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Velva Public Schools

2024-2025 Budget Hearing

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Tax Valuations

McHenry County

$16,564,958

McLean County

$2,918,338

Ward County

$327,544

Sheridan County

$29,288

Total

$19,840,128

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General Fund Mill Levy

Type

Mill Levy Computed

Dollars Levied

General

63

$1,248,418

Building

10

$197,217

Special Reserve

3

$59,165

Sinking & Interest

13

$256,382

Miscellaneous

12

$237,749

Totals

101

$1,998,931

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2024-25 Sources of Income

Source of Income

Amount

Local

$1,858,115

State

$4,159,314

Federal

$149,618

Total

$6,167,047

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2024-2025 Projected Revenues and Expenditures

Revenue

$6,167,047

Expenditures

$6,212,369

Difference

-$45,322

We are projecting a negative balance for this year. We also had a negative balance in 2023-24. If the expenditures come in at around 99% of projections, w will break even.

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Snap Shot / School Revenue Streams

Local Aid

State Aid

Federal Aid

28.6%

68.9%

2.5%

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What Does the Future Look Like

Property Tax

State Aid

Federal Aid

Education Stabilization Fund

Common Schools Trust Fund

Legacy Fund

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Last session saw bills to introduce another mill deduct

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Likely to continue to decrease

All ESSER has been spent.

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*Will change significantly in future years if the property tax amendment passes.

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Questions/Comments

Facts on the General Budget

  • 81.4% of the budget goes to personnel as we are a people organization.
  • Activities Fund is NOT part of the general budget and operates on gate receipts and fees.
    • The Activities Fund had a negative balance last year.
  • Sinking & Interest Fund is used to pay for the HVAC project. This is also not part of the General Budget.
  • Special Reserve Fund is 3 mill levy which can be transferred to the general fund when needed.
  • A portion of our state aide goes directly to our Regional Education Cooperative and to our Special Education Unit.

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