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Skokie SD 68 forecast shows slim reserves; district outlines 4.9% tentative tax levy
Summary
Illuminate’s five‑year forecast projects 2026 balanced budgets followed by $1–2 million annual deficits, declining reserve days toward 110 by 2031; the district presented a 4.9% tentative tax levy intended to capture new property growth without exceeding CPI caps.
Illuminate consultant Dr. Rob Grossi presented a five‑year financial forecast to the Skokie School District 68 Board on Nov. 20, saying historical revenues have grown about 3.4% annually while expenditures rose 4.4%, and that reserves have declined from 641 to 372 days after recent capital work.
The presentation projected a balanced budget for 2026 followed by annual deficits of roughly $1–2 million and a potential decline in fund balance to about 110 days by 2031 if current trends continue. Grossi and Chief School Business Official Kenya Austin highlighted capital work totaling about $22 million as a major near‑term cash pressure and said the district continues to rely on real estate taxes for roughly three‑quarters of revenue.
As part of the fiscal discussion, the district presented a tentative tax levy that proposes a 4.9% increase over the prior year "to capture revenue from new property and potential accelerated taxation of major projects," the presentation said. The administration estimated about $4 million in new taxable property for 2025, generating roughly $100,000 above CPI‑based limits for current taxpayers. Two large developments — The Henry at Woods and Westfield Old Orchard — were cited as possible sources of more than $2 million in additional annual revenue in later years, though projections did not assume tax incentives.
Board members and the consultant discussed options including identifying operational efficiencies, maintaining fund balances above the 180‑day state guidance where possible, conducting annual comprehensive financial reviews and considering bond issuance for capital needs.
What’s next: the levy information was provided as an informational item; any formal levy approval will return to the Board in a later meeting.
