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Tooele board adopts FY2024 final budget, approves proposed FY2025 beginning budget and votes to enter Truth-in-Taxation
Summary
After a presentation from Business Administrator Lark Reynolds on midyear cuts and a one-time $5 million centrally assessed adjustment, the Tooele Board of Education adopted the FY2024 final budget, approved the FY2025 proposed beginning budget and voted to begin a Truth-in-Taxation process at a published rate of 0.001002.
The Tooele Board of Education adopted the district's fiscal year 2024 final budget and approved a proposed beginning budget for fiscal year 2025, then voted to enter a Truth-in-Taxation hearing process at an advertised rate of 0.001002.
Business Administrator Lark Reynolds told the board the district made $15,000,000 in midyear reductions to bring the FY24 working budget in line and that, in a worst-case scenario, "we would use up $7,000,000 of the general fund reserves to to get us through this year." Reynolds also described a one-time centrally assessed property adjustment that added about $5,000,000 in certified revenue this year but will not recur next year.
The presentation emphasized how to read the budget documents (two years of actuals, the adopted beginning…
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