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Board adopts 2024–25 unaudited actuals showing deficit spending and healthy reserves
Summary
The board approved the district's unaudited 2024–25 actuals: revenues of about $62.8M, expenditures of about $65.3M (deficit spending), and unrestricted reserves of roughly $8.9M (13.62% of expenditures). Special education required a district contribution; auditors will review the books later this year.
The Benicia Unified School District board reviewed and adopted the district’s unaudited actuals for fiscal year 2024–25 at the Sept. 19 meeting.
CBO Georgina Barrington reported revenues of roughly $62.8 million (unrestricted approximately $52 million, restricted about $11 million) and expenditures of about $65.3 million, producing deficit spending for the fiscal year. Barrington said the district ended the year with unrestricted available reserves of about $8.9 million, or 13.62% of total expenditures, above the board’s policy and state minimums.
She explained restricted funds must be used only for designated programs and cited several timing and accounting items that affected the unaudited results: changes in P2 attendance reporting reduced LCFF revenue from earlier estimates; some restricted revenues (CTIG) cannot be recognized until expenditures occur; and a solar loan payment had been advanced in a prior year and adjusted in the account. Barrington said about 88.2% of total spending funds salaries and benefits.
The board moved and approved the unaudited actuals; the district’s audit firm, James Marta & Company, will perform an audit later in the fall and present the audited financial statements in early 2026.
What happens next: After the district's formal audit, any audit findings would be reported and the board will consider the audited report when presented.
