The Coal City Unit 1 School Board met Wednesday, approving a 2025-26 fiscal year operating budget that has $40 million in revenues, $17.3 million of which comes from an agreement with Constellation Energy.

Jason Smith, the school’s business officer, said the district received $15.1 million from its $3.47 tax rate.

“For practical purposes, it’s a $51 million budget with about $28 million in salaries, $7 million or so in benefits, and then purchase services, supplies, and capital projects as well,” Smith said.

Smith said capital projects are driving most of the difference between revenues and expenses.

Smith said the district is also hoping to pull off building a high school performing arts center with a $350,000 budget. If the project goes out to bid for higher than that, the district will have to hold off.

“Our revenue tends to be stable over time,” Smith said. “Our expenditures are growing based on our model and our collective bargaining agreements. Our EAV is growing slightly, and our tax rate is, by design, set to be about $3.40, which has a lot to do with the agreement we currently have with Constellation.”

EAV stands for equalized assessed value, and it’s a number that reflects one-third of a property’s fair cash value. The EAV of homes within Coal City Unit 1’s school district has grown.

Smith also warned the school board that the district’s agreement with Constellation ends in 2026, but the district anticipates that the agreement will be re-licensed.

Cate Moulton with Mack & Associates also presented the board with their annual audit during the meeting. She said the audit reflected the “conclusion that the financial statements provide a true and fair view in all material respects of the district’s financial position and result of operation for the year.”