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Mountain View Whisman board accepts 2024–25 unaudited actuals amid concern over slowing assessed-value growth
Summary
Trustees voted unanimously Sept. 4 to accept the district—s 2024–25 unaudited actual financial report showing a $2.3 million increase in combined fund balance and a 39% reserve; presenters warned recent assessed-value (AV) growth is slowing and said trustees should expect midyear adjustments.
The Mountain View Whisman School District board unanimously approved the district—s 2024–25 unaudited actuals at its Sept. 4 meeting after presentations from Dr. Westover and Nadia Pongo.
Dr. Westover opened the presentation by noting the filing deadline: "So no later than September 15 of each year, the district's required to submit the unaudited actual financial report to sent the Santa Clara County Office of Education." He and Nadia Pongo outlined why estimated actuals filed in June can differ from unaudited actuals when year-end adjustments and accounting entries such as GASB 31 fair-market-value journal entries are included.
Pongo highlighted the numbers behind the differences, saying the district closed the books with a combined increase of about $2.3 million and presented a fund balance figure near $58 million with a reserve level reported at 39%. Presenters emphasized that some entries (for example the approximately $878,000 GASB 31 adjustment) do not represent cash coming in or out but must be shown on district books.
Trustees focused questions on revenue drivers and long-term projections: Westover explained that assessed value (AV) is the key revenue driver for this basic-aid district and that a recent update from the assessor—s office put AV growth well below historical averages. "When we ended the year on June 30, we ended at 2.77," he said, and added the more recent roll-corrected figure of AV growth was about "1.41%." Board members and staff said that lower AV growth compounds over time and will be factored into the first interim report in November.
Trustees asked for sensitivity analyses that show budget scenarios with and without the Google lease revenue, and they discussed next steps including updates to projections at first interim and further AV-focused briefings for the board.
After discussion and public comment, Trustee Conley moved to accept the unaudited actuals as presented; Trustee DeFazio seconded and the motion passed unanimously.
The board will receive the first interim budget report in November, when staff will present revised revenue and expenditure projections that reflect updated AV figures and early-year spending trends.
