BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220...rel630 990 3131 fax 630 990 0039 bakerrilly.corn...

BARRINGTON COMMUNITYUNIT SCHOOL DISTRICT NO. 220

FINANCIAL STATEMENTS

AS OF AND FOR THE YEAR ENDEDJUNE 30, 2015

ANDINDEPENDENT AUDITORS' REPORT

BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220TABLE OF CONTENTS

AS OF AND FOR THE YEAR ENDED JUNE 30, 2015

Page(s)Independent Auditors' Report 1 - 3

Required Supplementary Information

Management's Discussion and Analysis (MD&A) - Unaudited 4 - 17

Basic Financial Statements

Government-Wide Financial Statements

Statement of Net Position 18

Statement of Activities 19

Fund Financial Statements

Balance Sheet - Governmental Funds 20 - 21

Reconciliation of the Governmental Funds -Balance Sheet to the Statement of Net Position 22

Statement of Revenues, Expenditures andChanges in Fund Balances - Governmental Funds 23 - 24

Reconciliation of the Governmental Funds - Statementof Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities 25

Statement of Fiduciary Assets and Liabilities - Agency Fund 26

Notes to Basic Financial Statements 27 - 53


Illinois Municipal Retirement Fund -Schedule of Changes in the District's Net Pension Liabilityand Related Ratios 54

Illinois Municipal Retirement Fund - Schedule of District Contributions 55

Teachers' Retirement System -Schedule of the District's Proportionate Share of the Collective Net PensionLiability and Schedule of District Contributions 56

Schedule of Funding Progress For Retiree Healthcare Program 57

BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220TABLE OF CONTENTS


Page(s)Required Supplementary Information - (Continued)

General and Major Special Revenue Funds - Schedule of Revenues, Expenditures andChanges in Fund Balances - Budget to Actual

General Fund - Non-GAAP Budgetary Basis 58 - 65

Operations and Maintenance Fund 66 - 67

Transportation Fund 68 - 69

Municipal Retirement/Social Security Fund 70 - 71

Notes to Required Supplementary Information 72

Supplementary Information

Major Debt Service and Major Capital Projects Funds - Schedule of Revenues,Expenditures and Changes in Fund Balances - Budget to Actual

Debt Service Fund 73

Capital Projects Fund 74

General Fund - Combining Balance Sheet 75

General Fund - Combining Schedule of Revenues, Expenditures and Changes in FundBalances 76 - 77

General Fund Accounts - Schedule of Revenues, Expenditures and Changes in FundBalances - Budget to Actual

Educational Accounts - Non-GAAP BudgetaryBasis 78 - 87

Tort Immunity and Judgment Accounts 88

Working Cash Accounts 89

Schedule of Changes in Assets and Liabilities - Agency Fund 90

Other Information

Bonds Payable Schedule - Issue Dated April 1, 1998 91

Bonds Payable Schedule - Issue Dated August 1, 2002 92

Bonds Payable Schedule - Issue Dated February 1, 2004 93

Bonds Payable Schedule - Issue Dated March 1, 2004 94

Bonds Payable Schedule - Issue Dated August 2, 2007 95

Bonds Payable Schedule - Issue Dated April 7, 2008 96

Bonds Payable Schedule - Issue Dated December 27, 2012 97

Bonds Payable Schedule - Issue Dated March 2, 2015 98

Revenues by Source and Expenditures by Object - Last Ten Fiscal Years - General andSpecial Revenue Funds - Non-GAAP Presentation 99 - 100

INDEPENDENT AUDITORS' REPORT

To the Board of Education Barrington Community Unit School District No. 220 Barrington , Illinois

Report on the Financial Statements

~AKER TILLY

Baker Tilly Virchow Krause, LLP 1301 \Y/22nd St, Ste 400 Oak Brook, IL 60523-3389 rel630 990 3131 fax 630 990 0039 bakerrilly.corn

We have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Barrington Community Unit School District No. 220, Illinois, as of and for the year ended June 30, 2015, and the related notes to the financial statements, which collectively comprise Barrington Community Unit School District No. 220's basic financial statements as listed in the table of contents.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control over financial reporting relevant to Barrington Community Unit School District No. 220's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of Barrington Community Unit School District No. 220's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

~ anindependentmemberol BAKER TILLY INTERNATIONAL - 1 - An Affi rmative Action Equal Opportunity Employer

To the Board of Education Barrington Community Unit School District No. 220

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of Barrington Community Unit School District No. 220, Illinois, as of June 30, 2015 and the respective changes in financial position thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Emphasis of Matter

As discussed in Note 3, Barrington Community Unit School District No. 220 adopted the provisions of GASB Statement No. 68, Accounting and Financial Reporting for Pension - an Amendment of GASB Statement No. 27, effective July 1, 2014. Net position as of June 30, 2014 has been restated as a result. Our opinions are not modified with respect to this matter.

Also, as discussed in Note 3, Barrington Community Unit School District No. 220 adopted the provisions of GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date- an Amendment of GASB Statement No. 68, effective July 1, 2014. Net position as of June 30, 2014 has been restated as a result. Our opinions are not modified with respect to this matter.

Other Matters


Accounting principles generally accepted in the United States of America require that the required supplementary information as listed in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Supplementary Information

Our audit for the year ended June 30, 2015 was conducted for the purpose of forming opinions on the financial statements that collectively comprise Barrington Community Unit School District No. 220's basic financial statements. The supplementary information for the year ended June 30, 2015 as listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements for the year ended June 30, 2015, and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information is fairly stated in all material respects, in relation to the basic financial statements as a whole for the year ended June 30, 2015.

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To the Board of Education Barrington Community Unit School District No. 220

We also previously audited, in accordance with auditing standards generally accepted in the United States of America, the basic financial statements of Barrington Community Unit School District No. 220 as of and for the year ended June 30, 2014 (not presented herein), and have issued our report thereon dated September 22, 2014, which contained unmodified opinions on the respective financial statements of the the governmental activities, each major fund, and the aggregate remaining fund information. The supplementary information for the year ended June 30, 2014 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the 2014 financial statements. The information has been subjected to the auditing procedures applied in the audit of the 2014 basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare those financial statements or to those financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information is fairly stated in all material respects in relation to the basic financial statements as a whole for the year ended June 30, 2014.

Other Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise Barrington Community Unit School District No. 220's basic financial statements. The other information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on it.

Prior-Year Comparative Information

We have previously audited Barrington Community Unit School District No. 220's 2014 financial statements, and we expressed unmodified audit opinions on the respective financial statements of the governmental activities, each major fund, and the aggregate remaining fund information in our report dated September 22, 2014. In our opinion, the summarized comparative information presented herein as of and for the year ended June 30, 2014, is consistent, in all material respects, with the audited financial statements from which it has been derived.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated November 2, 2015 on our consideration of Barrington Community Unit School District No. 220's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Barrington Community Unit School District No. 220's internal control over financial reporting and compliance.

13~ 7~ V~~~ !.LP Oak Brook, Illinois November 2, 2015

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Barrington Community Unit School District 220Management’s Discussion and Analysis (Unaudited)For the Year Ended June 30, 2015

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The discussion and analysis of Barrington Community Unit School District 220’s (the District) financial performance provides an overall review of the District’s financial activities for the year ended June 30, 2015. The management of the District encourages readers to use the information presented herein in conjunction with the basic financial statements to enhance their understanding of the District’s financial performance. All amounts, unless otherwise indicated, are expressed in thousands of dollars.

FINANCIAL HIGHLIGHTS

> Among only 80 school districts nationally and merely 25 of 873 Illinois school districts, Barrington Community Unit School District 220 maintained its coveted AAA rating from Standard and Poor’s Financial Management Assessment. The highest rating possible reflects historically solid fiscal performance, projected operating surpluses and strong financial management practices embedded in the District’s multi-year budgeting and financial planning. Consistent with other districts awarded elite status by Standard and Poor’s, Barrington 220 exemplifies the ability to navigate all economic cycles as well as strategically adjusting to variables of student enrollment and state aid.

> For the 19th straight year, the Board of Education approved a balanced budget for Fiscal Year 2015. Working from a fiscally conservative standpoint, the Board again made prudent decisions to assure that deficit spending would be avoided.

> Based on 2014 fiscal year financial statements, the school district maintained its position in the ISBE’s highest category of financial achievement.

> Net Position (as restated) of governmental activities for the District increased $5.5 million (3.9%).

> The District reduced long-term outstanding bond principal by $5.8 million.

> An operating fund surplus of $1.7 million was realized in the 2015 Fiscal Year. However, the net change in operating fund balance for Fiscal Year 2015 was a negative $2,110,782 due to the $2,242,331 purchase of real property near Barrington High School.

OVERVIEW OF FINANCIAL STATEMENTS

This discussion and analysis is intended to serve as an introduction to the District’s basic financial statements. The basic financial statements are comprised of three components:

> Government-wide financial statements

> Fund financial statements

> Notes to the financial statements

This report also contains additional supplementary and other information in addition to the basic financial statements.

Government-wide financial statementsThe government-wide financial statements are designed to provide readers with a broad overview of theDistrict’s finances, in a manner similar to a private-sector business.


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The Statement of Net Position presents information on all of the District’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources, with the difference between them being reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating.

The Statement of Activities presents information showing how the District’s net position changed during the fiscal year being reported. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of the related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods.

Both of the government-wide financial statements present the functions of the District that are principally supported by taxes and intergovernmental revenues (governmental activities). The District has no business-type activities or functions that are intended to recover all or a significant portion of their costs through user fees and charges. The District’s governmental activities include instructional services (regular education, special education and other), supporting services, operation and maintenance of facilities and transportation services.

Fund financial statements

A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the District can be divided into two categories: governmental funds and fiduciary funds (the District maintains no proprietary funds).

Governmental funds are used to account for essentially the same functions as reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government’s near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the District’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.

The District maintains six individual governmental funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balances for the General, Operations and Maintenance, Transportation, Municipal Retirement/Social Security, Debt Service, and Capital Projects Funds, all of which the District considers to be major funds. Each fund can be placed into one of four major categories: General, Special Revenue, Capital Projects, or Debt Service.


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The following figure lists the individual government funds by major category:

The District adopts an annual budget for each of the funds listed above excluding the Fire Prevention and Safety Fund. A budgetary comparison statement has been provided for each fund to demonstrate compliance with this budget.

Fiduciary funds are used to account for resources held for the benefit of parties outside the District. Fiduciary funds are not reflected in the government-wide financial statements because the resources of these funds are not available to support the District’s programs. The accounting used for fiduciary funds is much like that for the government-wide financial statements.

Transportation Fund

Municipal Retirement/ Social

Security Fund

Working Cash Accounts

Special Revenue Funds

Educational Accounts

Operations andMaintenance Fund

General Fund

Capital Projects Fund

Fire Prevention and Safety Fund

Capital Projects Funds

Debt Service Fund Debt Service Fund

Tort Immunity & Judgment Accounts


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Notes to the basic financial statements

The notes to the basic financial statements provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements can be found on pages 27 through 53 of this report.

Other information

In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the District’s progress in funding its obligation to provide pension benefits to its non-certified employees.

DISTRICT-WIDE FINANCIAL ANALYSIS

Net Position

As noted earlier, net position may serve over time as a useful indicator of a District’s financial position. As of June 30, 2015, the District’s combined net position totaled $145.7 million. Overall, the decrease in total liabilities and deferred inflows of resources coupled with a small increase in total assets and deferred outflows of resources contributed to a total net position increase of 3.9% thus improving the financial position of the District. (See pages 18 for more details)

Table 1 below presents a summary of the District’s net position for the years ended June 30, 2015 and 2014:


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Table 1

Condensed Statement of Net Position

(in thousands of dollars)

Increase

2015 2014* (Decrease)

Current and other assets 124,709$ 126,467$ (1,758)$

Capital assets 163,615 164,639 (1,024)

Total Assets 288,324 291,106 (2,782)

Total deferred outflows of resources 5,244 1,534 3,710

Other Liabilities 10,703 13,119 (2,416)

Long-term debt outstanding 73,194 79,521 (6,327)

Total Liabilities 83,897 92,640 (8,743)

Total deferred inflows of resources 64,021 60,838 3,183

Net Position:

Net Investment in Capital Assets 105,850 101,186 4,664

Restricted 13,943 6,724 7,219

Unrestricted 25,857 32,285 (6,428)

Total Net Position 145,650$ 140,195$ 5,455$

* Prior year information has been restated for the District’s implementation of GASB Statement No. 68 and 71 in fiscal year 2015.


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Changes in Net Position

The District’s total revenues for Fiscal Year 2015 were $179.9 million. Local property taxes are the largest revenue source to the District, contributing 69.13% of the total revenues. Operating Grants and Contributions were the next highest revenue source supplying 25.36%.

Expenses totaled $174.5 million for the year ending June 30, 2015. The District’s costs were primarily related to Instruction, which created 66.39% of the total expenses. The other significant expenses were Pupil and Instructional Services at 7.59%.

The District’s total revenues increased $13.0 million (7.8%) compared to the prior year, while total expensesincreased $12.0 million (7.4%) above the prior year. Overall, the District’s total revenues exceeded total expenses by $5.5 million.

Table 2 below presents a summary of changes in net position for the years ended June 30, 2015 and 2014:

Table 2Changes in Net Position (all funds)(in thousands of dollars)

Percent Percent2015 of Total 2014* of Total

Revenues:

Program Revenues: Charges for Services 6,704$ 3.73% 6,217$ 3.72% Operating Grants & Contributions 45,632 25.36% 36,092 21.62% Capital Grants & Contributions 359 0.20% 3,413 2.04%

General Revenues: Property Taxes 124,399 69.13% 118,757 71.15% General State Aid 2,730 1.52% 2,136 1.28% Other 115 0.06% 289 0.17%

Total Revenues 179,939$ 100.00% 166,904$ 100.00%

Expenses:

Instruction 115,845$ 66.39% 104,728$ 64.49%Pupil and Instructional Services 13,246 7.59% 13,090 8.06%Administration and Business 11,457 6.57% 11,391 7.01%Transportation 9,363 5.37% 9,192 5.66%Operations and Maintenance 12,585 7.21% 11,815 7.28%Interest 3,158 1.81% 3,868 2.38%Other 8,830 5.06% 8,298 5.11%

Total Expenses 174,484 100.00% 162,382 100.00%

Increase in Net Position 5,455$ 4,522$

* Prior year information has not been restated for the District’s implementation of GASB Statement No. 68 and 71 in fiscal year 2015.


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Changes in Net Position (Continued)

Charts 1 and 2 below provide a visual adaptation of the revenues and expenses listed in Table 2 on the previous page.

3.73%

25.36%

0.20%

69.13%,

1.52%,

0.06%

Chart 1 - District-Wide Revenues by Source FY 2015

Charges for Services Operating Grants & Contributions Capital Grants & Contributions

Property Taxes General State Aid Other

66.39%7.59%

6.57%,

5.37%,

7.21%,

1.81%,

5.06%

Chart 2 - District-Wide Expense by Function FY 2015

Instruction Pupil and Instructional Services Administration and Business

Transportation Operations and Maintenance Interest

Other


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GENERAL AND SPECIAL REVENUE FUNDS REVENUE AND EXPENDITURE ANALYSIS

The General and Special Revenue funds are also known as the Operating Funds. The aggregate revenues and other financing sources for the Operating Funds totaled $138.6 million which includes capital lease value of approximately $2.3 million and principal on bonds sold of $2.0 million.

Total expenditures for Fiscal Year 2015 in the Operating Funds and other financing uses were $137.0 million. During the Fiscal Year, the Board of Education approved a transfer of $1.3 million from the General Fund to the Debt Service fund to support the payment of capital lease principal and interest.

The change in the Operating Fund balance for Fiscal Year 2015 was a $1.7 million surplus. However, again, the fund balance for the Operating Funds was reduced by $2,110,782 because of the $ 2,242,331 purchase of real property.

OPERATING FUND BUDGET- TO- ACTUAL

Total budgeted Operating Fund revenues including other financing sources for Fiscal Year 2015 was $136.6million. Actual revenues were $138.6 million.

The District budgeted $134.0 million in the Operating Funds for expenditures and other financing uses and actual results were $137.0 million for a negative variance of $3.0 million, primarily due to greater increasingly drastic special education outplacement costs and capital leases entered into by the District. Additional information and details on the District’s Governmental Funds activity for the fiscal year ending June 30, 2015 can be found in the Required Supplementary Information on pages 58-71.

The non-GAAP presentation of FY 2015 Operating Fund activity may be found on pages 99-100.


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FOOD SERVICE PROGRAM

Food Services covered its variable costs of operation for the fiscal year. The excess of revenues over expenditures will contribute to the fixed costs of utilities and custodial expenses. A summary of its operations is shown in Table 3 below:

Table 3Food Service Program(not rounded)

2015 2014

RevenuesStudents 1,851,227$ 2,150,321$ State and Federal Grants 809,282 730,945

Total 2,660,509$ 2,881,266$

ExpendituresSalaries and Benefits -$ 1,606$ Outside Contract 1,979,901 2,340,470 Supplies 32,599 35,768 Capital Outlay 7,637 7,208

Total 2,020,137 2,385,052

Excess of Revenues over Expenditures 640,372$ 496,214$

CAPITAL ASSET AND DEBT ADMINISTRATION

Capital Assets

For the year ending June 30, 2015, the District’s total capital assets were $267.6 million (before depreciation)including, but not limited to land, land improvements, construction in progress, buildings, vehicles, and equipment. Total depreciation expense for the year was $5.8 million.

During the year, the District completed the renovation and construction projects throughout the District. Highlighted projects include: new paving at many locations, security system improvements at one middle school and seven elementary schools, roofing improvements at BMS-Prairie, additional security cameras throughout the district, improved HVAC control systems, and a new bridge at Barrington High School. Total Operations & Maintenance capital improvement expenditures were over $2.2 million.

The Facilities Committee, including members of the Board of Education, the Director of Buildings & Grounds,the Director of Finance, and the Assistant Superintendent for Business Services have developed a five-yearfacilities improvement plan with input from Building Principals and Administrators. All projects are ranked and prioritized to fit within the ongoing capital projects budget ranging from $2 million to $2.5 million.


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Table 4 below represents a summary of the cost of capital assets for the years ended June 30, 2015 and 2014:

Table 4Statement of Capital Assets(in thousands of dollars)

Percent Change2015 2014

Land $ 17,596 $ 15,277 15.18%

Construction in progress 834 320 160.63%

Buildings 230,265 228,989 0.58%

Equipment & vehicles 18,920 18,218 3.85%

Total $ 267,615 $ 262,804 1.83%

More detailed information about capital assets can be found in Note 6 to the basic financial statements (page 37).

Long-term Debt

For the year ended June 30, 2015, the District had $58.0 million in general obligation bonds outstandingaccording to the existing debt payment schedule. As seen below, this was a -9.0%, or $5.8 million decrease from its total in the beginning of the year of $63.8 million.

The District is subject to the Illinois School Code, which limits the amount of bond indebtedness to 13.8% of the most recent available equalized assessed valuation of the District. As of June 30, 2015, the statutory debt limit for the District was $362.9 million less outstanding bonds and capital leases of $71.5 million equals a debt margin of $291.4 million.


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Table 5 below is a summary of the District’s outstanding obligations:

Table 5Outstanding Long-term Debt(in thousands of dollars)

Percent Change2015 2014

General Obligation Bonds $ 58,000 $ 63,770 -9.0%

Capital Leases $ 4,196 $ 3,202 31.04%

More detailed information about long-term liabilities can be found in Note 8 to the basic financial statements(pages 38-40).

BOARD OF EDUCATION PRIORITIES IN FISCAL YEAR 2016

The Board of Education priorities include maintaining the fiscal health of the school district, monitoring state and federal legislation and funding changes, preserving community trust, aligning curricula, interventions and assessments, balancing enrollment and facility needs, and promoting social-emotional learning.

The Board also placed a priority on the progress of the 2020 Vision Strategic Plan initiated by more than 330 community and staff members in the spring of 2009:

1. Maintain Fiscal Health

2. Continue Building Community Trust

3. Inspire a Global Education

4. Preserve Healthy & Environmentally Sustainable Schools

5. Apply Individualized Learning

6. Promote Social-Emotional Learning

7. Implement Innovative Technology

8. Create Optimal Time for Learning

The Board of Education continues its pledge to maintain fiscal health and monitor State and Federal Legislation and funding changes by developing and implementing plans to provide sufficient funding for current and future operations, programs and facilities in light of uncertain revenue sources. The Board’s commitment to remain fiscally conservative and its resolve to balance the budget each year has required the Board to trim roughly $6 million in recurring annual expenses since 2008-09. These strong fiduciary management practices has helped the District maintain the prestigious ‘AAA’ bond rating from Standard & Poor’s, which reflects the District’s solid financial performance.

The Board of Education maintains and honors community trust by being transparent, strategically seeking public engagement and effectively managing resources through clear decision-making and regular communication.


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The Board of Education advocates for the alignment of curricula, interventions and assessment by supporting individualized strategies that reflect the unique needs of each student, following comprehensive schedules for implementation and measurement. The district studies and adapts the best instructional practices modeled by the nation’s top-performing schools and educators, including those in Barrington 220 thereby inspiring a global education.

