Story posted Friday, December 4, 2009
Audit Shows Dist. 57 In Good Condition
Mt. Prospect Elementary School Dist. 57 Business Manager Dale Falk recently presented board members with the official audit report for fiscal year 2008-09.
In that report, which spans from July 1, 2008-June 30, 2009, the district at the beginning of that year anticipated receiving revenues in the amount of $21,277,856. The district actually received $20,981,584---$296,272 or 1.39% less than originally thought.
On the expenditure side, the district budgeted $23,071,624, but only spent $22,509,628---a difference of $561,996 or 2.44%.
According to auditor Deerfield-based Miller, Cooper, & Co., Ltd., the district is in sound financial condition. However, as with other districts in Illinois, annual operations are negatively affected by the state's school funding policies.
The auditor said the use of "tax caps" limits the annual amount of a district's primary revenue source by limiting annual property tax revenue increases.
Additionally, assessment refunds further reduce property tax revenues from previous years. The auditing firm stated revenue increase is not matching higher increases in primary expenses of a school district such as salaries, health benefits, and commodity-based operating costs such as utilities.
Some primary effects in his previous year's finances include:
* In total, net assets increased by $785,113, a 4.2% hike from 2008
* Assessment refunds/adjustments of property taxes from earlier years reduced the fiscal year 2009 property tax revenues by approximately $400.000.
The overall net asset position of the district as of June 30, 2009 was $19,565,379, with $12,525,226 being unrestricted, representing a favorable financial position, according to the auditing firm. A portion---$14,914,368 of the district's assets consisted of liquid investments or cash.
Debt of the district consists primarily of long-term obligations in the amount of $14,023,813. As of June 30, 2009, the district repaid $493,211 of its outstanding long-term debt obligations during last fiscal year.
The most substantial part of the district's revenues is derived from property taxes. The total property tax revenues for fiscal 2009 were $16,408,208, or approximately 2.6% greater than the $15,992,430 in fiscal 2008.
The most substantial part of district expenses is related to salaries and benefited, with a focus on instruction. Total expenses for the 2008 fiscal year were $22,363,882, or approximately 3.5% greater than the total expenses of $21,610,501 for the 2008 fiscal year.
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