WESTCHESTER PUBLIC SCHOOL DISTRICT 92½ FY 2016.pdf · 2016. 10. 21. · rel630 990 3131 fax 630 990 0039 bakerrilly.com We have audited the accompanying modified cash basis financial

WESTCHESTER PUBLIC SCHOOLDISTRICT 92½

FINANCIAL STATEMENTS

AS OF AND FOR THE YEAR ENDEDJUNE 30, 2016

ANDINDEPENDENT AUDITORS' REPORT

WESTCHESTER PUBLIC SCHOOL DISTRICT 92½TABLE OF CONTENTS

AS OF AND FOR THE YEAR ENDED JUNE 30, 2016

Page(s)Independent Auditors' Report 1 - 2

Other Information

Management's Discussion and Analysis (MD&A) - Unaudited 3 - 9

Basic Financial Statements

Government-Wide Financial Statements

Statement of Net Position - Modified Cash Basis 10

Statement of Activities - Modified Cash Basis 11

Fund Financial Statements

Balance Sheet - Modified Cash Basis - Governmental Funds 12 - 13

Reconciliation of the Governmental Funds -Balance Sheet - Modified Cash Basis to the Statement of Net Position - ModifiedCash Basis 14

Statement of Revenues, Expenditures andChanges in Fund Balances - Modified Cash Basis - Governmental Funds 15 - 16

Reconciliation of the Governmental Funds - Statementof Revenues, Expenditures and Changes in Fund Balances - Modified Cash Basis to the Statement of Activities - Modified Cash Basis 17

Statement of Fiduciary Assets and Liabilities - Agency Fund - Modified Cash Basis 18

Notes to Basic Financial Statements 19 - 39

Other Information

Historical Pension Information

Illinois Municipal Retirement Fund -Schedule of Changes in the District's Net Pension Liabilityand Related Ratios 40

Illinois Municipal Retirement Fund - Schedule of District Contributions 41

Teachers' Retirement System -Schedule of the District's Proportionate Share of the Collective Net PensionLiability and Schedule of District Contributions 42

WESTCHESTER PUBLIC SCHOOL DISTRICT 92½TABLE OF CONTENTS


Page(s)Other Information - (Continued)

Schedule of Revenues, Expenditures and Changes in Fund Balances - Modified CashBasis - Budget to Actual

General Fund 43 - 50

Operations and Maintenance Fund 51 - 52

Transportation Fund 53 - 54

Municipal Retirement/Social Security Fund 55 - 57

Debt Service Fund 58 - 59

Capital Projects Fund 60

Fire Prevention and Life Safety Fund 61

General Fund - Combining Balance Sheet - Modified Cash Basis 62

General Fund - Combining Schedule of Revenues, Expenditures and Changes in FundBalances - Modified Cash Basis 63 - 64

General Fund Accounts - Schedule of Revenues, Expenditures and Changes in FundBalances - Modified Cash Basis - Budget to Actual

Educational Accounts 65 - 72

Tort Immunity and Judgment Accounts 73 - 74

Working Cash Accounts 75

Schedule of Changes in Assets and Liabilities - Agency Funds 76

Operating Cost and Tuition Charge 77

Taxable General Obligation Limited Debt - Issue Dated February 16, 2012 78

General Long-Term Debt - Issue Dated February 16, 2012 79

General Long-Term Debt - Issue Dated June 1, 2014 80

General Long-Term Debt - Issue Dated March 15, 2010A 81

General Long-Term Debt Issue - Dated March 15, 2010B 82

General Long-term Debt Issue - Dated March 30, 2015a 83

General Long-term Debt Issue - Dated March 30, 2015b 84

INDEPENDENT AUDITORS' REPORT

To the Board of Education Westchester Public School District 92% Westchester, Illinois

Report on the Financial Statements

Baker Tilly Virchow Krause, LLP 1301 W 22nd Sr, Sre 400 Oak Brook, IL 60523-3389 rel630 990 3131 fax 630 990 0039 bakerrilly.com

We have audited the accompanying modified cash basis financial statements of the governmental activities, each major fund , and the aggregate remaining fund information of Westchester Public School District 92%, Illinois, as of and for the year ended June 30, 2016, and the related notes to the financial statements, which collectively comprise Westchester Public School District 92%'s basic financial statements as listed in the table of contents.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with the modified cash basis of accounting described in Note 1; this includes determining that the modified cash basis of accounting is an acceptable basis for the preparation of the financial statements in the circumstances. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express opinions on these financial statements based on our audit We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control over financial reporting relevant to Westchester Public School District 92%'s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of Westchester Public School District 92%'s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

~ anindependentmemberol BAKER TILLY INTERNATIONAL - 1 - An Affirmative Action Equal Opportunity Employer

To the Board of Education Westchester Public School District 92%

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective modified cash basis financial position of the governmental activities, each major fund, and the aggregate remaining fund information of Westchester Public School District 92%, Illinois, as of June 30, 2016 and the respective changes in the modified cash basis financial position thereof for the year then ended in accordance with the modified cash basis of accounting described in Note 1.

Emphasis of Matter

Basis of Accounting

We draw attention to Note 1 to the financial statements, which describes the basis of accounting. The financial statements are prepared on the the modified cash basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. Our opinions are not modified with respect to this matter.

Other Matters

Other Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise Westchester Public School District 92%'s basic financial statements. The other information as listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on it.

Prior-Year Comparative Information

We have previously audited Westchester Public School District 92%'s 2015 financial statements, and we expressed unmodified audit opinions on the respective modified cash basis financial statements of the governmental activities, each major fund, and the aggregate remaining fund information in our report dated October 14, 2015. In our opinion, the summarized comparative information presented herein as of and for the year ended June 30, 2015, is consistent, in all material respects, with the audited financial statements from which it has been derived.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated October 5, 2016 on our consideration of Westchester Public School District 92%'s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Westchester Public School District 92%'s internal control over financial reporting and compliance.

Oak Brook, Illinois October 5, 2016

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Westchester Public School District 92½Management's Discussion and Analysis (Unaudited)As of and for the Year Ended June 30, 2016

The discussion and analysis of Westchester Public School District 92½’s (the "District") financialperformance provides an overall review of the District’s financial activities as of and for the year endedJune 30, 2016. The management of the District encourages readers to consider the information presentedherein in conjunction with the basic financial statements to enhance their understanding of the District’sfinancial performance. All amounts, unless otherwise indicated, are expressed in millions of dollars.Certain comparative information between the current year and the prior is presented in the Management’sDiscussion and Analysis (the “MD&A”).

Financial Highlights

In total, net position increased by $1.7. This represents a 15% increase from 2015 and isprimarily attributable to current year capitalized expenditures exceeding depreciation expense..

General revenues accounted for $14.4 in revenue or 72% of all revenues. Program specificrevenues in the form of charges for services and fees and grants accounted for $5.7 or 28% oftotal revenues of $20.1.

The District had $18.4 in expenses related to government activities. However, only $5.7 of theseexpenses were offset by program specific charges and grants.

The District continued to lease the Britten building, securing revenues used to supportmaintenance of district facilities and building renovations. However, in August of 2016, theDistrict sold the Britten building.

The District received the Financial Recognition designation from the Illinois State Board ofEducation for the tenth year.

Overview of the Financial Statements

This discussion and analysis is intended to serve as an introduction to the District’s basic financialstatements. The basic financial statements are comprised of three components:

Government-wide financial statements,

Fund financial statements, and

Notes to basic financial statements.

This report also contains other supplementary information in addition to the basic financial statements.

Government-wide financial statements

The government-wide financial statements are designed to provide readers with a broad overview of theDistrict’s finances, in a manner similar to a private-sector business.

The statement of net position - modified cash basis presents information on all District assets/deferredoutflows of resources and liabilities/deferred inflows of resources arising from cash transactions, with thedifference between them reported as net position. Over time, increases and decreases in net position mayserve as a useful indicator of whether the financial position of the District is improving or deteriorating.

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The statements of activities - modified cash basis presents information showing how the government's netposition changed during the fiscal year being reported. All changes in net position are reported with cashis received and disbursed. Additionally, activity related to acquisition, depreciation and year end balancesof capital assets, as well as year end balances and related changes in long-term debt in its government-widefinancial statements are reported.

The government-wide financial statements present the functions of the District that are principallysupported by taxes and intergovernmental revenues (governmental activities). The District has nobusiness-type activities; that is, functions that are intended to recover all or a significant portion of theircosts through user fees and charges. The District’s governmental activities include instructional services(regular education, special education and other), supporting services, operation and maintenance offacilities and transportation services.

Fund financial statements

A fund is a grouping of related accounts that is used to maintain control over resources that have beensegregated for specific activities or objectives. The District uses fund accounting to ensure anddemonstrate compliance with finance-related legal requirements. All of the funds of the District can bedivided into two categories: governmental funds and fiduciary funds (the District maintains no proprietaryfunds).

Governmental funds are used to account for essentially the same functions reported as governmentalactivities in the government-wide financial statements. However, unlike the government-wide financialstatements, governmental fund financial statements focus on near-term inflows and outflows of spendableresources, as well as on balances of spendable resources available at the end of the fiscal year. Suchinformation may be useful in evaluating a school district’s near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financialstatements, it is useful to compare the information presented for governmental funds with similarinformation presented for governmental activities in the government-wide financial statements. By doingso, readers may better understand the long-term impact of the government’s near-term financing decisions.Both the governmental fund balance sheet and the governmental fund statement of revenues, expendituresand changes in fund balances provide a reconciliation to facilitate this comparison between governmentalfunds and governmental activities.

The District maintains seven individual governmental funds. Information is presented separately in thegovernmental fund balance sheet and in the governmental fund statement of revenues, expenditures andchanges in fund balances for the General Fund, Operations and Maintenance Fund, Transportation Fund,IMRF/Social Security Fund, Debt Service Fund, Capital Projects Fund, and Fire Prevention and SafetyFund, all of which are considered to be major funds.

The District adopts an annual budget for each of the funds listed above. A budgetary comparison schedulehas been provided for each fund to demonstrate compliance with this budget.

Fiduciary funds are used to account for resources held for the benefit of parties outside the School District.Fiduciary funds are not reflected in the government-wide financial statement because the resources ofthose funds are not available to support the District’s own programs. The accounting used for fiduciaryfunds is much like that for the government-wide financial statements.

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Notes to basic financial statements

The notes to the financial statements provide additional information that is essential to a fullunderstanding of the data provided in the government-wide and fund financial statements.

Other information

In addition to the basic financial statements and accompanying notes, this report also presents certaininformation concerning the District’s progress in funding its obligation to provide pension benefits to itsnon-certified employees.

Government-Wide Financial Analysis

The District’s combined net position was higher on June 30, 2016, than it was the year before, increasing15% to $13.6.

Table 1Condensed Statements of Net Position(in millions of dollars)

2015 2016

Assets:Current and other assets $ 13.7 $ 11.9Capital Assets 11.5 14.4

Total assets 25.2 26.3

Total deferred outflows of resources 0.1 0.1

Liabilities:Long-term debt outstanding 13.4 12.7

Total liabilities 13.4 12.7

Net position:Net investment in capital assets 3.3 4.2Restricted 1.7 2.0Unrestricted 6.8 7.4

Total net position $ 11.8 $ 13.6

Revenues in the governmental activities of the District of $20.1 exceeded expenditures by $1.7. This wasattributable primarily to additional property tax revenues and control of District expenses.

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Table 2Changes in Net Position(in millions of dollars)

2015 2016

Revenues:

Program revenues:Charges for services $ 0.9 $ 1.0Operating grants & contributions 3.9 4.7

General revenues:Taxes 11.7 13.5General state aid 0.7 0.8Other - 0.1

Total revenues 17.2 20.1

Expenses:Instruction 10.9 12.1Pupil & instructional staff services 1.1 1.4Administration & business 2.0 2.1Transportation 0.7 0.6Operations & maintenance 1.5 1.5Other 0.5 0.7

Total expenses 16.7 18.4

Increase (decrease) in net position $ 0.5 $ 1.7

Property taxes accounted for the largest portion of the District’s revenues, contributing 68%. Theremainder of revenues came from state, federal grants and other sources. The total cost of all the District’sprograms was $18.4, mainly related to instructing and caring for the students and student transportation at77%.

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Financial Analysis of the District’s Funds

The District’s Governmental Funds balance decreased from $13.7 to $11.8.

Property taxes continue to be the main source of revenue for the District.

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General Fund Budgetary Highlights

Salaries and benefits came in lower than budgeted for the year.

Supplies for the District came in lower than budgeted for the year.

The District passed a general tax levy in FY15 that will increase revenues for the General Fund to be ableto maintain the current spending levels for the next 3-5 years

Capital Assets and Debt Administration

Capital assets

By the end of 2016, the District had compiled a total investment of $27.2 ($14.4 net of accumulateddepreciation) in a broad range of capital assets including buildings, land and equipment. Totaldepreciation expense for the year was $0.7. More detailed information about capital assets can be foundin Note 5 of the basic financial statements.

Table 3Capital Assets (net of depreciation)(in millions of dollars)

2015 2016

Land $ 0.9 $ 0.9Depreciable assets 10.1 13.5Construction in progress 0.5 -

Total $ 11.5 $ 14.4

Long-term debt

The District retired $0.7 in bonds in 2016. Capital leases and other were reduced by $0.3. At the end offiscal 2016, the District had a debt margin of $10.8. More detailed information on long-term debt can befound in Note 7 of the basic financial statements.

Table 4Outstanding Long-Term Debt(in millions of dollars)

2015 2016

General obligation bonds $ 12.8 $ 12.1Capital leases 0.6 0.6

Total $ 13.4 $ 12.7

Factors Bearing on the District’s Future

At the time these financial statements were prepared and audited, the District was aware of the followingcircumstances that will significantly affect financial operations in the future:

The District has adopted a program to replace all of the aging buses through a five year replacement planof selling off the old buses and leasing new buses. The program calls for the replacement of three buseseach year on an ongoing process with lease in place of purchase.

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The District replaced boilers and air conditioning in two of the buildings and will do the same in the thirdbuilding thereby completing this capital project in the first quarter of next year.

The District is adopting a plan to update all facilities with new mechanical systems and replace worn outand dated equipment. This plan is a large undertaking of the District and will require going to the voters toapprove the ability to raise the funds for these projects. The ability to do these projects will affect thefacility use and ability of the schools to provide facilities that will continue to function in a safe andefficient manner in the future.

Continued loss of revenue from Springfield in Transportation reimbursement is putting a large strain onthe ability of the District to fund all programs.

The continued increase in health care insurance is going to place a strain on the District finances until aprogram to control costs is put in place.

