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Joliet Township High School District 204 auditors give clean opinion; board adopts tentative levy
Summary
Auditors reported a clean opinion and strong financial position, with net position up about $37.1 million and governmental fund balances of $258.4 million; the board approved a $104.318 million tentative 2025 tax levy (4.9% over last year) for public notice.
Tom Lancaster, the partner from Werner, Rogers, Duran & Russon, told the Joliet Township High School District 204 Board of Education that the district’s annual financial report received an unmodified (clean) audit opinion and no findings in the compliance testing conducted for the 2024–25 fiscal year. "There were no audit findings," Lancaster said, and noted the district had earned a certificate of excellence in financial reporting for the 30th consecutive year.
Lancaster highlighted key financial metrics the board reviewed: the district’s net position increased by approximately $37,100,000 from the prior year (about a 15.3 percent increase), governmental fund balances totaled $258,362,009.37, and the General Fund held about $111,000,000—sufficient cash and investments to cover roughly 291 days of operating expenses. He also reported $61,960,000 in bonds outstanding and about $144,300,000 invested in capital assets at year end.
At the meeting, district staff recommended a 2025 tentative tax levy of $104,318,000, which the presenters described as a 4.9 percent increase over last year’s extension but within the statutory limits tied to CPI and the 5 percent cap. "With CPI at 2.9 percent and new property growth estimated, this levy captures the district’s entitled increase without exceeding the 5 percent cap," Dr. Hampton said during the presentation.
Board members asked for clarification on the "291 days" metric and the state threshold that triggers a required spend-down plan. Lancaster explained that state rules effectively limit balances to about 2.5 times annual expenditures for a fund; if a fund exceeds that, the district must submit a spend-down plan to the state. The board voted to approve the tentative levy for public notice; final adoption will follow the public-notice period and the board’s formal vote later in the levy calendar.
The board also moved to approve the Annual Financial Report (AFR) filing as presented. The auditor and district staff thanked the business office and named Amy Gomez for her work on the clean audit.
