ISBE Announces District Financial Profile Status
Saturday, June 15, 2019
Lincoln-Way Community High School District 210 has improved its financial profile status with the Illinois School Board of Education from “Financial Watch” to “Financial Early Warning.” This status improvement is attributed to the district’s consecutive years of budget surplus.
The District experienced an operating surplus of $5.04 million in FY2017, $8.01 million in FY2018, and has budgeted an operating surplus of $3.3 million for this fiscal year ending June 30. Overall, the District will have replenished its fund balances by $16.35 million, or 40%, over a three-year period.
“Stabilizing the District’s financial position and increasing its operating fund balance has been a major focus of the Board of Education and District administration,” said Superintendent Dr. Tingley. “This status improvement is a direct result of the vision and direction of the Board of Education and the district financial team.”
Another financial focal point of the Board is the management of the District’s long term debt. With assistance from PMA, the District’s Municipal Advisor, the Board of Education has established long-term debt objectives, which were approved at the February 21, 2019 meeting.
With these debt restructure objectives in place, the district will seek and anticipate an improved bond rating from Moody’s in the fall. If the bond rating improves, the Board will work with PMA to review and consider long term debt restructuring options.