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DuPage HSD 88 places amended 2024–25 budget on file, advances $4 million bond intent and financial measures
Summary
At its May 20 meeting, the DuPage High School District 88 Board of Education placed an amended 2024–25 budget on public file for 30 days, approved a resolution of intent to issue $4 million in working cash fund bonds and accepted routine financial reports, including a treasurer's report showing $56.59 million in cash and investments.
The DuPage High School District 88 Board of Education on May 20 placed its amended fiscal 2024–25 budget on file for the required 30-day public review, approved a resolution declaring intent to issue $4,000,000 in working cash fund bonds and accepted the treasurer's and budget status reports detailing cash balances and revenue trends.
The board voted to publish the notice of intent and begin the 30-day petition period; a public hearing on the bond issuance was scheduled for June 9, 2025, and the amended budget public hearing was set for the June 23 board meeting. The board also approved renewing the treasurer surety bond and received monthly financial detail for April 2025.
Board members were told the month-ending April 30, 2025, combined cash and investment balance was $56,590,827.03 and that April interest income totaled $201,661.19, bringing year-to-date interest income to $3,121,517.93. The presenter reported local education fund revenues through April were about 48.4% of budget (approximately $25,000,000), CPPRT collections about 75.8% (roughly $1,760,000), and investment income collected to date exceeded $2,000,000. A la carte food sales were 118% of budget (about $515,351), and state aid receipts were reported at roughly $6,170,000 or 81.8% of the budgeted amount. The presenter said planned federal money for the year has been received.
On expenditures, the presenter said salaries were down about 1.25% year over year, benefits were up about 0.94%, contractual services down 4.47% and supplies up roughly 17.5%. The operations and maintenance fund showed 50.91% of revenues collected (about $4,120,000) and year-to-date expenses at roughly 85.9% expended, driven in part by unexpected repairs, including piping and boiler work and replacement of a baseball infield. Capital expenditures were up about 34.5% and included female locker replacement, roof recoating and boiler refurbishment; the presenter said most projects are closed out aside from the 10-year life-safety facility plan.
The transportation fund was reported at about $4,040,000 or 54.8% of budgeted revenues and is down about 16.7% compared with the prior year; the presenter reiterated the district expects a fourth categorical payment from the state in June but does not expect to receive 100% of budgeted state reimbursement because of statewide prorating. The IMRF/pension fund revenue was reported at about $1,220,000 (54.2% of budget) with expenses of about $1,720,000 (77.47% of budget).
As part of the amended-budget action, the board authorized placing the draft amended budget on file to reflect a corrected transfer from working cash into the capital projects fund. The presentation said the capital projects fund needs $2,360,641 to cover contracts awarded for summer work; the original budgeted transfer was $2,000,000, requiring an additional $360,641. The amendment also adds a TRS on-behalf contribution of $21,050,000 with a corresponding revenue and expense so the net budgetary impact is zero; the presenter said this amendment is required under accrual accounting standards (GASB 68) and state reporting rules. The amended budget will be posted online and published for public review prior to the June 23 public hearing.
The board approved renewing the treasurer surety bond. The presenter said the district's highest recent monthly combined balance (September 2024) was $104,288,173 and recommended a bond of $10,900,000. A renewal quote from 180 Brokers Risk for a $10,900,000 bond carried a premium of $10,903 for 2025–26, an increase of about 3.1% from the prior year.
On district borrowing, the board approved a resolution of official intent to issue $4,000,000 in working cash fund bonds, directed publication of the required notices in the Daily Herald to start the petition period and set a hearing date of June 9, 2025. The board packet listed Chapman and Cutler LLP as bond and disclosure counsel for the planned issuance and noted PMA will handle required public notices.
No additional actions were announced from the subsequent closed session. The board concluded the finance items with roll-call approvals on the motions presented.
The board will conduct the scheduled public hearings and is required by Illinois School Code and the Bond Issue Notification Act to publish notices and hold the hearings before any final bond issuance or budget adoption.
