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Board accepts 2024–25 unaudited actuals; district reports $20.3M ending general fund balance and continued special-education shortfall
Summary
Trustees accepted the unaudited 2024–25 financial results showing a $20.3 million ending general fund balance (25.6% reserve), ongoing underfunding of special education, and carryover/ timing effects in federal and categorical funds; the board approved the unaudited actuals unanimously.
The Del Mar Union School District board accepted the unaudited actual financial statements for fiscal year 2024–25 and heard staff explain key drivers behind revenues, expenditures and reserves.
Key numbers and takeaways - Unrestricted general fund ending balance: $20.3 million (25.6% of expenditures, including the required 3% state reserve and the board’s 15% reserve policy). Staff said this includes planned set‑asides for insurance, utilities and other uncertainties. - Total general fund revenues (including STRS on‑behalf): $81.6 million; total general fund expenditures: $79.35 million (unaudited). The presentation noted an increase in property‑tax receipts and local donations compared with May estimates. - Deferred and timing items: Some federal and restricted federal funds show lower current‑year revenue because of carryover timing; staff explained those amounts will be reflected in the 2025–26 budget and first interim. Child nutrition and other federal program timing were cited as examples. - Special education: The district reported total special‑education expenditures of roughly $11–11.5 million with federal and state revenue covering part of the cost. General fund contribution to special education was reported at about $7.0 million — the district remains responsible for a majority of special‑education costs because federal IDEA funding has not reached its originally intended share. - Deferred maintenance and capital funds: The district continues to set aside money for deferred maintenance (Fund 14 balance about $3.4M) and has capital reserves (Fund 40 balances and CFD-specific funds) to support modernization work; staff noted those funds are earmarked for specified projects and that flexibility varies by funding source.
Why the board’s action matters Accepting the unaudited actuals completes a key step in the annual budget cycle and informs the district’s November–December first interim projections. The numbers also shape decisions on one‑time funding uses, deferred maintenance priorities, and ongoing reserve policy.
What staff and trustees highlighted - Director of Fiscal Services Sarah Smart and Chief Business Officer Chris (last name not specified) presented the results and said the increases over the May estimate were driven by stronger-than-expected property tax receipts, higher local fundraising/donations and accounting adjustments for fair-market valuation that affected revenues. - Trustees asked about possible uses for the unassigned portion of the ending balance, and staff identified a short list of priorities including insurance contingencies, utilities, pension and post‑employment liabilities, the math curriculum adoption reserve, and deferred maintenance. Trustees asked staff to bring a budget‑workshop discussion to map priorities to reserves and one‑time funds.
Board action - The board unanimously approved the 2024–25 unaudited actuals and the staff report (motion and second recorded; vote recorded as unanimous). Staff will finalize audit adjustments when the external audit is completed and present first interim projections in December.
Context and next steps - The district will present a more detailed first interim budget in December that incorporates carryover, the effect of one‑time state block grants, and updated forecasts for 2025–26. Staff will also review the deferred maintenance funding level and consider whether to reallocate any one‑time dollars to prioritized capital or maintenance needs.
