District 15 adopted its fiscal year 2026 budget and voted to authorize short‑term borrowing after officials said Cook County’s delay in mailing property tax bills is creating year‑start cash‑flow pressures. At the board meeting, staff recommended and the board approved a resolution authorizing up to $25 million in taxable tax‑anticipation warrants — $20 million for the education fund and $5 million for bond and interest — and a temporary loan from the education fund to the transportation fund.

The district’s finance presenter warned the board that property taxes make up roughly 80% of general revenue and that Cook County’s software conversion has delayed bills that are normally mailed in June and due in August. “The frustrating thing is we do not know when the county is gonna release tax bills,” the presenter told the board, adding the uncertainty makes it hard to plan. District staff told the board they had solicited bank interest and prepared a term sheet for the short‑term borrowing.

Why it matters: the district must meet payroll and vendor obligations while waiting for the tax receipts, and the warrants will provide temporary liquidity. Board members were briefed on related revenue items: the district expects a modest increase in the state EBI grant to about $18.5 million, a small rise in personal property replacement tax (CPPRT) to roughly $2.5 million for FY26, and an approximately $1.2 million reduction in grant revenue year to year that the budget offsets by decreasing grant‑funded expenditures dollar‑for‑dollar.

Staff projected the district’s operating fund deficit shrank from an earlier tentative figure of about $7.2 million to a roughly 6.4% operating deficit in the final FY26 budget; all‑fund deficits remain driven by fewer capital projects than in prior years. The board approved adoption of the FY26 budget in a roll‑call vote.

Board members also raised localized cash‑flow items: district staff said the Village of Palatine had issued two TIF checks to Cook County — one for about $975,000 (Rand Road and Lake Cook TIFs) and an early‑July payment of about $1.4 million for downtown TIF distribution — but Cook County had not yet transferred those funds to the district. A presenter said the county had also earned interest on TIF funds the district is awaiting.

On personnel and operating changes, staff reported they were able to reduce reliance on expensive contracted related‑services providers (speech, OT, PT) by filling positions in‑house, increasing salaries and benefits for those roles and reducing contracted services. That change, combined with other adjustments, led to an estimated net reduction of about 60 full‑time‑equivalent positions compared with the prior year. Staff also described capital‑funded work (fund 60) completed over the summer — parking lots, boilers at two schools, playgrounds, gym floors and interactive panels — and said five new electric buses remain delayed but are expected to be in service around January.

Formal actions: the board approved (1) the FY2026 budget; (2) a resolution authorizing issuance of not‑to‑exceed $25,000,000 taxable tax‑anticipation warrants (20M education; 5M bond & interest); and (3) a resolution to loan funds from the district’s education fund to its transportation fund. Staff characterized the borrowing as a cash‑flow response to delayed county collections, not a structural budget shortfall.

The board and staff said they will continue to monitor timing of Cook County tax‑bill releases, grant‑revenue receipts and TIF flows and will return with follow‑up as details about interest rates, term‑sheets and final warrant purchasers are finalized.