Requests for Information

This financial report is designed to provide the District’s citizens, taxpayers, and creditors with a generaloverview of the District’s finances and to demonstrate the District’s accountability for the money itreceives. If you have questions about this report, or need additional financial information, contact theBusiness Office:

Robert FritchWestchester Public School District 92½9981 Canterbury StreetWestchester, Illinois 60154

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WESTCHESTER PUBLIC SCHOOL DISTRICT 92½STATEMENT OF NET POSITION - MODIFIED CASH BASIS

AS OF JUNE 30, 2016

GOVERNMENTALACTIVITIES

Assets

Cash $ 11,803,184Capital assets:

Land 900,000Depreciable buildings, property and equipment, net 13,549,790

Total assets 26,252,974

Deferred outflows of resources

Deferred charge on refunding 85,773

Total deferred outflows of resources 85,773

Liabilities

Payroll deductions payable 10,133Long-term liabilities:

Other long-term liabilities - due within one year 661,619Other long-term liabilities - due after one year 12,092,685

Total liabilities 12,764,437

Net position

Net investment in capital assets 4,197,126Restricted for:

Tort immunity 274,254Operations and maintenance 1,027,161Student transportation 329,594Retirement benefits 58,328Debt service 275,724Capital projects 2,799

Unrestricted 7,409,324

Total net position $ 13,574,310

See Notes to Basic Financial Statements

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WESTCHESTER PUBLIC SCHOOL DISTRICT 92½STATEMENT OF ACTIVITIES - MODIFIED CASH BASIS

FOR THE YEAR ENDED JUNE 30, 2016

PROGRAM REVENUE

NET (EXPENSES)REVENUE AND

CHANGES IN NETPOSITION

FUNCTIONS/PROGRAMS EXPENSESCHARGES FOR

SERVICES

OPERATINGGRANTS AND

CONTRIBUTIONSGOVERNMENTAL

ACTIVITIES

Governmental activities

Instruction:Regular programs $ 4,753,671 $ 297,590 $ 1,792 $ (4,454,289)Special programs 3,443,935 17,111 965,932 (2,460,892)Other instructional programs 521,857 - 37,323 (484,534)State retirement contributions 3,342,474 - 3,342,474 -

Support Services:Pupils 475,316 - - (475,316)Instructional staff 878,841 - 30,363 (848,478)General administration 860,333 - - (860,333)School administration 630,943 - - (630,943)Business 572,341 144,491 17,362 (410,488)Transportation 574,971 18,046 265,478 (291,447)Operations and maintenance 1,520,418 495,640 - (1,024,778)Central 4,696 - - (4,696)

Community services 27,951 - - (27,951)Payments to other districts and gov't units -

excluding special education 50,000 - - (50,000)Interest and fees 521,485 - - (521,485)Unallocated depreciation 27,287 - - (27,287)

Total governmental activities $ 18,206,519 $ 972,878 $ 4,660,724 (12,572,917)

General revenues:Taxes:

Real estate taxes, levied for general purposes 9,757,516Real estate taxes, levied for specific purposes 2,589,356Real estate taxes, levied for debt service 917,720Personal property replacement taxes 203,298

State aid-formula grants 762,316Investment income 68,911Miscellaneous 6,300

Total general revenues 14,305,417

Change in net position 1,732,500

Net position, beginning of year 11,841,810

Net position, end of year $ 13,574,310


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WESTCHESTER PUBLIC SCHOOL DISTRICT 92½GOVERNMENTAL FUNDS

BALANCE SHEET - MODIFIED CASH BASISAS OF JUNE 30, 2016

WITH COMPARATIVE TOTALS AS OF JUNE 30, 2015

GENERAL FUND

OPERATIONS ANDMAINTENANCE

FUNDTRANSPORTATION

FUND

MUNICIPAL

RETIREMENT/SOCIAL

SECURITY FUND

Assets

Cash $ 9,838,839 $ 1,027,161 $ 329,594 $ 58,328

Total assets $ 9,838,839 $ 1,027,161 $ 329,594 $ 58,328

Liabilities and fund balance

Liabilities

Payroll deductions payable $ 10,133 $ - $ - $ -

Total liabilities 10,133 - - -

Fund balance

Assigned - - - -Restricted 274,254 1,027,161 329,594 58,328Unassigned 9,554,452 - - -

Total fund balance 9,828,706 1,027,161 329,594 58,328

Total liabilities and fund balance $ 9,838,839 $ 1,027,161 $ 329,594 $ 58,328


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DEBT SERVICEFUND

CAPITALPROJECTS FUND

FIRE PREVENTIONAND LIFE SAFETY

FUNDTOTAL

2016 2015

$ 275,724 $ 270,739 $ 2,799 $ 11,803,184 $ 13,707,705

$ 275,724 $ 270,739 $ 2,799 $ 11,803,184 $ 13,707,705

$ - $ - $ - $ 10,133 $ 10,133

- - - 10,133 10,133

- 270,739 - 270,739 3,621,479275,724 - 2,799 1,967,860 1,716,832

- - - 9,554,452 8,359,261

275,724 270,739 2,799 11,793,051 13,697,572

$ 275,724 $ 270,739 $ 2,799 $ 11,803,184 $ 13,707,705

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WESTCHESTER PUBLIC SCHOOL DISTRICT 92½RECONCILIATION OF THE GOVERNMENTAL FUNDS

BALANCE SHEET - MODIFIED CASH BASIS TO THE STATEMENT OF NET POSITION - MODIFIED CASH BASISAS OF JUNE 30, 2016

Total fund balances - governmental funds - modified cash basis$ 11,793,051

Amounts reported for governmental activities in the Statement of Net Position -Modified Cash Basis are different because:

Net capital assets used in governmental activities and included in the Statement ofNet Position - Modified Cash Basis do not require the expenditure of financialresources and, therefore, are not reported in the Governmental Funds BalanceSheet - Modified Cash Basis. 14,449,790

Long-term liabilities included in the Statement of Net Position - Modified CashBasis are not due and payable in the current period and, therefore, are notreported in the Governmental Funds Balance Sheet - Modified Cash Basis. (12,754,304)

Deferred charge on refunding included in the Statement of Net Position - ModifiedCash Basis is not available to pay for current period expenditures and, therefore,is not included in the Governmental Funds Balance Sheet - Modified Cash Basis. 85,773

Net position of governmental activities - modified cash basis $ 13,574,310


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WESTCHESTER PUBLIC SCHOOL DISTRICT 92½GOVERNMENTAL FUNDS

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - MODIFIED CASH BASISFOR THE YEAR ENDED JUNE 30, 2016

WITH COMPARATIVE TOTALS FOR THE YEAR ENDED JUNE 30, 2015

GENERAL FUND

OPERATIONS ANDMAINTENANCE

FUNDTRANSPORTATION

FUND

MUNICIPALRETIREMENT/SOCI

AL SECURITYFUND

RevenuesProperty taxes $ 10,025,223 $ 1,390,705 $ 594,866 $ 336,078Corporate personal property

replacement taxes 198,475 - - 4,823State aid 4,876,507 - 265,478 -Federal aid 281,055 - - -Investment income 51,687 4,606 1,377 624Gain or loss on sale of investments - - - -Other 393,364 562,368 18,046 -

Total revenues 15,826,311 1,957,679 879,767 341,525

ExpendituresCurrent:

Instruction:Regular programs 4,411,915 - - 3,349Special programs 1,961,210 - - 109,483Other instructional programs 595,427 - - 6,413State retirement contributions 3,342,474 - - -

Support Services:Pupils 458,910 - - 16,406Instructional staff 847,543 - - 21,505General administration 776,562 - - 22,327School administration 585,004 - - 24,791Business 527,437 - - 23,716Transportation - - 537,856 56,943Operations and maintenance - 1,383,034 - 78,032Central 4,696 - - -

Community services 27,951 - - -Payments to other districts and gov't units 1,035,416 - 199,920 -

Debt Service:Principal - - - -Interest and other - - - -

Capital outlay 9,821 183,221 136,605 -

Total expenditures 14,584,366 1,566,255 874,381 362,965

Excess (deficiency) of revenues over expenditures 1,241,945 391,424 5,386 (21,440)

Other financing sources (uses)Transfers in - - - -Transfers (out) - (110,000) - -Principal on bonds sold - - - -Premium on bonds sold - - - -Sale or compensation for fixed assets - - 5,400 -Proceeds from capital leases - - 136,605 -Payment to escrow for refunded bonds - - - -

Total other financing sources (uses) - (110,000) 142,005 -

Net change in fund balance 1,241,945 281,424 147,391 (21,440)

Fund balance, beginning of year 8,586,761 745,737 182,203 79,768

Fund balance, end of year $ 9,828,706 $ 1,027,161 $ 329,594 $ 58,328


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DEBT SERVICEFUND

CAPITALPROJECTS FUND

FIRE PREVENTIONAND LIFE SAFETY

FUNDTOTAL

2016 2015

$ 917,720 $ - $ - $ 13,264,592 $ 11,443,687

- - - 203,298 220,843- - - 5,141,985 4,367,458- - - 281,055 297,7432,771 7,832 14 68,911 64,027- - - - (82,977)- - - 973,778 951,054

920,491 7,832 14 19,933,619 17,261,835

- - - 4,415,264 4,229,545- - - 2,070,693 1,846,258- - - 601,840 636,412- - - 3,342,474 2,831,057

- - - 475,316 453,577- - - 869,048 657,843- - - 798,889 713,484- - - 609,795 625,714- - - 551,153 525,268- - - 594,799 660,506- - - 1,461,066 1,571,876- - - 4,696 -- - - 27,951 24,330- - - 1,235,336 1,058,966

735,451 - - 735,451 733,144498,155 - - 498,155 414,853

- 3,358,572 - 3,688,219 495,396

1,233,606 3,358,572 - 21,980,145 17,478,229

(313,115) (3,350,740) 14 (2,046,526) (216,394)

110,000 - - 110,000 8,304,089- - - (110,000) (8,304,089)- - - - 7,060,000- - - - 206,604- - - 5,400 -- - - 136,605 -- - - - (3,151,547)

110,000 - - 142,005 4,115,057

(203,115) (3,350,740) 14 (1,904,521) 3,898,663

478,839 3,621,479 2,785 13,697,572 9,798,909

$ 275,724 $ 270,739 $ 2,799 $ 11,793,051 $ 13,697,572

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WESTCHESTER PUBLIC SCHOOL DISTRICT 92½RECONCILIATION OF THE GOVERNMENTAL FUNDS

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES- MODIFIED CASH BASIS TO THE STATEMENT OF ACTIVITIES - MODIFIED CASH BASIS


Net change in fund balances - total governmental funds - modified cash basis$ (1,904,521)

Amounts reported for governmental activities in the Statement of Activities -Modified Cash Basis are different because:

Governmental funds report capital outlay as expenditures. However, in theStatement of Activities - Modified Cash Basis, the cost of these assets isallocated over their estimated useful lives and reported as depreciation expense.This is the amount by which current year net capital outlay exceeds depreciationexpense in the current period. 2,967,520

The issuance of long-term debt (bonds, capital leases, etc.) provides currentfinancial resources to the governmental funds, while its principal repaymentconsumes current financial resources of the governmental funds. Neithertransaction, however, has any effect on net position. This is the amount by whichproceeds from current year long-term financing arrangements exceeded currentyear principal repayments. 692,831

Governmental funds report the effects of premiums, discounts and similar itemswhen the debt is issued. However, these amounts are deferred and amortized inthe Statement of Activities - Modified Cash Basis. This is the amount of thecurrent year, net effect of these differences. (23,330)

Change in net position of governmental activities - modified cash basis $ 1,732,500


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WESTCHESTER PUBLIC SCHOOL DISTRICT 92½AGENCY FUND

STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES - MODIFIED CASH BASISAS OF JUNE 30, 2016

AGENCY

STUDENTACTIVITYFUNDS

Assets

Cash $ 66,295

Total assets $ 66,295

Liabilities

Due to student groups and others $ 66,295

Total liabilities $ 66,295


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WESTCHESTER PUBLIC SCHOOL DISTRICT 92½NOTES TO BASIC FINANCIAL STATEMENTS


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Westchester Public School District 92½ (the “District”) operates as a public school system governed by aseven-member board. The District is organized under the School Code of the State of Illinois, as amended.The accounting policies of the District conform to the modified cash basis of accounting as applicable to thelocal governmental units of this type. This modified basis of accounting differs from accounting principlesgenerally accepted in the United States of America (GAAP). Generally accepted accounting principlesinclude all relevant Governmental Accounting Standards Board (GASB) pronouncements. The following isa summary of the more significant accounting policies of the District:

Reporting Entity

This report includes all of the funds of the District. The reporting entity for the District consists of theprimary government and its component units. Component units are legally separate organizations for whichthe primary government is financially accountable or other organizations for which the nature andsignificance of their relationship with the primary government are such that their exclusion would cause thereporting entity's financial statements to be misleading. The District has not identified any organizationsthat meet this criteria.

Basis of Presentation

Government-wide Financial Statements

The government-wide financial statements (i.e., the statement of net position and the statement of activities)report information on all of the nonfiduciary activities of the District. The effect of interfund activity hasbeen removed from these statements. The District’s operating activities are all considered “governmentalactivities”, that is, activities normally supported by taxes and intergovernmental revenues. The District hasno operating activities that would be considered “business activities”.

The statement of activities demonstrates the degree to which the direct cash disbursements of a givenfunction are offset by program receipts. Direct cash disbursement are those that are clearly identifiable witha specific function. Program receipts include (1) amounts paid by the recipient of goods or services offeredby the program and (2) grants and contributions that are restricted to meeting the operational or capitalrequirements of a particular function. Taxes and other items not properly included among program receiptsare reported instead as general receipts.

Governmental Funds Financial Statements

Governmental funds financial statements are organized and operated on the basis of funds and are used toaccount for the District's general governmental activities. Fund accounting segregates funds according totheir intended purpose, and is used to aid management in demonstrating compliance with finance-relatedlegal and contractual provisions. A fund is an independent fiscal and accounting entity with a self-balancing set of accounts that comprise its assets, deferred outflows of resources, liabilities, deferred inflowsof resources, reserves, fund balance, revenues and expenditures. The minimum number of funds ismaintained consistent with legal and managerial requirements.

Separate financial statements are provided for all governmental funds and fiduciary funds; the fiduciaryfunds are excluded from the government-wide financial statements.

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NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (CONTINUED)

Measurement Focus and Basis of Accounting

The government-wide financial statements and the fund financial statements are reported using themodified cash basis of accounting. Assets, deferred outflows of resources, liabilities, deferred inflows ofresources, net position, revenues, and expenditures are recognized when they result from cash transactionswith a provision for depreciation in the government-wide statements. This basis is a comprehensive basis ofaccounting other than accounting principles generally accepted in the United States of America.

In the government-wide financial statements, governmental activities are presented using the economicresources measurement focus, within the limitations of the modified cash basis of accounting, as describedabove. In the governmental fund financial statements, the current financial resources measurement focus isused. Only current financial assets, deferred outflows of resources, liabilities, and deferred inflows ofresources are generally included on their balance sheets. Their operating statements present sources anduses of available spendable financial resources during a given period.

As a result of the use of the modified cash basis of accounting, certain assets and deferred inflows ofresources and their related revenues, (such as accounts receivable and revenue for billed or provided servicesnot yet collected) and certain liabilities and deferred inflows of resources and their related expenses (such asaccounts payable and expenses for goods or services received but not yet paid, and accrued expenses andliabilities) are not recorded in these financial statements.

If the District utilized the basis of accounting recognized as generally accepted, the fund financialstatements for governmental funds would use the modified accrual basis of accounting. All government-wide financials would be presented on the accrual basis of accounting.

Major Governmental Funds

General Fund - the general operating fund of the District. It accounts for all financial resources exceptthose required to be accounted for in another fund. This fund is primarily used for most of the instructionaland administrative aspects of the District's operations. Revenues consist largely of local property taxes andstate government aid.

Special Revenue Funds - account for the proceeds of specific revenue sources that are legally restricted orcommitted to expenditures for specified purposes, other than those accounted for in the Debt Service Fund,Capital Projects Funds or Fiduciary Funds.

Operations and Maintenance Fund - accounts for expenditures made for repair and maintenance of theDistrict’s buildings and land. Revenue consists primarily of local property taxes.

Transportation Fund - accounts for all revenue and expenditures made for student transportation. Revenueis derived primarily from local property taxes and state reimbursement grants.

Municipal Retirement/Social Security Fund - accounts for the District's portion of pension contributions tothe Illinois Municipal Retirement Fund, payments to Medicare, and payments to the Social SecuritySystem for non-certified employees. Revenue to finance the contributions is derived primarily from localproperty taxes and personal property replacement taxes.

Debt Service Fund - accounts for the accumulation of resources that are restricted, committed, or assignedfor, and the payment of, long-term debt principal, interest and related costs. The primary revenue source islocal property taxes levied specifically for debt service.

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Capital Project Funds - accounts for the financial resources that are restricted, committed, or assigned to beused for the acquisition or construction of, and/or additions to, major capital facilities.

Capital Projects Fund - accounts for construction projects and renovations financed through serial bondissues and transfers from other funds.

Fire Prevention and Life Safety Fund - accounts for State-approved life safety projects financed through serialbond issues or local property taxes levied specifically for such purposes.

