Post by title1parent on Feb 5, 2009 7:06:30 GMT -5
www.suburbanchicagonews.com/beaconnews/news/1414519,2_1_AU05_GENSKL_S1.article
Geneva School District eyes tapping into reserve
February 5, 2009
By CHARLOTTE NORGAARD For The Beacon News
GENEVA -- Shortfalls in the Geneva School District budget have prompted district officials to consider tapping into reserves for the 2009-10 school year.
The district currently holds 33.4 percent of its revenue in a reserve account. The School Board's Policy Committee discussed a proposal to reduce that amount to 30 percent, which would free up an additional $3 million.
According to School Superintendent Kent Mutchler, the state recommends that school districts keep a minimum of 28 percent in reserve.
Geneva's policy is to hold 35 percent of its revenue in reserve. But officials approved the 33.4 percent for the 2008-09 school year.
"The budget was set up knowing we would tap into reserves," said Mutchler.
Policy Committee member Susan Shivers did not feel comfortable passing the current motion to lower the reserve percentage until she had a better idea of actual budget figures.
"If some months we've tapped into reserves and some months we haven't, I'd like a summary that shows me the whole picture," she said.
Current budget amounts were not available at the time of the Policy Committee's meeting.
In January, board members were informed district administrators intended to cut the budget by $1 million for the next school year due to current economic conditions and the uncertainty in state government and funding.
If the reserve rate is reduced to 30 percent, it will go into effect in the next fiscal year, but could also begin immediately.
The Policy Committee will again consider the proposal at its next meeting in March.
Geneva School District eyes tapping into reserve
February 5, 2009
By CHARLOTTE NORGAARD For The Beacon News
GENEVA -- Shortfalls in the Geneva School District budget have prompted district officials to consider tapping into reserves for the 2009-10 school year.
The district currently holds 33.4 percent of its revenue in a reserve account. The School Board's Policy Committee discussed a proposal to reduce that amount to 30 percent, which would free up an additional $3 million.
According to School Superintendent Kent Mutchler, the state recommends that school districts keep a minimum of 28 percent in reserve.
Geneva's policy is to hold 35 percent of its revenue in reserve. But officials approved the 33.4 percent for the 2008-09 school year.
"The budget was set up knowing we would tap into reserves," said Mutchler.
Policy Committee member Susan Shivers did not feel comfortable passing the current motion to lower the reserve percentage until she had a better idea of actual budget figures.
"If some months we've tapped into reserves and some months we haven't, I'd like a summary that shows me the whole picture," she said.
Current budget amounts were not available at the time of the Policy Committee's meeting.
In January, board members were informed district administrators intended to cut the budget by $1 million for the next school year due to current economic conditions and the uncertainty in state government and funding.
If the reserve rate is reduced to 30 percent, it will go into effect in the next fiscal year, but could also begin immediately.
The Policy Committee will again consider the proposal at its next meeting in March.