48.1 million in reserves for the geneva schools - Chicagoland Sportbikes
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post #1 of 11 (permalink) Old 08-11-2011, 07:15 PM Thread Starter
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48.1 million in reserves for the geneva schools

Email I got, kinda ridiculous IMO, but then again I am watching naperville redo their high school making it into some architectural master piece rather than a school. Four walls and a roof that doesn't leak. Focus on teaching and not the pretty walls.




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It is a beautiful summer. It’s hot outside.

Historically, politics isn’t the first choice for summer-time fun. But this year is different. Engaged citizens, respectful and courteous, are bringing "the heat."
And "the heat" is bringing about real change...

On Tuesday night, the citizens of Wheatland Township (nestled between Plainfield and Naperville) stopped millions in over-spending. Nearly 200 people showed up to reject construction of a new township administration office. The people stood, spoke and voted: Stop The Spending! FOX- Chicago (click), local newspaper (click).

We supported the Wheatland citizens in their battle against bloated spending. Hear my personal telephone call to registered voters click here.

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Read more about Quinn’s “Board Games” scandal click here.

Last week, Bob McQuillan rallied citizens in Geneva to their school board budget meeting. He wanted a simple answer: "Why does the Geneva School District need $48,100,000 in reserves?" …that’s right- $48.1 million in the bank with an annual operating budget of $85 million. Yet, property taxes go up.
How much taxpayer money does your school district have… in the bank?

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post #2 of 11 (permalink) Old 08-11-2011, 07:29 PM
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People like to pass construction referendums, but not pay taxes to maintain the building/equipment.

I think its a great system!

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post #3 of 11 (permalink) Old 08-12-2011, 07:17 AM
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whats wrong with a school district having reserves?

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post #4 of 11 (permalink) Old 08-12-2011, 07:34 AM
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whats wrong with a school district having reserves?
It seems excessive to have 50% of the annual operating budget in reserves, and unless they have a huge grant/donation its all from taxes.

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post #5 of 11 (permalink) Old 08-12-2011, 07:48 AM
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Like Jason mentioned, reserves are good. Would be much more concerned if the money was not accounted for or if the mayor was buying his kids all new houses with the money. Did a quick search and noticed that they have a total of 10 schools to fund! That's 4.2 mil in reserves per school if you break it out, not a big amount really. According to their 2010-2011 budget it cost almost 69 mil to run all of the schools, so they could theoretically run their schools from reserves for 70% of one year if all funding was cut off. Seems kinda reasonable. Some may argue that they should have no reserves and pass the savings on to the residents, makes sense to a point but do you live this way? I know I do not spend right up to my income level, I save or reserve some in my saving for those big purchases or just in case moments.

Link to their financials:
https://www.geneva304.org/d304_finances/index.asp

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post #6 of 11 (permalink) Old 08-12-2011, 08:56 AM
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Quote:
Originally Posted by FiReBReTHa View Post
Email I got, kinda ridiculous IMO, but then again I am watching naperville redo their high school making it into some architectural master piece rather than a school. Four walls and a roof that doesn't leak. Focus on teaching and not the pretty walls.
I disagree. If a student feels pride in their school they are more likely to try harder.

Reserves aren't a bad thing, looks like the budget people have been spending within their means. Remember when the US had a budget surplus?

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post #7 of 11 (permalink) Old 08-12-2011, 09:04 AM
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It seems excessive to have 50% of the annual operating budget in reserves, and unless they have a huge grant/donation its all from taxes.
not to me... think of how much it would cost them to repair a storm damaged school if the roof got torn off... ya theres insurance moneyt but free flowing cash gets shit done and insurance doesnt covere everything

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post #8 of 11 (permalink) Old 08-12-2011, 09:44 AM
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whats wrong with a school district having reserves?
The teachers and admin are not being paid enough, the proof, look at all that extra money. They will find a reason they deserve it, and poof, it will be gone. That's what happened here in Cary. Their battle cry, it's for the kids.
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post #9 of 11 (permalink) Old 08-12-2011, 10:06 AM
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This is just poor managment. There is nothing wrong with having reserves, but 50% of your operating budget is excessive. Further, wouldn't it be more effective to centralize the reserves and with that invest a portion of them so. Not sure if this is being done already, but idle cash in the bank is not making money
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post #10 of 11 (permalink) Old 08-12-2011, 10:36 AM
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Originally Posted by fenixs View Post
This is just poor managment. There is nothing wrong with having reserves, but 50% of your operating budget is excessive. Further, wouldn't it be more effective to centralize the reserves and with that invest a portion of them so. Not sure if this is being done already, but idle cash in the bank is not making money
it does if its an interest bearing account
the surplus should not be invested in something volatile though as its not their money to do that with

imho its not poor managment as long as everythign is properly funded and maintained, then the administration is doing their jobs well

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Last edited by Pilotx1; 08-12-2011 at 10:52 AM.
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post #11 of 11 (permalink) Old 08-12-2011, 11:03 AM Thread Starter
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imho its not poor managment as long as everythign is properly funded and maintained, then the administration is doing their jobs well



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