Other Fund Types

Fiduciary Funds - account for assets held by the District in a trustee capacity or as an agent for individuals,private organizations, other governments or other funds.

Agency Funds - include Student Activity Funds, Convenience Accounts and Other Agency Funds. Thesefunds are custodial in nature and do not present results of operations or have a measurement focus.Although the Board of Education has the ultimate responsibility for Activity Funds, they are not localeducation agency funds. Student Activity Funds account for assets held by the District which are owned,operated and managed generally by the student body, under the guidance and direction of adults or a staffmember, for educational, recreational or cultural purposes. Convenience Accounts account for assets thatare normally maintained by a local education agency as a convenience for its faculty, staff, etc.

Deposits and Investments

State statutes authorize the District to invest in obligations of the U.S. Treasury, certain highly-ratedcommercial paper, corporate bonds, repurchase agreements, and the State Treasurer's Investment Pool.Investments are stated at cost.

Receivables and Payables

Transactions between funds that are representative of lending/borrowing arrangements outstanding at theend of the fiscal year are referred to as "due to/from other funds". These amounts are eliminated in thegovernmental activities column in the statement of net position. Receivables are expected to be collectedwithin one year.

Property Tax Revenues

The District must file its tax levy resolution by the last Tuesday in December of each year. The District's2015 levy resolution was approved during the December 10, 2015 board meeting. The District's propertytax is levied each year on all taxable real property located in the District and it becomes a lien on theproperty on January 1 of that year. The owner of real property on January 1 in any year is liable for taxesof that year.

The tax rate ceilings are applied at the fund level. These ceilings are established by state law subject tochange only by the approval of the voters of the District.

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The PTELA limitation is applied in the aggregate to the total levy (excluding certain levies for therepayment of debt). PTELA limits the increase in total taxes billed to the lessor of 5% or the percentageincrease in the Consumer Price Index (CPI) for the preceding year. The amount can be exceeded to theextent there is “new growth” in the District’s tax base. The new growth consists of new construction,annexations and tax increment finance district property becoming eligible for taxation. The CPI ratesapplicable to the 2015 and 2014 tax levies were 0.8% and 1.5%, respectively.

Property taxes are collected by the Cook County Collector/Treasurer, who remits to the District its share ofcollections. Taxes levied in one year become due and payable in two installments: the first due on March 1and the second due on the later of August 1 or 30 days after the second installment tax bill is mailed. Thefirst installment is an estimated bill, and is fifty-five percent of the prior year's tax bill. The secondinstallment is based on the current levy, assessment and equalization, and any changes from the prior yearwill be reflected in the second installment bill. Property taxes are normally collected by the District within60 days of the due date.

Personal Property Replacement Taxes

Personal property replacement taxes are first allocated to the Municipal Retirement / Social Security Fund,and the balance is allocated to the remaining funds at the discretion of the District.

Capital Assets

Capital assets, which include land, land improvements, buildings, equipment, vehicles and construction inprogress are reported in the government-wide financial statements. Capital assets are defined by the Districtas assets with an initial individual cost of more than $2,000 and an estimated useful life of more than 1 year.Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donatedcapital assets are recorded at estimated fair value at the date of donation.

Depreciation of capital assets is provided using the straight-line method over the following estimated usefullives:

Assets Years

Building 50Land Improvements 20Equipment 1 - 20Vehicles 5

In the fund financial statements, capital assets used in governmental fund operations are accounted for ascapital outlay expenditures of the governmental fund upon acquisition.

Deferred Outflows of Resources

A deferred outflow of resources represents a consumption of net position that applies to a future period andwill not be recognized as an outflow of resources (expense/expenditure) until that future time.

A deferred charge on refunding arise from advance refunding of debt. The difference between the cost of thesecurities placed in trust for future payment of refunded debt and the net carrying value of that debt isdeferred and amortized as a component of interest expense over the shorter of the term of the refundingissue or the original term of the refunded debt. The unamortized amount is reported as a deferred outflow ofresources in the government-wide statements.

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Long-Term Obligations

In the government-wide financial statements, long-term debt and other long-term obligations are reported asliabilities in the statement of net position. Bond premiums and discounts are deferred and amortized overthe life of the applicable bonds using the effective interest method. The balance at year end forpremiums/discounts is shown as an increase or decrease in the liability section of the statement of netposition.

In the fund financial statements, governmental funds recognize bond premiums and discounts during theperiod incurred. The face amount of debt issued is reported as other financing sources. Premiums receivedon debt issuances are reported as other financing sources while discounts on debt issuances are reported asother financing uses.

Equity Classifications

Equity is classified as net position in the government-wide financial statements and displayed in threecomponents:

Net investment in capital assets - Consists of capital assets including restricted capital assets, net ofaccumulated depreciation and reduced by the outstanding balances of any bonds, mortgages, notes, or otherborrowings that are attributable to the acquisition, construction, or improvement of those assets less thanany unspent debt proceeds.

Restricted net position - Consists of net position with constraints placed on its use either by 1) external groupssuch as creditors, grantors, contributors, or laws or regulations of other governments or, 2) law throughconstitutional provisions or enabling legislation.

Unrestricted net position - All other net position that does not meet the definition of "restricted" or "netinvestment in capital assets."

When both restricted and unrestricted resources are available for use, it is the District’s policy to userestricted resources first and then unrestricted resources.

Equity is classified as fund balance in the fund financial statements and displayed in five components:

Nonspendable - includes amounts not in spendable form, such as inventory, or amounts required to bemaintained intact legally or contractually (principal endowment) (e.g. inventory, pre-paid items, permanentscholarships).

Restricted - includes amounts constrained for a specific purpose by external parties (e.g. Debt Service, CapitalProjects, State and Federal Grant Funds).

Committed - includes amounts constrained for a specific purpose by a government using its highest level ofdecision making authority, the Board of Education. This formal action (a resolution) must occur prior to theend of the reporting period, but the amount of the commitment, which will be subject to the constraints,may be determined in the subsequent period. Any changes to the constraints imposed require the sameformal action of the Board of Education board that originally created the commitment.

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Assigned - includes general fund amounts constrained for a specific purpose by the Board of Education or byan official that has been delegated authority to assign amounts. The Board of Education has declared thatthe Superintendent or a designee of the Superintendent may assign amounts for a specific purpose. TheBoard of Education may also take official action to assign amounts. Additionally, all remaining positivespendable amounts in governmental funds, other than the General Fund, that are neither restricted norcommitted are considered assigned. Assignments may take place after the end of the reporting period.

Unassigned - includes residual positive fund balance within the General Fund which has not been classifiedwithin the other above mentioned categories. Unassigned fund balance may also include negative balancesfor any governmental fund if expenditures exceed amounts restricted, committed or assigned for thosespecific purposes.

In circumstances where an expenditure is to be made for a purpose for which amounts are available inmultiple fund balance classifications, the order in which resources will be expended in the General Fund isas follows: restricted fund balance, followed by committed fund balance, assigned fund balance, and lastly,unassigned fund balance. In all other funds (Special Revenue, Debt Service, Capital Projects), assignedfund balance will be spent first, followed by committed fund balance, and then restricted fund balance.

Governmental fund balances reported on the fund financial statements at June 30, 2016 are as follows:

The restricted fund balance in the General Fund represents the Tort Immunity Accounts. This balance isrestricted for Tort related purchases.

The remaining restricted fund balances are for the purpose of the respective funds as described above in theMajor Funds Section.

The assigned fund balance in the Capital Projects Fund of $270,739 is for the purpose of future capitalimprovements to the District's facilities.

Comparative Data

The financial statements include summarized prior-year comparative information. Such information doesnot include sufficient detail to constitute a presentation in conformity with accounting principles generallyaccepted in the United States of America. Accordingly, such information should be read in conjunctionwith the District's financial statements for the year ended June 30, 2015, from which such summarizedinformation was derived.

Eliminations and Reclassifications

In the process of aggregating data for the government-wide financial statements, some amounts reported asinterfund activity and balances were eliminated or reclassified.

NOTE 2 - STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY

Budgetary Data

The budgeted amounts for the Governmental Funds are adopted on the cash basis, which is consistent withcash basis of accounting prescribed by the program accounting manual for Illinois school districts.

The Board of Education follows these procedures in establishing the budgetary data reflected in the generalpurpose financial statements:

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NOTE 2 - STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY - (CONTINUED)

1. The Administration submits to the Board of Education a proposed operating budget for the fiscalyear commencing July 1. The operating budget includes proposed expenditures and the means offinancing them.

2. Public hearings are conducted and the proposed budget is available for inspection to obtain taxpayercomments.

3. Prior to September 30, the budget is legally adopted through passage of a resolution. By the lastTuesday in December, a tax levy resolution is filed with the county clerk to obtain tax revenues.

4. Management is authorized to transfer budget amounts, provided funds are transferred between thesame function and object codes. The Board of Education is authorized to transfer up to a legal levelof 10% of the total budget between functions within any fund; however, any revisions that alter thetotal expenditures of any fund must be approved by the Board of Education, after following thepublic hearing process mandated by law.

5. Formal budgetary integration is employed as a management control device during the year for allgovernmental funds.

6. All budget appropriations lapse at the end of the fiscal year.

The Board of Education amended the budget on May 19, 2016.

Excess of Expenditures over Budget

For the year ended June 30, 2016, expenditures exceeded budget in the Transportation Fund and the DebtService Fund by $133,531 and $258,253, respectively. These excesses were funded by an available fundbalance.

NOTE 3 - DEPOSITS AND INVESTMENTS

Cash & Investments under the custody of the Township Treasurer

Under the Illinois Compiled Statutes, the Proviso Township School Treasurer is the lawful custodian of allschool funds. The Treasurer is appointed by the Township School Trustees, an independently elected body,to serve the school districts in the township. The Treasurer is the direct recipient of property taxes,replacement taxes and most state and federal aid and disburses school funds upon lawful order of the schoolboard. The Treasurer invests excess funds at his discretion, subject to the legal restrictions discussed below.For these purposes, the Treasurer is permitted to combine monies from more than one fund of a singledistrict and to combine monies of more than one district in the township. Monies combined under thesecircumstances, as well as investment earnings, are accounted for separately for each fund and/or district.

Cash and investments, other than the student activity and convenience accounts, petty cash, and imprestfunds, are part of a common pool for all school districts and cooperatives within the township. TheTreasurer maintains records that segregate the cash and investment balance by district or cooperative.Income from investments is distributed monthly based upon the District's percentage participation in thepool. All cash for all funds, including cash applicable to the Debt Service Fund and the Illinois MunicipalRetirement/Social Security Fund, is not deemed available for purposes other than those for which thesebalances are intended.

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NOTE 3 - DEPOSITS AND INVESTMENTS - (CONTINUED)

The Treasurer's investment policies are established by the Proviso Township School Trustees as prescribedby the Illinois School Code and the Illinois Compiled Statutes. The Treasurer is authorized to invest inobligations of the U.S. Treasury, backed by the full faith and credit of the U.S. Government, certificates ofdeposit issued by commercial banks and savings and loan associations, and commercial paper rated withinthe three highest classifications by at least two standard rating services (subject to certain limitations).

The Treasurer's Office operates as a non-rated, external investment pool. The fair value of the District'sinvestment in the Treasurer's pool is determined by the District's proportionate share of the fair value of theinvestments held by the Treasurer's office.

The weighted average maturity of all marketable pooled investments held by the Treasurer was 0.90 years atJune 30, 2016. The Treasurer also holds money market type investments, certificates of deposits and otherdeposits with financial institutions. As of June 30, 2016, the fair value of all investments held by theTreasurer's office was $267,556,559 and the fair value of the District's proportionate share of the pool was$11,793,184.

Because all cash and investments are pooled by a separate legal governmental agency (Treasurer),categorization by risk category is not determinable. Further information about whether investments areinsured, collateralized, or uncollateralized is available from the Treasurer's financial statements.

Cash & Investments in the custody of the District

Deposits of the student activity and imprest funds, which are held in the District's custody, consist ofdeposits with financial institutions. The following is a summary of such deposits:

Carrying Value Bank Balance

Deposits with financial institutions $ 76,295 $ 80,357

Total $ 76,295 $ 80,357

Custodial Credit Risk - Deposits. With respect to deposits, custodial credit risk refers to the risk that, in theevent of a bank failure, the District’s deposits may not be returned to it. The District’s investment policylimits the exposure to deposit custodial credit risk by requiring all deposits in excess of FDIC insurablelimits to be secured by collateral in the event of default or failure of the financial institution holding thefunds. As of June 30, 2016, the bank balance of the District’s deposit with financial institutions totaled$80,357; the entire amount was collateralized and insured.

NOTE 4 - INTERFUND TRANSFERS

During the year, the Board approved a transfer of $110,000 from the Operations and Maintenance Fund tothe Debt Service Fund for payment on outstanding capital leases. Of this amount, $94,363 was for principal,and $15,637 was for interest.

During the year, the Board also transferred $300,000 within the General Fund from the Working CashAccounts to the Educational Accounts.

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NOTE 4 - INTERFUND TRANSFERS - (CONTINUED)

State law allows for the above transfers.

NOTE 5 - CAPITAL ASSETS

Capital asset activity for the District for the year ended June 30, 2016, was as follows:

BeginningBalance Increases Decreases

EndingBalance

Capital assets not being depreciated:

Land $ 900,000 $ - $ - $ 900,000Construction in progress 525,773 - 525,773 -

Total capital assets not beingdepreciated 1,425,773 - 525,773 900,000

Capital assets being depreciated:

Land improvements 595,153 - - 595,153Buildings 19,308,191 3,884,345 - 23,192,536Equipment 1,721,684 157,909 - 1,879,593Vehicles 549,607 136,605 54,900 631,312

Total capital assets being depreciated 22,174,635 4,178,859 54,900 26,298,594

Less Accumulated Depreciation for:

Land improvements 567,866 27,287 - 595,153Buildings 9,885,498 446,403 - 10,331,901Equipment 1,500,869 111,460 - 1,612,329Vehicles 163,905 100,416 54,900 209,421

Total accumulated depreciation 12,118,138 685,566 54,900 12,748,804

Net capital assets being depreciated 10,056,497 3,493,293 - 13,549,790

Net governmental activities capitalassets $ 11,482,270 $ 3,493,293 $ 525,773 $ 14,449,790

Depreciation expense was recognized in the operating activities of the District as follows:

Governmental Activities Depreciation

Regular programs $ 338,379Special programs 107,923General administration 61,444School administration 21,148Transportation 74,157Operations and maintenance 34,040Business 21,188Unallocated 27,287

Total depreciation expense - governmental activities $ 685,566

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NOTE 6 - OPERATING LEASES

The District entered into a lease agreements for buses and telephone equipment under noncancelableoperating leases. Total costs for the leases was $65,896 for the year ended June 30, 2016. At June 30, 2016,future lease payments were as follows:

Year Ending June 30, Amount

2017 $ 65,8962018 89,8032019 26,890

Total $ 182,589

NOTE 7 - LONG TERM LIABILITIES

Changes in General Long-term Liabilities. The following is the long-term liability activity for the District for theyear ended June 30, 2016:

BeginningBalance Additions Deletions

EndingBalance

Due WithinOne Year

General obligation bonds $ 12,640,000 $ - $ 705,000 $ 11,935,000 $ 470,000Unamortized premium 202,926 - 19,557 183,369 -

Total bonds payable 12,842,926 - 724,557 12,118,369 470,000Capital leases 623,766 136,605 124,436 635,935 191,619

Total long-term liabilities -

governmental activities $ 13,466,692 $ 136,605 $ 848,993 $ 12,754,304 $ 661,619

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NOTE 7 - LONG TERM LIABILITIES - (CONTINUED)

The obligations for the capital leases will be repaid from the Transportation Fund (outstanding bus leases)and the Debt Service Fund (outstanding technology and copier leases) and funded with transfers from theGeneral Fund

General Obligation Bonds. General obligation bonds are direct obligations and pledge the full faith and creditof the District. General obligation bonds currently outstanding are as follows:

Purpose Interest RatesOriginal

IndebtednessCarryingAmount

Series General Obligation Limited School Refunding Bonds- 2012B dated February 16, 2012 are due in annualinstallments through December 1, 2018 2.00% - 2.25% $ 3,005,000 $ 910,000

Series General Obligation Limited School Bonds - 2012Adated February 16, 2012 are due in annual installmentsthrough December 1, 2018 2.00% 280,000 265,000

Series Limited School Bonds 2010 A dated March 15, 2010are due in annual installments through December 1, 2028 4.00% - 4.25% 4,070,000 3,440,000

Series Taxable Limited School Bonds 2010 B dated March15, 2010 are due in annual installments throughDecember 1, 2022 5.00% - 5.25% 850,000 555,000

Series General Obligation Limited Refunding School Bonds- 2014 dated December 30, 2014 are due in annualinstallments through December 1, 2022 2.00% - 3.00% 1,800,000 1,800,000

Series General Obligation Limited School Bonds - 2015 Adated April 2, 2015 are due in annual installments throughDecember 1, 2034 2.00% - 4.00% 4,615,000 4,320,000

Series Taxable General Obligation Limited School Bonds -2015 B dated April 2, 2015 are due in annual installmentsthrough December 1, 2029 3.90% - 4.00% 645,000 645,000

Total $ 15,265,000 $ 11,935,000

At June 30, 2016, $4,839,461 of bonds outstanding are considered defeased.

