Lakeside board reviews 2024'25 unaudited actuals as deficit spending narrows
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Summary
Assistant Superintendent Lisa Davis presented the district's unaudited actuals for 2024'25, reporting revenues of $71.67 million and expenditures of $79.6 million and noting the district's unrestricted general fund deficit narrowed to about $2.5 million.
Assistant Superintendent Lisa Davis presented the district's 2024'25 unaudited actuals and a multi-year comparison of adopted budgets, second interim projections and final actuals.
Davis said October enrollment for 2023'24 was 4,515 and the P2 (April) certified enrollment was 4,006. She described funding options (current year, prior year or three-year average) and said the district was funded on the prior year. She reported the district's unduplicated pupil percentage at "43.48%" and explained that some funding formulas use higher thresholds (50'55%) to obtain full benefit.
On finances, Davis reported total revenues of $71.67 million and expenditures of $79.6 million and said the district is narrowing its deficit-spending: "we are making progress in correcting our deficit spending ... this year, we're still deficit spending, but we're at 2,500,000." She explained that restricted fund negative balances are often onetime or earmarked dollars and therefore less concerning than unrestricted deficits.
Davis highlighted that every percentage point of average daily attendance (ADA) gained yields roughly $400,000'$500,000 in additional revenue and that the district's unrestricted general fund reserve was about 4.98% (combined reserves 16.1% when including other categories).
The report covered special education shortfalls (about $8 million identified as contributions for special education), a required transfer to the routine restricted maintenance account (about $2.3 million), and fund balances for other district funds including charter-related balances and bond interest and redemption details.
After the presentation the chair asked "Any discussion on this item? All in favor?" and the transcript records "Aye" responses. The transcript does not include a roll-call or numerical tally in the recorded excerpt.
Board materials cited during the presentation and routine follow-up items include monitoring ADA, pursuing strategies to increase attendance, and continuing multi-year budget adjustments.
