U-46 financial update: December deficits tied to Cook County tax delays; board approves bills
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Summary
District finance staff reported a December deficit and year-to-date shortfall driven in part by delayed Cook County property tax receipts; the board approved the list of bills (administration recommended $27,536,764.88) despite a garbled dollar figure being read into the record during the motion.
School District U-46’s finance staff reported to the board on Feb. 9 that December ended with a sizable monthly deficit and a year-to-date shortfall, primarily attributable to delayed property tax disbursements from Cook County and planned capital spending.
Robin Cornelison, executive director of financial services, said December ended with a deficit of about $27.1 million and that year-to-date actuals showed a deficit of about $74.3 million. Cornelison attributed much of the year-over-year variance to a $39 million Cook County receipt in December 2025 compared with $78 million at the same time the prior year, and to Unite U-46 capital expenditures. She said state grant reimbursements of about $6.1 million were outstanding as of Dec. 31 and that the district remains strongly liquid with approximately $799.8 million in total liquid assets (cash, money market balances and investments).
Cornelison also presented the second-quarter investment report (Oct. 1–Dec. 31, 2025), reporting a total portfolio value of $742.8 million (down about $83.4 million from the previous quarter), $6.8 million in interest income during the quarter and an average return of 3.73% for December.
Separately, administration recommended approval of the list of bills in the amount of $27,536,764.88. During the motion one speaker read a significantly different, clearly garbled amount into the record ($270,005,366,764.88); the board proceeded with a second and recorded a roll-call vote and the motion passed.
Board members questioned staff about the Cook County timing and whether the revenue delay had cost the district investment income. Cornelison said district funds were liquid and that cash was shifted rather than breaking maturities, and said she would follow up regarding any potential lost investment income related to the county delay.
Next steps: staff will continue to monitor receipts and investment performance and will follow up with Cook County on the timing and any financial impacts of delayed property tax disbursements.