Page 1730 - draft
P. 1730

Page 22                                                                                                           Page 22


                                                        A                        B               C               D                E               F

                                                                 DEFICIT BUDGET SUMMARY INFORMATION - Operating Funds Only (School Districts Only)
                                      1
                                                                                             OPERATIONS &   TRANSPORTATION FUND   WORKING CASH FUND
                                                     Description          EDUCATIONAL FUND (10)                                                 TOTAL
                                      2                                                   MAINTENANCE FUND (20)  (40)            (70)
                                      3  Direct Revenues                         52,046,638       5,314,791        5,672,227        188,722       63,222,378
                                      4  Direct Expenditures                     51,959,303       5,309,000        5,652,995                      62,921,298
                                      5  Difference                                 87,335           5,791           19,232         188,722         301,080
                                      6  Estimated Fund Balance - June 30, 2021  26,761,982       3,065,118        4,221,007       6,186,806      40,234,913

                                                                                          Balanced budget, no deficit reduction plan is required.
                                      7
                                         A deficit reduction plan is required if the local board of education adopts (or amends) the 2020-21 school district budget in which the “operating funds” listed above result
                                         in direct revenues (line 9) being less than direct expenditures (line 19) by an amount equal to or greater than one-third (1/3) of the ending fund balance (line 81).
                                      8
                                      9
                                         Note:   The balance is determined using only the four funds listed above.  That is, if the estimated ending fund balance is less than three times the deficit spending, the
                                      10 district must adopt and file with ISBE a deficit reduction plan to balance the shortfall within three years.
                                         The School Code, Section 17-1 (105 ILCS 5/17-1) - If the 2019-2020 Annual Financial Report (AFR) reflects a deficit as defined above (page 36), then the school district shall
                                      12 adopt and submit a deficit reduction plan (found here on page 20-24) to ISBE within 30 days after acceptance of the AFR.
                                      13 The deficit reduction plan, if required, is developed using ISBE guidelines and format.





















                                     E:\Budget\SDJAB2021FORM FINAL 91520                                                                               9/21/2020
   1725   1726   1727   1728   1729   1730   1731   1732   1733   1734   1735