HILLSIDE SCHOOL DISTRICT 93p1cdn4static.sharpschool.com/UserFiles/Servers/Server... · 2015. 1. 16. · rel630 990 3131 fax 630 990 0039 bakerrilly.com We have audited the accompanying

HILLSIDE SCHOOL DISTRICT 93

FINANCIAL STATEMENTS

AS OF AND FOR THE YEAR ENDEDJUNE 30, 2014

ANDINDEPENDENT AUDITORS' REPORT

HILLSIDE SCHOOL DISTRICT 93TABLE OF CONTENTS

AS OF AND FOR THE YEAR ENDED JUNE 30, 2014

Page(s)Independent Auditors' Report 1 - 3

Required Supplementary Information

Management's Discussion and Analysis (MD&A) - Unaudited 4 - 10

Basic Financial Statements

Government-Wide Financial Statements

Statement of Net Position 11

Statement of Activities 12

Fund Financial Statements

Balance Sheet - Governmental Funds 13 - 14

Reconciliation of the Governmental Funds -Balance Sheet to the Statement of Net Position 15

Statement of Revenues, Expenditures andChanges in Fund Balances - Governmental Funds 16 - 17

Reconciliation of the Governmental Funds - Statementof Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities 18

Statement of Fiduciary Assets and Liabilities - Agency Fund 19

Notes to Basic Financial Statements 20 - 35


Historical Pension Information

Illinois Municipal Retirement Fund -Schedule of Employer's Contributions and Analysis of Funding Progress 36

HILLSIDE SCHOOL DISTRICT 93TABLE OF CONTENTS


Page(s)Required Supplementary Information - (Continued)

General and Major Special Revenue Funds - Schedule of Revenues, Expenditures andChanges in Fund Balances - Budget to Actual

General Fund - Non-GAAP Budgetary Basis 37 - 42

Operations and Maintenance Fund 43 - 44

Transportation Fund 45 - 46

Municipal Retirement/Social Security Fund 47 - 48

Notes to Required Supplementary Information 49

Supplementary Information

Major Debt Service Fund - Schedule of Revenues, Expenditures and Changes in FundBalances - Budget to Actual

Debt Service Fund 50

General Fund - Combining Balance Sheet 51

General Fund - Combining Schedule of Revenues, Expenditures and Changes in FundBalances 52

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

Educational Accounts - Non-GAAP BudgetaryBasis 53 - 58

Working Cash Accounts 59

Five Year Summary of Assessed Valuations,Tax Rates, Extensions and Collections 60

Working Cash Bonds Issue, December 1, 2009 61

To the Board of Education Hillside School District 93 Hillside, Illinois

INDEPENDENT AUDITORS' REPORT

Report on the Financial Statements

~AKER TILLY

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

We have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Hillside School District 93, Illinois, as of and for the year ended June 30, 2014, and the related notes to the financial statements, which collectively comprise Hillside School District 93'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 accounting principles generally accepted in the United States of America; this includes 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 Hillside School District 93'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 Hillside School District 93'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.

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of Hillside School District 93, Illinois, as of June 30, 2014 and the respective changes in financial position thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America .

.....: ~n,ndependcntmc!T'beroJ BAKER TILLY INTERNATIONAL

- 1 - An Affirmati\·~ Action Equal OJlportunity Emplorer

To the Board of Education Hillside School District 93

Emphasis of Matter

As discussed in Note 3, Hillside School District 93 adopted the provisions of GASB Statement No. 65, Items Previously Reported as Assets and Liabilities, effective July 1, 2013. Our opinions are not modified with respect to this matter.

Other Matters


Accounting principles generally accepted in the United States of America require that the required supplementary information as listed in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Supplementary Information

Our audit for the year ended June 30, 2014 was conducted for the purpose of forming opinions on the financial statements that collectively comprise Hillside School District 93's basic financial statements. The supplementary information for the year ended June 30, 2014 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 is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements for the year ended June 30, 2014, and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America . In our opinion, the supplementary information is fairly stated in all material respects, in relation to the basic financial statements as a whole for the year ended June 30, 2014.

We also previously audited, in accordance with auditing standards generally accepted in the United States of America, the basic financial statements of Hillside School District 93 as of and for the year ended June 30, 2013 (not presented herein), and have issued our report thereon dated October 11, 2013, which contained unmodified opinions on the respective financial statements of the the governmental activities, each major fund, and the aggregate remaining fund information. The supplementary information for the year ended June 30, 2013 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the 2013 financial statements. The information has been subjected to the auditing procedures applied in the audit of the 2013 basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare those financial statements or to those financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information is fairly stated in all material respects in relation to the basic financial statements as a whole for the year ended June 30, 2013.

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To the Board of Education Hillside School District 93

Prior-Year Comparative Information

We have previously audited Hillside School District 93's 2013 financial statements, and we expressed unmodified audit opinions on the respective financial statements of the governmental activities, each major fund, and the aggregate remaining fund information in our report dated October 11, 2013. In our opinion, the summarized comparative information presented herein as of and for the year ended June 30, 2013, 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 3, 2014 on our consideration of Hillside School District 93'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 Hillside School District 93's internal control over financial reporting and compliance.

Oak Brook, Illinois October 3, 2014

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Hillside School District 93Management's Discussion and Analysis (Unaudited)As of and for the Year Ended June 30, 2014

The discussion and analysis of Hillside School District 93’s (the "District") financial performance providesan overall review of the District’s financial activities as of and for the year ended June 30, 2014. Themanagement of the District encourages readers to consider the information presented herein inconjunction with the basic financial statements to enhance their understanding of the District’s financialperformance. All amounts, unless otherwise indicated, are expressed in millions of dollars. Certaincomparative information between the current year and the prior is required to be presented in theManagement’s Discussion and Analysis (the “MD&A”).

Financial Highlights

In total, net position increased by $0.4. This represents a 3% increase from 2013.

General revenues accounted for $7.2 in revenue or 79% of all revenues. Program specificrevenues in the form of charges for services and fees and grants accounted for $1.9 or 21% oftotal revenues of $9.1.

The District had $8.7 in expenses related to government activities. However, only $1.9 of theseexpenses were offset by program specific charges and grants.

The District paid down $0.1 million in general obligation bond debt in fiscal 2014.

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 presents information on all of the District’s assets/deferred outflows ofresources and liabilities/deferred inflows of resources, with the difference between them reported as netposition. Over time, increases or decreases in net position may serve as a useful indicator of whether thefinancial position of the District is improving or deteriorating.

The statement of activities presents information showing how the government’s net position changedduring the fiscal year being reported. All changes in net position are reported as soon as the underlyingevent giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues andexpenses are reported in this statement for some items that will only result in cash flows in future fiscalperiods.

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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 five 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, and Debt Service Fund, 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.

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.

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Other information

In addition to the basic financial statements and accompanying notes, this report also presents certainrequired supplementary information concerning the District’s progress in funding its obligation to providepension benefits to its non-certified employees.

Government-Wide Financial Analysis

The District’s combined net position was higher on June 30, 2014, than it was the year before, increasing3% to $13.1.

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

2013* 2014

Assets:Current and other assets $ 12.4 $ 12.8Capital Assets 6.9 7.0

Total assets 19.3 19.8

Liabilities:Current liabilities 4.0 0.9Long-term debt outstanding 2.6 2.6

Total liabilities 6.6 3.5

Total deferred inflows of resources - 3.2

Net position:Net investment in capital assets 4.3 5.1Restricted 3.3 3.0Unrestricted 5.1 5.0

Total net position $ 12.7 $ 13.1

* Prior year information has not been updated for the District's implementation of GASB Statement No.65 in fiscal year 2014.

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

2013 2014

Revenues:

Program revenues:Charges for services $ 0.1 $ 0.1Operating grants & contributions 1.4 1.7Capital grants & contributions 0.1 0.1

General revenues:Taxes 6.3 6.6General state aid 0.4 0.4Other 0.2 0.2

Total revenues 8.5 9.1

Expenses:Instruction 4.9 5.4Pupil & instructional staff services 0.6 0.6Administration & business 1.3 1.4Transportation 0.1 0.2Operations & maintenance 0.8 0.8Other 0.2 0.3

Total expenses 7.9 8.7

Excess (deficiency) of revenues over expenses 0.6 0.4

Increase (decrease) in net position $ 0.6 $ 0.4

Revenues in the governmental activities of the District of $9.1 exceeded expenses by $0.4. This wasattributable primarily to increased collection of revenues and controlled spending.

Property taxes accounted for the largest portion of the District’s revenues, contributing 75%. Theremainder of revenues came from state, federal grants and other sources. The total cost of all the District’sprograms was $8.7. Instructing and caring for the students as well as student transportation accounted for72% of all District-wide expenses.

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1%Charges for services

19%Operating grants & contributions

1%Capital grants & contributions

73% Taxes

4% General state aid2% Other

District-Wide Revenues by Source

63%Instruction 7% Pupil & instructional staff services

16% Administration & business

2% Transportation

9% Operations & maintenance3% Other

District-Wide Expenses by Function

Financial Analysis of the District’s Funds

The District’s Governmental Funds balance increased by $.4 from $8.2 in FY 2013 to $8.6 in FY 2014.

Property taxes have been steady, however, property tax caps limit any increases to the lower of 5% or theConsumer Price Index. The CPI for the 2012 and 2013 levy years, for which taxes were collected in fiscalyear 2014, were 3.0% and 1.7%, respectively.

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General Fund Budgetary Highlights

The General Fund total revenues were $0.2 lower than budget due to lower tax collections. General Fundexpenditures were $0.2 lower than budget due to a consistent focus on savings throughout the year.

Capital Assets and Debt Administration

Capital assets

By the end of 2014, the District had compiled a total investment of $11.6 ($7.0 net of accumulateddepreciation) in a broad range of capital assets including buildings, land and equipment. Totaldepreciation expense for the year was $0.4. More detailed information about capital assets can be foundin Note 6 of the basic financial statements.

