693 29,770,841 30,343,912 31,403,483 261,044 267,738 265,940 284,077 316,917 164,332 10,169 141,354 79,516 197,088 261,327 251,581 2,772,402 1,949,515 739,590 1,454,726 1,664,767 9,447,219
6,158,398 6,880,775 6,192,645 4,777,854 6,162,802 5,780,080 4,292,994 5,049,466 6,138,605 6,283,088 6,637,443 5,546,859 7,724 333,275 447,666 176,660 11,033 89,225
108,693,232 104,963,561 98,328,549 89,959,466 91,459,154 94,399,836
(1,152,377) 7,283,437 (1,953,426) 1,474,588 (5,030,161) (10,758,862)
(Continued) 140 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS (MODIFIED ACCRUAL BASIS OF ACCOUNTING)
Fiscal Year
2020 2019 2018 2017 Other Financing Sources (Uses) Payments to refunded bond escrow $ - $ (15,439,568) $ - $ - Capital leases - 10,605 - - Technology loans - - - - Bonds issued - - - - Refunding bonds issued - 13,865,000 - - Premium on refunding bonds sold - 1,495,970 - -
Total Other Financing Sources (Uses) - (67,993) - -
Net Change in Fund Balances $ 130,486 $ (1,307,667) $ 6,960,831 $ 3,336,806
Debt Service as a Percentage of Non-capital Expenditures 8.0% 8.0% 8.3% 8.4%
141 TABLE 4 (Concluded)
Fiscal Year
2016 2015 2014 2013 2012 2011
$ - $ (22,758,591) $ (43,442,796) $ (10,482,298) $ - $ - - 264,080 249,395 399,200 - - - 307,600 325,000 250,000 - 150,000 - - - - 445,000 457,000 - 22,295,000 40,065,000 10,005,000 - 4,960,000 - 791,368 3,825,206 656,783 - 125,760
- 899,457 1,021,805 828,685 445,000 5,692,760
$ (1,152,377) $ 8,182,894 $ (931,621) $ 2,303,273 $ (4,585,161) $ (5,066,102)
9.9% 11.6% 12.6% 12.5% 14.3% 13.3%
142 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY LAST TEN FISCAL YEARS
Fiscal Year Total Taxable Ended Real Property Assessed June 30, Residential Commercial Industrial Rural Other Value
2020 $ 692,685,205 $ 106,714,580 $ 40,176,381 $ 58,231,061 $ 3,008,907 $ 900,816,134 2019 644,273,494 104,254,286 38,678,917 54,253,221 2,808,379 844,268,297 2018 611,533,457 100,631,178 36,939,965 52,121,962 2,279,108 803,505,670 2017 573,307,644 96,407,392 36,996,641 48,874,787 2,234,266 757,820,730 2016 542,808,592 92,631,529 36,975,321 48,434,562 2,199,974 723,049,978 2015 540,071,219 92,988,203 37,152,466 47,311,126 1,872,316 719,395,330 2014 570,934,647 97,211,419 40,403,093 47,913,499 1,805,405 758,268,063 2013 643,565,129 103,845,727 44,203,177 50,031,913 1,512,980 843,158,926 2012 741,957,554 108,550,753 48,112,838 53,085,752 1,365,509 953,072,406 2011 836,852,526 119,069,180 53,750,306 55,011,120 1,340,541 1,066,023,673
Sources: McHenry County levy, rate and extension reports and McHenry County Clerk's office. Note: Property in the county is reassessed annually. The county assesses property at approximately 33.33% of actual value for all types of real property. Estimated actual value is calculated by dividing assessed value by those percentages. Tax rates are per $1,000 of assessed value.
