Comprehensive Annual Financial Report 2020
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TOWNSHIP HIGH SCHOOL DISTRICT 214 Arlington Heights, IL A Comprehensive Annual Financial Report As Of And For The Year Ended June 30, 2020 TOWNSHIP HIGH SCHOOL DISTRICT 214 Arlington Heights, IL A Comprehensive Annual Financial Report As Of And For the Year Ended June 30, 2020 Officials Issuing Report Cathy Johnson Associate Superintendent for Finance & Operations Sherry Koerner Director of Business Services Business Office of Township High School District 214 TOWNSHIP HIGH SCHOOL DISTRICT 214 TABLE OF CONTENTS AS OF AND FOR THE YEAR ENDED JUNE 30, 2020 Page(s) Introductory Section Transmittal Letter i - xxviii ASBO Certificate xxix Organizational Chart xxx Principal Officers and Advisors xxxi Building Information xxxii Financial Section Independent Auditors' Report 1 - 3 Required Supplementary Information Management's Discussion and Analysis (MD&A) - Unaudited 4 - 12 Basic Financial Statements Government-Wide Financial Statements Statement of Net Position 13 Statement of Activities 14 Fund Financial Statements Balance Sheet - Governmental Funds 15 - 16 Reconciliation of the Governmental Funds - Balance Sheet to the Statement of Net Position 17 Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds 18 - 19 Reconciliation of the Governmental Funds - Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities 20 Statement of Fiduciary Assets and Liabilities - Agency Fund 21 Notes to Basic Financial Statements 22 - 50 Required Supplementary Information Illinois Municipal Retirement Fund - Schedule of Changes in the District's Net Pension Liability and Related Ratios 51 - 52 Illinois Municipal Retirement Fund - Schedule of District Contributions 53 Teachers' Retirement System - Schedule of the District's Proportionate Share of the Collective Net Pension Liability and Schedule of District Contributions 54 - 55 Health Benefit Plan - Schedule of Changes in the District's Net OPEB Liability and Related Ratios 56 Health Benefit Plan - Schedule of District Contributions 57 TOWNSHIP HIGH SCHOOL DISTRICT 214 TABLE OF CONTENTS AS OF AND FOR THE YEAR ENDED JUNE 30, 2020 Page(s) Required Supplementary Information - (Continued) Teachers' Health Insurance Security Fund - Schedule of the District's Proportionate Share of the Collective Net OPEB Liability and Schedule of District Contributions 58 General and Major Special Revenue Funds - Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget to Actual General Fund - Non-GAAP Budgetary Basis 59 - 68 Operations and Maintenance Fund 69 - 70 Transportation Fund 71 Municipal Retirement/Social Security Fund 72 - 73 Notes to Required Supplementary Information 74 Supplementary Information Major Debt Service and Major Capital Projects Funds - Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget to Actual Debt Service Fund 75 Capital Projects Fund 76 General Fund - Combining Balance Sheet 77 General Fund - Combining Schedule of Revenues, Expenditures and Changes in Fund Balances 78 General Fund Accounts - Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget to Actual Educational Accounts - Non-GAAP Budgetary Basis 79 - 88 Working Cash Accounts 89 Schedule of Changes in Assets and Liabilities - Agency Fund 90 Schedule of Bonds Outstanding - December 1, 2011 Series Issue 91 Schedule of Bonds Outstanding - February 9, 2012 Series Issue 92 Schedule of Bonds Outstanding - November 21, 2016 Series Issue 93 Schedule of Bonds Outstanding - September 26, 2017 Series Issue 94 Statistical Section Net Position by Component 95 - 96 Changes in Net Position 97 - 98 Fund Balances of Governmental Funds 99 - 100 Governmental Funds Revenues 101 - 102 Governmental Funds Expenditures and Debt Service Ratio 103 - 104 TOWNSHIP HIGH SCHOOL DISTRICT 214 TABLE OF CONTENTS AS OF AND FOR THE YEAR ENDED JUNE 30, 2020 Page(s) Statistical Section - (Continued) Other Financing Sources and Uses and Net Change in Fund Balances 105 - 106 Assessed Valuation and Estimated Actual Value of Taxable Property 107 - 108 Property Tax Rates - All Direct and Overlapping Governments 109 - 110 Principal Property Taxpayers in the District 111 Property Tax Levies and Collections 112 Ratio of Outstanding Debt by Type 113 - 114 Computation of Direct and Overlapping Debt 115 Legal Debt Margin Information 116 - 117 Demographic and Economic Statistics 118 Principal Employers 119 Number of Employees by Type 120 - 121 Operating Indicators by Function 122 - 123 School Building Information 124 - 125 Miscellaneous Statistics 126 October 12, 2020 Community Members and Board of Education Township High School District 214 Arlington Heights IL 60005 The Comprehensive Annual Financial Report (CAFR) of Township High School District 