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District reports fund balances below state threshold; no action required under Public Act 103‑0394
Summary
Administration reported combined fund balances of $4,271,054 and a three‑year average combined operating expenditures of $25,882,244.67; the district does not meet the 2.5x threshold requiring an ISBE plan, so no corrective action is required now.
Prospect Heights SD 23 presented its compliance review under Illinois Public Act 103-0394 at the Oct. 9 meeting and concluded that no further action is required.
The packet shows combined fund balances as of June 30, 2025 of $4,271,054 (Education $2,445,741; Operations & Maintenance $1,170,975; Transportation $654,338) and a three-year average combined expenditures of $25,882,244.67 (FY2022–FY2024). Because the combined fund balances are not equal to or greater than 2.5 times the district's average combined expenditures in those funds for the prior three years, administration recommended no plan submission to ISBE at this time. The board was asked to discuss and acknowledge the finding.
Provenance: Compliance memo and calculation tables included in the board packet and summarized during the superintendent's finance report.
