School Board Will Move $5 Million From Education Fund to Pay Down Debt

The average Geneva property tax bill still is likely to go up $340 this year, and annual increases could continue.

The Geneva School District 304 Board of Education will use almost $5 million from its Education Fund to pay down debt on bonds it issued in 2004. The seven-member School Board unanimously passed a resolution Monday night to transfer $4,990,000 from the Education Fund to the Debt Service Fund. According to a chart* provided by Assistant Superintendent for Finance Donna Oberg, that $4.99 million will be applied to the 2004A Bonds over three years: * SEE CHART BELOW What does that mean for you, Jane or Joe Taxpayer? It's hard to say. This year, the owner of a $315,000 home should expect a $340 property tax increase. That was the number calculated when the School Board passed its levy in November, and Oberg said Monday night that number still …

•  15 Comments
• Photos (1)