District 204 board approves FY25 audit showing $3.1 million operating surplus

The Lyons Township High School District 204 Board of Education on Monday approved the district's FY2025 audited financial statements after auditors issued an unmodified opinion on the report as a whole.

The audit presentation, led by Brian Staczek and Chase Blazer of auditing firm Exesion, reported a $3,100,000 operating surplus in the district’s operating funds and a year-end operating fund balance of about $50,200,000. Chase Blazer told the board, “we issued an unmodified opinion on the financial statements as a whole,” and said auditors found no single-audit findings on federal grants for the year.

Why it matters: the audit gives the board and community an independent assessment of the district’s fiscal operations and reserves ahead of the district’s five-year forecast and upcoming budgeting work. Board members noted the district’s AAA rating and emphasized the importance of maintaining prudent fund-balance targets.

Audit highlights and technical changes The audit team said the district implemented two new accounting standards (referred to in the presentation as GASB 100 and GASB 101), and the required prior-period adjustment for compensated absences increased reported liabilities by roughly $2,300,000. Auditors attributed a roughly $23.6 million decline in total fund balance versus FY24 primarily to higher capital-project spending; the capital projects fund’s expenditures were described as about $25,000,000 higher than the prior year.

At the fund level, the general fund (education and working cash combined) ended FY25 at about $39,200,000, roughly five and a half months of current-year expenditures after certain adjustments. The transportation fund and debt-service fund were described as sufficiently reserved for near-term obligations. Auditors and district staff pointed to interfund transfers from O&M and the debt levy as mechanisms that supported capital work this year.

Board action and next steps President Albora moved to approve the FY25 audit as presented; the motion was seconded and passed by roll call with members answering affirmatively. After approval, district staff said the audit material will be finalized and incorporated into the district’s five-year financial forecast and the FY27 budgeting process.

The board also voted to approve the consent agenda, which included January 2026 bills and financial statements, human-resources items, meeting minutes (open and closed), review of closed-session minutes, destruction of certain verbatim closed-session recordings, and recommended overnight student travel.

The next steps for the district are routine: finalize the audit documents as approved by the board, incorporate audit information into the five-year forecast and the budget process, and continue monitoring impacts of the accounting changes and capital-project spending.