Belmont Redwood Shores reports $4.9 million deficit for FY24‑25; board approves unaudited actuals
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Summary
The district reported an unaudited net deficit of $4.9 million for fiscal year 2024–25; trustees approved the unaudited actuals and heard that the district plans to use previously built reserves while projecting a $5.3 million deficit next year.
Belmont Redwood Shores School District trustees on Sept. 11 approved the district’s unaudited actuals for fiscal year 2024–25 after a presentation by Chief Business Official Reese Matsumoto showing a $4,900,000 budget deficit.
Matsumoto said the result was expected and part of a multi‑year strategy: “we ran a $4,900,000 budget deficit in 2425,” and the district is drawing on surpluses built in prior years to maintain staffing and services while property‑tax revenue adjusts. He told the board the largest expenditures remain personnel costs; when including contracted services for positions the district has not been able to staff, roughly 80–83% of expenditures are effectively for people.
Matsumoto said the district’s LCFF/basic‑aid revenue remained relatively flat for FY24‑25 and that projected revenue will resume growth as property tax receipts increase. He noted a projected $5.3 million deficit in the FY26–27 budget plan and said the district is budgeting conservatively.
Board action: Trustees moved, seconded and approved the unaudited actuals as required by law; there were no recorded nays or abstentions on the motion.
Ending: Matsumoto closed by summarizing program‑specific fund statuses (food, bond, developer fee and facilities funds) and noted fund 21 (bond) balances reflect recent bond issuances used for roofing and HVAC assessments.
