School Financial Statistics
In 2014, 121 Illinois School Districts were in poor - to dire - financial shape, based on the state’s annual financial report card.
This number has increased significantly due to less state aid, higher costs and a continued weakened Illinois economy.
- 62% of School Districts are deficit spending including affluent schools
- More School Districts are borrowing in order to not incur a deficit which then burdens the taxpayer in the community with more debt.
- Financial woes and deficits are impacting the classroom including art, music, specialized reading programs and high school class offerings.
Is Any of the Following Occurring In Your School District?
Is your District finding it difficult to figure out how to stop/reverse your current or projected deficit looming over the school finances?
PFPM can analyze your school accounts to specifically identify key problem areas and provide an overall detailed analysis of your School District. We will help you derive a long term plan to turn the District around.
Are you in need of a solid financial consultant to assist the organization in understanding your school finances or fixing some key financial or operational areas in your school?
PFPM can explain school finances in a way that an “average” person who is not an accountant can understand. We can perform an Internal Control Assessment and identify areas/practices negatively or positively impacting the financial performance of the School District.
Does your Board not understand its school finances and how decisions impact the District?
PFPM can explain the overall structure of the school’s finances in a manner that all Board Members understand and in an environment where all can feel open to ask questions or gain clarification.
Are you in need of Interim Business Manager/Chief School Business Official to fulfill this invaluable role?
PFPM can provide an Interim Chief School Business Official and Certified Public Accountant (CPA) to who has several years of school experience to serve during this crucial time so that the District can focus on finding the right person for the role.
Is the District in financial trouble, on “financial watch” or received a “financial early warning” and you need help in turning the District around?
PFPM can provide a detailed analysis and derive a District financial plan to address the District’s current and long term outlook. PFPM can help and walk the District through to chart a better and more solid financial course. What may seem impossible or insolvable, deriving a plan and then executing is the key and PFPM can help you make it happen.
PFPM Provides These Valuable Services
- Provide an overall analysis/review of your School District and its financial system
- Analyze specific school programs – National School Lunch Program, Title Programs, State Categorical Funding or any Federal Programs
- Review General State Aid Calculation
- Review your current Levy Process and Tax Rate
- Review, explain, analyze or fix any grant compliance issues relative to Title and Federal Programs
- Provide or review your Annual Budget
- Perform an Internal Control Assessment to identify your Districts strengths or weaknesses in your operations and practices
- Provide accounting, payables, payroll or financial reporting services
- Provide an Interim Business Manager or accountant for your financial business needs
- Prepare your District for an annual audit or state financial review to assure compliance
- Assess your Business Office and Operations Staff to analyze whether the District has the right people with the right skills in the right roles
- Other General Consulting Services