Annual debt service requirements to maturity for general obligation bonds are as follows for governmentaltype activities:

Principal Interest Total

2017 $ 470,000 $ 437,459 $ 907,4592018 480,000 427,384 907,3842019 490,000 417,109 907,1092020 500,000 403,859 903,8592021 515,000 386,934 901,9342021 - 2025 2,880,000 1,623,113 4,503,1132026 - 2030 3,510,000 982,672 4,492,6722031 2035 3,090,000 238,000 3,328,000

Total $ 11,935,000 $ 4,916,530 $ 16,851,530

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NOTE 7 - LONG TERM LIABILITIES - (CONTINUED)

The District is subject to the Illinois School Code, which limits the amount of certain indebtedness to 6.9%of the most recent available equalized assessed valuation of the District. As of June 30, 2016, the statutorydebt limit for the District was $23,583,321, providing a debt margin of $10,829,017. There are numerouscovenants with which the District must comply in regard to these bond issues. As of June 30, 2016, theDistrict was in compliance with all significant bond covenants, including federal arbitrage regulations.

Capital Leases. The District has entered into lease agreements as lessee for financing the acquisition ofequipment. These lease agreements qualify as capital leases for accounting purposes and, therefore, theassets and obligations have been recorded at the present value of the future minimum lease payments as ofthe inception date.The obligations for the capital leases (technology equipment and copiers) will be repaidfrom the Debt Service Fund and funded with transfers from the General Fund. The obligations for thecapital leases (leased buses) will be repaid from the Transportation Fund. The future minimum leaseobligations and the net present value of these minimum lease payments as of June 30, 2016, are as follows:

Amount

2017 $ 211,4352018 151,3942019 203,2772020 113,899Total minimum lease payments 680,005Less: amount representing interest (44,070)

Present value of minimum lease payments $ 635,935

NOTE 8 - RISK MANAGEMENT

The District is exposed to various risks of loss related to employee health benefits; workers' compensationclaims; theft of, damage to, and destruction of assets; and natural disasters. The District participates in thefollowing public entity risk pool: Education Benefit Cooperative, for employee health and dental insurance.The District pays annual premiums to the pool for insurance coverage. The arrangements with the poolprovides that it will be self-sustaining through member premiums and will reinsure through commercialcompanies for claims in excess of certain levels established by the pools. There have been no significantreductions in insurance coverage from coverage in any of the past three fiscal years.

The District continues to carry commercial insurance for all other risks of loss, including property andgeneral liability. Premiums have been recorded as expenditures in the appropriate funds. There have beenno significant reductions in insurance coverage from coverage in the prior years. Settled claims resultingfrom these risks have not exceeded commercial insurance coverage in any of the past three fiscal years.

NOTE 9 - JOINT AGREEMENTS

The District is a member of LADSE, a joint agreement that provides certain special education services toresidents of many school districts. The District believes that because it does not control the selection of thegoverning authority, and because of the control over employment of management personnel, operations,scope of public service, and special financing relationships exercised by the joint agreement governingboards, these are not included as component units of the District.

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NOTE 10 - OTHER POST-EMPLOYMENT BENEFITS

Teachers' Health Insurance Security

The District participates in the Teacher Health Insurance Security (THIS) Fund, a cost-sharing, multiple-employer defined benefit post-employment healthcare plan that was established by the Illinois legislature forthe benefit of retired Illinois public school teachers employed outside the city of Chicago. The THIS Fundprovides medical, prescription, and behavioral health benefits, but it does not provide vision, dental, or lifeinsurance benefits to annuitants of the Teachers’ Retirement System (TRS). Annuitants not enrolled inMedicare may participate in the state-administered participating provider option plan or choose fromseveral managed care options. Annuitants who are enrolled in Medicare Parts A and B may be eligible toenroll in a Medicare Advantage plan.

The State Employees Group Insurance Act of 1971 (5 ILCS 375) outlines the benefit provisions of the THISFund and amendments to the plan can be made only by legislative action with the Governor’s approval.The plan is administered by the Illinois Department of Central Management Services (CMS) with thecooperation of TRS. Section 6.6 of the State Employees Group Insurance Act of 1971 requires all activecontributors to TRS who are not employees of the state to make a contribution to the THIS Fund.

The percentage of employer required contributions in the future will not exceed 105 percent of thepercentage of salary actually required to be paid in the previous fiscal year.

On Behalf Contributions to THIS Fund. The State of Illinois makes employer retiree health insurancecontributions on behalf of the District. State contributions are intended to match contributions to THISFund from active members which were 1.07 percent of pay during the year ended June 30, 2016. State ofIllinois contributions were $72,059, and the District recognized revenues and expenditures of this amountduring the year.

State contributions intended to match active member contributions during the years ended June 30, 2015and June 30, 2014 were 1.02 and 0.97 percent of pay, respectively. For these years, state contributions onbehalf of District employees were $64,125 and $60,300, respectively.

Employer Contributions to THIS Fund. The District also makes contributions to THIS Fund. The District'sTHIS Fund contribution was 0.80 percent during the year ended June 30, 2016 and 0.76 and 0.72 percentduring the years ended June 30, 2015 and 2014, respectively. For the years ended June 30, 2016, 2015 and2014 the District paid $53,876, $47,779 and $44,759 to the THIS Fund, respectively, which was 100 percentof the required contribution for those years.

The publicly available financial report of the THIS Fund may be found on the website of the IllinoisAuditor General: http://www.auditor.illinois.gov/Audit-Reports/ABC-List.asp. The current reports arelisted under "Central Management Services." Prior reports are available under "Healthcare and FamilyServices."

NOTE 11 - RETIREMENT SYSTEMS

The retirement plans of the District include the Teachers’ Retirement System of the State of Illinois (TRS)and the Illinois Municipal Retirement Fund (IMRF). Most funding for TRS is provided through payrollwithholdings of certified employees and contributions made by the State of Illinois on-behalf of the District.IMRF is funded through property taxes and a perpetual lien of the District’s corporate personal propertyreplacement tax. Each retirement system is discussed below.

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NOTE 11 - RETIREMENT SYSTEMS - (CONTINUED)

Teachers' Retirement System

Plan Description. The District participates in the Teachers’ Retirement System of the State of Illinois (TRS).TRS is a cost-sharing multiple-employer defined benefit pension plan that was created by the Illinoislegislature for the benefit of Illinois public school teachers employed outside the city of Chicago. TRSmembers include all active nonannuitants who are employed by a TRS-covered employer to provideservices for which teacher licensure is required. The Illinois Pension Code outlines the benefit provisions ofTRS, and amendments to the plan can be made only by legislative action with the Governor’s approval.The TRS Board of Trustees is responsible for the System’s administration.

TRS issues a publicly available financial report that can be obtained at http://trs.illinois.gov/pubs/cafr; bywriting to TRS at 2815 W. Washington, PO Box 19253, Springfield, IL 62794; or by calling (888) 877-0890,option 2.

Benefits Provided. TRS provides retirement, disability, and death benefits. Tier I members have TRS orreciprocal system service prior to January 1, 2011. Tier I members qualify for retirement benefits at age 62with five years of service, at age 60 with 10 years, or age 55 with 20 years. The benefit is determined by theaverage of the four highest years of creditable earnings within the last 10 years of creditable service and thepercentage of average salary to which the member is entitled. Most members retire under a formula thatprovides 2.2 percent of final average salary up to a maximum of 75 percent with 34 years of service.Disability and death benefits are also provided.

Tier II members qualify for retirement benefits at age 67 with 10 years of service, or a discounted annuitycan be paid at age 62 with 10 years of service. Creditable earnings for retirement purposes are capped andthe final average salary is based on the highest consecutive eight years of creditable service rather than thelast four. Disability provisions for Tier II are identical to those of Tier I. Death benefits are payable under aformula that is different from Tier I.

Essentially all Tier I retirees receive an annual 3 percent increase in the current retirement benefit beginningJanuary 1 following the attainment of age 61 or on January 1 following the member’s first anniversary inretirement, whichever is later. Tier II annual increases will be the lesser of three percent of the originalbenefit or one-half percent of the rate of inflation beginning January 1 following attainment of age 67 or onJanuary 1 following the member’s first anniversary in retirement, whichever is later.

Contributions. The State of Illinois maintains the primary responsibility for funding TRS. The IllinoisPension Code, as amended by Public Act 88-0593 and subsequent acts, provides that for years 2010 through2045, the minimum contribution to the System for each fiscal year shall be an amount determined to besufficient to bring the total assets of the System up to 90 percent of the total actuarial liabilities of the Systemby the end of fiscal year 2045.

Contributions from active members and TRS contributing employers are also required by the IllinoisPension Code. The contribution rates are specified in the pension code. The active member contributionrate for the year ended June 30, 2016 was 9.4 percent of creditable earnings. The member contribution,which may be paid on behalf of employees by the District, is submitted to TRS by the District.

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On Behalf Contributions to TRS. The State of Illinois makes employer pension contributions on behalf of theDistrict. For the year ended June 30, 2016, State of Illinois contributions recognized by the District werebased on the state’s proportionate share of the collective net pension liability associated with the District,and the District recognized revenue and expenditures of $3,270,415 in pension contributions from the Stateof Illinois.

2.2 Formula Contributions. Employers contribute 0.58 percent of total creditable earnings for the 2.2 formulachange. The contribution rate is specified by statute. Contributions for the year ended June 30, 2016, were$39,060.

TRS Fiduciary Net Position. Detailed information about the TRS’s fiduciary net position as of June 30, 2015is available in the separately issued TRS Comprehensive Annual Financial Report.

Net Pension Liability. At June 30, 2016, the District reported a liability for its proportionate share of the netpension liability (first amount shown below) that reflected a reduction for state pension support provided tothe District. The state’s support and total are for disclosure purposes only. The amount recognized by theDistrict as its proportionate share of the net pension liability, the related state support, and the total portionof the net pension liability that was associated with the District were as follows:

District's proportionate share of the collective net pension liability $ 1,482,381State's proportionate share of the collective net pension liability associated with the District 39,917,948

Total$ 41,400,329

The net pension liability was measured as of June 30, 2015, and the total pension liability used to calculatethe net pension liability was determined by an actuarial valuation as of June 30, 2014, and rolled forward toJune 30, 2015. The District’s proportion of the net pension liability was based on the District’s share ofcontributions to TRS for the measurement year ended June 30, 2015, relative to the projected contributionsof all participating TRS employers and the state during that period. At June 30, 2015 and 2014, theDistrict’s proportion was 0.00226283 percent and 0.00175611 percent, respectively.

Summary of Significant Accounting Policies. For purposes of measuring the collective net pension liability,deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense,information about the fiduciary net position of TRS and additions to/deductions from TRS fiduciary netposition have been determined on the same basis as they are reported by TRS. For this purpose, benefitpayments (including refunds of employee contributions) are recognized when due and payable inaccordance with the benefit terms. Investments are reported at fair value.

Actuarial Assumptions. The assumptions used to measure the total pension liability in the June 30, 2015actuarial valuation included (a) 7.50% investment rate of return net of pension plan investment expense,including inflation, (b) projected salary increases varies by amount of service credit, and (c) inflation of3.00%.

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The actuarial assumptions for the years ended June 30, 2015 and 2014 were different. The actuarialassumptions used in the June 30, 2015 valuation were based on the 2015 actuarial experience analysis. Theinvestment return assumption remained at 7.5 percent, salary increase assumptions were lowered,retirement rates were increased, mortality updates were made and other assumptions were revised. Theactuarial assumptions used in the June 30, 2014 valuation were based on updates to economic assumptionsadopted in 2014 which lowered the investment return assumption from 8.0 percent to 7.5 percent. Thesalary increase and inflation assumptions were also lowered from their 2013 levels.

Mortality. Mortality rates were based on the RP-2014 White Collar Table with adjustments as appropriatefor TRS experience. The rates are used on a fully-generational basis using projection table MP-2014.

Long-Term Expected Real Rate of Return. The long-term expected rate of return on pension plan investmentswas determined using a building-block method in which best-estimate ranges of expected future real rates ofreturn (expected returns, net of pension plan investment expense and inflation) are developed for eachmajor asset class. These ranges are combined to produce the long-term expected rate of return by weightingthe expected future real rates of return by the target asset allocation percentage and by adding expectedinflation. The target allocation and best estimates of arithmetic real rates of return for each major asset classthat were used by the actuary are summarized in the following table:

Asset ClassTarget

Allocation

Long-TermExpected RealRate of Return

U.S. large cap %18.00 %7.53Global equity excluding U.S. %18.00 %7.88Aggregate bonds %16.00 %1.57U.S. TIPS %2.00 %2.82NCREIF %11.00 %5.11Opportunistic real estate %4.00 %9.09ARS %8.00 %2.57Risk parity %8.00 %4.87Diversified inflation strategy %1.00 %3.26Private equity %14.00 %12.33

Discount Rate. At June 30, 2015, the discount rate used to measure the total pension liability was a blendedrate of 7.47 percent, which was a change from the June 30, 2014 rate of 7.50 percent. The projection of cashflows used to determine the discount rate assumed that employee contributions, employer contributions,and state contributions will be made at the current statutorily-required rates.

Based on those assumptions, TRS’s fiduciary net position at June 30, 2015 was not projected to be availableto make all projected future benefit payments of current active and inactive members and all benefitrecipients. Tier I’s liability is partially funded by Tier II members, as the Tier II member contribution ishigher than the cost of Tier II benefits. Due to this subsidy, contributions from future members in excess ofthe service cost are also included in the determination of the discount rate. Despite the subsidy, all projectedfuture payments were not covered, so a slightly lower long-term expected rate of return on TRS investmentswas applied to all periods of projected benefit payments to determine the total pension liability.

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At June 30, 2014, the discount rate used to measure the total pension liability was 7.50 percent. Thediscount rate was the same as the actuarially-assumed rate of return on investments that year because TRS’sfiduciary net position and the subsidy provided by Tier II were sufficient to cover all projected benefitpayments.

Discount Rate Sensitivity. The following presents the District’s proportionate share of the net pension liabilitycalculated using the discount rate of 7.47 percent, as well as what the District’s proportionate share of thenet pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower(6.47 percent) or 1-percentage-point higher (8.47 percent) than the current rate:

1% DecreaseCurrent

Discount Rate 1% Increase

District's proportionate share of the collective net pensionliability $ 1,831,860 $ 1,482,381 $ 1,195,799

Pension Expenses. District pension expense as part of the June 30, 2015 valuation was $74,242. The Districtrecognized TRS related pension expense of $39,058 and on-behalf revenue and expense of $3,270,415 forsupport provided by the state in the District's financial statements for the year ended June 30, 2016.

