Minooka Community High School District 111 Board of Education met Sept. 18.
Here are the minutes provided by the board:
CALL TO ORDER
The hearing was called to order in the Minooka Community High School – Administration Building by President Mike Brozovich at 6:00 p.m. A physical quorum was present with the following board members present: Terry Spivey, Tim Juskiewicz, Mike Hoyt and Matt Shepard. Additionally, present were John Troy, Dr. Pakowski, Kristi Boe, Dr. Schiffbauer and Michele Williamson.
PUBLIC COMMENTS
There were no comments from the audience.
PRESENTATION OF 2024/2025 ANNUAL BUDGET
The 2024-2025 Budget was provided in the board packet for review. Board members were presented with information regarding the FY25 Budget by Assistant Superintendent John Troy. The district received a score of 3.9 out of 4.0, the highest rating of “Recognition” from the Illinois State Board of Education. The EAV in 2024 is estimated to increase by 9%, the district budgeted for a more conservative 7% increase. The estimated 2024 estimated tax rate is $2.27 – $2.29. Mr. Troy reiterated that issuing debt on the upcoming projects will not affect the tax rating, the district will absorb that debt into the tax rate. This has been designed over the last ten years to plan for projects all while keeping true to board member’s request and keep the tax rate the same or lower. Mr. Troy pointed out that per fund balance Board Policy 4:20 which states: “The School District seeks to maintain a year-end fund balance to revenue ratio of no less than 15-20 percent, as calculated under the Ill. State Board of Education’s School District Financial Profile.” The district’s fund balance to revenue ratio is 71 % which received an excellent rating from the ISBE. This is done intentionally so that there are additional funds to pay for the project. Approximately $30 million dollars of the project will be covered by fund balances that the district has which in turn will save tax payers a significant amount of money on debt service. Mr. Brozovich referred to the ISBE Financial Profile and commended Mr. Troy on doing more than what was expected since coming to the district in 2015. He stated that the district is in the position it is because of Mr. Troy’s financial planning and money management. There were no concerns or objections for approval of the FY 25 Budget at the regular board meeting.
ADJOURNMENT
MOTION: by Spivey, seconded by Hoyt, to adjourn the hearing. Voting Aye: Shepard, Spivey, Hoyt, Juskiewicz and Brozovich. Motion carried. Time: 6:15 p.m.
https://meetings.boardbook.org/Documents/WebViewer/1417?file=b43d6019-df00-4f75-87f7-9050aa9fd5d2
