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Board approves FY 2023–24 unaudited actuals; staff say long‑term fiscal outlook unchanged
Summary
The board voted to accept the district's FY 2023–24 unaudited actuals after a detailed presentation from business staff. Presentation showed a larger ending fund balance driven largely by one‑time and restricted items; staff said the district still faces structural deficits and must tighten controls and update the fiscal stabilization plan.
The San Francisco Board of Education on Oct. 8 approved the district’s unaudited actuals for fiscal year 2023–24 after receiving a presentation from Associate Superintendent for Business Dr. Huntoon and Chief Financial Officer Jackie Chen.
Dr. Huntoon and Chen described an improved ending fund balance driven in part by higher local revenue, interest and one‑time items that increased the district’s reported ending fund balance. Chen reported an ending combined fund balance of approximately $469,000,000 with restricted and committed amounts earmarked for programs, reserves and system implementation; the county fund ending balance was reported at about $13,000,000.
Officials cautioned the board that much of the improvement reflected one‑time or non‑cash entries and restricted funds that cannot be used for ongoing obligations. "The long‑term fiscal outlook remains unchanged," Dr. Huntoon said, noting continued enrollment declines and the need to update the fiscal stabilization plan. Staff outlined steps including a desk audit with city partners, an internal‑audit function, improved cross‑departmental review of special‑education finances and an ERP rollout to improve monitoring.
Board members pressed staff on the "pendulum" between estimated and unaudited actuals — a year‑end variance the presentation quantified as roughly $39 million — and on whether past variances masked service gaps. State advisers told the board the unaudited actuals do not remove the district’s structural deficit and that additional work remains to reconcile restricted funds and ensure accurate multiyear projections.
The board approved the unaudited actuals on a roll‑call vote. Commissioners also directed staff to use the unaudited actuals as a data point to update the district’s fiscal stabilization plan for submission in December and to continue monitoring and reporting to the board.
