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District CFO briefs board on finances; tax‑levy hearing set and bond scenarios discussed
Summary
Cicero SD 99 CFO Rita Tarullo reported receivables and grant totals; the district noted $336,299.12 owed by the state with about $75,000 still outstanding and listed FY26 grant funding of $13,311,468.00. PMA consultant Bob Lewis presented bond scenarios and estimated the median homeowner market value used in his tax‑impact projection at about $236,000.
Ms. Rita Tarullo, Executive Director of Business Affairs/CFO, briefed the board on revenues and expenditures. She reported the state owed the district $336,299.12 as of Oct. 27, 2025, of which roughly $75,000 remained unpaid; she also presented FY26 grant funding of $13,311,468.00 and warned that Title III funding could be eliminated or reduced pending state action. She outlined key tax‑levy filing dates and said the public hearing and adoption for the tax levy are scheduled for Dec. 10, 2025.
Following the CFO’s report, Mr. Bob Lewis of PMA presented a debt overview and "new money" analysis, outlining scenarios for issuing construction bonds and what the approximated tax increase could be for homeowners. In response to a question from President Tomschin, Mr. Lewis said his median‑home market‑value assumption was about $236,000 and that his past projections have tended to be close to realized totals. The district will continue capital planning for FY26–27 and report further details to the board.
