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Board certifies 2024–25 unaudited actuals; approves routine compliance resolutions and transfers
Summary
The Laguna Beach Unified School District board certified the 2024–25 unaudited actuals, adopted the Gann-limit adjustment and approved planned interfund transfers for facilities and capital projects while discussing how reserves and the pool project fit into long-term planning.
On Oct. 9 the Laguna Beach Unified School District Board of Education certified its 2024–25 unaudited actuals and took several routine finance actions, including adopting the statutory Gann-limit adjustment and approving interfund transfers to facility-repair and capital-improvement funds.
Budget Administrator Raymond Lee presented the unaudited actuals for FY 2024–25, reporting final total revenues of about $89.4 million and expenditures of $87.5 million. The district's general fund ending balance was presented as $25.0 million and the total district ending fund balance as $58.7 million. Lee attributed the variance above projections to stronger investment earnings, late donations and lower-than-expected expenditures in some categories.
The board voted to certify the unaudited actuals and submit them to the county office of education for the annual external audit. Administrators emphasized that unaudited actuals are the district's internal closing of the books and will be validated by an independent auditor during field work later in the fall; the final audited report is expected in January 2026.
Separately, the board adopted Resolution 25-21 to adjust the district's Gann (constitutional) limit so the official appropriation limit reflects actual local tax revenues (preliminary state limit was $68.7 million; actual appropriations from tax revenues were $72.1 million). The board also approved two interfund transfers already budgeted for 2025–26: $900,000 to the Facilities Repair & Replacement Program (FERP) and $1.2 million to the Capital Improvement Plan (CIP). Officials said the FERP is for major maintenance projects (roofs, HVAC, turf) while routine maintenance remains funded in the general fund.
During discussion trustees asked how reserves and transfers interplay with planned projects such as the proposed pool. Administrators said the district's fund balance gives flexibility for staged projects or for pursuing a bond to finance larger initiatives; staff stressed the transfers are budgeted and part of multiyear projections.
All presented finance items were approved by roll-call votes. The district will proceed to the county and state reporting steps and to the external audit fieldwork scheduled for November, with a final audited presentation in January 2026.