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

2013 2014

Land $ 0.4 $ 0.4Construction in progress 0.1 -Building and improvements 6.1 6.2Equipment 0.3 0.4

Total $ 6.9 $ 7.0

Long-term debt

The District retired $0.1 of general obligation bonds in 2014. Capital leases and other were increased by$0.1. At the end of fiscal 2014, the District had a debt margin of $16.0. More detailed information onlong-term debt can be found in Note 7 of the basic financial statements.

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

2013 2014

General Obligation Bonds $ 2.6 $ 2.5Capital leases and other - 0.1

Total $ 2.6 $ 2.6

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:

Tax Cap legislation in the County has limited revenues from real estate tax collections to less than the costof living increases overall. While there has been discussion at the Legislative level regarding possibleamendments to this law, the District sees no immediate relief in this area.

PTAB tax objections and reassessment claims continue to result in sizeable revenue loss. The Districtactively monitors and responds, when necessary, to tax objections.

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Recent TIF initiatives passed by the Village of Hillside will inhibit assessment growth in those affectedareas for years to come.

Senate Bill 16, if passed, would have a negative impact on District revenues received from the State.

The District's collective bargaining agreement with the Hillside Education Association expires at the endof the 2014-2015 school year.

The District continues to experience increases in the costs related to employee health benefits.

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:

Hillside SchoolHillside School District 934804 Harrison StreetHillside, Illinois 60162

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HILLSIDE SCHOOL DISTRICT 93STATEMENT OF NET POSITION

AS OF JUNE 30, 2014

GOVERNMENTALACTIVITIES

Assets

Cash and investments $ 9,534,012Receivables (net of allowance for uncollectibles):

Property taxes 3,167,110Replacement taxes 63,164Intergovernmental 28,539Other 4,018

Capital assets:Land 354,950Construction in progress 39,540Depreciable buildings, property and equipment, net 6,539,498

Total assets 19,730,831

Liabilities

Accounts payable 425,254Salaries and wages payable 463,635Payroll deductions payable 12,736Retainage payable 3,954Long-term liabilities:

Other long-term liabilities - due within one year 132,994Other long-term liabilities - due after one year 2,438,283

Total liabilities 3,476,856

Deferred inflows of resources

Property taxes levied for a future period 3,167,110

Total deferred inflows of resources 3,167,110

Net position

Net investment in capital assets 5,090,221Restricted for:

Operations and maintenance 2,315,130Student transportation 315,250Retirement benefits 172,686Debt service 226,224

Unrestricted 4,967,354

Total net position $ 13,086,865

See Notes to Basic Financial Statements

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HILLSIDE SCHOOL DISTRICT 93STATEMENT OF ACTIVITIES

FOR THE YEAR ENDED JUNE 30, 2014

PROGRAM REVENUE

NET (EXPENSES)REVENUE AND

CHANGES IN NETPOSITION

FUNCTIONS/PROGRAMS EXPENSESCHARGES FOR

SERVICES

OPERATINGGRANTS AND

CONTRIBUTIONS

CAPITAL GRANTSAND

CONTRIBUTIONSGOVERNMENTAL

ACTIVITIES

Governmental activities

Instruction:Regular programs $ 2,598,311 $ 29,353 $ 750 $ - $ (2,568,208)Special programs 1,368,871 - 290,482 - (1,078,389)Other instructional programs 187,041 580 496 - (185,965)State retirement contributions 1,255,542 - 1,255,542 - -

Support Services:Pupils 303,223 - - - (303,223)Instructional staff 286,623 - 14,341 - (272,282)General administration 517,965 - - - (517,965)School administration 338,501 - - - (338,501)Business 581,999 56,977 175,320 100,000 (249,702)Transportation 191,996 18,600 5,232 - (168,164)Operations and maintenance 791,938 - - - (791,938)Central 25,844 - - - (25,844)Other supporting services 129,193 - - - (129,193)

Community services 2,685 - - - (2,685)Interest and fees 154,826 - - - (154,826)

Total governmental activities $ 8,734,558 $ 105,510 $ 1,742,163 $ 100,000 (6,786,885)

General revenues:Taxes:

Real estate taxes, levied for general purposes 4,904,472Real estate taxes, levied for specific purposes 1,060,299Real estate taxes, levied for debt service 228,093Personal property replacement taxes 372,090

State aid-formula grants 389,643Investment income 53,377Miscellaneous 159,295

Total general revenues 7,167,269

Change in net position 380,384

Net position, beginning of year 12,706,481

Net position, end of year $ 13,086,865


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HILLSIDE SCHOOL DISTRICT 93GOVERNMENTAL FUNDS

BALANCE SHEETAS OF JUNE 30, 2014

WITH COMPARATIVE TOTALS AS OF JUNE 30, 2013

GENERAL FUND

OPERATIONS ANDMAINTENANCE

FUNDTRANSPORTATION

FUND

MUNICIPAL

RETIREMENT/SOCIAL

SECURITY FUND

Assets

Cash and investments $ 6,337,636 $ 2,447,026 $ 345,473 $ 177,653

Receivables (net allowance for uncollectibles):Property taxes 2,636,705 265,062 50,469 100,938Replacement taxes 31,582 31,582 - -Intergovernmental 28,539 - - -Other 4,018 - - -

Total assets $ 9,038,480 $ 2,743,670 $ 395,942 $ 278,591

Liabilities, deferred inflows of resources,and fund balance

Liabilities

Accounts payable $ 244,983 $ 146,788 $ 28,516 $ 4,967Salaries and wages payable 461,928 - 1,707 -Payroll deductions payable - 12,736 - -Retainage payable - 3,954 - -Deferred Revenue - - - -

Total liabilities 706,911 163,478 30,223 4,967


Property taxes levied for a future period 2,636,705 265,062 50,469 100,938

Total deferred inflows of resources 2,636,705 265,062 50,469 100,938

Fund balance

Restricted - 2,315,130 315,250 172,686Unassigned 5,694,864 - - -

Total fund balance 5,694,864 2,315,130 315,250 172,686

Total liabilities, deferred inflows ofresources, and fund balance $ 9,038,480 $ 2,743,670 $ 395,942 $ 278,591


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DEBT SERVICEFUND

TOTAL2014 2013

$ 226,224 $ 9,534,012 $ 9,057,511

113,936 3,167,110 3,230,297- 63,164 70,980- 28,539 64,425- 4,018 -

$ 340,160 $ 12,796,843 $ 12,423,213

$ - $ 425,254 $ 304,592- 463,635 461,242- 12,736 33,467- 3,954 10,372- - 3,230,297

- 905,579 4,039,970

113,936 3,167,110 -

113,936 3,167,110 -

226,224 3,029,290 3,297,346- 5,694,864 5,085,897

226,224 8,724,154 8,383,243

$ 340,160 $ 12,796,843 $ 12,423,213

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HILLSIDE SCHOOL DISTRICT 93RECONCILIATION OF THE GOVERNMENTAL FUNDS

BALANCE SHEET TO THE STATEMENT OF NET POSITIONAS OF JUNE 30, 2014

Total fund balances - governmental funds$ 8,724,154

Amounts reported for governmental activities in the Statement of Net Position aredifferent because:

Net capital assets used in governmental activities and included in the Statement ofNet Position do not require the expenditure of financial resources and, therefore,are not reported in the Governmental Funds Balance Sheet. 6,933,988

Long-term liabilities applicable to the District's governmental activities are not dueand payable in the current period, and accordingly, are not reported as fundliabilities. All liabilities, both current and long-term, are reported in the Statementof Net Position.Balances at June 30, 2014 are:

Bonds payable $ (2,515,000)Unamortized bond discount 37,881Capital leases (94,158)

(2,571,277)

Net position of governmental activities $ 13,086,865


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HILLSIDE SCHOOL DISTRICT 93GOVERNMENTAL FUNDS

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCESFOR THE YEAR ENDED JUNE 30, 2014

WITH COMPARATIVE TOTALS FOR THE YEAR ENDED JUNE 30, 2013

GENERAL FUND

OPERATIONS ANDMAINTENANCE

FUNDTRANSPORTATION

FUND

MUNICIPAL

RETIREMENT/SOCIAL

SECURITY FUND

RevenuesProperty taxes $ 5,006,164 $ 595,321 $ 127,216 $ 236,070Corporate personal property

replacement taxes 181,665 181,665 - 8,760State aid 1,845,853 100,000 5,232 -Federal aid 277,921 - 2,800 -Investment income 34,145 14,612 2,103 1,077Other 204,072 11,116 49,617 -

Total revenues 7,549,820 902,714 186,968 245,907

ExpendituresCurrent:

Instruction:Regular programs 2,415,386 - - 37,504Special programs 553,295 - - 19,108Other instructional programs 180,923 - - 2,217State retirement contributions 1,255,542 - - -

Support Services:Pupils 259,879 - - 15,699Instructional staff 265,282 - - 7,199General administration 489,693 - - 13,720School administration 316,859 - - 13,839Business 496,450 - - 25,513Transportation - - 190,769 1,227Operations and maintenance - 726,941 - 55,423Central 6,413 - - -Other supporting services 743 117,000 - -

Community services 2,685 - - -Payments to other districts and gov't units 687,913 30,951 21,306 32,889

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

Capital outlay 9,790 394,459 - -

Total expenditures 6,940,853 1,269,351 212,075 224,338

Excess (deficiency) of revenues overexpenditures 608,967 (366,637) (25,107) 21,569

Other financing sources (uses)Transfers in - 1,439 - -Transfers (out) - (5,036) - -Capital lease proceeds - 96,090 - -

Total other financing sources (uses) - 92,493 - -

Net change in fund balance 608,967 (274,144) (25,107) 21,569

Fund balance, beginning of year 5,085,897 2,589,274 340,357 151,117

Fund balance, end of year $ 5,694,864 $ 2,315,130 $ 315,250 $ 172,686


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DEBT SERVICEFUND

TOTAL2014 2013

$ 228,093 $ 6,192,864 $ 5,883,619

- 372,090 367,824- 1,951,085 1,579,924- 280,721 248,2041,440 53,377 45,498- 264,805 332,712

