Rock Valley College Comprehensive Annual Financial Report ...

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ROCK VALLEY COLLEGE COMMUNITY COLLEGE DISTRICT NUMBER 511 DEBT CAPACITY DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT GENERAL OBLIGATION BONDS June 30, 2008 District Percentage Winnebago Total Debt Applicable County's Gross Debt to Winnebago Share Outstanding (1) County (2) of Debt County $ 2,600,000 100.00 $ 2,600,000 Forest Preserve 876,015 100.00 876,015 Sanitary District 386,173 100.00 386,173 Cities and Villages 22,319,692 96.28 21,489,399 Park District 1,691,246 100.00 1,691,246 Fire Protection 85,605 95.00 81,325 Airport - - - Library 519,804 100.00 519,804 Schools 36,665,303 69.00 25,299,059 Subtotal 65,143,838 52,943,021 Rock Valley College 55,186,044 72.79 40,169,921 Total debt outstanding $ 120,329,882 $ 93,112,943 * The percentage of overlapping debt applicable is estimated using taxable assessed property values. Applicable percentages were estimated by determining the portion of Winnebago County's taxable assessed value that is within the government's boundaries and dividing it by the College's total taxable assesed value. Notes: (1) : The source of these numbers was provided by the Winnebago County Clerk's office. (2): Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the College. This schedule estimates the portion of the the outstanding debt of those overlapping governments that is borne by the residents and businesses of the College. 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. 69
ROCK VALLEY COLLEGE COMMUNITY COLLEGE DISTRICT NUMBER 511 DEBT CAPACITY LEGAL DEBT MARGIN INFORMATION LAST TEN FISCAL YEARS Net Debt Applicable to Debit Limit Net Debt Debt Limit as a Fiscal Assessed Debt Limit (Assessed Value x Applicable Legal Debt Percentage of Year Value Statutory Rate Debt Limit Rate) to Debt Limit Margin Debt Limit 1999 $ 4,252,040,943 2.875% $ 122,246,177 $ 4,755,000 $ 117,491,177 3.890 2000 4,365,553,725 2.875% 125,509,670 16,225,000 109,284,670 12.927 2001 4,498,613,370 2.875% 129,335,134 34,155,000 95,180,134 26.408 2002 4,708,382,405 2.875% 135,365,994 33,880,000 101,485,994 25.028 2003 4,925,572,505 2.875% 141,610,210 61,037,595 80,572,615 43.103 2004 5,171,168,227 2.875% 148,671,087 58,434,595 90,236,492 39.305 2005 5,336,790,418 2.875% 153,432,725 53,533,595 99,899,130 34.891 2006 5,621,212,221 2.875% 161,609,851 52,346,595 109,263,256 32.391 2007 6,134,928,471 2.875% 176,379,194 49,757,595 126,621,599 28.211 2008 6,596,799,828 2.875% 189,657,995 56,402,595 133,255,400 29.739 Note: Details of the College's outstanding debt can be found in the notes to the financial statements. 70
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Rock Valley College Comprehensive A
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CONTENTS INTRODUCTORY SECTION 2007
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INTRODUCTORY SECTION
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Local Economy Changes in the local
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ROCK VALLEY COLLEGE ILLINOIS COMMUN
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FINANCIAL SECTION
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ROCK VALLEY COLLEGE ILLINOIS COMMUN
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Comparative Analysis of Net Assets
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Fiscal Years 2007 and 2006 Financia
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The following is a graphic illustra
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Fiscal Years 2008 and 2007 Operatin
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The following are graphical illustr
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Salary expenses increased by $883,6
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Fiscal Years 2008 and 2007 Capital
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BASIC FINANCIAL STATEMENTS
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2008 2007 LIABILITIES Current liabi
Page 36 and 37: ROCK VALLEY COLLEGE ILLINOIS COMMUN
Page 38 and 39: COMPONENT UNIT ROCK VALLEY COLLEGE
Page 60 and 61: UNIFORM FINANCIAL STATEMENTS #1 - #
Page 74 and 75: STATISTICAL SECTION (UNAUDITED)
Page 76 and 77: ROCK VALLEY COLLEGE COMMUNITY COLLE
Page 80 and 81: ROCK VALLEY COLLEGE DISTRICT NUMBER
Page 82 and 83: ROCK VALLEY COLLEGE DISTRICT NUMBER
Page 84 and 85: ROCK VALLEY COLLEGE COMMUNITY COLLE
Page 102 and 103: SPECIAL REPORTS SECTION
Page 111 and 112: ICCB COMPLIANCE STATEMENT FOR WORKF
Page 117 and 118: ROCK VALLEY COLLEGE ILLINOIIS COMMU
Page 119: ENROLLMENT DATA AND RESIDENCY REQUI
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