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Finance committee flags $2.06 million deficit in preliminary Geneva CUSD 304 education fund budget, forwards draft to full board
Summary
At a May 26 Finance & Transportation Committee meeting, district finance staff presented the preliminary 2026–27 education fund budget projecting a $2,058,228 deficit and recommended further revisions; the committee voted to send the draft to the full board for consideration.
At its May 26 meeting, the Board of Education Finance & Transportation Committee reviewed the Geneva CUSD 304 preliminary 2026–27 education fund budget and voted to forward the draft to the full board for consideration.
Mr. Latham, who presented the budget to the committee, said projected revenues include $73,731,373 in local tax receipts, about $6,009,854 in local fees and food service income, $1,074,220 in state categorical grants, $2,144,000 in evidence-based funding and roughly $1,874,000 in federal grants and Medicaid. He said those sources produce an estimated $84.8 million in revenue.
The budget assumes full staffing and shows salary costs of $61,459,285 and benefits of $10,904,634, driven by near-8% increases in health-care costs. "This large difference does bother me," Mr. Latham said when asked whether a $2 million shortfall at this stage was unusual; later he reported the draft currently shows a deficit of "$2,058,228 at this point."
Committee members pressed staff on drivers of the gap, noting a surprising drop in levy receipts tied largely to commercial tax appeals. The presenter said a reduction in equalized assessed value after multiple commercial appeals, including losses tied to recent property sales, reduced expected levy revenue by roughly $9.1 million compared with earlier expectations. Committee members emphasized the district's fund balance as a cushion while staff refines numbers.
Mr. Latham outlined possible actions to close the gap before the next draft: targeted cuts, limiting new hires or not filling some positions, revisiting purchase services and noncapital equipment requests, and monitoring carryover grant dollars. He also noted the draft does not yet include an estimated $3–4 million transfer to Fund 60 that may be necessary to match Fund 20 projects.
A committee member moved to forward the preliminary education fund budget to the full board; the motion was seconded and passed by voice vote. The committee expects updated numbers and a draft budget to return for review ahead of the June 15 forecasting cutoff.
The committee also received a brief legislative update noting the state spring session was nearing completion and adjourned.
