School board approves $91.6 million budget
The Geneva District 304 school board Monday adopted a $91.6 million budget for fiscal year 2013-14, which began July 1.
The district projects spending $694,030 more in its education fund than it had budgeted for the 2012-13 fiscal year, and $1.6 million more to repay debt. It also projects receiving $239,343 less in property taxes.
The district expects to receive $92.61 million in revenue, including $78.46 million in property taxes.
The education fund, which pays for the salaries of everybody except bus drivers and maintenance workers, is the largest chunk of the spending, at $56.26 million.
The district plans to make some of its debt payment by taking money out of the education fund reserve. Its practice is to use whatever is in excess of $15 million, as of June 30, to do so. The district's assistant superintendent for business services says $15 million would cover several months worth of spending in case there was a delay in receiving revenue.
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