McLean County Unified School District No. 5 Board Finance Committee met Nov. 11.
Here are the minutes provided by the committee:
COMMITTEE ATTENDEES: Alan Kalitzky, Stan Gozur, Dr. Kristen Weikle, Marty Hickman, Tommy Hoerr
COMMITTEE ABSENTEES: None
OTHER UNIT 5 ATTENDEES: Barry Hitchins, Dayna Brown
1. FY 22 AUDIT REPORT
● Hope Wheeler with ClifftonLarsonAllen LLP (CLA) presented the results of the 2021-2022 financial audit. CLA had no findings to report for the financial statements as well as the Federal Funds Report, and CLA issued a clean, unmodified opinion of the District’s financial statements. CLA did not encounter any difficulties or disagreements with management. Ms. Wheeler noted that the audit took a little more time than usual to complete. This had to do with the implementation of the new GASB standard 87, Leases, and also with the review of the ESSER grants.
● Committee members stressed that it was important to highlight that there were no findings as a result of the audit, when the audit report is presented to the full Board on November 16, 2022. This audit, in a sense, is a report card for the district, and shows that the District is doing an exceptional job of managing and tracking funds, particularly with the ESSER grants.
2. PROPOSED 2022 TAX LEVY
● Mr. Hickman presented the proposed 2022 tax levy. The District is estimating a 6% increase in existing EAV, and is estimating (based on the County Assessor’s estimates) about $21.5 million in new construction. Combined, the total estimated EAV change over levy year 2021 is 6.93%. Considering the EAV change and all levies, this equates to an estimated levy of $137 million, a 5.07% increase over the 2021 levy. Mr. Hickman informed the Committee that since the change in dollar amount is over 5%, the District is required to hold a Truth in Taxation hearing. Mr. Hickman also noted that the levy the Board will vote on will be “ballooned” to capture any unexpected EAV increase above 6.93%.
3. SCHOOL BUS PURCHASE
● Mr. Hoerr and Mr. Hickman discussed with the Committee the results of the School Bus Invitation To Bid (ITB). Sealed bids were opened on November 4, 2022 at 10:00 AM, and two vendors participated in the ITB. District Administration will be recommending the Board to approve the lowest bid by Midwest Transit Equipment, Inc. for $2.6 million, at the November 16, 2022 Board meeting. Midwest Transit does not require payment until the buses are delivered, and the lead time is about 12 months out. District Administration recommends waiting on deciding how to finance the purchase to see if interest rates come down.
4. PUBLIC COMMENTS
● No members of the public were present for comment.
The meeting adjourned at 4:13 PM.
https://meetings.boardbook.org/Documents/CustomMinutesForMeeting/1482?meeting=557103
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