229,533 9,114,942 8,457,781

- 2,452,890 2,421,697- 572,403 484,066- 183,140 200,371- 1,255,542 944,330

- 275,578 280,271- 272,481 270,730- 503,413 403,366- 330,698 313,206- 521,963 464,498- 191,996 145,853- 782,364 723,591- 6,413 1,000- 117,743 34,824- 2,685 2,231- 773,059 709,426

116,932 116,932 114,313106,572 106,572 107,830

- 404,249 686,429

223,504 8,870,121 8,308,032

6,029 244,821 149,749

5,036 6,475 6,475(1,439) (6,475) (6,475)- 96,090 -

3,597 96,090 -

9,626 340,911 149,749

216,598 8,383,243 8,233,494

$ 226,224 $ 8,724,154 $ 8,383,243

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HILLSIDE SCHOOL DISTRICT 93RECONCILIATION OF THE GOVERNMENTAL FUNDS

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCESTO THE STATEMENT OF ACTIVITIES

FOR THE YEAR ENDED JUNE 30, 2014

Net change in fund balances - total governmental funds$ 340,911

Amounts reported for governmental activities in the Statement of Activities aredifferent because:

Governmental funds report capital outlay as expenditures. However, in theStatement of Activities, the cost of these assets is allocated over their estimateduseful lives and reported as depreciation expense. This is the amount by whichnet capital outlay exceeds depreciation expense in the current period. 66,885

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 whichcurrent year principal repayments exceeded proceeds from current year long-term financing arrangements. 20,842

Governmental funds report debt premiums and discounts as other financingsources (uses) or expenditures. However, in the statement of net position, theseare reported as other assets or deductions from long-term debt. These areallocated over the period the debt is outstanding in the statement of activities andare reported as interest expense.

(48,254)

Change in net position of governmental activities $ 380,384


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HILLSIDE SCHOOL DISTRICT 93AGENCY FUND

STATEMENT OF FIDUCIARY ASSETS AND LIABILITIESAS OF JUNE 30, 2014

AGENCY

STUDENTACTIVITY

FUND

Assets

Cash and investments $ 2,904

Liabilities

Due to student groups $ 2,904


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HILLSIDE SCHOOL DISTRICT 93NOTES TO BASIC FINANCIAL STATEMENTS


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Hillside School District 93 (the “District”) operates as a public school system governed by a seven-memberboard. The District is organized under the School Code of the State of Illinois, as amended. Theaccounting policies of the District conform to accounting principles generally accepted in the United Statesof America, as applicable to local governmental units of this type. The following is a summary of the moresignificant 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 expenses of a given function areoffset by program revenues. Direct expenses are those that are clearly identifiable with a specific function.Program revenues include: (1) amounts paid by the recipient of goods or services offered by the programand (2) grants and contributions that are restricted to meeting the operational or capital requirements of aparticular function. Taxes and other items not properly included among program revenues are reportedinstead as general revenues.

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 are reported using the economic resources measurement focus,while the fiduciary fund statements do not have a measurement focus. The government-wide financialstatements and the fiduciary fund financial statements are reported using the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of thetiming of related cash flows. Property taxes are recognized as revenues in the year for which they arelevied. Grants and similar items are recognized as revenue when all eligibility requirements have been met.

Governmental fund financial statements are reported using the flow of current financial resourcesmeasurement focus and the modified accrual basis of accounting. Revenues are recognized when they areboth "measurable and available". "Measurable" means that the amount of the transaction can bedetermined, and "available" means collectible within the current period or soon enough thereafter to payliabilities of the current period. For this purpose, the District considers all revenues available if they arecollected within 60 days after year-end. Expenditures are recorded when the related fund liability isincurred. However, expenditures for unmatured principal and interest on general long-term debt arerecognized when due; and certain compensated absences, claims and judgments are recognized when theobligations are expected to be liquidated with expendable available financial resources.

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 building 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.

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.

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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.

On-behalf payments (payments made by a third party for the benefit of the district, such as payments madeby the state to the Teachers' Retirement System) have been recognized in the financial statements.

Property taxes, replacement taxes, certain state and federal aid, and interest on investments are susceptibleto accrual. Other receipts become measurable and available when cash is received by the District andrecognized as revenue at that time.

Grant funds are considered to be earned to the extent of expenditures made under the provisions of thegrant. Accordingly, when such funds are received, they are recorded as unearned revenues until earned.

All Financial Statements

The preparation of financial statements in conformity with generally accepted accounting principlesrequires management to make estimates and assumptions that affect the reported amounts of assets,deferred outflows of resources, liabilities, and deferred inflows of resources and disclosure of contingentassets, deferred outflows of resources, liabilities, and deferred inflows of resources at the date of thefinancial statements and the reported amounts of revenues and expenditures/expenses during the reportingperiod. Actual results could differ from those estimates.

Assets, Liabilities, Deferred Inflows of Resources, and Net Position or Equity

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 fair value. Changes in fair value of investments are included as investmentincome.

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.

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Unearned Revenue

Governmental funds report unearned revenue in connection with resources that have been received, but notyet earned.

Property Tax Revenues

The District must file its tax levy resolution by the last Tuesday in December of each year. The District's2013 levy resolution was approved during the December 12, 2013 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.

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 2013 and 2012 tax levies were 1.7% and 3.0%, 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.

The 2013 property tax levy is recognized as a receivable in fiscal 2014, net of estimated uncollectibleamounts approximating 1% and less amounts already received. The District considers that the firstinstallment of the 2013 levy is to be used to finance operations in fiscal 2014. The District has determinedthat the second installment of the 2013 levy is to be used to finance operations in fiscal 2015 and hasincluded the corresponding receivable as a deferred inflow of resources.

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, building improvements, vehicles,equipment, and construction in progress are reported in the government-wide financial statements. Capitalassets are defined by the District as assets with an initial individual cost of more than $1,000 and anestimated useful life of more than 1 year. Such assets are recorded at historical cost or estimated historicalcost if purchased or constructed. Donated capital assets are recorded at estimated fair value at the date ofdonation.

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

Assets Years

Land improvements 20-80Building and building improvements 20-80Equipment 5-20

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

Compensated Absences

Under terms of employment, employees are granted sick leave and vacations in varying amounts. Onlybenefits considered to be vested are disclosed in these statements.

All vested vacation and sick leave pay is accrued when incurred in the government-wide and proprietaryfund financial statements. A liability for these amounts is reported in governmental funds only if they havematured, for example, as a result of employee resignations and retirements, or are payable with expendableavailable resources.

Payments for vacation and sick leave will be made at rates in effect when the benefits are used.Accumulated vacation and sick leave liabilities at June 30, 2014 are determined on the basis of currentsalary rates and include salary related payments.

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.

Deferred Inflows of Resources

A deferred inflow of resources represents an acquisition of net position that applies to a future period andtherefore will not be recognized as an inflow of resources (revenue) until that future time.

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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.

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 his designee may assign amounts for a specific purpose. The Board of Education mayalso take official action to assign amounts. Additionally, all remaining positive spendable amounts ingovernmental funds, other than the General Fund, that are neither restricted nor committed are consideredassigned. 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.

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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.

The restricted fund balances within the Special Revenue Funds and Debt Service Fund are for the purposeof the respective funds as described above in the Major Governmental Funds Section.

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, 2013, 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

Excess of Expenditures over Budget

For the year ended June 30, 2014, expenditures exceeded budget in the Transportation and Debt ServiceFunds by $20,770 and $4,334, respectively. These excesses were funded by available fund balance.

NOTE 3 - CHANGES IN ACCOUNTING PRINCIPLES

In March 2012, the GASB issued statement No. 65 - Items Previously Reported as Assets and Liabilities. Thisstatement establishes accounting and financial reporting standards that reclassify, as deferred outflows ofresources or deferred inflows of resources, certain items that were previously reported as assets andliabilities and recognizes, as outflows of resources or inflows of resources, certain items that were previouslyreported as assets and liabilities. This standard was implemented effective July 1, 2013.

NOTE 4 - 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.

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NOTE 4 - DEPOSITS AND INVESTMENTS - (CONTINUED)

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 Bond and Interest Fund and the IllinoisMunicipal Retirement/Social Security Fund, is not deemed available for purposes other than those forwhich these balances are intended.

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 also holds money market type investments, certificates of deposits and other deposits withfinancial institutions.

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 total fair value of the Treasurer's pool as of June 30, 2014 was $234,978,885 of which the District'sproportionate share was $9,531,512.

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 $ 5,404 $ 5,583

Total $ 5,404 $ 5,583

Interest Rate Risk. The District does not have a formal investment policy that limits investment maturities asa means of managing its exposure to fair value losses arising from increasing interest rates. Since allinvestments are in the custody of the Proviso Treasurer, the District has adopted the Treasurer's policyrequiring the investment portfolio to be sufficiently liquid to enable the District to meet all operatingrequirements as they come due.

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, 2014, the bank balance of the District’s deposit with financial institutions totaled$5,583; of which the entire amount was collateralized and insured.

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NOTE 5 - INTERFUND TRANSFERS

During the year, the Board transferred $10,503 in interest earned in the General Fund (Working CashAccounts) to the Educational Accounts of the General Fund. The Board also transferred $1,439 in interestearned in the Debt Service Fund to the Operations & Maintenance Fund.

Also during the year, the Board of Education transferred $5,036 from the Operations and MaintenanceFund to the Debt Service Fund for the payment of principal and interest on the District's capital lease.

State law allows for the above transfers.

