On The Books: January 23, 2018

On the Books News Image

On the Books provides a recap of the Sycamore Community School District 427 Board of Education meeting that occurred on Tuesday, January 23, 2018. The Agenda and all supporting documents from this meeting and minutes from previous meetings can be viewed through BoardDocs. If you would like to receive a notification for when On the Books is ready for viewing, please sign-up for our District Communications

Chief Financial Officer’s Report

Sycamore Park District Easement

Mr. Dan Gibble, Executive Director for the Sycamore Park District, updated the Board of Education regarding the expansions of the trail network in Sycamore along the School District’s property at Sycamore Middle School. The Park District has secured funding to expand the path along the Kishwaukee River from Route 23 to Brickville Road. The Park District expects work to begin in April with the completion of the project in August.

The Board of Education reviewed the first reading of the Resolution between the School District and the Sycamore Park District. Board President, Jim Dombek, asked for some formatting items to be resolved and brought back to the board for a second reading.

Legislative Update

Chief Financial Officer, Mrs. Nicole Stuckert, updated the Board on legislative actions. She indicated the District has not received the first quarter or second quarter categorical payments equating to about $1,400,000. Categorical payments are issued to School Districts to reimburse a portion of the cost associated with transportation of our students, special education private facility costs, and orphanage reimbursements. She also stated the Governor issued a mandatory veto for Senate Bill 444, which makes technical changed to the Evidence-Based Funding Model Bill. If legislators override the veto, funds to the District could be delayed, but if the bills dies in the Senate, the District will not see the new money this year.

Cash Flow Analysis

Mrs. Stuckert updated the Board on the District’s Cash Flow Analysis. She indicated the District will need to issue Tax Anticipation Warrants (TAW) again this year as a result of the delay in state funding payments. The District previously issued Tax Anticipation Warrants in the amount of $5,000,000 in the Fiscal Year 2016 and $4,000,000 in the Fiscal Year 2017. The Board will review Tax Anticipation Warrants at their February 23 meeting.

The Board was also informed the District will no longer need to submit a cash flow report to the Illinois State Board of Education (ISBE) any longer, as the Board has been able to balance the District’s budget.