BV’s financial status drops

Wilcoxson said the district’s Financial Profile, as computed by the Illinois State Board of Education, had fallen from the second highest category of Financial Review to the lowest category, Financial Watch. The designation is created by using five indicators of financial performance, which include fund balance to revenue ratio, expenditures to revenues ratio, days cash on hand, percent of short-term borrowing available, and percent of long-term debt remaining.

For 2012, BV’s Financial Profile score was 3.35, out of a possible 4.0 points.

For 2013, BV’s scores were cut in half for the first three categories. The number of days cash on hand dropped from 77.88 days to 22.84 days.The only category to see an improvement was the percent of long-term debt. The total score was 2.30.

In all of Illinois last year, only 17 districts in the entire state were designated Financial Watch.

Wilcoxson said the total deficit was $1,676,595. One piece of good news was that all of the funds have positive balances.

The audit also includes enrollment figures. Enrollment at BV has dropped 19 percent, or from 1,415 students in 1998 to 1,148 this year. Average daily attendance is also down somewhat over the last 17 years. For 2012, average daily attendance was 1,065.

The operating expense per pupil for 2012 was $10,946, which Wilcoxson said is still below the state average.

The 2011 taxed assessed valuation decreased about $2.7 million from the 2010 valuation. The tax rate increased about three cents, to $5.35 per $100 assessed value.
Wilcoxson said the $2.7 reduction was primarily caused by a $4 million reduction in residential, a 13.5 percent reduction in house prices, and a $1.2 million increase in farm assessed valuation.

In other business, the board:

• Heard the district’s EAV has increased by approximately 4.1 percent, which increases the Education Fund by $160,000.

• Heard a report from Building and Grounds chairman Don DeWaele on current playground and sidewalk upgrades. DeWaele said it would take a total of 1,033 tons of pea gravel to cover all of the district’s playgrounds. DeWaele said pea gravel was the most economical option, and at a price of $9.75 per ton, would cost $10,071. He said the trucking would be the biggest expense, but two local truckers had offered their services at no cost.