NOTE 6 - CAPITAL ASSETS

Capital asset activity for the District for the year ended June 30, 2014, was as follows:

BeginningBalance Increases Transfers

EndingBalance

Capital assets not being depreciated:

Land $ 354,950 $ - $ - $ 354,950Construction in progress 103,734 39,540 103,734 39,540

Total capital assets not beingdepreciated 458,684 39,540 103,734 394,490

Capital assets being depreciated:

Land improvements 219,053 - - 219,053Buildings 9,117,830 370,947 - 9,488,777Equipment 1,406,482 113,981 - 1,520,463

Total capital assets being depreciated 10,743,365 484,928 - 11,228,293

Less Accumulated Depreciation for:

Land improvements 125,483 3,915 - 129,398Buildings 3,137,249 234,086 - 3,371,335Equipment 1,072,214 115,848 - 1,188,062

Total accumulated depreciation 4,334,946 353,849 - 4,688,795

Net capital assets being depreciated 6,408,419 131,079 - 6,539,498

Net governmental activities capitalassets $ 6,867,103 $ 170,619 $ 103,734 $ 6,933,988

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NOTE 6 - CAPITAL ASSETS - (CONTINUED)

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

Governmental Activities Depreciation

Regular programs $ 143,725Special programs 23,409Other instructional programs 3,901Pupils 27,645Instructional staff 7,803Educational media 195General administration 14,552School administration 7,803Business 60,036Operations and maintenance 29,408Data processing services 35,372

Total depreciation expense - governmental activities $ 353,849

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, 2014:

BeginningBalance Additions Deletions

EndingBalance

Due WithinOne Year

General obligation bonds $ 2,630,000 $ - $ 115,000 $ 2,515,000 $ 120,000Unamortized discount (42,047) - (4,166) (37,881) -

Total bonds payable 2,587,953 - 110,834 2,477,119 120,000Capital leases - 96,090 1,932 94,158 12,994

Total long-term liabilities -

governmental activities $ 2,587,953 $ 96,090 $ 112,766 $ 2,571,277 $ 132,994

The obligations for the capital lease will be paid through annual transfers from the Operations andMaintenance Fund to the Debt Service 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 Working cash/refunding Series 2009 dated are duein annual installments through 2.00% - 4.40% $ 2,905,000 $ 2,515,000

Total $ 2,905,000 $ 2,515,000

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NOTE 7 - LONG TERM LIABILITIES - (CONTINUED)

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

Principal Interest Total

2015 $ 120,000 $ 99,443 $ 219,4432016 120,000 95,843 215,8432017 125,000 91,855 216,8552018 130,000 87,393 217,3932019 135,000 82,418 217,4182020 - 2024 755,000 325,283 1,080,2832025 - 2029 920,000 149,849 1,069,8492030 - 210,000 4,620 214,620

Total $ 2,515,000 $ 936,704 $ 3,451,704

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, 2014, the statutorydebt limit for the District was $18,567,226, providing a debt margin of $15,958,068.

Capital Leases. The District has entered into a lease agreement as lessee for financing the acquisition ofequipment. This lease agreement qualifies as a capital lease 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. At June 30, 2014, $96,090 of amounts included in capital assets were acquired viacapital leases. The obligations for the capital leases will be repaid from transfers from the Operations andMaintenance Fund. The future minimum lease obligations and the net present value of these minimumlease payments as of June 30, 2014, are as follows:

Amount

2015 $ 30,2182016 30,2182017 30,2182018 30,2182019 25,182Total minimum lease payments 146,054Less: amount representing interest (51,896)

Present value of minimum lease payments $ 94,158

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. To protect from such risks, theDistrict participates in the following public entity risk pool: Suburban School Insurance Cooperative Pool(SSCIP), Educational Benefit Cooperative, (EBC), and School Employees Loss Fund (SELF). The Districtpays annual premiums to the pools for insurance coverage. The arrangements with the pools provide thateach pool 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.

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NOTE 9 - JOINT AGREEMENTS

The District is a member of Proviso Area for Exceptional Children, a joint agreement that provides certainspecial education services to residents of many school districts. The District believes that because it doesnot control the selection of the governing authority, and because of the control over employment ofmanagement personnel, operations, scope of public service, and special financing relationships exercised bythe joint agreement governing boards, these are not included as component units of the District.

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. Beginning February 1, 2014, annuitants who were enrolled in Medicare PartsA and B may be eligible to enroll in Medicare Advantage plans.

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.Effective July 1, 2012, in accordance with Executive Order 12-01, the plan is administered by the IllinoisDepartment of Central Management Services (CMS) with the cooperation of TRS. Section 6.6 of the StateEmployees Group Insurance Act of 1971 requires all active contributors to TRS who are not employees ofthe 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 0.97 percent of pay during the year ended June 30, 2014. State ofIllinois contributions were $33,476, 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, 2013and June 30, 2012 were 0.92 and 0.88 percent of pay, respectively. For these years, state contributions onbehalf of District employees were $30,506 and $27,365, respectively.

Employer Contributions to THIS Fund. The District also makes contributions to THIS Fund. The employerTHIS Fund contribution was 0.72 percent during the year ended June 30, 2014 and 0.69 and 0.66 percentduring the years ended June 30, 2013 and 2012, respectively. For the years ended June 30, 2014, 2013 and2012 the District paid $24,849, $22,789 and $20,524 to the THIS Fund, respectively, which was 100 percentof the required contribution for those years.

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NOTE 10 - OTHER POST-EMPLOYMENT BENEFITS - (CONTINUED)

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 2014 and 2013reports are listed under "Central Management Services." Prior reports are available under "Healthcare andFamily Services."

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.

Teachers' Retirement System

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 Illinois legislature for thebenefit of Illinois public school teachers employed outside the city of Chicago.

The Illinois Pension Code outlines the benefit provisions of TRS, and amendments to the plan can be madeonly by legislative action with the governor’s approval. The State of Illinois maintains primaryresponsibility for the funding of the plan, but contributions from participating employers and members arealso required. The TRS Board of Trustees is responsible for the System’s administration.

TRS members include all active nonannuitants that are employed by a TRS-covered employer to provideservices for which teacher licensure is required. The active member contribution rate for the year endedJune 30, 2014 was 9.4 percent of creditable earnings. The same contribution rate applies to members whosefirst contributing service is on or after January 1, 2011, the effective date of the benefit changes contained inPublic Act 96-0889. These contributions, which may be paid on behalf of the employees by the employer,are submitted to TRS by the District. The active member contribution rate was also 9.4 percent for theyears ended June 30, 2013 and 2012.

On Behalf Contributions. The State of Illinois also makes contributions directly to TRS on behalf of theDistrict's TRS-covered employees. For the year ended June 30, 2014, State of Illinois contributions werebased on 35.41 percent of creditable earnings not paid from federal funds, and the District recognizedrevenue and expenditures of $1,222,066 in pension contributions that the State of Illinois paid directly toTRS. For the years ended June 30, 2013 and 2012, the State of Illinois contributions rates as percentages ofcreditable earnings not paid from federal funds were 28.05 percent ($913,824) and 24.91 percent ($754,890),respectively.

The District makes other types of employer contributions directly to TRS:

2.2 Formula Contributions. For the years ended June 30, 2014, 2013 and 2012, the District contributed 0.58percent of creditable earnings for the 2.2 formula change. This rate is specified by statute. Contributions forthose years were $20,017, $19,232 and $18,036, respectively.

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NOTE 11 - RETIREMENT SYSTEMS - (CONTINUED)

Federal and Trust Fund Contributions. When TRS members are paid from federal and special trust fundsadministered by the District, there is a statutory requirement for the District to pay an additional TRScontribution from those funds. Under a policy adopted by the TRS Board of Trustees that was first effectivein the fiscal year ended June 30, 2006, employer contributions for employees paid from federal and specialtrust funds will be the same as the state contribution rate to TRS.

For the year ended June 30, 2014, the employer pension contribution was 35.41 percent of salaries paidfrom federal and special trust funds. For the years ended June 30, 2013 and 2012, the employer pensioncontribution was 28.05 and 24.91 percent of salaries paid from those funds, respectively. For the year endedJune 30, 2014, no salaries were paid from federal and special trust funds that required employercontributions. For the years ended June 30, 2013 and 2012, required District contributions were $16,269and $19,727, respectively.

Further Information on TRS. TRS financial information, an explanation of TRS's benefits; and descriptions ofmember, employer and state funding requirements, can be found in the TRS Comprehensive Annual FinancialReport for the year ended June 30, 2013. The report for the year ended June 30, 2014, is expected to beavailable in late 2014.

The reports may be obtained by writing to the Teachers’ Retirement System of the State of Illinois, P.O.Box 19253, 2815 West Washington Street, Springfield, IL 62794-9253. The most current report is alsoavailable on the TRS website at http://trs.illinois.gov.

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.

Funding Policy. 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 contribution rate for calendar year 2013 was 13.26 percent of annual covered payroll, which wasthe same as its required contribution. The District also contributes for disability benefits, death benefits andsupplemental retirement benefits, all of which are pooled at the IMRF level. Contribution rates for disabilityand death benefits are set by the IMRF Board of Trustees, while the supplemental retirement benefits rate isset by statute.

- 33 -



NOTE 11 - RETIREMENT SYSTEMS - (CONTINUED)

Annual Pension Cost and Net Pension Obligation. The District's annual pension cost and net pension obligationare as follows:

Annual required contribution $ 88,409Interest on net pension obligation -Adjustment to annual pension contribution -Annual pension cost 88,409Contributions made (88,409)Change in net pension obligation -Net Pension Obligation - Beginning of Year 17,513Net Pension Obligation - End of Year $ 17,513

The liability for the IMRF net pension obligation is considered immaterial to the government-wide financialstatements, and therefore, has not been recorded. The interest on the beginning net pension obligation andadjustment to the annual required contribution are considered immaterial and have not been included in theannual pension cost calculation.

The District's annual pension cost, percentage of annual pension cost contributed, and net pensionobligation for for the current year and each of the two preceding years were as follows:

Fiscal Year EndedAnnual Pension

Cost

Percentage ofAnnual Pension

CostContributed

Net PensionObligation

June 30, 2014 $ 88,409 %100 $ 17,513June 30, 2013 90,791 %100 17,513June 30, 2012 76,518 %100 17,513

The required contribution for fiscal year 2014 was determined as part of the December 31, 2011, actuarialvaluation using the entry age actuarial cost method. The actuarial assumptions at December 31, 2011,included (a) 7.50% investment rate of return (net of administrative and direct investment expenses), (b)projected salary increases of 4.00% a year, attributable to inflation, (c) additional projected salary increasesranging from 0.4% to 10% per year depending on age and service, attributable to seniority/merit, and (d)post-retirement benefit increases of 3% annually. The actuarial value of District plan assets was determinedusing techniques that smooth the effects of short-term volatility in the market value of investments over afive-year period with a 20% corridor between the actuarial and market value of assets. The District'sunfunded actuarial accrued liability at December 31, 2010 is being amortized as a level percentage ofprojected payroll on an open 30 year basis.

