Peoria Public Schools District 150 has adopted a tentative balanced budget for the 2027 fiscal year with revenues exceeding expenses by $5.3 million.
However, Superintendent Jerry Bell emphasized the financial plan likely will need to be amended once audits for the past two fiscal years are done.
“The numbers that are in this budget were guesstimates and estimates based on the final or the last completed audit, which was during the 2023-24 school year,” Bell told the Board of Education during Monday’s meeting ahead of the Sept. 30 budget deadline.
Bell noted the district has separately hired the outside firm CFO Now and Interim Chief Financial Officer Marcus Alexander to assist with completing the 2025 and 2026 audits to get a clearer financial picture.
“Once the unfinished audits are completed,” said Bell, “then we can definitely have a completed and amended budget later on.”
The tentative budget puts total revenue at $250.4 million and overall expenses total $245 million, with an estimated ending fund balance of $119.5 million at the close of the fiscal year.
Spending on instruction totals $121.3 million while $90.5 million is directed at support services, such as buildings, transportation, food service and administration costs.
“Just under half of all spending is classroom instruction,” said Bell. “I want to really emphasize that salaries and benefits, employee benefits, make up close to three-fourths of our budget expenditures.”
Responding to a question from board member Andy Diaz, Alexander said the “saving grace” in the budget is that revenue exceeds expenses and the estimated ending fund balance provides a cushion to cover the uncertainty around the incomplete audits.
“I am confident in this budget. I’m not confident in the beginning fund balances because we don’t have a concrete audit that clearly states what our beginning and ending balances are,” said Alexander, adding that he doesn’t believe the district’s credit rating is in any jeopardy.
“But looking at cash balances, what’s in the bank in comparison to our spending program and our plan, I’m confident that the district is solvent.”
The board approved the budget on a 6-1 vote, with Diaz casting the lone vote in opposition.
“I understand and I appreciate that we have a budget cushion, and I get that,” said Diaz. “I just think that, based on the information that’s been shared, if we’re going to certify the numbers, we should certify to what is a more accurate number.”
In other action, the board voted 4-3 in approving a $32,500 contract with K12 Coalition to assist District 150 in developing its new five-year strategic plan.
“In my experiences, having an outside set of eyes who are experts in doing this work will only enhance the product that we have,” said Bell, who previously noted the Peoria Public Schools Foundation will cover $9,000 of the cost. “The strategic plan will be much more robust, more interactive, and a living document, and not just you know sitting on a page and not monitored.”
Board members Christina Rose and Brenda Wilson joined Diaz in voting against the agreement.
“I just feel like where we are at as a district financially, it is hard for me to justify spending money on a company to do a strategic plan,” Rose said to Bell, “when I know that we have talented members of your cabinet, people in our district, and volunteers who would be happy to work with you on this.”
