Stevenson board approves revised fund-balance policy, declares intent for up to $15 million in working-cash bonds and certifies $126.8 million tax levy

The Adlai E. Stevenson HSD 125 Board of Education at its December meeting approved several finance and operations items, including a revised fund-balance policy, a resolution declaring intent to issue working-cash bonds not to exceed $15,000,000, certification of the district’s 2024 tax levy at $126,800,000 and the replacement of two high-capacity multifunction printing devices.

Board members voted unanimously to adopt a revised school board policy on fund balance intended to give the district a clearer picture of its fiscal position and to align the policy more closely with school code recommendations, the board was told. The board also approved a resolution declaring the district’s intent to issue and then defease debt through a working-cash bond issuance; officials said the actual issuance would follow legal notice and further steps and that the defeasance would occur after any issuance.

Why it matters: The actions set the financial frame for next year’s budget work and for how the district will manage cash and borrowing in the coming months. Certification of the tax levy is a required step for the county to calculate property-tax extensions; board staff said the certified levy is $126,800,000 but, because of the Property Tax Extension Limitation Law (PTELL), they expect the final extension to be roughly $125,500,000 (about a 3% increase from the current year).

On equipment, the board approved replacing two large production printing machines under the district’s Canon vendor contract. The district said the replacement will not increase monthly costs and will reduce per-copy charges (a reported reduction from 4¢ to 2¢ per click). Presenters described the replaced machines as high-volume, production-level units that support the print center and allow overnight runs to reduce overall district printing costs.

Votes at a glance

- Revised fund-balance policy (Board policy 4:20): approved, vote tally 7–0. - Resolution declaring intent to issue not-to-exceed $15,000,000 working-cash bonds and directing publication of notice: approved, vote tally recorded by the board (unanimous at time of poll). - Public hearing on bond issuance: set for Jan. 13, 2025: approved (unanimous at time of poll). - 2024 tax levy certification at $126,800,000: approved (unanimous at time of poll); staff estimate final extension ~ $125,500,000 after PTELL adjustments. - Replacement of two multifunction production devices (Canon): approved (unanimous at time of poll); district reported lower per-click charge and no increase to monthly cost.

Discussion and next steps: Board members emphasized the need to ensure the public and county receive required notices; staff said the bond resolution at this meeting sets the board’s intention and that the formal issuance would require additional steps. The tax levy filing will be delivered to the county the day after the meeting, board members were told. A public hearing on Jan. 13, 2025 was scheduled so taxpayers and residents can comment on the planned bond action.

The board also heard that several other policy updates are presented as a first reading and will return for later action. Staff said more detail on career-pathway course approvals and articulation with the College of Lake County will follow in subsequent meetings.

Ending: The board’s finance committee will continue to review refinancing/defeasance options and to prepare materials for the January hearing; staff noted the levy filing will be submitted to the county as required.