Board of Education : : Budget and Finance

 

Negotiations Updates
Click here to visit the Negotiations Updates page for up-to-date information on the contract negotiations between the MCHS District 111 Board of Education and the bus drivers and bus aides represented by the Teamsters Local 179.

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Minooka Community High School District #111 posts a variety of financial and budgetary documents online to promote operational transparency and as a courtesy to the community so it may better understand the district’s finances.   The district is required by the Illinois State Board of Education to post some items, as well (indicated with a *). If you have any questions about any of these items, please feel free to contact our District Office at 815-467-2557.

School Finance Resources  |  Budgets & Annual Financial Reports  |  Contracts & Compensation  |  Other Reports & Documents

School Finance Resources

ELECTRONIC SCHOOL FINANCE GUIDES

The components and processes of school district finance are complex. In an effort to help those interested in learning more about this topic, please refer to references listed below or contact our District Office at 815-467-2557.

Understanding School Finance
Mechanics of a School District Budget
The Illinois Property Tax System
Decoding Your Tax Bill

COUNTY CLERKS' OFFICES/TAX ACCESSORS' OFFICES

If you would like to contact your county clerk's/tax assessor's office, please click on the appropriate link that follows:

Grundy County
Will County
Kendall County

Budget & Annual Financial Reports

*ANNUAL BUDGET

What It Is: The annual budget details the district’s anticipated revenue and expenditures, and serves as legal authorization to spend funds within the boundaries of those amounts.

When It Is Posted: September of each year (amended budgets are posted as approved)

Download:

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*AUDIT

What It Is: The audit is the summary report that is provided to the district by the auditor.  This summarizes all revenue, expenditures, investments, and fund balances.

When It Is Posted: October of each year

Download:

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ISBE ANNUAL FINANCIAL REPORT

What It Is: The annual financial report is the summary report that is provided to the district by the auditor.  This summarizes all revenue, expenditures, investments, and fund balances.

When It Is Posted: October of each year

Download:

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ANNUAL STATEMENT OF AFFAIRS

What It Is: The annual financial report is the summary report that is provided to the district by the auditor.  This summarizes all revenue, expenditures, investments, and fund balances.

When It Is Posted: October of each year

Download:

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MONTHLY BILLS

What It Is: These reports are a summary of invoices paid by the district each month.

When It Is Posted: Reports are posted after school board approval.

Download:

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IMPREST BILLS

What It Is: These reports are a summary of invoices paid by the district each month.

When It Is Posted: Reports are posted after school board approval.

Download:

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TAX LEVY PRESENTATION

What It Is: This annual presentation by the Chief School Business Offical to the Board of Education provides an overview of levies and details the current year's anticipated levy.

When It Is Posted: November of each year

Download:

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Contracts & Compensation

*ADMINISTRATOR/TEACHER SALARY AND BENEFITS REPORT

What It Is: This is a comprehensive report that details the base salary, vacation days, sick days, and other benefits.

When It Is Posted: Spring of each year

Last Updated: 9/7/2016

Download: Click here

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*COLLECTIVE BARGAINING AGREEMENT

What It Is: The collective bargaining agreement is the “contract” between the Minooka Education Association and the MCHS District #111 Board of Education.  This agreement may be a multi-year agreement.

When It Is Posted: After ratification by the Minooka Education Association and approval by the MCHS District #111 Board of Education.

Last Updated: 11/21/2016

Download: Click here

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*CONTRACTS OVER $25,000

What It Is: The Illinois State Board of Education requires that public school districts publish contracts with outside vendors and that are of a value greater than $25,000.

When It Is Posted: October of each year

Last Updated: 10/18/2016

Download: Click here

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*ANTICIPATED COMPENSATION OVER $75,000

What It Is: The Illinois State Board of Education requires that public school districts publish compensation reports for any individual in the district that earns over $75,000 and contributes to IMRF.

When It Is Posted: October of each year

Last Updated: 11/1/2016

Download: Click here

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*ACTUAL ADMINISTRATION COMPENSATION REPORT

What It Is: The Illinois State Board of Education requires that public school districts publish an administrator compensation report prior to October 1 of each year.  MCHS District #111 publishes the actual compensation received by each administrator (those individuals whose employment position requires a type-75 certification) in the previous school year.

When It Is Posted: September of each year

Last Updated: 10/1/2016

Download: Click here

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Other Reports & Documents

ASSISTANT SUPERINTENDENT'S FINANCIAL REPORT TO THE BOARD

What It Is: Each month, the Assistant Superintendent of Business & General Counsel presents to the Board of Education a general overview of the status of school district finances.

When It Is Posted: After the report is presented to the Board of Education

Download:

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MONTHLY EXPENDITURE REPORT

What It Is: Coming soon

When It Is Posted: After the report is presented to the Board of Education

Download:

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MONTHLY REVENUE REPORT

What It Is: Coming soon

When It Is Posted: After the report is presented to the Board of Education

Download:

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PMA FINANCIAL PLANNING PROGRAM

What It Is: Each year, MCHS District #111 contracts PMA Financial Network to provide a report of the district’s anticipated revenue and expenditures for the next five school years, using the latest financial and economic information available.  The report assists the administration and Board of Education in the future financial planning of the district.

When It Is Posted: December of each year

Download:

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MOODY'S INVESTORS SERVICE CREDIT RATING OF DISTRICT #111

What It Is: MCHS District #111 is annually reviewed for its credit worthiness by rating agencies. A higher rating results in a lower interest rates on district bonds and a savings by taxpayers.

When It Is Posted: February of each year

Download:

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MESIROW FINANCIAL BOND ISSUANCE/REFUNDING AND TAX RATE PROJECTION

What It Is: Mesirow Financial works with the District in managing the District's debt service conducting bond issuance and refunding when financially desirable conditions occur.

When It Is Posted: When bond issuance or refunding occurs.

Download:

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FITCH RATINGS CREDIT RATING OF DISTRICT #111

What It Is: MCHS District #111 is annually reviewed for its credit worthiness by rating agencies. A higher rating results in a lower interest rates on district bonds and a savings by taxpayers.

When It Is Posted: September of each year

Download:

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CORPORATE PERSONAL PROPERTY REPLACEMENT TAX

Background: Taxing bodies in Illinois receive tax funds from the state known as Corporate Personal Property Replacement Tax (CPPRT). This tax revenue was created after the 1970 constitutional convention abolished local municipalities ability to tax corporate personal property. In 2014 and 2015 the Illinois Department of Revenue who is responsible for distributing the CPPRT funds mistakingly overpaid taxing districts by a total of $168 million dollars. As a result it is likely that the state will reduce future CPPRT payments until the overpayment is recouped. The District has been overpaid $75,442.91 over the past two years. In fiscal year 2015 the District collected $643,785.68 and in fiscal year 2016 the District's estimated CPPRT funds were $656,228.00 of which the District has received $423,637.02 as of April 21, 2016.

Illinois Department of Revenue Press Release - 4/19/2016
Senator Rezin Press Release - 4/21/2016
Personal Property Replacement Tax Allocation Error Estimate
CPPRT 2016 Estimate and 2015 Actual

 

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