Auditor gives district a clean opinion; finance staff warn tax delays and outline cash position
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Summary
The district auditor reported a clean (unmodified) opinion and recognition status from ISBE; business staff said fund balances remain positive but revenues are down because Cook County has delayed tax disbursements, and the board was told bond refinancing generated more than $600,000 in savings.
At the Berwyn South School District 100 board meeting, auditor John Michael Esco delivered the audit results and business staff presented the district's current cash position and near-term revenue concerns.
Auditor John Michael Esco told the board the district received a "clean or unmodified opinion" on its financial statements and that, as presented in the audit, the district had positive fund balances at June 30. Esco noted a decline in revenues compared with the prior year that he attributed to delayed property-tax receipts. "Your district received a clean or unmodified opinion," Esco said.
Business official Jenny (Hosty) reported current bank balances and said the district is monitoring cash closely because tax receipts from Cook County have not been released. She told the board the operating fund is down compared with prior year and cited a year-to-date revenue figure and payroll pressure: December revenue to date was about $2 million; a typical payroll costs about $1.3 million. She said expenses year to date were in line with expectations but that the district had about $16 million less in fund balance relative to prior reporting, and reiterated that administrators are avoiding dipping into long-term investments to prevent penalties.
Jenny also highlighted grant activity and a maintenance grant application tied to a consent-agenda item for door replacements across sites. The business office reported that bond refinancing resulted in more than $600,000 in projected savings and cited recognition status on the ISBE AFR form. Board members thanked the business office for transparent reporting and asked staff to continue monitoring cash flow and to post the uniform-survey data on the district website.
The board approved the consent agenda after a member moved to remove one item (item GD) for separate consideration. The meeting closed with standard board comments and adjournment.
Note on figures: the auditor reported combined fund balances and a cash-on-hand figure in the audit text; those values were reported to the board as presented in the audit documents.