Finance update: District reports $2.93 million in outstanding state reimbursements and $77.2 million capital fund balance

At the Jan. 5 meeting, finance presenter Miller provided a detailed report on state reimbursements, capital‑projects activity and sales tax receipts. Outstanding state payments totaled $2,925,229.44 as of Dec. 26, 2025, including reimbursements to the education fund and transportation. For the capital projects fund, the beginning balance on Nov. 1 was $88,204,120.05; investment dividends for the month were $307,081.41 and expenditures/draws were $11,304,554.04, yielding an ending balance of $77,206,651.42 as of Nov. 30, 2025.

Miller reported sales tax receipts of $1,355,564 in November (reported for a prior collection period). Since 2019 the district has received $77,557,082 in sales tax revenue; the district’s proportion of Sangamon County sales tax collections has held near 47% in recent years. Board members asked whether that proration changed recently; staff said the 47% range has been consistent, with minor annual adjustments tied to the district’s 10‑day enrollment report.

Board members also discussed bond interest and refunding options. Miller explained that bonds are issued at fixed interest rates based on market conditions at issuance and can be refunded—typically after about 10 years—to attempt to secure a better rate. The district has upcoming bond payments (December and June) and projects a modest surplus after the June payment.

Facilities images shown earlier in the meeting (Dewey Gymnasium floor and Owen Marsh Elementary exterior) were noted as examples of capital projects funded via sales tax and bond proceeds.

Miller said PMA will be present at a future meeting to discuss bond sales and refunding opportunities.