143 TABLE 5
Assessed Total Estimated Value as a Direct Actual Percentage of Tax Rate Taxable Value Actual Value
6.6119 $ 2,702,448,402 33.33% 6.7146 2,532,804,891 33.33% 7.0553 2,410,517,010 33.33% 7.6123 2,273,462,190 33.33% 8.1738 2,169,149,934 33.33% 8.2153 2,158,185,990 33.33% 7.7423 2,274,804,189 33.33% 6.8999 2,529,476,778 33.33% 5.8512 2,859,217,218 33.33% 5.1166 3,198,071,019 33.33%
144 TABLE 6 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 PROPERTY TAX RATES -- DIRECT AND OVERLAPPING GOVERNMENTS LAST TEN FISCAL YEARS (RATE PER $1000 OF ASSESSED VALUE)
City of McHenry Other Woodstock School Dist 200 Woodstock County Governments Debt Fiscal Operating Service Total Total Total Total Year Millage Millage Millage Millage Millage Millage
2020 5.7958 0.8161 6.6119 1.6391 0.7868 1.9327 2019 6.0030 0.7116 6.7146 1.7464 0.8317 1.8535 2018 6.0153 1.0400 7.0553 1.8248 0.9019 1.9110 2017 6.4437 1.1686 7.6123 1.9344 1.0539 2.0200 2016 6.8208 1.3530 8.1738 2.2171 1.0781 2.0979 2015 6.8554 1.3599 8.2153 2.2287 1.1412 2.1094 2014 6.3647 1.3776 7.7423 2.0814 1.0961 1.9853 2013 5.5953 1.3046 6.8999 1.8671 0.9958 1.7762 2012 4.7734 1.0778 5.8512 1.6583 0.8879 1.5963 2011 4.1858 0.9308 5.1166 1.4959 0.7927 1.4232
Source: McHenry County Clerk's Office.
Note: The District's basic property tax rate may be increased only by a majority vote of the District's residents.
145 TABLE 7 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 PRINCIPAL PROPERTY TAXPAYERS CURRENT FISCAL YEAR AND NINE YEARS AGO (AMOUNTS EXPRESSED IN THOUSANDS)
2020 2011 Percentage Percentage of Total of Total District District Taxable Taxable Taxable Taxable Assessed Assessed Assessed Assessed Taxpayer Valuation Rank Valuation Valuation Rank Valuation
2018 IAVF Prairie View LLC $ 6,163 1 0.73% $ -
Willow Brook Apartments 5,250 2 0.62% 3,697 5 0.35%
Wal Mart Real Estate Trust 3,609 3 0.43% 4,105 3 0.39%
Mercy Health System Corp. 3,469 4 0.41% 3,686 6 0.35%
Walden Oaks Apt. 2,939 5 0.35% 2,732 10 0.26%
Wells Manufacturing Co. 2,850 6 0.34% 3,515 7 0.33%
Automated Liquid Packing 2,814 7 0.33% 4,015 4 0.38%
Menard, Inc. 2,638 8 0.31% 4,327 2 0.41%
NIMED Corp. 2,475 9 0.29% 2,939 9 0.28%
Woodstock Commons 2,400 10 0.28% -
Graftek Press, Inc. - 4,494 1 0.42%
Woodstock Farm and Fleet Inc. - 3,253 8 0.31%
Total $ 34,607 4.10% $ 36,763 3.48%
Source: McHenry County Assessor's Office.
Note: Every effort has been made to seek out and report the largest taxpayers. However, many of the taxpayers contain multiple parcels, and it is possible that some parcels and their valuations have been overlooked.