Illinois Municipal Retirement Fund

Plan Description. The District’s defined benefit pension plan for Regular employees provides retirement anddisability benefits, post retirement increases, and death benefits to plan members and beneficiaries. TheDistrict's plan is affiliated with the Illinois Municipal Retirement Fund (IMRF), an agent multiple-employerplan. Benefit provisions are established by statute and may only be changed by the General Assembly of theState of Illinois. IMRF issues a publicly available financial report that includes financial statements andrequired supplementary information. The report may be obtained on-line at www.imrf.org.

All employees hired in positions that meet or exceed the prescribed annual hourly standard must be enrolledin IMRF as participating members. Public Act 96-0889 created a second tier for IMRF’s Regular Plan.IMRF assigns a benefit tier to a member when he or she is enrolled in IMRF. The tier is determined by themember’s first IMRF participation date. If the member first participated in IMRF before January 1, 2011,they participate in Regular Tier 1. If the member first participated in IMRF on or after January 1, 2011, theyparticipate in Regular Tier 2.

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For Regular Tier 1, pension benefits vest after eight years of service. Participating members who retire at orafter age 60 with 8 years of service are entitled to an annual retirement benefit, payable monthly for life, inan amount equal to 1-2/3% of the final rate of earnings for the first 15 years of service credit, plus 2% foreach year of service credit after 15 years to a maximum of 75% of their final rate of earnings. Final rate ofearnings is the highest total earnings during any consecutive 48 months within the last 10 years of service,divided by 48. Under Regular Tier 1, the pension is increased by 3% of the original amount on January 1every year after retirement. For Regular Tier 2, pension benefits vest after ten years of service. Participatingmembers who retire at or after age 67 with 10 years of service are entitled to an annual retirement benefit,payable monthly for life, in an amount equal to 1-2/3% of the final rate of earnings for the first 15 years ofservice credit, plus 2% for each year of service credit after 15 years to a maximum of 75% of their final rateof earnings. Final rate of earnings is the highest total earnings during any 96 consecutive months within thelast 10 years of service, divided by 96. Under Regular Tier 2, the pension is increased on January 1 every yearafter retirement, upon reaching age 67, by the lesser of 3% of the original pension amount, or 1/2 of theincrease in the Consumer Price Index of the original pension amount. IMRF also provides death anddisability benefits. These benefit provisions and all other requirements are established by state statute.

Plan Membership. At December 31, 2015, the measurement date, membership of the plan was as follows:

Retirees and beneficiaries 53Inactive, non-retired members 77Active members 59

Total189

Contributions. As set by statute, District employees participating in IMRF are required to contribute 4.50percent of their annual covered salary. The statute requires the District to contribute the amount necessary,in addition to member contributions, to finance the retirement coverage of its own employees. TheDistrict's actuarially determined contribution rate for calendar year 2015 was 9.92 percent of annual coveredpayroll. The District also contributes for disability benefits, death benefits and supplemental retirementbenefits, all of which are pooled at the IMRF level. Contribution rates for disability and death benefits areset by the IMRF Board of Trustees, while the supplemental retirement benefits rate is set by statute.

Net Pension Liability/(Asset). The net pension liability/(asset) was measured as of December 31, 2015, andthe total pension liability used to calculate the net pension liability/(asset) was determined by an annualactuarial valuation as of that date.

Summary of Significant Accounting Policies. For purposes of measuring the net pension liability/(asset),deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense,information about the fiduciary net position of IMRF and additions to/deductions from IMRF fiduciary netposition have been determined on the same basis as they are reported by IMRF. For this purpose, benefitpayments (including refunds of employee contributions) are recognized when due and payable inaccordance with the benefit terms. Investments are reported at fair value.

Actuarial Assumptions. The assumptions used to measure the total pension liability in the December 31, 2015annual actuarial valuation included (a) 7.48% investment rate of return, (b) projected salary increases from3.75% to 14.50%, including inflation, and (c) price inflation of 2.75%. The retirement age is based onexperience-based table of rates that are specific to the type of eligibility condition. The tables were lastupdated for the 2014 valuation pursuant to an experience study of the period 2011-2013.

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Mortality. For non-disabled retirees, an IMRF specific mortality table was used with fully generationalprojection scale MP-2014 (base year 2014). The IMRF specific rates were developed from the RP-2014 BlueCollar Health Annuitant Mortality Table with adjustments to match current IMRF experience. Fordisabled retirees, an IMRF specific mortality table was used with fully generational projection scale MP-2014 (base year 2014). The IMRF specific rates were developed from the RP-2014 Disabled RetireesMortality Table applying the same adjustment that were applied for non-disabled lives. For activemembers, an IMRF specific mortality table was used with fully generational projection scale MP-2014 (baseyear 2014). The IMRF specific rates were developed from the RP-2014 Employee Mortality Table withadjustments to match current IMRF experience.

Long-Term Expected Real Rate of Return. The long-term expected rate of return on pension plan investmentswas determined using a building-block method in which best-estimate ranges of expected future real rates ofreturn (expected returns, net of pension plan investment expense, and inflation) are developed for eachmajor asset class. These ranges are combined to produce the long-term expected rate of return by weightingthe expected future real rates of return to the target asset allocation percentage and adding expectedinflation. The target allocation and best estimates of arithmetic and geometric real rates of return for eachmajor asset class are summarized in the following table:

Projected Returns/Risk

Asset ClassTarget

AllocationOne YearArithmetic

Ten YearGeometric

Equities %38.00 %8.85 %7.39International equities %17.00 %9.55 %7.59Fixed income %27.00 %3.05 %3.00Real estate %8.00 %7.20 %6.00Alternatives %9.00

Private equity %13.15 %8.15Hedge funds %5.55 %5.25Commodities %4.40 %2.75

Cash equivalents %1.00 %2.25 %2.25

Discount Rate. The discount rate used to measure the total pension liability for IMRF was 7.48%. Thediscount rate calculated using the December 31, 2014 measurement date was 7.50%. The projection of cashflows used to determine the discount rate assumed that member contributions will be made at the currentcontribution rate and that District contributions will be made at rates equal to the difference betweenactuarially determined contribution rates and the member rate. Based on those assumptions, the fiduciarynet position was projected not to be available to make all projected future benefit payments of current planmembers. Therefore, the long-term expected rate of return on investments of 7.50% was blended with theindex rate of 3.57% for tax exempt 20-year general obligation municipal bonds with an average AA creditrating at December 31, 2015 to arrive at a discount rate of 7.48 used to determine the total pension liability.The year ending December 31, 2088 is the last year in the 2016 to 2115 projection period for whichprojected benefit payments are fully funded.

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Discount Rate Sensitivity. The following is a sensitivity analysis of the net pension liability/(asset) to changesin the discount rate. The table below presents the pension liability of the District calculated using thediscount rate of 7.48% as well as what the net pension liability/(asset) would be if it were to be calculatedusing a discount rate that is 1 percentage point lower (6.48%) or 1 percentage point higher (8.48%) than thecurrent rate:

1% DecreaseCurrent

Discount Rate 1% Increase

Total pension liability $ 8,337,255 $ 7,468,921 $ 6,743,396Plan fiduciary net position 6,710,789 6,710,789 6,710,789

Net pension liability/(asset) $ 1,626,466 $ 758,132 $ 32,607

Changes in Net Pension Liability/(Asset). The District's changes in net pension liability/(asset) for the calendaryear ended December 31, 2015 was as follows:

Increase (Decrease)Total Pension

Liability(a)

Plan FiduciaryNet Position

(b)

Net PensionLiability/(Asset)

(a) - (b)

Balances at December 31, 2014 $ 7,022,521 $ 6,790,058 $ 232,463Service cost 172,791 - 172,791Interest on total pension liability 519,057 - 519,057Differences between expected and actual experience ofthe total pension liability 114,729 - 114,729Change of assumptions 16,133 - 16,133Benefit payments, including refunds of employeecontributions (376,310) (376,310) -Contributions - employer - 148,694 (148,694)Contributions - employee - 67,452 (67,452)Net investment income - 33,550 (33,550)Other (net transfer) - 47,345 (47,345)

Balances at December 31, 2015 $ 7,468,921 $ 6,710,789 $ 758,132

Pension Expense. District pension expense as part of the December 31, 2014 valuation was $384,690. TheIMRF pension expense recognized in the District's financials for the year ended June 30, 2016 was$152,840.

NOTE 12 - STATE AND FEDERAL AID CONTINGENCIES

The District has received federal and state grants for specific purposes that are subject to review and audit bythe grantor agencies. Such audits could lead to requests for reimbursements to the grantor agency forexpenditures disallowed under the terms of the grants. Management believes such disallowance, if any,would be immaterial.

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NOTE 13 - EFFECT OF NEW ACCOUNTING STANDARDS ON

CURRENT-PERIOD FINANCIAL STATEMENTS

The Governmental Accounting Standards Board (GASB) has approved GASB Statement No. 74, FinancialReporting for Postemployment Benefit Plans Other Than Pension Plans, GASB Statement No. 75, Accounting andFinancial Reporting for Postemployment Benefits Other Than Pensions, GASB Statement No. 77, Tax AbatementDisclosures, GASB Statement No. 78, Pensions Provided through Certain Multiple-Employer Defined BenefitPension Plans, GASB Statement No. 80, Blending Requirements for Certain Component Units an amendment ofGASB Statement No. 14, GASB Statement No. 81, Irrevocable Split-Interest Agreements, and GASB StatementNo. 82, Pension Issues an amendment of GASB Statements No. 67, No. 68, and No. 73. Application of thesestandards may restate portions of these financial statements.

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WESTCHESTER PUBLIC SCHOOL DISTRICT 92½ILLINOIS MUNICIPAL RETIREMENT FUND

SCHEDULE OF CHANGES IN THE DISTRICT'S NET PENSION LIABILITYAND RELATED RATIOS

Last Ten Fiscal Years

2016 2015

Total pension liabilityService cost 172,791$ 181,222$ Interest 519,057 466,531 Differences between expected and actual experience 114,729 96,559 Changes of assumptions 16,133 318,194 Benefit payments, including refunds of member contributions (376,310) (339,565) Net change in total pension liability 446,400 722,941

Total pension liability - beginning 7,022,521 6,299,580 Total pension liability - ending (a) 7,468,921$ 7,022,521$

Plan fiduciary net positionEmployer contributions 148,694$ 156,709$ Employee contributions 67,452 68,665 Net investment income 33,550 391,278 Benefit payments, including refunds of member contributions (376,310) (339,565) Other (net transfer) 47,345 41,489 Net change in plan fiduciary net position (79,269) 318,576

Plan fiduciary net position - beginning 6,790,058 6,471,482 Plan fiduciary net position - ending (b) 6,710,789$ 6,790,058$

Employer's net pension liability - ending (a) - (b) 758,132$ 232,463$

Plan fiduciary net position as a percentage of the total pension liability 89.85% 96.69%

Covered-employee payroll 1,498,944$ 1,474,171$

Employer's net pension liability as a percentage of covered-employee payroll 50.58% 15.77%

Notes to Schedule:The District implemented GASB Statement No. 68 in fiscal year 2015. Information prior to fiscal year 2015 is not available.

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WESTCHESTER PUBLIC SCHOOL DISTRICT 92½ILLINOIS MUNICIPAL RETIREMENT FUND

SCHEDULE OF EMPLOYER CONTRIBUTIONSLast Ten Fiscal Years

2016 2015

Actuarially determined contribution 148,695$ 151,397$

Contributions in relation to the actuarially determined contribution (148,694) (156,709) Contribution deficiency (excess) 1$ (5,312)$


Contributions as a percentage of covered-employee payroll 9.92% 10.63%

Notes to Schedule:

Valuation date:

Methods and assumptions used to determine contribution rates: Actuarial cost method Amortization method Remaining amortization period Asset valuation method Inflation 3.00% Salary increases Investment rate of return 7.50% Retirement Age

Mortality RP-2000 CHBCA

Other information:There were no benefit changes during the year.

4.40% to 16.00% including inflation

Experience-based table of rates that are specific to the type of eligibility condition

Actuarially determined contribution rates are calculated as of December 31 each year, which are 6 months prior to the beginning of the fiscal year in which contributions are reported.

The District implemented GASB Statement No. 68 in fiscal year 2015. Information prior to fiscal year 2015 is not available.

Entry age normalLevel percentage of payroll, closed28 years5-Year Smoothed Market

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WESTCHESTER PUBLIC SCHOOL DISTRICT 92½TEACHERS' RETIREMENT SYSTEM

SCHEDULE OF DISTRICT'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY AND DISTRICT CONTRIBUTIONS

Last Ten Fiscal Years

2016 2015

District's proportion of the net pension liability 0.22628295% 0.00175611%

District's proportionate share of the net pension liability 1,482,381$ 1,068,735$

State's proportionate share of the net pension liability 39,917,948 34,367,288

Total net pension liability 41,400,329$ 35,436,023$


22.01% 17.00%

Plan fiduciary net position as a percentage of the total pension liability 41.50% 43.00%

Contractually required contribution 39,060$ 36,463$

Contributions in relation to the contractually required contribution (57,909) (36,157)

Contribution deficiency (excess) (18,849)$ 306$

Contributions as a percentage of covered employee payroll 0.8599% 0.5751%

Notes to Schedule:Amounts reported in 2016 reflect an investment rate of return of 7.5 percent, an inflation rate of 3.0 percent and real return of 4.5 percent, and salary increases that vary by service credit. In 2015, assumptions used were an investment rate of return of 7.5 percent, an inflation rate of 3.0 percent and real return of 4.5 percent, and salary increases of 5.75 percent.

Note: The District implemented GASB 68 in 2015. Information for fiscal years prior to 2015 is not applicable.

