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Preliminary unaudited results show small surplus on $156M budget; capital projects remain active
Summary
District staff presented early unaudited fiscal-year 2024–25 results showing a roughly $305,000 operating surplus on a $156 million budget, $5.3 million remaining in the capital projects fund and a general fund balance the district reported as $48.35 million (unaudited).
Finance staff presented preliminary, unaudited results for fiscal 2024–25 and outlined major fund movements and remaining capital project balances.
Mark Adams, a district staff member, and district staff described three major lines: the capital projects fund, capital reserve and the general fund. Adams said the district began the year with about $19 million in the capital projects fund and spent roughly $13.6 million to date, leaving about $5.3 million to complete ongoing renovation and roofing projects.
Adams said the capital reserve started the year around $15 million; unaudited results show a net decrease of about $795,000 (a figure Adams noted is net of approximately $800,000 in interest income on investments), leaving the capital reserve near its prior level for the fiscal year. On the general fund, Adams said the district expected a roughly $305,000 surplus on a $156 million budget; he characterized the overall unassigned fund balance as essentially flat at about $12.9 million after routine adjustments and board actions.
Adams said the district’s total reported fund balance as of the preliminary results was roughly $48.35 million (unaudited). He cautioned the figures are preliminary and subject to change as auditors review balances and as the district completes remaining payrolls, accruals and inter-district billing; staff said the formal audited statements will be available after the external audit concludes.
Why it matters: The preliminary surplus and remaining capital project funds affect planned renovations and the district’s reserve strategy; staff said they will return with more detailed audited numbers at the September finance meeting.
