The Salem Community High School district’s audit for the 2021 financial shows the district with a financial profile score of 4.0, indicating that there are no major causes for concern in the district’s finances.
Notably, the district had 6.6 million dollars saved, with 6.2 million dollars between all of its funds and 400,000 in investments as of June 30, 2021. The auditor noted that this was the most cash the district has had on the books in the past three years and that the increase is a result of CARES act funding providing helping with expenses. Each of the district’s funds has a positive balance entering the next fiscal year.
The audit showed that a majority 53% of the district’s revenue for the year came from local sources, 40% from the state of Illinois, and 7% from the federal government. The district had an expenditure-to-revenue ratio of .935, meaning that for every dollar the school took in, it spent 93.5 cents.
For the current fiscal year that began July 1st, both revenues and expenditures are expected to increase as the district issues bonds to fund various renovation projects.