District's proportionate share of the net pension liability as a percentage of covered payroll

WESTCHESTER PUBLIC SCHOOL DISTRICT 92½GENERAL FUND

SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - MODIFIED CASH BASIS -BUDGET TO ACTUAL

FOR THE YEAR ENDED JUNE 30, 2016WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2015

2016

ORIGINALBUDGET FINAL BUDGET ACTUAL

VARIANCE WITHFINAL BUDGET

2015ACTUAL

Revenues

Local sources

General levy $ 9,454,282 $ 9,454,282 $ 9,758,059 $ 303,777 $ 8,625,910Tort immunity levy 225,000 225,000 183,032 (41,968) 147,511Special education levy 81,200 81,200 84,132 2,932 73,732Corporate personal property

replacement taxes 180,000 180,000 198,475 18,475 215,119Special education - tuition

from other LEA's (in state) 20,000 20,000 17,111 (2,889) 7,244Investment income - - 51,687 51,687 53,734Gain or loss on sale of

investments - - - - (70,701)Sales to pupils - lunch 100,000 100,000 144,491 44,491 120,853Fees 175,000 175,000 171,545 (3,455) 195,259Refund of prior years'

expenditures 5,000 5,000 900 (4,100) 54,884Other local fees - - 59,317 59,317 14,592Other 20,000 20,000 - (20,000) -

Total local sources 10,260,482 10,260,482 10,668,749 408,267 9,438,137

State sources

General state aid 720,000 720,000 762,316 42,316 749,339Special education - private

facility tuition 40,000 40,000 188,007 148,007 97,398Special education -

extraordinary 40,000 40,000 150,600 110,600 112,910Special education - personnel 50,000 50,000 205,266 155,266 156,181Special education -

orphanage - individual 60,000 60,000 130,321 70,321 128,954Special education -

orphanage - summer - - 5,450 5,450 9,947Special education - summer

school 1,500 1,500 1,883 383 1,148Bilingual education -

downstate - TPI 22,900 22,900 20,972 (1,928) 26,939State free lunch & breakfast 2,000 2,000 379 (1,621) 1,592Early childhood - block grant 10,000 10,000 67,047 57,047 6,008Technology - learning

technology centers 1,160 1,160 - (1,160) -Other restricted revenue from

state sources 2,300,000 2,300,000 1,792 (2,298,208) 2,953On behalf payment to TRS

from the state 2,300,000 2,300,000 3,342,474 1,042,474 2,831,057

Total state sources 5,547,560 5,547,560 4,876,507 (671,053) 4,124,426

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2016



2015ACTUAL

Federal sources

National school lunchprogram $ 100,000 $ 100,000 $ 16,983 $ (83,017) $ 158,864

Title I - Low income 135,000 206,000 196,978 (9,022) 102,296Federal - special education -

preschool flow-through 4,388 4,388 - (4,388) -Federal - special education -

IDEA - flow-through/lowincident 5,000 5,000 - (5,000) -

Title III - English languageacquisition - - 16,351 16,351 11,419

Learn & serve america 17,400 17,400 - (17,400) -Title II - Teacher quality - - 30,363 30,363 15,370Federal charter schools 22,900 22,900 - (22,900) -Medicaid matching funds -

administrative outreach - - 20,380 20,380 9,794Other restricted revenue from

federal sources 15,000 15,000 - (15,000) -

Total federal sources 299,688 370,688 281,055 (89,633) 297,743

Total revenues 16,107,730 16,178,730 15,826,311 (352,419) 13,860,306

Expenditures

Instruction

Regular programsSalaries 4,247,120 4,247,120 3,609,763 637,357 3,443,701Employee benefits 626,723 626,723 691,088 (64,365) 722,213On-behalf payments to

TRS from the state 2,300,000 2,300,000 3,342,474 (1,042,474) 2,831,057Purchased services 5,730 5,730 494 5,236 6,878Supplies and materials 79,770 79,770 110,570 (30,800) 73,225Capital outlay 2,400 2,400 28 2,372 -

Total 7,261,743 7,261,743 7,754,417 (492,674) 7,077,074

Special educationprogramsSalaries 988,300 988,300 1,211,433 (223,133) 1,126,290Employee benefits 215,900 215,900 273,543 (57,643) 203,611Purchased services 30,500 30,500 24,810 5,690 30,000Supplies and materials 9,595 9,595 2,830 6,765 3,444

Total 1,244,295 1,244,295 1,512,616 (268,321) 1,363,345

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2016



2015ACTUAL

Special educationprograms Pre-KSalaries $ - $ - $ - $ - $ 9,176Employee benefits - - - - 1

Total - - - - 9,177

Remedial andsupplemental programs K - 12

Remedial andsupplemental programs Pre - KSalaries 102,620 102,620 73,532 29,088 84,598Employee benefits 16,090 16,090 4,394 11,696 15,942Supplies and materials 300 300 - 300 167

Total 119,010 119,010 77,926 41,084 100,707

InterscholasticprogramsSalaries 245,300 245,300 248,855 (3,555) 239,474Employee benefits 24,540 24,540 25,975 (1,435) 19,810Purchased services 9,875 9,875 9,171 704 10,242Supplies and materials 6,280 6,280 6,483 (203) 4,058Other objects 1,150 1,150 - 1,150 -Non-capitalized equipment 1,000 1,000 937 63 885

Total 288,145 288,145 291,421 (3,276) 274,469

Summer schoolprogramsSalaries 2,000 2,000 2,000 - 2,000

Total 2,000 2,000 2,000 - 2,000

Gifted programsSupplies and materials 5,000 5,000 470 4,530 -Other objects 2,900 2,900 1,581 1,319 1,730

Total 7,900 7,900 2,051 5,849 1,730

Bilingual programsSalaries 290,816 290,816 177,931 112,885 219,475Employee benefits 33,850 33,850 44,098 (10,248) 32,484Supplies and materials 615 615 - 615 -

Total 325,281 325,281 222,029 103,252 251,959

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2016



2015ACTUAL

Truant's alternative andoptional programs

Special educationprograms K -12 - privatetuitionOther objects $ 436,000 $ 436,000 $ 448,594 $ (12,594) $ 370,960

Total 436,000 436,000 448,594 (12,594) 370,960

Total instruction 9,684,374 9,684,374 10,311,054 (626,680) 9,451,421

Support services

Pupils

Attendance and socialwork servicesSalaries 175,000 175,000 173,200 1,800 168,692Employee benefits 26,090 26,090 27,112 (1,022) 26,911Supplies and materials 150 150 358 (208) -

Total 201,240 201,240 200,670 570 195,603

Guidance servicesSalaries 89,900 89,900 88,615 1,285 86,459Employee benefits 16,580 16,580 17,951 (1,371) 16,151Purchased services 1,000 1,000 999 1 -Supplies and materials 155 155 43 112 1,393

Total 107,635 107,635 107,608 27 104,003

Health servicesSalaries 60,000 60,000 62,980 (2,980) 56,577Employee benefits 34,230 34,230 31,537 2,693 37,529Supplies and materials 1,550 1,550 1,736 (186) 866Non-capitalized equipment 1,300 1,300 - 1,300 1,298

Total 97,080 97,080 96,253 827 96,270

Other support services -pupilsSalaries 50,000 50,000 48,201 1,799 35,372Supplies and materials 6,235 6,235 6,178 57 5,829

Total 56,235 56,235 54,379 1,856 41,201

Total pupils 462,190 462,190 458,910 3,280 437,077

- 46 -




2016



2015ACTUAL

Instructional staff

Improvement ofinstructional servicesSalaries $ 166,440 $ 166,440 $ 164,492 $ 1,948 $ 160,595Employee benefits 68,480 68,480 59,397 9,083 52,757Purchased services 44,630 44,630 42,622 2,008 44,777Supplies and materials 23,800 23,800 12,531 11,269 5,578Other objects 800 800 80 720 29

Total 304,150 304,150 279,122 25,028 263,736

Educational mediaservicesSalaries 265,970 265,970 265,248 722 225,279Employee benefits 32,950 32,950 33,679 (729) 20,657Purchased services 31,600 31,600 34,850 (3,250) 21,480Supplies and materials 181,900 181,900 215,788 (33,888) 87,118

Total 512,420 512,420 549,565 (37,145) 354,534

Assessment and testingSupplies and materials 25,450 25,450 18,856 6,594 16,064Capital outlay 11,000 11,000 9,793 1,207 -

Total 36,450 36,450 28,649 7,801 16,064

Total instructionalstaff 853,020 853,020 857,336 (4,316) 634,334

General administration

Board of educationservicesEmployee benefits 2,310,000 2,310,000 20,000 2,290,000 -Purchased services 91,200 91,200 81,054 10,146 80,220Supplies and materials 11,000 11,000 10,002 998 9,575Capital outlay 5,000 5,000 - 5,000 -Other objects 8,800 8,800 8,033 767 8,775

Total 2,426,000 2,426,000 119,089 2,306,911 98,570

Executive administrationservicesSalaries 233,150 233,150 230,718 2,432 225,237Employee benefits 46,400 46,400 40,747 5,653 44,811Purchased services 6,400 6,400 4,290 2,110 1,371Supplies and materials 2,800 2,800 614 2,186 2,283Other objects 2,800 2,800 2,515 285 1,845

Total 291,550 291,550 278,884 12,666 275,547

- 47 -




2016



2015ACTUAL

Special areaadministration servicesSalaries $ 161,140 $ 161,140 $ 161,880 $ (740) $ 153,843Employee benefits 23,900 20,000 21,276 (1,276) 19,069Purchased services 2,550 - 425 (425) 905Supplies and materials 550 - 142 (142) 104Other objects 600 - 79 (79) 118

Total 188,740 181,140 183,802 (2,662) 174,039

Tort immunity servicesEmployee benefits 156,000 156,000 - 156,000 -Purchased services 10,000 10,000 194,787 (184,787) 143,299Supplies and materials 50,000 50,000 - 50,000 -

Total 216,000 216,000 194,787 21,213 143,299

Total generaladministration 3,122,290 3,114,690 776,562 2,338,128 691,455

School administration

Office of the principalservicesSalaries 560,830 560,830 448,805 112,025 468,373Employee benefits 134,070 134,070 132,950 1,120 127,348Purchased services 4,400 4,400 1,276 3,124 1,815Supplies and materials 1,500 1,500 765 735 1,538Other objects 2,000 2,000 1,208 792 1,286Non-capitalized equipment - - - - 690

Total 702,800 702,800 585,004 117,796 601,050

Total schooladministration 702,800 702,800 585,004 117,796 601,050

Business

Fiscal servicesSalaries 121,050 121,050 118,543 2,507 98,205Employee benefits 27,200 27,200 35,789 (8,589) 26,048Purchased services 7,000 7,000 8,230 (1,230) 4,459Supplies and materials 2,800 2,800 4,148 (1,348) 3,160Other objects 1,450 1,450 1,375 75 20,775Non-capitalized equipment 1,000 1,000 203 797 -

Total 160,500 160,500 168,288 (7,788) 152,647

Food servicesSalaries 95,000 95,000 89,128 5,872 98,557Supplies and materials 165,000 165,000 270,021 (105,021) 247,798

Total 260,000 260,000 359,149 (99,149) 346,355

- 48 -




2016



2015ACTUAL

Total business $ 420,500 $ 420,500 $ 527,437 $ (106,937) $ 499,002

Central

Information servicesPurchased services 10,000 10,000 4,696 5,304 -

Total 10,000 10,000 4,696 5,304 -

Total central 10,000 10,000 4,696 5,304 -

Total support services 5,570,800 5,563,200 3,209,945 2,353,255 2,862,918

Community services

Salaries 2,450 2,450 - 2,450 -Employee benefits 900 900 - 900 -Purchased services 24,667 24,667 23,433 1,234 19,935Supplies and materials 5,113 5,113 4,518 595 4,395

Total communityservices 33,130 33,130 27,951 5,179 24,330

Payments to other districtsand governmental units

Payments for regularprogramsPurchased services 50,000 50,000 50,000 - 25,000

Total 50,000 50,000 50,000 - 25,000

Payments for specialeducation programs -tuitionOther objects 945,000 945,000 985,416 (40,416) 895,188

Total 945,000 945,000 985,416 (40,416) 895,188

Total payments to otherdistricts andgovernmental units 995,000 995,000 1,035,416 (40,416) 920,188

Provision for contingencies20,000 20,000 - 20,000 (19,320)

Total expenditures 16,303,304 16,295,704 14,584,366 1,711,338 13,239,537

Excess (deficiency) ofrevenues over expenditures (195,574) (116,974) 1,241,945 1,358,919 620,769

- 49 -




2016



2015ACTUAL

Other financing sources(uses)

Permanent transfer fromworking cash accounts -abatement $ - $ 300,000 $ - $ (300,000) $ -

Principal on bonds sold - - - - 4,000,000Capital lease value 1,250 1,250 - (1,250) -Permanent transfer from

working cash accounts -abatement - (300,000) - 300,000 (4,111,000)

Transfer to debt servicefund to pay principal oncapital leases - - - - (193,089)

Total other financingsources (uses) 1,250 1,250 - (1,250) (304,089)

Net change in fund balance $ (194,324) $ (115,724) 1,241,945 $ 1,357,669 316,680

Fund balance, beginning ofyear 8,586,761 8,270,081

Fund balance, end of year $ 9,828,706 $ 8,586,761

- 50 -

WESTCHESTER PUBLIC SCHOOL DISTRICT 92½OPERATIONS AND MAINTENANCE FUND



2016



2015ACTUAL

Revenues

Local sources

General levy $ 1,334,984 $ 1,334,984 $ 1,390,705 $ 55,721 $ 1,033,239Investment income - - 4,606 4,606 5,393Gain or loss on sale of

investments - - - - (6,147)Rentals 396,441 396,441 495,640 99,199 437,344Other 94,640 94,640 66,728 (27,912) 80,116


Total revenues 1,826,065 1,826,065 1,957,679 131,614 1,549,945

Expenditures

Support services

Pupils

Other support services -pupilsSupplies and materials 53,000 53,000 - 53,000 -

Total 53,000 53,000 - 53,000 -

Total pupils 53,000 53,000 - 53,000 -

Business

Direction of businesssupport servicesPurchased services 5,000 - - - -

Total 5,000 - - - -

Facilities acquisition andconstruction servicePurchased services 25,000 25,000 170 24,830 162,615

Total 25,000 25,000 170 24,830 162,615

Operation andmaintenance of plantservicesSalaries 549,000 549,000 524,452 24,548 525,783Employee benefits 91,250 91,250 111,093 (19,843) 85,516Purchased services 460,620 460,620 469,209 (8,589) 401,722Supplies and materials 324,700 324,700 278,110 46,590 312,403Capital outlay 135,910 135,910 183,221 (47,311) 98,765

Total 1,561,480 1,561,480 1,566,085 (4,605) 1,424,189

- 51 -

WESTCHESTER PUBLIC SCHOOL DISTRICT 92½OPERATIONS AND MAINTENANCE FUND



2016



2015ACTUAL

Total business $ 1,591,480 $ 1,586,480 $ 1,566,255 $ 20,225 $ 1,586,804

Total support services 1,644,480 1,639,480 1,566,255 73,225 1,586,804

Provision for contingencies15,000 15,000 - 15,000 -

Total expenditures 1,659,480 1,654,480 1,566,255 88,225 1,586,804

Excess (deficiency) ofrevenues over expenditures 166,585 171,585 391,424 219,839 (36,859)


Permanent transfer fromworking cash accounts -abatement - - - - 4,000,000

Transfer to debt servicefund to pay principal oncapital leases (110,000) (110,000) (94,363) 15,637 -

Transfer to debt servicefund to pay interest oncapital leases - - (15,637) (15,637) -

Transfer to capital projectsfund - - - - (4,000,000)

Total other financingsources (uses) (110,000) (110,000) (110,000) - -

Net change in fund balance $ 56,585 $ 61,585 281,424 $ 219,839 (36,859)

Fund balance, beginning ofyear 745,737 782,596

Fund balance, end of year $ 1,027,161 $ 745,737

- 52 -

WESTCHESTER PUBLIC SCHOOL DISTRICT 92½TRANSPORTATION FUND



2016



2015ACTUAL

Revenues

Local sources

General levy $ 573,378 $ 573,378 $ 594,866 $ 21,488 $ 408,058Adult - transportation fees

from other sources (in state) 16,000 16,000 18,046 2,046 34,762Investment income - - 1,377 1,377 679Gain or loss on sale of

investments - - - - (1,502)

Total local sources 589,378 589,378 614,289 24,911 441,997

State sources

General state aid 20,000 20,000 - (20,000) -Transportation -

regular/vocational 22,000 22,000 76,132 54,132 50,890Transportation - special

education 70,000 70,000 189,346 119,346 192,142

Total state sources 112,000 112,000 265,478 153,478 243,032

Total revenues 701,378 701,378 879,767 178,389 685,029

Expenditures

Support Services

Business

Pupil transportationservicesSalaries 311,250 311,250 316,761 (5,511) 352,239Employee benefits 17,600 17,600 6,721 10,879 12,132Purchased services 178,000 178,000 170,025 7,975 176,894Supplies and materials 89,100 89,100 44,349 44,751 62,305Capital outlay 5,000 5,000 136,605 (131,605) 14,500

Total 600,950 600,950 674,461 (73,511) 618,070

Total business 600,950 600,950 674,461 (73,511) 618,070

Total support services 600,950 600,950 674,461 (73,511) 618,070

- 53 -

WESTCHESTER PUBLIC SCHOOL DISTRICT 92½TRANSPORTATION FUND



2016



2015ACTUAL

Payments to other districtsand government units

Payments for specialeducation programsPurchased services $ 135,000 $ 135,000 $ 199,920 $ (64,920) $ 138,778

Total 135,000 135,000 199,920 (64,920) 138,778

Total payments to otherdistricts andgovernment units 135,000 135,000 199,920 (64,920) 138,778

Provision for contingencies5,000 5,000 - 5,000 -

Total expenditures 740,950 740,950 874,381 (133,431) 756,848

Excess (deficiency) ofrevenues over expenditures (39,572) (39,572) 5,386 44,958 (71,819)