Funded Status and Funding Progress. As of December 31, 2013, the most recent actuarial valuation date, theRegular plan was 71.49 percent funded. The actuarial accrued liability for benefits was $1,601,016 and theactuarial value of assets was $1,144,491, resulting in an underfunded actuarial accrued liability (UAAL) of$456,525. The covered payroll for calendar year 2013 (annual payroll of active employees covered by theplan) was $666,731 and the ratio of the UAAL to the covered payroll was 68.47 percent.

The schedule of funding progress, presented as RSI following the notes to the financial statements, presentsmultiyear trend information about whether the actuarial value of plan assets is increasing or decreasing overtime relative to the actuarial accrued liability for benefits.

- 34 -



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 terms of the grants. Management believes such disallowance, if any, wouldbe immaterial.

NOTE 13 - CONSTRUCTION COMMITMENTS

As of June 30, 2014, the District is committed to approximately $638,293 in expenditures in the upcomingyear for building improvements. These expenditures will be paid primary through available fund balances.

NOTE 14 - CONTINGENT LIABILITIES

The District is a defendant in various lawsuits. Although the outcome of these lawsuits is not presentlydeterminable, in the opinion of the District’s attorneys, the resolution of these matters will not have amaterial adverse effect on the financial condition of the District.

NOTE 15 - EFFECT OF NEW ACCOUNTING STANDARDS ON

CURRENT-PERIOD FINANCIAL STATEMENTS

The Governmental Accounting Standards Board (GASB) has approved GASB Statement No. 68,Accounting and Financial Reporting for Pensions - an amendment of GASB Statement No. 27, Statement No. 69,Government Combinations and Disposals of Government Operations, and Statement No. 70, Accounting andFinancial Reporting for Nonexchange Financial Guarantees. Application of these standards may restate portionsof these financial statements.

- 35 -

HILLSIDE SCHOOL DISTRICT 93ILLINOIS MUNICIPAL RETIREMENT FUND

SCHEDULE OF EMPLOYER'S CONTRIBUTIONS AND ANALYSIS OF FUNDING PROGRESSAS OF AND FOR THE YEAR ENDED JUNE 30, 2014

ActuarialValuation

DateAnnual Pension

Cost (APC)Percentage of

APC ContributedNet PensionObligation

12/31/13 $ 88,409 100% $ 17,51312/31/12 90,791 100% 17,51312/31/11 76,518 100% 17,51312/31/10 83,397 79% 17,51312/31/09 60,919 100% -12/31/08 59,794 100% -

ActuarialValuation

Date

Actuarial Valueof Assets

(a)

ActuarialAccrued Liability(AAL) Entry Age

(b)

Unfunded AAL(UAAL)

(b-a)Funded Ratio

(a/b)Covered Payroll

(c)

UAAL as aPercentage of

Covered Payroll((b-a)/c)

12/31/13 $ 1,144,491 $ 1,601,016 $ 456,525 71.49% $ 666,731 68.47%12/31/12 848,821 1,433,197 584,376 59.23% 647,580 90.24%12/31/11 692,226 1,246,705 554,479 55.52% 612,143 90.58%12/31/10 465,708 1,089,595 623,887 42.74% 655,640 95.16%12/31/09 706,563 1,228,663 522,100 57.51% 669,442 77.99%12/31/08 556,595 1,073,385 516,790 51.85% 651,347 79.34%

See Auditors' Report and Notes to Required Supplementary Information

- 36 -

HILLSIDE SCHOOL DISTRICT 93GENERAL FUND

SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL - NON-GAAP BUDGETARY BASIS

FOR THE YEAR ENDED JUNE 30, 2014WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2013

2014

ORIGINAL ANDFINAL BUDGET ACTUAL

VARIANCE WITHFINAL BUDGET

2013ACTUAL

Revenues

Local sources

General levy $ 4,902,000 $ 5,006,164 $ 104,164 $ 4,574,552Corporate personal property replacement taxes 193,519 181,665 (11,854) 178,218Summer school - tuition from pupils or parents

(in state) 1,500 580 (920) 1,550Investment income 29,000 34,145 5,145 28,490Sales to pupils - lunch 35,090 29,120 (5,970) 33,345Sales to pupils - a la carte - - - 251Sales to adults 2,500 2,323 (177) 2,498Other food service 24,000 25,534 1,534 256Fees 15,000 12,187 (2,813) 14,528Other pupil activity revenue 12,300 10,579 (1,721) 9,835Contributions and donations from private

sources 500 1,583 1,083 814Refund of prior years' expenditures 9,000 121,804 112,804 122,938Proceed's from vendor contracts 1,500 348 (1,152) 1,247Other 650 14 (636) 298

Total local sources 5,226,559 5,426,046 199,487 4,968,820

State sources

General state aid 390,000 389,643 (357) 382,040Special education - private facility tuition 1,109 1,110 1 -Special education - extraordinary 75,000 72,822 (2,178) 78,914Special education - personnel 63,000 62,997 (3) 62,996Special education - orphanage - individual 57,000 57,315 315 53,137Special education - orphanage - summer 2,500 2,011 (489) 2,516Special education - summer school 1,000 564 (436) 918CTE - Secondary program improvement 500 - (500) -CTE - Other - 496 496 -State free lunch & breakfast 3,500 2,603 (897) 2,593Other restricted revenue from state sources 736 750 14 1,301

Total state sources 594,345 590,311 (4,034) 584,415

Federal sources

National school lunch program 130,000 160,041 30,041 137,614Food service - other - 12,676 12,676 9,811Title I - Low income 91,182 58,501 (32,681) 79,338Title II - Teacher quality 13,886 14,341 455 9,708Medicaid matching funds - fee-for-service

program 20,000 32,362 12,362 11,733

Total federal sources 255,068 277,921 22,853 248,204

Total revenues 6,075,972 6,294,278 218,306 5,801,439


- 37 -




2014



2013ACTUAL

Expenditures

Instruction

Regular programsSalaries $ 2,127,904 $ 2,036,644 $ 91,260 $ 2,002,720Employee benefits 335,900 302,028 33,872 295,028Purchased services 16,400 10,391 6,009 16,047Supplies and materials 91,800 64,396 27,404 68,127Capital outlay 3,000 1,696 1,304 1,519Other objects 2,250 1,927 323 476Non-capitalized equipment 2,000 - 2,000 -

Total 2,579,254 2,417,082 162,172 2,383,917

Special education programsSalaries 351,500 347,079 4,421 310,003Employee benefits 72,050 65,580 6,470 46,330Purchased services 1,000 - 1,000 -Supplies and materials 2,000 497 1,503 590Non-capitalized equipment 1,000 - 1,000 990

Total 427,550 413,156 14,394 357,913

Remedial and supplementalprograms K-12Salaries 128,536 128,536 - 86,717Employee benefits 7,590 6,973 617 23,003Purchased services 300 - 300 -Supplies and materials 800 4,630 (3,830) 777Non-capitalized equipment 250 - 250 -

Total 137,476 140,139 (2,663) 110,497

Interscholastic programsSalaries 64,000 54,851 9,149 54,931Employee benefits 1,050 308 742 212Purchased services 8,500 6,399 2,101 6,269Supplies and materials 4,350 1,108 3,242 5,167Other objects 700 273 427 320

Total 78,600 62,939 15,661 66,899

Summer school programsSalaries 23,400 15,239 8,161 28,018Employee benefits 500 136 364 139Supplies and materials 250 - 250 -

Total 24,150 15,375 8,775 28,157


- 38 -




2014



2013ACTUAL

Gifted programsSalaries $ 88,500 $ 87,990 $ 510 $ 88,224Employee benefits 17,590 14,619 2,971 14,837Purchased services 300 - 300 -Supplies and materials 850 - 850 -

Total 107,240 102,609 4,631 103,061

Total instruction 3,354,270 3,151,300 202,970 3,050,444

Support services

Pupils

Attendance and social work servicesSupplies and materials 300 377 (77) 732

Total 300 377 (77) 732

Guidance servicesSalaries 91,920 91,920 - 86,717Employee benefits 17,610 16,841 769 14,723Purchased services 300 - 300 -Supplies and materials 500 390 110 368

Total 110,330 109,151 1,179 101,808

Health servicesSalaries 69,000 68,980 20 66,328Employee benefits 5,700 5,637 63 5,533Purchased services 2,800 1,526 1,274 -Supplies and materials 1,500 1,154 346 808

Total 79,000 77,297 1,703 72,669

Speech pathology and audiologyservicesSalaries 50,000 48,800 1,200 71,765Employee benefits 10,940 11,015 (75) 9,916Purchased services 150 - 150 -Supplies and materials 850 17 833 480

Total 61,940 59,832 2,108 82,161

Other support services - pupilsSalaries 8,300 8,250 50 3,652Purchased services 7,500 4,467 3,033 3,946Other objects 1,500 505 995 -

Total 17,300 13,222 4,078 7,598

Total pupils 268,870 259,879 8,991 264,968


- 39 -




2014



2013ACTUAL

Instructional staff

Improvement of instructional servicesSalaries $ 102,100 $ 101,653 $ 447 $ 99,151Employee benefits 34,250 28,109 6,141 23,412Purchased services 24,462 7,445 17,017 9,013Supplies and materials 7,100 5,819 1,281 4,123Other objects 250 - 250 -

Total 168,162 143,026 25,136 135,699

Educational media servicesSalaries 109,500 108,779 721 106,133Employee benefits 12,670 7,356 5,314 15,667Purchased services 1,100 47 1,053 292Supplies and materials 7,800 5,775 2,025 6,068Capital outlay 12,000 8,094 3,906 -Non-capitalized equipment 7,757 - 7,757 -

