five year financial projections · financial projections, the details of which will be discussed...

OPRFHS

Oak Park and River Forest High School

District 200

“Those Things That Are Best”

Five Year Financial Projections

Educational Fund

Operations and Maintenance Fund

Transportation Fund

Municipal Retirement/Social Security Fund

Life Safety Fund

Capital Projects Fund

Working Cash Fund Tort Fund

September 2011

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Five Year Financial Projections

Background and Overview The District maintains a financial projection model based on various assumptions

concerning future revenue and expenditure expectations. These assumptions are based on

historical data, analysis of legislative changes, future enrollment trends and required

staffing levels, estimated Consumer Price Index (CPI) increases, estimated future

property values, and Board of Education approved goals and objectives.

Actual data from previous years and future projections are incorporated into the model

after reported to and approved by the Board of Education. The model currently includes

updated information for the FY 2010 actual results, the FY 2011 Amended Budget, the

FY 2012 Original Budget, the February 2008 Demographic Trends and Enrollment

Projections prepared by John D. Kasarda, Ph.D., the 2009 final levy, the 2010 proposed

levy, and the September 2011 budgeted staffing levels.

During FY 2008, the District began to manage its own cash and investments. As a part of

the process to withdraw from the authority of the Cicero Township Treasurer‟s Office,

the District established separate bank accounts and contracted with PMA Financial

Network, Inc. (PMA) for investment advice and cash flow analysis. PMA also provides

services related to long-term projections. In the fall of 2009, the District converted

historical data and future projections from the District projection model to the PMA

projection model.

The Board of Education commissioned a Finance Advisory Committee (FAC) to review

the present budgeting and long range planning processes, and to recommend to the Board

a cost containment methodology and process. This fall, the Finance Advisory Leadership

Team will begin work reviewing the long range projection model and will make

recommendation to the Superintendent.

Although some line items vary between this current plan and the Summer 2010 Five Year

Financial Projections, the details of which will be discussed below by fund, the results

are basically the same: the District does not anticipate another referendum before FY

2018. At the present level of spending, the District will begin to experience annual deficit

spending in the Education Fund in FY 2015. Deficit spending will accelerate through FY

2018.

New Illinois Program Accounting Manual (IPAM) changes have been implemented and

the Capital Projects Fund has been added to the projection model beginning in FY 2011.

Annual transfers from the O & M Fund to the Capital Projects Fund will provide monies

for construction projects.

Revenue The most complex and most critical area of the OPRF Five Year Financial Projections is

the estimate of property tax revenue. Property taxes are the District‟s largest revenue

source (83.8% in FY 2011), and the calculation process is quite cumbersome. Variables

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that must be analyzed include Equalized Assessed Valuation (EAV), new property

additions, and CPI. Additionally, because the District‟s fiscal year ends on June 30, each

fiscal year represents the collection of one installment from each of two tax levy years.

The Property Tax Extension Limitation Law (PTELL or “tax cap”) limits the annual

increase to the lesser of 5% or CPI. Due to the structural imbalance in Illinois public

education funding, and the limited access to new property EAV value in Oak Park and

River Forest due to multiple TIF Districts, it is necessary for the District to eventually

request a referendum, as the majority of costs related to public education exceed CPI.

The 2005 levy reflected the final year of the phase-in option for the 2002 referendum.

The Board of Education approved a partial phase-in of approximately $4.5 million

dollars, approximately ½ the amount permitted by the rate increase factor law, increasing

the total extension of capped funds to approximately $50 million dollars.

Although, the property tax is a fairly consistent tax, the District experiences unanticipated

fluctuations in property tax collections due to reassessments and uncollected amounts.

Therefore, the District estimates property tax collection at 97%.

The Village of Oak Park contains several Tax Increment Finance (TIF) districts. There

are three TIF districts in Oak Park. The River Forest Town Center TIF district expired

effective December 31, 2010. TIF districts divert property taxes to village-controlled

funds for the purposes of economic development. Over time, incremental EAV has

accumulated in the all of these TIF districts. OPRFHS has been able to secure

agreements for distribution of funds and/or early carve-outs of property in two of the

districts. These revenue streams for surplus distributions have been added to the

projection model in the appropriate years. The revenue streams for carve-outs of EAV

have been omitted due to the on-going uncertainty concerning the Downtown Oak Park

TIF agreement. The River Forest TIF expired in tax levy year 2010, and the Oak Park

Downtown TIF will expire in tax levy year 2019.

The District is currently estimating taxes per fund by calculating the total maximum

allowed under the cap. The model estimates the maximum allowable rate for the Life

Safety and Working Cash funds and then estimates Tort obligations, IMRF obligations, O

& M obligations, and Transportation obligations. The Decennial Life Safety obligations

will be completed in summer 2013 and thereafter the levy will be reduced to the amount

due for debt service only. The amount required for each of these funds is compared to

the maximum levy rate, and the maximum amount or required amount - whichever is

lower - is established as the levy amount. The remainder is levied in the Education Fund.

The following is a table of the maximum allowable rate per fund.

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Levy Description Maximum Rate

Educational 3.50

Operations & Maintenance .55

Transportation As needed

Special Education .40

Life Safety .10

Working Cash .05

Tort As needed

IMRF As needed

EAV is projected to increase at the historical trend of 9% at the triennium reassessments,

followed by a decrease of 1%, and then an increase of 1%. CPI is 2.7% for the 2010

levy and 1.5% for 2011. Following is an historical analysis of actual CPI and EAV and

the future estimates incorporated into the five-year projections.

Additional information regarding EAV and other levy assumptions is presented below

and on pages 29 and 30.

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Levy

Year CPI EAV

%

Increase

1995 2.20% $ 807,929,036 0.55% Actual

1996 2.50% $ 882,475,609 9.23% Actual

1997 3.30% $ 876,602,437 -0.67% Actual

1998 1.70% $ 888,191,638 1.32% Actual

1999 1.60% $ 1,014,461,583 14.22% Actual

2000 2.70% $ 997,025,802 -1.72% Actual

2001 3.00% $ 1,049,586,419 5.27% Actual

2002 2.50% $ 1,513,988,694 44.25% Actual

2003 2.40% $ 1,507,098,940 -0.46% Actual

2004 1.90% $ 1,551,572,998 2.95% Actual

2005 3.30% $ 1,970,385,120 26.99% Actual

2006 3.40% $ 1,953,712,946 -0.85% Actual

2007 2.50% $ 2,053,605,186 5.11% Actual

2008 4.10% $ 2,337,528,355 13.83% Actual

2009 0.10% $ 2,481,790,933 6.17% Actual

2010 2.70% $ 2,510,289,547 1.15% Projected

2011 1.50% $ 2,341,598,906 -6.72% Projected

2012 2.00% $ 2,324,419,917 -0.73% Projected

2013 2.50% $ 2,349,179,116 1.07% Projected

2014 2.50% $ 2,562,240,237 9.07% Projected

2015 2.50% $ 2,538,102,834 -0.94% Projected

2016 2.50% $ 2,564,998,862 1.06% Projected

The District‟s state revenues are comprised of both restricted and unrestricted grants.

State revenue is approximately 5.2% of the total revenue received by the District.

General State Aid (GSA) is a function of the State‟s total education appropriation

(Foundation Level), the District‟s Average Daily Attendance (ADA), and EAV.

Enrollment projections are used to estimate general state aid based on projected per pupil

Foundation Level less “available local resources.” The remaining state aid is primarily

special education categorical reimbursements. Historically, the largest component of

state aid has been general state aid. OPRFHS is an Alternate Grant district.

