Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget Finance topic
No spam. Unsubscribe anytime.
District previews tentative FY2027 budget; consultant warns of multi-year financial pressure
Summary
Finance staff presented a high-level tentative FY2027 budget showing a projected surplus and fund-balance growth from roughly $86 million to $90 million, while cautioning that revenue growth (about 2.8%) will lag expense growth (projected ~4.7%) and that late Cook County tax bills and higher health-insurance costs could strain multi-year finances.
Robbie Gi, a consultant working with the district's finance office, presented a tentative fiscal-year 2027 budget overview on June 9, telling the board the presentation is preliminary because the fiscal year has one month remaining.
Gi said the district modeled a 2.7% increase in real-estate tax revenue, a projected 2.8% increase in overall revenues and an evidence-based funding increase from the state of about $3.3 million. On the expense side he said the tentative plan includes salary increases around 4% and health-insurance cost increases in the mid-teens in many districts; the tentative budget shows expenses increasing roughly 4.7%.
"Right now, in a vacuum, you're in a good spot," Gi said, adding that late property-tax bills from Cook County and multi-year trends will require caution. He said the high-level tentative budget projects fund balances rising from about $86 million to about $90 million but cautioned trustees that long-term revenues are unlikely to match rising expense pressure over the next three to five years.
For capital planning, Gi said the tentative budget assumes about $6 million in construction spending in the capital projects fund as a placeholder while design and scope continue to be refined. He also said district staff will prepare a line-item budget in July when June numbers are final and will present a final budget and public-hearing process leading to an August 11 public hearing and vote.
Board members asked whether the tentative budget would be available at line-item level and whether the board should slow spending; Gi said a more detailed line-item view will be available in July and encouraged prudence in spending decisions given the out-year projections.
No budget vote was required at the June 9 meeting; Gi said staff will return with a final budget for the August public hearing and adoption process.
