Does Geneva School District lease its buses?
No, we do not lease our buses. We are on a program called Bus Buy-back. The district purchases it’s buses in full and at the end of 2 years, the manufacturer buys back the buses at a reduced cost. For example, we purchased 40 buses for the 2015-2016 school year at a cost of $81,650 per bus. At the end of the two year period, we will sell the buses back to the manufacturer for $70,219 per bus. This is a net cost of $5,715 per year and we also receive partial reimbursement from the State based on a formula using factors such as depreciation of the buses, student enrollment, miles driven, and operating costs. We end up paying a minimal amount per bus each year while also having the most up-to-date buses with the newest safety features, and we don’t pay the rising maintenance costs as the buses age.