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Geneva board reviews tentative FY2026–27 budget, flags bus purchases and bond-refinancing plan
Summary
District finance staff presented a tentative FY2026–27 budget showing roughly $125.5 million in revenue and $126.5 million in expenses, highlighted an education fund balance estimate of about $20.8 million, signaled plans to buy additional buses next year, and previewed a possible bond refunding to capture taxpayer savings.
The Geneva CUSD 304 Board on July 13 heard a detailed presentation of the district’s tentative FY2026–27 budget and discussed transportation purchases and possible bond refinancing.
Todd, the district’s budget presenter, said the tentative budget — the third of four stages in the process — will be placed on public display for 30 days and that a public hearing is set for Aug. 24 before the board considers adoption. He presented districtwide figures showing roughly $125,510,338 in revenue offset by $126,515,448 in expenditures, and an estimated ending district fund balance of about $61,983,218. The education fund’s beginning balance was listed at $26,000,000, with an estimated year-end balance of $20,822,169.
Todd told the board most revenue is local (primarily property tax) and noted changes this year include lower interest income and some shifts in state receipts; federal grants and Medicaid-related funds have increased in certain categorical areas. Expense drivers remain staffing costs, benefits and purchase services. Todd also flagged a board-policy change that raised the capital outlay threshold to $10,000 for single-item reporting.
Board members focused questions on transportation. Todd said delayed deliveries of buses ordered through a state bus-purchase program two years ago required the district to set funds aside, which altered the fleet spending schedule. The tentative plan would allow the district to increase its fleet from roughly six buses to seven (and potentially eight), depending on final costs and timing.
Board members also asked about the district’s move toward propane buses. Todd said the district can sustain a larger propane fleet up to the limits of existing tanks and delivery schedules; adding a new propane tank would be a capital expense that the board would fund from the appropriate capital fund (e.g., Fund 20) after consulting local authorities and fire marshal requirements.
Superintendent Dr. Barrett separately previewed a potential municipal bond refunding: certain 2017-series bonds will be callable next January, and district financial advisors estimate present-value savings in the neighborhood of 3.49 percent and roughly $786,000 on the 2017 series alone. The board expects parameters for a refunding resolution at its Aug. 10 meeting, with possible market issuance in September and closing in October if approved.
The tentative budget presentation included details for the education fund, operations and maintenance, transportation, debt service and several smaller funds; Todd said the budget will be revised if receipt estimates (such as personal-property replacement taxes) are updated before final adoption. The board will review the tentative budget during the public display period and vote on adoption at the next steps in the process.