In order to formalize the fostering of healthy and environmentally sustainable schools, the Board of Education formed the HESS (Healthy and Environmentally Sustainable Schools) committee was formed. Committee members include students, staff, parents, village representatives, and the Solid Waste Agency of Northern Cook County (SWANCC). The HESS Committee:

Works to Incorporate Conservation Efforts in Curriculum

Promotes Energy Conservation

Works with Administration to Provide Nutritious Food Offerings

Employs the Three R’s (Reduce, Re-Use, Recycle)

Researches Ways to Minimize Negative Impacts on the Environment

The Board of Education promotes social-emotional learning to foster programs and partnerships that encourage the social and emotional growth of all students based on the belief that emotionally competent children are more resilient. Included in these efforts are aggressive campaigns to prevent teen suicide, substance abuse among adolescents and bullying behaviors that can occur at any grade and age level.

The Board continues to implement innovative technology in many ways, including investing nearly $2 million annually in the “One-To-World” program that will, within the next year, provide access to a digital device forevery child in the District. The One-To-World program:

o Allows students to participate as global citizens.

o Provides unlimited opportunities for real-world learning.

o Fosters creativity, collaboration, communication, and critical thinking.

o Facilitates personalized learning through ownership, choice, and reflection.

o Allows for immediate and strategic feedback.

New initiatives include the Implementation of the Extended Day program for kindergarten-age students, as well as examining Optimal Time for Learning and Blended Learning concepts.


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These initiatives are examples of the 2015-16 Thematic Goal of the Administration: Personalized Growth-the single, temporary and qualitative “rallying-cry” shared by the Executive Council. The defining objectives of the thematic goal are:

Blended Learning

Social-Emotional Learning

Optimal Time for Learning & Input 220

Digital Age Instruction

These defining objectives are supported by the standard operating objectives, which are the ongoing priorities of the organization:

Budget Priorities

Facilities & Planning

Professional Development

Staffing & Enrollment

Curriculum, Instruction, & Assessment

FACTORS BEARING ON THE DISTRICT’S FUTURE

Barrington Community Unit School District 220 has maintained a balanced budget over the past nineteen years as is the case again in Fiscal Year 2015. The District continues to achieve State Financial Recognition, however, continued economic stagnation and the uncertainty of education funding in Illinois gives the Board of Education impetus to identify various cost saving measures to maintain fiscal stability on behalf of students, staff and stakeholders in the future.

Pension reform and state funding redistribution efforts, such as Senate Bill 1, are areas the Board of Education continues to monitor very closely. Either of these programs, if approved, would have significant impact on the District’s finances. While Barrington 220 keeps a healthy percentage of reserve funds to safeguard against future uncertainties, the Board remains fiscally conservative and is dedicated to preserving a balanced budget.

Technology will continue to be integrated into the classroom at all levels. The District’s PTOs and the Barrington 220 Educational Foundation provide resources to improve the learning environment for all students, including additional resources to augment learning through technology. This support is especially important to instructional technology efforts where each day, the Barrington 220 Technology Department supports more than 9,000 student and staff computers, tablets, netbooks and classroom SMART Boards. By implementing new initiatives, such as the new One-To-World program, the Technology Department continues to ensure instructional technology remains at the forefront of the District’s technology plan. The District will also continue its popular Dual language and Chinese Immersion programs.

Again, this year, new initiatives include the Implementation of the Extended Day program for kindergarten-age students, as well as examining Optimal Time for Learning and Blended Learning concepts.


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Due to great cooperation between the School Board and the District’s Certified and Support Staff Associations, the contract with the Barrington Education Association (BEA) has been extended through the 2018 fiscal year, and the Barrington School Employees Organization (BSEO) contract continues to June 30, 2016.

Barrington 220 students continue to be among the highest performing in the region with the vast majority meeting or exceeding state and national academic standards. District residents take pride in the quality and value of the education students receive and staff provide in every grade from pre-kindergarten through graduation. Ninety-five percent of graduates attend college, and national publications such as The Washington Post, Newsweek and U.S. News & World Report consistently rank Barrington High School among the best in the nation. A successful Barrington 220 student demonstrates strong character, independence and resiliency, thinks critically and creatively, solves problems and collaborates effectively throughout society. The tradition of educational excellence continues at Barrington Community Unit School District 220.

REQUESTS FOR INFORMATION

This financial report is designed to provide the District’s citizens, taxpayers, investors, and creditors with a general overview of the District’s finances and to demonstrate the District’s accountability for the money it receives. If you have questions about this report, or need additional financial information, contact the Business Office at: 310 James St., Barrington, IL 60010.

BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220STATEMENT OF NET POSITION

AS OF JUNE 30, 2015

GOVERNMENTALACTIVITIES

Assets

Cash and investments $ 61,193,776Receivables (net of allowance for uncollectibles):

Property taxes 60,350,598Replacement taxes 146,718Intergovernmental 2,950,775Other 67,008

Capital assets:Land 17,596,391Construction in progress 833,776Depreciable buildings, property and equipment, net 145,185,265

Total assets 288,324,307

Deferred outflows of resources

Deferred charge on refunding 1,075,327Deferred outflows related to pensions 4,168,811

Total deferred outflows of resources 5,244,138

Liabilities

Accounts payable 1,679,432Salaries and wages payable 6,136,160Payroll deductions payable 1,128,959Interest payable 247,239Unearned student fees 1,297,085Unearned donations 214,500Long-term liabilities:

Other long-term liabilities - due within one year 12,080,910Other long-term liabilities - due after one year 61,112,901

Total liabilities 83,897,186

Deferred inflows of resources

Property taxes levied for a future period 60,079,448Deferred inflows related to pensions 3,941,461

Total deferred inflows of resources 64,020,909

Net position

Net investment in capital assets 105,849,527Restricted for:

Tort immunity 512,979Operations and maintenance 881,533Student transportation 5,388,806Retirement benefits 1,514,437Debt service 5,032,750Capital projects 613,569

Unrestricted 25,856,749

Total net position $ 145,650,350

See Notes to Basic Financial Statements

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BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220STATEMENT OF ACTIVITIES

FOR THE YEAR ENDED JUNE 30, 2015

PROGRAM REVENUE

NET (EXPENSES)REVENUE AND

CHANGES IN NETPOSITION

FUNCTIONS/PROGRAMS EXPENSESCHARGES FOR

SERVICES

OPERATINGGRANTS AND

CONTRIBUTIONS

CAPITAL GRANTSAND

CONTRIBUTIONSGOVERNMENTAL

ACTIVITIES

Governmental activities

Instruction:Regular programs $ 54,235,123 $ 4,004,932 $ 553,980 $ - $ (49,676,211)Special programs 19,438,514 - 6,947,234 - (12,491,280)Other instructional programs 9,842,520 689,766 421,796 - (8,730,958)State retirement contributions 32,327,967 - 32,327,967 - -

Support Services:Pupils 8,258,824 - - - (8,258,824)Instructional staff 5,023,710 - 108,380 - (4,915,330)General administration 1,941,885 - - - (1,941,885)School administration 6,097,449 - - - (6,097,449)Business 3,395,162 1,851,227 833,018 - (710,917)Transportation 9,362,999 15,650 4,439,726 - (4,907,623)Operations and maintenance 12,585,231 142,244 - 359,207 (12,083,780)Central 8,393,307 - - - (8,393,307)Other supporting services 241,506 - - - (241,506)

Community services 91,931 - - - (91,931)Payments to other districts and

gov't units - excluding specialeducation 90,539 - - - (90,539)

Interest and fees 3,157,578 - - - (3,157,578)

Total governmental activities $ 174,484,245 $ 6,703,819 $ 45,632,101 $ 359,207 (121,789,118)

General revenues:Taxes:

Real estate taxes, levied for general purposes 91,948,036Real estate taxes, levied for specific purposes 18,440,743Real estate taxes, levied for debt service 13,117,084Personal property replacement taxes 893,779

State aid-formula grants 2,729,756Investment income 71,543Miscellaneous 43,313

Total general revenues 127,244,254

Change in net position 5,455,136

Net position, beginning of year (as restated) 140,195,214

Net position, end of year $ 145,650,350


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BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220GOVERNMENTAL FUNDS

BALANCE SHEETAS OF JUNE 30, 2015

WITH COMPARATIVE TOTALS AS OF JUNE 30, 2014

GENERAL FUND

OPERATIONS ANDMAINTENANCE

FUNDTRANSPORTATION

FUND

MUNICIPAL

RETIREMENT/SOCIAL

SECURITY FUND

Assets

Cash and investments $ 38,377,753 $ 4,436,280 $ 4,481,172 $ 3,785,968

Receivables (net allowance for uncollectibles):Property taxes 45,309,495 4,735,844 2,240,268 1,788,068Replacement taxes 146,718 - - -Intergovernmental 1,823,488 - 1,127,287 -Other 67,008 - - -

Miscellaneous - - - -

Total assets $ 85,724,462 $ 9,172,124 $ 7,848,727 $ 5,574,036

Liabilities, deferred inflows of resources,and fund balance

Liabilities

Accounts payable $ 448,385 $ 255,843 $ 19,069 $ -Salaries and wages payable 6,136,160 - - -Payroll deductions payable 1,124,744 14,258 10,011 (20,054)Property tax refunds payable - - - -Unearned student fees 1,297,085 - - -Unearned donations - - - -

Total liabilities 9,006,374 270,101 29,080 (20,054)


Property taxes levied for a future period 45,106,556 6,288,195 2,230,072 1,779,958

Total deferred inflows of resources 45,106,556 6,288,195 2,230,072 1,779,958

Fund balance

Restricted 512,979 881,533 5,388,806 3,570,889Assigned - 1,732,295 200,769 243,243Unassigned 31,098,553 - - -

Total fund balance 31,611,532 2,613,828 5,589,575 3,814,132

Total liabilities, deferred inflows ofresources, and fund balance $ 85,724,462 $ 9,172,124 $ 7,848,727 $ 5,574,036


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DEBT SERVICEFUND

CAPITALPROJECTS FUND

TOTAL2015 2014

$ 5,635,674 $ 4,476,929 $ 61,193,776 $ 64,286,115

6,276,923 - 60,350,598 61,095,498- - 146,718 141,100- - 2,950,775 935,477- - 67,008 67,008- - - (58,086)

$ 11,912,597 $ 4,476,929 $ 124,708,875 $ 126,467,112

$ - $ 956,135 $ 1,679,432 $ 1,359,398- - 6,136,160 6,032,765- - 1,128,959 1,087,636- - - 2,936,576- - 1,297,085 1,121,977- 214,500 214,500 286,000

- 1,170,635 10,456,136 12,824,352

6,248,573 (1,573,906) 60,079,448 60,838,235

6,248,573 (1,573,906) 60,079,448 60,838,235

5,279,989 613,569 16,247,765 16,577,998384,035 4,266,631 6,826,973 4,239,160

- - 31,098,553 31,987,367

5,664,024 4,880,200 54,173,291 52,804,525

$ 11,912,597 $ 4,476,929 $ 124,708,875 $ 126,467,112

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BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220RECONCILIATION OF THE GOVERNMENTAL FUNDS

BALANCE SHEET TO THE STATEMENT OF NET POSITIONAS OF JUNE 30, 2015

Total fund balances - governmental funds$ 54,173,291

Amounts reported for governmental activities in the Statement of Net Position aredifferent because:

Net capital assets used in governmental activities and included in the Statement ofNet Position do not require the expenditure of financial resources and, therefore,are not reported in the Governmental Funds Balance Sheet. 163,615,432

Deferred outflows of resources related to pensions do not relate to currentfinancial resources and are not inlcuded in the Governmental Funds BalanceSheet. 4,168,811

Deferred charge on refunding included in the Statement of Net Position is notavailable to pay for current period expenditures and, therefore, is not included inthe Governmental Funds Balance Sheet. 1,075,327

Deferred inflows of resources related to pensions do not relate to current financialresources and are not inlcuded in the Governmental Funds Balance Sheet. (3,941,461)

Long-term liabilities applicable to the District's governmental activities are not dueand payable in the current period, and accordingly, are not reported as fundliabilities. All liabilities, both current and long-term, are reported in the Statementof Net Position.Balances at June 30, 2015 are:

Bonds payable $ (57,994,300)Unamortized bond premium (846,932)Net other post employment obligation (212,702)Net pension liability (9,353,351)Capital leases (4,195,934)Compensated absences (590,592)

(73,193,811)

Interest on long-term liabilities accrued in the Statement of Net Position will not bepaid with current financial resources and, therefore, is not recognized in theGovernmental Funds Balance Sheet. (247,239)

Net position of governmental activities $ 145,650,350


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BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220GOVERNMENTAL FUNDS

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCESFOR THE YEAR ENDED JUNE 30, 2015

WITH COMPARATIVE TOTALS FOR THE YEAR ENDED JUNE 30, 2014

GENERAL FUND

OPERATIONS ANDMAINTENANCE

FUNDTRANSPORTATION

FUND

MUNICIPAL

RETIREMENT/SOCIAL

SECURITY FUND

RevenuesProperty taxes $ 92,503,943 $ 9,718,260 $ 4,541,010 $ 3,625,566Corporate personal property

replacement taxes 773,153 - - 120,626State aid 39,634,851 - 4,439,726 -Federal aid 4,287,280 - - -Investment income 43,053 3,331 5,621 3,744Other 6,534,661 325,763 15,650 (2,192)

Total revenues 143,776,941 10,047,354 9,002,007 3,747,744

ExpendituresCurrent:

Instruction:Regular programs 51,084,061 - - 907,947Special programs 14,741,136 - - 761,660Other instructional programs 9,624,701 - - 237,323State retirement contributions 32,327,967 - - -

Support Services:Pupils 7,921,720 - - 250,626Instructional staff 4,669,441 - - 167,714General administration 1,832,967 - - 39,428School administration 5,790,731 - - 316,521Business 3,138,410 84,878 - 77,634Transportation - - 9,333,317 3,056Operations and maintenance 5,760 9,168,574 - 542,961Central 7,784,086 - - 379,573Other supporting services 240,190 - - 1,090

Community services 90,999 - - 823Payments to other districts and gov't units 3,751,792 - - -

Debt Service:Principal - - - -Interest and other - - - -

Capital outlay 372,419 171,096 28,440 -

Total expenditures 143,376,380 9,424,548 9,361,757 3,686,356

Excess (deficiency) of revenues over expenditures 400,561 622,806 (359,750) 61,388

Other financing sources (uses)Transfers in - 4,266,631 - -Transfers (out) (5,571,054) (5,840,537) - -Principal on bonds sold 2,024,300 - - -Capital lease value 2,284,873 - - -

Total other financing sources (uses) (1,261,881) (1,573,906) - -

Net change in fund balance (861,320) (951,100) (359,750) 61,388

Fund balance, beginning of year 32,472,852 3,564,928 5,949,325 3,752,744

Fund balance, end of year $ 31,611,532 $ 2,613,828 $ 5,589,575 $ 3,814,132


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DEBT SERVICEFUND

CAPITALPROJECTS FUND

TOTAL2015 2014

$ 13,117,084 $ - $ 123,505,863 $ 117,925,519

- - 893,779 831,213- - 44,074,577 34,087,320- - 4,287,280 4,141,0012,574 13,220 71,543 30,745

40,000 192,457 7,106,339 6,648,822

13,159,658 205,677 179,939,381 163,664,620

- - 51,992,008 50,900,830- - 15,502,796 14,917,295- - 9,862,024 9,637,102- - 32,327,967 23,134,205

- - 8,172,346 8,151,454- - 4,837,155 4,612,939- - 1,872,395 1,794,352- - 6,107,252 5,685,553- - 3,300,922 3,541,382- - 9,336,373 9,186,763- 306,766 10,024,061 10,338,715- - 8,163,659 7,578,873- - 241,280 326,232- - 91,822 50,466- - 3,751,792 3,327,402

9,111,244 - 9,111,244 11,958,2713,116,605 - 3,116,605 3,518,716

- 4,516,132 5,088,087 2,788,096

12,227,849 4,822,898 182,899,788 171,448,646

931,809 (4,617,221) (2,960,407) (7,784,026)

1,304,423 5,840,537 11,411,591 828,348- - (11,411,591) (828,348)

20,000 - 2,044,300 -- - 2,284,873 2,354,797

1,324,423 5,840,537 4,329,173 2,354,797

2,256,232 1,223,316 1,368,766 (5,429,229)

3,407,792 3,656,884 52,804,525 58,233,754

$ 5,664,024 $ 4,880,200 $ 54,173,291 $ 52,804,525

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BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220RECONCILIATION OF THE GOVERNMENTAL FUNDS

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCESTO THE STATEMENT OF ACTIVITIES

FOR THE YEAR ENDED JUNE 30, 2015

Net change in fund balances - total governmental funds$ 1,368,766

Amounts reported for governmental activities in the Statement of Activities aredifferent because:

Governmental funds report capital outlay as expenditures. However, in theStatement of Activities, the cost of these assets is allocated over their estimateduseful lives and reported as depreciation expense. This is the amount by whichdepreciation expense exceeds current year net capital outlay in the currentperiod. (1,023,862)

The issuance of long-term debt (bonds, capital leases, etc.) provides currentfinancial resources to the governmental funds, while its principal repaymentconsumes current financial resources of the governmental funds. Neithertransaction, however, has any effect on net position. This is the amount by whichcurrent year principal repayments exceeded proceeds from current year long-term financing arrangements. 4,782,071

Governmental funds report the effects of premiums, discounts and similar itemswhen the debt is issued. However, these amounts are deferred and amortized inthe Statement of Activities. This is the amount of the current year, net effect ofthese differences. (88,411)

In the Statement of Activities, operating expenses are measured by the amountsincurred during the year. However, certain of these items are included in thegovernmental funds only to the extent that they require the expenditure of currentfinancial resources:

Interest payable $ 47,438Compensated absences (3,823)Other post employment benefits (59,878)Net pension liability 1,238,903Deferred outflows of resources due to pensions 3,135,393Deferred inflows of resources due to pensions (3,941,461)

416,572

Change in net position of governmental activities $ 5,455,136


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BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220AGENCY FUND

STATEMENT OF FIDUCIARY ASSETS AND LIABILITIESAS OF JUNE 30, 2015

AGENCY

STUDENTACTIVITY

FUND

Assets

Cash and investments $ 1,341,359

Liabilities

Due to student groups $ 1,341,359


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BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220NOTES TO BASIC FINANCIAL STATEMENTS


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Barrington Community Unit School District No. 220 (the “District”) operates as a public school systemgoverned by a seven-member board. The District is located in the Northwest suburbs of Chicago in portionsof Cook, Kane, Lake and McHenry Counties. The District maintains a current enrollment of 8,000students from the 72 square mile area that it serves. The District’s boundaries include all or portions of thecommunities of Barrington, Barrington Hills, Carpentersville, Deer Park, Hoffman Estates, Inverness, LakeBarrington, North Barrington, South Barrington, Fox River Grove, Port Barrington and Tower Lakes. TheDistrict is organized under the School Code of the State of Illinois, as amended. The accounting policies ofthe District conform to accounting principles generally accepted in the United States of America, asapplicable to local governmental units of this type. The following is a summary of the more significantaccounting policies of the District:

Reporting Entity

This report includes all of the funds of the District. The reporting entity for the District consists of theprimary government and its component units. Component units are legally separate organizations for whichthe primary government is financially accountable or other organizations for which the nature andsignificance of their relationship with the primary government are such that their exclusion would cause thereporting entity's financial statements to be misleading. The District has not identified any organizationsthat meet this criteria.

Basis of Presentation

Government-wide Financial Statements

The government-wide financial statements (i.e., the statement of net position and the statement of activities)report information on all of the nonfiduciary activities of the District. The effect of interfund activity hasbeen removed from these statements. The District’s operating activities are all considered “governmentalactivities”, that is, activities normally supported by taxes and intergovernmental revenues. The District hasno operating activities that would be considered “business activities”.

The statement of activities demonstrates the degree to which the direct expenses of a given function areoffset by program revenues. Direct expenses are those that are clearly identifiable with a specific function.Program revenues include: (1) amounts paid by the recipient of goods or services offered by the programand (2) grants and contributions that are restricted to meeting the operational or capital requirements of aparticular function. Taxes and other items not properly included among program revenues are reportedinstead as general revenues.

Governmental Funds Financial Statements

Governmental funds financial statements are organized and operated on the basis of funds and are used toaccount for the District's general governmental activities. Fund accounting segregates funds according totheir intended purpose, and is used to aid management in demonstrating compliance with finance-relatedlegal and contractual provisions. A fund is an independent fiscal and accounting entity with a self-balancing set of accounts that comprise its assets, deferred outflows of resources, liabilities, deferred inflowsof resources, reserves, fund balance, revenues and expenditures. The minimum number of funds ismaintained consistent with legal and managerial requirements.

Separate financial statements are provided for all governmental funds and fiduciary funds; the fiduciaryfunds are excluded from the government-wide financial statements.

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NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (CONTINUED)

Measurement Focus and Basis of Accounting

The government-wide financial statements are reported using the economic resources measurement focus,while the fiduciary fund statements do not have a measurement focus. The government-wide financialstatements and the fiduciary fund financial statements are reported using the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of thetiming of related cash flows. Property taxes are recognized as revenues in the year for which they arelevied. Grants and similar items are recognized as revenue when all eligibility requirements have been met.

