The 2013 Financial Profile scores show the number of districts in Financial Recognition has fallen from 670 last year to 562 — accounting for 65 percent of the state’s 865 school districts. Districts on the Financial Watch list went from increased from 17 to 45 this year and nearly 13 percent of the state’s school districts are in the two lowest categories.
School districts are placed in financial categories by analyzing five indicators — fund balance to revenue ratio, expenditure to revenue ratio, days of cash on hand, percent of short-term borrowing available and percent of long-term debt remaining.
“While the Financial Profile alone cannot provide a complete picture of a district’s financial health, it provides a tool for ISBE staff to use with other data and information to assess an individual district’s financial status,” information from ISBE states. “This is the 11th year the Financial Profile has been used to evaluate districts.”