Total 150,827 130,051 20,776 128,160

Assessment and testingSupplies and materials 3,200 299 2,901 -

Total 3,200 299 2,901 -

Total instructional staff 322,189 273,376 48,813 263,859

General administration

Board of education servicesSalaries 43,100 28,019 15,081 43,202Employee benefits 6,120 2,866 3,254 7,509Purchased services 172,941 190,831 (17,890) 102,187Supplies and materials 3,200 2,638 562 2,354Other objects 11,500 5,545 5,955 6,998

Total 236,861 229,899 6,962 162,250

Executive administration servicesSalaries 176,500 198,164 (21,664) 172,924Employee benefits 45,716 49,810 (4,094) 40,085Purchased services 2,500 4,668 (2,168) 8,383Supplies and materials 4,000 2,369 1,631 2,291Other objects 4,700 4,783 (83) 4,122Non-capitalized equipment 1,000 - 1,000 -

Total 234,416 259,794 (25,378) 227,805

Total general administration 471,277 489,693 (18,416) 390,055


- 40 -




2014



2013ACTUAL

School administration

Office of the principal servicesSalaries $ 267,000 $ 260,348 $ 6,652 $ 245,689Employee benefits 51,750 49,369 2,381 46,491Purchased services 6,000 3,970 2,030 4,021Supplies and materials 4,550 2,679 1,871 3,647Other objects 600 493 107 551Non-capitalized equipment 1,000 - 1,000 -

Total 330,900 316,859 14,041 300,399

Total school administration 330,900 316,859 14,041 300,399

Business

Fiscal servicesSalaries 192,500 191,195 1,305 182,846Employee benefits 32,400 31,812 588 25,474Purchased services 13,000 10,950 2,050 10,746Supplies and materials 2,000 1,066 934 (480)Other objects 2,500 2,272 228 2,273Non-capitalized equipment 1,000 - 1,000 -

Total 243,400 237,295 6,105 220,859

Food servicesSalaries 72,000 70,808 1,192 68,912Employee benefits 37,700 37,694 6 32,207Purchased services 2,000 1,701 299 1,726Supplies and materials 115,000 148,697 (33,697) 114,566Other objects 250 255 (5) 1,396

Total 226,950 259,155 (32,205) 218,807

Total business 470,350 496,450 (26,100) 439,666

Central

Staff servicesSalaries 1,500 6,413 (4,913) 1,000

Total 1,500 6,413 (4,913) 1,000

Total central 1,500 6,413 (4,913) 1,000

Other supporting servicesPurchased services 17,653 660 16,993 550Supplies and materials 1,000 83 917 212

Total 18,653 743 17,910 762

Total support services 1,883,739 1,843,413 40,326 1,660,709


- 41 -




2014



2013ACTUAL

Community services

Purchased services $ 4,000 $ 2,685 $ 1,315 $ 2,231

Total community services 4,000 2,685 1,315 2,231

Payments to other districts and governmentalunits

Payments for special educationprogramsPurchased services 550,000 687,913 (137,913) 624,350

Total 550,000 687,913 (137,913) 624,350

Payments for special educationprograms - tuitionOther objects 27,100 - 27,100 -

Total 27,100 - 27,100 -

Total payments to other districts andgovernmental units 577,100 687,913 (110,813) 624,350

Provision for contingencies25,000 - 25,000 -

Total expenditures 5,844,109 5,685,311 158,798 5,337,734

Net change in fund balance $ 231,863 608,967 $ 377,104 463,705

Fund balance, beginning of year 5,085,897 4,622,192

Fund balance, end of year $ 5,694,864 $ 5,085,897


- 42 -

HILLSIDE SCHOOL DISTRICT 93OPERATIONS AND MAINTENANCE FUND

SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUALFOR THE YEAR ENDED JUNE 30, 2014

WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2013

2014



2013ACTUAL

Revenues

Local sources

General levy $ 810,000 $ 595,321 $ (214,679) $ 737,821Corporate personal property replacement taxes 193,519 181,665 (11,854) 178,218Investment income 14,000 14,612 612 13,567Rentals 100 - (100) -Refund of prior years' expenditures 4,000 8,156 4,156 8,996Other 20,000 2,960 (17,040) 31,415

Total local sources 1,041,619 802,714 (238,905) 970,017

State sources

School infrastructure - maintenance projects - 100,000 100,000 50,000

Total state sources - 100,000 100,000 50,000

Total revenues 1,041,619 902,714 (138,905) 1,020,017

Expenditures

Support services

Business

Facilities acquisition and constructionservicePurchased services 45,000 55,348 (10,348) 50,814Supplies and materials 4,000 1,601 2,399 1,293Capital outlay 490,000 286,919 203,081 618,607Non-capitalized equipment 4,000 679 3,321 -

Total 543,000 344,547 198,453 670,714

Operation and maintenance of plantservicesSalaries 286,000 283,896 2,104 280,874Employee benefits 62,350 62,209 141 57,110Purchased services 201,500 138,264 63,236 151,169Supplies and materials 151,000 184,944 (33,944) 126,743Capital outlay - 96,090 (96,090) -Other objects 500 - 500 -

Total 701,350 765,403 (64,053) 615,896

Total business 1,244,350 1,109,950 134,400 1,286,610


- 43 -

HILLSIDE SCHOOL DISTRICT 93OPERATIONS AND MAINTENANCE FUND



2014



2013ACTUAL

Other supporting servicesPurchased services $ 45,000 $ 54,471 $ (9,471) $ 28,485Supplies and materials 7,000 4,916 2,084 5,577Capital outlay 85,000 11,450 73,550 66,303Non-capitalized equipment 60,000 57,613 2,387 -

Total 197,000 128,450 68,550 100,365


Payments to other districts and governmentunits

Payments for special educationprogramsPurchased services 30,000 30,951 (951) 29,892

Total 30,000 30,951 (951) 29,892

Total payments to other districts andgovernment units 30,000 30,951 (951) 29,892


Excess (deficiency) of revenues overexpenditures (429,731) (366,637) 63,094 (396,850)

Other financing sources (uses)

Permanent transfer of interest 1,200 1,439 239 1,216Capital lease proceeds - 96,090 96,090 -Transfer to debt service fund to pay principal

on capital leases - (1,932) (1,932) (4,313)Transfer to debt service fund to pay interest

on capital leases - (3,104) (3,104) (946)

Total other financing sources (uses) 1,200 92,493 91,293 (4,043)

Net change in fund balance $ (428,531) (274,144) $ 154,387 (400,893)




- 44 -

HILLSIDE SCHOOL DISTRICT 93TRANSPORTATION FUND



2014



2013ACTUAL

Revenues

Local sources

General levy $ 165,000 $ 127,216 $ (37,784) $ 148,891Regular transportation fees from pupils or

parents (in state) 20,000 18,600 (1,400) 20,060Investment income 1,200 2,103 903 1,448Refund of prior years' expenditures - 27,404 27,404 82,656Other 1,500 3,613 2,113 2,025

Total local sources 187,700 178,936 (8,764) 255,080

State sources

Transportation - regular/vocational 464 459 (5) 350Transportation - special education 3,500 4,773 1,273 829

Total state sources 3,964 5,232 1,268 1,179

Federal sources

Title I - Low income 4,500 2,800 (1,700) -

Total federal sources 4,500 2,800 (1,700) -

Total revenues 196,164 186,968 (9,196) 256,259

Expenditures

Support Services

Business

Pupil transportation servicesSalaries 25,000 24,909 91 23,764Employee benefits 3,805 3,993 (188) 3,296Purchased services 147,500 161,867 (14,367) 117,604

Total 176,305 190,769 (14,464) 144,664

Total business 176,305 190,769 (14,464) 144,664

Total support services 176,305 190,769 (14,464) 144,664


- 45 -

HILLSIDE SCHOOL DISTRICT 93TRANSPORTATION FUND



2014



2013ACTUAL


Payments for special educationprogramsPurchased services $ 15,000 $ 21,306 $ (6,306) $ 24,683

Total 15,000 21,306 (6,306) 24,683

Total payments to other districts andgovernment units 15,000 21,306 (6,306) 24,683

Total expenditures 191,305 212,075 (20,770) 169,347

Net change in fund balance $ 4,859 (25,107) $ (29,966) 86,912

Fund balance, beginning of year 340,357 253,445

Fund balance, end of year $ 315,250 $ 340,357


- 46 -

HILLSIDE SCHOOL DISTRICT 93MUNICIPAL RETIREMENT/SOCIAL SECURITY FUND



2014



2013ACTUAL

Revenues

Local sources

General levy $ 112,000 $ 118,035 $ 6,035 $ 102,418Social security/medicare only levy 112,000 118,035 6,035 102,418Corporate personal property replacement taxes 7,000 8,760 1,760 11,388Investment income 1,000 1,077 77 777

Total local sources 232,000 245,907 13,907 217,001

Total revenues 232,000 245,907 13,907 217,001

Expenditures

Instruction

Regular programs 39,700 37,504 2,196 39,299Employee benefits 19,600 - 19,600 -Special education programs - 12,845 (12,845) 9,945Educationally deprived/remedial programs 1,300 6,263 (4,963) 5,711Interscholastic programs 2,550 1,091 1,459 1,357Summer school programs 320 1,126 (806) 897

Total instruction 63,470 58,829 4,641 57,209

Support services

Pupils

Health services 15,400 13,429 1,971 13,082Speech pathology and audiology services 1,100 1,759 (659) 1,995Other support services - pupils 550 511 39 226

Total pupils 17,050 15,699 1,351 15,303

Instructional staff

Improvement of instructional staff 1,500 1,578 (78) 1,439Educational media services 5,600 5,621 (21) 5,432

Total instructional staff 7,100 7,199 (99) 6,871


Board of education services 855 798 57 1,023Executive administration services 13,200 12,922 278 12,288

Total general administration 14,055 13,720 335 13,311


Office of the principal services 14,600 13,839 761 12,807

Total school administration 14,600 13,839 761 12,807


- 47 -

HILLSIDE SCHOOL DISTRICT 93MUNICIPAL RETIREMENT/SOCIAL SECURITY FUND



2014



2013ACTUAL

Business

Fiscal services $ 12,400 $ 12,249 $ 151 $ 11,882Operations and maintenance of plant

services 56,170 55,423 747 55,588Pupil transportation services 1,250 1,227 23 1,189Food services 13,600 13,264 336 12,950

Total business 83,420 82,163 1,257 81,609

Total support services 136,225 132,620 3,605 129,901


Payments for special education programs 30,000 32,889 (2,889) 30,501

Total payments to other districts andgovernment units 30,000 32,889 (2,889) 30,501

Total expenditures 229,695 224,338 5,357 217,611

Net change in fund balance $ 2,305 21,569 $ 19,264 (610)




- 48 -

HILLSIDE SCHOOL DISTRICT 93NOTES TO REQUIRED SUPPLEMENTARY INFORMATION


STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY

Budgetary Data

Except for the exclusion of on-behalf payments from other governments, discussed below, the budgeted amountsfor the Governmental Funds are adopted on the modified accrual basis, which is consistent with accountingprinciples generally accepted in the United States of America.

