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Board approves 2024–25 unaudited actuals; CFO says “cash is still king” as district closes books
Summary
The board approved the district’s 2024–25 unaudited actuals and updated the Gann appropriations limit. Business staff reported a preliminary increase in the general‑fund balance, identified one‑time savings and outlined cost‑control steps for 2025–26.
Los Altos — The board unanimously approved the district’s 2024–25 unaudited actuals and adopted an updated statutory appropriations (Gann) limit after a presentation by business staff on cash management and one‑time savings.
Eric (business staff) walked trustees through the fiscal close, saying the district recorded stronger‑than‑expected revenue and one‑time savings driven by vacancies, restricted‑fund carryover management and reduced contracted services. “Cash is still king,” Eric told the board, describing the district’s need to hold cash over the summer to meet payroll and transfers before the first property‑tax apportionments arrive in November.
Key figures the staff presented at the meeting included a general‑fund revenue figure the presenter stated as about $86.6 million for the fiscal year, a net increase in fund balance of roughly $4.4 million and an unassigned ending fund balance in the mid‑$20‑million range. Staff cautioned that many of the favorable variances were one‑time and that long‑term pressures remain from enrollment changes, benefit and utility cost volatility, and uncertainty in state and federal funding.
Board members discussed targeted reductions and cost‑control measures for 2025–26. Staff said those measures include a targeted reduction of roughly 10.0 full‑time equivalents, tighter management of routine restricted maintenance to the statutory 3% target, reduced reliance on outside contractors when in‑house staffing is appropriate, and ongoing review of insurance and utility costs. Staff also noted an updated preliminary Gann appropriations limit for 2024–25 and a projection for 2025–26; the board adopted resolution 25/26‑01 updating the Gann limit as required by law.
The board then approved related routine resolutions including sufficiency of instructional materials and credentialing items presented later in the same meeting.
The business office told trustees it will return at first interim with the county’s property tax apportionment numbers and a mid‑year update to multi‑year projections.
