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Homewood SD 153 posts roughly $3M surplus; auditor issues reporting‑basis exception but gives recognition‑level profile
Summary
The Homewood SD 153 Board of Education accepted the FY25 audit showing about $23.6 million in net position and roughly $3 million positive net income; auditor noted the district reports on a cash/modified‑cash basis (an exception to GAAP) but found no material control weaknesses and the Illinois financial profile score was 3.7.
The Homewood School District 153 Board of Education voted March 16 to accept the district’s fiscal year 2025 audit, which showed a government‑wide net position of about $23.6 million and fund cash of just over $16 million.
Scott Duner of Whiply, the accounting firm that conducted the audit, told the board the district reported its financial statements on a cash/modified‑cash basis rather than full GAAP. Duner said that exception is reflected in the audit opinion but that “these financial statements are fairly stable in all material respects,” and he did not identify any significant deficiencies or material weaknesses in internal controls.
The auditor reported an approximate $3 million positive net income for the year and said the district filed its regulatory workbook with the Illinois State Board of Education. That filing produced a financial profile score of 3.7 on the State’s 4.0 scale, which Duner characterized as a recognition‑level result; the only area below a 4.0 was the percentage of long‑term debt margin.
Superintendent Matt (Superintendent) and board members framed the results as favorable, noting that the district’s stronger position reflects community support and a prior referendum. The superintendent and the auditor both cautioned that federal COVID‑era funds have largely run their course and that future levy growth will be limited by inflationary rules, which could tighten budgets going forward.
The board approved the audit by roll call vote. The approval completes the formal acceptance of the FY25 audit and obliges the district to continue required filings and to monitor long‑term debt ratios identified in the report.
