Board adopts estimated levy, authorizes tax-anticipation warrant authorization amid delayed Cook County distributions

Board members approved the district's estimated property tax levy and took authorizing actions to protect cash flow while Cook County delays tax bill distributions.

Jessica, the district finance presenter, said the Consumer Price Index used in levy calculations is 2.9% and the district will publish a truth-in-taxation notice for a 4.99% levy. "We're levying at 4.99% because of the unknown extension for this year and new property," she said, and the notice will be published and followed by a hearing at the next meeting.

Because second-installment property tax distributions from Cook County remain delayed, the board discussed and approved a resolution authorizing the issuance of taxable tax anticipation warrants not to exceed $9,080,000. The finance presenter described tax anticipation warrants as a short-term borrowing mechanism for districts to bridge delayed revenues: "It's kind of like a payday loan," the presenter said, explaining the district's cash-flow forecasts indicate the warrant authority could be necessary to cover payroll and payables into mid-December.

The board also approved a resolution to permit interfund loans from the working cash fund into operating funds to prevent negative balances while awaiting tax receipts; the finance presenter described the working cash fund as the district's rainy-day fund and said this action allows internal transfers consistent with statutory requirements.

Board members asked for follow-up information about the cost structure and fees for tax anticipation warrants; the finance office said it would provide fee and structure details to the board if the warrants became necessary.

All three finance-related resolutions (estimated levy, tax anticipation warrant authorization, and interfund loan) passed on recorded roll-call votes during the meeting.