CHICAGO PUBLIC SCHOOLS
CHICAGO PUBLIC SCHOOLS
Chicago Board of Education
Chicago, Illinois
ANNUAL COMPREHENSIVE FINANCIAL REPORT
For the year ended June 30, 2021
Prepared by the Office of Finance
Lori E.Lightfoot, Mayor, City of Chicago Miguel del Valle, Board President
Pedro Martinez, Chief Executive Officer Miroslava Mejia Krug, Chief Financial Officer
David Paul, CPA, Interim Controller
Table of Contents
CHICAGO PUBLIC SCHOOLS Chicago Board of Education
2021 ANNUAL COMPREHENSIVE FINANCIAL REPORT
I. INTRODUCTORY SECTION
Page
Board Officials ..........................................................................................................................................................
2
GFOA Award .............................................................................................................................................................
3
ASBO Award .............................................................................................................................................................
4
Organizational Chart ...............................................................................................................................................
5
Board Member Profiles ...........................................................................................................................................
6
Letter of Transmittal.................................................................................................................................................
11
II. FINANCIAL SECTION
Independent Auditors' Report ...............................................................................................................................
21
Management's Discussion and Analysis............................................................................................................
25
Basic Financial Statements
Statement of Net Position.......................................................................................................................................
44
Statement of Activities.............................................................................................................................................
46
Balance Sheet -- Governmental Funds...............................................................................................................
47
Reconciliation of the Balance Sheet -- Governmental Funds to the Statement of Net Position ................
48
Statement of Revenues, Expenditures and Net Changes in Fund Balances -- Governmental Funds .....
49
Reconciliation of the Statement of Revenues, Expenditures and Net Changes in Fund Balances --
Governmental Funds to the Statement of Activities ......................................................................................
50
Notes to Basic Financial Statements ....................................................................................................................
51
Required Supplementary Information
Schedule of Revenues, Expenditures by Object -- Other Financing Sources and Net Changes in
Fund Balance -- Final Appropriations vs. Actual -- General Operating Fund .........................................
95
Schedule of CPS' Proportionate Share of Net Pension Liability ......................................................................
96
Schedule of CPS' Contributions to Defined Benefit Pension Plan...................................................................
98
Schedule of CPS' Proportionate Share of Total Other Postemployment Benefits Liability and
Schedule of Other Postemployment Benefits Contributions.............................................................................
99
Individual Fund Schedules General Operating Fund Schedule of Revenues, Expenditures and Net Changes in Fund Balance -- Final Appropriations and Actual.......................................................................................................................................................... 101 Capital Projects Fund Schedule of Revenues, Expenditures, Other Financing Sources and Net Changes in Fund Balances........................................................................................................................................................... 104 Capital Asset Program Schedule of Revenues, Expenditures, Other Financing Sources and Net Change in Fund Balance -- Final Appropriations vs. Actual ............................................................................................ 105
Chicago Public Schools Annual Comprehensive Financial Report Fiscal Year Ended June 30, 2021
i
Table of Contents
Capital Improvement Program Schedule of Revenues, Expenditures by Object, Other Financing Sources (Uses) and Net Change in Fund Balance -- Final Appropriations vs. Actual................................................................
Debt Service Fund Schedule of Revenues, Expenditures, Other Financing Sources (Uses) and Net Changes in Fund Balances ........................................................................................................................................................... Bond Redemption and Interest Program Schedule of Revenues, Expenditures by Object, Other Financing Sources (Uses) and Net Changes in Fund Balance -- Final Appropriations vs. Actual
Page 106 108 109
III. STATISTICAL SECTION (Unaudited)
Financial Trends Components of Net Position -- Last Ten Fiscal Years ...................................................................................... 112 Changes in Net Position -- Last Ten Fiscal Years ............................................................................................. 114 Components of Fund Balance -- Last Ten Fiscal Years ................................................................................... 116 Changes in Fund Balances of Governmental Funds -- Last Ten Fiscal Years ............................................. 118 Revenues by Source -- All Programs -- Last Ten Fiscal Years ...................................................................... 120 Expenditures by Function -- All Programs -- Last Ten Fiscal Years .............................................................. 122 General Operating Fund -- Detailed Schedule of Revenue and Expenditures............................................. 124 Other Financing Sources and (Uses) -- Last Ten Fiscal Years ....................................................................... 130 Ratio of Debt Service to Non-Capital Expenditures -- Last Ten Fiscal Years ............................................... 132
Revenue Capacity Direct and Overlapping Property Tax Rates -- Last Ten Fiscal Years ............................................................ 134 Property Tax Levies and Collections -- Last Ten Fiscal Years......................................................................... 136 Assessed Value and Estimated Value of Taxable Property -- Last Ten Fiscal Years................................... 138 Principal Property Tax Payers, Based on Equalized Assessed Valuation -- Prior Fiscal Year and Nine Years Ago .................................................................................................................................................................. 140 Schedule of Replacement Tax Data -- Last Ten Fiscal Years.......................................................................... 142 City of Chicago Tax Increment Financing (TIF) Districts ................................................................................... 144 Schedule of New Property EAV as a Percentage of Overall EAV -- Last Ten Fiscal Years........................ 148 Tax Increment Financing (TIF) Agreements in Support of Chicago Public Schools ..................................... 149
Debt Capacity Bond Issues Outstanding Related to Chicago Public Schools ............................................................................... 150 Total Authorized Bond Issuances .......................................................................................................................... 152 Outstanding Debt Per Capita -- Last Ten Fiscal Years ..................................................................................... 156 Legal Debt Margin Information -- Last Ten Fiscal Years .................................................................................. 158 Direct and Overlapping Governmental Activities Debt....................................................................................... 160 CPS' Debt Rating History ....................................................................................................................................... 161
Demographic and Economic Information City of Chicago Principal Employers (Non-Government) -- Prior Year and Nine Years Ago ...................... 162 Demographic and Economic Statistics -- Last Ten Calendar Years ............................................................... 164 Metropolitan Chicago Top Public Companies Ranked By 2020 Net Revenues ............................................ 166
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Chicago Public Schools Annual Comprehensive Financial Report Fiscal Year Ended June 30, 2021
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