146 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 PROPERTY TAX RATES AND COLLECTIONS LAST TEN FISCAL YEARS
EAV 2019 2018 2017 2016 2015
Tax Rate (per $100 of EAV): Educational 3.6286 3.6967 3.6403 4.0000 3.9831 Operations and Maintenance 0.7300 0.7317 0.7343 0.7500 0.7468 Bond and Interest 0.8161 0.7116 1.0400 1.1686 1.3530 Transportation 0.1852 0.2250 0.2178 0.2045 0.7538 Municipal Retirement 0.1199 0.1777 0.1854 0.1913 0.1833 Social Security 0.1678 0.1777 0.1854 0.1913 0.1833 Working Cash 0.0436 0.0474 0.0498 0.0501 - Fire Prevention and Safety 0.0981 0.0995 0.1000 0.1000 0.0622 Special Education 0.7518 0.7344 0.7530 0.7983 0.7977 Tort Immunity 0.0708 0.1129 0.1493 0.1582 0.1106
Total Tax Rate 6.6119 6.7146 7.0553 7.6123 8.1738
Tax Extensions: Educational $ 32,685,717 $ 31,210,007 $ 29,250,001 $ 30,312,829 $ 28,800,006 Operations and Maintenance 6,576,408 6,177,570 5,900,006 5,683,655 5,400,005 Bond and Interest 7,351,894 6,008,168 8,356,290 8,855,832 9,782,917 Transportation 1,668,645 1,900,000 1,750,003 1,550,001 5,450,004 Municipal Retirement 1,079,718 1,500,003 1,490,005 1,450,007 1,325,004 Social Security 1,511,606 1,500,003 1,490,005 1,450,007 1,325,004 Working Cash 392,630 400,006 400,001 380,002 - Fire Prevention and Safety 883,403 840,005 803,506 757,821 450,005 Special Education 6,772,732 6,200,002 6,050,004 6,050,001 5,767,560 Tort Immunity 638,012 953,677 1,200,004 1,199,001 800,004
$ 59,560,765 $ 56,689,441 $ 56,689,825 $ 57,689,156 $ 59,100,509
Collections: Within fiscal year $ 27,674,247 $ 29,354,649 $ 30,500,514 $ 29,611,754 $ 29,534,691 Subsequent years - 27,161,081 25,948,954 27,913,642 29,411,473
Total Collections $ 27,674,247 $ 56,515,730 $ 56,449,468 $ 57,525,396 $ 58,946,164
Total Collections/Levy 46.5% 99.7% 99.6% 99.7% 99.7%
Sources: McHenry County Clerk's office.
147 TABLE 8
2014 2013 2012 2011 2010
4.0000 3.9934 3.9748 3.7702 3.3067 0.7462 0.7487 0.7071 0.5976 0.5277 1.3599 1.3775 1.3046 1.0778 0.9308 0.7816 0.3950 0.2121 0.1488 0.1295 0.1777 0.1514 0.1238 0.0973 0.0856 0.1777 0.1514 0.1238 0.0973 0.0856 - - - - - 0.0657 0.0428 - - - 0.7959 0.7899 0.3771 0.0622 0.0507 0.1106 0.0922 0.0766 - -
8.2153 7.7423 6.8999 5.8512 5.1166
$ 28,775,813 $ 30,279,583 $ 33,513,883 $ 35,932,716 $ 35,249,256 5,367,833 5,677,426 5,962,204 5,695,828 5,625,407 9,782,906 10,445,529 10,999,809 10,272,148 9,922,730 5,622,909 2,994,947 1,788,660 1,417,886 1,381,001 1,278,423 1,148,063 1,043,384 927,463 912,623 1,278,423 1,148,063 1,043,384 927,463 912,623 - - - - - 472,571 324,456 - - - 5,725,682 5,989,885 3,179,847 592,411 540,815 795,903 698,820 645,910 - -
$ 59,100,463 $ 58,706,772 $ 58,177,081 $ 55,765,915 $ 54,544,455
$ 29,886,197 $ 29,730,898 $ 29,251,041 $ 27,326,700 $ 26,944,463 28,965,411 28,818,861 28,687,843 28,343,313 27,375,655
$ 58,851,608 $ 58,549,759 $ 57,938,884 $ 55,670,013 $ 54,320,118
99.6% 99.7% 99.6% 99.8% 99.6%
148 TABLE 9 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 RATIOS OF OUTSTANDING DEBT BY TYPE LAST TEN FISCAL YEARS
Governmental Activities General Total Percentage Fiscal Obligation Debt Technology Capital Primary of Personal Per Year Bonds 2 Certificates Loan Lease Government Income 1 Capita 1
2020 $ 94,173,780 $ - $ - $ 8,404 $ 94,182,184 12.1% $ 3,731 2019 102,199,883 - - 10,605 102,210,488 13.4% 4,045 2018 109,378,836 - - - 109,378,836 15.1% 4,326 2017 116,396,576 - 52,435 - 116,449,011 16.1% 4,605 2016 123,282,179 - 211,130 2,048 123,495,357 17.9% 4,888 2015 129,974,224 - 463,907 402,670 130,840,801 19.3% 5,197 2014 137,142,224 - 397,334 514,338 138,053,896 20.7% 5,495 2013 141,797,019 - 258,723 399,200 142,454,942 22.8% 5,679 2012 143,114,553 3,970,000 126,575 - 147,211,128 24.1% 5,943 2011 149,588,554 4,105,000 251,379 - 153,944,933 24.9% 6,215
Note: Details regarding the District's outstanding debt can be found in the notes to the financial statements. 1 See the Schedule of Demographic and Economic Statistics for personal income and population data. 2 Includes discounts and premiums on bonds.
