FINANCIAL SECTION - School District U-46

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$7th Grade Math$

APPROPRIATION ACCOUNT. A budgetary account established to record a specific authorization to spend. The account is credited with original and any supplemental appropriations, and is charged with expenditures and encumbrances. ASSESSED VALUATION. The assessed valuation is the total dollar value assigned to all real property and improvements thereon, plus personal property, subject to taxation. ASSETS. The entire property owned by the School District. AUDIT. An audit is an examination of the financial records of the School District to obtain reasonable assurance that the financial statements prepared by the District are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. It further includes an assessment of the accounting principles and procedures used, and of the significant financial estimates made by management. AVERAGE DAILY ATTENDANCE (ADA). Average daily attendance is the average attendance of a school taken over a three-week period commencing the first Monday after Labor Day in September. Kindergarten counts as one-half ADA. BALANCED BUDGET. The budget is balanced if revenues are equal to or exceed expenditures. BOARD OF EDUCATION. The seven member Board of Education is an elected body that has been created according to state statute, and vested with responsibility for educational activities in the School District. BOND. A bond is a written promise ot pay a specific sum of money, called the face value or principal amount, at a specified date or dates in the future, called the maturity date, and with periodic interest payments at a rate specified in the bond. A bond is generally issued for a specific purpose or project, such as construction of a new facility. The difference between a note and a bond is that a bond generally is for a longer period of time, and requires greater legal formality. BONDED DEBT. Bonded debt is part of the school district debt that is covered by outstanding bonds of the District. This is sometimes called “funded debt.” BONDS ISSUED. Bonds issued are reflected when bonds are sold. 4-14
BUDGET. The budget is a plan of financial operation embodying an estimate of proposed expenditures for a given period or purpose, and the proposed means of financing those expenditures. The budget is a legal document once it has been approved by the Board of Education. BUDGETARY CONTROL. Budgetary control is the management of the business affairs of the District in accordance with an approved budget, with the responsibility to keep expenditures within the authorized amounts. BUILDINGS. Facilities permanently affixed to the land, including their associated heating and air conditioning systems, electrical and sound systems, plumbing and sewer systems, elevators, and other fixed equipment. CASH. Cash is money or its equivalent, usually ready money. Money in hand, either in currency, coin, or other legal tender, or in bank bills or checks paid and received, deposits and NOW accounts, bank notes or sight drafts, bank certificates of deposit, municipal orders, warrants, or scrip. CASH BASIS. A basis of accounting under which transactions are recognized only when cash is received or disbursed. CHART OF ACCOUNTS. A chart of accounts is a list of all accounts generally used in an accounting system. In addition to account title, the chart includes an account number which has been assigned to each account. Accounts in the chart are arranged with accounts of a similar nature; for example, assets and liabilities. CONTINGENT LIABILITIES. Liabilities which are not now fixed and absolute but which will become so in case of the occurrence of some future and uncertain event. CONTRACTED SERVICES. Labor, materials and other costs for services rendered by personnel who are not on the payroll of the District. CORPORATE PERSONAL PROPERTY REPLACEMENT TAX. The corporate personal property replacement tax is collected by the Illinois Department of Revenue as a replacement for the personal property tax. COST BENEFIT. Cost benefit analyses are those studies which provide the means for comparing the resources to be allocated to a specific program with the results likely to be obtained from it, or analyses which provide the means for comparing the results likely to be obtained from the allocation of certain resources toward the achievement of alternate or competing objectives. 4-15
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SCHOOL DISTRICT U-46 KANE, COOK AND
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Table of Contents TABLE OF CONTENTS
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Operations and Maintenance Fund 3-7
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INFORMATION - SECTION 4 Bond Amorti
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August 16, 2010 Members of the Boar
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BUDGET SUMMARY - FY 2011 All Distri
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FY 2011 Budget Goals From the time
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Economic Condition and Financial Ou
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EXPENDITURES Salary Expenditures Sa
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391,000 Reduction in Transportation
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High School Boys Cross Country Gir
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SCHOOL DISTRICT U-46 Budget Timelin
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ORGANIZATIONAL
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Capital Projects Funds Fire Prevent
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School District U-46 Illinois Budge
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District U-46 Communities Board of
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School District U-46 Departments an
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Special Education Staff coordinates
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School District U-46 District Impro
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School District U-46 Budget Develop
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School District U-46 Fund Organizat
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School District U-46 All Funds Summ
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3-7 FY 2005 FY 2006 FY 2007 FY 2008
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FY 2005 FY 2006 FY 2007 FY 2008 FY
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FY 2005 FY 2006 FY 2007 FY 2008 FY
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FY 2005 FY 2006 FY 2007 FY 2008 FY
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School District U-46 All Funds Exce
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3-23 FY 2005 FY 2006 FY 2007 FY 200
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FY 2005 FY 2006 FY 2007 FY 2008 FY
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School District U-46 Operating Fund
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3-37 FY 2005 FY 2006 FY 2007 FY 200
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FY 2005 FY 2006 FY 2007 FY 2008 FY
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FY 2005 FY 2006 FY 2007 FY 2008 FY
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FY 2005 FY 2006 FY 2007 FY 2008 FY
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School District U-46 Education Fund
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3-53 FY 2005 FY 2006 FY 2007 FY 200
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FY 2005 FY 2006 FY 2007 FY 2008 FY
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School District U-46 Transportation
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FY 2005 FY 2006 FY 2007 FY 2008 FY
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School District U-46 Operations and
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FY 2005 FY 2006 FY 2007 FY 2008 FY
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School District U-46 Tort Immunity
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School District U-46 IMRF/Social Se
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School District U-46 Working Cash F
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School District U-46 Working Cash F
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Page 145 and 146: School District U-46 Debt Service F
Page 155 and 156: School District U-46 Fire Preventio
Page 163 and 164: School District U-46 Capital Projec
Page 171 and 172: School District U-46 Developers Fee
Page 181 and 182: School District U-46 Bond Amortizat
Page 191 and 192: School District U-46 District Facil
Page 193: School District U-46 Glossary of Te
Page 197 and 198: DOUBLE ENTRY ACCOUNTING. Double ent
Page 199 and 200: DEVELOPERS FEES FUND. The Developer
Page 201 and 202: INVESTMENTS. Investments are securi
Page 203 and 204: PERSONNEL, INSTRUCTIONAL. District
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FINANCIAL SECTION - School District U-46

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