Business report: district lists $3.2 million in outstanding state payments and outlines capital-project cash flow

Director Miller presented the district’s business report on Jan. 6, reporting outstanding state payments and summarizing the capital projects fund cash roll forward.

Miller said outstanding FY25 payments from the state of Illinois totaled $3,196,188.52 as of Dec. 30, 2024. He gave the following breakouts as read to the board: the Education Fund had $29,195.35 owed, the driver’s education program $0.35, and $11,114.32 was due to the state free lunch and breakfast program. He said $1,325,887.32 was due from special projects (including early childhood block grant and IDEA funding) and $1,829,991.53 was due to the transportation fund.

On capital projects funds, Miller said the beginning balance in investments was $72,952,190.99. He reported dividends and interest of $571,792.66 for the period and bond draws/expenses of $7,342,460.65. The transcript contained a figure for an ‘‘ending balance’’ that appears garbled in the meeting record; the board packet should be consulted for an exact ending balance. Miller also said the district received sales tax receipts in November (for the August reporting period), reported a 12‑month average sales-tax collection of about $1,100,000, and stated the district has used sales-tax revenue to pay principal and interest on bonds for capital projects.

As of Nov. 30, 2024, Miller said the district had $4,382,371 in its county facility sales tax savings account and that the next payment of roughly $9.276 million would be due June 1, 2025. He said the district projected a surplus of about $1.9 million in that account at the time of the next payment and that $12,520,963 would be the total required for the next two bond payments.

Miller said PMA (financial advisor) will appear at the next board meeting. The board accepted the business report as information; no vote was required.