Woodstock Community Unit School District No
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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 (THIS PAGE INTENTIONALLY LEFT BLANK) INTRODUCTORY SECTION (THIS PAGE INTENTIONALLY LEFT BLANK) 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 i 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 ii 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 v (THIS PAGE INTENTIONALLY LEFT BLANK) 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