Page 129 - Draft

Rich Township High School District 227
Budget to Actual Summary
As of April 30, 2020

All Funds Current Year
Percentage of
All Funds Year All Funds Total Budget
to Date Budget Remaining

Beginning Balance 48,864,352 -

Revenues:
Local 51,971,051 53,900,052 0.04
State 9,400,060 12,087,996 0.22
Federal 2,648,347 3,766,427 0.30
Other 75,000,000 -
Total Revenues 139,019,457 69,754,475 (0.99)
64,019,457 69,754,475 0.08
Expenditures:
Salaries 26,716,488 35,379,916 0.24
Benefits 6,974,093 8,481,457 0.18
Purchased Services 11,353,279 10,822,234 (0.05)
Supplies and Materials 3,378,749 4,050,227 0.17
Capital Outlay 701,910 3,758,945 0.81
Non-Captial Outlay 301,556 396,875 0.24
Other 8,004,978 9,231,734 0.13
Total Expenditures 57,431,053 72,121,388 0.20

Surplus/(Deficit) 81,588,404 (2,366,913) 35.47

Bond Update

A summary of the bond sale is as follows:

The District’s bond sale faced headwinds created by the increasing supply, rising yields in the
market indices on the day of pricing, and the general tone for Illinois credits due to the State’s
negative press
In aggregate, orders were received for about 80% of the bonds.

Typically, in these circumstances, the yields for the remaining 20% of the bonds would have been
increased to pull in more buyers; however, potential buyers wanted yields 0.20% to 0.30% higher.

Adjustments in a repricing would have negatively impacted the surrounding maturities on both
series which would have significantly increased the overall borrowing cost for the District.

Thus, the District accepted the orders for bonds with buyer interest at the original yields

The remaining bonds were placed with Capital One as Series 2020D and 2020E
This strategy saved the District millions of dollars that it would have incurred with a repricing.

CHICAGO HEIGHTS COUNTRY CLUB HILLS MATTESON OLYMPIA FIELDS PARK FOREST RICHTON PARK UNIVERSITY
PARK

EQUAL OPPORTUNITY EMPLOYER/EDUCATOR