Oswego Community Unit School District 308 received the lowest financial ratings in Illinois by the Illinois State Board of Education (ISBE) for their 2017 finances.
ISBE started profiling the financial health of the state's school districts in 2003, using experts to evaluate five areas: fund balance to revenue ratio, expenditure to revenue ratio, days cash on hand, percentage of short-term borrowing ability remaining, and percentage of long-term borrowing ability remaining. The results are combined into a score, which corresponds with one of four designations.
Districts that score between 1 and 2.61 are on "financial watch;" between 2.62 and 3.07 "financial warning;" between 3.08 and 3.53 "financial review;" and between 3.54 and 4.00 "financial recognition."
Twenty-two Illinois schools fell into the lowest financial strength category. Another 43 were designated "early warning," 147 were under "financial review" and 640 achieved "financial recognition."
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