Announcement

Fund Descriptions

Illinois state law includes detailed requirements regarding the various financial accounts that school districts are to maintain. District 102 currently has several accounts called “Funds” which have various specific revenue sources and particular objects of expenditures

* Education Fund

      The largest fund. Pays for instructional expenses including teachers' and most other staff salaries and benefits.

          o Revenue Sources

                + Property Taxes

                + CPPRT

                + General State Aid

                + State Grants

                + Federal Grants

                + Student Fees

                + Interest Earned on Fund Balance

                + Misc.

    * Operations and Maintenance Fund

      Pays facilities costs: building operations, utilities, maintenance, repairs, remodeling

          o Revenue Sources

                + Property Taxes

                + Facilities Rentals

                + Interest Earned on Fund Balance

                + Misc.

    * Transportation Fund

      Pays for busing

          o Revenue Sources

                + Property Taxes

                + Students Fees

                + Interest Earned on Fund Balance

      * IMRF Fund

      Illinois Municipal Retirement Fund: Pays for teacher and other staff pensions

          o Revenue Sources

                + Property Taxes

                + Interest Earned on Fund Balance

      * Working Cash Fund

      Not used to directly pay for expenditures. Accumulated moneys in this Fund can be transferred to other Funds.

          o Revenue Sources

                + Property Taxes

                + Interest Earned on Fund Balance

    * Bond Fund

      Pays the interest and principal due each year on all outstanding bonds.

          o Revenue Sources

                + Property Taxes

                + Interest Earned on Fund Balance

    * Site and Construction Fund

      This fund is temporary. It was set up to pay for the multi-year facilities improvement projects: additions at 2 schools and remodeling at all 6 schools. As of the Summer of 2004 this Fund was completely depleted.

          o Revenue Sources

                + Bond Issue

                + State Construction Grant

                + Interest Earned on Fund Balance