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U-46 finance director reports January deficit but says cash reserves remain strong
Summary
Executive Director Robin Cornelison told the U-46 board that January closed with a $32.2 million monthly deficit and year-to-date deficit of $106.5 million driven by capital expenditures, but the district reported an ending fund balance of $729.1 million and roughly nine months of operating cash on hand.
Robin Cornelison, executive director of financial services, presented the district's January 2026 financial report on March 16.
Cornelison reported a $32.2 million deficit for January and a year-to-date deficit of $106.5 million, which he attributed primarily to Unite U-46 capital expenditures and general obligation school bonds; bond proceeds are expected to be recorded in February, which will reduce the reported deficit. He said January revenues were approximately $64.9 million and year-to-date non-financing revenue was $410.1 million (50.1% of the annual non-financing revenue budget). Expenditures for January were about $97.1 million, bringing year-to-date spending to $516.8 million (53.7% of the non-financing expenditure budget).
Cornelison reported liquid assets (cash and investments) totaling roughly $783.1 million and said the district holds about 293 days of cash on hand (roughly 9.8 months), exceeding common benchmarks for stability. He said the district's calculation aligns with board policy and the Illinois financial profile and that beginning with February reports the metric will be presented using a formula-based approach.
Board members offered no substantive objections after the presentation. Cornelison welcomed questions and said administration stands ready to respond to follow-up requests about budget variance drivers.
Next steps: Administration will adopt the revised cash-on-hand presentation methodology in February reports and remain available for follow-up questions about variances tied to capital spending and bond accounting.
