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Illinois State Board of Education

Illinois State Board of Education. FY2010 Annual Financial Reports. School District AFR. 23 ILLINOIS ADMINISTRATIVE CODE, Part 100 ISBE Web Page ( www.isbe.net ) http:// www.isbe.net/rules/archive/pdfs/100ARK.pdf Illinois General Assembly Web Page

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Illinois State Board of Education

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  1. Illinois State Board of Education FY2010Annual Financial Reports

  2. School District AFR 23 ILLINOIS ADMINISTRATIVE CODE, Part 100 • ISBE Web Page (www.isbe.net) http://www.isbe.net/rules/archive/pdfs/100ARK.pdf • Illinois General Assembly Web Page http://www.ilga.gov/commission/jcar/admincode/023/02300100sections.html

  3. ISBE Webpage - www.isbe.net Rules are available here for viewing

  4. State Reporting Requirements FundAccount Balance Sheet XX XXX Revenue XX XXXX FundFunction Object “Source” ExpenditureXX XXXX XXX (xxxx) Additional Codes: - Transaction Type X - Fiscal Year XX

  5. School District - AFR ISBE Form 50-35 FY2010 Changes

  6. School District AFR Pages 7 & 8 Tort Fund (80)

  7. School District AFR TORT IMMUNITY • A Separate Tort Immunity Fund (80) Was Created, effective FY2009. • This Fund Is Required if Taxes Are Levied or Bonds Are Sold for Tort Immunity or Tort Judgment Purposes. • All “New” Tort Immunity Monies Are Deposited and Accounted for in Fund 80.

  8. School District AFR Page 7 7000 Accts.

  9. School District AFR Page 8 8000 Accts. Accounts – 8410 thru 8910

  10. School District AFR OTHER SOURCES/USES OF FUNDS • Expanded 8000 Accounts (Other Uses) for Pledged Transfers to Debt Service Fund (30) or Capital Projects Fund (60)

  11. School District AFR Disbursements/Expenditures Tort Fund (80) Page 21 Added Accounts – 2371 & 2372

  12. School District AFR TORT FUND (80) - New Expenditure Accounts • Added: - Function 2371 - Property Insurance (Building & Grounds) - Function 2372 - Vehicle Insurance (Transportation) • Also - See the School Code, Sections 17-7 and 17-8 on Insurance Premiums for School Buildings, School Fixtures, Transportation and Related Costs.

  13. School District AFR Disbursements/Expenditures Fire Prevention & Safety Fund (90) Page 22 Added Accounts – 5200 & 5300

  14. School District AFR FIRE PREVENTION & SAFETY FUND (90) – New Expenditure Accts. • Debt Services - Accounts for Principal & Interest on Long-Term Debt Added: - Function 5200 – Interest on Long-Term Debt - Function 5300 – Payment of Principal on Long-Term Debt

  15. School District AFR SCHEDULES AND RELATED INFORMATION • Financial Profile • ARRA Schedule of Receipts & Disbursements • Schedules of Restricted Taxes & Selected Revenues • Schedule of Capital Outlay • Operating Expenditures & Per Capita Costs • Schedule of Indirect Cost Data

  16. School District AFR Financial Profile (Page 4) • “Operating Funds” • Educational • O&M • Transportation • Working Cash

  17. School District AFR FINANCIAL PROFILE • Calculated Two Ways to Account for Delays in General State Aid (GSA) or Mandated Categorical Aid (MCAT) Due to School Districts: (1) Utilizing A Base Calculation (AFR estimate – Page 4), and (2) Additional Revisions to this Calculation (by ISBE) to Adjust for Applicable Late Payments of GSA or MCATs.

  18. School District AFR FINANCIAL PROFILE – Changes In Base (est.) Calculation • Adjustments to Revenues for Debt Services or Capital Projects (only from Funds 10 & 20) New Accounts 8410 – 8910 (Other Uses - AFR, Page 8) for Pledged Transfers to Debt Service Fund (30) or Capital Projects Fund (60). Includes Taxes, Grants, Other Revenues, but not Fund Balances. • Adjustments to Fund Balance for Deficit in Tort Fund (80). Treated the Same as MR/SS Fund (50)

  19. School District AFR FINANCIAL PROFILE - GSA & MCATS Additional Calculations (by ISBE) for Late Payments: • For Cash Basis School Districts, adjustments are made to Fund Balance, Revenue and Cash. Amounts are determined from delays in payments for the current year and prior year. • For Accrual Basis Districts, Only Cash Is Adjusted

  20. School District AFR ARRA Schedule of Receipts & Disbursements (Page 23) • Districts Must Document Expenditures with Fund, Function, Object, and Revenue Account Codes for ARRA Expenditures Within Detailed Ledger Reports

  21. School District AFR New Reporting Schedule of Restricted Taxes & Selected Revenues Page 26

  22. School District AFR SCHEDULE OF RESTRICTED LOCAL TAX LEVIES AND SELECTED REVENUE SOURCES New Reporting • Added – The School Facility Occupation Taxes • Added – Driver Education • Also – The Tort Immunity Sections on This Page Should Be Completed Only If Expenditures Are Reported in a Fund Other Than Tort Immunity Fund (80) as a Result of Existing (restricted) Fund Balances.

  23. School District AFR Schedule of Capital Outlay (Page 27) Non – Capitalized Equipment

  24. School District AFR NON-CAPITALIZED EQUIPMENT A Capital Asset - Except the Cost Is Less Than the Capitalization Threshold Adopted by the School Board.

  25. School District AFR Operating Expenditures & Per Capita Costs (Pages 28 & 29) Total Expenditures Less Activity Not Applicable to Regular K-12 Programs Operating Expenditures Per Pupil

  26. School District AFR Operating Expenditures & Per Capita Costs (Pages 28 & 29) Less Offsetting Revenues Includes Adjustment for Offsetting Revenues from State Sources Except Those from the Common School Fund and Federal Sources Except Those from Federal Impaction Aid • Acct 4850 ARRA General State Aid – Education Stabilization • Acct 4870 ARRA General State Aid – Other Government Services Stabilization

  27. School District AFR Schedule of Indirect Cost Data (Page 30) Termination Benefits Object 800 Limited – Only Payments Made to Terminated or Retiring Employees as Compensation for Unused Sick or Vacation Days.

  28. Questions ?

  29. School Business Services Division 217/785-8779 http://www.isbe.net/sbss/default.htm

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