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School District U-46 Kane, Cook and DuPage Counties, Illinois Presentation to U-46 School Board

RISK ADVISORY SERVICES. School District U-46 Kane, Cook and DuPage Counties, Illinois Presentation to U-46 School Board. ADVISORY / PUBLIC SECTOR. SEPTEMBER 12, 2005. Project Background. Objective

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School District U-46 Kane, Cook and DuPage Counties, Illinois Presentation to U-46 School Board

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  1. RISK ADVISORY SERVICES School District U-46Kane, Cook and DuPage Counties, IllinoisPresentation to U-46 School Board ADVISORY / PUBLIC SECTOR SEPTEMBER 12, 2005

  2. Project Background • Objective • Conduct a gap analysis between critical assumptions that should be considered when creating a new school district and the assumptions used in the Village of Bartlett Study, October 2004 (“the study”) • Scope • Assumptions included within the study • Any related supporting documentation provided for the period February through August 2005 • Assumptions determined to be critical for the creation of a new school district, agreed upon by U-46 management • Approach • Task I: Project Planning and Kick-off • Task II: Conduct GAP Analysis

  3. Summary of Findings • Underestimated Expenditures • The study has generally understated the expenditures necessary to establish and operate a new school district • This observation stems generally from the overall lack of consideration the study demonstrated for a variety of issues that a burgeoning school district faces • We highlight these areas, as estimated expenditures are a fundamental key to the assumptions in the study, impacting several assumptions within Bartlett’s plan for a new school district

  4. Summary of Findings

  5. Summary of Findings

  6. Summary of Findings • Impact per Home • Key understatements and exclusions significantly and directly impact the cost per home residents would incur as a result of the disconnection • Analysis indicates that households would be responsible for approximate, minimum costs ranging from a minimum of $219.15 for a $190,000 home to $461.15 for a $400,000 home • According to the Village of Bartlett Website, the average home sale price in 2000 was $230,000 and the median home value is listed as $211,578

  7. Summary of Findings • Impact per Home • Note: Understatements in disconnection costs and overstatements in operating savings will have direct influence upon the total impact per home, causing them to increase significantly.

  8. Summary of Findings • Debt Limitation • Proposed school district would exceed its legal debt limitation in the first two years • Any exceptions to the established limit would require a change and/or amendment in the Illinois School Code • The study does not present any certain or feasible solutions to resolve this problem, nor does it indicate the improbable likelihood of being granted such an exception • If the operating expenditures and disconnection costs are understated, the new district’s debt financing needs will increase • If the EAV is overstated, the new district’s debt limit may actually be reduced

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