The Board of Education for District 64 adopted a tentative fiscal year 2026 budget Aug. 14 and set a public hearing for the formal budget approval, advancing the schedule for levy and budget filings. The board approved resolution number 1003 168 to place the tentative budget on display and establish a date for the public hearing.

District finance staff described unaudited fiscal 2025 results and preliminary projections for fiscal 2026. “The balance for the operating funds did increase this year by more than $2,100,000,” Director of Finances Phoebe Wood told the board, but she emphasized the numbers were unaudited and that auditors were scheduled to arrive the week of Aug. 25. Wood and interim finance staff said the capital projects fund showed large inflows and outflows tied to the district’s bond issuances and referendum construction work; an ending capital projects fund balance of roughly $57 million was noted, and the presenters cautioned most of that will be spent on ongoing projects.

Administrators highlighted revenue uncertainties for the coming year, including reduced corporate personal property replacement tax (CPPRT) receipts, possible declines in state transportation reimbursement and federal grant volatility. Interim finance staff said transportation reimbursement for prior years had declined (the district received 84% of the claim last year) and noted statewide transportation funding was constrained; they said actual reimbursement numbers are not final until December. Staff also reported the district had earned more than $3 million in interest on referendum bond proceeds but that those funds will be expended as construction continues.

On the expenditure side, staff expect operating fund increases of approximately 3 percent, driven largely by salaries and benefits; salaries were projected to rise about 3.6 percent in the tentative budget and special education in‑district capacity was expected to increase some salary and benefit costs while lowering tuition payments to outside providers. The presenters also flagged higher‑than‑expected asbestos abatement work as a possible cost pressure and said benefit expenditures in FY25 exceeded the budget and will be reviewed for more-accurate planning.

Board members asked for further scenario analysis on federal grant risks, Medicaid and transportation reimbursement, and asked staff to refine estimates before the September hearing. After the motion to adopt the tentative budget and set the public hearing, the board voted unanimously to approve the resolution.

Administrators said a more detailed, audited presentation will be available at the formal hearing; they also noted the district will file the approved budget with the Illinois State Board of Education and post it publicly within 30 days as required.