Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget And Finance topic
No spam. Unsubscribe anytime.
CCSD 59 budget update: Cook County tax‑billing delays, bridge‑loan option under review
Summary
Assistant Superintendent Greg said the district is finalizing a tentative, balanced budget for August while monitoring Cook County delays in issuing property tax bills (now expected in October), and noted a county interest‑free bridge loan program is available though eligibility is being evaluated given the district’s fund balance.
Assistant Superintendent Greg updated the board on the budget timeline and a Cook County tax‑billing delay that could affect cash flow. He said property taxes make up "almost 80%" of district revenue and that Cook County informed taxing districts that fall tax bills, normally issued Aug. 1, are expected to go out two months late in October.
Greg said the county has established an interest‑free bridge loan program to help taxing districts manage delayed collections. "If this is an opportunity for us, we'll gladly take an interest‑free loan," he said, but added the county may evaluate bridge‑loan applications based on fund balances and that the district may be judged ineligible given its reserves; staff are seeking clarity on the application criteria.
Greg said a tentative budget will be presented to the board in August and that delayed tax collections reduce available investment income even when the district can float expenses for a few months. He also noted a portion of an agenda contract is intended to support a smooth transition as he steps into his assistant‑superintendent responsibilities.
Ending: The district will continue to monitor county tax timelines, seek clarifying guidance on the bridge‑loan eligibility criteria, and present the tentative budget at the August board meeting.
