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North Lake SD 14 adopts $12.3 million 2025-26 budget, approves GASB 54 fund action
Summary
The North Lake School Board adopted Resolution 252601 adopting a $12,306,619 budget for fiscal year 2025-26, set a 2025 property tax rate of 3.855 per $1,000, and approved a GASB 54 fund-balance authorization to carry forward program funds.
The North Lake School Board on June 9 adopted its 2025-26 budget, approving Resolution 252601 that sets total appropriations at $12,306,619 and imposes a property tax rate of 3.855 per $1,000 of assessed value for tax year 2025.
A board member moved to adopt Resolution 252601, which the board approved after motion and second. The resolution text in the meeting record lists the total budget amount ($12,306,619), the tax rate (3.855 per $1,000) and a general-obligation bond debt-service figure; the clerk noted the budget has been filed as part of the public record.
During the same meeting trustees approved a GASB 54 fund-balance authorization so certain program funds (for example summer school and school lunch) may roll forward and be spent consistent with program intent. "We are giving us the authority to spend that as it was mentioned instead," a staff presenter said during the discussion of GASB 54.
The board also reviewed bills and received routine reports on enrollment, facilities and transportation. Administration summarized financial improvements tied to a pay adjustment and several small grants, and noted projected federal funding levels remain uncertain.
What this means: The district now has an adopted budget on file and the administrative authority to roll forward designated funds under GASB 54. The board discussed ensuring clear documentation and timing for personnel decisions elsewhere on the agenda.
