Peoria Public Schools is hiring outside financial specialists to resolve a two-year audit backlog and reconcile its bank accounts with the general ledger. The District 150 Board of Education approved the temporary staff Monday as the district works toward adopting its annual budget by Sept. 28 and replacing its departing chief financial officer.
Key takeaways
- The board unanimously approved two accountants from NOW CFO at $115 per hour.
- A controller will oversee the work at $211 per hour.
- The accountants are expected to work about two months on the 2024-25 and 2025-26 audits.
- The district’s tentative budget is scheduled for final adoption by Sept. 28.
- The district is seeking a new CFO with a posted salary range of $110,000 to $170,000.
The temporary hiring plan is intended to give the district additional capacity while it completes overdue financial work and transitions between chief financial officers.
Outside accountants assigned to audit backlog
The two accountants will work up to 40 hours per week, with the agreement remaining in effect for as long as necessary to align the district’s bank accounts and general ledger. Superintendent Jerry Bell told board members he expects the assignment to last roughly two months, covering both the 2024-25 and 2025-26 books.
The contract also calls for a controller to supervise the accountants and coordinate updates with district administrators. Bell said he will receive weekly reports on the work’s progress. District 150 also agreed to pay NOW CFO a $2,500 retainer, which will be applied to the final invoice.
CFO resignation adds to transition
Chief Financial Officer Michael Curry’s resignation is scheduled to take effect Aug. 31. Curry was not present at Monday’s meeting, but Bell shared information attributed to him about the district’s tentative budget and the remaining steps before adoption.
The district has posted an opening for Curry’s position, listing a salary range of $110,000 to $170,000. Until a permanent replacement is hired, the outside accounting team is expected to help stabilize the district’s financial reporting process.
Budget remains subject to updated revenue data
The tentative budget was prepared using the best operational and historical information available when it was developed. Spending projections are based on trends from the past two years, but the plan could change as state and local revenue figures become more certain.
Bell said the tentative budget does not account for the district’s current cash position, which he described as approximately $78 million in liquid or semi-liquid funds. Officials are expected to adjust the proposal before bringing it back for a final vote by the end of September.