Historically, the District has received minimal federal aid, the majority of which is

special education reimbursement through Medicaid and IDEA. For FY 2010, the District

received additional federal aid, which is related to the American Recovery and

Reinvestment Act (ARRA). Five of the general state aid payments were paid by federal

funds. In addition, the District received one-time funding for IDEA and Title I in the

amounts of $875,000 and $85,000 respectively. The FY 2012, Federal Sources of

Revenue has been reduced to reflect the discontinuance of the ARRA funding. For FY

2012, Federal Sources will be 2.2% of total revenue compared to 2.5% in FY 2011.

Because of the political uncertainty of funding from Springfield and Washington D.C.,

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state and federal aid is difficult to project beyond the current year. The District assumes

the status quo in funding unless there is information to the contrary.

Corporate Personal Property Replacement Tax (CPPRT) revenue is generated based on

the taxpayer‟s profitability. This tax is very vulnerable to economic downturns and,

therefore, fluctuates greatly from year to year. The District recognizes CPPRT revenue

in the O & M, Capital Projects and IMRF funds. Due to the recent economic downturn,

the District reduced the CPPRT revenue 25% for FY 2010 and 2011. For FY 2012 we

assume the status quo.

Interest income for FY 2012 has been estimated at a total of 0.5%, as advised by PMA

Future interest rates are estimated at 0.5% for FY 2013, 0.5% for FY 2014, 0.75% for FY

2015. The District investments are fully collateralized and/or FDIC insured as required

by Illinois School Code. In addition, the District closely monitors the investments to

ensure compliance with the District Investment Policy.

Expenditures The majority of expenditures in the Education Fund are directly related to compensation

and benefits (83.6% in FY 2012). The District projects faculty staffing based on

enrollment projections. In February 2008, the District received a demographic study

prepared by John D. Kasarda Ph.D. The enrollment for the fall of 2009 exceeded the

Kasarda estimate by over 100 students. The District has re-projected enrollment for the

next four years as reflected in the December 2010 report to the Board of Education. The

projection model has been changed to reflect the increased enrollment.

Fall Housing Report On-campus Enrollment

1965 3,323 1996 2,715 2003 3,024 2010 3,182

1970 4,269 1997 2,698 2004 3,023 2011 3,150

1975 4,159 1998 2,721 2005 3,089 2012 est. 3,189

1980 3,617 1999 2,727 2006 3,076 2013 est. 3,127

1985 3,438 2000 2,829 2007 3,139 2014 est. 3,086

1990 2,629 2001 2,921 2008 3,098 2015 est. 3,121

1995 2,747 2002 2,962 2009 3,079 2016 est. 3,209 Method of Estimation The Kasarda demographic methodology included an examination of housing development and population trends within Oak Park and

River Forest. In addition, it incorporated actual enrollment data and migration trends for Districts 200, 90, and 97 since the 1950‟s.

The report then incorporated current enrollment data for Districts 90 and 97 and projected the anticipated future enrollment for District

200. District 200 selected Scenario B of the report, which anticipates fertility rates to remain constant and housing turnover and

resulting family in-migration to remain unchanged.

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Additional information related to enrollment trends is presented on page 27.

The projection model estimates salaries based on collective bargaining contract

agreements for the length of current contracts plus an estimate for future years based on

the contract matrix value for each bargaining unit. Faculty retirement costs are

projections based on actual retiree contractual obligations plus projections of future

obligations based on an analysis of each faculty member‟s retirement eligibility date.

Health insurance for each employee group is projected to increase at 10% annually. In

addition, the District estimates the number of faculty retirees that will be added to or

deducted from health insurance enrollment ranks, based on projected retirements.

Contract Salary Increases and Length of Contract

FY 2008 FY 2009 FY 2010 FY 2011 FY 2012

Faculty 1 7.05% 7.05% 6.55% 6.15% 6.15%

Clerical 5.50%1 5.50%

1 4.00%

4 4.00%

4 4.00%

4

Buildings & Ground 2.00% 0%** 1.50% 1.50% 1.50%

Non-Affiliated 4.50% 4.50% 1.50% 3.00% 1.50%

Safety & Support 4.00% 4.00% 2.00% 2.00% 2.00%

Administration 5.00% 1.50% 4.50%2 1.5%

3

** Union members received a bridge payment to move from the pre-pay manual system of payroll to the post pay

electronic system. Each member will receive two weeks‟ pay (40 hours) at straight time. 1 Salary increases indicated include the value of step increases. 2 Average increase, overall salaries for administrative positions declined by over $222,000 due to retirements, other

vacancies and a reduction of 1.0FTE. 3 Increases for administrators were based on a market analysis and changes in responsibilities. Changes by individual

were more than/less than CPI. There was a decrease of $71,000 in the total costs overall. 4 Steps have been eliminated

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

Student Enrollment

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Following is a chart of the certified staff, which includes classroom teachers, counselors,

special education program managers, and other certified faculty. Division heads and

administrative staff are omitted from this table. These estimates are based on an

assumption that class size will remain the same; that the average number of courses taken

per student will remain the same, and that the number of special education students will

remain stable at the current rate of total student population. Of course, any component of

this analysis will affect the estimated staff required, particularly special education staffing

requirements. Therefore, these estimates are a guideline only and will fluctuate to meet

student needs.

Certified Staff (FTE)

2010 2011 2012 2013 2014 2015

Classroom Teacher 196.6 199.9 196.5 192.7 190.2 192.4

Behavior Interventionist 1.0 1.0 1.0 1.0 1.0 1.0

Deans 4.0 4.0 4.0 4.0 4.0 4.0

Counselors 12.0 12.0 12.0 12.0 12.0 12.0

Spoken Word 1.0 1.0 1.0 1.0 1.0 1.0

Title I 0.6 0.4 0.4 0.4 0.4 0.4

Faculty Senate 0.2 0.2 0.2 0.2 0.2 0.2

Librarian 3.0 3.0 3.0 3.0 3.0 3.0

Program Chair 4.0 4.0 4.0 4.0 4.0 4.0

Psychologists 2.0 2.0 2.0 2.0 2.0 2.0

Social Work 2.0 2.0 2.0 2.0 2.0 2.0

Speech Therapist 2.0 2.0 2.0 2.0 2.0 2.0

Total FTE: 228.4 231.5 228.1 224.3 221.8 224.0

In FY 2012, the number of certified staff decreased by 3.4 FTE. The total number of

non-certified staff will increase by 5.16 FTE. A large number of administrators retired at

the end of FY 2010. The District re-evaluated each position and eliminated one division

head position. The increase in non-certified staff is for an increase in safety and support,

food service and O&M personnel during the lunch hours for modified closed campus.

Additional information regarding certified staff assumptions is presented on page 28.

The total cost of benefits has declined significantly over the past several years. This is

due to the sunset of several retirement benefits; the early retirement annuity and ERO

penalty payment plan, the 20% bumps in final years and the health insurance benefit.

The District „s new retirement payment includes 6% increases in the last five years of

employment and the certified staff will now take advantage of the State TRIP health plan

rather than the District health plan.

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Other expenditures in the Education Fund are estimated to increase at the following rates:

supplies at estimated CPI;

capital outlay at estimated CPI;

tuition at 2 times CPI; and

other objects at estimated CPI.

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Discussion by Fund

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Educational Fund The Educational Fund accounts for most of the instructional and administrative aspects of

the District‟s day-to-day operations. It also includes the Food Service Fund and the

Bookstore Fund in order to be consistent with the ISBE budget document format. The

majority of expenditures relate to salaries and benefits for faculty, administrators,

teaching assistants, safety and support staff, clerical and non-affiliated directors and

supervisors. The staffing levels for faculty and teaching assistants fluctuate based on the

number of on-campus regular education students and students with special needs. Other

salary and benefit cost considerations relate to the number of retirees receiving benefits;

and health, dental, and life insurance benefits paid by the District. The PMA projection

model incorporates a detailed estimate of the cost of new faculty salaries and reductions

due to faculty retirements.

