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Rescue Union CBO reports smaller‑than‑expected deficit in 2024–25 unaudited actuals; board approves report
Summary
Chief Business Officer Lisa told the board the district closed the books for 2024–25 and recorded an unaudited net position better than projected — about a $200,000 deficit instead of a $750,000 shortfall — and the board approved the unaudited actuals and moved the report to the county and state review process.
At the Sept. 9 meeting, Chief Business Officer Lisa presented the district’s unaudited actuals for fiscal year 2024–25 and told trustees the closed books show a smaller deficit than projected: roughly a $200,000 deficit instead of the roughly $750,000 negative projection shown in June.
Lisa explained the difference is partly an accounting timing issue: a year‑end fair market value (FMV) entry of about $220,000 affects the revenue column but is not cash in the bank; that entry is reversed in the next accounting cycle. She also said the district received a larger‑than‑expected ELOP allocation (about $200,000) and some additional lottery and federal reimbursements that improved the unaudited position.
On expenditures, Lisa said about $900,000 in summer‑program and project costs occurred in July and will appear in the next fiscal interim, and that some donations and site carryovers account for roughly $570,000 of restricted balances. She noted one‑time items such as the purchase of a used diesel bus and ongoing fleet issues with electric buses (an electric bus experienced a failure the day before the meeting).
Why it matters: the unaudited actuals are the district’s preliminary year‑end financial statements subject to audit; the board’s approval moves the report to county and state review and influences budget planning and negotiations for 2025–26.
Board action: trustees voted to accept the unaudited actuals. The report will be finalized in the formal audit expected in December and then returned to the board in January for adoption after the external audit.
Key figures and clarifications provided by the CBO: the district closed its books for 2024–25; the unaudited unrestricted general fund position reported better than earlier projections, with a year‑end position that, after accounting entries, reflects roughly a $200,000 deficit (staff explained that much of the remaining variance relates to timing and July expenditures). The district’s restricted funds total just under $3.8 million and include site carryovers, educator effectiveness, and other restricted programs.
Next steps: first interim will be updated in December with carryovers and staffing revisions; audit report expected in December, presentation to the board in January. The CBO said the district is meeting obligations and will continue negotiations for personnel groups as scheduled.
