D113A Superintendent: District Achieves Financial Recognition Status

Lemont-Bromberek CSD113A has achieved financial “Recognition” status with a perfect 4.0 score on the 2015 Illinois School Financial Profile Designation based on the 2013-14 Annual Financial Report data. The District scored a solid 4.0 in all categories of the School Financial Profile including: Fund Balance to Revenue Ratio, Expenditure to Revenue Ratio, Days Cash on Hand, Percent of Short-Term Borrowing Ability Remaining, and Percentage of Long-Term Debt Margin Remaining.

In addition, the District continues to maintain its A+ /stable outlook bond rating and has received an unqualified clean audit opinion from the external auditing company of Mulcahy, Pauritsch, Salvador & Co., LTD. The A+/stable outlook rating reflects Standard & Poor’s view of the district’s “very strong available reserves, bolstered by management’s projections of consecutive surpluses for the next few years.” The Board of Education and staff share in expressing great satisfaction in bringing this good news of financial stability regarding our schools.

Remaining fiscally responsible and conservative, the District 113A Board of Education and Administration continuously discuss how to offset the potential implications of school funding reform measures and/or the shifting of the pension burden to the local district level. The district continues the procedure of zero-based budgeting, requiring justification of an expenditure based upon need. With the uncertainties which lie ahead with state funding, the revenue stream will continue to be an area of focus for the district.

Managing expenditures in a climate of an uncertain revenue stream requires diligence and foresight. District 113A’s current financial “Recognition” status did not come without significant sacrifice on the part of all stakeholders in our community. Therefore, we will continue to monitor revenues, especially the impact of state payments, continue to maximize resources and efficiencies, and work diligently on long-term planning to remain fiscally responsible and focused on student achievement.