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District reports $1.17M unaudited surplus for FY24-25; previews FY25-26 budget with small projected surplus
Summary
The business office reported an unaudited FY24-25 surplus of about $1.17 million, noted receipt of roughly $15 million in referendum bond proceeds in December (about $3 million spent through June 30), and previewed a FY25-26 budget that currently projects a narrow surplus after factoring capital outlays and conservative federal-grant assumptions.
District 57's business office presented a fiscal-year 2024-25 review and a preview of the FY25-26 budget at the July 17 board meeting, reporting an unaudited surplus and outlining revenue and expenditure assumptions for next year.
The business presentation reported an unaudited surplus of approximately $1,170,000 for FY24-25. Staff cautioned the number is unaudited and may change after auditors complete their work; they noted shifts can occur when invoices and receipts are reconciled across fiscal years.
Key budget highlights presented: - Referendum bond proceeds: The district sold referendum bonds in December and received about $15,000,000; staff said roughly $3,000,000 of that had been spent through June 30. - FY25-26 preview: The draft budget presented in July projects a narrow surplus (about $40,000 at the time of the preview) after planned expenditures and conservative assumptions on federal grants. The business office said it had removed most Title grant estimates from the draft budget while leaving IDEA (special education) funds in place; ESSER funds are no longer available. - Capital and transfers: The district continues a multi-year approach of budgeting $2,000,000 annually for capital outlay; $1,500,000 of this amount was described as earmarked toward construction costs associated with the referendum work. Staff explained the district will typically draw referendum bond funds first for construction-related costs and use district fund balance or transfers as appropriate. - Revenue assumptions: Interest earnings recovered to higher levels and were conservatively increased in the FY25-26 preview based on rates observed over the prior year.
Board members asked about the surplus's effect on levies, timing for property-tax receipts, the implications of reduced discretionary capital (effective discretionary capital down to roughly $500,000 after earmarks), and the district's margin for error if federal grants are reduced. The business office said property-tax timing can vary year to year and that auditors will finalize FY24-25 figures; staff also said they remain cautious about grant funding and will refine the tentative budget before the board votes in August and adopts the final budget in September.
The board will receive the district's tentative budget in August and consider final budget approval in September as part of the standard fiscal timeline.
