Outstanding payments for the state of Illinois for fiscal year 2024 have reached $1,567,436.36 as of August 27, 2024, with significant amounts owed for various educational programs. The Driver's Education program accounts for $30,731.74, while early childhood block grant funding is due at $485,617. Additionally, $1,030,412.55 is owed for special projects, and $20,675.70 for state-funded free lunch and breakfast services. These payments are expected to be received soon, as they were recently added to the district's financial roles.

Looking ahead to fiscal year 2025, outstanding state payments total $214,534.76, primarily consisting of $214,334 for early childhood block grants and a minor amount for food service.

In terms of capital projects, the district reported a beginning balance of $92,613,257.84, with revenues from investments totaling $375,739.79 in July 2024. However, expenditures during the same period amounted to $4,419,602.54, resulting in an ending balance of approximately $88 million. The district received $1.1 million in state tax receipts for the reporting period of April, contributing to a total of $57.8 million in sales tax collected since 2019. The average monthly collection for fiscal year 2024 stands at $1.12 million, which is used to pay off bonds for capital projects.

As of July 31, 2024, the district has $3,174,528 in its county schools facility sales tax savings account, with a significant payment of $3,386,000 due on December 1, 2024. The district anticipates having sufficient funds to cover this payment, along with an estimated surplus of $26,806 after the June 2025 payment.

The financial report also highlighted a projected surplus of $640,000 in operating funds for fiscal year 2024, a significant turnaround from an earlier forecasted deficit of $10 million. This improvement is attributed to careful financial management and expenditure control.

Looking forward, the tentative budget for fiscal year 2025 indicates projected revenues of $224 million against expenditures of $246 million, resulting in a projected deficit of $21.9 million. The district is required to submit a deficit reduction plan, which aims to eliminate the deficit over three years through expenditure cuts and increased revenue projections.

The budget process is ongoing, with a public hearing scheduled for September 16, 2024, prior to the adoption of the fiscal year 2025 budget. The district's financial leadership is focused on identifying areas for cost reductions while ensuring the sustainability of educational programs and services.