Board receives clean FY25 audit, hears $4.2M fund balance decrease and midyear FY26 snapshot
Get AI-powered insights, summaries, and transcripts
Subscribe
Summary
The district reported a clean FY25 audit opinion, a roughly $4.2 million drop in general fund balance (revenues ~$134M; expenditures ~$142M) driven by higher health care, salaries and lower CPPRT receipts; staff outlined cash‑flow timing issues and midyear fund snapshots and affirmed plans toward a balanced tentative budget in June.
The Board of Education accepted the district’s FY25 Annual Comprehensive Financial Report after staff presented highlights and next steps.
Rudy Mayo, director of business services, told the board the audit committee and external auditors issued a clean opinion for FY25. Staff noted several process items (timing adjustment for unearned revenue tied to the cafeteria transition to cashless payments; reconciling capital assets after a mid‑year system migration; and document retention improvements). Technology and data security processes were flagged for ongoing refinement.
Mayo and CFO Kenja said FY25 revenues were about $134,000,000 and expenditures about $142,000,000, which together produced a roughly $4.2 million decrease in the general fund balance. Drivers included higher self‑funded health care costs, salary increases, and a decline of about $1.7 million in CPPRT (Corporate Personal Property Replacement Tax) receipts. Staff also noted a $1.2 million transfer from the education fund to the debt service fund in FY25 to cover debt certificate payments, and a capital fund decrease of roughly $2.8 million; completed capital work in FY25 included south and west roof replacements, Alumni Hall, Studio Theater ongoing work, and window replacements in the Arts and Innovation Wing.
For FY26 midyear reporting (snapshot at Dec. 31), the business office highlighted that late Cook County property tax distributions delayed revenue recognition and required some planned deferrals of nonessential expenditures; the district relied on Illinois prompt payment act allowances and other cash‑management steps to manage vendor payments. Board policy sets a minimum combined fund balance target (33% of combined operating funds); staff said the FY25 ending fund balance remains within that policy range but cautioned that another year like FY25 would erode the cushion.
At the Feb. 9 meeting the board moved to accept the FY25 audit (motion and roll call) and staff stated their intent to present a balanced tentative budget at the June board meeting. No further formal budget actions were taken at this session.