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.