Board adopts 2024 25 unaudited actuals; district posts modest unrestricted fund increase

The Board approved the District's unaudited actuals for the 2024 25 fiscal year after a presentation from John Fogarty.

Fogarty told trustees revenues were projected at about $472 million at budget adoption and actual revenues came in around $474 million, approximately $2.3 million higher than budget mainly from greater interest earnings, some lottery receipts and additional facilities-use revenue. He said salary savings contributed about $3.1 million of lower-than-expected expenditures, yielding an increase in the unrestricted general fund ending balance of approximately $4.5 million (under 1% of the unrestricted budget).

On the restricted side, Fogarty said the District saw about $7.5 million in additional restricted receipts, including roughly $2.5 million in Expanded Learning Opportunities Program (ELOP) funds and a new mental-health grant of about $1.3 million. The presentation also highlighted capital and deferred maintenance timing changes (an estimated $7.2 million favorable shift linked to accelerated projects such as Oak Creek renovations and Stonegate Villas) and noted the student activity and other funds' balances for redistribution.

Trustees discussed the County School Facilities Fund (state reimbursement flows tied to bond issuances), deferred maintenance and Measure E project timing, and the ongoing underfunding of special education services that requires district general fund support. Fogarty said the unaudited actuals will be posted to the district website and that a formal audit will be completed by December 15 as required by law.

Outcome: Board approved the unaudited actuals for 2024 25; staff will post the budget book online and bring first interim budget revisions in December as required.