Governmental fund financial statements are reported using the flow of current financial resourcesmeasurement focus and the modified accrual basis of accounting. Revenues are recognized when they areboth "measurable and available". "Measurable" means that the amount of the transaction can bedetermined, and "available" means collectible within the current period or soon enough thereafter to payliabilities of the current period. For this purpose, the District considers all revenues available if they arecollected within 60 days after year-end. Expenditures are recorded when the related fund liability isincurred. However, expenditures for unmatured principal and interest on general long-term debt arerecognized when due; and certain compensated absences, claims and judgments are recognized when theobligations are expected to be liquidated with expendable available financial resources.

Major Governmental Funds

General Fund - the general operating fund of the District. It accounts for all financial resources exceptthose required to be accounted for in another fund. This fund is primarily used for most of the instructionaland administrative aspects of the District's operations. Revenues consist largely of local property taxes andstate government aid.

Special Revenue Funds - account for the proceeds of specific revenue sources that are legally restricted orcommitted to expenditures for specified purposes, other than those accounted for in the Debt Service Fund,Capital Projects Funds or Fiduciary Funds.

Operations and Maintenance Fund - accounts for expenditures made for repair and maintenance of theDistrict’s buildings and land. Revenue consists primarily of local property taxes.

Transportation Fund - accounts for all revenue and expenditures made for student transportation. Revenueis derived primarily from local property taxes and state reimbursement grants.

Municipal Retirement/Social Security Fund - accounts for the District's portion of pension contributions tothe Illinois Municipal Retirement Fund, payments to Medicare, and payments to the Social SecuritySystem for non-certified employees. Revenue to finance the contributions is derived primarily from localproperty taxes and personal property replacement taxes.

Debt Service Fund - accounts for the accumulation of resources that are restricted, committed, or assignedfor, and the payment of, long-term debt principal, interest and related costs. The primary revenue source islocal property taxes levied specifically for debt service and operating transfers from other funds.

Capital Projects Fund - accounts for the financial resources that are restricted, committed, or assigned to beused for construction projects and renovations financed through serial bond issues and transfers from otherfunds.

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Capital Projects Fund - accounts for construction projects and renovations financed through serial bondissues and transfers from other funds.

Other Fund Types

Fiduciary Funds - account for assets held by the District in a trustee capacity or as an agent for individuals,private organizations, other governments or other funds.

Agency Funds - include Student Activity Funds, Convenience Accounts and Other Agency Funds. Thesefunds are custodial in nature and do not present results of operations or have a measurement focus.Although the Board of Education has the ultimate responsibility for Activity Funds, they are not localeducation agency funds. Student Activity Funds account for assets held by the District which are owned,operated and managed generally by the student body, under the guidance and direction of adults or a staffmember, for educational, recreational or cultural purposes. Convenience Accounts account for assets thatare normally maintained by a local education agency as a convenience for its faculty, staff, etc.

On-behalf payments (payments made by a third party for the benefit of the district, such as payments madeby the state to the Teachers' Retirement System) have been recognized in the financial statements.

Property taxes, replacement taxes, certain state and federal aid, and interest on investments are susceptibleto accrual. Other receipts become measurable and available when cash is received by the District andrecognized as revenue at that time.

Grant funds are considered to be earned to the extent of expenditures made under the provisions of thegrant. Accordingly, when such funds are received, they are recorded as unearned revenues until earned.

All Financial Statements

The preparation of financial statements in conformity with generally accepted accounting principlesrequires management to make estimates and assumptions that affect the reported amounts of assets,deferred outflows of resources, liabilities, and deferred inflows of resources and disclosure of contingentassets, deferred outflows of resources, liabilities, and deferred inflows of resources at the date of thefinancial statements and the reported amounts of revenues and expenditures/expenses during the reportingperiod. Actual results could differ from those estimates.

Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources, andNet Position or Equity

Deposits and Investments

State statutes authorize the District to invest in obligations of the U.S. Treasury, certain highly-ratedcommercial paper, corporate bonds, repurchase agreements, and the State Treasurer's Investment Pool.Investments are stated at fair value. Changes in fair value of investments are included as investmentincome.

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Receivables and Payables

Transactions between funds that are representative of lending/borrowing arrangements outstanding at theend of the fiscal year are referred to as "due to/from other funds". These amounts are eliminated in thegovernmental activities column in the statement of net position. Receivables are expected to be collectedwithin one year.

Unearned Revenue

Governmental funds report unearned revenue in connection with resources that have been received, but notyet earned.

Property Tax Revenues

The District must file its tax levy resolution by the last Tuesday in December of each year. The District's2014 levy resolution was approved during the December 16, 2014 board meeting. The District's propertytax is levied each year on all taxable real property located in the District and it becomes a lien on theproperty on January 1 of that year. The owner of real property on January 1 in any year is liable for taxesof that year.

The tax rate ceilings are applied at the fund level. These ceilings are established by state law subject tochange only by the approval of the voters of the District.

The PTELA limitation is applied in the aggregate to the total levy (excluding certain levies for therepayment of debt). PTELA limits the increase in total taxes billed to the lessor of 5% or the percentageincrease in the Consumer Price Index (CPI) for the preceding year. The amount can be exceeded to theextent there is “new growth” in the District’s tax base. The new growth consists of new construction,annexations and tax increment finance district property becoming eligible for taxation. The CPI ratesapplicable to the 2014 and 2013 tax levies were 1.5% and 1.7%, respectively.

Property taxes are collected by the County Collector/Treasurer, who remits to the District its share ofcollections. Taxes levied in one year become due and payable in two equal installments: the first due onApril 1 (Cook County) and June 1 (other counties) and the second due on the later of August 1 or 30 daysafter the second installment tax bill is mailed (typically, this is due late August or early September). ForCook County, the first installment is an estimated bill, and is 55% of the prior year's tax bill. The secondinstallment is based on the current levy, assessment and equalization, and any changes from the prior yearwill be reflected in the second installment bill. In other counties, bills are payable in two equal installments.Property taxes are normally collected by the District within 60 days of the respective installment dates.

The 2014 property tax levy is recognized as a receivable in fiscal 2015, net of estimated uncollectibleamounts approximating 1% and less amounts already received. The District considers that the firstinstallment of the 2014 levy is to be used to finance operations in fiscal 2015. The District has determinedthat the second installment of the 2014 levy is to be used to finance operations in fiscal 2016 and hasincluded the corresponding receivable as a deferred inflow of resources.

Personal Property Replacement Taxes

Personal property replacement taxes are first allocated to the Municipal Retirement / Social Security Fund,and the balance is allocated to the remaining funds at the discretion of the District.

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Capital Assets

Capital assets, which include land, land improvements, buildings, vehicles, equipment and construction inprogress are reported in the government-wide financial statements. Capital assets are defined by the Districtas assets with an initial individual cost of more than $5,000 and an estimated useful life of more than 1 year.Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donatedcapital assets are recorded at estimated fair value at the date of donation.

Depreciation of capital assets is provided using the straight-line method over the following estimated usefullives:

Assets Years

Buildings 50Land improvements 20Vehicles 8Equipment 5-15

In the fund financial statements, capital assets used in governmental fund operations are accounted for ascapital outlay expenditures of the governmental fund upon acquisition.

Deferred Outflows of Resources

A deferred outflow of resources represents a consumption of net position that applies to a future period andwill not be recognized as an outflow of resources (expense/expenditure) until that future time.

A deferred charge on refunding arise from advance refunding of debt. The difference between the cost of thesecurities placed in trust for future payment of refunded debt and the net carrying value of that debt isdeferred and amortized as a component of interest expense over the shorter of the term of the refundingissue or the original term of the refunded debt. The unamortized amount is reported as a deferred outflow ofresources in the government-wide statements.

Compensated Absences

Under terms of employment, employees are granted sick leave and vacations in varying amounts. Onlybenefits considered to be vested are disclosed in these statements.

All vested vacation and sick leave pay is accrued when incurred in the government-wide financialstatements. A liability for these amounts is reported in governmental funds only if they have matured, forexample, as a result of employee resignations and retirements, or are payable with expendable availableresources.

Payments for vacation and sick leave will be made at rates in effect when the benefits are used.Accumulated vacation and sick leave liabilities at June 30, 2015 are determined on the basis of currentsalary rates and include salary related payments.

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All employees receive a minimum of twelve sick days annually with actual amounts varying based on yearsof service with the District. Unused sick days accumulate and are carried forward. The District does notreimburse employees for unused sick days remaining upon termination of employment. The experience ofthe District indicates that some accumulated sick leave will be paid during the term of the employment outof future tax collections and therefore has not been reported as a current liability of the GovernmentalFunds. This amount does not exceed a normal year's accumulation and is not material to entity widestatements.

Non-certified employees earn vacation days based upon years of service. Accumulated unpaid employeevacation that was earned prior to the current fiscal year but unused at the end of the current fiscal yeartotaled $590,592 and is recorded in the entity wide statements. Certified employees cannot carry overvacation days. Non-certified employees may carry over up to 50 vacation days except for employees with 25years or more of service, who can carry over up to 60 vacation days.

Long-Term Obligations

In the government-wide financial statements, long-term debt and other long-term obligations are reported asliabilities in the statement of net position. Bond premiums and discounts are deferred and amortized overthe life of the applicable bonds using the effective interest method. The balance at year end forpremiums/discounts is shown as an increase or decrease in the liability section of the statement of netposition.

In the fund financial statements, governmental funds recognize bond premiums and discounts during theperiod incurred. The face amount of debt issued is reported as other financing sources. Premiums receivedon debt issuances are reported as other financing sources while discounts on debt issuances are reported asother financing uses.

Deferred Inflows of Resources

A deferred inflow of resources represents an acquisition of net position that applies to a future period andtherefore will not be recognized as an inflow of resources (revenue) until that future time.

Equity Classifications

Equity is classified as net position in the government-wide financial statements and displayed in threecomponents:

Net investment in capital assets - Consists of capital assets including restricted capital assets, net ofaccumulated depreciation and reduced by the outstanding balances of any bonds, mortgages, notes, or otherborrowings that are attributable to the acquisition, construction, or improvement of those assets less thanany unspent debt proceeds.

Restricted net position - Consists of net position with constraints placed on its use either by 1) external groupssuch as creditors, grantors, contributors, or laws or regulations of other governments or, 2) law throughconstitutional provisions or enabling legislation.

Unrestricted net position - All other net position that does not meet the definition of "restricted" or "netinvestment in capital assets."

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When both restricted and unrestricted resources are available for use, it is the District’s policy to userestricted resources first and then unrestricted resources.

Equity is classified as fund balance in the fund financial statements and displayed in five components:

Nonspendable - includes amounts not in spendable form, such as inventory, or amounts required to bemaintained intact legally or contractually (principal endowment) (e.g. inventory, pre-paid items, permanentscholarships).

Restricted - includes amounts constrained for a specific purpose by external parties (e.g. Debt Service, CapitalProjects, State and Federal Grant Funds).

Committed - includes amounts constrained for a specific purpose by a government using its highest level ofdecision making authority, the Board of Education. This formal action (a resolution) must occur prior to theend of the reporting period, but the amount of the commitment, which will be subject to the constraints,may be determined in the subsequent period. Any changes to the constraints imposed require the sameformal action of the Board of Education that originally created the commitment.

Assigned - includes general fund amounts constrained for a specific purpose by the Board of Education or byan official that has been delegated authority to assign amounts. The Board of Education may assignamounts for a specific purpose. The Board of Education may also take official action to assign amounts.Additionally, all remaining positive spendable amounts in governmental funds, other than the GeneralFund, that are neither restricted nor committed are considered assigned. Assignments may take place afterthe end of the reporting period.

Unassigned - includes residual positive fund balance within the General Fund which has not been classifiedwithin the other above mentioned categories. Unassigned fund balance may also include negative balancesfor any governmental fund if expenditures exceed amounts restricted, committed or assigned for thosespecific purposes.

In circumstances where an expenditure is to be made for a purpose for which amounts are available inmultiple fund balance classifications, the order in which resources will be expended as follows: restrictedfund balance, committed fund balance, assigned fund balance, and lastly, unassigned fund balance.

The District has a formal minimum fund balance policy in order to operate the schools and provide thehighest quality educational programs possible, consistent with the financial resources available.

Governmental fund balances reported on the fund financial statements at June 30, 2015 are as follows:

The restricted fund balance in the General Fund is comprised solely for tort immunity. The remainingrestricted fund balances and all assigned fund balances are for the purpose of the respective funds asdescribed above in the Major Governmental Funds section.

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Comparative Data

The financial statements include summarized prior-year comparative information. Such information doesnot include sufficient detail to constitute a presentation in conformity with accounting principles generallyaccepted in the United States of America. Accordingly, such information should be read in conjunctionwith the District's financial statements for the year ended June 30, 2014, from which such summarizedinformation was derived.

Eliminations and Reclassifications

In the process of aggregating data for the government-wide financial statements, some amounts reported asinterfund activity and balances were eliminated or reclassified.

NOTE 2 - STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY

Excess of Expenditures over Budget

For the year ended June 30, 2015, expenditures exceeded budget in the General Fund (EducationalAccounts), the Transportation Fund, and the Capital Projects Fund by $1,477,246, $96,353 and $2,777,592respectively. These excesses were funded by available fund balances.

NOTE 3 - CHANGES IN ACCOUNTING PRINCIPLES

In June 2012, the GASB issued statement No. 68 - Accounting and Financial Reporting for Pensions - anAmendment of GASB Statement No. 27. The primary objective of this statement is to improve accounting andfinancial reporting by state and local governments for pensions. It also improves information provided bystate and local governmental employers about financial support for pensions that is provided by otherentities. This standard was implemented effective July 1, 2014.

In November 2013, the GASB issued statement No. 71 - Pension Transition for Contributions Made Subsequentto the Measurement Date - an Amendment of GASB Statement No. 68. The objective of this Statement is toaddress an issue regarding application of the transition provisions of Statement No. 68, Accounting andFinancial Reporting for Pensions. The issue relates to amounts associated with contributions, if any, made by astate or local government employer or nonemployer contributing entity to a defined benefit pension planafter the measurement date of the government’s beginning net pension liability. This standard wasimplemented effective July 1, 2014.

NOTE 4 - DEPOSITS AND INVESTMENTS

At year end, the District's cash and investments were comprised of the following:

Government-wide Fiduciary Total

Cash and investments $ 61,193,776 $ 1,341,359 $ 62,535,135

Total $ 61,193,776 $ 1,341,359 $ 62,535,135

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NOTE 4 - DEPOSITS AND INVESTMENTS - (CONTINUED)

For disclosure purposes, this amount is segregated into the following components: cash on hand; depositswith financial institutions, which include amounts held in demand accounts, savings accounts and non-negotiable certificates of deposit; and other investments, which consist of all investments other thancertificates of deposit, as follows:

Cash andinvestments

Cash on hand $ 11,172Deposits with financial institutions 22,842,691Other investments - Negotiable certificates of deposit 1,492,053Other investments - State and local government obligation 2,024,300Other investments - ISDLAF+ 1,125,625Other investments - ISDLAF Term Series 35,039,294

Total $ 62,535,135

Interest Rate Risk. Interest rate risk is the risk that changes in interest rates will adversely affect the value ofan investment. The District's investment policy does not limit investment maturities as a means ofmanaging its exposure to fair value losses arising from increasing interest rates. However, the policyrequires the District's investment portfolio to be sufficiently liquid to enable the District to meet alloperating requirements as they come due. The District's investments in ISDLAF Term Series are entirelydue within one year.

Credit Risk. Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill itsobligations. State Statutes limit the investments in commercial paper and corporate bonds to the top threeratings of two nationally recognized statistical rating organizations (NRSRO's). The ISDLAF term seriesinvestments and negotiable certificates of deposit are unrated. The District's invesment in state and localgovernment obligations was rated AAA.

The Illinois School District Liquid Asset Fund Plus (ISDLAF+) is a not-for-profit investment trust formedpursuant to the Illinois Municipal Code and managed by a Board of Trustees elected from participatingmembers. The trust is not registered with the SEC as an investment company. Investments are ratedAAAm and are valued at share price, which is the price for which the investment could be sold.

Custodial Credit Risk - Deposits. With respect to deposits, custodial credit risk refers to the risk that, in theevent of a bank failure, the District’s deposits may not be returned to it. The District’s investment policylimits the exposure to deposit custodial credit risk by requiring all deposits in excess of FDIC insurablelimits to be secured by collateral in the event of default or failure of the financial institution holding thefunds. As of June 30, 2015, the bank balance of the District’s deposit with financial institutions totaled$29,722,484; the entire balance was collateralized or insured.

Custodial Credit Risk - Investments. With respect to investments, custodial credit risk is the risk that, in theevent of the failure of the counterparty, the government will not be able to recover the value of itsinvestments or collateral securities that are in the possession of an outside party. The District’s investmentpolicy limits the exposure to investment custodial credit risk by requiring all investments be secured byprivate insurance or collateral.

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NOTE 4 - DEPOSITS AND INVESTMENTS - (CONTINUED)

Separate cash and investment accounts are not maintained for all District funds; instead, the individualfunds maintain their invested and uninvested balances in the common checking and investment accounts,with accounting records being maintained to show the portion of the common account balance attributableto each participating fund.

Occasionally certain funds participating in the common bank accounts will incur overdrafts (deficits) in theaccount. The overdrafts result from expenditures that have been approved by the Board of Education.

NOTE 5 - INTERFUND TRANSFERS

During the year, the Board of Education authorized the abatement of a portion of the General Fund(Working Cash Accounts), thereby transferring fund balance of $2,024,300 to the General Fund(Educational Accounts).

During the year the Board of Education transferred $4,266,631 from the General Fund (EducationalAccounts) to the Operations and Maintenance Fund to reimburse the Operations and Maintenance Fundfor payments to fund construction projects.

During the year the Board of Education transferred $5,840,537 from the Operations and Maintenance Fundto the Capital Projects Fund to fund construction projects.

During the year, the Board of Education transferred $1,304,423 from the General Fund to the Debt ServiceFund to support the payment of capital lease principal and interest.

State law allows for the above transfers.

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NOTE 6 - CAPITAL ASSETS

Capital asset activity for the District for the year ended June 30, 2015, was as follows:

BeginningBalance Increases Decreases

EndingBalance

Capital assets not being depreciated:

Land $ 15,276,660 $ 2,319,731 $ - $ 17,596,391Construction in progress 320,030 833,776 320,030 833,776

Total capital assets not beingdepreciated 15,596,690 3,153,507 320,030 18,430,167

Capital assets being depreciated:

Land improvements 6,053,817 - - 6,053,817Buildings 222,935,375 1,275,305 - 224,210,680Equipment 17,244,161 674,321 14,323 17,904,159Vehicles 973,473 42,861 - 1,016,334

Total capital assets being depreciated 247,206,826 1,992,487 14,323 249,184,990

Less Accumulated Depreciation for:

Land improvements 5,112,513 88,710 - 5,201,223Buildings 80,923,608 5,030,610 - 85,954,218Equipment 11,291,185 683,152 14,323 11,960,014Vehicles 836,916 47,354 - 884,270

Total accumulated depreciation 98,164,222 5,849,826 14,323 103,999,725

Net capital assets being depreciated 149,042,604 (3,857,339) - 145,185,265

Net governmental activities capitalassets $ 164,639,294 $ (703,832) $ 320,030 $ 163,615,432

Depreciation expense was recognized in the operating activities of the District as follows:

Governmental Activities Depreciation

Regular programs $ 2,462,815Special programs 215,880Pupils 124,630Instructional staff 186,464General administration 91,828School administration 112,977Business 81,540Operations and maintenance 113,583

Total depreciation expense - governmental activities $ 5,849,826

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NOTE 7 - OPERATING LEASES

The District leases equipment under noncancelable operating leases. Total costs for such leases were$549,506 for the year ended June 30, 2015. At June 30, 2015, future minimum lease payments for theseleases are as follows:

Year Ending June 30, Amount

2016 $ 230,5982017 85,8242018 42,912

Total $ 359,334

NOTE 8 - LONG TERM LIABILITIES

Changes in General Long-term Liabilities. The following is the long-term liability activity for the District for theyear ended June 30, 2015:

BeginningBalance Additions Deletions

EndingBalance

Due WithinOne Year

General obligation bonds $ 63,770,000 $ 2,044,300 $ 7,820,000 $ 57,994,300 $ 10,239,300Unamortized premium 1,217,587 - 370,655 846,932 -

Total bonds payable 64,987,587 2,044,300 8,190,655 58,841,232 10,239,300Net pension liability 10,592,254 - 1,238,903 9,353,351 -Capital leases 3,202,305 2,284,873 1,291,244 4,195,934 1,487,255OPEB obligation 152,824 67,301 7,423 212,702 -Compensated absences 586,769 728,984 725,161 590,592 354,355

Total long-term liabilities -

governmental activities $ 79,521,739 $ 5,125,458 $ 11,453,386 $ 73,193,811 $ 12,080,910

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NOTE 8 - LONG TERM LIABILITIES - (CONTINUED)

The obligations for the OPEB and compensated absences will be repaid from the General Fund. The netpension liability will be repaid by the General Fund and the Municipal Retirement/Social Security Fund.

