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Charter reports $3.2 million positive variance in unaudited 2024-25 results
Summary
School leadership told the governing board the unaudited 2024-25 financials show a $3.2 million positive variance driven by higher enrollment-driven revenue, interest income and expense savings from vacancies; auditors will issue a formal report in December.
Good news greeted the governing board when school staff presented unaudited financial results for the 2024-25 fiscal year, reporting a $3,200,000 positive variance compared with earlier projections.
The school’s finance presenter told the board that stronger-than-expected average daily attendance, higher interest earnings on reserves and increased facility rental income were the largest revenue drivers. "Good news. We have a $3,200,000 variance in our budget on the positive side," the presenter said, noting that some one-time grant spending will be shifted into future years.
The nut graph: the variance improves the district’s short-term cash position and changes near-term budgeting choices, but staff cautioned the numbers are unaudited and some costs may be reallocated into the current year.
Inverted-pyramid details: staff said increased ADA added roughly $200,000 to LCFF funding and also boosted other attendance-driven state allocations including special-education and mental-health performance dollars. Interest income rose because reserves held with the county treasurer benefitted from higher market rates. On the expense side, payroll costs were lower than budgeted because of unfilled or intermittent vacancies and lower-than-expected substitute usage, and supplies and services ended roughly $2.2 million below projections in part because of timing shifts for curriculum purchases and outside COVID-testing invoices.
Staff also reported a recent STRS audit adjustment that reduced employer contributions in one area and noted $1,300,000 in spending was being deferred into 2025-26. The finance presenter said the district will finalize adjustments at first interim and the independent audit report is expected to be presented at the December board meeting.
Board action: trustees moved and approved the 2024-25 unaudited actuals on the consent calendar; staff will incorporate the figures into the next interim budget.
What’s next: staff will present the first interim adjustments after the governor signs any new legislation and after the district closes its books on Aug. 15; the independent audit will follow and be reported to the board in December.
