Sangamon Sun

Ball-Chatham Community School District 5 Finance Committee met Oct. 22

Here are the minutes provided by the committee:

Attendees:

Patrick Phipps

Andrea Rediger, Secretary of the Board of Education Chatham CUSD #5

Ryan Murphy

Wendy Dulakis, CFO Chatham CUSD #5

Dr. Becca Lamon, Superintendent Chatham CUSD #5

Dave Kimsey, Mayor of Chatham

Pat McCarthy, Village Manager of Chatham

Key Points:

◻︎ Sale of District Office

○ Mayor Dave Kimsey and Village President Pat McCarthy attended the board meeting to discuss the potential acquisition of the former district office by the village. While no formal offer was made at this time, the matter will be presented to the board of education for further consideration.

◻︎ Bond Debt:

○ The district's current bond debt is $24,105,000.00 as of 6/30/24.

○ This equates to $0.59 per $100 of property tax, down from $0.64 last year.

○ The district aims to keep this rate under $0.70.

◻︎ Bond Sale Proposal:

○ The Board of Education will consider a Resolution of Intent to sell $1,850,000 in working cash bonds at the October 23, 2024 meeting.

○ A BINA hearing would be held on November 20, 2024 if the sale is approved.

○ The BINA publication will be in the Chatham Clarion October 31, 2024.

◻︎ Levy Formulation:

○ The district's levy is calculated using the prior year's extension, adjusted for the Consumer Price Index (CPI) of 3.4%.

○ This year's"new dollars"; amount to $1,249,648.33, which will be added to the prior year's extension to determine the new extension.

○ The limiting rate is calculated using the new extension and the existing EAV, plus new property.

○ The tentative levy is $39,414,736, excluding bond payments while “ballooning” request to ensure the District does not miss any new property or reassessments that are added to the EAV after this tentative Levy.

○ Allocations are as follows:

◻︎ Fund 10 Education: $28,807,260

◻︎ Fund 10 Special Education: $248,912

◻︎ Fund 10 Leases: $373,872

◻︎ Fund 20 Operations and Maintenance: $5,963,807

◻︎ Fund 40 Transportation: $1,950,985

◻︎ Fund 50 IMRF: $610,691

◻︎ Fund 50 Social Security: $1,053,088

◻︎ Fund 70 Working Cash: $162,247

◻︎ Fund 90 Fire and Prevention: $243,874

◻︎ Financial Health:

○ The District increased the Social Security and Medicare Levy by $100,000 last year due to the $225,000 increase in expenses. Despite the increase, the fund ended the year with a deficit of -$94,730.00.

○ The District will need to monitor these expenses and potentially adjust the levy in the future. Current Social Security/Medicare reserve is $236,392, while IMRF reserve is $1,222,240.

○ Total Fund 50 balance $1,458,632

◻︎ Farm Lease:

○ Term of Lease 4 years. 2025-2029

○ 93.2 tillable acres at $400.00 acre for a total lease of $37,280.

○ Half payment ($18,640) due March 15 and other half ($18,640) due November 15.

○ Approved by Finance Committee

Next Steps:

◻︎ The Board of Education will vote on the Resolution of Intent to sell bonds at the October 23, 2024 meeting.

◻︎ Audit Presentation by Mack and Associates at the October 23, 2024 Board of Education meeting.

◻︎ Approval of Farm Lease with Joe Dowson at October 23, 2024 Board Meeting

◻︎ BINA notice published in the Chatham Clarion October 31, 2024

◻︎ Publish Truth in Taxation on website November 18,2024

◻︎ Tax Levy will be presented at the November 20, 2024 Board of Education Meeting

◻︎ If selling of the bond is approved at the October 23, 2024 Board of Education meeting, a BINA hearing will be held on November 20, 2024.

◻︎ Truth in Taxation published in Chatham Clarion December 9, 2024

◻︎ Tax Levy Hearing, Truth in Taxation Hearing, and adoption of Tax Levy at the December 18, 2024 Board of Education meeting.

◻︎ File Tax Levy with the County Clerk’s office December 19, 2024

https://go.boarddocs.com/il/cusd5/Board.nsf/Public