General Obligation Bonds. General obligation bonds are direct obligations and pledge the full faith and creditof the District. General obligation bonds currently outstanding are as follows:

Purpose Interest RatesOriginal

IndebtednessCarryingAmount

Series 1998 General Obligation Building Bonds dated April1, 1998 are due in annual installments through December1, 2017 4.05% - 6.30% $ 72,110,000 $ 8,855,000

Series 2002 General Obligation Refunding Bonds datedAugust 1, 2002 are due in annual installments throughDecember 1, 2020 2.00% - 5.25% 28,195,000 27,315,000

Series 2004 General Obligation Refunding Bonds datedFebruary 1, 2004 are due in annual installments throughDecember 1, 2015 1.50% - 5.00% 29,045,000 1,675,000

Series 2004 General Obligation Refunding Bonds datedMarch 1, 2004 are due in annual installments throughDecember 1, 2016 1.00% - 5.00% 16,910,000 11,875,000

Series 2007 General Obligation Building Bonds datedAugust 2, 2007 are due in annual installments throughDecember 1, 2026

4.100% -4.375% 4,400,000 3,235,000

Series 2008 General Obligation Refunding Bonds datedApril 7, 2008 are due in annual installments throughDecember 1, 2016 3.50% 8,865,000 2,340,000

Series 2012 General Obligation Refunding Bonds datedDecember 27, 2012 are due in annual installmentsthrough December 1, 2020 1.380% 870,000 655,000

Series 2015 General Obligation Limited Tax School Bondsdated March 2, 2015 are due in annual installmentsthrough December 1, 2015 .870% 2,044,300 2,044,300

Total $ 162,439,300 $ 57,994,300

In prior years, the District defeased certain general obligation and other bonds by placing the proceeds ofnew bonds in an irrevocable trust to provide for all future debt service payments on the old bonds.Accordingly, the trust account assets and the liability for the defeased bonds are not included in theDistrict's financial statements. At June 30, 2015, $15,730,000 of bonds outstanding are considereddefeased.

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NOTE 8 - LONG TERM LIABILITIES - (CONTINUED)

Annual debt service requirements to maturity for general obligation bonds are as follows for governmentaltype activities:

Principal Interest Total

2016 $ 10,239,300 $ 2,717,980 $ 12,957,2802017 8,510,000 2,313,073 10,823,0732018 9,155,000 1,827,236 10,982,2362019 9,685,000 1,291,338 10,976,3382020 10,190,000 777,374 10,967,3742021 - 2025 9,550,000 566,753 10,116,7532026 - 2027 665,000 43,641 708,641

Total $ 57,994,300 $ 9,537,395 $ 67,531,695

The District is subject to the Illinois School Code, which limits the amount of certain indebtedness to 13.8%of the most recent available equalized assessed valuation of the District. As of June 30, 2015, the statutorydebt limit for the District was $362,898,121, providing a debt margin of $291,354,536.

Capital Leases. The District has entered into lease agreements as lessee for financing the acquisition ofequipment. These lease agreements qualify as capital leases for accounting purposes and, therefore, theobligations have been recorded at the present value of the future minimum lease payments as of theinception date. The individual assets acquired under these leases are below the District's capitalizationthreshold. The obligations for the capital leases will be repaid from the Debt Service Fund. The futureminimum lease obligations and the net present value of these minimum lease payments as of June 30, 2015,are as follows:

Amount

2016 $ 1,521,9352017 1,291,9262018 1,180,4742019 276,090Total minimum lease payments 4,270,425Less: amount representing interest (74,491)

Present value of minimum lease payments $ 4,195,934

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NOTE 9 - RISK MANAGEMENT

The District is exposed to various risks of loss related to employee health benefits; workers' compensationclaims; theft of, damage to, and destruction of assets; and natural disasters. To protect from such risks, theDistrict participates in the Collective Liability Insurance Cooperative (CLIC), a public entity risk pool forproperty damage, workers' compensation claims, and injury claims and the Northern Illinois HealthInsurance Pool (NIHIP), a public entity risk pool for medical insurance. The District pays annualpremiums to CLIC and monthly premiums to NIHIP for insurance coverage. The arrangements with thepools provide that each will be self-sustaining through member premiums and will reinsure throughcommercial companies for claims in excess of certain levels established by the pools. There have been nosignificant reductions in insurance coverage in any of the past three fiscal years.

NOTE 10 - OTHER POST-EMPLOYMENT BENEFITS

Teachers' Health Insurance Security

The District participates in the Teacher Health Insurance Security (THIS) Fund, a cost-sharing, multiple-employer defined benefit post-employment healthcare plan that was established by the Illinois legislature forthe benefit of retired Illinois public school teachers employed outside the city of Chicago. The THIS Fundprovides medical, prescription, and behavioral health benefits, but it does not provide vision, dental, or lifeinsurance benefits to annuitants of the Teachers’ Retirement System (TRS). Annuitants not enrolled inMedicare may participate in the state-administered participating provider option plan or choose fromseveral managed care options. Annuitants who are enrolled in Medicare Parts A and B may be eligible toenroll in a Medicare Advantage plan.

The State Employees Group Insurance Act of 1971 (5 ILCS 375) outlines the benefit provisions of the THISFund and amendments to the plan can be made only by legislative action with the Governor’s approval.Effective July 1, 2012, in accordance with Executive Order 12-01, the plan is administered by the IllinoisDepartment of Central Management Services (CMS) with the cooperation of TRS. Section 6.6 of the StateEmployees Group Insurance Act of 1971 requires all active contributors to TRS who are not employees ofthe state to make a contribution to the THIS Fund.

The percentage of employer required contributions in the future will not exceed 105 percent of thepercentage of salary actually required to be paid in the previous fiscal year.

On Behalf Contributions to THIS Fund. The State of Illinois makes employer retiree health insurancecontributions on behalf of the District. State contributions are intended to match contributions to THISFund from active members which were 1.02 percent of pay during the year ended June 30, 2015. State ofIllinois contributions were $668,724, and the District recognized revenues and expenditures of this amountduring the year.

State contributions intended to match active member contributions during the years ended June 30, 2014and June 30, 2013 were 0.97 and 0.92 percent of pay, respectively. For these years, state contributions onbehalf of District employees were $618,374 and $574,723, respectively.

Employer Contributions to THIS Fund. The District also makes contributions to THIS Fund. The District'sTHIS Fund contribution was 0.76 percent during the year ended June 30, 2015 and 0.72 and 0.66 percentduring the years ended June 30, 2014 and 2013, respectively. For the years ended June 30, 2015, 2014 and2013 the District paid $498,265, $458,999 and $431,042 to the THIS Fund, respectively, which was 100percent of the required contribution for those years.

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NOTE 10 - OTHER POST-EMPLOYMENT BENEFITS - (CONTINUED)

The publicly available financial report of the THIS Fund may be found on the website of the IllinoisAuditor General: http://www.auditor.illinois.gov/Audit-Reports/ABC-List.asp. The 2014 and 2013reports are listed under "Central Management Services." Prior reports are available under "Healthcare andFamily Services."

Retiree Healthcare Program

The District administers a single-employer defined benefit healthcare plan ("the Retiree HealthcareProgram"). The plan provides for non-certified employees receiving a pension under IMRF and theirdependents as required by Illinois Public Act 86-1444 at blended premium rates. This results in other post-employment benefits for the retirees, commonly referred to as an implicit rate subsidy. The RetireeHealthcare Program does not issue a publicly available financial report.

Contribution requirements are established through personnel policy guidelines and may be amended by theaction of the governing body. Retirees are responsible for paying 100% of the blended rate premium toremain on the District's healthcare insurance. All claims in excess of premiums paid are paid by the district.For fiscal year 2015, the District implicitly contributed $7,423 to the health insurance plan.

The District's annual other postemployment benefit (OPEB) cost (expense) is calculated based on theannual required contribution of the employer (ARC) The ARC represents a level of funding that, if paid onan ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial liabilities(or funding excess) over a period not to exceed thirty years. The following table shows the components ofthe District's annual OPEB cost for the year, the amount actually contributed to the Retiree HealthcareProgram, and changes in the District's net OPEB obligation to the Retiree Healthcare Program:

Annual required contribution $ 65,880Interest on net OPEB obligation 6,877Adjustment to annual required contribution (5,456)

Annual OPEB cost 67,301Contributions made (7,423)

Increase in net OPEB obligation 59,878

Net OPEB Obligation - Beginning of Year 152,824

Net OPEB Obligation - End of Year $ 212,702

The District's annual OPEB cost, the percentage of annual OPEB cost contributed to the Retiree HealthcareProgram, and the net OPEB obligation for June 30, 2015 and the two preceding years are as follows:

Fiscal Year EndedAnnual OPEB

Cost

Percentage ofAnnual OPEB

CostContributed

Net OPEBObligation

(Asset)

June 30, 2015 $ 67,301 %11.03 $ 212,702June 30, 2014 123,760 %91.72 152,824June 30, 2013 119,496 %81.78 142,580

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NOTE 10 - OTHER POST-EMPLOYMENT BENEFITS - (CONTINUED)

The funded status of the Retiree Healthcare Program as of July 1, 2014, the most recent actuarial valuationdate, is as follows:

Actuarial accrued liability (AAL) $ 492,465Actuarial value of plan assets -

Unfunded Actuarial Accrued Liability (UAAL) $ 492,465

Funded ratio (actuarial value of plan assets/AAL) -%

Covered payroll (active plan members) $ 12,852,117

UAAL as a percentage of covered payroll 3.83%

Actuarial valuations of an ongoing plan involve estimates for the value of reported amounts andassumptions about the probability of occurrence of events far into the future. Examples include assumptionsabout future employment, mortality, and the healthcare cost trend. Amounts determined regarding thefunded status of the plan and annual required contributions of the employer are subject to continual revisionas actual results are compared with past expectations and new estimates are made about the future. Theschedule of funding progress, presented as required supplementary information following the notes to thefinancial statements, presents multiyear trend information that shows whether the actuarial value of planassets is increasing or decreasing over time relative to the actuarial accrued liabilities for benefits.

Projections of benefits for financial reporting purposes are based on the substantive plan (the plan isunderstood by the employer and plan members) and include the type of benefits provided at the time ofeach valuation and the historical pattern of sharing benefit costs between the employer and plan members tothat point. The methods and assumptions used include techniques that are designed to reduce short-termvolatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-termperspective of the calculations.

In the July 1, 2014 actuarial valuation, the entry age actuarial cost method was used. The actuarialassumptions include a 4.50 percent investment rate of return and an annual healthcare cost trend rate of1.93 percent effective September 1, 2014, 1.66 percent effective September 1, 2015, and 8.0 percent effectiveSeptember 1, 2016 reduced by decrements of 0.5 percent to an ultimate percent rate of 4.50 percent after 8years. Both rates include a 4 percent inflation assumption. The actuarial value of the Retiree HealthcareProgram assets was determined using techniques that spread the effects of short-term volatility in the marketvalue of investments over a three-year period. The Retiree Healthcare Program's unfunded actuarial accruedliability is being amortized as a level of percentage of projected payroll on an open basis. The remainingamortization period at June 30, 2015 is 30 years.

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NOTE 11 - RETIREMENT SYSTEMS

The retirement plans of the District include the Teachers’ Retirement System of the State of Illinois (TRS)and the Illinois Municipal Retirement Fund (IMRF). Most funding for TRS is provided through payrollwithholdings of certified employees and contributions made by the State of Illinois on-behalf of the District.IMRF is funded through property taxes and a perpetual lien of the District’s corporate personal propertyreplacement tax. Each retirement system is discussed below.

Teachers' Retirement System

Plan Description. The District participates in the Teachers’ Retirement System of the State of Illinois (TRS).TRS is a cost-sharing multiple-employer defined benefit pension plan that was created by the Illinoislegislature for the benefit of Illinois public school teachers employed outside the city of Chicago. TRSmembers include all active nonannuitants who are employed by a TRS-covered employer to provideservices for which teacher licensure is required. The Illinois Pension Code outlines the benefit provisions ofTRS, and amendments to the plan can be made only by legislative action with the Governor’s approval.The TRS Board of Trustees is responsible for the System’s administration.

TRS issues a publicly available financial report that can be obtained at http://trs.illinois.gov/pubs/cafr; bywriting to TRS at 2815 W. Washington, PO Box 19253, Springfield, IL 62794; or by calling (888) 877-0890,option 2.

Benefits Provided. TRS provides retirement, disability, and death benefits. Tier I members have TRS orreciprocal system service prior to January 1, 2011. Tier I members qualify for retirement benefits at age 62with five years of service, at age 60 with 10 years, or age 55 with 20 years. The benefit is determined by theaverage of the four highest years of creditable earnings within the last 10 years of creditable service and thepercentage of average salary to which the member is entitled. Most members retire under a formula thatprovides 2.2 percent of final average salary up to a maximum of 75 percent with 34 years of service.Disability and death benefits are also provided.

Tier II members qualify for retirement benefits at age 67 with 10 years of service, or a discounted annuitycan be paid at age 62 with 10 years of service. Creditable earnings for retirement purposes are capped andthe final average salary is based on the highest consecutive eight years of creditable service rather than thelast four. Disability provisions for Tier II are identical to those of Tier I. Death benefits are payable under aformula that is different from Tier I.

Essentially all Tier I retirees receive an annual 3 percent increase in the current retirement benefit beginningJanuary 1 following the attainment of age 61 or on January 1 following the member’s first anniversary inretirement, whichever is later. Tier II annual increases will be the lesser of three percent of the originalbenefit or one-half percent of the rate of inflation beginning January 1 following attainment of age 67 or onJanuary 1 following the member’s first anniversary in retirement, whichever is later.

Contributions. The State of Illinois maintains the primary responsibility for funding TRS. The IllinoisPension Code, as amended by Public Act 88-0593 and subsequent acts, provides that for years 2010 through2045, the minimum contribution to the System for each fiscal year shall be an amount determined to besufficient to bring the total assets of the System up to 90 percent of the total actuarial liabilities of the Systemby the end of fiscal year 2045.

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NOTE 11 - RETIREMENT SYSTEMS - (CONTINUED)

Contributions from active members and TRS contributing employers are also required by the IllinoisPension Code. The contribution rates are specified in the pension code. The active member contributionrate for the year ended June 30, 2015 was 9.4 percent of creditable earnings. The member contribution,which may be paid on behalf of employees by the District, is submitted to TRS by the District.

On Behalf Contributions to TRS. The State of Illinois makes employer pension contributions on behalf of theDistrict. For the year ended June 30, 2015, State of Illinois contributions recognized by the District werebased on the state’s proportionate share of the collective net pension liability associated with the District,and the District recognized revenue and expenditures of $31,659,243 in pension contributions from theState of Illinois.

2.2 Formula Contributions. Employers contribute 0.58 percent of total creditable earnings for the 2.2 formulachange. The contribution rate is specified by statute. Contributions for the year ended June 30, 2015, were$379,686, and are deferred because they were paid after the June 30, 2014 measurement date.

Federal and Trust Fund Contributions. When TRS members are paid from federal and special trust fundsadministered by the District, there is a statutory requirement for the District to pay an employer pensioncontribution from those funds. Under a policy adopted by the TRS Board of Trustees that has been in effectsince the fiscal year ended June 30, 2006, employer contributions for employees paid from federal andspecial trust funds will be the same as the state contribution rate to TRS. Public Act 98-0674 now requiresthe two rates to be the same.

For the year ended June 30, 2015, the District pension contribution was 33.00 percent of salaries paid fromfederal and special trust funds. Contributions for the year ended June 30, 2015, were $181,029 and aredeferred because they were paid after the June 30, 2014 measurement date.

Salary increases over 6 percent. The District is also required to make a one-time contribution to TRS formembers granted salary increases over 6 percent if those salaries are used to calculate a retiree’s finalaverage salary. For the year ended June 30, 2015, the District paid $11,127 to TRS for employercontributions due on salary increases in excess of 6 percent.

Excess sick leave. A one-time contribution is also required for members granted sick leave days in excess ofthe normal annual allotment if those days are used as TRS service credit. For the year ended June 30, 2015,the District paid $3,768 to TRS for sick leave days granted in excess of the normal annual allotment.

TRS Fiduciary Net Position. Detailed information about the TRS’s fiduciary net position as of June 30, 2014is available in the separately issued TRS Comprehensive Annual Financial Report.

Net Pension Liability. At June 30, 2015, the District reported a liability for its proportionate share of the netpension liability (first amount shown below) that reflected a reduction for state pension support provided tothe District. The state’s support and total are for disclosure purposes only. The amount recognized by theDistrict as its proportionate share of the net pension liability, the related state support, and the total portionof the net pension liability that was associated with the District were as follows:

District's proportionate share of the collective net pension liability $ 3,690,753State's proportionate share of the collective net pension liability associated with the District 393,230,669

Total$ 396,921,422

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The net pension liability was measured as of June 30, 2014, and the total pension liability used to calculatethe net pension liability was determined by an actuarial valuation as of June 30, 2013, and rolled forward toJune 30, 2014. The District’s proportion of the net pension liability was based on the District’s share ofcontributions to TRS for the measurement year ended June 30, 2014, relative to the projected contributionsof all participating TRS employers and the state during that period. At June 30, 2014, the District’sproportion was 0.00606451 percent.

The net pension liability as of the beginning of the measurement period was measured as of June 30, 2013,and the total pension liability was based on the June 30, 2013, actuarial valuation without any roll-up. TheDistrict’s proportion of the net pension liability as of June 30, 2013, was based on the District’s share ofcontributions to TRS for the measurement year ended June 30, 2013, relative to the projected contributionsof all participating TRS employers and the state during that period. At June 30, 2013, the District’sproportion was 0.01351491 percent.

Summary of Significant Accounting Policies. For purposes of measuring the collective net pension liability,deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense,information about the fiduciary net position of TRS and additions to/deductions from TRS fiduciary netposition have been determined on the same basis as they are reported by TRS. For this purpose, benefitpayments (including refunds of employee contributions) are recognized when due and payable inaccordance with the benefit terms. Investments are reported at fair value.

Actuarial Assumptions. The assumptions used to measure the total pension liability in the June 30, 2014actuarial valuation included (a) 7.50% investment rate of return net of pension plan investment expense,including inflation, (b) projected salary increases of 5.75%, average, including inflation, and (c) inflation of3.00%.

The actuarial assumptions for the years ended June 30, 2014 and 2013 were assumed to be the same.However, for funding purposes, the actuarial valuations for those two years were different. The actuarialassumptions used in the June 30, 2014 valuation were based on updates to economic assumptions adoptedin 2014 which lowered the investment return assumption from 8.0 percent to 7.5 percent. The salaryincrease and inflation assumptions were also lowered. The actuarial assumptions used in the June 30, 2013valuation were based on the 2012 actuarial experience analysis and first adopted in the June 30, 2012valuation. The investment return assumption was lowered from 8.5 percent to 8.0 percent and the salaryincrease and inflation assumptions were also lowered. Mortality assumptions were adjusted to anticipatecontinued improvement in mortality.

Mortality. Mortality rates were based on the RP-2000 White Collar Table with projections using scale AAthat vary by member group.

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Long-Term Expected Real Rate of Return. The long-term expected rate of return on pension plan investmentswas determined using a building-block method in which best-estimate ranges of expected future real rates ofreturn (expected returns, net of pension plan investment expense and inflation) are developed for eachmajor asset class. These ranges are combined to produce the long-term expected rate of return by weightingthe expected future real rates of return by the target asset allocation percentage and by adding expectedinflation. The target allocation and best estimates of arithmetic real rates of return for each major asset classthat were used by the actuary are summarized in the following table:

Asset ClassTarget

Allocation

Long-TermExpected RealRate of Return

U.S. large cap %18.00 %8.23Global equity excluding U.S. %18.00 %8.58Aggregate bonds %16.00 %2.27U.S. TIPS %2.00 %3.52NCREIF %11.00 %5.81Opportunistic real estate %4.00 %9.79ARS %8.00 %3.27Risk parity %8.00 %5.57Diversified inflation strategy %1.00 %3.96Private equity %14.00 %13.03

Discount Rate. The discount rate used to measure the total pension liability was 7.50 percent. Theprojection of cash flows used to determine the discount rate assumed that employee contributions, employercontributions, and state contributions will be made at the current statutorily-required rates.

Based on those assumptions, TRS’s fiduciary net position was projected to be available to make allprojected future benefit payments of current active and inactive members and all benefit recipients. Tier I’sliability is partially-funded by Tier II members, as the Tier II member contribution is higher than the cost ofTier II benefits. Due to this subsidy, contributions from future members in excess of the service cost are alsoincluded in the determination of the discount rate. Therefore, the long-term expected rate of return on TRSinvestments was applied to all periods of projected benefit payments to determine the total pension liability.

