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Delayed property‑tax payment leaves Urbana Park District with first‑month deficit; fund‑balance data still missing
Summary
Finance staff reported May revenues of $321,148 and expenditures of $838,986, producing a first‑month deficit of $517,837 after the district's usual property‑tax distribution arrived late; a requested fund‑balance report from the district's vendor (BSNA) was not available.
The Urbana Park District finance staff reported a first‑month operating deficit after May revenues of $321,148 were outweighed by expenditures of $838,986, leaving a deficit of $517,837. Staff said the district's usual property‑tax distribution arrived late on the day of the meeting; in discussion the distribution was referred to verbally as "three million 13 something," and staff said the late deposit contributed to the month-end deficit.
Treasury staff apologized to the board that a fund‑balance report requested from the district's financial vendor (referred to in the meeting as BSNA) was not yet available and said they were continuing to press the vendor for the audit‑required information. "Fund balance is the most important piece of information that we want to know," the finance staff said during the report.
The treasurer later presented a snapshot of the district's cash and investments, reporting total cash of roughly $13.53 million and noting several interfund loans and an unreconciled UIA account requiring coordination with a local school before June 30. The board moved to accept the treasurer's report for audit and approved the motion by roll call.
Why it matters: delayed tax distributions and missing fund‑balance data complicate the district's month‑end reporting, create short‑term cash‑flow distortions and impede timely audit preparation. Staff told the board they were working with the vendor to obtain reconciled fund‑balance statements required for audit work.
What staff reported (figures provided during the meeting): - May revenues: $321,148 - May expenditures: $838,986 - Resulting deficit for May: $517,837 - District cash reported: about $13.53 million (reported as "13,533,51563" in the transcript; rounded here)
Next steps: staff will continue to push the vendor for a reconciled fund‑balance report for audit and said they expect to reconcile interfund loan items before month‑end.
