Fund Balances. The Superintendent or designee shall maintain fund balances adequate to ensure the District’s ability to maintain levels of service and pay its obligations in a prompt manner in spite of unforeseen events or unexpected expenses. The Superintendent or designee shall inform the Board whenever it should discuss drawing upon its reserves or borrowing money. The School District seeks to maintain a year-end fund balance to revenue ratio of no less than 15-20 percent, as calculated under the Ill. State Board of Education’s School District Financial Profile. CROSS REF.: 4:10 (Fiscal and Business Management), 4:80 (Accounting and Audits) Adopted: September 23, 2019
Fund Balances. The Superintendent or designee shall maintain fund balances adequate to ensure the District's ability to maintain levels of service and pay its obligations in a prompt manner in spite of unforeseen events or unexpected expenses.
Fund Balances. The Superintendent or designee shall maintain fund balances adequate to ensure the District's ability to maintain levels of service and payits obligations in a prompt manner in spite of unforeseen events or unexpected expenses. The Superintendent or designee shall inform the Board whenever it should discuss drawing upon its reserves or borrowing money. CROSS REF.:4:10 (Fiscal and Business Management), 4:80 (Accounting and Audits) Adopted: September 19, 2019
Fund Balances. The Director or designee shall maintain fund balances adequate to ensure the Association's ability to maintain levels of service and pay its obligations in a prompt manner in spite of unforeseen events or unexpected expenses. The Director or designee shall inform the Board whenever it should discuss drawing upon its reserves or borrowing money. The Association seeks to maintain a year-end fund balance to revenue ratio of no less than 25 percent, as calculated under the Ill. State Board of Education’s School District Financial Profile. CROSS REF.:4:10 (Fiscal and Business Management), 4:80 (Accounting and Audits) Adopted: October 11, 2019
Fund Balances. The Superintendent or designee shall maintain fund balances adequate to ensure the District's ability to maintain levels of service and pay its obligations in a prompt manner in spite of unforeseen events or unexpected expenses. The Superintendent or designee shall inform the Board whenever it should discuss drawing upon its reserves or borrowing money. The School District seeks to maintain year-end fund balances no less than the range of 15-20 percent of the annual expenditures in each fund. LEGAL REF.: 105 ILCS 5/10-22.33, 5/17-1, 5/17-2A, 5/20-5, and 5/20-8. CROSS REF.:4:10 (Fiscal and Business Management), 4:80 (Accounting and Audits) ADOPTED:November 18, 1997 REVISED:October 21, 2008; September 17, 2013; June 19, 2018
Fund Balances. 28 9.9 Funding............................................................................28 9.10
Fund Balances. As prescribed by GASB Statement No. 54, governmental funds report fund balance in classifications based on the extent to which the Department is bound to honor constraints on the specific purposes for which amounts in the funds can be spent. As of June 30, 2012, fund balances for governmental funds consist of Assigned Fund Balance that includes amounts intended to be used for specific purposes that are neither restricted nor committed. In circumstances when an expenditure is made for a purpose for which amounts are available in multiple fund balance classifications, fund balance is generally depleted in the order of restricted, committed, assigned and unassigned. Fund balances for all the governmental funds as of June 30, 2012 were as follows: Assigned to joint training program $117,408
Fund Balances. As prescribed by GASB Statement No. 54, governmental funds report fund balance in classifications based on the extent to which the Department is bound to honor constraints on the specific purposes for which amounts in the funds can be spent. As of June 30, 2013, fund balances for governmental funds consist of Assigned Fund Balance that includes amounts intended to be used for specific purposes that are neither restricted nor committed. Intent is expressed by an action of the Fire Board passing a resolution for the assignation or delegation of the authority to assign amounts to be used for specific purposes. Likewise, a similar action is required to reverse the assignation. In circumstances when an expenditure is made for a purpose for which amounts are available in multiple fund balance classifications, fund balance is generally depleted in the order of restricted, committed, assigned and unassigned. Fund balances for all the governmental funds as of June 30, 2013 were as follows: Assigned to joint training program $178,774
Fund Balances. Buyer and Seller will use their commercially best efforts to either transfer Bank Accounts or open new bank accounts and transfer fund balances from the Bank Accounts where appropriate.
Fund Balances. In circumstances where an expenditure is to be made for a purpose for which amounts are available in multiple fund balance classifications, the order in which resources will be expended in the General Fund is as follows: restricted fund balance, followed bycommitted fund balance assigned fund balance, and lastly, unassigned fund balance. In all other funds (Special Revenue, Debt Service, Capital Projects), assigned fund balance will be spent first, followed bycommitted fund balance, and then restricted fund balance. Fund Balance of the District maybe committed for a specific source byformal action of the Oak Park and River Forest High School District 200 Board of Education. Amendments or modifications of the committed fund balance must also be approved byformal action of the Board of Education. When it is appropriate for fund balance to be assigned in anyfund, the Board delegates such authorityto the Superintendent or designee. The Board directs the Superintendent or designee to periodicallyadvise the Board of Education of the major decisions the Board will be required to make which will affect the expenditures and receipts of the annual budget and the effect of those decisions on the following guidelines and standards established to maintain a financiallystrong district.
A. General Best Practices
1. In the planning and budgeting process, the District 200 Board of Education shall focus on one-year and rolling five-year time horizons. Five-year projections should include best, probable, and worst cases. Budgets and forecasts will be reviewed as part of the annual budgeting process and at least one other point during the year.
2. The District will update five-year projection model parameters when assumptions become outdated. Changes should be approved by Finance Committee vote, and date and rationale should be recorded. The administration mayobtain additional five-year projections for the purposes of modeling/projecting costs, prioritizing expenditures, the consideration of additional facultyand staff positions, and/or determining potential strategies for funding in terms of highly-specialized projects, such as construction and/or the receipt of Board-commissioned reports, such as student enrollment projections.
3. The District shall seek to measure its financial strength relative to both neighboring and comparable districts adjusting for factors as necessary. Alist of comparable school districts shall be identified periodicallybythe Administration and the F...