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Discount Rate Sensitivity. The following presents the District’s proportionate share of the net pension liabilitycalculated using the discount rate of 7.5 percent, as well as what the District’s proportionate share of the netpension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (6.5percent) or 1-percentage-point higher (8.5 percent) than the current rate:

1% DecreaseCurrent

Discount Rate 1% Increase

District's proportionate share of the collective net pensionliability $ 4,557,899 $ 3,690,753 $ 2,972,657

Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions. For theyear ended June 30, 2015, the District recognized pension expense of $(517,421) and on-behalf revenue of$31,659,243 for support provided by the state. At June 30, 2015, the District reported deferred outflows ofresources and deferred inflows of resources related to pensions from the following sources:

DeferredOutflows ofResources

DeferredInflows of

Resources

Differences between expected and actual experience $ 1,950 $ -Net difference between projected and actual earnings on pension planinvestments - 185,488Changes in proportion and differences between District contributions andproportionate share of contributions - 3,755,973District contributions subsequent to the measurement date 560,715 -

Total $ 562,665 $ 3,941,461

The amount reported as deferred outflows resulting from contributions subsequent to the measurement datein the above table will be recognized as a reduction in the net pension liability for the year ending June 30,2016. The remaining amounts reported as deferred outflows and inflows of resources related to pensions($(3,939,511)) will be recognized in pension expense as follows:

Year Ending June 30, Amount

2016 $ (957,543)2017 (957,543)2018 (957,543)2019 (957,543)2020 (109,339)

Total $ (3,939,511)

Illinois Municipal Retirement Fund

Plan Description. The District’s defined benefit pension plan for Regular employees provides retirement anddisability benefits, post retirement increases, and death benefits to plan members and beneficiaries. TheDistrict's plan is affiliated with the Illinois Municipal Retirement Fund (IMRF), an agent multiple-employerplan. Benefit provisions are established by statute and may only be changed by the General Assembly of theState of Illinois. IMRF issues a publicly available financial report that includes financial statements andrequired supplementary information. The report may be obtained on-line at www.imrf.org.

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All employees hired in positions that meet or exceed the prescribed annual hourly standard must be enrolledin IMRF as participating members. Public Act 96-0889 created a second tier for IMRF’s Regular Plan.IMRF assigns a benefit tier to a member when he or she is enrolled in IMRF. The tier is determined by themember’s first IMRF participation date. If the member first participated in IMRF before January 1, 2011,they participate in Regular Tier 1. If the member first participated in IMRF on or after January 1, 2011, theyparticipate in Regular Tier 2.

For Regular Tier 1, pension benefits vest after eight years of service. Participating members who retire at orafter age 60 with 8 years of service are entitled to an annual retirement benefit, payable monthly for life inan amount equal to 1 2/3% of their final rate (average of the highest 48 consecutive months earnings duringthe last 10 years) of earnings for each year of credited service up to 15 years and 2% for each year thereafter.For Regular Tier 2, pension benefits vest after ten years of service. Participating members who retire at orafter age 67 with 10 years of service, or age 62 with 35 years of service are entitled to an annual retirementbenefit as described above. IMRF also provides death and disability benefits. These benefit provisions andall other requirements are established by state statute.

Plan Membership. At December 31, 2014, the measurement date, membership of the plan was as follows:

Retirees and beneficiaries 295Inactive, non-retired members 572Active members 436

Total1,303

Contributions. As set by statute, District employees participating in IMRF are required to contribute 4.50percent of their annual covered salary. The statute requires the District to contribute the amount necessary,in addition to member contributions, to finance the retirement coverage of its own employees. TheDistrict's actuarially determined contribution rate for calendar year 2014 was 11.04 percent of annualcovered payroll. The District also contributes for disability benefits, death benefits and supplementalretirement benefits, all of which are pooled at the IMRF level. Contribution rates for disability and deathbenefits are set by the IMRF Board of Trustees, while the supplemental retirement benefits rate is set bystatute.

Net Pension Liability/(Asset). The net pension liability/(asset) was measured as of December 31, 2014, andthe total pension liability used to calculate the net pension liability/(asset) was determined by an annualactuarial valuation as of that date.

Summary of Significant Accounting Policies. For purposes of measuring the net pension liability/(asset),deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense,information about the fiduciary net position of IMRF and additions to/deductions from IMRF fiduciary netposition have been determined on the same basis as they are reported by IMRF. For this purpose, benefitpayments (including refunds of employee contributions) are recognized when due and payable inaccordance with the benefit terms. Investments are reported at fair value.

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Actuarial Assumptions. The assumptions used to measure the total pension liability in the December 31, 2014annual actuarial valuation included (a) 7.49% investment rate of return, (b) projected salary increases from3.75% to 14.50%, including inflation, and (c) inflation of 3.50% and price inflation of 2.75%. Theretirement age is based on experience-based table of rates that are specific to the type of eligibility condition.The tables were last updated for the 2014 valuation pursuant to an experience study of the period 2011-2013.

Mortality. For non-disabled retirees, an IMRF specific mortality table was used with fully generationalprojection scale MP-2014 (base year 2014). The IMRF specific rates were developed from the RP-2014 BlueCollar Health Annuitant Mortality Table with adjustments to match current IMRF experience. Fordisabled retirees, an IMRF specific mortality table was used with fully generational projection scale MP-2014 (base year 2014). The IMRF specific rates were developed from the RP-2014 Disabled RetireesMortality Table applying the same adjustment that were applied for non-disabled lives. For activemembers, an IMRF specific mortality table was used with fully generational projection scale MP-2014 (baseyear 2014). The IMRF specific rates were developed from the RP-2014 Employee Mortality Table withadjustments to match current IMRF experience.

Long-Term Expected Real Rate of Return. The long-term expected rate of return on pension plan investmentswas determined using an asset allocation study in which best-estimate ranges of expected future real rates ofreturn (net of pension plan investment expense and inflation) were developed for each major asset class.These ranges were combined to produce long-term expected rate of return by the target asset allocationpercentage and by adding expected inflation. The target allocation and best estimates of arithmetic andgeometric real rates of return for each major asset class are summarized in the following table:

Projected Returns/Risk

Asset ClassTarget

AllocationOne YearArithmetic

Ten YearGeometric

Equities %63.20 %9.15 %7.60International equities %2.60 %9.80 %7.80Fixed income %23.50 %3.05 %3.00Real estate %4.30 %7.35 %6.15Alternatives %4.50

Private equity %13.55 %8.50Hedge funds %5.55 %5.25Commodities %4.40 %2.75

Cash equivalents %1.90 %2.25 %2.25

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Discount Rate. The discount rate used to measure the total pension liability for IMRF was 7.49%. Thediscount rate calculated using the December 31, 2013 measurement date was 7.50%. The projection of cashflows used to determine the discount rate assumed that member contributions will be made at the currentcontribution rate and that District contributions will be made at rates equal to the difference betweenactuarially determined contribution rates and the member rate. Based on those assumptions, the fiduciarynet position was projected not to be available to make all projected future benefit payments of current planmembers. Therefore, the long-term expected rate of return on investments of 7.50% was blended with theindex rate of 3.56% for tax exempt 20-year general obligation municipal bonds with an average AA creditrating at December 31, 2014 to arrive at a discount rate of 7.49 used to determine the total pension liability.The year ending December 31, 2089 is the last year in the 2015 to 2114 projection period for whichprojected benefit payments are fully funded.

Discount Rate Sensitivity. The following is a sensitivity analysis of the net pension liability/(asset) to changesin the discount rate. The table below presents the pension liability of the District calculated using thediscount rate of 7.49% as well as what the net pension liability/(asset) would be if it were to be calculatedusing a discount rate that is 1 percentage point lower (6.49%) or 1 percentage point higher (8.49%) than thecurrent rate:

1% DecreaseCurrent

Discount Rate 1% Increase

Total pension liability $ 64,900,799 $ 57,367,756 $ 51,156,166Plan fiduciary net position 51,705,158 51,705,158 51,705,158

Net pension liability/(asset) $ 13,195,641 $ 5,662,598 $ (548,992)

Changes in Net Pension Liability/(Asset). The District's changes in net pension liability/(asset) for the calendaryear ended December 31, 2014 was as follows:

Increase (Decrease)Total Pension

Liability(a)

Plan FiduciaryNet Position

(b)

Net PensionLiability/(Asset)

(a) - (b)

Balances at December 31, 2013 $ 50,740,589 $ 48,512,399 $ 2,228,190Service cost 1,790,776 - 1,790,776Interest on total pension liability 3,789,944 - 3,789,944Differences between expected and actual experience ofthe total pension liability 750,560 - 750,560Change of assumptions 2,502,681 - 2,502,681Benefit payments, including refunds of employeecontributions (2,206,794) (2,206,794) -Contributions - employer - 1,593,246 (1,593,246)Contributions - employee - 702,135 (702,135)Net investment income - 2,961,958 (2,961,958)Other (Net Transfer - 142,214 (142,214)

Balances at December 31, 2014 $ 57,367,756 $ 51,705,158 $ 5,662,598

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Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions. For theyear ended June 30, 2015, the District recognized pension expense of $2,247,063. The District reporteddeferred outflows and inflows of resources related to pension from the following sources:

DeferredOutflows ofResources

DeferredInflows of

Resources

Differences between expected and actual experience $ 515,061 $ -Assumption changes 1,717,428 -Net difference between projected and actual earnings on pension planinvestments 548,102 -Contributions subsequent to the measurement date 825,555 -

Total $ 3,606,146 $ -

The amount reported as deferred outflows resulting from contributions subsequent to the measurement datein the above table will be recognized as a reduction in the net pension liability/(asset) for the year endingJune 30, 2016. The remaining amounts reported as deferred outflows and inflows of resources related topensions ($2,780,591) will be recognized in pension expense as follows:

Year Ending December 31, Amount

2015 $ 1,157,7772016 1,157,7772017 328,0082018 137,029

Total $ 2,780,591

NOTE 12 - CONSTRUCTION COMMITMENTS

As of June 30, 2015, the District is committed to approximately $222,590 in expenditures in the upcomingyear for roof replacement, paving projects and security system upgrades. These expenditures will be paidwith a portion of the working cash bonds that were issued and transferred to the Capital Projects Fund.

NOTE 13 - STATE AND FEDERAL AID CONTINGENCIES

The District has received federal and state grants for specific purposes that are subject to review and audit bythe grantor agencies. Such audits could lead to requests for reimbursements to the grantor agency forexpenditures disallowed under terms of the grants. Management believes such disallowances, if any, wouldbe immaterial.

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NOTE 14 - RESTATEMENT

Net position has been restated due to the implementation of GASB Statement No. 68 and GASB StatementNo. 71. The restatement is necessary to record the prior year net pension liability as well as deferredoutflows of resources related to employer contributions after the measurement date.

GovernmentalActivities

Net position as previously reported, June 30, 2014 $ 149,754,050Adjustment to record the net pension liability as of June 30, 2014 (10,592,254)Adjustment to record deferred outflows of resources related to pensions as of June 30, 2014 1,033,418

Net position as restated, June 30, 2014 $ 140,195,214

NOTE 15 - EFFECT OF NEW ACCOUNTING STANDARDS ON

CURRENT-PERIOD FINANCIAL STATEMENTS

The Governmental Accounting Standards Board (GASB) has approved GASB Statement No. 72, Fair ValueMeasurement and Application, GASB Statement No. 73, Accounting and Financial Reporting for Pensions andRelated Assets That Are Not within the Scope of GASB Statement 68, and Amendments to Certain Provisions ofGASB Statements 67 and 68, GASB Statement No. 74, Financial Reporting for Postemployment Benefit PlansOther Than Pension Plans, GASB Statement No. 75, Accounting and Financial Reporting for PostemploymentBenefits Other Than Pensions, and GASB Statement No. 76, The Hierarchy of Generally Accepted AccountingPrinciples for State and Local Governments. Application of these standards may restate portions of these financial

statements.

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See Auditors' Report and Notes to Required Supplementary Information

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BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220ILLINOIS MUNICIPAL RETIREMENT FUND

SCHEDULE OF CHANGES IN THE DISTRICT'S NET PENSION LIABILITYAND RELATED RATIOSMost Recent Fiscal Year

2015

Total pension liabilityService cost 1,790,776$ Interest 3,789,944 Differences between expected and actual experience 750,560 Changes of assumptions 2,502,681 Benefit payments, including refunds of member contributions (2,206,794) Net change in total pension liability 6,627,167

Total pension liability - beginning 50,740,589 Total pension liability - ending (a) 57,367,756$

Plan fiduciary net positionEmployer contributions 1,593,246$ Employee contributions 702,135 Net investment income 2,961,958 Benefit payments, including refunds of member contributions (2,206,794) Other (net transfer) 142,214 Net change in plan fiduciary net position 3,192,759

Plan fiduciary net position - beginning 48,512,399 Plan fiduciary net position - ending (b) 51,705,158$

Employer's net pension liability - ending (a) - (b) 5,662,598$

Plan fiduciary net position as a percentage of the total pension liability 90.13%

Covered-employee payroll 15,283,774$

Employer's net pension liability as a percentage of covered-employee payroll 37.05%

Notes to Schedule:The District implemented GASB Statement No. 68 in fiscal year 2015. Information prior to fiscal year 2015 is not available.


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BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220ILLINOIS MUNICIPAL RETIREMENT FUND

SCHEDULE OF DISTRICT CONTRIBUTIONSMost Recent Fiscal Year

2015

Actuarially determined contribution 1,592,569$

Contributions in relation to the actuarially determined contribution (1,593,246) Contribution deficiency (excess) (677)$


Contributions as a percentage of covered-employee payroll 10.42%

Notes to Schedule:

Valuation date:

Methods and assumptions used to determine contribution rates: Actuarial cost method Amortization method Remaining amortization period Asset valuation method Inflation 3.00% Salary increases Investment rate of return 7.50% Retirement Age

Mortality RP-2000 CHBCA

Other information:There were no benefit changes during the year.

4.40% to 16.00% including inflation

Experience-based table of rates that are specific to the type of eligibility condition

Actuarially determined contribution rates are calculated as of December 31 each year, which are 6 months prior to the beginning of the fiscal year in which contributions are reported.

The District implemented GASB Statement No. 68 in fiscal year 2015. Information prior to fiscal year 2015 is not available.

Entry age normalLevel percentage of payroll, closed29 years5-Year Smoothed Market


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BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220TEACHERS' RETIREMENT SYSTEM

SCHEDULE OF DISTRICT'S PROPORTIONATE SHARE OF THE COLLECTIVE NET PENSION LIABILITY AND DISTRICT CONTRIBUTIONS

Most Recent Fiscal Year

2015

District's proportion of the net pension liability 0.60645051%

District's proportionate share of the net pension liability 3,690,753$

State's proportionate share of the net pension liability 393,230,669

Total net pension liability 396,921,422$


5.63%

Plan fiduciary net position as a percentage of the total pension liability 43.00%

Contractually required contribution 456,971$

Contributions in relation to the contractually required contribution (560,715)

Contribution deficiency (excess) (103,744)$

Contributions as a percentage of covered employee payroll 0.8553%

Notes to Schedule:Amounts reported in 2014 reflect an investment rate of return of 7.5 percent, an inflation rate of 3.0 percent and real return of 4.5 percent, and a salary increase assumption of 5.75 percent. In 2013, assumptions used were an investment rate of return of 8.0 percent, an inflation rate of 3.25 percent and real return of 4.75 percent, and salary increases of 6.00 percent. However, the total pension liability at the beginning and end of the year was calculated using the same assumptions, so the difference due to actuarial assumptions was not calculated or allocated.

Note: The District implemented GASB 68 in 2015. Information for fiscal years prior to 2015 is not applicable.

District's proportionate share of the net pension liability as a percentage of covered payroll

BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220SCHEDULE OF FUNDING PROGRESS FOR RETIREE HEALTHCARE PROGRAM

AS OF JUNE 30, 2015

ActuarialValuation

Date

Actuarial Valueof Assets

(a)

ActuarialAccrued Liability(AAL) Entry Age

(b)

Unfunded AAL(UAAL)

(b-a)Funded Ratio

(a/b)Covered Payroll

(c)

UAAL as aPercentage of

Covered Payroll((b-a)/c)

7/1/14 $ - $ 492,465 $ 492,465 N/A $ 12,852,117 3.83%7/1/12 - 1,321,105 1,321,105 N/A 12,559,309 10.52%7/1/11 - 1,392,570 1,392,570 N/A 12,668,249 10.99%

The change in the District's unfunded actuarial accrued OPEB liability is due to several factors, including:

Elimination of District paid life insurance benefits previously provided to Certified Grandfathered retirees

Favorable healthcare claims and premium experience

The demographic shift from IMRF Tier 1 members to Tier 2 members. Tier 2 members in general are assumed

to retire at later ages, due to the eligibility requirements, when compared to Tier 1 members. Consequently, Tier

2 members are expected to have lower OPEB liability when compared to Tier 1 members.


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BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220GENERAL FUND

SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL - NON-GAAPBUDGETARY BASIS

FOR THE YEAR ENDED JUNE 30, 2015WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2014

2015

ORIGINAL ANDFINAL BUDGET ACTUAL

VARIANCE WITHFINAL BUDGET

2014ACTUAL

Revenues

Local sources

General levy $ 92,948,330 $ 91,948,036 $ (1,000,294) $ 85,810,590Tort immunity levy 586,885 555,907 (30,978) 601,544Corporate personal property replacement taxes 890,000 773,153 (116,847) 709,991Summer school - tuition from pupils or parents (in

state) 745,000 676,271 (68,729) 562,351Investment income 46,752 43,053 (3,699) 41,243Sales to pupils - lunch 2,180,000 1,849,086 (330,914) 2,149,616Sales to pupils - a la carte 5,000 - (5,000) -Sales to pupils - other - - - 705Other food service - 2,141 2,141 -Admissions - athletic 69,000 48,535 (20,465) 57,103Fees 2,589,600 2,886,256 296,656 2,544,434Other pupil activity revenue 502 - (502) 2Contributions and donations from private sources 269,000 165,206 (103,794) 11,084Refund of prior years' expenditures 70,000 43,313 (26,687) 258,307Driver's education fees - 13,495 13,495 491Other 465,000 850,358 385,358 474,065

Total local sources 100,865,069 99,854,810 (1,010,259) 93,221,526

State sources

General state aid 2,791,577 2,729,756 (61,821) 2,136,684Special education - private facility tuition 740,000 774,107 34,107 746,857Special education - extraordinary 1,000,000 992,736 (7,264) 1,047,692Special education - personnel 2,065,000 2,067,641 2,641 2,063,526Special education - summer school 11,500 9,240 (2,260) 11,296CTE - Technical education - tech prep 25,000 43,660 18,660 28,421CTE - Instructor practicum - 32,753 32,753 10,262Bilingual education - downstate - TPI 245,000 187,584 (57,416) 175,049State free lunch & breakfast 15,750 8,225 (7,525) 12,565Driver education 22,000 18,005 (3,995) 21,285Early childhood - block grant 245,500 237,395 (8,105) 241,883Other restricted revenue from state sources 6,000 205,782 199,782 12,530

Total state sources 7,167,327 7,306,884 139,557 6,508,050

Federal sources

National school lunch program 620,000 650,691 30,691 607,255Special milk program - 3,505 3,505 3,819School breakfast program 110,000 146,861 36,861 107,306Child care commodity/SFS 13-adult day care - 23,736 23,736 -Fresh fruits & vegetables - - - 25,948Food service - other 2,000 - (2,000) -Title I - Low income 610,000 738,538 128,538 827,708Federal - special education - preschool flow-through 51,000 51,291 291 53,106Federal - special education - IDEA - flow-through/low

incident 1,645,645 1,675,524 29,879 1,612,684Federal - special education - IDEA - room & board - 205,698 205,698 186,957CTE - Perkins - Title IIIE - tech. prep. 50,000 74,395 24,395 73,080Emergency immigrant assistance - 1,924 1,924 -Title III - English language acquisition 101,100 83,404 (17,696) 166,112Title II - Teacher quality 75,000 108,380 33,380 136,577Medicaid matching funds - administrative outreach 285,000 116,356 (168,644) 144,198


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SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUAL - NON-GAAP BUDGETARY BASIS


2015



2014ACTUAL

Medicaid matching funds - fee-for-service program $ - $ 316,103 $ 316,103 $ 114,023Other restricted revenue from federal sources - 90,874 90,874 82,228

Total federal sources 3,549,745 4,287,280 737,535 4,141,001

Total revenues 111,582,141 111,448,974 (133,167) 103,870,577

Expenditures

Instruction

Regular programsSalaries 43,330,597 41,823,276 1,507,321 41,308,374Employee benefits 6,586,522 6,418,160 168,362 6,296,080Purchased services 575,772 945,896 (370,124) 570,222Supplies and materials 1,797,339 1,757,303 40,036 1,704,911Capital outlay 71,187 65,746 5,441 41,815Other objects 81,366 101,600 (20,234) 87,438Non-capitalized equipment 40,320 37,826 2,494 35,354

Total 52,483,103 51,149,807 1,333,296 50,044,194

Special education programsSalaries 10,475,638 9,844,118 631,520 9,346,964Employee benefits 2,687,501 2,488,650 198,851 2,489,623Purchased services 511,844 502,192 9,652 568,773Supplies and materials 277,792 214,075 63,717 156,896Capital outlay - 371 (371) 4,838Non-capitalized equipment - 2,863 (2,863) -

Total 13,952,775 13,052,269 900,506 12,567,094

Special education programs Pre-KSalaries 183,282 919,259 (735,977) 877,579Employee benefits 31,867 143,465 (111,598) 137,053Purchased services 13,291 94 13,197 35,815Supplies and materials 31,319 29,061 2,258 41,675Non-capitalized equipment 2,011 2,011 - 2,500

