Geneva D-304 OKs nearly $12.5M in fund transfers

GENEVA – The Geneva District 304 School Board approved four fund transfers totaling almost $12.5 million after a public hearing Oct. 10.

The inter-fund transfers are to support the capital and technology plans in the district.

The 2023-24 budget approved in September included the inter-fund transfers, but the board is required to act on all fund transfers individually, officials said.

School districts put money in various accounts intended for their particular uses, such as the education fund or operations and maintenance fund.

The total amount of transfers were $12,454,675:

• $354,675 from the education fund to the debt service fund for technology leases.

• $4,725,350 from the education fund to the operations and maintenance fund for capital projects.

• $1,174,650 from the transportation fund to the operations and maintenance fund also for capital projects.

• $6.2 million from the operations and maintenance fund to the capital projects fund.

According to board policy, using other financing resources through fund transfers allows the district to pay for technology and capital projects, officials said.

No one spoke at the public hearing, which was required by state law.