Optimal soil pH is in the 6.2 to 6.8 range which is where most all soil nutrients are most readily available. Yours is slightly high, kind of surprising for Illinois soils, but that will depend on what you want to grow.
Soil organic matter is good at 7.4 since between 5 and 8 percent is considered optimal. Generally organic gardeners would use rock phosphate to get phosphorus into the soil but adding that, or most other organic sources, means it could be a year or more before that P is available to plants. Whether that p needs to be corrected also depends on what you are going to grow. If this is to be lawn nothing really needs be done.

Thanks for your response. So for lawns, the high PH and low Phosphorus is OK. I should just continue my regular program of top dressing and fertizling with organic in the fall?

I tried to get stuff like greensand, but the guy said I would need like 22 bags of the stuff and end up paying $480 for about a quarter acre. He does not recommend this :-)

What do you mean by 'topdressing?'

Top dressing with compost.

Paul

The high soil pH and low soil P levels are not Okay, but you do not need to spend a lot of money correcting them immediately, you can work on that over time, by adding that compost. Phosphorus, an essential nutrient, is found in all foods so compost is a good source of P. Sufficent levels of organic matter can buffer soil pH some so adding some kind of lime is not always necesary. If lime is considered, to correct a low soil pH, be sure it is the right lime, Calcitic or Dolomitic. You might at some time want to think about, maybe, some sulfur to lower your soils pH.

I have been reading http://www.agry.purdue.edu/turf/pubs/ay-18.pdf and notice that adding sulfur to lower PH is limited. The article also states that perhaps I don't really need to do anything since my PH is not above 7.5. The Phosphorus deficiencies may have stem from the higher PH.

I could probably add phosphate rock to increase phosphorus, but my wife pointed out that would probably increase calcium and probably the PH as well.

Adding compost would work. I have been using the yard waste compost from a garden supply store. One concern I have is that perhaps the compost is also high in PH and I am making the problem worse by top dressing my lawn. I suppose I should ask the store for data about the compost or send the compost to the lab for testing.

Paul

The compost that I have made over the last 50 years or so has always been in the 7.0 pH range ()neutral), maybe a bit less, maybe a bit more, but seldom more than a point or two from 7.0. If compost does range more then that the maker may have added lime or wood ash, something not recommended today.