Total 261,770 1,093,890 (832,120) 1,094,622

Remedial and supplementalprograms K-12Salaries 140,566 291,688 (151,122) 223,437Employee benefits 81,113 127,698 (46,585) 102,413Purchased services 120,132 16,531 103,601 23,833Supplies and materials 13,486 159,431 (145,945) 141,498

Total 355,297 595,348 (240,051) 491,181

Remedial and supplementalprograms Pre-KSupplies and materials 11,000 11,275 (275) 11,082

Total 11,000 11,275 (275) 11,082


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2015



2014ACTUAL

CTE programsSalaries $ 2,000 $ 2,000 $ - $ 2,000Employee benefits 10 27 (17) 11Purchased services 8,300 7,711 589 10,144Supplies and materials 17,842 13,319 4,523 29,255Capital outlay 51,320 61,056 (9,736) 64,404

Total 79,472 84,113 (4,641) 105,814

Interscholastic programsSalaries 2,196,208 2,193,094 3,114 2,157,187Employee benefits 142,120 174,964 (32,844) 142,551Purchased services 302,308 289,137 13,171 274,610Supplies and materials 333,622 301,826 31,796 491,644Capital outlay 5,000 2,400 2,600 4,093Other objects 108,500 100,484 8,016 97,542Non-capitalized equipment 5,000 1,186 3,814 5,128

Total 3,092,758 3,063,091 29,667 3,172,755

Summer school programsSalaries 641,725 730,132 (88,407) 648,436Employee benefits 8,418 7,678 740 7,064Purchased services 7,618 1,015 6,603 5,381Supplies and materials 76,935 13,815 63,120 13,150

Total 734,696 752,640 (17,944) 674,031

Gifted programsSalaries 1,101,784 1,407,461 (305,677) 1,086,397Employee benefits 203,632 219,371 (15,739) 195,106Purchased services 10,800 8,576 2,224 9,632Supplies and materials 27,000 20,030 6,970 26,966Other objects 4,000 8,773 (4,773) 5,162

Total 1,347,216 1,664,211 (316,995) 1,323,263

Bilingual programsSalaries 3,555,284 3,426,903 128,381 3,412,260Employee benefits 665,893 586,760 79,133 623,655Purchased services - 877 (877) (1,360)Supplies and materials 51,948 98,287 (46,339) 160,343

Total 4,273,125 4,112,827 160,298 4,194,898

Total instruction 76,591,212 75,579,471 1,011,741 73,678,934

Support services

Pupils

Attendance and social work servicesSalaries 651,442 731,832 (80,390) 639,938Employee benefits 108,052 104,394 3,658 103,154Supplies and materials 2,100 1,040 1,060 1,010

Total 761,594 837,266 (75,672) 744,102


- 60 -




2015



2014ACTUAL

Guidance servicesSalaries $ 2,334,155 $ 1,984,234 $ 349,921 $ 2,183,393Employee benefits 403,947 357,905 46,042 388,939Purchased services 73,020 59,657 13,363 78,740Supplies and materials 27,164 16,254 10,910 26,694Other objects 12,950 8,688 4,262 18,019Non-capitalized equipment 3,000 - 3,000 2,486

Total 2,854,236 2,426,738 427,498 2,698,271

Health servicesSalaries 1,148,615 1,133,450 15,165 1,116,947Employee benefits 233,283 208,407 24,876 223,610Purchased services - 6,800 (6,800) -Supplies and materials 26,717 26,281 436 21,149Capital outlay - 4,541 (4,541) -

Total 1,408,615 1,379,479 29,136 1,361,706

Psychological servicesSalaries 1,189,868 1,131,571 58,297 1,116,718Employee benefits 208,838 192,066 16,772 204,434Purchased services 17,195 16,635 560 10,018Supplies and materials 65,112 68,006 (2,894) 7,081

Total 1,481,013 1,408,278 72,735 1,338,251

Speech pathology and audiology servicesSalaries 1,458,470 1,494,536 (36,066) 1,390,171Employee benefits 288,261 214,074 74,187 188,917Purchased services 16,708 40,765 (24,057) 37,025Supplies and materials 5,984 8,572 (2,588) 13,554

Total 1,769,423 1,757,947 11,476 1,629,667

Other support services - pupilsSalaries 59,999 55,056 4,943 59,859Employee benefits 17,263 15,170 2,093 16,572Purchased services 26,604 20,204 6,400 17,186Supplies and materials 29,207 25,449 3,758 32,451Other objects 2,328 674 1,654 514

Total 135,401 116,553 18,848 126,582

Total pupils 8,410,282 7,926,261 484,021 7,898,579

Instructional staff

Improvement of instructional servicesSalaries 556,192 627,448 (71,256) 539,974Employee benefits 311,807 367,050 (55,243) 328,323Purchased services 550,236 327,083 223,153 452,150Supplies and materials 841,576 703,746 137,830 621,220Capital outlay 30,000 - 30,000 -Other objects 17,100 16,905 195 15,857

Total 2,306,911 2,042,232 264,679 1,957,524


- 61 -




2015



2014ACTUAL

Educational media servicesSalaries $ 1,759,370 $ 1,710,783 $ 48,587 $ 1,755,508Employee benefits 439,547 448,301 (8,754) 414,644Purchased services 76,640 92,936 (16,296) 63,258Supplies and materials 276,233 281,938 (5,705) 170,309Non-capitalized equipment - 10,376 (10,376) 3,143

Total 2,551,790 2,544,334 7,456 2,406,862

Assessment and testingSalaries 57,184 50,470 6,714 56,059Employee benefits 636 589 47 639Supplies and materials 39,119 31,816 7,303 36,521

Total 96,939 82,875 14,064 93,219

Total instructional staff 4,955,640 4,669,441 286,199 4,457,605

General administration

Board of education servicesSalaries 8,995 9,920 (925) 7,975Employee benefits 40 40 - 32Purchased services 431,800 415,739 16,061 418,192Supplies and materials 12,200 21,590 (9,390) 15,017Capital outlay 60,000 - 60,000 -Other objects - 80 (80) -Non-capitalized equipment 10,000 5,780 4,220 8,624

Total 523,035 453,149 69,886 449,840

Executive administration servicesSalaries 368,519 328,751 39,768 348,216Employee benefits 54,700 67,106 (12,406) 56,862Purchased services 29,500 19,500 10,000 26,248Supplies and materials 23,278 31,879 (8,601) 46,831Capital outlay - 3,021 (3,021) -Other objects 62,000 59,746 2,254 58,308Non-capitalized equipment - 596 (596) 13,025

Total 537,997 510,599 27,398 549,490

Special area administration servicesSalaries 255,862 266,056 (10,194) 241,669Employee benefits 68,296 75,212 (6,916) 66,459Purchased services 2,164 1,865 299 2,339Supplies and materials 200 54 146 786

Total 326,522 343,187 (16,665) 311,253

Tort immunity servicesEmployee benefits 580,500 - 580,500 -Purchased services 3,200 529,053 (525,853) 446,715

Total 583,700 529,053 54,647 446,715

Total general administration 1,971,254 1,835,988 135,266 1,757,298


- 62 -




2015



2014ACTUAL

School administration

Office of the principal servicesSalaries $ 4,287,953 $ 4,349,428 $ (61,475) $ 4,042,958Employee benefits 1,152,202 1,202,610 (50,408) 1,116,660Purchased services 190,839 127,298 63,541 160,949Supplies and materials 73,687 64,695 8,992 47,461Capital outlay 4,345 8,033 (3,688) 10,595Other objects 9,996 7,263 2,733 3,996Non-capitalized equipment 1,400 39,437 (38,037) -

Total 5,720,422 5,798,764 (78,342) 5,382,619

Total school administration 5,720,422 5,798,764 (78,342) 5,382,619

Business

Direction of business support servicesSalaries 151,461 131,261 20,200 128,463Employee benefits 38,914 34,779 4,135 37,664Purchased services 3,500 1,269 2,231 1,021Supplies and materials 200 - 200 108Other objects 9,500 700 8,800 485

Total 203,575 168,009 35,566 167,741

Fiscal servicesSalaries 472,827 471,925 902 483,726Employee benefits 136,776 132,782 3,994 132,108Purchased services 35,600 38,004 (2,404) 36,562Supplies and materials 5,200 108,992 (103,792) 9,152Capital outlay 35,000 7,889 27,111 4,221Other objects 98,750 175,473 (76,723) 138,710Non-capitalized equipment - 4,122 (4,122) -

Total 784,153 939,187 (155,034) 804,479

Operation and maintenance of plant servicesPurchased services 7,500 5,760 1,740 5,760

Total 7,500 5,760 1,740 5,760

Food servicesSalaries - - - 1,175Employee benefits 528 - 528 431Purchased services 2,000,000 1,979,901 20,099 2,340,470Supplies and materials 34,031 32,599 1,432 35,768Capital outlay 8,100 7,637 463 7,208

Total 2,042,659 2,020,137 22,522 2,385,052

Internal servicesSalaries - - - 39Purchased services 8,100 6,304 1,796 7,452Supplies and materials 27,897 20,299 7,598 24,416

Total 35,997 26,603 9,394 31,907

Total business 3,073,884 3,159,696 (85,812) 3,394,939


- 63 -




2015



2014ACTUAL

Central

Planning, research, development andevaluation servicesSalaries $ 144,794 $ 144,794 $ - $ 143,360Employee benefits 31,878 27,499 4,379 31,158

Total 176,672 172,293 4,379 174,518

Information servicesSalaries 528,801 437,356 91,445 377,790Employee benefits 84,719 98,822 (14,103) 82,513Purchased services 29,998 18,240 11,758 47,675Supplies and materials 4,000 4,023 (23) 4,323Capital outlay 43,000 73,137 (30,137) -Other objects 750 580 170 365

Total 691,268 632,158 59,110 512,666

Staff servicesSalaries 476,884 651,212 (174,328) 478,563Employee benefits 175,499 211,176 (35,677) 172,717Purchased services 45,985 47,958 (1,973) 43,499Supplies and materials 12,520 9,144 3,376 15,336Capital outlay 5,000 - 5,000 3,145Other objects 18,000 31,502 (13,502) 40,797Non-capitalized equipment - 3,350 (3,350) 959

Total 733,888 954,342 (220,454) 755,016

Data processing servicesSalaries 1,637,279 1,879,427 (242,148) 1,582,460Employee benefits 340,363 387,875 (47,512) 330,813Purchased services 886,430 983,950 (97,520) 915,316Supplies and materials 396,862 439,407 (42,545) 381,630Capital outlay 287,300 138,588 148,712 235,617Other objects 5,963 2,495 3,468 6,963Non-capitalized equipment 387,376 2,405,276 (2,017,900) 2,572,041

Total 3,941,573 6,237,018 (2,295,445) 6,024,840

Total central 5,543,401 7,995,811 (2,452,410) 7,467,040

Other supporting servicesSalaries 1,515 300 1,215 4,200Employee benefits 274,551 239,890 34,661 269,706Purchased services 30,341 - 30,341 41,351

Total 306,407 240,190 66,217 315,257

Total support services 29,981,290 31,626,151 (1,644,861) 30,673,337

Community services

Salaries 25,293 4,849 20,444 24,335Employee benefits 6,260 945 5,315 5,881Purchased services 9,895 80,604 (70,709) 14,215Supplies and materials 1,300 4,601 (3,301) 3,093

Total community services 42,748 90,999 (48,251) 47,524


- 64 -




2015



2014ACTUAL

Payments to other districts and governmentalunits

Payments for regular programsOther objects $ - $ - $ - $ 2,937

Total - - - 2,937

Payments for community college programsOther objects 5,000 1,234 3,766 -

Total 5,000 1,234 3,766 -

Payments for Regular Programs - TuitionOther objects 72,980 89,305 (16,325) 100,297

Total 72,980 89,305 (16,325) 100,297

Payments for special education programs -tuitionOther objects 2,932,584 3,661,253 (728,669) 3,224,168

Total 2,932,584 3,661,253 (728,669) 3,224,168

Total payments to other districts andgovernmental units 3,010,564 3,751,792 (741,228) 3,327,402

Total expenditures 109,625,814 111,048,413 (1,422,599) 107,727,197

Excess (deficiency) of revenues over expenditures 1,956,327 400,561 (1,555,766) (3,856,620)

Other financing sources (uses)

Principal on bonds sold 2,040,000 2,024,300 (15,700) -Capital lease value - 2,284,873 2,284,873 2,354,797Permanent transfer from working cash accounts -

abatement (2,040,000) - 2,040,000 -Transfer among funds - (4,266,631) (4,266,631) -Transfer to debt service fund to pay principal on

capital leases (1,696,639) (1,291,244) 405,395 (813,271)Transfer to debt service fund to pay interest on

capital leases (98,842) (13,179) 85,663 (15,077)

Total other financing sources (uses) (1,795,481) (1,261,881) 533,600 1,526,449

Net change in fund balance $ 160,846 (861,320) $ (1,022,166) (2,330,171)

Fund balance, beginning of year 32,472,852 34,803,023

Fund balance, end of year $ 31,611,532 $ 32,472,852


- 65 -

BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220OPERATIONS AND MAINTENANCE FUND

SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET TO ACTUALFOR THE YEAR ENDED JUNE 30, 2015

WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED JUNE 30, 2014

2015



2014ACTUAL

Revenues

Local sources

General levy $ 9,613,996 $ 9,718,260 $ 104,264 $ 9,598,701Investment income 4,000 3,331 (669) 3,441Rentals 145,000 142,244 (2,756) 149,206Contributions and donations from private

sources - 1,544 1,544 4,540Other 125,000 181,975 56,975 247,087

Total local sources 9,887,996 10,047,354 159,358 10,002,975

Total revenues 9,887,996 10,047,354 159,358 10,002,975

Expenditures

Support services

Pupils

Other support services - pupilsSalaries 9,000 - 9,000 -Purchased services 8,000 - 8,000 -

Total 17,000 - 17,000 -

Total pupils 17,000 - 17,000 -

Business

Direction of business support servicesSalaries 81,760 66,771 14,989 65,408Employee benefits 20,457 18,107 2,350 20,011

Total 102,217 84,878 17,339 85,419

Facilities acquisition and constructionservicePurchased services 362,866 407,308 (44,442) 347,082Capital outlay 724,752 171,096 553,656 237,697Non-capitalized equipment - 8,637 (8,637) -

Total 1,087,618 587,041 500,577 584,779


- 66 -

BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220OPERATIONS AND MAINTENANCE FUND



2015



2014ACTUAL

Operation and maintenance of plantservicesSalaries $ 3,095,090 $ 3,033,754 $ 61,336 $ 3,091,556Employee benefits 775,308 725,071 50,237 746,308Purchased services 2,416,108 2,391,331 24,777 2,696,763Supplies and materials 2,549,494 2,602,473 (52,979) 2,721,842Capital outlay - - - 37,797Non-capitalized equipment - - - 16,319

Total 8,836,000 8,752,629 83,371 9,310,585

Total business 10,025,835 9,424,548 601,287 9,980,783

Other supporting servicesEmployee benefits 100 - 100 100

Total 100 - 100 100

Total support services 10,042,935 9,424,548 618,387 9,980,883

Provision for contingencies460,000 - 460,000 -


Excess (deficiency) of revenues overexpenditures (614,939) 622,806 1,237,745 22,092


Transfer among funds - 4,266,631 4,266,631 -Permanent transfer from site & construction

fund 460,000 - (460,000) -Transfer to capital projects fund - (5,840,537) (5,840,537) -

Total other financing sources (uses) 460,000 (1,573,906) (2,033,906) -

Net change in fund balance $ (154,939) (951,100) $ (796,161) 22,092




- 67 -

BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220TRANSPORTATION FUND



2015



2014ACTUAL

Revenues

Local sources

General levy $ 4,610,567 $ 4,541,010 $ (69,557) $ 5,198,129Regular transportation fees from pupils or

parents (in state) 9,900 10,257 357 11,205Regular transportation fees from co-curricular

act (in state) 10,100 5,393 (4,707) 20,899Investment income 10,000 5,621 (4,379) 5,419

Total local sources 4,640,567 4,562,281 (78,286) 5,235,652

State sources

Transportation - regular/vocational 1,182,000 1,696,107 514,107 1,174,601Transportation - special education 3,270,000 2,743,619 (526,381) 3,270,464

Total state sources 4,452,000 4,439,726 (12,274) 4,445,065

Total revenues 9,092,567 9,002,007 (90,560) 9,680,717

Expenditures

Support Services

Business

Pupil transportation servicesSalaries 49,210 45,684 3,526 47,373Employee benefits - 12,810 (12,810) -Purchased services 8,444,194 8,721,297 (277,103) 8,388,326Supplies and materials 750,000 553,526 196,474 751,064Capital outlay 7,500 28,440 (20,940) 5,502

Total 9,250,904 9,361,757 (110,853) 9,192,265

Total business 9,250,904 9,361,757 (110,853) 9,192,265

Other supporting servicesPurchased services 8,000 - 8,000 -

Total 8,000 - 8,000 -

Total support services 9,258,904 9,361,757 (102,853) 9,192,265

Community services

Purchased services 3,500 - 3,500 -

Total community services 3,500 - 3,500 -


- 68 -

BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220TRANSPORTATION FUND



2015



2014ACTUAL

Payments to other districts and governmentunits

Payments for regular programsPurchased services $ 3,000 $ - $ 3,000 $ -

Total 3,000 - 3,000 -

Total payments to other districts andgovernment units 3,000 - 3,000 -

Total expenditures 9,265,404 9,361,757 (96,353) 9,192,265

Net change in fund balance $ (172,837) (359,750) $ (186,913) 488,452




- 69 -

BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220MUNICIPAL RETIREMENT/SOCIAL SECURITY FUND



2015



2014ACTUAL

Revenues

Local sources

General levy $ 3,579,836 $ 1,812,783 $ (1,767,053) $ 1,796,526Social security/medicare only levy - 1,812,783 1,812,783 1,805,481Corporate personal property replacement taxes - 120,626 120,626 121,222Investment income 2,500 3,744 1,244 3,642Other - (2,192) (2,192) -


Total revenues 3,582,336 3,747,744 165,408 3,726,871

Expenditures

Instruction

Regular programs 719,876 907,947 (188,071) 898,451Pre-K programs 343,606 - 343,606 -Special education programs 602,395 582,133 20,262 590,045Special education programs Pre-K 15,856 154,127 (138,271) 151,788Remedial and supplemental programs K-12 27,950 25,400 2,550 27,403CTE programs 12 29 (17) 12Interscholastic programs 80,328 86,447 (6,119) 78,754Summer school programs 31,639 34,603 (2,964) 31,019Gifted programs 22,599 23,964 (1,365) 22,157Bilingual programs 93,651 92,280 1,371 91,814

Total instruction 1,937,912 1,906,930 30,982 1,891,443

Support services

Pupils

Attendance and social work services 25,531 26,371 (840) 25,032Guidance services 66,516 62,785 3,731 65,211Health services 113,019 108,090 4,929 110,804Psychological services 22,086 23,223 (1,137) 21,655Speech pathology and audiology services 19,332 20,391 (1,059) 18,953Other support services - pupils 11,445 9,766 1,679 11,220

Total pupils 257,929 250,626 7,303 252,875

Instructional staff

Improvement of instructional staff 34,007 37,747 (3,740) 33,339Educational media services 122,441 128,134 (5,693) 120,042Assessment and testing 1,994 1,833 161 1,953

Total instructional staff 158,442 167,714 (9,272) 155,334


- 70 -

BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220MUNICIPAL RETIREMENT/SOCIAL SECURITY FUND



2015



2014ACTUAL


Board of education services $ 1,063 $ 1,298 $ (235) $ 1,042Executive administration services 17,545 17,087 458 17,202Special area administration services 19,186 21,043 (1,857) 18,810

Total general administration 37,794 39,428 (1,634) 37,054


Office of the principal services 319,802 316,521 3,281 313,529

Total school administration 319,802 316,521 3,281 313,529

Business

Direction of business support services 14,995 13,599 1,396 14,700Fiscal services 64,767 64,035 732 63,497Operations and maintenance of plant

services 578,991 542,961 36,030 567,343Pupil transportation services - 3,056 (3,056) -Food services 17 - 17 16

Total business 658,770 623,651 35,119 645,556

Central

Planning, research, development andevaluation services 2,120 2,100 20 2,079

Information services 22,767 27,802 (5,035) 22,320Staff services 64,925 69,736 (4,811) 63,653Data processing services 267,837 279,935 (12,098) 262,543

Total central 357,649 379,573 (21,924) 350,595

Other supporting services 11,092 1,090 10,002 10,875

Total support services 1,801,478 1,778,603 22,875 1,765,818

Community services3,001 823 2,178 2,942

Total expenditures 3,742,391 3,686,356 56,035 3,660,203

Net change in fund balance $ (160,055) 61,388 $ 221,443 66,668




- 71 -

BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220NOTES TO REQUIRED SUPPLEMENTARY INFORMATION


STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY

Budgetary Data

Except for the exclusion of on-behalf payments from other governments, discussed below, the budgeted amountsfor the Governmental Funds are adopted on the modified accrual basis, which is consistent with accountingprinciples generally accepted in the United States of America.