The most significant differences between the Summer 2010 Five Year Projections and the

September 2011 Five Year Financial Projections is an increase in anticipated State Aid.

Last year at this time, the continuance of GSA funding was doubtful. The projections

have been adjusted accordingly. Expenditures have increased due to the changes

required for modified closed campus. The anticipated surplus for FY 2012 will be

approximately $420,000 less than expected in the Summer 2010 projections. Most of the

expenditure changes relate to a decrease in salary and benefit costs. All of the reductions

are due to three changes: 1) the significant savings in retirement costs, 2) salary costs

lower than anticipated for certified staff, and 3) reduction in the tuition costs. The

Education Fund is projected to experience deficit spending in FY 2015.

1. An increase in purchased services as we focus efforts on Courageous

Conversations about Race, implement READ 180 and begin strategic planning.

2. An increase in supplies and materials related to the instructional materials fee and

additional food for food service.

3. The CPI December 31, 2009 CPI was 1.5%. This will impact our 2010 levy and

future property tax revenue. We have adjusted the model to reflect the reduction

in property taxes for the 2010, 2011, and 2012 levies.

The chart provided on page 18 with the Educational Fund – Projection Analysis

illustrates the revenue and expenditure levels compared to the fund balance until the next

projected referendum, currently anticipated in FY 2018. In FY 2015, expenditures are

anticipated to be greater than revenue by approximately $234,000, thereby causing deficit

spending. The fund balance will diminish over time until the eventual need for another

referendum. It is important to ensure through prudent fiscal management that fund

balances accumulate in advance of FY 2015 in order to defer the eventual need for a

referendum increase until 2018. This cycle of fund balance accumulation followed by its

depletion is typical under tax cap law in Illinois for districts heavily dependent on local

property taxes. Fiscal year 2018 is significant to the District because the Oak Park

Downtown TIF District will expire and a significant amount of incremental EAV will be

released for levy purposes. In addition, by FY 2019, the District will have repaid the

majority of its current outstanding debt.

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Other expenditures, primarily related to off-campus tuition, have declined as the District

has been successful in meeting the needs of more students on campus. The model

anticipates that the number of students placed off-campus will remain at the FY 2011

reduced levels.

The District replaces the Drivers Education automobiles every fifth year. The next

replacement cycle will occur in FY 2013.

Operations and Maintenance Fund (O&M) The Operations and Maintenance Fund accounts for the day-to-day operations and

cleaning of the vintage building totaling approximately 1,000,000 square feet and the

District grounds. The majority of expenditures relate to the compensation and benefits of

custodial and maintenance employees (61% in FY 2012).

The District is continuing to reestablish the fund balance in order to maintain the vintage

building and to set aside funds for capital improvements. The projections assume that the

District will increase the levy rate from the previous cap of $.25 per $100 of EAV in

order to meet O & M obligations; however, the District does not currently anticipate the

need to levy at the new maximum rate of $.55 per $100 of EAV.

Revenues related to CPPRT have been reduced by 25% in FY 2010 due to the economic

downturn. The District assumes that CPPRT will be a zero percent increase in FY 2012

and thereafter. Other local sources of income relate to facility rental and interest income.

The Restricted Building Fund has now been combined with the O & M Fund in this

projection model which is consistent with the ISBE annual report and with the

Comprehensive Annual Financial Report. Expenditures relating to construction projects,

which were previously recorded in the Restricted Building Fund, were expended from the

combined O & M Fund and the Life Safety Funds in FY 2010. In FY 2011, the District

was required to establish the Capital Projects Fund. Beginning in FY 2011 there will be

an annual transfer from the O & M Fund to the Capital Project Fund for construction

projects. The District Facility Advisory Committee has been discussing facility needs

and priorities. The projection model will change as these plans unfold, and actual dollar

amounts may vary from year-to-year based on the priorities determined by the

Committees and approved by the Board.

The long range cost of capital assets has declined in the O & M fund due to the transfer to

the new Capital Projects Fund for construction projects.

The District‟s utility costs have abated due to improvements related to boiler

replacements, window replacements, HVAC upgrades, light replacements, and the

installation of air lock doors. As a result of these positive improvements, costs related to

utilities are significantly less than the Summer 2010 Five Year Financial Projections but

are estimated to increase at twice the rate of CPI.

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The District will maintain a budget that reflects a decrease in surplus each year while

deferred maintenance projects are completed.

Transportation Fund The Transportation Fund accounts for activities relating to student transportation to and

from school for students with special needs. This fund also accounts for transportation

related to field trips, activities, and athletic events. The District owns two mini-buses and

two eight-passenger vans for the transport of small groups of students for activities and

athletic events. In addition, the District owns two mini-buses equipped with wheelchair

accessibility in order to transport students with special needs on life skills outings in the

community. These vehicles will be replaced on a 7- to 15-year rotating cycle. The costs

related to replacing these vehicles are reflected in the projections. There are no planned

vehicle replacements in FY 2012.

IMRF/Social Security Fund The IMRF Fund accounts for the District‟s portion of pension contribution to the Illinois

Municipal Retirement Fund and for Social Security benefits for non-certified employees.

IMRF determines the District‟s contribution to the fund based on future pension

obligations. The IMRF rates escalated over the period of 2004 through 2007 and then

declined slightly; however, due to the recent financial market decline, IMRF notified all

districts that the IMRF rate will be increasing over the next several years at

approximately 20% per year until the rate equals 16.32%. Since the initial notice of a

sharp increase in IMRF rates, there has been a modest market improvement. The

September 2012 projections reflect a slight change in expectation. We have adjusted the

maximum expected rate down to 13.52%. The actual January 1, 2012 rate will be

12.29%, which is lower than originally projected by IMRF.

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IMRF Historical Rates

Fiscal Year Rate

2004 .0737

2005 .0859

2006 .0939

2007 .0961

2008 .0890

2009 .0860

2010 .0953

2011 .1048

2012 .1229

2013 .1352

2014 .1352

Working Cash Fund The Working Cash Fund accounts for financial resources held by the District that may be

temporarily loaned to other funds. The Working Cash Fund is provided from local

property taxes. Tax caps limit the levy amount. The legal maximum allowable rate is

$.05 per $100 of EAV. The fund balance had been depleted in the past in order to help

support the Education Fund in advance of the 2002 referendum. The District receives the

majority of total revenue from local property taxes, which are paid twice per year;

therefore, the District needs to maintain adequate resources to sustain operations for the

period of March through December, the time period between the first and second tax

installments.

Tort Fund The Tort Fund accounts for the legal and insurance needs of the District. There is no tax

rate cap on the Tort Fund; however, the Tort Fund is under the extension cap and,

therefore, affects the amount that can be levied into other funds.

Insurance and legal expenses are projected to increase at CPI. Property and casualty

insurance is expected to increase annually at 10%. The Tort Fund maintains a fund

balance for unexpected legal, potential safety issues, or increases in liability insurance

due to claims experience. The District is part of a self-funded Collective Liability

Insurance Cooperative (CLIC) for property, liability, and workers‟ compensation

insurance along with approximately 150 other Illinois public school districts. Increases

in premium are heavily dependent on claims experience. The July 1, 2011 property and

casualty renewal was very favorable due to our lower that average utilization.

Expenditures have been adjusted accordingly.

The District has a standing Safety Committee which reviews claims history, safety

concerns, and compliance with safety inspections and improvements in order to reduce

claims experience.

