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Board approves second interim budget; district reports $79.5 million in revenues for 2024–25
Summary
The Del Mar Unified School District governing board approved the district's second interim budget update, showing $79.5 million in revenues and an unrestricted reserve above the board's 20% policy target.
The Del Mar Unified School District governing board on March 12 approved the second interim budget report for fiscal year 2024–25, a mid‑year financial update that reflects actuals through Jan. 31.
Sarah Smart, a district finance staff member presenting the report, told trustees the district adjusted budgeted revenues to about $79.5 million and budgeted expenditures to about $81.8 million, largely reflecting recent salary increases and updated benefit and operating costs. Smart noted the district includes a state “on‑behalf” STRS contribution of just over $3 million in revenue and the corresponding expenditure.
After the adjustments, the district projects an unrestricted ending fund balance representing about 21.1 percent of the general fund — above the board's stated 20 percent reserve target. Staff identified increased utility and insurance costs among the near‑term expenditure pressures and said they will continue monitoring enrollment, step/column salary costs and pension rate changes.
Board members asked for sensitivity analysis on economic scenarios and a continued focus on multi‑year financial planning; staff said they will bring additional modeling and updates as the governor's budget process progresses.
Ending: The board approved the second interim budget by motion and will consider the adopted budget for the next fiscal year at its June meeting.