The Board of Education follows these procedures in establishing the budgetary data reflected in the general purposefinancial statements:

1. The Administration submits to the Board of Education a proposed operating budget for the fiscal yearcommencing July 1. The operating budget includes proposed expenditures and the means of financing them.

2. Public hearings are conducted and the proposed budget is available for inspection to obtain taxpayercomments.

3. Prior to September 30, the budget is legally adopted through passage of an resolution. By the last Tuesday inDecember, a tax levy resolution is filed with the county clerk to obtain tax revenues.

4. Management is authorized to transfer budget amounts, provided funds are transferred between the samefunction and object codes. The Board of Education is authorized to transfer up to a legal level of 10% of thetotal budget between functions within any fund; however, any revisions that alter the total expenditures ofany fund must be approved by the Board of Education, after following the public hearing process mandatedby law.

5. Formal budgetary integration is employed as a management control device during the year for allgovernmental funds.

6. All budget appropriations lapse at the end of the fiscal year.

The budget amounts shown in the financial statements are as originally adopted because there were noamendments during the past fiscal year.

Budget Reconciliations

The Statement of Revenues, Expenditures and Changes in Fund Balance - Governmental Funds (GAAP basis)includes “on-behalf” payments received and made for the amounts contributed by the State of Illinois for theemployer’s share of the Teachers Retirement System pension. The District does not budget for these amounts inthe Educational Accounts of the General Fund. The differences between the budget and GAAP basis are asfollows:

Revenues Expenditures

General Fund Budgetary Basis $ 111,448,974 $ 111,048,413To adjust for on-behalf payments received 32,327,967 -To adjust for on-behalf payments made - 32,327,967

General Fund GAAP Basis $ 143,776,941 $ 143,376,380

Excess of Expenditures over Budget

For the year ended June 30, 2015, expenditures exceeded budget in the General Fund and the Transportation Fundby $1,422,599 and $96,353 respectively. These excesses were funded by available fund balances.

See Auditors' Report

- 72 -

BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220DEBT SERVICE FUND



2015



2014ACTUAL

Revenues

Local sources

General levy $ 13,097,959 $ 13,117,084 $ 19,125 $ 13,114,548Investment income 2,600 2,574 (26) 3,167Other - 40,000 40,000 -


Total revenues 13,100,559 13,159,658 59,099 13,117,715

Expenditures

Debt services

Interest on short term debtState aid anticipation certificates 3,183,557 - 3,183,557 -

Total 3,183,557 - 3,183,557 -

Payments on long term debtInterest on long term debt 11,426,639 3,093,555 8,333,084 3,514,641Principal payments on long term debt 98,842 9,111,244 (9,012,402) 11,958,271

Total 11,525,481 12,204,799 (679,318) 15,472,912Other debt servicePurchased services - 23,050 (23,050) 4,075Other objects 7,400 - 7,400 -

Total 7,400 23,050 (15,650) 4,075

Total debt services 14,716,438 12,227,849 2,488,589 15,476,987


Excess (deficiency) of revenues overexpenditures (1,615,879) 931,809 2,547,688 (2,359,272)


Principal on bonds sold - 20,000 20,000 -Transfer to debt service to pay principal on

capital leases 1,696,639 1,291,244 (405,395) 813,271Transfer to debt service to pay interest on

capital leases 98,842 13,179 (85,663) 15,077

Total other financing sources (uses) 1,795,481 1,324,423 (471,058) 828,348

Net change in fund balance $ 179,602 2,256,232 $ 2,076,630 (1,530,924)



- 73 -

BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220CAPITAL PROJECTS FUND



2015



2014ACTUAL

Revenues

Local sources

Investment income $ 10,387 $ 13,220 $ 2,833 $ (26,167)Contributions and donations from private

sources - 71,500 71,500 76,500Impact fees from municipal or county

governments 5,000 120,957 115,957 81,227

Total local sources 15,387 205,677 190,290 131,560

Total revenues 15,387 205,677 190,290 131,560

Expenditures

Support services

Business

Facilities acquisition and constructionservicePurchased services 5,000 264,261 (259,261) 145,742Capital outlay 1,840,306 4,516,132 (2,675,826) 2,131,164Other objects 200,000 40,299 159,701 -Non-capitalized equipment - 2,206 (2,206) -

Total 2,045,306 4,822,898 (2,777,592) 2,276,906

Total business 2,045,306 4,822,898 (2,777,592) 2,276,906



Excess (deficiency) of revenues overexpenditures (2,029,919) (4,617,221) (2,587,302) (2,145,346)


Permanent transfer from working cashaccounts - abolishment or abatement 2,040,000 - (2,040,000) -

Transfer to capital projects fund - 5,840,537 5,840,537 -Permanent transfer from site & construction

fund (460,000) - 460,000 -

Total other financing sources (uses) 1,580,000 5,840,537 4,260,537 -

Net change in fund balance $ (449,919) 1,223,316 $ 1,673,235 (2,145,346)



- 74 -


COMBINING BALANCE SHEETAS OF JUNE 30, 2015

EDUCATIONALACCOUNTS

TORT IMMUNITYAND JUDGMENT

ACCOUNTSWORKING CASH

ACCOUNTS TOTAL

Assets

Cash and investments $ 35,741,220 $ 515,255 $ 2,121,278 $ 38,377,753

Receivables (net allowance for uncollectibles):Property taxes 45,074,336 235,159 - 45,309,495Replacement taxes 146,718 - - 146,718Intergovernmental 1,823,488 - - 1,823,488Other 67,008 - - 67,008

Total assets $ 82,852,770 $ 750,414 $ 2,121,278 $ 85,724,462

Liabilities, deferred inflows of resources,and fund balance

Liabilities

Accounts payable $ 448,385 $ - $ - $ 448,385Salaries and wages payable 6,136,160 - - 6,136,160Payroll deductions payable 1,121,400 3,344 - 1,124,744Unearned student fees 1,297,085 - - 1,297,085

Total liabilities 9,003,030 3,344 - 9,006,374


Property taxes levied for a future period 44,872,465 234,091 - 45,106,556

Total deferred inflows of resources 44,872,465 234,091 - 45,106,556

Fund balance

Restricted - 512,979 - 512,979Unassigned 28,977,275 - 2,121,278 31,098,553

Total fund balance 28,977,275 512,979 2,121,278 31,611,532

Total liabilities, deferred inflows ofresources, and fund balance $ 82,852,770 $ 750,414 $ 2,121,278 $ 85,724,462

- 75 -


COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCESFOR THE YEAR ENDED JUNE 30, 2015

EDUCATIONALACCOUNTS

TORT IMMUNITYAND JUDGMENT

ACCOUNTSWORKING CASH

ACCOUNTS ELIMINATIONS

RevenuesProperty taxes $ 91,948,036 $ 555,907 $ - $ -Corporate personal property

replacement taxes 773,153 - - -State aid 39,634,851 - - -Federal aid 4,287,280 - - -Investment income 40,321 640 2,092 -Other 6,534,661 - - -

Total revenues 143,218,302 556,547 2,092 -

ExpendituresCurrent:

Instruction:Regular programs 51,084,061 - - -Special programs 14,741,136 - - -Other instructional programs 9,624,701 - - -State retirement contributions 32,327,967 - - -

Support Services:Pupils 7,921,720 - - -Instructional staff 4,669,441 - - -General administration 1,303,914 529,053 - -School administration 5,790,731 - - -Business 3,138,410 - - -Operations and maintenance 5,760 - - -Central 7,784,086 - - -Other supporting services 240,190 - - -

Community services 90,999 - - -Payments to other districts and gov't units 3,751,792 - - -

Capital outlay 372,419 - - -

Total expenditures 142,847,327 529,053 - -

Excess (deficiency) of revenues overexpenditures 370,975 27,494 2,092 -

Other financing sources (uses)Transfers in 2,024,300 - - (2,024,300)Transfers (out) (5,571,054) - (2,024,300) 2,024,300Principal on bonds sold - - 2,024,300 -Capital lease value 2,284,873 - - -

Total other financing sources (uses) (1,261,881) - - -

Net change in fund balance (890,906) 27,494 2,092 -

Fund balance, beginning of year 29,868,181 485,485 2,119,186 -

Fund balance, end of year $ 28,977,275 $ 512,979 $ 2,121,278 $ -

- 76 -

TOTAL

$ 92,503,943

773,15339,634,8514,287,280

43,0536,534,661

143,776,941

51,084,06114,741,1369,624,701

32,327,967

7,921,7204,669,4411,832,9675,790,7313,138,410

5,7607,784,086

240,19090,999

3,751,792372,419

143,376,380

400,561

-(5,571,054)2,024,3002,284,873

(1,261,881)

(861,320)

32,472,852

$ 31,611,532

- 77 -

BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220EDUCATIONAL ACCOUNTS



2015



2014ACTUAL

Revenues

Local sources

General levy $ 92,948,330 $ 91,948,036 $ (1,000,294) $ 85,810,590Corporate personal property replacement taxes 890,000 773,153 (116,847) 709,991Summer school - tuition from pupils or parents

(in state) 745,000 676,271 (68,729) 562,351Investment income 45,000 40,321 (4,679) 39,028Sales to pupils - lunch 2,180,000 1,849,086 (330,914) 2,149,616Sales to pupils - a la carte 5,000 - (5,000) -Sales to pupils - other - - - 705Other food service - 2,141 2,141 -Admissions - athletic 69,000 48,535 (20,465) 57,103Fees 2,589,600 2,886,256 296,656 2,544,434Other pupil activity revenue 502 - (502) 2Contributions and donations from private

sources 269,000 165,206 (103,794) 11,084Refund of prior years' expenditures 70,000 43,313 (26,687) 258,307Driver's education fees - 13,495 13,495 491Other 465,000 850,358 385,358 474,065

Total local sources 100,276,432 99,296,171 (980,261) 92,617,767

State sources

General state aid 2,791,577 2,729,756 (61,821) 2,136,684Special education - private facility tuition 740,000 774,107 34,107 746,857Special education - extraordinary 1,000,000 992,736 (7,264) 1,047,692Special education - personnel 2,065,000 2,067,641 2,641 2,063,526Special education - summer school 11,500 9,240 (2,260) 11,296CTE - Technical education - tech prep 25,000 43,660 18,660 28,421CTE - Instructor practicum - 32,753 32,753 10,262Bilingual education - downstate - TPI 245,000 187,584 (57,416) 175,049State free lunch & breakfast 15,750 8,225 (7,525) 12,565Driver education 22,000 18,005 (3,995) 21,285Early childhood - block grant 245,500 237,395 (8,105) 241,883Other restricted revenue from state sources 6,000 205,782 199,782 12,530

Total state sources 7,167,327 7,306,884 139,557 6,508,050

Federal sources

National school lunch program 620,000 650,691 30,691 607,255Special milk program - 3,505 3,505 3,819School breakfast program 110,000 146,861 36,861 107,306Child care commodity/SFS 13-adult day care - 23,736 23,736 -Fresh fruits & vegetables - - - 25,948Food service - other 2,000 - (2,000) -Title I - Low income 610,000 738,538 128,538 827,708

- 78 -




2015



2014ACTUAL

Federal - special education - preschool flow-through $ 51,000 $ 51,291 $ 291 $ 53,106

Federal - special education - IDEA - flow-through/low incident 1,645,645 1,675,524 29,879 1,612,684

Federal - special education - IDEA - room &board - 205,698 205,698 186,957

CTE - Perkins - Title IIIE - tech. prep. 50,000 74,395 24,395 73,080Emergency immigrant assistance - 1,924 1,924 -Title III - English language acquisition 101,100 83,404 (17,696) 166,112Title II - Teacher quality 75,000 108,380 33,380 136,577Medicaid matching funds - administrative

outreach 285,000 116,356 (168,644) 144,198Medicaid matching funds - fee-for-service

program - 316,103 316,103 114,023Other restricted revenue from federal sources - 90,874 90,874 82,228

Total federal sources 3,549,745 4,287,280 737,535 4,141,001

Total revenues 110,993,504 110,890,335 (103,169) 103,266,818

Expenditures

Instruction

Regular programsSalaries 43,330,597 41,823,276 1,507,321 41,308,374Employee benefits 6,586,522 6,418,160 168,362 6,296,080Purchased services 575,772 945,896 (370,124) 570,222Supplies and materials 1,797,339 1,757,303 40,036 1,704,911Capital outlay 71,187 65,746 5,441 41,815Other objects 81,366 101,600 (20,234) 87,438Non-capitalized equipment 40,320 37,826 2,494 35,354

Total 52,483,103 51,149,807 1,333,296 50,044,194

- 79 -




2015



2014ACTUAL

Special education programsSalaries $ 10,475,638 $ 9,844,118 $ 631,520 $ 9,346,964Employee benefits 2,687,501 2,488,650 198,851 2,489,623Purchased services 511,844 502,192 9,652 568,773Supplies and materials 277,792 214,075 63,717 156,896Capital outlay - 371 (371) 4,838Non-capitalized equipment - 2,863 (2,863) -

Total 13,952,775 13,052,269 900,506 12,567,094

Special education programs Pre-KSalaries 183,282 919,259 (735,977) 877,579Employee benefits 31,867 143,465 (111,598) 137,053Purchased services 13,291 94 13,197 35,815Supplies and materials 31,319 29,061 2,258 41,675Non-capitalized equipment 2,011 2,011 - 2,500

Total 261,770 1,093,890 (832,120) 1,094,622

Remedial and supplementalprograms K - 12Salaries 140,566 291,688 (151,122) 223,437Employee benefits 81,113 127,698 (46,585) 102,413Purchased services 120,132 16,531 103,601 23,833Supplies and materials 13,486 159,431 (145,945) 141,498

Total 355,297 595,348 (240,051) 491,181

Remedial and supplementalprograms Pre - KSupplies and materials 11,000 11,275 (275) 11,082

Total 11,000 11,275 (275) 11,082

CTE programsSalaries 2,000 2,000 - 2,000Employee benefits 10 27 (17) 11Purchased services 8,300 7,711 589 10,144Supplies and materials 17,842 13,319 4,523 29,255Capital outlay 51,320 61,056 (9,736) 64,404

Total 79,472 84,113 (4,641) 105,814

Interscholastic programsSalaries 2,196,208 2,193,094 3,114 2,157,187Employee benefits 142,120 174,964 (32,844) 142,551Purchased services 302,308 289,137 13,171 274,610Supplies and materials 333,622 301,826 31,796 491,644Capital outlay 5,000 2,400 2,600 4,093Other objects 108,500 100,484 8,016 97,542Non-capitalized equipment 5,000 1,186 3,814 5,128

Total 3,092,758 3,063,091 29,667 3,172,755

- 80 -




2015



2014ACTUAL

Summer school programsSalaries $ 641,725 $ 730,132 $ (88,407) $ 648,436Employee benefits 8,418 7,678 740 7,064Purchased services 7,618 1,015 6,603 5,381Supplies and materials 76,935 13,815 63,120 13,150

Total 734,696 752,640 (17,944) 674,031

Gifted programsSalaries 1,101,784 1,407,461 (305,677) 1,086,397Employee benefits 203,632 219,371 (15,739) 195,106Purchased services 10,800 8,576 2,224 9,632Supplies and materials 27,000 20,030 6,970 26,966Other objects 4,000 8,773 (4,773) 5,162

Total 1,347,216 1,664,211 (316,995) 1,323,263

Bilingual programsSalaries 3,555,284 3,426,903 128,381 3,412,260Employee benefits 665,893 586,760 79,133 623,655Purchased services - 877 (877) (1,360)Supplies and materials 51,948 98,287 (46,339) 160,343

Total 4,273,125 4,112,827 160,298 4,194,898

Total instruction 76,591,212 75,579,471 1,011,741 73,678,934

Support services

Pupils

Attendance and social work servicesSalaries 651,442 731,832 (80,390) 639,938Employee benefits 108,052 104,394 3,658 103,154Supplies and materials 2,100 1,040 1,060 1,010

Total 761,594 837,266 (75,672) 744,102

Guidance servicesSalaries 2,334,155 1,984,234 349,921 2,183,393Employee benefits 403,947 357,905 46,042 388,939Purchased services 73,020 59,657 13,363 78,740Supplies and materials 27,164 16,254 10,910 26,694Other objects 12,950 8,688 4,262 18,019Non-capitalized equipment 3,000 - 3,000 2,486

Total 2,854,236 2,426,738 427,498 2,698,271

- 81 -




2015



2014ACTUAL

Health servicesSalaries $ 1,148,615 $ 1,133,450 $ 15,165 $ 1,116,947Employee benefits 233,283 208,407 24,876 223,610Purchased services - 6,800 (6,800) -Supplies and materials 26,717 26,281 436 21,149Capital outlay - 4,541 (4,541) -

Total 1,408,615 1,379,479 29,136 1,361,706

Psychological servicesSalaries 1,189,868 1,131,571 58,297 1,116,718Employee benefits 208,838 192,066 16,772 204,434Purchased services 17,195 16,635 560 10,018Supplies and materials 65,112 68,006 (2,894) 7,081

Total 1,481,013 1,408,278 72,735 1,338,251

Speech pathology and audiologyservicesSalaries 1,458,470 1,494,536 (36,066) 1,390,171Employee benefits 288,261 214,074 74,187 188,917Purchased services 16,708 40,765 (24,057) 37,025Supplies and materials 5,984 8,572 (2,588) 13,554

Total 1,769,423 1,757,947 11,476 1,629,667

Other support services - pupilsSalaries 59,999 55,056 4,943 59,859Employee benefits 17,263 15,170 2,093 16,572Purchased services 26,604 20,204 6,400 17,186Supplies and materials 29,207 25,449 3,758 32,451Other objects 2,328 674 1,654 514

Total 135,401 116,553 18,848 126,582

Total pupils 8,410,282 7,926,261 484,021 7,898,579

Instructional staff

Improvement of instructional servicesSalaries 556,192 627,448 (71,256) 539,974Employee benefits 311,807 367,050 (55,243) 328,323Purchased services 550,236 327,083 223,153 452,150Supplies and materials 841,576 703,746 137,830 621,220Capital outlay 30,000 - 30,000 -Other objects 17,100 16,905 195 15,857

Total 2,306,911 2,042,232 264,679 1,957,524

- 82 -




2015



2014ACTUAL

Educational media servicesSalaries $ 1,759,370 $ 1,710,783 $ 48,587 $ 1,755,508Employee benefits 439,547 448,301 (8,754) 414,644Purchased services 76,640 92,936 (16,296) 63,258Supplies and materials 276,233 281,938 (5,705) 170,309Non-capitalized equipment - 10,376 (10,376) 3,143

Total 2,551,790 2,544,334 7,456 2,406,862

Assessment and testingSalaries 57,184 50,470 6,714 56,059Employee benefits 636 589 47 639Supplies and materials 39,119 31,816 7,303 36,521

Total 96,939 82,875 14,064 93,219

Total instructional staff 4,955,640 4,669,441 286,199 4,457,605


Board of education servicesSalaries 8,995 9,920 (925) 7,975Employee benefits 40 40 - 32Purchased services 431,800 415,739 16,061 418,192Supplies and materials 12,200 21,590 (9,390) 15,017Capital outlay 60,000 - 60,000 -Other objects - 80 (80) -Non-capitalized equipment 10,000 5,780 4,220 8,624

Total 523,035 453,149 69,886 449,840

Executive administration servicesSalaries 368,519 328,751 39,768 348,216Employee benefits 54,700 67,106 (12,406) 56,862Purchased services 29,500 19,500 10,000 26,248Supplies and materials 23,278 31,879 (8,601) 46,831Capital outlay - 3,021 (3,021) -Other objects 62,000 59,746 2,254 58,308Non-capitalized equipment - 596 (596) 13,025

Total 537,997 510,599 27,398 549,490

Special area administration servicesSalaries 255,862 266,056 (10,194) 241,669Employee benefits 68,296 75,212 (6,916) 66,459Purchased services 2,164 1,865 299 2,339Supplies and materials 200 54 146 786

Total 326,522 343,187 (16,665) 311,253

Total general administration 1,387,554 1,306,935 80,619 1,310,583

- 83 -




2015



2014ACTUAL


Office of the principal servicesSalaries $ 4,287,953 $ 4,349,428 $ (61,475) $ 4,042,958Employee benefits 1,152,202 1,202,610 (50,408) 1,116,660Purchased services 190,839 127,298 63,541 160,949Supplies and materials 73,687 64,695 8,992 47,461Capital outlay 4,345 8,033 (3,688) 10,595Other objects 9,996 7,263 2,733 3,996Non-capitalized equipment 1,400 39,437 (38,037) -

Total 5,720,422 5,798,764 (78,342) 5,382,619

Total school administration 5,720,422 5,798,764 (78,342) 5,382,619

Business

Direction of business support servicesSalaries 151,461 131,261 20,200 128,463Employee benefits 38,914 34,779 4,135 37,664Purchased services 3,500 1,269 2,231 1,021Supplies and materials 200 - 200 108Other objects 9,500 700 8,800 485