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Life Safety Fund The Life Safety Fund accounts for State approved fire prevention and safety construction

projects. The Life Safety levy will be used over the next 20 years to pay-off the debt

secured in FY 2004 and FY 2005 for roof projects and to fund other Life Safety projects

relating to asbestos removal, air handling, and fire and electrical safety. The Life Safety

levy amount will be limited to the amount required to meet these obligations. The Life

Safety Fund is under the tax cap and, therefore, ultimately affects the amount levied into

the Education Fund.

Wight and Company, the previous architectural firm, prepared a Decennial Life Safety

plan which the District is presently implementing. The projects outlined in the plan will

be completed by summer 2013 and the levy will be reduced at that time. Other

construction projects will be recorded in the Capital Projects Fund.

Capital Projects Fund The Capital Projects Fund has been added to the projection model as required by IPAM

changes. The Capital Projects Fund will receive a transfer of monies from the O & M

fund on an annual basis to cover construction projects.

The District facility is a vintage building in the Frank Lloyd Wright Historic District. The

building is surrounded by residential properties. The communities of Oak Park and River

Forest are fully developed with no undeveloped property available. The District intends

to maintain the District buildings and grounds in a proactive manner, not deferring or

delaying needed maintenance, so that the current building may be in service and in good

condition far into the future. The District intends to maintain the historical value and use

energy efficient and sustainable products, when refurbishing or redesigning areas. The

safety of students and staff is of the utmost importance. A Facility Advisory Committee

reviews potential construction and maintenance projects and makes a recommendation to

the District Administration.

The Board of Education recently approved a modified closed campus for lunch. This

change will necessitate some changes in the facility use. A taskforce committee is

reviewing the student needs. These projections do not include additional amounts that

may be needed for this project.

The District is also reviewing the instructional needs for the oldest part of the building.

The Facility Advisory Committee is considering this question. These projections do

contain set aside funds for this purpose.

This projection model anticipates spending of approximately $5,000,000 per year for

construction projects beginning in FY 2015. This coincides with the sunset of the

spending in the Life Safety Fund.

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Aggregate View The Aggregate View-Projection Analysis is a compilation of all District funds. The

analysis is for informational purposes only. Each fund maintains a separate fund balance

which can only be used for the purposes of the particular fund. There are limitations on

fund transfers. The District presently transfers interest income from the Bond and

Interest Fund to the O & M Fund, and transfers funds for debt payments from the Life

Safety Fund to the Bond and Interest Fund. Beginning in FY 2011, the District will also

transfer funds from the O & M Fund to the Capital Projects Fund for construction

projects. Each of these transfers is permitted by law and approved by the Board of

Education.

As discussed in the Educational Fund section of this document, the District will

experience an increase in total fund balance over the next several years and then a

depletion of those balances in advance of an eventual referendum in FY 2018. The

structural imbalance in the Illinois model of school district financing, which limits

increases in tax revenue to the lesser of CPI or 5%, has the effect of requiring school

districts to eventually seek a referendum increase in funding in order to maintain

programs. The CPI is not an adequate measure to forecast annual increases for school

districts because the vast majority of expenditures relate to salaries and benefits of staff

members (for OPRFHS over 83.6% of the Education Fund‟s annual expenditures). The

costs related to salaries and benefits increase annually at an amount greater than CPI.

This imbalance creates the need for a referendum.

Another complication of Illinois school funding is the heavy reliance on property taxes,

which are remitted to school districts in two installments, one in the spring and the other

in the fall. For Cook County, Illinois, the fall payment is generally paid sometime

between September and December. Therefore, on June 30 of each year, the District must

have cash on hand to pay bills until December.

The District has been a careful steward of school spending. Since the passage of the

referendum in 2002, the District has completely restructured its financial operations,

hiring a Chief Financial Officer with extensive private and public financial expertise, as

well as seeking additional outside professional financial planning assistance;

implemented a zero-based budgeting model resulting in substantive and enduring cost

cuts and cost savings measures; constructed a realistic five year plan that extends the life

of a referendum under current parameters to 2018, and built back formerly depleted funds

vital to school operations, such as the Life Safety, Operation and Maintenance, and

Working Cash funds. After the abolition of the Cicero Township Treasurer‟s Office, the

District has assumed management of its own investments with an annual savings of

$100,000 and increased interest income results. The District now maintains a credit

rating of AAA.

Cost containment measures have included significant reductions in the retirement costs

for faculty and staff; significant changes and cost reductions in the health insurance

benefit; a reduction of students placed off-campus thereby saving transportation and

tuition costs; reduction in utility costs due to boiler replacement, window replacement

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and installation of airlock doors; redesign of student transportation; redesign of the

childcare program; redesign of the summer school program; redesign of the attendance

office; elimination of the Cicero Township Treasurer‟s fees; reduced contract services

for audit and accounting work, and reduced contract services for computer software

support. The District has also implemented an extensive bidding and purchase order

process, an employee management and tracking system, a fixed asset recording and

monitoring system, a time and attendance recording system and has improved internal

controls thereby eliminating unplanned and unbudgeted expenditures.

Beginning with the fiscal 2012 – 2013 budget planning process, the District will

implement a new financial planning model. The new model includes working groups,

quality review committees and a Finance Advisory Leadership Team. The new model

will introduce shared leadership, cost consciousness amongst all employee groups,

greater community input and increased transparency. The ALT will review the financial

projection model on an annual basis and make recommendations to the Superintendent.

Integrity Commitment Performance

BUDGET

FY 2012 FY 2013

%

Change FY 2014

%

Change FY 2015

%

Change FY 2016

%

Change FY 2017

%

Change

REVENUE

Property Taxes $45,334,109 $46,166,955 1.84% $46,528,022 0.78% $47,436,959 1.95% $48,047,319 1.29% $48,508,130 0.96%

Other Local $4,707,632 $4,717,527 0.21% $4,729,208 0.25% $4,935,156 4.35% $5,127,576 3.90% $5,283,561 3.04%

General State Aid $1,333,593 $1,405,693 5.41% $1,401,386 -0.31% $1,423,478 1.58% $1,433,903 0.73% $1,496,433 4.36%

Other State $1,634,830 $1,634,830 0.00% $1,634,830 0.00% $1,634,830 0.00% $1,634,830 0.00% $1,634,830 0.00%

Federal $1,547,183 $1,547,183 0.00% $1,547,183 0.00% $1,547,183 0.00% $1,547,183 0.00% $1,547,183 0.00%

TOTAL REVENUE $54,557,347 $55,472,188 1.68% $55,840,629 0.66% $56,977,606 2.04% $57,790,811 1.43% $58,470,137 1.18%

EXPENDITURES

Salaries $34,165,453 $35,688,691 4.46% $37,227,464 4.31% $39,059,773 4.92% $40,709,380 4.22% $42,682,985 4.85%

Health/Dental Insurance $4,976,932 $5,325,048 6.99% $5,670,334 6.48% $6,160,835 8.65% $6,827,253 10.82% $7,434,397 8.89%

Other Employee Benefits $1,159,254 $1,182,186 1.98% $1,233,210 4.32% $1,306,585 5.95% $1,378,823 5.53% $1,448,289 5.04%

Purchased Services $2,766,079 $2,821,401 2.00% $2,877,829 2.00% $2,935,385 2.00% $2,994,093 2.00% $3,053,975 2.00%

Supplies and Materials $3,183,201 $3,246,865 2.00% $3,311,802 2.00% $3,378,038 2.00% $3,445,599 2.00% $3,514,511 2.00%

Capital Outlay $847,732 $953,065 12.43% $903,560 -5.19% $901,819 -0.19% $919,856 2.00% $938,253 2.00%

