Financial Reports

Each year the School Board must create a budget which reveals the District’s income and expenses. The Districts must make its annual budget available for public inspection/review. The budget is the School District’s plan for how it will allocate and expend revenue dollars.

The tentative budget must be displayed at least 30 days prior to its adoption. In addition, a public hearing must be held prior to the adoption of the budget. The District must publish a legal notice indicating availability for the public to inspect the tentative budget, including the date, time, and location of the public hearing.

Public statute requires that the District’s budget be balanced, and if not balanced, where expenditures exceed revenues, the School District must adopt and file a deficit reduction plan with the State to balance the District’s budget within 3 years.

Annual Budget Presentation, Fiscal Year 2024

Annual Budget 2023-2024, Presented June 26, 2023

 

Each school district shall, as of June 30 of each year, cause an audit of its accounts to be made by a person lawfully qualified to practice public accounting as regulated by the Illinois Public Accounting Act. Such audit shall include financial statements of the district applicable to the type of records required by other sections of this Act and in addition shall set forth the scope of audit and shall include the professional opinion signed by the auditor, or if such an opinion is denied by the auditor, shall set forth the reasons for such denial. Each school district shall on or before October 15 of each year, submit an original copy of such audit to the regional superintendent of schools in the educational service region having jurisdiction in which case the in the regional superintendent of school shall be relieved of the responsibility in regard to the accounts of the school district.

Comprehensive Annual Financial Report, Fiscal Year 2023

Annual Financial Report, Fiscal Year 2023

Comprehensive Annual Financial Report, Fiscal Year 2022

Annual Financial Report, Fiscal Year 2022

 

Pursuant to the authority provided by Section 17-1.3 of the School Code, notwithstanding and other provision of law, each school district shall disclose to the public, at the public hearing at which the district certifies its budget and levy for the taxable year, the cash reserve balance of all funds held by the district related to its operational levy and, if applicable, any obligations secured by those funds. To satisfy this obligation, please refer to the Annual Financial Report section of this webpage, see above (Annual Financial Report 105 ILCS 5/3-7) for the most recent data available.

Pursuant to the authority provided by Section 1A-8 of the School Code, the Illinois State Board of Education has developed the “School District Financial Profile” system to help monitor the finances of school districts and to identify which are healthy or are moving toward financial difficulty. The Financial Profile designation is just one piece of information that school districts and communities should use to judge the financial management and condition of their school district. The profile score is created by using five indicators of financial performance: 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.

Financial Profile Analysis 2021

Calculation & Definition of Designation

School Boards are required to ascertain, as near as practicable, annually, how much money must be raised by special tax for the educational purposes for the next ensuing year. The following are special permissible tax levies: for educational purposes; for operational and maintenance purposes; for transportation purposes; for working cash fund; for municipal retirement purposes; for social security purposes; for fire prevention, safety, energy conservation, disabled accessibility, school security and specified repair purposes; for tort immunity purposes; for special education purposes; for leasing of education facilities or computer technology or both, and temporary relocation expense purposes; and bond purposes. These amounts must be certified and filed with the County Clerk on or before the last Tuesday in December annually. An estimate of taxes to be levied is required not less than 20 days prior to the adoption of its aggregate levy. 

Taxy Levy Presentation 2023

Truth in Taxation Public Hearing, December 11, 2023

This Act requires every school district to create a current itemized salary compensation report for every employee holding an administrative certificate and working in that capacity, including the district superintendent. The report must include, without limitation, base salary, bonuses, pension contributions, retirement increases, the cost of health insurance, the cost of life insurance, paid sick and vacation day payouts, annuities, and any other form of compensation or income paid on behalf of each administrator. This report must be posted on the school district’s website by October 1st annually and be presented at the Board of Education meeting.

Annual Administrators Salary Compensation Report Fiscal Year 2023.pdf

Annual Administrators' Salary Compensation Report Fiscal Year 2022 (PDF)

This legislation requires every school district to create a report for the base salary and benefits of all district administrators, including superintendents and certified teachers to the Illinois State Board of Education by July 1st of each year. For this report, "benefits" includes without limitation vacation days, sick days, bonuses, annuities, and retirement enhancements.

Teachers Compensation Report Fiscal Year 2023

Teachers Compensation Report Fiscal Year 2021 (PDF)

This legislation requires every school district to create a report for the base salary and benefits of all Illinois Municipal Retirement Fund (IMRF) employees receiving a total compensation package that exceeds $75,000 annually. If the school district maintains a website, the district must post this information on the website within 6 days of approving an annual budget. For this report, "benefits" includes without limitation vacation days, sick days, bonuses, annuities, and retirement enhancements.

Non-Certified Salary & Benefits Report 2023-2024

Non-Certified Salary & Benefits Report 2022-2023 (PDF)

The Annual Statement of Affairs is a financial report that all school districts are required to complete and publish in the local newspaper no later than December 1 annually. School districts must also submit the full electronic report to the Illinois State Board of Education before December 15th.

The Annual Statement of Affairs contains a financial summary of a school district’s funds, tax rates, equalized assessed valuation, and enrollment. A summary of information regarding employee salaries and payments to vendors over $2,500 is also required.

Annual Statement of Affairs Fiscal Year 2021 (PDF)

In conjunction with the submission of the Annual Statement of Affairs to the State Board of Education prior to December 1, each district shall submit all contracts over $25,000 awarded by the school district during the previous fiscal year. The report shall include at least the following: (1) the total number of all contracts awarded by the district; (2) the total value of the contracts awarded; (3) the number of contracts awarded to minority owned businesses, female owned businesses, and businesses owned by persons with disabilities, as defined in the Business Enterprise for Minorities, Females and Persons with Disability Act, and locally owned businesses; and (4) the total value of contracts awarded to minority owned businesses, female owned businesses, and businesses owned by persons with disabilities, as defined in the Business Enterprise for Minorities, Females and Persons with Disability Act, and locally owned businesses.
 

Awarded Contracts over $25,000 Fiscal Year 2021 (PDF)

Each school district must post on the district’s website any contract that the school board enters into with an exclusive bargaining representation.

Current and historical contracts can be found on the Human Resources Department page (click here). 

Moline-Coal Valley School District No. 40, when necessary, will comply with the Steven's Amendment (U.S. Department of Education Appropriations Act, Section 511) by ensuring that press releases, bid solicitations and other documents funded in whole or part with Federal money will clearly state the percentage and dollar amount of programs/activities financed with federal funds (the percentage of the total program cost, the dollar amount for the program, and the percent and dollar amount of the total cost financed by non-governmental sources).

The USDA requires Local Education Agencies participating in the National School Lunch Program and/or School Breakfast Program to have a Local Wellness Policy in place. The Wellness Policy addresses nutritional and physical education standards and health initiatives and goals for students within the District. The Wellness Policy is assessed at least once every three years through the USDA's Triennial Assessment.