Total 203,575 168,009 35,566 167,741

Fiscal servicesSalaries 472,827 471,925 902 483,726Employee benefits 136,776 132,782 3,994 132,108Purchased services 35,600 38,004 (2,404) 36,562Supplies and materials 5,200 108,992 (103,792) 9,152Capital outlay 35,000 7,889 27,111 4,221Other objects 98,750 175,473 (76,723) 138,710Non-capitalized equipment - 4,122 (4,122) -

Total 784,153 939,187 (155,034) 804,479

Operation and maintenance of plantservicesPurchased services 7,500 5,760 1,740 5,760

Total 7,500 5,760 1,740 5,760

Food servicesSalaries - - - 1,175Employee benefits 528 - 528 431Purchased services 2,000,000 1,979,901 20,099 2,340,470Supplies and materials 34,031 32,599 1,432 35,768Capital outlay 8,100 7,637 463 7,208

Total 2,042,659 2,020,137 22,522 2,385,052

- 84 -




2015



2014ACTUAL

Internal servicesSalaries $ - $ - $ - $ 39Purchased services 8,100 6,304 1,796 7,452Supplies and materials 27,897 20,299 7,598 24,416

Total 35,997 26,603 9,394 31,907

Total business 3,073,884 3,159,696 (85,812) 3,394,939

Central

Planning, research, development andevaluation servicesSalaries 144,794 144,794 - 143,360Employee benefits 31,878 27,499 4,379 31,158

Total 176,672 172,293 4,379 174,518

Information servicesSalaries 528,801 437,356 91,445 377,790Employee benefits 84,719 98,822 (14,103) 82,513Purchased services 29,998 18,240 11,758 47,675Supplies and materials 4,000 4,023 (23) 4,323Capital outlay 43,000 73,137 (30,137) -Other objects 750 580 170 365

Total 691,268 632,158 59,110 512,666

Staff servicesSalaries 476,884 651,212 (174,328) 478,563Employee benefits 175,499 211,176 (35,677) 172,717Purchased services 45,985 47,958 (1,973) 43,499Supplies and materials 12,520 9,144 3,376 15,336Capital outlay 5,000 - 5,000 3,145Other objects 18,000 31,502 (13,502) 40,797Non-capitalized equipment - 3,350 (3,350) 959

Total 733,888 954,342 (220,454) 755,016

Data processing servicesSalaries 1,637,279 1,879,427 (242,148) 1,582,460Employee benefits 340,363 387,875 (47,512) 330,813Purchased services 886,430 983,950 (97,520) 915,316Supplies and materials 396,862 439,407 (42,545) 381,630Capital outlay 287,300 138,588 148,712 235,617Other objects 5,963 2,495 3,468 6,963Non-capitalized equipment 387,376 2,405,276 (2,017,900) 2,572,041

Total 3,941,573 6,237,018 (2,295,445) 6,024,840

Total central 5,543,401 7,995,811 (2,452,410) 7,467,040

- 85 -




2015



2014ACTUAL

Other supporting servicesSalaries $ 1,515 $ 300 $ 1,215 $ 4,200Employee benefits 274,551 239,890 34,661 269,706Purchased services 30,341 - 30,341 41,351

Total 306,407 240,190 66,217 315,257


Community services

Salaries 25,293 4,849 20,444 24,335Employee benefits 6,260 945 5,315 5,881Purchased services 9,895 80,604 (70,709) 14,215Supplies and materials 1,300 4,601 (3,301) 3,093

Total community services 42,748 90,999 (48,251) 47,524

Payments to other districts and governmentalunits

Payments for regular programsOther objects - - - 2,937

Total - - - 2,937

Payments for community collegeprogramsOther objects 5,000 1,234 3,766 -

Total 5,000 1,234 3,766 -

Payments for Regular Programs - TuitionOther objects 72,980 89,305 (16,325) 100,297

Total 72,980 89,305 (16,325) 100,297

Payments for special educationprograms - tuitionOther objects 2,932,584 3,661,253 (728,669) 3,224,168

Total 2,932,584 3,661,253 (728,669) 3,224,168

Total payments to other districts andgovernmental units 3,010,564 3,751,792 (741,228) 3,327,402


Excess (deficiency) of revenues overexpenditures 1,951,390 370,975 (1,580,415) (4,013,664)

- 86 -




2015



2014ACTUAL


Permanent transfer from working cashaccounts - abolishment or abatement $ - $ 2,024,300 $ 2,024,300 $ -

Capital lease value - 2,284,873 2,284,873 2,354,797Transfer among funds - (4,266,631) (4,266,631) -Transfer to debt service fund to pay principal

on capital leases (1,696,639) (1,291,244) 405,395 (813,271)Transfer to debt service fund to pay interest

on capital leases (98,842) (13,179) 85,663 (15,077)

Total other financing sources (uses) (1,795,481) (1,261,881) 533,600 1,526,449

Net change in fund balance $ 155,909 (890,906) $ (1,046,815) (2,487,215)



- 87 -

BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220TORT IMMUNITY AND JUDGMENT ACCOUNTS



2015



2014ACTUAL

Revenues

Local sources

Tort immunity levy $ 586,885 $ 555,907 $ (30,978) $ 601,544Investment income 100 640 540 215

Total local sources 586,985 556,547 (30,438) 601,759

Total revenues 586,985 556,547 (30,438) 601,759

Expenditures

Support Services


Workers' compensation or workers'occupational disease act paymentsPurchased services - 519,815 (519,815) 388,460

Total - 519,815 (519,815) 388,460

Unemployment insurance paymentsEmployee benefits 580,500 - 580,500 -Purchased services - 6,113 (6,113) 55,130

Total 580,500 6,113 574,387 55,130

Insurance payments (regular or self-insurancePurchased services 3,200 - 3,200 -

Total 3,200 - 3,200 -

Risk management and claims servicespaymentsPurchased services - 3,125 (3,125) 3,125

Total - 3,125 (3,125) 3,125

Total general administration 583,700 529,053 54,647 446,715

Total expenditures 583,700 529,053 54,647 446,715

Net change in fund balance $ 3,285 27,494 $ 24,209 155,044

Fund balance, beginning of year 485,485 330,441

Fund balance, end of year $ 512,979 $ 485,485

- 88 -

BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220WORKING CASH ACCOUNTS



2015



2014ACTUAL

Revenues

Local sources

Investment income $ 1,652 $ 2,092 $ 440 $ 2,000

Total local sources 1,652 2,092 440 2,000

Total revenues 1,652 2,092 440 2,000

Expenditures

Total expenditures - - - -

Net change in fund balance 1,652 2,092 440 2,000


Principal on bonds sold 2,040,000 2,024,300 (15,700) -Permanent transfer from working cash fund -

abatement (2,040,000) (2,024,300) 15,700 -

Net change in fund balance $ 1,652 2,092 $ 440 2,000



- 89 -

- 90 -

BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220AGENCY FUND

SCHEDULE OF CHANGES IN ASSETS AND LIABILITIESFOR THE YEAR ENDED JUNE 30, 2015

BALANCE, BALANCE,JUNE 30, 2014 ADDITIONS DELETIONS JUNE 30, 2015

Assets

Cash 1,562,713$ 5,127,536$ 5,348,890$ 1,341,359$

Total assets 1,562,713$ 5,127,536$ 5,348,890$ 1,341,359$

Liabilities

Due to agency funds:

Elementary accounts 614,401$ 2,880,846$ 2,893,994$ 601,253$ High school accounts 948,312 2,246,690 2,454,896 740,106

Total liabilities 1,562,713$ 5,127,536$ 5,348,890$ 1,341,359$

- 91 -

BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220BONDS PAYABLE SCHEDULEISSUE DATED APRIL 1, 1998

AS OF JUNE 30, 2015

BUILDING

YEAR TOTALENDED BONDS BONDS BONDS INTEREST DEBT

JUNE 30, ISSUED PAID OUTSTANDING PAYABLE SERVICE

1999 -$ -$ -$ -$ -$ 2000 - - - - - 2001 - - - - - 2002 1,940,000 1,940,000 - - - 2003 2,815,000 2,815,000 - - - 2004 2,935,000 2,935,000 - - - 2005 3,060,000 3,060,000 - - - 2006 3,190,000 3,190,000 - - - 2007 3,325,000 3,325,000 - - - 2008 3,475,000 3,475,000 - - - 2009 3,625,000 3,625,000 - - - 2010 70,000 70,000 - - - 2011 75,000 75,000 - - - 2012 80,000 80,000 - - - 2013 4,435,000 4,435,000 - - - 2014 - - - - - 2015 - - - - - 2016 - - - 557,865 557,865 2017 - - - 557,865 557,865 2018 8,855,000 - 8,855,000 278,933 9,133,933

Total 37,880,000$ 29,025,000$ 8,855,000$ 1,394,663$ 10,249,663$

Paying Agent: Amalgamated Bank of Chicago

Principal payment date: December 1

Interest payment dates: December 1 and June 1

Interest rates: 4.05% - 6.30%

Original Amount of Issue: 72,110,000$

Note: During fiscal years 2001, 2004 and 2013, the District refunded $420,000, $33,400,000, and $410,000 respectively,of the April 1, 1998 issue.

- 92 -

BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220BONDS PAYABLE SCHEDULE

ISSUE DATED AUGUST 1, 2002AS OF JUNE 30, 2015

GENERAL GOVERNMENT/REFUNDING



2003 275,000$ 275,000$ -$ -$ -$ 2004 40,000 40,000 - - - 2005 40,000 40,000 - - - 2006 45,000 45,000 - - - 2007 45,000 45,000 - - - 2008 50,000 50,000 - - - 2009 50,000 50,000 - - - 2010 50,000 50,000 - - - 2011 55,000 55,000 - - - 2012 55,000 55,000 - - - 2013 55,000 55,000 - - - 2014 60,000 60,000 - - - 2015 60,000 60,000 - - - 2016 65,000 - 65,000 1,430,926 1,495,926 2017 65,000 - 65,000 1,428,082 1,493,082 2018 70,000 - 70,000 1,425,095 1,495,095 2019 9,300,000 - 9,300,000 1,179,413 10,479,413 2020 9,795,000 - 9,795,000 678,169 10,473,169 2021 8,020,000 - 8,020,000 210,525 8,230,525

Total 28,195,000$ 880,000$ 27,315,000$ 6,352,210$ 33,667,210$

Paying Agent: Cole Taylor Bank





- 93 -


ISSUE DATED FEBRUARY 1, 2004AS OF JUNE 30, 2015




2004 -$ -$ -$ -$ -$ 2005 560,000 560,000 - - - 2006 175,000 175,000 - - - 2007 160,000 160,000 - - - 2008 100,000 100,000 - - - 2009 1,325,000 1,325,000 - - - 2010 5,095,000 5,095,000 - - - 2011 5,250,000 5,250,000 - - - 2012 5,520,000 5,520,000 - - - 2013 1,455,000 1,455,000 - - - 2014 6,135,000 6,135,000 - - - 2015 1,595,000 1,595,000 - - - 2016 1,675,000 - 1,675,000 39,781 1,714,781

Total 29,045,000$ 27,370,000$ 1,675,000$ 39,781$ 1,714,781$






- 94 -

BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220BONDS PAYABLE SCHEDULEISSUE DATED MARCH 1, 2004

AS OF JUNE 30, 2015




2004 -$ -$ -$ -$ -$ 2005 290,000 290,000 - - - 2006 - - - - - 2007 - - - - - 2008 - - - - - 2009 - - - - - 2010 - - - - - 2011 - - - - - 2012 - - - - - 2013 - - - - - 2014 - - - - - 2015 4,745,000 4,745,000 - - - 2016 4,985,000 - 4,985,000 469,125 5,454,125 2017 6,890,000 - 6,890,000 172,250 7,062,250

Total 16,910,000$ 5,035,000$ 11,875,000$ 641,375$ 12,516,375$






- 95 -


ISSUE DATED AUGUST 2, 2007AS OF JUNE 30, 2015

BUILDING



2008 -$ -$ -$ -$ -$ 2009 90,000 90,000 - - - 2010 160,000 160,000 - - - 2011 165,000 165,000 - - - 2012 175,000 175,000 - - - 2013 185,000 185,000 - - - 2014 190,000 190,000 - - - 2015 200,000 200,000 - - - 2016 210,000 - 210,000 136,938 346,938 2017 220,000 - 220,000 127,531 347,531 2018 230,000 - 230,000 117,688 347,688 2019 240,000 - 240,000 107,406 347,406 2020 250,000 - 250,000 96,687 346,687 2021 - - - 91,219 91,219 2022 530,000 - 530,000 79,625 609,625 2023 - - - 68,031 68,031 2024 - - - 68,031 68,031 2025 890,000 - 890,000 48,563 938,563 2026 - - - 29,094 29,094 2027 665,000 - 665,000 14,547 679,547

Total 4,400,000$ 1,165,000$ 3,235,000$ 985,360$ 4,220,360$






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BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220BONDS PAYABLE SCHEDULEISSUE DATED APRIL 7, 2008

AS OF JUNE 30, 2015




2008 -$ -$ -$ -$ -$ 2009 1,050,000 1,050,000 - - - 2010 250,000 250,000 - - - 2011 1,000,000 1,000,000 - - - 2012 1,000,000 1,000,000 - - - 2013 1,035,000 1,035,000 - - - 2014 1,075,000 1,075,000 - - - 2015 1,115,000 1,115,000 - - - 2016 1,150,000 - 1,150,000 61,775 1,211,775 2017 1,190,000 - 1,190,000 20,825 1,210,825

Total 8,865,000$ 6,525,000$ 2,340,000$ 82,600$ 2,422,600$




Interest rates: 3.50%


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ISSUE DATED DECEMBER 27, 2012AS OF JUNE 30, 2015




2013 -$ -$ -$ -$ -$ 2014 110,000 110,000 - - - 2015 105,000 105,000 - - - 2016 110,000 - 110,000 8,280 118,280 2017 145,000 - 145,000 6,520 151,520 2018 - - - 5,520 5,520 2019 145,000 - 145,000 4,519 149,519 2020 145,000 - 145,000 2,518 147,518 2021 110,000 - 110,000 759 110,759

Total 870,000$ 215,000$ 655,000$ 28,116$ 683,116$




Interest rates: 1.38%

Original Amount of Issue: 870,000$

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BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220BONDS PAYABLE SCHEDULEISSUE DATED MARCH 2, 2015

AS OF JUNE 30, 2015




2015 -$ -$ -$ -$ -$ 2016 2,044,300 - 2,044,300 13,290 2,057,590

Total 2,044,300$ -$ 2,044,300$ 13,290$ 2,057,590$



Interest payment dates: December 1

Interest rates: .870%


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BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220REVENUES BY SOURCE AND EXPENDITURES BY OBJECT - GENERAL AND SPECIAL REVENUE FUNDS -

NON-GAAP PRESENTATIONLAST TEN FISCAL YEARS

2006* 2007* 2008* 2009* 2010*

Local sources

Property taxes 79,253,832$ 84,834,360$ 89,747,717$ 93,908,322$ 97,235,259$

Replacement taxes 816,439 890,746 952,538 833,253 674,096

Tuition 395,990 405,649 565,504 457,876 539,146

Interest on investments 1,279,302 2,182,317 1,649,645 807,909 244,968 Other local revenue 5,075,205 5,138,408 5,444,467 5,417,055 5,330,066

Total local sources 86,820,768 93,451,480 98,359,871 101,424,415 104,023,535

State sources

General state aid 2,250,192 1,985,668 2,013,839 1,598,087 1,738,043 Other state aid 6,626,180 7,596,150 8,752,663 9,832,024 9,287,538

Total state sources 8,876,372 9,581,818 10,766,502 11,430,111 11,025,581

Federal sourcesRestricted grants 2,952,046 3,008,499 3,594,796 3,972,165 5,574,287

Total federal sources 2,952,046 3,008,499 3,594,796 3,972,165 5,574,287

Capital lease value 229,719 905,274 662,448 525,157 959,208

Total revenues 98,878,905 106,947,071 113,383,617 117,351,848 121,582,611

General Fund

Salaries and employee benefits 62,132,722 65,352,413 71,424,364 77,622,781 80,708,748

Purchased services and supplies 7,325,921 8,158,047 9,956,825 9,571,727 9,266,427

Tuition 1,585,313 1,698,041 1,535,825 1,958,527 2,199,306 All other expenditures 1,897,477 2,596,883 1,809,557 1,851,409 2,131,329

Total general fund 72,941,433 77,805,384 84,726,571 91,004,444 94,305,810

Special Revenue Funds

Salaries and employee benefits 5,725,057 5,507,275 5,742,677 6,181,501 6,830,676

Purchased services and supplies 12,371,762 13,074,907 14,178,362 14,836,078 14,362,714 All other expenditures 1,400,676 4,179,910 3,133,844 2,640,429 3,754,043

Total special revenue funds 19,497,495 22,762,092 23,054,883 23,658,008 24,947,433

Total expenditures 92,438,928 100,567,476 107,781,454 114,662,452 119,253,243

Excess of revenues over expenditures 6,439,977 6,379,595 5,602,163 2,689,396 2,329,368

Non-Capital Other Financing Sources (Uses)Transfers in (out) - - - (777,593) (875,152)

Total non-capital other financing sources (uses) - - - (777,593) (875,152)

Excess of revenues over expenditures and non-capital other financing sources (uses) 6,439,977 6,379,595 5,602,163 1,911,803 1,454,216

Capital Related Other Financing Sources (Uses)

Transfers in (out) - - - (958,237) (9,482,165)

Principal on bonds sold - - - 7,385,000 - Bond premiums/discounts/issuance costs - - - 215,738 -

Total capital related other financing sources (uses) - - - 6,642,501 (9,482,165)

Net change in fund balance before other items 6,439,977 6,379,595 5,602,163 8,554,304 (8,027,949)

Other Items

Transfer to the capital projects fund for land purchase - - - - - Less Allstate PTAB refund (non-recurring) - - - - -

Total other items - - - - -

Net change in fund balance 6,439,977 6,379,595 5,602,163 8,554,304 (8,027,949) Fund balance, beginning of year 22,195,015 28,634,992 35,014,587 40,616,750 49,171,054

Fund balance, end of year 28,634,992$ 35,014,587$ 40,616,750$ 49,171,054$ 41,143,105$

* With the implementation of GASB 34 in 2003, the Working Cash Fund is considered a Special Revenue Fund and with the implementation of GASB 54 in 2011 the Working Cash Fund is considered a part of the General Fund.Note: This schedule does not include the state retirement contributions made by the State of Illinois and included as a revenue and expenditure in the District's basic financial statements.SOURCE OF INFORMATION: 2006-2015 financial statements and district records.

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2011* 2012* 2013* 2014* 2015*

103,285,748$ 104,722,128$ 105,460,572$ 107,747,547$ 110,388,779$

874,179 804,183 821,672 831,213 893,779

567,533 842,115 635,515 594,455 691,921

88,163 75,201 67,071 53,745 55,749 6,289,132 5,044,095 6,219,600 5,896,640 6,181,961

111,104,755 111,487,722 113,204,430 115,123,600 118,212,189

2,240,511 2,173,921 2,102,938 2,136,684 2,729,756 8,004,034 8,603,508 8,685,293 8,816,431 9,016,854

10,244,545 10,777,429 10,788,231 10,953,115 11,746,610

4,363,668 4,926,790 3,757,999 4,141,001 4,287,280

4,363,668 4,926,790 3,757,999 4,141,001 4,287,280

1,581,055 1,152,573 944,193 2,354,797 2,284,873

127,294,023 128,344,514 128,694,853 132,572,513 136,530,952

83,379,917 85,314,079 88,318,937 89,959,371 92,786,055

9,951,627 9,603,224 10,090,827 10,947,072 11,110,361

2,091,966 2,241,425 2,883,692 3,324,465 3,750,558 2,519,901 3,588,883 2,606,255 3,496,289 3,401,439

97,943,411 100,747,611 103,899,711 107,727,197 111,048,413

6,646,430 6,811,307 7,212,246 7,630,959 7,588,553

14,820,990 14,551,964 13,961,034 14,905,077 14,675,935 1,785,986 1,323,554 449,374 297,315 208,173

23,253,406 22,686,825 21,622,654 22,833,351 22,472,661

121,196,817 123,434,436 125,522,365 130,560,548 133,521,074

6,097,206 4,910,078 3,172,488 2,011,965 3,009,878

(890,341) (951,735) (1,150,650) (828,348) (1,304,423)

(890,341) (951,735) (1,150,650) (828,348) (1,304,423)

5,206,865 3,958,343 2,021,838 1,183,617 1,705,455

(1,672,343) (5,400,000) - - (3,598,206)

- 2,240,000 - - 2,024,300 - (5,000) - - -

(1,672,343) (3,165,000) - - (1,573,906)

3,534,522 793,343 2,021,838 1,183,617 131,549

- - - - (2,242,331)

- - - (2,936,576) -

- - - (2,936,576) (2,242,331)

3,534,522 793,343 2,021,838 (1,752,959) (2,110,782) 41,143,105 44,677,627 45,470,970 47,492,808 45,739,849

44,677,627$ 45,470,970$ 47,492,808$ 45,739,849$ 43,629,067$

BARRINGTON COMMUNITY UNIT SCHOOL DISTRICT NO. 220...rel630 990 3131 fax 630 990 0039 bakerrilly.corn...

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