Other $3,083,959 $3,207,317 4.00% $3,335,610 4.00% $3,469,034 4.00% $3,607,796 4.00% $3,752,108 4.00%

TOTAL EXPENDITURES $50,182,610 $52,424,572 4.47% $54,559,809 4.07% $57,211,470 4.86% $59,882,799 4.67% $62,824,518 4.91%

EXCESS / DEFICIT $4,374,737 $3,047,616 $1,280,820 ($233,863) ($2,091,988) ($4,354,381)

OTHER FIN. SOURCES/USES

Transfer Among Funds (Net) $0 $0 $0 $0 $0 $0

Sale of Bonds $0 $0 $0 $0 $0 $0

Other Financing Sources $0 $0 $0 $0 $0 $0

Other Financing Uses $0 $0 $0 $0 $0 $0

TOTAL OTHER FIN. SOURCES/USES $0 $0 $0 $0 $0 $0

BEGINNING FUND BALANCE $75,011,576 $79,386,313 $82,433,929 $83,714,748 $83,480,885 $81,388,897

PROJECTED YEAR-END FUND

BALANCE $79,386,313 $82,433,929 $83,714,748 $83,480,885 $81,388,897 $77,034,516

FUND BALANCE AS % OF

EXPENDITURES 158.19% 157.24% 153.44% 145.92% 135.91% 122.62%

FUND BALANCE AS # OF MONTHS

OF EXPENDITURES 18.98 18.87 18.41 17.51 16.31 14.71

Education Fund - Projection Analysis

REVENUE / EXPENDITURE PROJECTIONS

Oak Park and River Forest HS District 200

REVENUE BY SOURCE - FY 2012

General State Aid

2.4%

Other State

3.0% Federal

2.8%

Other Local

8.6%

Property Taxes

83.1%

EXPENDITURES BY OBJECT - FY 2012

Other Objects

6.1%

Supplies And

Materials

6.3%

Purchased

Services

5.5%

Benefits

12.2%

Capital Outlay

1.7%

Salaries

68.1%

$0

$10,000,000

$20,000,000

$30,000,000

$40,000,000

$50,000,000

$60,000,000

$70,000,000

$80,000,000

$90,000,000

FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

Fund Balance Revenues Expenditures

© 2011 PMA Financial Network, Inc.

Page: 18

09/26/11 - 2:04 PM All Assumptions have been provided by the District.


BUDGET

FY 2012 FY 2013

%

Change FY 2014

%

Change FY 2015

%

Change FY 2016

%

Change FY 2017

%

Change

REVENUE

Property Taxes $6,692,124 $7,294,608 9.00% $8,523,408 16.85% $9,791,066 14.87% $10,384,153 6.06% $10,944,704 5.40%

CPPRT $930,000 $930,000 0.00% $930,000 0.00% $930,000 0.00% $930,000 0.00% $930,000 0.00%

Other Local $107,167 $97,475 -9.04% $94,973 -2.57% $106,981 12.64% $117,769 10.08% $128,344 8.98%

TOTAL REVENUE $7,729,291 $8,322,083 7.67% $9,548,381 14.74% $10,828,048 13.40% $11,431,922 5.58% $12,003,049 5.00%

EXPENDITURES

Salaries $2,874,488 $2,963,749 3.11% $3,052,662 3.00% $3,144,242 3.00% $3,238,569 3.00% $3,335,726 3.00%

Health/Dental Insurance $559,103 $615,013 10.00% $651,502 5.93% $716,652 10.00% $788,317 10.00% $860,440 9.15%

Other Employee Benefits $27,934 $29,362 5.11% $30,753 4.73% $32,582 5.95% $34,165 4.86% $36,066 5.56%

Utilities $1,253,000 $1,303,120 4.00% $1,355,245 4.00% $1,409,455 4.00% $1,465,833 4.00% $1,524,466 4.00%

Purchased Services $588,098 $602,800 2.50% $617,870 2.50% $633,317 2.50% $649,150 2.50% $665,379 2.50%

Supplies and Materials $264,342 $277,559 5.00% $291,437 5.00% $306,009 5.00% $321,309 5.00% $337,375 5.00%

Capital Outlay $140,710 $121,524 -13.63% $123,955 2.00% $158,534 27.90% $129,604 -18.25% $132,197 2.00%

Other $4,693 $4,787 2.00% $4,883 2.00% $4,980 2.00% $5,080 2.00% $5,181 2.00%


$7,916,277 $8,451,802 $10,309,218 $11,422,864 $11,784,799 $12,188,670

EXCESS / DEFICIT $2,016,923 $2,404,168 $3,420,075 $4,422,277 $4,799,894 $5,106,220


Transfer Among Funds (Net) ($2,203,909) ($2,533,886) ($4,180,912) ($5,017,094) ($5,152,771) ($5,291,841)

Sale of Bonds $0 $0 $0 $0 $0 $0



TOTAL OTHER FIN. SOURCES/USES ($2,203,909) ($2,533,886) ($4,180,912) ($5,017,094) ($5,152,771) ($5,291,841)



BALANCE $8,045,142 $7,915,424 $7,154,587 $6,559,770 $6,206,894 $6,021,273


EXPENDITURES 140.84% 133.75% 116.75% 102.40% 93.59% 87.30%


OF EXPENDITURES 16.90 16.05 14.01 12.29 11.23 10.48

Operations & Maintenance Fund - Projection Analysis




Property Taxes

86.6%

Other Local

13.4%


Salaries

50.3%

Utilities

21.9%

Capital Outlay

2.5%

Benefits

10.3%

Purchased Services

10.3%

Supplies And

Materials

4.6%

Other Objects

0.1%

$0

$2,000,000

$4,000,000

$6,000,000

$8,000,000

$10,000,000

$12,000,000

$14,000,000

$16,000,000


Fund Balance Revenues Expenditures & Transfers


Page: 19



BUDGET

FY 2012 FY 2013

%

Change FY 2014

%

Change FY 2015

%

Change FY 2016

%

Change FY 2017

%

Change

REVENUE

Property Taxes $864,354 $867,365 0.35% $860,723 -0.77% $864,454 0.43% $865,343 0.10% $863,590 -0.20%

Other Local $11,211 $14,790 31.92% $15,741 6.43% $24,622 56.42% $33,032 34.16% $40,858 23.69%

Other State $748,200 $748,200 0.00% $748,200 0.00% $748,200 0.00% $748,200 0.00% $748,200 0.00%

TOTAL REVENUE $1,623,765 $1,630,355 0.41% $1,624,663 -0.35% $1,637,276 0.78% $1,646,575 0.57% $1,652,649 0.37%

EXPENDITURES

Salaries $1,000 $1,030 3.00% $1,061 3.00% $1,093 3.00% $1,126 3.00% $1,159 3.00%



Capital Outlay $0 $49,587 $0 -100.00% $33,443 $145,238 334.29% $0 -100.00%

Other $4,500 $4,500 0.00% $4,500 0.00% $4,500 0.00% $4,500 0.00% $4,500 0.00%

TOTAL EXPENDITURES $1,340,960 $1,443,883 7.68% $1,449,762 0.41% $1,540,887 6.29% $1,712,667 11.15% $1,629,811 -4.84%

EXCESS / DEFICIT $282,805 $186,472 $174,901 $96,390 ($66,093) $22,837



Sale of Bonds $0 $0 $0 $0 $0 $0






BALANCE $2,851,392 $3,037,864 $3,212,765 $3,309,155 $3,243,062 $3,265,900


EXPENDITURES 212.64% 210.40% 221.61% 214.76% 189.36% 200.39%


OF EXPENDITURES 25.52 25.25 26.59 25.77 22.72 24.05

Transportation Fund - Projection Analysis




Property Taxes

53.2%

Other Local

0.7%

Other State

46.1%


Salaries

0.1%

Purchased

Services

99.0%

Supplies And

Materials

0.6%

Other Objects

0.3%

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000




Page: 20



BUDGET

FY 2012 FY 2013

%

Change FY 2014

%

Change FY 2015

%

Change FY 2016

%

Change FY 2017

%

Change

REVENUE

Property Taxes $2,516,606 $2,576,152 2.37% $2,652,998 2.98% $2,761,304 4.08% $2,810,818 1.79% $2,805,125 -0.20%

