FINANCIAL SECTION - School District U-46
FINANCIAL SECTION - School District U-46
FINANCIAL SECTION - School District U-46
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CAPITAL OUTLAY. Capital outlay includes expenditures for the<br />
acquisition of fixed assets or additions to fixed assets. These are<br />
expenditures for land or existing buildings, improvements of grounds,<br />
construction of buildings, additions to buildings, remodeling of buildings,<br />
initial equipment, additional equipment, and replacement of equipment.<br />
DEBT SERVICE. Debt service payments include payments for principal<br />
and interest on the long-term debt of the district.<br />
INSTRUCTION. Instruction consists of those activities dealing with the<br />
teaching of students. Included within the instruction function are regular<br />
programs, special programs, and other instructional programs.<br />
INTERGOVERNMENTAL. Intergovernmental includes payments to other<br />
governmental entities.<br />
SUPPORT SERVICES. Support services include services that provide<br />
administrative, technical (e.g., guidance and health), and logistical support<br />
to facilitate and enhance instruction. Support services are adjuncts to the<br />
fulfillment of the objectives of instruction.<br />
NONPROGRAMMED CHARGES. Nonprogrammed charges include all<br />
payments to other districts.<br />
FUND. A fund is a separate accounting entity with a self-balancing set of<br />
accounts that comprise its assets, liabilities, fund equity, revenues, and<br />
expenditures. <strong>District</strong> resources are allocated to and accounted for in individual<br />
funds based upon the purposes for which they are to be spent and the means by<br />
which spending activities are controlled. An account group, on the other hand, is<br />
a financial reporting device designed to provide accountability for certain assets<br />
and liabilities that are not recorded in the funds because they do not directly<br />
affect net expendable available resources. Following are the funds used by the<br />
<strong>District</strong>.<br />
CAPITAL PROJECTS FUND. The Capital Projects Fund is used to<br />
account for proceeds resulting from building bonds, receipts from other<br />
long-term financing agreements, or construction or maintenance grants<br />
used to finance a capital project, capital lease, lease purchase agreement,<br />
or if a tax is levied in accordance with Section 17-2.3 of the <strong>School</strong> Code.<br />
DEBT SERVICE FUND. The Debt Service Fund is used to account for<br />
revenues and related expenditures to retire bond principal or to pay bond<br />
interest, or if other revenue is pledged to pay principal, interest, or service<br />
charges on other long-term debt instruments. [See 105 ILCS 5/Art. 19]<br />
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