149 TABLE 10 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 RATIOS OF GENERAL BONDED DEBT OUTSTANDING LAST TEN FISCAL YEARS
Percentage of Estimated General Less: Amounts Actual Taxable Fiscal Obligation Available in Debt Value of Per Year Bonds 3 Service Fund Total Property 1 Capita 2
2020 $ 94,173,780 $ 4,224,159 $ 89,949,621 3.33% $ 3,564 2019 102,199,883 5,991,834 96,208,049 3.80% 3,808 2018 109,378,836 5,600,974 103,777,862 4.31% 4,107 2017 116,396,576 5,973,493 110,423,083 4.86% 4,402 2016 123,282,179 6,611,252 116,670,927 5.38% 4,618 2015 129,974,224 6,814,402 123,159,822 5.71% 4,892 2014 137,142,224 8,150,271 128,991,953 5.67% 5,135 2013 141,797,019 7,893,445 133,903,574 5.29% 5,338 2012 143,114,553 10,449,494 132,665,059 4.64% 5,356 2011 149,588,554 6,220,498 143,368,056 4.48% 5,788
Note: Details regarding the District's outstanding debt can be found in the notes to the financial statements. 1 See the Schedule of Assessed Value and Estimated Actual Value of Taxable Property for property value data. 2 Population data can be found in the Schedule of Demographic and Economic Statistics. 3 Includes discounts and premiums on bonds.
150 TABLE 11 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT AS OF JUNE 30, 2020
Estimated Estimated Share of Debt Percentage Overlapping Governmental Unit Outstanding Applicable 1 Debt
Debt repaid with property taxes: City of Crystal Lake $ 27,660,000 0.767% $ 212,152 City of Crystal Lake Special Service Area 45 5,440,000 100.000% 5,440,000 City of Crystal Lake Special Service Area 46 2,190,000 100.000% 2,190,000 McHenry County Conservation 75,985,000 10.213% 7,760,348 Crystal Lake Park District 1,400,524 0.584% 8,179
Subtotal, Overlapping Debt 15,610,679
Woodstock School District No. 200 Direct Debt 87,125,344
Total Direct and Overlapping Debt $ 102,736,023
Source: Assessed value data used to estimate applicable percentages provided by the McHenry County Clerk's Office. Excludes Special Service Areas in Wonder Lake that have special tax bonds for which no levies are filed.
Note: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the District. This schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by the residents and businesses of the District. This process recognizes that when considering the government's ability to issue and repay long-term debt, the entire debt burden borne by the residents and businesses should be taken into account. However, this does not imply that every taxpayer is a resident, and therefore responsible for repaying the debt, of each overlapping government.
1 The percentage of overlapping debt applicable is estimated using taxable assessed property values. Applicable percentages were estimated by determining the portion of the county's taxable assessed value that is within the government's boundaries and dividing it by the county's total taxable assessed value.
