Geneva D304 Board OKs $150.3M budget

The Geneva School District 304 board Monday adopted a budget for fiscal 2024-25, with $150.3 million in expenditures, almost $19 million more than last year's expenditures of $131.4 million – but it includes almost $14 million in capital projects.

The budget included $119.8 million in revenue, $132.6 million in expenses – and an almost $12.8 million deficit.

The district transferred $17.7 million from fund balances to cover the shortfall and pay for its ongoing capital projects, Assistant Superintendent for Business Services Todd Latham said.

Last year, the board approved a $56 million seven-year capital improvement plan that included surveying all the district's buildings, prioritizing work based on cost, need and efficiencies and cost estimates for future projects.

Superintendent Andrew Barrett said the capital projects had been in the plan and were previously budgeted.

"This year we will be spending dollars that were previously budgeted – additional dollars – right? That are now being spent and they're going to be spent this year," Barrett said. "That's why we have that fund balance, that's when Todd made those transfers from different funds into that capital projects fund. Our fund balance is healthy and was prepared for this because we budgeted for these items."

Barrett said officials are working to build a more comprehensive capital plan going forward.

"Overall, the budget represents a deficit of $12,771,805 and utilizes fund balances to ensure capital projects are funded," according to a memo from Latham. "The use of fund balance will be an ongoing funding measure during major years of capital expenses."

The estimated starting balance of all funds is $83.5 million and its ending balance is projected to be nearly $71 million, according to Latham's memo.