CPPRT $116,900 $116,900 0.00% $116,900 0.00% $116,900 0.00% $116,900 0.00% $116,900 0.00%

Other Local $11,781 $13,192 11.98% $13,810 4.68% $21,599 56.41% $29,931 38.57% $37,778 26.22%

TOTAL REVENUE $2,645,287 $2,706,245 2.30% $2,783,708 2.86% $2,899,803 4.17% $2,957,649 1.99% $2,959,803 0.07%

$128,681

EXPENDITURES



EXCESS / DEFICIT $392,757 $124,887 $113,916 $133,182 $94,859 ($6,021)



Sale of Bonds $0 $0 $0 $0 $0 $0






BALANCE $2,694,348 $2,819,235 $2,933,151 $3,066,333 $3,161,193 $3,155,172


EXPENDITURES 119.61% 109.22% 109.86% 110.83% 110.42% 106.38%


OF EXPENDITURES 14.35 13.11 13.18 13.30 13.25 12.77

IMRF Fund - Projection Analysis




Other Local

4.9%

Property Taxes

95.1%

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

$4,000,000




Page: 21



BUDGET

FY 2012 FY 2013

%

Change FY 2014

%

Change FY 2015

%

Change FY 2016

%

Change FY 2017

%

Change

REVENUE

CPPRT $310,000 $260,000 -16.13% $310,000 19.23% $410,000 32.26% $410,000 0.00% $410,000 0.00%

TOTAL REVENUE $310,000 $260,000 -16.13% $310,000 19.23% $410,000 32.26% $410,000 0.00% $410,000 0.00%

$2,513,909 $2,793,886 $4,490,912 $5,427,094 $5,562,771 $5,701,841

EXPENDITURES

Purchased Services $50,000 $0 -100.00% $0 $0 $0 $0

Capital Outlay $2,203,909 $2,793,886 26.77% $4,490,912 60.74% $5,427,094 20.85% $5,562,771 2.50% $5,701,841 2.50%


EXCESS / DEFICIT ($1,943,909) ($2,533,886) ($4,180,912) ($5,017,094) ($5,152,771) ($5,291,841)


Transfer Among Funds (Net) $2,203,909 $2,533,886 $4,180,912 $5,017,094 $5,152,771 $5,291,841

Sale of Bonds $0 $0 $0 $0 $0 $0



TOTAL OTHER FIN. SOURCES/USES $2,203,909 $2,533,886 $4,180,912 $5,017,094 $5,152,771 $5,291,841

BEGINNING FUND BALANCE $410,000 $670,000 $670,000 $670,000 $670,000 $670,000


BALANCE $670,000 $670,000 $670,000 $670,000 $670,000 $670,000


EXPENDITURES 29.73% 23.98% 14.92% 12.35% 12.04% 11.75%


OF EXPENDITURES 3.57 2.88 1.79 1.48 1.45 1.41

Capital Projects Fund - Projection Analysis




Other Local

100%


Capital Outlay

97.8%

Purchased

Services

2.2% $0

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

$7,000,000




Page: 22



BUDGET

FY 2012 FY 2013

%

Change FY 2014

%

Change FY 2015

%

Change FY 2016

%

Change FY 2017

%

Change

REVENUE

Property Taxes $1,190,085 $1,137,117 -4.45% $1,123,709 -1.18% $1,135,167 1.02% $1,189,432 4.78% $1,230,997 3.49%

Other Local $40,798 $46,961 15.11% $53,002 12.86% $88,455 66.89% $130,804 47.88% $179,820 37.47%

TOTAL REVENUE $1,230,883 $1,184,078 -3.80% $1,176,712 -0.62% $1,223,622 3.99% $1,320,236 7.90% $1,410,817 6.86%

EXPENDITURES

TOTAL EXPENDITURES $0 $0 $0 $0 $0 $0

EXCESS / DEFICIT $1,230,883 $1,184,078 $1,176,712 $1,223,622 $1,320,236 $1,410,817



Sale of Bonds $0 $0 $0 $0 $0 $0






BALANCE $8,867,176 $10,051,254 $11,227,965 $12,451,587 $13,771,823 $15,182,640

Working Cash Fund - Projection Analysis



$0

$5,000,000

$10,000,000

$15,000,000

$20,000,000

$25,000,000


Fund Balance


Page: 23



BUDGET

FY 2012 FY 2013

%

Change FY 2014

%

Change FY 2015

%

Change FY 2016

%

Change FY 2017

%

Change

REVENUE

Property Taxes $1,142,714 $1,166,763 2.10% $1,180,980 1.22% $1,209,771 2.44% $1,293,781 6.94% $1,457,618 12.66%

Other Local $11,120 $11,494 3.36% $11,208 -2.48% $15,852 41.43% $19,548 23.31% $22,633 15.78%

TOTAL REVENUE $1,153,834 $1,178,257 2.12% $1,192,188 1.18% $1,225,623 2.80% $1,313,329 7.16% $1,480,251 12.71%

EXPENDITURES

Purchased Services $664,021 $730,423 10.00% $803,465 10.00% $883,812 10.00% $972,193 10.00% $1,069,412 10.00%


Capital Outlay $363,855 $371,132 2.00% $378,555 2.00% $386,126 2.00% $393,848 2.00% $401,725 2.00%

Other $100,000 $102,000 2.00% $104,040 2.00% $106,121 2.00% $108,243 2.00% $110,408 2.00%


EXCESS / DEFICIT $23,958 ($27,339) ($95,953) ($152,558) ($163,120) ($103,503)



Sale of Bonds $0 $0 $0 $0 $0 $0






BALANCE $2,377,568 $2,350,229 $2,254,277 $2,101,719 $1,938,599 $1,835,095


EXPENDITURES 210.43% 194.94% 175.00% 152.50% 131.30% 115.87%


OF EXPENDITURES 25.25 23.39 21.00 18.30 15.76 13.90

Tort Fund - Projection Analysis




Property Taxes

99.0%

Other Local

1.0%


Purchased

Services

58.8%

Supplies and

Materials

0.2%

Capital Outlay

32.2%

Other

8.9%

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000




Page: 24



BUDGET

FY 2012 FY 2013

%

Change FY 2014

%

Change FY 2015

%

Change FY 2016

%

Change FY 2017

%

Change

REVENUE

Property Taxes $2,380,170 $2,274,233 -4.45% $1,402,455 -38.33% $630,573 -55.04% $621,122 -1.50% $610,560 -1.70%

CPPRT $100,000 $150,000 50.00% $100,000 -33.33% $0 -100.00% $0 $0

Other Local $1,510 $891 -41.02% $972 9.11% $2,845 192.82% $3,884 36.52% $4,887 25.81%

