1
Monday, February 11, 2019
Financial Forecast
Fiscal Years 2019-2024Policy 4:10
Overview
• Financial Forecast• Operating & Non-Operating Funds
• Revenue and Expenditures
• Assumptions• EAV, Property Taxes, CPI, Proration,
Pensions
• Evidence Based Funding
• Future Activities
2
3
Operating Funds Forecast
FORECAST
Operating Funds - Projection Analysis
Budget
FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024
REVENUE
Local 282,917,954 293,658,377 301,695,499 309,755,396 317,706,371 325,785,844
State 49,399,548 52,527,434 53,327,434 54,127,434 54,927,434 55,727,434
Federal 9,920,737 10,920,737 10,920,737 10,920,737 10,920,737 10,920,737
TOTAL REVENUE 342,238,239 357,106,548 365,943,670 374,803,567 383,554,542 392,434,015
EXPENDITURES
Salaries & benefits 258,150,007 268,055,130 277,370,602 287,173,041 294,953,771 303,000,685
Other 82,177,539 86,276,933 84,920,926 85,686,168 85,476,716 85,793,074
TOTAL EXPENDITURES 340,327,546 354,332,063 362,291,528 372,859,209 380,430,487 388,793,759
EXCESS / DEFICIT 1,910,693 2,774,485 3,652,142 1,944,358 3,124,055 3,640,256
Other Financing Sources (Uses) - - - - - - -
EXCESS / DEFICIT & OTHER FINANCING 1,910,693 2,774,485 3,652,142 1,944,358 3,124,055 3,640,256
Reductions
Net excess (deficit) after reductions 1,910,693 2,774,485 3,652,142 1,944,358 3,124,055 3,640,256
Beginning Fund Balance 109,572,941 111,483,634 114,258,119 117,910,261 119,854,619 122,978,675
Ending Fund Balance 111,483,634 114,258,119 117,910,261 119,854,619 122,978,675 126,618,931
Fund Balance as % of Revenues 32.57% 32.00% 32.22% 31.98% 32.06% 32.27%
REVENUE / EXPENDITURE PROJECTIONS
Forecast
Indian Prairie CUSD 204
Non-Operating Forecast
4
Bond and Capital - Projection Analysis
Budget
FY 2019 FY 2020 FY 2021 FY 2022
Revenue:
Local 28,241,159 28,191,203 28,182,267 28,220,384
State - - - -
Federal - - - -
Total 28,241,159 28,191,203 28,182,267 28,220,384
Expenditures:
Capital Outlay 2,000,000 2,000,000 2,000,000 2,000,000
Bond and Interest 26,564,764 26,681,284 26,668,622 26,688,594
Total 28,564,764 28,681,284 28,668,622 28,688,594
Excess/(Deficit) (323,605) (490,081) (486,355) (468,210)
Other financing sources 1,061,000 3,525,000 -
Change in Fund Balance 737,395 3,034,919 (486,355) (468,210)
Beginning Fund Balance 22,712,716 23,450,111 26,485,030 25,998,675
Ending Fund Balance 23,450,111 26,485,030 25,998,675 25,530,465 Fund Balance as % of Revenues 83.0% 93.9% 92.3% 90.5%
REVENUE / EXPENDITURE PROJECTIONS
Forecast
5
Revenues
Property Taxes78%
Other Local Revenue
5%
Evidence Based Funding
11%
Other State Revenue
3%
Federal Revenue3%
Budgeted Revenue Allocation by Source
6
Salaries62%
Employee Benefits13%
Purchased Services14%
Supplies and Materials
4%
Capital Outlay2%
Other Objects3%
Non-Capitalized Equipment
2%
Expenditure Allocation by Object
Expenditures
• Salaries aligned to collective bargaining agreements
• Health benefits increased by 6%
• Special Education Out-of-District tuition increased by 7%
• All consumables increased by Consumer Price Index
• Operations and Maintenance Capital Outlay set at $7M
• Transportation Purchased Services increased 8%
• We continue to monitor the possibility of additional costs due to unfunded State mandates– Pension cost shift: Full cost shift = $14.8M
– State minimum wage increases
7
Expenditures Cont.
8
New Property
38.4 42.4
56.9
65.1
60.4
80.5
55.0 55.0
45.0 45.0 45.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Millio
ns
New EAV Growth
9
Existing EAV Change
0.18%
3.55%
4.71%
3.57%
3.05%
3.50% 3.50% 3.50% 3.50% 3.50%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Existing EAV % Change
Total EAV Change
10
1.13%
4.80%
6.08%
4.77%4.57% 4.50% 4.45%
4.25% 4.22% 4.19%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total EAV % Change
Equalized Assessed Valuation
11
4,483.3 4,533.9 4,751.6
5,040.6 5,281.1
5,522.6 5,770.9
6,027.9 6,283.9
6,548.8 6,823.0
0.0
1,000.0
2,000.0
3,000.0
4,000.0
5,000.0
6,000.0
7,000.0
8,000.0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Millio
ns
Total EAV Analysis
12
Consumer Price Index
1.70%
1.50%
0.80%0.70%
2.10% 2.10%
1.90%2.00% 2.00% 2.00% 2.00%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Consumer Price Index
13
Assumptions – Tax Rate
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Non-Capped Rate 0.6238 0.6192 0.5916 0.5431 0.5113 0.4935 0.4769 0.4572 0.4392 0.4137 0.3741
Capped Rate 5.3320 5.4584 5.2589 5.0573 4.9854 4.9394 4.8631 4.7926 4.7231 4.6547 4.5872
0.0000
1.0000
2.0000
3.0000
4.0000
5.0000
6.0000
7.0000
Total Tax Rate
Capped Rate Non-Capped Rate
14
2014 2015 2016 2017 2018 2019 2020
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
$35,000,000
$40,000,000
$45,000,000
General State Aid / Evidence Based Funding
Foundation Formula Evidence Based Funding
Evidence Based Funding
15
Queen Bee ESD $183
West Chicago HSD $361
West Chicago ESD $473
Naperville 203 $1
IPSD 204 $28
EBF New Tier $ Per Pupil
16
Evidence Based Funding- Elements
Per Student
12 Gifted
13 Professional Development
14 Instructional Materials
15 Assessment
16 Computer Technology
17 Student Activities
Central Services
18 Maintenance and Oper
19 Central Office
20 Employee Benefits
Diverse Learners
21a Intervention (Poverty)
21b Intervention (EL)
22a Pupil Support (Poverty)
22b Pupil Support (EL)
23a Extended Day (Poverty)
23b Extended Day (EL)
24a Summer Sch (Poverty)
24b Summer Sch (/EL)
25 English Learners (EL)
26a Special Ed Teachers
26b Psychologist
26c Special Ed Instructional Asst
Core FTE
1a Core Teachers K-3 (Low Income)
1b Core Teachers K-3
1c Core Teachers 4-8 (Low Income)
1d Core Teachers 4-8
2a Core Teachers 9-12 (Low Income)
2b Core Teachers 9-12
3 Specialist Teachers
4 Instructional Facilitators
5 Core Intervention Teachers
6 Substitutes
7a Core Guidance
7b Nurse
8 Supervisory Aides
9a Librarian
9b Library Aide/Media Tech
10a Principal
10b Asst Principal
11 School Site Staff
17
Future Activities
• Continue to monitor assumptions
• Monitor State of Illinois funding, pension cost shift and minimum wage legislation
• Determine EBF elements to implement
• Continued Board of Education updates
• Forecast transition to Tentative Budget early spring
Top Related