Board accepts 2017–18 Financial Audit
Annually, the District’s auditors prepare an independent audit of the District’s financial statements that includes an expressed opinion of the District’s financial position. The audit ensures the integrity of key financial indicators of which the Board is responsible.
Highlights of the audit include:
- Fund Balance increased by $3.6 million over last year
- Operating Fund balance is at $53M (31.9%)
- At $13,279 per student, District 200’s operating expense per student is BELOW the state average of $13,336 (as reported in 2017 School Report Card but 2016 Audit); but we continue to out-perform academically than State averages.
- The District’s Standard & Poor’s Bond Rating was upgraded to a AA+ Stable.
- The District’s State Board of Education Designation remains Financial Recognition, the highest possible.
This year’s surplus of $3.6 million is not typical and is due, in large part, to the State of Illinois catching up in payments — a payment from the 2016–17 School Year was required to be posted in the 2017–18 Audit.
The Board’s Fund Balance Policy 4.22 requires the Board to target a fund balance of not less than 25% and not more than 40%, representing approximately ninety (90) to one hundred forty days (140) of operation. A fund balance can be compared to a savings account. The policy states that the Board can utilize funds in excess of 25% for capital facility projects. Based on the audit, the Board could utilize approximately $11 million of fund balance for high priority capital facility projects next summer.