TOTAL REVENUE $2,481,680 $2,425,124 -2.28% $1,503,427 -38.01% $633,418 -57.87% $625,007 -1.33% $615,447 -1.53%

$101,510

EXPENDITURES

Purchased Services $0 $0 $0 $0 $0 $0

Supplies and Materials $0 $0 $0 $0 $0 $0

Capital Outlay $1,701,822 $1,701,822 0.00% $833,893 -51.00% $0 -100.00% $0 $0

Other $0 $0 $0 $0 $0 $0

TOTAL EXPENDITURES $1,701,822 $1,701,822 0.00% $833,893 -51.00% $0 -100.00% $0 $0

$2,317,136 $2,318,027 $1,450,183 $620,955 $620,089 $613,190

EXCESS / DEFICIT $779,858 $723,302 $669,534 $633,418 $625,007 $615,447

Transfers

OTHER FIN. SOURCES/USES $615,314

Transfer Among Funds (Net) ($615,314) ($616,205) ($616,290) ($620,955) ($620,089) ($613,190)

Sale of Bonds $0 $0 $0 $0 $0 $0



TOTAL OTHER FIN. SOURCES/USES ($615,314) ($616,205) ($616,290) ($620,955) ($620,089) ($613,190)

BEGINNING FUND BALANCE $75,207 $239,751 $346,848 $400,092 $412,555 $417,473


BALANCE $239,751 $346,848 $400,092 $412,555 $417,473 $419,730


EXPENDITURES 14.09% 20.38% 47.98%


OF EXPENDITURES 1.69 2.45 5.76

Life Safety Fund - Projection Analysis




Other Local

4.1%

Property Taxes

95.9%


Transfers

26.6%

Capital Outlay

73.4%

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000




Page: 25



BUDGET

FY 2012 FY 2013

%

Change FY 2014

%

Change FY 2015

%

Change FY 2016

%

Change FY 2017

%

Change

REVENUE

Property Taxes $60,120,162 $61,483,193 2.27% $62,272,295 1.28% $63,829,294 2.50% $65,211,969 2.17% $66,420,724 1.85%

CPPRT $1,456,900 $1,456,900 0.00% $1,456,900 0.00% $1,456,900 0.00% $1,456,900 0.00% $1,456,900 0.00%

Other Local $4,891,219 $4,902,330 0.23% $4,918,913 0.34% $5,195,511 5.62% $5,462,544 5.14% $5,697,883 4.31%

General State Aid $1,333,593 $1,405,693 5.41% $1,401,386 -0.31% $1,423,478 1.58% $1,433,903 0.73% $1,496,433 4.36%

Other State $2,383,030 $2,383,030 0.00% $2,383,030 0.00% $2,383,030 0.00% $2,383,030 0.00% $2,383,030 0.00%

Federal $1,547,183 $1,547,183 0.00% $1,547,183 0.00% $1,547,183 0.00% $1,547,183 0.00% $1,547,183 0.00%

TOTAL REVENUE $71,732,087 $73,178,329 2.02% $73,979,707 1.10% $75,835,397 2.51% $77,495,528 2.19% $79,002,152 1.94%

EXPENDITURES

Salaries $37,040,941 $38,653,470 4.35% $40,281,187 4.21% $42,205,107 4.78% $43,949,074 4.13% $46,019,871 4.71%

Health/Dental Insurance $5,536,035 $5,940,061 7.30% $6,321,835 6.43% $6,877,486 8.79% $7,615,570 10.73% $8,294,837 8.92%


IMRF/Social Security/Medicare $2,252,530 $2,581,358 14.60% $2,669,791 3.43% $2,766,621 3.63% $2,862,790 3.48% $2,965,824 3.60%

Utilities $1,253,000 $1,303,120 4.00% $1,355,245 4.00% $1,409,455 4.00% $1,465,833 4.00% $1,524,466 4.00%


Supplies and Materials $3,457,043 $3,534,152 2.23% $3,613,200 2.24% $3,694,246 2.24% $3,777,352 2.25% $3,862,580 2.26%

Capital Outlay $5,258,028 $5,991,016 13.94% $6,730,874 12.35% $6,907,016 2.62% $7,151,318 3.54% $7,174,015 0.32%

Other $3,193,152 $3,318,604 3.93% $3,449,033 3.93% $3,584,636 3.93% $3,725,619 3.93% $3,872,197 3.93%


$65,189,389 $68,685,237 $72,036,904 $75,350,978 $78,749,593 $82,215,767

EXCESS / DEFICIT $7,158,012 $5,109,297 $2,559,093 $1,105,374 ($633,976) ($2,600,424)

Transfers

OTHER FIN. SOURCES/USES $615,314

Transfer Among Funds (Net) ($615,314) ($616,205) ($616,290) ($620,955) ($620,089) ($613,190)

Sale of Bonds $0 $0 $0 $0 $0 $0



TOTAL OTHER FIN. SOURCES/USES ($615,314) ($616,205) ($616,290) ($620,955) ($620,089) ($613,190)

EXCESS/DEFICIT + SOURCES/USES $6,542,698 $4,493,092 $1,942,803 $484,419 ($1,254,065) ($3,213,614)



BALANCE $105,131,690 $109,624,782 $111,567,586 $112,052,005 $110,797,940 $107,584,325


EXPENDITURES 162.81% 161.05% 156.21% 149.94% 141.81% 131.84%


OF EXPENDITURES 19.54 19.33 18.75 17.99 17.02 15.82


Oak Park and River Forest HS District 200Aggregate View - Projection Analysis (Ed, O&M, Transportation, IMRF, Capital Projections, Working Cash, Tort and Life Safety Funds)


Property Taxes

83.8%

Other Local

8.8%

Federal

2.2%

Other State

3.3%General State Aid

1.9%


Transfers

0.9%

Capital Outlay

8.1%

Other

4.9%

Salaries

56.8%

Supplies and

Materials

5.3%

Utilities

1.9%

Health/Dental

Insurance

8.5%

Other Employee

Benefits

1.8%

IMRF/Social

Security/Medicare

3.5%

Purchased Services

8.3% $0

$20,000,000

$40,000,000

$60,000,000

$80,000,000

$100,000,000

$120,000,000




Page: 26



2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

9-12: 3,139 3,098 3,076 3,182 3,150 3,189 3,127 3,086 3,121 3,209 3,209

SPED Out-of-District 106 78 87 80 80 80 80 80 80 80 80

TOTAL ENROLLMENT: 3,245 3,176 3,163 3,262 3,230 3,269 3,207 3,166 3,201 3,289 3,289

ANNUAL CHANGE: -69 -13 99 -32 39 -62 -41 35 88 0

ADA: 3,160 3,100 3,060 3,094 3,179 3,179

ACTUAL ENROLLMENT PROJECTED ENROLLMENT

Oak Park and River Forest HS District 200Enrollment Analysis

ENROLLMENT HISTORY AND PROJECTIONS

3,245 3,176 3,1633,262 3,230 3,269 3,207 3,166 3,201

3,289 3,289

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Actual Projected

ENROLLMENT CHANGE

(69)

(13)

99

(32)

39

(62)

(41)

35

88

0

(80)

(60)

(40)

(20)