214, Cook County, Illinois, as of and for the year ended June 30, 2020, is submitted herewith. Responsibility for the accuracy, completeness, and fairness of the presentation, including all disclosures, rests with the District. We believe the data, as presented, is accurate in all material aspects and represents the financial position and results of operations of the District as shown by the disclosure of all financial activity of its various funds; and that all disclosures necessary for public understanding of the District’s financial status have been incorporated within this report. Management’s Discussion and Analysis (MD&A) immediately follows the independent auditors’ report and provides a narrative introduction, overview, and analysis of the basic financial statements. MD&A complements this letter for transmittal and should be read in conjunction with it. The CAFR includes all funds of the District and is presented in three sections: introductory, financial, and statistical. The introductory section includes this transmittal letter, the District’s organization chart, and a list of principal officers and elected officials. The financial section includes the independent auditors’ report on financial statements and schedules, MD&A, basic financial statements, and required supplemental information such as the individual fund financial statements and schedules. The statistical section includes selected financial and demographic information, generally presented on a multi-year basis. Mission and Vision Our primary mission is to help all students learn the skills, acquire the knowledge, and develop the behaviors necessary for them to reach their full potential as citizens who can meet the challenges of a changing society. Our secondary mission is to provide residents with opportunities for lifelong learning. The District 214 vision embraces continuous improvement and includes: - i - Students who demonstrate... analytic capabilities communication skills including reading, writing, speaking, listening, and numeracy creative expression and educated response to the creative works of others ethical judgment and decision-making ability career and life planning skills responsible citizenship understanding of ways to participate in an interdependent world problem solving skills concern, understanding, and respect in social interactions technology literacy ability to develop and maintain wellness An environment in which people are... physically, psychologically, and emotionally safe treated fairly and ethically valued for their unique backgrounds and contributions Staff members who... are active, lifelong learners committed to continuing professional and personal development are leaders in instructional practices create school work which engages and challenges students are innovative, take risks, and share what is learned from successes and failures are concerned, caring, and compassionate cooperate as partners with parents and the community in the education of students use student learning data to inform instructional decisions and practices A Board of Education that... provides high quality resources for students and staff respects successful programs and practices encourages continual improvement through risk-taking and innovation cooperates and communicates as a partner with parents and the community in the education of students celebrates student and staff success promotes lifelong learning involves school and community members in decision-making processes - ii - District Organization and History Township High School District 214’s creation in 1914 can, in part, be attributed to the Women’s Suffrage Movement. As the creation of the District was a hotly contested election issue, men’s ballots opposed the proposition while women’s ballots supported the proposition. With the subsequent validation of the Women’s Suffrage Act came the creation of Township High School District 214. The district was established on March 28, 1914. In 1922, the school board adopted plans for construction of nine classrooms, an auditorium, and a gymnasium. Arlington High School opened to students in 1923. Increasing enrollment necessitated that several additions were constructed. The second high school constructed was Prospect High School in Mt. Prospect in 1957. In 1962, Forest View High School in Arlington Heights was constructed due to district enrollment topping over 6,300 students. Wheeling High School was constructed in 1964, Elk Grove High School in 1966, John Hersey High School in 1968, Rolling Meadows High School in 1971, and Buffalo Grove High School in 1973. By 1973, there were 19,000 students enrolled in the district. The district’s enrollment peaked at 19,823 students during 1975-1976. Enrollment has