The Geneseo Park District is considering issuing up to $885,000 in general obligation park bonds as part of its annual financing process, with district officials saying the borrowing would support capital improvements while continuing an effort to keep the overall property-tax rate stable.
A public hearing on the proposed bond issuance is scheduled for 5 p.m. Thursday, Oct. 8, in the Board Room of the Geneseo Community Center, 541 E. North St.
According to the public notice, the Park District may issue up to $885,000 in bonds for eligible expenses including the purchase of land for parks and the construction, maintenance, improvement, and protection of district property and facilities.
However, the $885,000 figure represents a maximum amount under consideration rather than a final borrowing decision.
In response to questions from The Geneseo Current, the Park District said specific projects have not yet been assigned to the proposed bond proceeds.
“Projects are identified through the District’s long-range capital planning process and its 10-Year Master Plan,” the district said. “Specific projects and expenditures funded with bond proceeds will depend upon the final amount issued and Board approval.”
Current and upcoming needs include improvements and replacement of aging infrastructure throughout Park District parks and facilities, according to the response.
Part of the District's Existing Rollover-Bond Process
The proposed borrowing is not being characterized by the district as a new long-term debt program.
Instead, officials said the bonds are part of the Park District's normal annual rollover-bond process, which it has historically used to finance capital needs.
The district said its 10-Year Master Plan attempts to balance reinvestment in facilities with maintaining a stable property-tax rate. Its stated goal is generally to maintain an overall Park District tax rate of approximately $0.50 per $100 of equalized assessed valuation.
The district said its tax rate was lowered last year.
In 2025, the Park District retired $1.115 million in general obligation park bonds and issued $763,000 in new short-term debt, according to information provided to The Current.
That distinction is significant following the retirement of the debt associated with the Geneseo Aquatic Center.
The district said that long-term obligation has now been completely repaid.
“The District has no long-term debt and only has its short term annual rollover bond debt,” the district said.
Under state debt limitations cited by the district, its current general obligation debt limit is approximately $10.96 million. The proposed maximum $885,000 issuance represents about 8% of that stated debt limit.
What Would It Mean for Property Taxes?
Whether the proposed bonds would change an individual homeowner's property-tax bill cannot yet be determined, according to the Park District.
The amount borrowed does not translate directly into an equivalent increase in property taxes. The eventual tax rate depends on several variables, including the district's equalized assessed valuation, annual levy, debt-service requirements, and the amount of bonds ultimately issued.
The district declined to provide an estimated homeowner example because those figures are not yet available.
“Because final assessed values and other levy factors are not yet known, we do not want to provide a homeowner example that could imply a specific tax impact before those figures are available,” the district said.
Officials reiterated that the district's long-term goal is to maintain an overall tax rate around $0.50 per $100 of equalized assessed valuation.
That means the Oct. 8 hearing does not, by itself, establish that taxpayers will see a particular increase—or that the district will ultimately borrow the entire $885,000.
What Happens After the Hearing?
The Oct. 8 hearing provides residents with an opportunity to comment on the proposed bond issuance before the Park District makes its final decisions.
The board has not committed through the hearing notice to issuing the entire amount.
Following the hearing and completion of the required process, the Park District Board will consider its financial needs, capital priorities, available resources, and tax-rate objectives before taking final action.
“The amount referenced in the public notice establishes the amount being considered,” the district said. “The final amount issued and the use of those proceeds will be determined through subsequent Board action and the District’s normal budgeting and capital-planning process.”
That leaves two significant details still to be determined: how much the district ultimately borrows and exactly which capital projects receive the money.
Residents may comment on the proposal during the public hearing at 5 p.m. Oct. 8 at the Geneseo Community Center, 541 E. North St.
