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Committee previews FY27 budget steps, $3.5M capital transfer and precautionary interfund loan resolution
Summary
Staff previewed the FY27 tentative budget steps (public hearing scheduling), a $3.5 million transfer from operations to capital projects, a precautionary interfund loan resolution to manage cash timing, and the Wixie fund budget set at $250,000.
At the Committee of the Whole meeting, district staff reviewed the procedural steps and several routine resolutions the board will consider for fiscal year 2027.
Staff reminded the board that the district must approve a tentative budget at least 30 days before the final vote and must set a public hearing date; those procedural items are scheduled to meet statutory timing requirements. The presentation then summarized a proposed interfund transfer: the district plans to transfer $3.5 million from the operations and maintenance fund to the capital projects fund for FY27 to fund planned capital activity. Staff also described a precautionary interfund loan resolution that would allow temporary lending from the education fund to the operations and maintenance fund should Cook County tax delays affect cash flow; board action on these resolutions will be on the upcoming board meeting agenda.
Staff provided a brief summary of the Wixie special fund: proposed FY27 revenues and expenditures are $250,000, with small transaction volumes; certain positions (a portion of a salary) and some evidence-based state funding are allocated to the fund. The district noted Wixie has no fund balance and that its financial statements are audited.
No final votes occurred at the committee meeting; staff said the resolutions will be presented for approval at the regular board meeting.
