District fiscal staff presented the 2024–25 unaudited actuals and the appropriations limit calculation required under Article XIII B (the so‑called Gann limit). The board approved both items.
Director of Business Services Mark Pong outlined final closing adjustments: the district’s unaudited actuals showed a decrease in expenditures from earlier estimates and a net reduction in the combined unrestricted/restricted fund balance of about $2.4 million compared with estimated actuals. Pong said several year‑end technical entries affected totals, including a fair‑market value adjustment for treasury investments, textbook orders received after fiscal year close that will be carried into the next year, unspent federal grant revenues that will carry over, and year‑end entries for STRS on‑behalf adjustments.
The district reported an unrestricted fund deficit of about $4.3 million for 2024–25 and a reserve of roughly 7.8% on unaudited results; projections included multi‑year forecasts showing an increasing deficit trajectory if corrective actions are not sustained (staff showed a four‑year projection where reserves would fall to near or below the 3% target in later years). Pong said the district continues to pursue staffing reductions, position reviews and spending controls and emphasized the need for a budget solution plan.
The board also adopted the statutory appropriations limit for 2024–25 (about $183.9 million) and a preliminary limit for 2025–26 (about $191.6 million), reflecting changes to the inflation/attendance index used in the state SACS reporting tool.
Trustees accepted the unaudited actuals report and approved submission to the county; staff will continue implementation of the district’s budget reduction strategies and report back to the board.