Board warned Cook County’s tax‑system delays could cost District 62 up to ~$1M

District 62 finance staff reported on Dec. 15 that payments from the Cook County treasurer tied to the second installment tax bills (mailed Nov. 15) had not been received as of the meeting and that county processing delays could push disbursements into February.

Staff outlined four ways the delay can cost taxing bodies: lost interest income on dollars that would have been held in district accounts beginning in August; lost earnings from early redemption of investments to gain liquidity; lower yields when reinvesting proceeds; and potential costs of borrowing or tax‑anticipation warrants if liquidity becomes constrained (SEG 1624–1653, SEG 1661–1672). Finance staff gave an initial estimate of roughly $680,000 in lost interest if funds arrive by year end and said the cumulative cost could approach $1,000,000 if payments are delayed into February.

Trustees discussed accountability and possible legal recourse against the county or the vendor whose software rollout has been widely reported; staff said legal action would require a firm inventory of losses and coordinated action across taxing bodies. Several board members described ongoing coordination with other districts and association meetings to aggregate impacts and pursue next steps if necessary.

What’s next: Finance will continue to monitor county disbursement timing, update the board on realized losses, and coordinate with other taxing bodies about potential joint action or litigation if warranted.