State law and regulations of the
Illinois State Board of Education (ISBE) establish the budget and accounting
rules for Illinois school districts. Pursuant to this state guidance, the
Bloomington Public Schools, District 87 (District) maintains its money in nine
(9) funds. The Education, Operations & Maintenance, Transportation, and Working
Cash Funds are considered Operating Funds. The Tort, Illinois Municipal
Retirement & Social Security, Debt Service and Capital Projects, and Fire
Prevention & Safety Funds are considered Non-Operating Funds.
The majority of revenues and
expenditures are in the Operating Funds, particularly the Education Fund which
pays for educational programs throughout all District schools. This includes
the cost of salaries and benefits for teachers, principals, central office
administrators as well as supplies, equipment, textbooks and curricular
materials and other instruction costs.
The Transportation Fund pays for
the bus transportation contract with Illinois Central School Bus and diesel
fuel. The Operations & Maintenance Fund pays for custodial and maintenance
costs to keep up District schools and other facilities. The Tort Fund pays for
insurance and other risk management costs. The Illinois Municipal Retirement &
Social Security Fund pays for the retirement and social security costs of
District Employees. The Fire Prevention & Safety and Capital Projects Funds pay
for the renovation and upkeep of District facilities while the Debt Service Fund
pays the principal and interest payments on bonds issued by the District.
The District School Year and
Fiscal Year are the same and begin July 1 of each year and end 12 months later
on June 30 of each year. The Budget must be passed by September 30 and filed
with the State by October 15. By law, the District presents a Tentative Budget
and holds a public hearing before approving the Legal Budget. Included below
are the Budget Presentation and the State and District Budget Forms.
By law the District must have an
external audit of its finances. The external auditor typically presents the
audit for the prior year in October. Included below are the Audit and the ISBE
Annual Financial Report prepared by the external auditor.
The District relies primarily on
local revenues but also receives state and federal grants and donations. The
local property tax is the largest District revenue. The District must pass and
file its property tax Levy by the last Tuesday in December of each year. By
law, the District presents an initial amount of property tax revenue it
estimates it will need to fund the next year budget and holds a public hearing
before approving the Levy. Included below are the Levy presentation and the
State Levy Forms.
By law, the District must post on
its web site other financial information. Included below are a list of all
contracts in excess of $25,000 and the Annual Statement of Affairs that is
published in the Pantagraph each year.