Board Report October 2025

PONTIAC TOWNSHIP HIGH SCHOOL DISTRICT NO. 90 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2025

NOTE 5— CHANGES IN GENERAL LONG-TERM DEBT ACCOUNT GROUP - CONTINUED Debt is comprised of the following issues:

General Obligation Debt Certificate, Series 2020, Original Issue $1,500,000, Interest Rate 2.25-2.375%, matures serially through December 1, 2025 General Obligation Debt Certificate, Series 2021, Original Issue $2,000,000, Interest Rate 1.38-3.625%, matures serially through December 1, 2031

$

388,000

2,000,000

Total

$ 2 388,000

Debt retirement maturities for the outstanding bonds issued are as follows: Year Ending Total Total June 30, Principal Interest

Total Debt

2026 2027 2028 2029 2030

388,000 319,000 327,000 331,000 336,000 687,000

39,369 34,762 23,198 18,685 11,799

427,369 353,762 350,198 349,685 347,799 696,515

2031-2035

9,515

$2,388.000

$ 137,328

$ 2,525.328

Lease Obligations The District enters into operating leases for office equipment and buses used in its operations. Several lease commitments are for more than one year. Equipment and transportation leases include variable payment terms and conditions based on pre-established usage that are not measured in the measurement of the minimum lease obligations. The right to use assets and related liabilities are not recorded in the financial statements. Obligations are recorded as principal and interest expense as incurred. The District expended $127,775 on leases during 2025. The Illinois State Board of Education requires the District to transfer funds for payment of long-term leases to the debt service fund and report the payments as principal and interest on debt in accordance with a new accounting standard for reporting. The lease payments were recorded as $118,062 in principal and $9,713 interest expense. The following is a summary of the District's minimum lease obligations. Year Ending June 30 Total Principal Total Interest Minimum Lease Obligation 2026 52,364 1,506 53,870 2027 35,403 2,655 38,058 $ 87.767 $ 4.161 $ 91.928

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