News Releases
State Gives District 15 Highest “Financial Recognition”
April 19, 2007
Community Consolidated School District 15 has earned the “Financial Recognition” designation from the Illinois State Board of Education (ISBE), ranking the district in the highest category of financial strength.
ISBE’s School District Financial Profile System ranks schools in four categories:
- Financial Recognition
- Financial Review
- Financial Early Warning
- Financial Watch
The total profile score tabulated by ISBE is obtained through a process of benchmarking five indicators:
- fund balance to revenue ratio,
- expenditure to revenue ratio,
- days cash on hand,
- percent of short-term borrowing maximum remaining, and
- percent of long-term debt margin remaining.
The highest score a district can receive is a 4.00, and District 15 earned a 3.80.
The ISBE profile noted about District 15: “The financial profile designation has improved to Financial Recognition status due to $23 million in budget reductions over the past four years, of which 46 percent or $10.5 million occurred during fiscal year 2006. In fiscal year 2006, the district realized increased property tax revenues, higher investment returns, and the retirement of $15 million in long-term debt.”
|
