For the second year, Oakwood CUSD #76 has been placed in the “review” category of the Illinois State Board of Education’s financial profile list.
In 2015, the district was placed in the lowest “watch” category, then over the next two years, they continued to be monitored closely by ISBE in the “early warning” category.
For 17 years, ISBE has reviewed each district’s financial profile based on fund balance to revenue ratio, expenditure to revenue ratio, days of cash on hand and percent of short-term and long-term borrowing ability remaining.
The State then gives each district a score and places them in the financial recognition (highest), review, early warning or watch (lowest) category.
The 2020 Financial Profile report also realized the largest number of districts in the highest “Financial Recognition” category with 706 of the 851 districts that reported.
The 212 page report cites an increase of state funding from the Evidence-based Funding model, increased EAVs, and lesser reliance on debt.
Oakwood’s efforts to improve their financial health were realized with 100-percent of their short-term borrowing ability remaining and an expenditure to revenue ratio of $8,276,841 to $8,637,893.
The district also scored well on fund balance to revenue ratio at $1,997,282 to $8,637,893.
ISBE recommends districts have 180 days of cash on hand, but Oakwood has 87. They also have 43.12-percent of their large debt margin remaining.
[pdf-embedder url=”https://sjodaily.com/wp-content/uploads/2020/04/Oakwood-2020-ISBE-Financial-Rating.pdf” title=”Oakwood 2020 ISBE Financial Rating”]
