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Gilbert Unified Board hears final FY25 financial report; classroom site and employee-benefit updates
Summary
Associate Superintendent Bonnie Betts told the governing board on July 29 that year-end accounting adjustments left classroom site funds up about $2 million, instructional-improvement funds up about $700,000, and the employee benefit trust with a remaining fund balance above $20 million despite an expected drawdown.
The Gilbert Unified District governing board on July 29 received its final monthly financial report for fiscal year 2025, with Associate Superintendent of Business Services Bonnie Betts detailing year-end accounting adjustments and fund balances.
Betts told the board the district is closing out FY25 and that maintenance and operations and unrestricted capital funds were seeing slight increases in available balance as purchase orders tied to incomplete projects are unencumbered or rolled over into the next month. "Much of the encumbrance in unrestricted capital is associated with projects that were not completed by June 30," Betts said.
The report flagged three items of note for schools and the district budget. Betts said the classroom site fund available balance rose by about $2,000,000 after staff corrected a duplicate encumbrance linked to a June payroll item. "Last month, we reported a duplication of an encumbrance for the pay per pay for performance that was paid out in June," Betts said, adding that correction produced the $2 million increase.
Betts also said instructional improvement fund balances increased by about $700,000 after staff moved eligible instructional-improvement expenses previously coded to results-based funding into instructional improvement. "Results-based funding is no longer identified [as a separate fund]," she said, explaining that similar allowable expenditures made the transfer feasible and that schools would not lose access to those dollars.
On the employee benefit trust, Betts said the district had expected a fund-balance drawdown of roughly $3 million to $4 million for the year. Through May 31, the trust was showing a drawdown of about $1 million, with claims for June, July and August either already submitted or pending and some revenue timing differences causing portions of claims to hit different fiscal years. "To still have over a $20,000,000 fund balance in the employee benefit trust is a positive financial result for us," Betts said.
Betts noted the Advanced Placement Summer Institute produced timing-related revenue that appears in the month-end numbers; she said the available balance for that program appeared to be about $200,000 in the report but that invoices to consultants were still outstanding and year-end profit estimates are subject to those payments.
The board was told the district will present the annual financial report in lieu of future monthly reports for FY25 and that audited financial results will be available in December or January. Betts concluded, "We're going through the final process of reconciliation for the year right now."
