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Moline-Coal Valley posts clean 2025 audit; district revenue dips about $1.2 million
Summary
The Moline-Coal Valley CUSD 40 board received a clean annual audit showing a financial profile score of 4, a $149.3 million revenue total for 2025 (down about $1.2 million year-over-year) and no audit findings; auditors noted a newly recognized compensated-absence liability of about $13.6 million under full-accrual accounting.
The Moline-Coal Valley Community Unit School District 40 board on Nov. 10 received a clean 2025 audit showing no findings and a top financial profile score of 4.
Auditor Mr. Gallo and presenter Sarah Banzai told the board the district's total revenues for the 2025 fiscal year were about $149.3 million, down roughly $1.2 million from 2024. Banzai said the decrease largely reflected a 33% reduction in corporate personal property replacement tax receipts, about $3.2 million, offset in part by an increase of roughly $3.3 million from the state's evidence-based funding formula and higher property-tax collections.
The audit was issued as a consolidated, full-accrual financial report. Banzai said the district recorded a new compensated-absences liability under the adoption of the compensated-absence standard, "which resulted in recognizing your sick leave as a liability on full accrual," an amount reported at about $13,600,000. The auditors reported no compliance findings under government auditing standards and, based on the draft federal compliance supplement, no findings for the single-audit work; they noted the Office of Management and Budget's final compliance supplement has not been released and the district will await that before final federal filings.
On expenditures, the audit shows operating expenditures of roughly $132.6 million for 2025, about $10 million higher than 2024, driven largely by support services, pension expense (about $2.1 million) and other post-employment benefit (OPEB) expense (about $2.5 million) under actuarial calculations. The district reported approximately $16.8 million in outstanding bonds, $6.0 million of principal paid this year and about $635,000 in interest, and issued working-cash bonds of about $517,000. Banzai said the district's unused legal debt margin remains large, at about $137.5 million.
"We issued an unmodified opinion on the financial statements," Banzai said during the presentation, noting the clean report and the required communications that accompany the audit.
The board did not take independent fiscal action on the audit at the Nov. 10 meeting; routine consent items including approval of minutes were adopted earlier in the session and the meeting was adjourned at the end of the agenda.
The district will file the Illinois State Board of Education annual financial report as required and will finalize the single-audit submittal after the OMB compliance supplement is released.
