Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the District Budget topic
No spam. Unsubscribe anytime.
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 budget and the proposed ending budget) and flagged that capital projects and the food service fund were not in balance. Reynolds said roughly "90,000,000 of that 92 deficit" in capital was tied to construction to finish two schools and that much of that spending would be financed with bonds.
Board members focused on options to avoid relying on one-time funds. Multiple members urged caution about dipping reserves and highlighted the trade-offs between cuts and tax increases. Superintendent Dr. Ernst cautioned that "the next big cuts ... would have a direct impact on student learning," saying deeper reductions would begin to affect classroom programs.
After the presentation, the board opened and then closed a public hearing (no public speakers signed up). The board then approved the FY24 final budget as presented and voted to adopt the FY25 proposed beginning budget. Immediately following the FY25 adoption, Board Member Elizabeth moved and the board approved a motion to enter Truth-in-Taxation with an advertised tax rate of 0.001002; Business Administrator Reynolds said the district will work with board leadership on a specific August hearing date if county rules require a separate night, with the hearing to be held before Sept. 1.
Votes at a glance: the board approved opening and closing the public hearing; approved adoption of the FY2024 final budget; approved adopting the FY2025 proposed beginning budget; approved entering Truth-in-Taxation at a rate of 0.001002; and approved a revised TSSA framework for the 2024''25 school year. In each case the motion was seconded and the board voted "Aye." (No roll-call tallies were recorded in the transcript.)
What the money would pay for: Reynolds said the first roughly $2,500,000 of any new ongoing revenue would go to capital projects already planned for next year and that other increases could be used to avoid using one-time funds to balance ongoing operating costs; she noted some textbook and technology expenditures were moved to capital this year to provide operating flexibility.
Next steps: district staff will finalize the Truth-in-Taxation hearing date and publish the required notice. The board plans to hold the hearing in August if possible, ahead of the Sept. 1 statutory deadline. The board also adopted a revised TSSA framework for 2024''25 and then adjourned.
