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District approves final FY26 budget, authorizes up to $25 million in tax‑anticipation warrants amid Cook County tax‑bill delay
Summary
District 15 presented a reduced FY26 deficit, approved short‑term borrowing of up to $25 million to cover delayed property‑tax receipts, and authorized an internal loan from the education fund to the transportation fund to bridge cash‑flow pressure.
District 15 officials presented a final fiscal 2026 budget that reduced an earlier projected operating deficit and asked the board to authorize short‑term borrowing after Cook County delayed mailing property tax bills.
Chief School Business Official Diana McCluskey and Director of Fiscal Services Anthony Fashoto told the board that Cook County’s delay in sending tax bills has created uncertainty in the district’s cash flow and that the district plans to issue tax‑anticipation warrants (short‑term borrowing) of up to $25 million. The proposed split was $20 million for the education (operating) fund and $5 million for the bond and interest fund; the board approved a resolution to authorize the warrants by roll call vote.
McCluskey said the tentative budget earlier in the summer showed a deficit of about $7.2 million; after cuts and adjustments over the summer, the district reduced the main operating funds deficit to approximately $6.4 million and an all‑funds deficit of about $15.9 million. Presenters said the district reduced expenditures by lowering contracted services, filling roles with district employees (resulting in about 60 fewer FTEs in the final reconciliation), trimming department purchase and supplies budgets roughly 10 percent, and targeting other efficiencies.
The board also approved a $5 million loan from the operations/maintenance fund to the transportation fund to cover transportation pressures while revenue timing is uncertain. Officials said some anticipated revenues are late beyond property taxes; Cook County has also held TIF distributions sent by the Village of Palatine (the presenter referenced a roughly $975,000 TIF check the village issued that had not been released by the county). The presenters described other revenue items: Evidence‑based funding (EBF) increased slightly to about $18.5 million, and personal property replacement tax receipts (CPPRT) were expected to be near $2.5 million for FY26 after declines from prior years.
Board members and staff emphasized that the tax‑anticipation warrants are a cash‑flow measure only and not a change to planned services. Director Elizabeth Hennessy (Raymond James) and staff said the district and its financial advisors were soliciting competitive bids for the warrants. The board approved the resolutions to authorize issuance of warrants and to permit the internal loan by roll call votes during the meeting.
District officials said work to reduce the structural deficit will continue in preparation for FY27 and that any staffing changes would be communicated in advance, with a goal to finalize decisions well before the next school year payroll deadlines.