0

20

40

60

80

100

120

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Actual Projected


Page: 27



2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017

9-12: 196.5 192.7 190.2 192.4 197.7 197.7 16.43 16.43 16.43 16.43 16.43 16.43

Behavior Interventionist 1.0 1.0 1.0 1.0 1.0 1.0

Deans 4.0 4.0 4.0 4.0 4.0 4.0

Counselors 12.0 12.0 12.0 12.0 12.0 12.0

Spoken Word 1.0 1.0 1.0 1.0 1.0 1.0

Title I 0.4 0.4 0.4 0.4 0.4 0.4

Faculty Senate 0.2 0.2 0.2 0.2 0.2 0.2

Librarian 3.0 3.0 3.0 3.0 3.0 3.0

Program Chair 4.0 4.0 4.0 4.0 4.0 4.0

Psychologists 2.0 2.0 2.0 2.0 2.0 2.0

Social Work 2.0 2.0 2.0 2.0 2.0 2.0

Speech Therapist 2.0 2.0 2.0 2.0 2.0 2.0

Total FTE: 228.1 224.3 221.8 224.0 229.3 229.3 Average

Staffing Ratio:14.48 14.45 14.43 14.45 14.49 14.49

2013 2014 2015 2016 2017

9-12: -3.8 -2.5 2.1 5.3 0.0

Behavior Interventionist 0.0 0.0 0.0 0.0 0.0

Deans 0.0 0.0 0.0 0.0 0.0

Counselors 0.0 0.0 0.0 0.0 0.0

Spoken Word 0.0 0.0 0.0 0.0 0.0

Title I 0.0 0.0 0.0 0.0 0.0

Faculty Senate 0.0 0.0 0.0 0.0 0.0

Librarian 0.0 0.0 0.0 0.0 0.0

Program Chair 0.0 0.0 0.0 0.0 0.0

Psychologists 0.0 0.0 0.0 0.0 0.0

Social Work 0.0 0.0 0.0 0.0 0.0

Speech Therapist 0.0 0.0 0.0 0.0 0.0

FTE change: -3.8 -2.5 2.1 5.3 0.0

Certified Staff Changes (FTE) - Projections

Certified Staff Assumptions


Certified Staff (FTE) Staffing Ratios

CERTIFIED STAFF (FTE)

228.1 224.3 221.8 224.0 229.3 229.3

0.0

50.0

100.0

150.0

200.0

250.0

2012 2013 2014 2015 2016 2017

Actual Projected


Page: 28



Levy Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

CONSUMER PRICE INDEX 2.50% 4.10% 0.10% 2.70% 1.50% 2.00% 2.00% 2.00% 2.00% 2.00%

EQUALIZED ASSESSED VALUATION $2,053,605,186 $2,337,528,355 $2,485,435,195 $2,573,185,611 $2,347,898,906 $2,325,919,917 $2,350,679,116 $2,563,740,237 $2,539,602,834 $2,566,498,862

% CHANGE 13.83% 6.33% 3.53% -8.76% -0.94% 1.06% 9.06% -0.94% 1.06%

NEW GROWTH $13,262,870 $15,787,182 $3,644,262 $62,896,064 $6,300,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000

% OF TOTAL EAV 0.65% 0.68% 0.15% 2.44% 0.27% 0.06% 0.06% 0.06% 0.06% 0.06%

EXISTING PROPERTIES $268,135,987 $144,262,578 $24,854,352 ($231,586,705) ($23,478,989) $23,259,199 $211,561,120 ($25,637,402) $25,396,028

% OF TOTAL EAV-1YEAR 13.06% 6.17% 1.00% -9.00% -1.00% 1.00% 9.00% -1.00% 1.00%

Oak Park and River Forest HS District 200Equalized Assessed Valuation Analysis

Total EAV Analysis (In Millions)

$2,054

$2,338$2,485

$2,348 $2,326 $2,351

$2,564 $2,540 $2,566$2,573

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016Actual Projected

Total EAV % Change

13.8%

6.3%

-8.8%

-0.9%

1.1%

9.1%

-0.9%

1.1%

3.5%

-10%

-5%

0%

5%

10%

15%

2008 2009 2010 2011 2012 2013 2014 2015 2016

Actual Projected

Existing EAV % Change

13.1%

6.2%

-9.0%

-1.0%

1.0%

9.0%

-1.0%

1.0%1.0%

-15%

-10%

-5%

0%

5%

10%

15%

2008 2009 2010 2011 2012 2013 2014 2015 2016

Actual Projected

New Growth (In Millions)

$13.26$15.79

$3.64$6.3

$1.5 $1.5 $1.5 $1.5 $1.5

$62.9

$0.0

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Actual Projected


Page: 29



2011 2012 2013 2014 2015 2016

Extension Rate Extension Rate Extension Rate Extension Rate Extension Rate Extension Rate Extension Rate

Education Fund 45,628,656 1.7732 46,437,772 1.9778 47,037,974 2.0223 47,906,128 2.0380 48,509,925 1.8922 49,063,975 1.9320 49,659,855 1.9349

Special Education 678,707 0.0264 678,707 0.0289 678,707 0.0292 678,707 0.0289 678,707 0.0265 678,707 0.0267 678,707 0.0264

Operation & Maintenance Fund 6,581,097 0.2558 7,181,097 0.3059 7,781,097 0.3345 9,781,097 0.4161 10,381,097 0.4049 10,981,097 0.4324 11,581,097 0.4512

Bond & Interest Fund 2,904,281 0.1129 3,048,970 0.1299 2,570,655 0.1105 2,619,692 0.1114 2,657,792 0.1037 2,541,047 0.1001 2,541,047 0.0990

Transportation Fund 891,087 0.0346 891,087 0.0380 891,087 0.0383 891,087 0.0379 891,087 0.0348 891,087 0.0351 891,087 0.0347

IMRF & Social Security Fund 1,397,220 0.0543 1,397,220 0.0595 1,497,220 0.0644 1,597,220 0.0679 1,697,220 0.0662 1,697,220 0.0668 1,697,220 0.0661

Social Security/Medicare-Only 1,197,220 0.0465 1,197,220 0.0510 1,197,220 0.0515 1,197,220 0.0509 1,197,220 0.0467 1,197,220 0.0471 1,197,220 0.0466

Working Cash Fund 1,286,593 0.0500 1,173,949 0.0500 1,162,960 0.0500 1,163,710 0.0495 1,176,090 0.0459 1,269,801 0.0500 1,270,551 0.0495

Tort Fund 1,168,764 0.0454 1,186,296 0.0505 1,210,022 0.0520 1,234,222 0.0525 1,258,906 0.0491 1,400,000 0.0551 1,600,000 0.0623

Fire Prevention and Safety Fund 2,573,186 0.1000 2,347,899 0.1000 2,325,920 0.1000 650,000 0.0277 650,000 0.0254 630,000 0.0248 630,000 0.0245

TOTALS 64,306,811 2.4991 65,540,217 2.7914 66,352,861 2.8528 67,719,083 2.8808 69,098,043 2.6952 70,350,155 2.7701 71,746,785 2.7955

TAX-CAPPED TOTAL 61,402,530 2.3862 62,491,248 2.6616 63,782,206 2.7422 65,099,391 2.7694 66,440,252 2.5915 67,809,108 2.6701 69,205,738 2.6965

2010

Oak Park and River Forest HS District 200Extension Analysis and Consumer Price Index Assumptions

Consumer Price Index (CPI) - Levy Years

2.5%

4.1%

0.1%

2.7%

1.5%

2.0% 2.0% 2.0% 2.0%2.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Actual Projected

Total Tax Rate (incl. Bonds)

2.85%

2.62%2.47%

2.79% 2.85% 2.88%2.70% 2.77% 2.80%

2.50%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Actual Projected


Page: 30



NOTE: FY2011 Score will be released with the audit

Ratio Score Value

Fund Balance to Rev Ratio 1.58 4 1.4 Total Score: 4

Exp to Rev Ratio 0.91 4 1.4 Category: Financial Recognition

Days Cash On Hand 616.45 4 0.4

% of Short Term Borrowing Max Remaining 100.00 4 0.4

% of Long Term Debt Margin Remaining 101.01 4 0.4

Oak Park and River Forest HS District 200Aggregate View - Projection Summary

Financial Profile Calculation For FY 2012

4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00

3.65 3.65

0

0.5

1

1.5

2

2.5

3

3.5

4

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

0 - Watch - 2.61

2.62 - Early Warning - 3.07

3.08 - Review - 3.53

3.54 - Recognition - 4


Page: 31


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