Sept. 27 Board Meeting - Treasurer's Report

Supt. John Hill presented the Treasurer’s report at the meeting. He noted that the property tax cycle for McHenry County was moved back 2-3 weeks due to the date of the election. So the Board would need to approve Tax Anticipation Warrants to cover some funds that would otherwise go into deficit. These warrants are loans that the Board makes to itself from one fund into another fund, so that the funds stay in balance. Supt. Hill stated that some other Illinois counties were able to receive more timely tax payments, but he was not sure why, when McHenry County would have to wait. He also noted that Anticipation Tax Warrants would be needed for the next few years, but hopefully, the amount warranted would be less each year.

Supt. Hill also shared that the goal of the district is to increase by 3% the fund balance overall each year, until we reach approximately $2M. He said that, if the economy improves, we could achieve a 25% fund balance in 5 years.

It was also noted that enrollment is projected to decrease next year, but should stabilize in the years afterward.
The Board approved the Tax Anticipation Warrants by a 7-0 vote (all members in attendance).