151 (THIS PAGE INTENTIONALLY LEFT BLANK) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 LEGAL DEBT MARGIN INFORMATION LAST TEN FISCAL YEARS
Fiscal Year 2020 2019 2018 2017 2016
Debt Limit $ 124,312,626 $ 116,509,025 $ 110,883,782 $ 104,579,261 $ 99,780,897
Total Net Debt Applicable to Limit 82,901,185 89,530,340 95,145,106 101,428,401 106,911,625
Legal Debt Margin $ 41,411,441 $ 26,978,685 $ 15,738,676 $ 3,150,860 $ (7,130,728)
Total Net Debt Applicable to the Limit as a Percentage of Debt Limit 66.69% 76.84% 85.81% 96.99% 107.15%
Legal Debt Margin Calculation for Fiscal Year 2020
Assessed Value $ 900,816,134
Debt Limit (13.8% of total assessed value) 124,312,626
Debt Applicable to Limit:
General Obligation Bonds 87,116,940 Capital lease 8,404
Less: Amount set aside for repayment of general obligation debt (4,224,159)
Total Net Debt Applicable to Limit 82,901,185
Legal Debt Margin $ 41,411,441
Note: Under state finance law, the District's outstanding general obligation debt should not exceed 13.8 percent of total assessed property value. By law, the general obligation debt subject to the limitation may be offset by amounts set aside for repaying general obligation debt.
152 TABLE 12
Fiscal Year 2015 2014 2013 2012 2011
$ 99,276,556 $ 104,640,993 $ 116,355,932 $ 131,523,992 $ 147,111,267
112,432,265 118,798,210 123,205,592 127,821,070 130,982,825
$ (13,155,709) $ (14,157,217) $ (6,849,660) $ 3,702,922 $ 16,128,442
113.25% 113.53% 105.89% 97.18% 89.04%
153 TABLE 13 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 DEMOGRAPHIC AND ECONOMIC STATISTICS LAST TEN FISCAL YEARS
Per Capita Fiscal Personal Personal Median School Unemployment Year Population 2 Income 2 Income 2 Age 2 Enrollment 3 Rate 1
2020 25,240 $ 776,751,080 $ 31,567 36.6 6,357 4.50% 2019 25,268 760,213,048 30,086 36.1 6,374 6.00% 2018 25,286 722,598,022 28,577 38.0 6,479 5.90% 2017 25,085 721,319,175 28,755 38.7 6,597 7.50% 2016 25,267 691,759,926 27,378 36.0 6,649 4.90% 2015 25,178 678,949,948 26,966 36.4 6,661 5.30% 2014 25,122 667,365,930 26,565 35.8 6,665 6.10% 2013 25,084 623,939,416 24,874 34.2 6,675 8.40% 2012 24,770 610,654,810 24,653 34.2 6,623 8.60% 2011 24,770 617,045,470 24,911 34.2 6,327 8.90%
Sources: 1 Bureau of Labor 2 City of Woodstock 3 Woodstock School District
Note: Population, median age and education level information are based on surveys during the last quarter of the calendar year. Personal income information is a total for the year. Unemployment rate information is an adjusted yearly average. School enrollment is based on the census at the start of the school year.
154 TABLE 14 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 PRINCIPAL EMPLOYERS CURRENT FISCAL YEAR AND NINE YEARS AGO
2020 2011 Percentage Percentage of Total District of Total District Taxpayer Employees Rank Employment Employees Rank Employment
Centegra Health System - Woodstock 1,800 1 12.50% 686 5 5.63% McHenry County Government Center 1,100 2 7.64% 1,266 1 10.39% E.P.S. Solutions, Inc. 606 3 4.21% N/A N/A N/A Catalent Pharm Solutions, Inc. 600 4 4.17% 690 4 5.66% Dura-Bar Inc 330 5 2.29% 300 7 2.46% Walmart Supercenter 300 6 2.08% 400 6 3.28% Claussen Pickle Co. 270 7 1.88% 400 6 3.28% Blain's Farm & Fleet 180 8 1.25% 100 10 0.82% City of Woodstock 140 9 0.97% 166 9 1.36% Woolf Distributing 100 10 0.69% 45 11 0.37% Brown Printing Co. N/A N/A N/A 800 3 6.57% D. B. Hess Co. N/A N/A N/A 400 6 3.28% Siligan Tubes Corporation N/A N/A N/A 220 8 1.81%
Total 5,426 5,473
Sources: 2020/2011 Illinois Manufacturers' Directory 2020/2011 Illinois Services Directory Village Financial Report/Official Website of Employer Phone canvass
155 TABLE 15 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 FULL-TIME EQUIVALENT SCHOOL DISTRICT EMPLOYEES BY FUNCTION CURRENT AND PRIOR FISCAL YEARS
Full-time Equivalent Employees by Function
Function 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
Instruction 604.59 592.45 591.48 592.18 599.37 587.38 566.80 554.61 531.16 501.69
Support Services 340.10 338.23 335.62 337.32 329.00 326.81 331.95 310.83 321.75 316.27
Community Services 7.00 7.00 9.50 9.50 3.75 3.38 3.50 4.25 4.25 2.80
Total 951.69 937.68 936.60 939.00 932.12 917.57 902.25 869.69 857.16 820.76
Source: Woodstock School District Instructional employees include teachers and other instructional staff.