The Board of Education follows these procedures in establishing the budgetary data reflected in the general purposefinancial statements:

1. The Administration submits to the Board of Education a proposed operating budget for the fiscal yearcommencing July 1. The operating budget includes proposed expenditures and the means of financing 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 an resolution. By the last Tuesday inDecember, 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 the samefunction and object codes. The Board of Education is authorized to transfer up to a legal level of 10% of thetotal budget between functions within any fund; however, any revisions that alter the total expenditures ofany fund must be approved by the Board of Education, after following the public hearing process mandatedby 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 budget amounts shown in the financial statements are as originally adopted because there were noamendments during the past fiscal year.

Budget Reconciliations

The Statement of Revenues, Expenditures and Changes in Fund Balance - Governmental Funds (GAAP basis)includes “on-behalf” payments received and made for the amounts contributed by the State of Illinois for theemployer’s share of the Teachers Retirement System pension. The District does not budget for these amounts inthe Educational Accounts of the General Fund. The differences between the budget and GAAP basis are asfollows:

Revenues Expenditures

General Fund Budgetary Basis $ 6,294,278 $ 5,685,311To adjust for on-behalf payments received 1,255,542 -To adjust for on-behalf payments made - 1,255,542

General Fund GAAP Basis $ 7,549,820 $ 6,940,853

Excess of Expenditures over Budget

For the year ended June 30, 2014, expenditures exceeded budget in the Transportation Fund by $20,770. Thisexcess was funded by available fund balance.

See Auditors' Report

- 49 -

HILLSIDE SCHOOL DISTRICT 93DEBT SERVICE FUND



2014



2013ACTUAL

Revenues

Local sources

General levy $ 228,000 $ 228,093 $ 93 $ 217,519Investment income 1,200 1,440 240 1,216

Total local sources 229,200 229,533 333 218,735

Total revenues 229,200 229,533 333 218,735

Expenditures

Debt services

Payments on long term debtInterest on long term debt 102,970 106,072 (3,102) 107,330Principal payments on long term debt 115,000 116,932 (1,932) 114,313

Total 217,970 223,004 (5,034) 221,643Other debt serviceOther objects - 500 (500) 500

Total - 500 (500) 500

Total debt services 217,970 223,504 (5,534) 222,143


Total expenditures 219,170 223,504 (4,334) 222,143

Excess (deficiency) of revenues overexpenditures 10,030 6,029 (4,001) (3,408)


Transfer to debt service to pay principal oncapital leases - 1,932 1,932 4,313

Transfer to debt service to pay interest oncapital leases - 3,104 3,104 946

Permanent transfer of interest (1,200) (1,439) (239) (1,216)

Total other financing sources (uses) (1,200) 3,597 4,797 4,043

Net change in fund balance $ 8,830 9,626 $ 796 635



- 50 -


COMBINING BALANCE SHEETAS OF JUNE 30, 2014

EDUCATIONALACCOUNTS

WORKING CASHACCOUNTS TOTAL

Assets

Cash and investments $ 4,405,254 $ 1,932,382 $ 6,337,636

Receivables (net allowance for uncollectibles):Property taxes 2,586,236 50,469 2,636,705Replacement taxes 31,582 - 31,582Intergovernmental 28,539 - 28,539Other 4,018 - 4,018

Total assets $ 7,055,629 $ 1,982,851 $ 9,038,480

Liabilities, deferred inflows of resources, and fund balance

Liabilities

Accounts payable $ 244,983 $ - $ 244,983Salaries and wages payable 461,928 - 461,928

Total liabilities 706,911 - 706,911


Property taxes levied for a future period 2,586,236 50,469 2,636,705

Total deferred inflows of resources 2,586,236 50,469 2,636,705

Fund balance

Unassigned 3,762,482 1,932,382 5,694,864

Total fund balance 3,762,482 1,932,382 5,694,864

Total liabilities, deferred inflows of resources, and fundbalance $ 7,055,629 $ 1,982,851 $ 9,038,480

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COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCESFOR THE YEAR ENDED JUNE 30, 2014

EDUCATIONALACCOUNTS

WORKING CASHACCOUNTS ELIMINATIONS TOTAL

RevenuesProperty taxes $ 4,904,472 $ 101,692 $ - $ 5,006,164Corporate personal property

replacement taxes 181,665 - - 181,665State aid 1,845,853 - - 1,845,853Federal aid 277,921 - - 277,921Investment income 23,640 10,505 - 34,145Other 204,072 - - 204,072

Total revenues 7,437,623 112,197 - 7,549,820

ExpendituresCurrent:

Instruction:Regular programs 2,415,386 - - 2,415,386Special programs 553,295 - - 553,295Other instructional programs 180,923 - - 180,923State retirement contributions 1,255,542 - - 1,255,542

Support Services:Pupils 259,879 - - 259,879Instructional staff 265,282 - - 265,282General administration 489,693 - - 489,693School administration 316,859 - - 316,859Business 496,450 - - 496,450Central 6,413 - - 6,413Other supporting services 743 - - 743

Community services 2,685 - - 2,685Payments to other districts and gov't units 687,913 - - 687,913

Capital outlay 9,790 - - 9,790

Total expenditures 6,940,853 - - 6,940,853

Excess (deficiency) of revenues overexpenditures 496,770 112,197 - 608,967

Other financing sources (uses)Transfers in 10,503 - (10,503) -Transfers (out) - (10,503) 10,503 -

Total other financing sources (uses) 10,503 (10,503) - -

Net change in fund balance 507,273 101,694 - 608,967

Fund balance, beginning of year 3,255,209 1,830,688 - 5,085,897

Fund balance, end of year $ 3,762,482 $ 1,932,382 $ - $ 5,694,864

- 52 -

HILLSIDE SCHOOL DISTRICT 93EDUCATIONAL ACCOUNTS



2014



2013ACTUAL

Revenues

Local sources

General levy $ 4,800,000 $ 4,904,472 $ 104,472 $ 4,477,402Corporate personal property replacement taxes 193,519 181,665 (11,854) 178,218Summer school - tuition from pupils or parents

(in state) 1,500 580 (920) 1,550Investment income 16,000 23,640 7,640 18,804Sales to pupils - lunch 35,090 29,120 (5,970) 33,345Sales to pupils - a la carte - - - 251Sales to adults 2,500 2,323 (177) 2,498Other food service 24,000 25,534 1,534 256Fees 15,000 12,187 (2,813) 14,528Other pupil activity revenue 12,300 10,579 (1,721) 9,835Contributions and donations from private

sources 500 1,583 1,083 814Refund of prior years' expenditures 9,000 121,804 112,804 122,938Proceed's from vendor contracts 1,500 348 (1,152) 1,247Other 650 14 (636) 298

Total local sources 5,111,559 5,313,849 202,290 4,861,984

State sources

General state aid 390,000 389,643 (357) 382,040Special education - private facility tuition 1,109 1,110 1 -Special education - extraordinary 75,000 72,822 (2,178) 78,914Special education - personnel 63,000 62,997 (3) 62,996Special education - orphanage - individual 57,000 57,315 315 53,137Special education - orphanage - summer 2,500 2,011 (489) 2,516Special education - summer school 1,000 564 (436) 918CTE - Secondary program improvement 500 - (500) -CTE - Other - 496 496 -State free lunch & breakfast 3,500 2,603 (897) 2,593Other restricted revenue from state sources 736 750 14 1,301

Total state sources 594,345 590,311 (4,034) 584,415

Federal sources

National school lunch program 130,000 160,041 30,041 137,614Food service - other - 12,676 12,676 9,811Title I - Low income 91,182 58,501 (32,681) 79,338Title II - Teacher quality 13,886 14,341 455 9,708Medicaid matching funds - administrative

outreach - - - (4,743)Medicaid matching funds - fee-for-service

program 20,000 32,362 12,362 16,476

Total federal sources 255,068 277,921 22,853 248,204

Total revenues 5,960,972 6,182,081 221,109 5,694,603

- 53 -




2014



2013ACTUAL

Expenditures

Instruction

Regular programsSalaries $ 2,127,904 $ 2,036,644 $ 91,260 $ 2,002,720Employee benefits 335,900 302,028 33,872 295,028Purchased services 16,400 10,391 6,009 16,047Supplies and materials 91,800 64,396 27,404 68,127Capital outlay 3,000 1,696 1,304 1,519Other objects 2,250 1,927 323 476Non-capitalized equipment 2,000 - 2,000 -

Total 2,579,254 2,417,082 162,172 2,383,917

Special education programsSalaries 351,500 347,079 4,421 310,003Employee benefits 72,050 65,580 6,470 46,330Purchased services 1,000 - 1,000 -Supplies and materials 2,000 497 1,503 590Non-capitalized equipment 1,000 - 1,000 990

Total 427,550 413,156 14,394 357,913

Remedial and supplementalprograms K - 12Salaries 128,536 128,536 - 86,717Employee benefits 7,590 6,973 617 23,003Purchased services 300 - 300 -Supplies and materials 800 4,630 (3,830) 777Non-capitalized equipment 250 - 250 -