Permanent transfer fromworking cash accounts -abatement - - - - 111,000

Sale or compensation forfixed assets - - 5,400 5,400 6,000

Proceeds from capitalleases - - 136,605 136,605 -

Total other financingsources (uses) - - 142,005 142,005 117,000

Net change in fund balance $ (39,572) $ (39,572) 147,391 $ 186,963 45,181


Fund balance, end of year $ 329,594 $ 182,203

- 54 -

WESTCHESTER PUBLIC SCHOOL DISTRICT 92½MUNICIPAL RETIREMENT/SOCIAL SECURITY FUND



2016



2015ACTUAL

Revenues

Local sources

General levy $ 423,000 $ 423,000 $ 168,039 $ (254,961) $ 176,096Social security/medicare only

levy - - 168,039 168,039 176,096Corporate personal property

replacement taxes 4,000 4,000 4,823 823 5,724Investment income - - 624 624 826Gain or loss on sale of

investments - - - - (657)

Total local sources 427,000 427,000 341,525 (85,475) 358,085

Total revenues 427,000 427,000 341,525 (85,475) 358,085

Expenditures

Instruction

Regular programs 54,650 54,650 3,349 51,301 2,848Special education

programs 66,160 66,160 109,483 (43,323) 102,651Special education

programs Pre-K 350 350 - 350 125Remedial and

supplemental programsPre - K 3,500 3,500 2,057 1,443 2,237

Interscholastic programs 3,600 3,600 - 3,600 -Summer school programs 50 50 3,121 (3,071) 3,310Bilingual programs 4,300 4,300 1,235 3,065 -

Total instruction 132,610 132,610 119,245 13,365 111,171

Support services

Pupils

Attendance and socialwork services 2,500 2,500 - 2,500 -

Guidance services 1,210 1,210 5,993 (4,783) 6,606Health services 13,000 13,000 9,995 3,005 9,492Other support services -

pupils 700 700 418 282 402

Total pupils 17,410 17,410 16,406 1,004 16,500

- 55 -




2016



2015ACTUAL

Instructional staff

Improvement ofinstructional staff $ 10,580 $ 10,580 $ 10,442 $ 138 $ 10,147

Educational mediaservices 16,190 16,190 11,063 5,127 13,362

Total instructionalstaff 26,770 26,770 21,505 5,265 23,509


Executive administrationservices 14,900 14,900 14,273 627 14,126

Special areaadministration services - - 8,054 (8,054) 7,903

Total generaladministration 14,900 14,900 22,327 (7,427) 22,029


Office of the principalservices 34,490 34,490 24,791 9,699 24,664


Business

Fiscal services 14,810 14,810 11,700 3,110 11,910Operations and

maintenance of plantservices 85,660 85,660 78,032 7,628 83,837

Pupil transportationservices 63,890 63,890 56,943 6,947 56,936

Food services 14,070 14,070 12,016 2,054 14,356

Total business 178,430 178,430 158,691 19,739 167,039

Total support services 272,000 272,000 243,720 28,280 253,741

- 56 -




2016



2015ACTUAL

Payments to other districtsand government units

Payments for specialeducation programs $ 400 $ 400 $ - $ 400 $ -

Total payments to otherdistricts andgovernment units 400 400 - 400 -

Total expenditures 405,010 405,010 362,965 42,045 364,912

Net change in fund balance $ 21,990 $ 21,990 (21,440) $ (43,430) (6,827)



- 57 -

WESTCHESTER PUBLIC SCHOOL DISTRICT 92½DEBT SERVICE FUND



2016



2015ACTUAL

Revenues

Local sources

General levy $ 827,484 $ 827,484 $ 917,720 $ 90,236 $ 803,045Investment income - - 2,771 2,771 3,329Gain or loss on sale of


Total local sources 827,484 827,484 920,491 93,007 802,427

Total revenues 827,484 827,484 920,491 93,007 802,427

Expenditures

Debt services

Payments on long termdebtInterest on long term debt 450,353 450,353 494,405 (44,052) 313,950Principal payments on

long term debt 525,000 525,000 735,451 (210,451) 733,144

Total 975,353 975,353 1,229,856 (254,503) 1,047,094Other debt serviceOther objects - - 3,750 (3,750) 100,903

Total - - 3,750 (3,750) 100,903

Total debt services 975,353 975,353 1,233,606 (258,253) 1,147,997

Total expenditures 975,353 975,353 1,233,606 (258,253) 1,147,997

Excess (deficiency) ofrevenues over expenditures (147,869) (147,869) (313,115) (165,246) (345,570)

- 58 -

WESTCHESTER PUBLIC SCHOOL DISTRICT 92½DEBT SERVICE FUND



2016



2015ACTUAL


Principal on bonds sold $ - $ - $ - $ - $ 3,060,000Premium on bonds sold - - - - 206,604Transfer to debt service to

pay principal on capitalleases 110,000 110,000 94,363 (15,637) 193,089

Transfer to debt service topay interest on capitalleases - - 15,637 15,637 -

Payment to escrow forrefunded bonds - - - - (3,151,547)

Total other financingsources (uses) 110,000 110,000 110,000 - 308,146

Net change in fund balance $ (37,869) $ (37,869) (203,115) $ (165,246) (37,424)



- 59 -

WESTCHESTER PUBLIC SCHOOL DISTRICT 92½CAPITAL PROJECTS FUND



2016



2015ACTUAL

Revenues

Local sources

Investment income $ - $ - $ 7,832 $ 7,832 $ 50

Total local sources - - 7,832 7,832 50

Total revenues - - 7,832 7,832 50

Expenditures

Support services

Business

Facilities acquisition andconstruction servicePurchased services 35,000 35,000 - 35,000 -Supplies and materials 100,000 100,000 - 100,000 -Capital outlay 3,400,000 3,400,000 3,358,572 41,428 382,131

Total 3,535,000 3,535,000 3,358,572 176,428 382,131

Total business 3,535,000 3,535,000 3,358,572 176,428 382,131

Total support services 3,535,000 3,535,000 3,358,572 176,428 382,131

Total expenditures 3,535,000 3,535,000 3,358,572 176,428 382,131


Transfer to capital projectsfund from operations andmaintenance fund - - - - 4,000,000

Total other financingsources (uses) - - - - 4,000,000

Net change in fund balance $ (3,535,000) $ (3,535,000) (3,350,740) $ 184,260 3,617,919

Fund balance, beginning ofyear 3,621,479 3,560

Fund balance, end of year $ 270,739 $ 3,621,479

- 60 -

WESTCHESTER PUBLIC SCHOOL DISTRICT 92½FIRE PREVENTION AND LIFE SAFETY FUND



2016



2015ACTUAL

Revenues

Local sources

Investment income $ - $ - $ 14 $ 14 $ 16Gain or loss on sale of

investments - - - - (23)

Total local sources - - 14 14 (7)

Total revenues - - 14 14 (7)

Expenditures

Total expenditures - - - - -

Net change in fund balance $ - $ - 14 $ 14 (7)



- 61 -


COMBINING BALANCE SHEET - MODIFIED CASH BASISAS OF JUNE 30, 2016

EDUCATIONALACCOUNTS

TORT IMMUNITYAND JUDGMENT

ACCOUNTSWORKING CASH

ACCOUNTS TOTAL

Assets

Cash $ 9,256,508 $ 274,254 $ 308,077 $ 9,838,839

Total assets $ 9,256,508 $ 274,254 $ 308,077 $ 9,838,839

Liabilities and fund balance

Payroll deductions payable $ 10,133 $ - $ - $ 10,133

Total liabilities 10,133 - - 10,133

Fund balance

Restricted - 274,254 - 274,254Unassigned 9,246,375 - 308,077 9,554,452

Total fund balance 9,246,375 274,254 308,077 9,828,706

Total liabilities and fund balance $ 9,256,508 $ 274,254 $ 308,077 $ 9,838,839

- 62 -


COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - MODIFIED CASHBASIS


EDUCATIONALACCOUNTS

TORT IMMUNITYAND JUDGMENT

ACCOUNTSWORKING CASH

ACCOUNTS ELIMINATIONS

RevenuesProperty taxes $ 9,757,516 $ 183,032 $ 84,675 $ -Corporate personal property

replacement taxes 198,475 - - -State aid 4,876,507 - - -Federal aid 281,055 - - -Investment income 48,556 516 2,615 -Other 393,364 - - -

Total revenues 15,555,473 183,548 87,290 -

ExpendituresCurrent:

Instruction:Regular programs 4,411,915 - - -Special programs 1,961,210 - - -Other instructional programs 595,427 - - -State retirement contributions 3,342,474 - - -

Support Services:Pupils 458,910 - - -Instructional staff 847,543 - - -General administration 639,768 136,794 - -School administration 585,004 - - -Business 527,437 - - -Central 4,696 - - -

Community services 27,951 - - -Payments to other districts and gov't units 1,035,416 - - -

Capital outlay 9,821 - - -

Total expenditures 14,447,572 136,794 - -

Excess (deficiency) of revenues overexpenditures 1,107,901 46,754 87,290 -

Other financing sources (uses)Transfers in 300,000 - - (300,000)Transfers (out) - - (300,000) 300,000

Total other financing sources (uses) 300,000 - (300,000) -

Net change in fund balance 1,407,901 46,754 (212,710) -

Fund balance, beginning of year 7,838,474 227,500 520,787 -

Fund balance, end of year $ 9,246,375 $ 274,254 $ 308,077 $ -

- 63 -

TOTAL

$ 10,025,223

198,4754,876,507

281,05551,687

393,364

15,826,311

4,411,9151,961,210

595,4273,342,474

458,910847,543776,562585,004527,437

4,69627,951

1,035,4169,821

14,584,366

1,241,945

--

-

1,241,945

8,586,761

$ 9,828,706

- 64 -

WESTCHESTER PUBLIC SCHOOL DISTRICT 92½EDUCATIONAL ACCOUNTS



2016



2015ACTUAL

Revenues

Local sources

General levy $ 9,348,282 $ 9,348,282 $ 9,673,384 $ 325,102 $ 8,508,783Special education levy 81,200 81,200 84,132 2,932 73,732Corporate personal property

replacement taxes 180,000 180,000 198,475 18,475 215,119Special education - tuition

from other LEA's (in state) 20,000 20,000 17,111 (2,889) 7,244Investment income - - 48,556 48,556 50,350Gain or loss on sale of

investments - - - - (64,838)Sales to pupils - lunch 100,000 100,000 144,491 44,491 120,853Fees 175,000 175,000 171,545 (3,455) 195,259Refund of prior years'

expenditures 5,000 5,000 900 (4,100) 54,884Other local fees - - 59,317 59,317 14,592Other 20,000 20,000 - (20,000) -


State sources

General state aid 720,000 720,000 762,316 42,316 749,339Special education - private

facility tuition 40,000 40,000 188,007 148,007 97,398Special education -

extraordinary 40,000 40,000 150,600 110,600 112,910Special education - personnel 50,000 50,000 205,266 155,266 156,181Special education -

orphanage - individual 60,000 60,000 130,321 70,321 128,954Special education -

orphanage - summer - - 5,450 5,450 9,947Special education - summer

school 1,500 1,500 1,883 383 1,148Bilingual education -

downstate - TPI 22,900 22,900 20,972 (1,928) 26,939State free lunch & breakfast 2,000 2,000 379 (1,621) 1,592Early childhood - block grant 10,000 10,000 67,047 57,047 6,008Technology - learning

technology centers 1,160 1,160 - (1,160) -Other restricted revenue from

state sources 2,300,000 2,300,000 1,792 (2,298,208) 2,953On behalf payment to TRS

from the state 2,300,000 2,300,000 3,342,474 1,042,474 2,831,057

Total state sources 5,547,560 5,547,560 4,876,507 (671,053) 4,124,426

- 65 -




2016



2015ACTUAL

Federal sources

National school lunchprogram $ 100,000 $ 100,000 $ 16,983 $ (83,017) $ 158,864

Title I - Low income 135,000 206,000 196,978 (9,022) 102,296Federal - special education -

preschool flow-through 4,388 4,388 - (4,388) -Federal - special education -

IDEA - flow-through/lowincident 5,000 5,000 - (5,000) -

Title III - English languageacquisition - - 16,351 16,351 11,419

Learn & serve america 17,400 17,400 - (17,400) -Title II - Teacher quality - - 30,363 30,363 15,370Federal charter schools 22,900 22,900 - (22,900) -Medicaid matching funds -

administrative outreach - - 20,380 20,380 9,794Other restricted revenue from

federal sources 15,000 15,000 - (15,000) -

Total federal sources 299,688 370,688 281,055 (89,633) 297,743

Total revenues 15,776,730 15,847,730 15,555,473 (292,257) 13,598,147

Expenditures

Instruction

Regular programsSalaries 4,247,120 4,247,120 3,609,763 637,357 3,443,701Employee benefits 626,723 626,723 691,088 (64,365) 722,213On-behalf payments to

TRS from the state 2,300,000 2,300,000 3,342,474 (1,042,474) 2,831,057Purchased services 5,730 5,730 494 5,236 6,878Supplies and materials 79,770 79,770 110,570 (30,800) 73,225Capital outlay 2,400 2,400 28 2,372 -

Total 7,261,743 7,261,743 7,754,417 (492,674) 7,077,074

Special educationprogramsSalaries 988,300 988,300 1,211,433 (223,133) 1,126,290Employee benefits 215,900 215,900 273,543 (57,643) 203,611Purchased services 30,500 30,500 24,810 5,690 30,000Supplies and materials 9,595 9,595 2,830 6,765 3,444

Total 1,244,295 1,244,295 1,512,616 (268,321) 1,363,345

- 66 -




2016



2015ACTUAL

Special educationprograms Pre-KSalaries $ - $ - $ - $ - $ 9,176Employee benefits - - - - 1

Total - - - - 9,177

Remedial andsupplemental programs K - 12

Remedial andsupplemental programs Pre - KSalaries 102,620 102,620 73,532 29,088 84,598Employee benefits 16,090 16,090 4,394 11,696 15,942Supplies and materials 300 300 - 300 167

Total 119,010 119,010 77,926 41,084 100,707

InterscholasticprogramsSalaries 245,300 245,300 248,855 (3,555) 239,474Employee benefits 24,540 24,540 25,975 (1,435) 19,810Purchased services 9,875 9,875 9,171 704 10,242Supplies and materials 6,280 6,280 6,483 (203) 4,058Other objects 1,150 1,150 - 1,150 -Non-capitalized equipment 1,000 1,000 937 63 885

Total 288,145 288,145 291,421 (3,276) 274,469

Summer schoolprogramsSalaries 2,000 2,000 2,000 - 2,000

Total 2,000 2,000 2,000 - 2,000

Gifted programsSupplies and materials 5,000 5,000 470 4,530 -Other objects 2,900 2,900 1,581 1,319 1,730

Total 7,900 7,900 2,051 5,849 1,730

Bilingual programsSalaries 290,816 290,816 177,931 112,885 219,475Employee benefits 33,850 33,850 44,098 (10,248) 32,484Supplies and materials 615 615 - 615 -

Total 325,281 325,281 222,029 103,252 251,959

- 67 -




2016



2015ACTUAL

Truant's alternative andoptional programs

Special educationprograms K -12 - privatetuitionOther objects $ 436,000 $ 436,000 $ 448,594 $ (12,594) $ 370,960

Total 436,000 436,000 448,594 (12,594) 370,960

Total instruction 9,684,374 9,684,374 10,311,054 (626,680) 9,451,421

Support services

Pupils

Attendance and socialwork servicesSalaries 175,000 175,000 173,200 1,800 168,692Employee benefits 26,090 26,090 27,112 (1,022) 26,911Supplies and materials 150 150 358 (208) -

Total 201,240 201,240 200,670 570 195,603

Guidance servicesSalaries 89,900 89,900 88,615 1,285 86,459Employee benefits 16,580 16,580 17,951 (1,371) 16,151Purchased services 1,000 1,000 999 1 -Supplies and materials 155 155 43 112 1,393

