FINANCIAL SECTION - School District U-46

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School District U-46 Description of the District FY 2011 Budget School District U-46 operates as a public school system governed by an elected seven-member Board of Education. The District is organized under the School Code of the State of Illinois, as amended. The District serves the communities of Bartlett, Elgin, Hanover Park, South Elgin, Streamwood, Wayne, and portions of Carol Stream, Hoffman Estates, St. Charles, Schaumburg, and West Chicago. School District U-46 is the second-largest school district in Illinois. Covering 90 square miles, the District is located approximately 45 minutes northwest of Chicago. School District U-46 serves more the 41,000 children in grades PreK-12 at our 56 school buildings. U-46 has paved the way for student success and prepares our students to be citizens of the world. With a diverse community, our children receive specialize attention and numerous programs available to fit their needs. Some of our special offerings include an academy program at the high schools, honors and gifted programs, English Language Learners program, special education for those students in need, and various sports, clubs and activities to match a wide range of student interests. The mission of School District U-46 is to help all of our children realize and maximize their individual potential to become responsible, productive, and contributing members of our community and society. Our students come to the classroom with backgrounds representing many cultures, making our schools rich with ethnic, cultural and socioeconomic diversity, mirroring the global society to which our students will contribute their skills. The focus of the District is Academic Success for All. To achieve this bold goal, U-46 staff operates under the guidance of a District Improvement Plan, which was first adopted by the Board of Education in 2003-2004. The Plan is designed to transform U-46 into a standards-driven, assessment-based culture that focuses staff time, talents and resources on improving student learning and provides teachers with better data to determine instructional practices. The Board directed that an updated and expanded Plan be adopted and implemented annually. Following are the governmental funds used by the District: Operating Funds (or General Fund) Education Fund Transportation Fund Operations and Maintenance Fund Special Revenue Funds Tort Immunity and Judgment Fund IMRF/Social Security Fund Working Cash Fund Debt Service Fund Debt Service Fund 2-1
Capital Projects Funds Fire Prevention and Safety Fund Site and Construction Fund Developers Fees Fund The above listing includes all funds of the District. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. This is also the manner in which these funds are budgeted. This presentation is deemed most appropriate to (a) demonstrate legal and covenant compliance, and (b) demonstrate the source and use of liquid resources. Governmental fund revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collected within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they are collected within sixty-five days of the end of the current fiscal year. The District uses sixty-five days in order to capture reimbursement payments released by the State of Illinois during the months of July and August. Non-exchange transactions, in which the District receives value without giving equal value in return, include property taxes, replacement taxes, grants, entitlements, and donations. The District will recognize 50% of the 2009 tax extension and 50% of the 2010 extension in FY 2011, as this is the period for which the taxes have been levied (intended to finance). Revenue from replacement taxes is recognized when collected by the state, prior to disbursement to the District. Revenue from grants, entitlements, and donations are recognized is the fiscal year in which all eligibility requirements have been satisfied. Eligibility requirements include timing requirements, which specify the year when the resources are required to be used or the year when use is first permitted, matching requirements, in which the District must provide local resources to be used for a specified purpose, and expenditure requirements, in which the resources are provided to the District on a reimbursement basis. Revenues considered to be susceptible to accrual include property taxes, intergovernmental revenue, and interest income. All other revenue items are considered to be measurable and available only when cash is received by the District. Governmental fund expenditures generally are recorded when a liability is incurred, as under full accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences, termination benefits, and claims and judgments, are recorded only when payment is due. 2-2
Page 1 and 2: SCHOOL DISTRICT U-46 KANE, COOK AND
Page 3 and 4: Table of Contents TABLE OF CONTENTS
Page 5 and 6: Operations and Maintenance Fund 3-7
Page 7 and 8: INFORMATION - SECTION 4 Bond Amorti
Page 9 and 10: August 16, 2010 Members of the Boar
Page 11 and 12: BUDGET SUMMARY - FY 2011 All Distri
Page 13 and 14: FY 2011 Budget Goals From the time
Page 15 and 16: Economic Condition and Financial Ou
Page 17 and 18: EXPENDITURES Salary Expenditures Sa
Page 19 and 20: 391,000 Reduction in Transportation
Page 21 and 22: High School Boys Cross Country Gir
Page 23 and 24: SCHOOL DISTRICT U-46 Budget Timelin
Page 25: ORGANIZATIONAL
Page 29 and 30: School District U-46 Illinois Budge
Page 31 and 32: District U-46 Communities Board of
Page 33 and 34: School District U-46 Departments an
Page 35 and 36: Special Education Staff coordinates
Page 37 and 38: School District U-46 District Impro
Page 39 and 40: School District U-46 Budget Develop
Page 41 and 42: School District U-46 Fund Organizat
Page 43 and 44: School District U-46 All Funds Summ
Page 47 and 48: 3-7 FY 2005 FY 2006 FY 2007 FY 2008
Page 49 and 50: FY 2005 FY 2006 FY 2007 FY 2008 FY
Page 57 and 58: School District U-46 All Funds Exce
Page 63 and 64: 3-23 FY 2005 FY 2006 FY 2007 FY 200
Page 73 and 74: School District U-46 Operating Fund
Page 75 and 76: 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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School District U-46 Operating Fund
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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 Fire Preventio
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School District U-46 Capital Projec
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School District U-46 Developers Fee
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School District U-46 Bond Amortizat
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School District U-46 District Facil
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School District U-46 Glossary of Te
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BUDGET. The budget is a plan of fin
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DOUBLE ENTRY ACCOUNTING. Double ent
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DEVELOPERS FEES FUND. The Developer
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INVESTMENTS. Investments are securi
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PERSONNEL, INSTRUCTIONAL. District
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FINANCIAL SECTION - School District U-46

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