Total 137,476 140,139 (2,663) 110,497

Interscholastic programsSalaries 64,000 54,851 9,149 54,931Employee benefits 1,050 308 742 212Purchased services 8,500 6,399 2,101 6,269Supplies and materials 4,350 1,108 3,242 5,167Other objects 700 273 427 320

Total 78,600 62,939 15,661 66,899

Summer school programsSalaries 23,400 15,239 8,161 28,018Employee benefits 500 136 364 139Supplies and materials 250 - 250 -

Total 24,150 15,375 8,775 28,157

- 54 -




2014



2013ACTUAL

Gifted programsSalaries $ 88,500 $ 87,990 $ 510 $ 88,224Employee benefits 17,590 14,619 2,971 14,837Purchased services 300 - 300 -Supplies and materials 850 - 850 -

Total 107,240 102,609 4,631 103,061

Total instruction 3,354,270 3,151,300 202,970 3,050,444

Support services

Pupils

Attendance and social work servicesSupplies and materials 300 377 (77) 732

Total 300 377 (77) 732

Guidance servicesSalaries 91,920 91,920 - 86,717Employee benefits 17,610 16,841 769 14,723Purchased services 300 - 300 -Supplies and materials 500 390 110 368

Total 110,330 109,151 1,179 101,808

Health servicesSalaries 69,000 68,980 20 66,328Employee benefits 5,700 5,637 63 5,533Purchased services 2,800 1,526 1,274 -Supplies and materials 1,500 1,154 346 808

Total 79,000 77,297 1,703 72,669

Speech pathology and audiologyservicesSalaries 50,000 48,800 1,200 71,765Employee benefits 10,940 11,015 (75) 9,916Purchased services 150 - 150 -Supplies and materials 850 17 833 480

Total 61,940 59,832 2,108 82,161

Other support services - pupilsSalaries 8,300 8,250 50 3,652Purchased services 7,500 4,467 3,033 3,946Other objects 1,500 505 995 -

Total 17,300 13,222 4,078 7,598

Total pupils 268,870 259,879 8,991 264,968

- 55 -




2014



2013ACTUAL

Instructional staff

Improvement of instructional servicesSalaries $ 102,100 $ 101,653 $ 447 $ 99,151Employee benefits 34,250 28,109 6,141 23,412Purchased services 24,462 7,445 17,017 9,013Supplies and materials 7,100 5,819 1,281 4,123Other objects 250 - 250 -

Total 168,162 143,026 25,136 135,699

Educational media servicesSalaries 109,500 108,779 721 106,133Employee benefits 12,670 7,356 5,314 15,667Purchased services 1,100 47 1,053 292Supplies and materials 7,800 5,775 2,025 6,068Capital outlay 12,000 8,094 3,906 -Non-capitalized equipment 7,757 - 7,757 -

Total 150,827 130,051 20,776 128,160

Assessment and testingSupplies and materials 3,200 299 2,901 -

Total 3,200 299 2,901 -

Total instructional staff 322,189 273,376 48,813 263,859


Board of education servicesSalaries 43,100 28,019 15,081 43,202Employee benefits 6,120 2,866 3,254 7,509Purchased services 172,941 190,831 (17,890) 102,187Supplies and materials 3,200 2,638 562 2,354Other objects 11,500 5,545 5,955 6,998

Total 236,861 229,899 6,962 162,250

Executive administration servicesSalaries 176,500 198,164 (21,664) 172,924Employee benefits 45,716 49,810 (4,094) 40,085Purchased services 2,500 4,668 (2,168) 8,383Supplies and materials 4,000 2,369 1,631 2,291Other objects 4,700 4,783 (83) 4,122Non-capitalized equipment 1,000 - 1,000 -

Total 234,416 259,794 (25,378) 227,805

Total general administration 471,277 489,693 (18,416) 390,055

- 56 -




2014



2013ACTUAL


Office of the principal servicesSalaries $ 267,000 $ 260,348 $ 6,652 $ 245,689Employee benefits 51,750 49,369 2,381 46,491Purchased services 6,000 3,970 2,030 4,021Supplies and materials 4,550 2,679 1,871 3,647Other objects 600 493 107 551Non-capitalized equipment 1,000 - 1,000 -

Total 330,900 316,859 14,041 300,399

Total school administration 330,900 316,859 14,041 300,399

Business

Fiscal servicesSalaries 192,500 191,195 1,305 182,846Employee benefits 32,400 31,812 588 25,474Purchased services 13,000 10,950 2,050 10,746Supplies and materials 2,000 1,066 934 (480)Other objects 2,500 2,272 228 2,273Non-capitalized equipment 1,000 - 1,000 -

Total 243,400 237,295 6,105 220,859

Food servicesSalaries 72,000 70,808 1,192 68,912Employee benefits 37,700 37,694 6 32,207Purchased services 2,000 1,701 299 1,726Supplies and materials 115,000 148,697 (33,697) 114,566Other objects 250 255 (5) 1,396

Total 226,950 259,155 (32,205) 218,807

Total business 470,350 496,450 (26,100) 439,666

Central

Staff servicesSalaries 1,500 6,413 (4,913) 1,000

Total 1,500 6,413 (4,913) 1,000

Total central 1,500 6,413 (4,913) 1,000

Other supporting servicesPurchased services 17,653 660 16,993 550Supplies and materials 1,000 83 917 212

Total 18,653 743 17,910 762


- 57 -




2014



2013ACTUAL

Community services

Purchased services $ 4,000 $ 2,685 $ 1,315 $ 2,231

Total community services 4,000 2,685 1,315 2,231

Payments to other districts and governmentalunits

Payments for special educationprogramsPurchased services 550,000 687,913 (137,913) 628,690

Total 550,000 687,913 (137,913) 628,690

Payments for Regular Programs - TuitionOther objects - - - (4,340)

Total - - - (4,340)

Payments for special educationprograms - tuitionOther objects 27,100 - 27,100 -

Total 27,100 - 27,100 -

Total payments to other districts andgovernmental units 577,100 687,913 (110,813) 624,350



Excess (deficiency) of revenues overexpenditures 116,863 496,770 379,907 356,869


Permanent transfer from working cashaccounts - interest 13,000 10,503 (2,497) 9,686

Total other financing sources (uses) 13,000 10,503 (2,497) 9,686

Net change in fund balance $ 129,863 507,273 $ 377,410 366,555



- 58 -

HILLSIDE SCHOOL DISTRICT 93WORKING CASH ACCOUNTS



2014



2013ACTUAL

Revenues

Local sources

General levy $ 102,000 $ 101,692 $ (308) $ 97,150Investment income 13,000 10,505 (2,495) 9,686

Total local sources 115,000 112,197 (2,803) 106,836

Total revenues 115,000 112,197 (2,803) 106,836

Expenditures

Total expenditures - - - -

Excess (deficiency) of revenues overexpenditures 115,000 112,197 (2,803) 106,836


Permanent transfer from working cashaccounts - interest (13,000) (10,503) 2,497 (9,686)

Total other financing sources (uses) (13,000) (10,503) 2,497 (9,686)

Net change in fund balance $ 102,000 101,694 $ (306) 97,150



- 59 -

HILLSIDE SCHOOL DISTRICT 93FIVE YEAR SUMMARY OF ASSESSED VALUATIONS,

TAX RATES, EXTENSIONS AND COLLECTIONSAS OF AND FOR THE YEAR ENDED JUNE 30, 2014

2013 2012 2011 2010 2009

Assessed valuation $ 269,090,227 $ 284,961,124 $ 311,382,626 $ 369,322,490 $ 376,995,417

Tax rates

Educational 1.9602 1.6990 1.5008 1.2056 1.1344Operations and maintenance 0.2010 0.2639 0.2680 0.2449 0.2438Bond and interest 0.0863 0.0810 0.0735 0.0628 0.0615Transportation 0.0383 0.0560 0.0513 0.0572 0.0560Municipal Retirement 0.0383 0.0470 0.0265 0.0223 0.0219Social Security 0.0383 0.0470 0.0265 0.0223 0.0219Working Cash 0.0383 0.0361 0.0331 0.0279 0.0273

Total 2.4007 2.2300 1.9797 1.6430 1.5668

Tax extensions

Educational $ 5,274,819 $ 4,841,442 $ 4,673,301 $ 4,452,546 $ 4,276,620Operations and maintenance 540,750 752,047 834,364 904,636 919,123Bond and interest 232,305 230,678 228,979 232,076 231,740Transportation 103,000 159,650 159,650 211,150 211,150Municipal Retirement 103,000 133,900 82,400 82,400 82,400Social Security 103,000 133,900 82,400 82,400 82,400Working Cash 103,000 103,000 103,000 103,000 103,000

Total $ 6,459,874 $ 6,354,617 $ 6,164,094 $ 6,068,208 $ 5,906,433

- 60 -

HILLSIDE SCHOOL DISTRICT 93WORKING CASH BONDS ISSUE, DECEMBER 1, 2009

AS OF JUNE 30, 2014

WORKING CASH BONDS

YEAR ENDED JUNE 30, PRINCIPAL INTEREST TOTAL

2015 $ 120,000 $ 99,443 $ 219,4432016 120,000 95,843 215,8432017 125,000 91,855 216,8552018 130,000 87,393 217,3932019 135,000 82,418 217,4182020 140,000 76,918 216,9182021 145,000 71,218 216,2182022 150,000 65,318 215,3182023 155,000 59,218 214,2182024 165,000 52,611 217,6112025 170,000 45,493 215,4932026 175,000 38,118 213,1182027 185,000 30,378 215,3782028 190,000 22,220 212,2202029 200,000 13,640 213,6402030 210,000 4,620 214,620

Total $ 2,515,000 $ 936,704 $ 3,451,704

Paying Agent: Wells Fargo Bank, N.A.

Principal payment date: December 1st

Interest payment dates: June 1st and December 1st

Interest rates: 2.00% - 4.40%

- 61 -

HILLSIDE SCHOOL DISTRICT 93p1cdn4static.sharpschool.com/UserFiles/Servers/Server... · 2015. 1. 16. · rel630 990 3131 fax 630 990 0039 bakerrilly.com We have audited the accompanying

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