The Geneva school board has approved a $93.77 million budget for fiscal year 2012-13.
The fiscal year began July 1, but state law gives school districts until Sept. 30 to approve a budget.
"The upcoming freight train of our debt problem" is something the board has to keep in mind, Trustee Michael McCormick said. "Other than that, the budget is fine."
The budget calls for more spending in the education, operations and maintenance, and transportation funds. The education fund is $354,287 higher, at $55.29 million, and operations and maintenance is at $12.54 million, an increase of $1.76 million over the previous budget. Transportation is $4.45 million higher; however, that is due to the timing of the sale and purchase of new buses. The district buys new buses every two years, and then sells them back to the company. It sold buses back in June, so the sale proceeds were recorded in fiscal year 2011-12. But it bought buses in July, so the expense is recorded in fiscal year 2012-13.
Part of the operations and maintenance fund increase is due to a similar situation: a $500,000 donation was received in June for the installation of artificial turf and new drainage at Burgess Field at Geneva High School. But the bulk of the bills for the project, estimated to cost about $1 million, will be paid in fiscal year 2012-13. Work on the field started in May.
The budget also includes spending at least $15.95 million to repay debt.
The district estimates it will receive $89.84 million.
The board approved the budget Monday.Copyright © 2014 Paddock Publications, Inc. All rights reserved.