156 (THIS PAGE INTENTIONALLY LEFT BLANK) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 SCHOOL BUILDING INFORMATION LAST TEN FISCAL YEARS
Fiscal Year 2020 2019 2018 2017 2016 Clay Academy (1906, 1949, 1968, 1969, & 1997) Square feet 44,282 44,282 44,282 44,282 44,282 Capacity (students) 300 300 300 300 300 Enrollment 77 73 76 64 69 Dean Street Elementary School (1921, 1969, & 1998) Square feet 49,653 49,653 49,653 49,653 49,653 Capacity (students) 500 500 500 500 500 Enrollment 270 277 318 322 334 Greenwood Elementary School (1949, 1953, 1957, 1974, 1996) Square feet 47,711 47,711 47,711 47,711 47,711 Capacity (students) 525 525 525 525 525 Enrollment 295 335 301 319 334 Mary Endres Elementary School (1998) Square feet 56,543 56,543 56,543 56,543 56,543 Capacity (students) 475 475 475 475 475 Enrollment 450 466 463 503 499 Northwood Middle School (1970, 1997) Square feet 95,702 95,702 95,702 95,702 95,702 Capacity (students) 800 800 800 800 800 Enrollment 618 643 660 670 684 Olson Elementary School (1954, 1969, 1975, 1997, 2007) Square feet 73,085 73,085 73,085 73,085 73,085 Capacity (students) 600 600 600 600 600 Enrollment 405 409 431 447 436 Westwood Elementary School (1949, 1953, 1964, 1997) Square feet 46,381 46,381 46,381 46,381 46,381 Capacity (students) 550 550 550 550 550 Enrollment 347 347 326 326 367 Verda Dierzen Early Learning Center (1957, 1965, 1985, 2007) Square feet 63,669 63,669 63,669 63,669 63,669 Capacity (students) 650 650 650 650 650 Enrollment 733 665 742 755 779 Woodstock High School (1921, 1939, 1955, 1959, 1976, 2001) Square feet 319,355 319,355 319,355 319,355 319,355 Capacity (students) 1,800 1,800 1,800 1,800 1,800 Enrollment 1,003 1,009 995 1,028 986 Creekside Middle School (2007) Square feet 145,000 145,000 145,000 145,000 145,000 Capacity (students) 1,000 1,000 1,000 1,000 1,000 Enrollment 791 785 786 761 790 Prairiewood Elementary School (2007) Square feet 62,000 62,000 62,000 62,000 62,000 Capacity (students) 500 500 500 500 500 Enrollment 389 402 430 451 447 Woodstock North High School (2008) Square feet 307,000 307,000 307,000 307,000 307,000 Capacity (students) 1,600 1,600 1,600 1,600 1,600 Enrollment 952 925 905 910 884 McHenry County College (Rental Classrooms) Square feet N/A N/A N/A N/A N/A Capacity (students) N/A N/A N/A N/A N/A Enrollment 19 25 29 36 36
Source: Woodstock School District
Note: Verda Dierzen Early Learning Center enrollment includes students in half day classes and does not exceed the building capacity. Does not include enrollment of students attending out-of-district schools. 157 TABLE 16
Fiscal Year 2015 2014 2013 2012 2011
44,282 44,282 44,282 44,282 44,282 300 300 300 300 300 70 61 50 51 44
49,653 49,653 49,653 49,653 49,653 500 500 500 500 500 389 391 379 367 358
47,711 47,711 47,711 47,711 47,711 525 525 525 525 525 354 370 346 360 378
