FINANCIAL SECTION - School District U-46

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$7th Grade Math$

WORKING CASH FUND. The purpose of the Working Cash Fund is to enable the district to have in its treasury at all time sufficient money to meet demands for ordinary and necessary expenditures. [See 105 ILCS 5/Art. 20] FUND BALANCE. The excess of assets of a fund over its liabilities. During the fiscal year prior to closing, it represents the excess of the fund’s assets and estimated revenues for the period over its liabilities and appropriations for that period. FUND EQUITY. The fund equity is the balance of a fund after all liabilities have been deducted from the assets of the fund. GENERAL OBLIGATION REFUNDING BONDS. Bonds issued to retire bonds already outstanding. The refunding bonds may be sold for cash and outstanding bonds redeemed in case, or the refunding bond may be exchanged with the holders of the outstanding bonds. INDIRECT COSTS. Indirect costs are those costs associated with, but not directly attributable to, the providing of a product or service which are of such a nature that they cannot be readily or accurately identified with the specific product or service. INTERFUND TRANSFERS. Interfund transfers are the transfer of monies between funds. Monies may not be transferred between funds except by the same procedure as that used to approve the budget, including public notification, publication, inspection, and comment. Interfund transfers are usually part of the overall budget plan and are built into the budget at the time of its approval by the Board of Education. INTERNAL CONTROL. The purpose of internal control is to safeguard the use of public funds and to protect the public trust on behalf of the District. Internal controls are those activities and organizational preparations designed to ensure effective accounting control over assets, liabilities, revenues, expenditures, and any other activities associated with the finance and accounting actions of the District. Some of the precautions instituted by internal control are insuring that no single individual can perform a complete cycle of financial operations and that procedures of the finance and accounting system are specified and monitored. Internal control also requires designated levels of authorization for all actions under the system. 4-20
INVESTMENTS. Investments are securities or other properties in which money is held, either temporarily or permanently, in expectation of obtaining revenues. Legal investments for District funds are governed by state statute, which allows for funds belonging to or in the custody of the District to be invested. Bonds, treasury bills, certificates of deposit, and short-term discount obligations issued by the Federal National Mortgage Association of the types of investments which are permitted by law. LIABILITY. Obligations incurred by the District when deed passes that must be liquidated, renewed, or refunded at a future date. MODIFIED ACCRUAL BASIS OF ACCOUNTING. The modified accrual basis of accounting is any accounting system that records revenue when susceptible to accrual, this is, it is both measurable and available. Available means collectible within the current period or soon enough thereafter to be used to pay the liabilities of the current period. Expenditures other than interest on long-term debt generally are recognized when the related fund liability is incurred. NET CURRENT ASSETS. Net current assets is the difference between current assets and current liabilities. This is also known as working capital. NET EXPENDITURE. A net expenditure is the actual cost incurred by the District for some service or object after the deduction of any discounts, rebates, reimbursements, or revenue produced by the service or activity. NET REVENUE. Net revenue is defined as the balance remaining after deducting from the gross revenue for a given period all expenditures during that same period. OBJECT. The term object applies to expenditure classifications and designates materials or services purchased. Expenditures are grouped by major objects, such as salaries, purchased services, or materials and supplies, and are further divided as needed for cost accounting and control purposes. CAPITAL OUTLAY. Capital outlay includes expenditures for the acquisition of fixed assets or additions to fixed assets. These are expenditures for land or existing buildings, improvements of grounds, construction of buildings, additions to buildings, remodeling of buildings, initial equipment, additional equipment, and replacement of equipment. 4-21
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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 Debt Service F
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School District U-46 Debt Service F
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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 and 194: School District U-46 Glossary of Te
Page 195 and 196: BUDGET. The budget is a plan of fin
Page 197 and 198: DOUBLE ENTRY ACCOUNTING. Double ent
Page 199: DEVELOPERS FEES FUND. The Developer
Page 203 and 204: PERSONNEL, INSTRUCTIONAL. District
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FINANCIAL SECTION - School District U-46

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