For the 20th year, Downers Grove Grade School District 58 earned the highest rating for financial health from the Illinois State Board of Education (ISBE). The District earned the Financial Recognition rating on the District’s 2022 School District Financial Profile. This marks the 20th consecutive year District 58 achieved this status.
“We are extremely proud and honored to earn this award for 20 straight years,” said Superintendent Dr. Kevin Russell. “It is a testament to the work of our Board and team to maintain a balanced budget and live within our means, he said. Todd Drafall, assistant superintendent of business, noted that “ it is imperative that we are transparent with our taxpayers’ money.” Each year, the Illinois State Board of Education (ISBE) publishes two reports that detail school districts' financial health. These include the Annual Financial Report (AFR) and Financial Profile.
Each school is required to file an Annual Financial Report with its Regional Office of Education/Intermediate Service Center and the Illinois State Board of Education. This report is generated after a district's annual audit.
The Financial Profile scores are derived from information contained in the Annual Financial Report and are based on five factors: Fund Balance-to-Revenue Ratio, Expenditure-to-Revenue Ratio, Days of Cash on Hand, Percentage of Remaining Short-Term Borrowing Ability, and Percentage of Remaining Long-Term Borrowing Ability.
Based on that data, school districts are classified within four financial designations lists: Financial Recognition, Financial Review, Financial Early Warning and Financial Watch. Financial Recognition is the highest category.