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District 88 reports $82.9 million balance, closes FY25 with smaller‑than‑projected deficit
Summary
District 88 presented its month‑ending June 30, 2025 treasurer’s report and FY25 annual financial results showing a total balance of $82,946,410.72, strong interest income, early property‑tax receipts, and a net operating fund deficit of roughly $1.02 million after transfers for summer capital projects.
District 88 presented its treasurer’s report and annual financial summary for the fiscal year ending June 30, 2025, showing a total balance of $82,946,410.72 and substantial interest income that helped close a larger projected deficit, district finance staff said at the Aug. 11 meeting.
The district reported $225,199.18 in interest income for the month and $3,533,842.53 year to date in interest income. Early property‑tax receipts and stronger investment yields contributed to higher revenue than budgeted, staff said. The district recorded operating funds revenue of $90,123,498 and operating expenses of $88,786,585, producing an operating surplus of $1,336,912 before transfers and capital spending.
District staff explained the fiscal year included a planned transfer from the working cash fund to the capital projects fund to cover roughly $2.3 million in summer projects. After those project transfers and spending, the net deficit for the year was reported at $1,023,729 and an ending fund balance of $29,423,672 in the operating fund, staff said.
Staff called out several revenue and expense drivers: early June property‑tax collections ran at roughly 52+ percent (above the five‑year trend), state categorical grants were prorated at lower rates (special education transportation at 69 percent), corporate personal property replacement tax (CPPRT) collections were slightly below estimates, and federal ESSER carryover funds and other federal allocations added to revenue. On the expense side, salaries were under budget by roughly $406,000; contractual services, utilities and supplies were under budget in several areas, while athletics, operations and maintenance, transportation and out‑of‑district tuition were over budget in varying degrees.
At the meeting board members approved the treasurer’s report and the budget status report by roll call vote; staff said the district remains above its fund‑balance policy target (reported around 33 percent) and will prioritize life‑safety items from a 10‑year audit in upcoming capital planning.
Board members did not propose additional appropriations during the meeting; staff said they will incorporate the fiscal year results and early receipts into the FY26 budget work this fall.