Total 107,635 107,635 107,608 27 104,003

Health servicesSalaries 60,000 60,000 62,980 (2,980) 56,577Employee benefits 34,230 34,230 31,537 2,693 37,529Supplies and materials 1,550 1,550 1,736 (186) 866Non-capitalized equipment 1,300 1,300 - 1,300 1,298

Total 97,080 97,080 96,253 827 96,270

Other support services -pupilsSalaries 50,000 50,000 48,201 1,799 35,372Supplies and materials 6,235 6,235 6,178 57 5,829

Total 56,235 56,235 54,379 1,856 41,201

Total pupils 462,190 462,190 458,910 3,280 437,077

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2016



2015ACTUAL

Instructional staff

Improvement ofinstructional servicesSalaries $ 166,440 $ 166,440 $ 164,492 $ 1,948 $ 160,595Employee benefits 68,480 68,480 59,397 9,083 52,757Purchased services 44,630 44,630 42,622 2,008 44,777Supplies and materials 23,800 23,800 12,531 11,269 5,578Other objects 800 800 80 720 29

Total 304,150 304,150 279,122 25,028 263,736

Educational mediaservicesSalaries 265,970 265,970 265,248 722 225,279Employee benefits 32,950 32,950 33,679 (729) 20,657Purchased services 31,600 31,600 34,850 (3,250) 21,480Supplies and materials 181,900 181,900 215,788 (33,888) 87,118

Total 512,420 512,420 549,565 (37,145) 354,534

Assessment and testingSupplies and materials 25,450 25,450 18,856 6,594 16,064Capital outlay 11,000 11,000 9,793 1,207 -

Total 36,450 36,450 28,649 7,801 16,064

Total instructionalstaff 853,020 853,020 857,336 (4,316) 634,334


Board of educationservicesEmployee benefits 2,310,000 2,310,000 20,000 2,290,000 -Purchased services 91,200 91,200 81,054 10,146 80,220Supplies and materials 11,000 11,000 10,002 998 9,575Capital outlay 5,000 5,000 - 5,000 -Other objects 8,800 8,800 8,033 767 8,775

Total 2,426,000 2,426,000 119,089 2,306,911 98,570

Executive administrationservicesSalaries 233,150 233,150 230,718 2,432 225,237Employee benefits 46,400 46,400 40,747 5,653 44,811Purchased services 6,400 6,400 4,290 2,110 1,371Supplies and materials 2,800 2,800 614 2,186 2,283Other objects 2,800 2,800 2,515 285 1,845

Total 291,550 291,550 278,884 12,666 275,547

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2016



2015ACTUAL

Special areaadministration servicesSalaries $ 161,140 $ 161,140 $ 161,880 $ (740) $ 153,843Employee benefits 23,900 20,000 21,276 (1,276) 19,069Purchased services 2,550 - 425 (425) 905Supplies and materials 550 - 142 (142) 104Other objects 600 - 79 (79) 118

Total 188,740 181,140 183,802 (2,662) 174,039

Tort immunity servicesPurchased services 10,000 10,000 57,993 (47,993) 32,849Supplies and materials 50,000 50,000 - 50,000 -

Total 60,000 60,000 57,993 2,007 32,849

Total generaladministration 2,966,290 2,958,690 639,768 2,318,922 581,005


Office of the principalservicesSalaries 560,830 560,830 448,805 112,025 468,373Employee benefits 134,070 134,070 132,950 1,120 127,348Purchased services 4,400 4,400 1,276 3,124 1,815Supplies and materials 1,500 1,500 765 735 1,538Other objects 2,000 2,000 1,208 792 1,286Non-capitalized equipment - - - - 690

Total 702,800 702,800 585,004 117,796 601,050


Business

Fiscal servicesSalaries 121,050 121,050 118,543 2,507 98,205Employee benefits 27,200 27,200 35,789 (8,589) 26,048Purchased services 7,000 7,000 8,230 (1,230) 4,459Supplies and materials 2,800 2,800 4,148 (1,348) 3,160Other objects 1,450 1,450 1,375 75 20,775Non-capitalized equipment 1,000 1,000 203 797 -

Total 160,500 160,500 168,288 (7,788) 152,647

Food servicesSalaries 95,000 95,000 89,128 5,872 98,557Supplies and materials 165,000 165,000 270,021 (105,021) 247,798

Total 260,000 260,000 359,149 (99,149) 346,355

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2016



2015ACTUAL

Total business $ 420,500 $ 420,500 $ 527,437 $ (106,937) $ 499,002

Central

Information servicesPurchased services 10,000 10,000 4,696 5,304 -

Total 10,000 10,000 4,696 5,304 -

Total central 10,000 10,000 4,696 5,304 -

Total support services 5,414,800 5,407,200 3,073,151 2,334,049 2,752,468

Community services

Salaries 2,450 2,450 - 2,450 -Employee benefits 900 900 - 900 -Purchased services 24,667 24,667 23,433 1,234 19,935Supplies and materials 5,113 5,113 4,518 595 4,395

Total communityservices 33,130 33,130 27,951 5,179 24,330

Payments to other districtsand governmental units

Payments for regularprogramsPurchased services 50,000 50,000 50,000 - 25,000

Total 50,000 50,000 50,000 - 25,000

Payments for specialeducation programs -tuitionOther objects 945,000 945,000 985,416 (40,416) 895,188

Total 945,000 945,000 985,416 (40,416) 895,188

Total payments to otherdistricts andgovernmental units 995,000 995,000 1,035,416 (40,416) 920,188

Provision for contingencies20,000 20,000 - 20,000 (19,320)

Total expenditures 16,147,304 16,139,704 14,447,572 1,692,132 13,129,087

Excess (deficiency) ofrevenues over expenditures (370,574) (291,974) 1,107,901 1,399,875 469,060

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2016



2015ACTUAL


Permanent transfer fromworking cash accounts -abatement $ - $ 300,000 $ 300,000 $ - $ -

Capital lease value 1,250 1,250 - (1,250) -Transfer to debt service

fund to pay principal oncapital leases - - - - (193,089)

Total other financingsources (uses) 1,250 301,250 300,000 (1,250) (193,089)

Net change in fund balance $ (369,324) $ 9,276 1,407,901 $ 1,398,625 275,971

Fund balance, beginning ofyear 7,838,474 7,562,503

Fund balance, end of year $ 9,246,375 $ 7,838,474

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WESTCHESTER PUBLIC SCHOOL DISTRICT 92½TORT IMMUNITY AND JUDGMENT ACCOUNTS



2016



2015ACTUAL

Revenues

Local sources

Tort immunity levy $ 225,000 $ 225,000 $ 183,032 $ (41,968) $ 147,511Investment income - - 516 516 94Gain or loss on sale of



Total revenues 225,000 225,000 183,548 (41,452) 146,035

Expenditures

Support Services


Claims paid from selfinsurance fundEmployee benefits 78,000 78,000 - 78,000 -

Total 78,000 78,000 - 78,000 -

Workers' compensationor workers' occupationaldisease act paymentsPurchased services - - 70,131 (70,131) 76,479

Total - - 70,131 (70,131) 76,479

Insurance payments(regular or self-insurancePurchased services - - 66,663 (66,663) 33,971

Total - - 66,663 (66,663) 33,971

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WESTCHESTER PUBLIC SCHOOL DISTRICT 92½TORT IMMUNITY AND JUDGMENT ACCOUNTS



2016



2015ACTUAL

Risk management andclaims servicespaymentsEmployee benefits $ 78,000 $ 78,000 $ - $ 78,000 $ -

Total 78,000 78,000 - 78,000 -

Total generaladministration 156,000 156,000 136,794 19,206 110,450

Total expenditures 156,000 156,000 136,794 19,206 110,450

Net change in fund balance $ 69,000 $ 69,000 46,754 $ (22,246) 35,585



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WESTCHESTER PUBLIC SCHOOL DISTRICT 92½WORKING CASH ACCOUNTS



2016



2015ACTUAL

Revenues

Local sources

General levy $ 106,000 $ 106,000 $ 84,675 $ (21,325) $ 117,127Investment income - - 2,615 2,615 3,290Gain or loss on sale of



Total revenues 106,000 106,000 87,290 (18,710) 116,124

Expenditures

Total expenditures - - - - -

Excess (deficiency) ofrevenues over expenditures 106,000 106,000 87,290 (18,710) 116,124


Principal on bonds sold - - - - 4,000,000Permanent transfer from

working cash accounts -abatement - (300,000) (300,000) - (4,111,000)

Total other financingsources (uses) - (300,000) (300,000) - (111,000)

Net change in fund balance $ 106,000 $ (194,000) (212,710) $ (18,710) 5,124



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WESTCHESTER PUBLIC SCHOOL DISTRICT 92½SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES - AGENCY FUNDS


BALANCE BALANCE JUNE 30, 2015 RECEIPTS EXPENDITURES JUNE 30, 2016

All District 10,976$ 8,308$ 8,667$ 10,617$

Weschester Intermediate School 5,265 7,649 6,289 6,625

Westchester Primary School 3,042 4,533 1,421 6,154

Westchester Middle School 25,501 48,372 42,380 31,493

Total Activity Funds 44,784 68,862 58,757 54,889

Flex Account - 42,329 30,923 11,406

Total Agency Funds 44,784$ 111,191$ 89,680$ 66,295$

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WESTCHESTER PUBLIC SCHOOL DISTRICT 92½OPERATING COST AND TUITION CHARGE


2016 2015

Operating Cost Per Pupil

Average Daily Attendance (ADA): 1,041 1,065

Operating Costs:Educational 11,105,098$ 10,298,030$ Operations and maintenance 1,566,255 1,586,804 Debt service 1,233,606 1,147,997 Transportation 874,381 756,848 Municipal retirement/social security 362,965 364,912

Tort 136,794 110,450

Subtotal 15,279,099 14,265,041

Less Revenues/Expenditures of Nonregular Programs:Transportation fees 18,046 34,762 Tuition 448,594 370,960 Pre-K programs 79,983 112,246 Summer school 5,121 5,310 Capital outlay 329,647 113,265 Non-capitalized equipment 1,140 2,873 Debt principal retired 735,451 733,144 Community services 27,951 24,330

Payments to other districts & governmental units 1,235,336 1,058,966

Subtotal 2,881,269 2,455,856

Operating costs 12,397,830$ 11,809,185$

Operating Cost Per Pupil -

Based on ADA 11,914$ 11,089$

Tuition Charge

Operating Costs 12,397,830$ 11,809,185$ Less - revenues from specific programs, such

as special education or lunch programs 2,122,196 1,840,852

Net operating costs 10,275,634 9,968,333

Depreciation allowance 805,473 528,457

Allowable Tuition Costs 11,081,107$ 10,496,790$

Tuition Charge Per Pupil - based on ADA 10,648$ 9,857$

- 77 -

WESTCHESTER PUBLIC SCHOOL DISTRICT 92½TAXABLE GENERAL OBLIGATION LIMITED DEBT - ISSUE DATED FEBRUARY 16, 2012

AS OF JUNE 30, 2016

REFUNDING

YEAR ENDED JUNE 30, PRINCIPAL INTEREST TOTAL

2017 $ 450,000 $ 14,850 $ 464,8502018 460,000 5,175 465,175

Total $ 910,000 $ 20,025 $ 930,025

Principal payment date: December 1st

Interest payment dates: June 1st & December 1st

Interest rates: 2.00% - 2.25%

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WESTCHESTER PUBLIC SCHOOL DISTRICT 92½GENERAL LONG-TERM DEBT - ISSUE DATED FEBRUARY 16, 2012

AS OF JUNE 30, 2016

WORKING CASH BONDS


2017 $ - $ 5,300 $ 5,3002018 - 5,300 5,3002019 265,000 2,650 267,650

Total $ 265,000 $ 13,250 $ 278,250


Interest payment dates: June 1st & December 1st

Interest rates: 2.00%

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WESTCHESTER PUBLIC SCHOOL DISTRICT 92½GENERAL LONG-TERM DEBT - ISSUE DATED JUNE 1, 2014

AS OF JUNE 30, 2016

LIMITED BONDS


2017 $ 20,000 $ 51,150 $ 71,1502018 20,000 50,750 70,7502019 225,000 48,300 273,3002020 415,000 39,825 454,8252021 430,000 27,150 457,1502022 440,000 14,100 454,1002023 250,000 3,750 253,750

Total $ 1,800,000 $ 235,025 $ 2,035,025


Interest payment dates: June 1st and December 1st

Interest rates: 2% - 3%

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WESTCHESTER PUBLIC SCHOOL DISTRICT 92½GENERAL LONG-TERM DEBT - ISSUE DATED MARCH 15, 2010A

AS OF JUNE 30, 2016

LIMITED BONDS


2017 $ - $ 139,231 $ 139,2312018 - 139,231 139,2312019 - 139,231 139,2312020 - 139,231 139,2312021 - 139,231 139,2312022 - 139,231 139,2312023 10,000 139,031 149,0312024 575,000 127,331 702,3312025 600,000 103,831 703,8312026 620,000 79,431 699,4312027 645,000 54,131 699,1312028 675,000 27,309 702,3092029 315,000 6,694 321,694

Total $ 3,440,000 $ 1,373,144 $ 4,813,144




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WESTCHESTER PUBLIC SCHOOL DISTRICT 92½GENERAL LONG-TERM DEBT ISSUE - DATED MARCH 15, 2010B

AS OF JUNE 30, 2016

LIMITED TAXABLE BONDS


2017 $ - $ 28,713 $ 28,7132018 - 28,713 28,7132019 - 28,713 28,7132020 85,000 26,588 111,5882021 85,000 22,338 107,3382022 95,000 17,719 112,7192023 290,000 7,613 297,613

Total $ 555,000 $ 160,397 $ 715,397




- 82 -

WESTCHESTER PUBLIC SCHOOL DISTRICT 92½General Long Term DebtGENERAL LONG-TERM DEBT ISSUE - DATED MARCH 30, 2015A

AS OF JUNE 30, 2016

LIMITED BONDS


2017 $ - $ 172,800 $ 172,8002018 - 172,800 172,8002019 - 172,800 172,8002020 - 172,800 172,8002021 - 172,800 172,8002022 - 172,800 172,8002023 - 172,800 172,8002024 - 172,800 172,8002025 - 172,800 172,8002026 - 172,800 172,8002027 - 172,800 172,8002028 - 172,800 172,8002029 - 172,800 172,8002030 470,000 163,400 633,4002031 760,000 138,800 898,8002032 790,000 107,800 897,8002033 820,000 75,600 895,6002034 855,000 42,100 897,1002035 625,000 12,500 637,500

Total $ 4,320,000 $ 2,786,600 $ 7,106,600


Interest payment dates: December 1st and June 1st

Interest rates: 2% - 4%

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WESTCHESTER PUBLIC SCHOOL DISTRICT 92½GENERAL LONG-TERM DEBT ISSUE - DATED MARCH 30, 2015B

AS OF JUNE 30, 2016

LIMITED TAXABLE BONDS


2017 $ - $ 25,415 $ 25,4152018 - 25,415 25,4152019 - 25,415 25,4152020 - 25,415 25,4152021 - 25,415 25,4152022 - 25,415 25,4152023 - 25,415 25,4152024 - 25,415 25,4152025 - 25,415 25,4152026 - 25,415 25,4152027 - 25,415 25,4152028 - 25,415 25,4152029 385,000 17,908 402,9082030 260,000 5,200 265,200

Total $ 645,000 $ 328,088 $ 973,088

Paying Agent:


Interest payment dates: December 1st and June 1st

Interest rates: 3.9% - 4%

- 84 -

Documents

WESTCHESTER PUBLIC SCHOOL DISTRICT 92½ FY 2016.pdf · 2016. 10. 21. · rel630 990 3131 fax 630 990 0039 bakerrilly.com We have audited the accompanying modified cash basis financial