District Finances Show Marked Improvement After Revenue Challenges

Amended budget reflects $2.9 million reduction in capital projects spending

Crete-Monee School District’s financial outlook has brightened considerably, according to budget documents presented to the school board Tuesday night.

The district’s amended 2024-25 budget shows a projected ending fund balance of $53.6 million across all funds, representing significant improvement from earlier projections that had raised concerns about cash flow.

Assistant Superintendent for Business Jason Okrasinski and Director of Finance Brian Johnson presented the amendments, which increased total revenues by $2.1 million to $107.8 million while raising expenditures by $379,509 to $125.3 million.

The revenue increases came primarily from federal sources, which jumped $1.6 million to $8.7 million, and state sources, which increased $372,549 to $32.2 million. Local property tax revenues increased modestly by $100,241 to $66.9 million.

Capital outlay spending was reduced by nearly $2.9 million to $14.7 million, reflecting adjusted timelines for various projects. However, purchased services increased by $1.2 million to $21.5 million, and non-capital equipment spending rose $2 million to $3.1 million.

The most significant change came from other financing sources, which increased $69.1 million, primarily related to bond proceeds for the athletic complex construction project.

Board member William Sawallisch noted improvements in the district’s cash position following receipt of the first property tax payment. “The first tax payment came in right?” he confirmed with administrators.

The financial reports showed the district’s operating funds maintaining positive balances, with the educational fund at $9.9 million, transportation fund at $3.4 million, and IMRF fund at $4.2 million as of May 31.

Working cash fund transfers of $20 million helped support the capital projects, which showed a negative balance of $8.6 million due to ongoing construction spending.

Business officials emphasized the district’s improved position compared to earlier in the year when cash flow concerns prompted careful monitoring of expenditures.