Danville School District 118 Board of Education President Mister Hart convened a financial review Tuesday night as the board approved three fiscal steps: posting the tentative FY2026 budget for 30 days, renewing the district’s commercial property and liability insurance with Liberty Mutual, and approving a separate resolution to invest district funds.

The board voted to post the tentative FY26 budget for public display for 30 days so the public and the finance committee can review and suggest changes before the budget is finalized. Chief School Business Official Narcissus Rankin presented the tentative figures, saying the draft estimates $93,669,942 in revenue against $94,134,739 in expenditures and described the document as a working draft that can be modified during the display period. Rankin said the FY25 ending fund balance (pre-audit) is $22,249,392 and noted a conservative revenue collection rate used in the draft.

Rankin told the board that the district’s July activity showed $14,103,957 in revenues and $6,841,403 in expenditures for the month, and that those figures translate to roughly 90 days cash on hand. Board members referenced the Illinois State Board of Education (ISBE) guidance that a stronger cash position is closer to 180 days; one board member said 90 days is “not a good number.” Rankin said the budget shortfall in the draft is driven largely by conservative revenue estimates and a reduction in federal funding.

On insurance, Rankin recommended renewing the district’s commercial property and liability policy with Liberty Mutual at a premium of $536,686 for FY26, an increase of $106,500 from the prior year attributed to higher building values, construction costs and claim activity. Liberty Mutual offered an option to raise the flood deductible from $50,000 to $100,000 in exchange for a $22,000 premium reduction; the board approved an amendment to accept that option. Board members were told several insurers declined to submit proposals because of the district’s recent claim activity; Rankin said Liberty Mutual was the best available option.

Separately, the board voted on a motion to remove and consider a resolution from the consent agenda concerning investing district funds. That resolution passed by roll call with five yes votes and one abstention.

Why it matters: The posted tentative budget sets the public review period and frames decisions about spending reductions Rankin said may target purchased services, supplies and equipment. The insurance renewal locks in coverage for the year and shifts more initial flood risk to the district in exchange for the premium reduction.

Board actions and next steps: The board gave Rankin permission to post the tentative FY26 budget for the required 30-day display and scheduled further discussion through the finance committee. The insurance renewal and deductible amendment were approved; the investment resolution was approved with one abstention. Rankin and the board said they will continue to refine the budget and return with changes following finance committee input.

Sources and contextual details: Rankin cited Forecast5 reporting tools for monthly reporting formats and the ISBE budget form as the reporting standard used to summarize fund balances. Rankin said the district has not filed a flood claim in the last 15 years but will confirm definitions for “flood” with the carrier.

Ending: The board’s vote to post the tentative budget opens a 30-day public comment and revision window; Rankin and the finance committee will work with the board on proposed expenditure reductions and any budget revisions before the final FY26 adoption.