56,543 56,543 56,543 56,543 56,543 475 475 475 475 475 491 501 519 480 439
95,702 95,702 95,702 95,702 95,702 800 800 800 800 800 677 633 622 626 640
73,085 73,085 73,085 73,085 73,085 600 600 600 600 600 442 468 467 471 497
46,381 46,381 46,381 46,381 46,381 550 550 550 550 550 365 346 367 369 377
63,669 63,669 63,669 63,669 63,669 650 650 650 650 650 703 683 712 791 584
319,355 319,355 319,355 319,355 319,355 1,800 1,800 1,800 1,800 1,800 968 972 957 966 1,019
145,000 145,000 145,000 145,000 145,000 1,000 1,000 1,000 1,000 1,000 809 831 852 768 754
62,000 62,000 62,000 62,000 62,000 500 500 500 500 500 457 431 439 419 324
307,000 307,000 307,000 307,000 307,000 1,600 1,600 1,600 1,600 1,600 900 930 916 908 906
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 29 39 39 29 22
158 TABLE 17 WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 OPERATING STATISTICS LAST TEN FISCAL YEARS
Cost Pupil/ Student Fiscal Total per Percentage Teaching Teacher Attendance Year Expenses Enrollment Pupil Change Staff Ratio Percentage
2020 $ 132,333,358 6,357 $ 20,817 6.25% 431.7 14.73 99.8% 2019 124,878,443 6,374 19,592 3.85% 423.3 15.06 94.8% 2018 122,226,465 6,479 18,865 3.12% 423.9 15.28 94.6% 2017 120,689,138 6,597 18,295 11.33% 428 15.41 94.5% 2016 109,256,672 6,649 16,432 5.79% 424 15.68 95.0% 2015 103,459,391 6,661 15,532 7.08% 417 15.97 94.7% 2014 96,678,505 6,665 14,505 8.37% 412 16.18 95.1% 2013 89,343,850 6,675 13,385 -0.99% 400 16.69 95.3% 2012 89,534,426 6,623 13,519 0.29% 392 16.90 95.4% 2011 85,285,597 6,327 13,480 0.51% 381 16.61 95.1%
Sources: Nonfinancial information provided by the District's personnel and planning bureaus. Note: Enrollment based on start-of-year census. Teaching staff are full-time equivalents for the year as a whole. Attendance is a yearly average. Total expenses are based on total accrual basis expenses for each respective year.
159 (THIS PAGE INTENTIONALLY LEFT BLANK) WOODSTOCK COMMUNITY UNIT SCHOOL DISTRICT NO. 200 CAPITAL ASSET STATISTICS BY FUNCTION CURRENT AND PRIOR FISCAL YEARS
Fiscal Year
Function 2020 2019 2018 2017
Balance of all assets acquired prior to July 1, 2009 (not identifiable to a specific function) $ 29,808,420 $ 33,831,522 $ 33,831,522 $ 33,831,522
Instruction 3,940,109 3,832,189 3,583,277 3,583,277
Support Services 157,026,504 155,075,425 154,371,496 153,187,202
Community Services 30,764 30,764 30,764 30,764
Total $ 190,805,797 $ 192,769,900 $ 191,817,059 $ 190,632,765
160 TABLE 18
Fiscal Year
2016 2015 2014 2013 2012 2011
$ 46,472,075 $ 47,023,415 $ 47,023,415 $ 47,023,415 $ 47,023,415 $ 47,023,415
3,441,649 3,124,777 2,400,252 2,358,483 2,039,075 1,846,881
150,311,640 147,856,110 146,660,342 146,226,752 145,312,370 144,045,315
25,108 25,108 25,108 25,108 25,108 22,781
$ 200,250,472 $ 198,029,410 $ 196,109,117 $ 195,633,758 $ 194,399,968 $ 192,938,392
161 (THIS PAGE INTENTIONALLY LEFT BLANK)