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Board approves 2023–24 unaudited actuals; business office outlines fund balances and $90M bond context
Summary
The board approved the district's unaudited 2023–24 actuals after a detailed presentation by the business office, which described modest revenue/expenditure variances, one-time grant sunsets, and Fund 35 state reimbursements tied to construction projects; staff also outlined how a proposed $90 million bond could leverage state reimbursements.
The Martinez Board approved the district’s unaudited actuals for fiscal year 2023–24 following a comprehensive presentation by Andy Cannon, chief business official.
Cannon summarized revenue and expenditures: unrestricted revenue rose about 1% and unrestricted expenditures increased roughly 3%, with a number of category shifts driven by transportation and special education accounting. He described a $1% combined revenue variance and said the district closed the year with smaller-than-expected deficit spending (about $600,000 rather than a projected $1.3 million). Cannon cautioned that several one‑time funding sources (including learning‑recovery and arts/music grants) will diminish over the next few years and that the district expects an unrestricted projected deficit of approximately $1.4 million for 2024–25 without expenditure reductions.
The presentation reviewed restricted fund balances and program-specific accounts: Expanded Learning/ELOP (~$600,000), anti-bias grant down from $200,000 to $60,000, and Proposition 28 funds remaining for arts/music. Cannon also explained Fund 35 (county school facilities reimbursements) history: the district submits project costs to the state and receives reimbursements that are rolled into Fund 35; those funds supported elementary rebuilds and are now being used for Morello Park and other projects. He said the proposed bond measure is for $90 million and that state reimbursements could contribute a portion of project funding if the bond is approved.
Board members asked clarifying questions about Fund 35 balances and how bond proceeds and state reimbursement interact. Cannon said fund timing means the district often completes projects using bond funds and later receives state reimbursement that replenishes Fund 35. The board then moved to approve the unaudited actuals by voice vote.
