Total Fund Balances
District 200’s total fund balances are measured annually on June 30, the day before the new fiscal year, when the balances are near their peak. On June 30, 2012, this figure was $117 million. Here is a look at the components that make up the total fund balances:
- Reserves for Cash Flow Purposes - $54,533,582: The District maintains nine months’ worth of reserves for cash flow purposes. This is because 87% of the high school’s budget comes from property taxes, which Cook County disburses in two installments. The first payment is made to the District on April 1. This payment may not be spent until the next fiscal year, which begins annually on July 1. The timing of the second payment is unpredictable; it might be made by the county as early as September or as late as December. A large percentage of fund balances are spent during the summer, to pay for large construction projects; supplies, such as furniture and fixtures; equipment and vehicle replacement; all textbooks for the next year; technology repairs and upgrades; payroll; two large debt payments; staff development; and so forth. By maintaining adequate reserves, the District avoids borrowing money to cover its costs between tax payments from the county.
- Long-Term Savings - $51, 562,615: See next page.
- Debt Service - $6,619,848: The District has set aside $5.4 million to pay off debt on the call date in December 2013, which will save $1.2 million in interest. The remainder of this fund is for other debt service obligations.
- Capital Projects - $4,040,913: For approved construction projects.
- Equipment/Vehicle Replacement - $1,733,000: For Drivers Education cars, buses, technology, food service equipment, etc.
- Future Pension Obligations - $1,313,484: For employees who participate in the Illinois Municipal Retirement Fund.
- Safety Contingency - $150,000: Emergency repairs for safety.
- Insurance reserves - $150,000: The District is partially self-funded for health, property, casualty, and liability insurance, and maintains reserves for paying claims.
- Legal Settlements - $100,000: To defend the District from legal claims.