By Chris Fox
At the Elmhurst Community Unit School District 205 Board meeting on Monday, Jan. 17 included a presentation of the annual comprehensive financial report for the fiscal year that ended on June 30, 2022. Andy Mace and Scott Duenser from the district’s accounting firm—Wipfli—both spoke during the presentation. Mace noted that he is retiring at the end of May. Mace said he has been involved in the district’s audit for over 30 years. He said District 205 has always been a well-run district.
The end of the annual audit report lists the district’s operating expenses for its last 10 fiscal years. In the fiscal year ending June 30, 2013, the district’s expenditures are listed at almost $101 million, with net operating expenditures per pupil of about $13,000. In the fiscal year ending June 30, 2022, the district’s expenditures are listed at about $137.3 million, with net operating expenditures per pupil of $18,765.
The meeting also included a presentation about tax abatement. Elizabeth Hennessy, a managing director at Raymond James, provides financial advice to the district. She was not at the Jan. 17 meeting, but she prepared a list of abatement options for the board to consider. The board will have to make a decision on an abatement resolution for this year by the end of February.
One of the three options Hennessy provided was having no abatement. With no abatement, the debt service extension increase would go from nearly $15.9 million in the 2021 levy to about $16.4 million in the 2022 levy—an increase of about $535,000, or 3.4 percent, on the debt service portion of the levy.
The second option would abate the increase of about $535,000. For the owner of a district home valued at $500,000, this abatement would reportedly provide $28 in tax relief.
The third option would abate about $970,000. For the owner of a district home value at $500,000, this abatement would reportedly provide $51 in tax relief.
Several of the board members expressed a preference for the third option, which would reportedly keep debt service payments level for several years. A final decision will be made at a future meeting.
