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CUSD first‑interim report: county tax estimates cut revenue projection by ~$605,000; reserve forecast at 4.31%
Summary
The 2024–25 First Interim shows a $991,000 reduction in projected revenues driven largely by a $605,000 drop in county property‑tax estimates; the board approved the report after discussion and requests to invite the county assessor to explain the change.
The Carpinteria Unified School District board on Nov. 26 received and approved its 2024–25 First Interim financial report, which shows a roughly $991,000 reduction in projected revenues compared with the adopted budget and a projected year‑end shortfall of about $396,000 for 24–25.
Jason Caff, the district presenter, said the change is primarily driven by updated P‑1 property‑tax estimates from Santa Barbara County. "At P‑1, we are estimating that our property taxes are gonna come in at about $31,400,000," he said, reflecting a drop of roughly $605,000 from the budget adoption projection. The presentation also noted a reduction of approximately $179,000 in ELOP (after‑school) funding due to state rule changes and an added K–16 CTE grant of about $133,000.
After netting the revenue reductions and expenditure adjustments (including carryovers from prior‑year grant funds and some unanticipated repair costs), the district projected an ending general‑fund reserve of about 4.31% for 2024–25 — above the 3% statutory minimum but below the board’s internal policy target. Caff cautioned that multiyear projections are sensitive to property‑tax assumptions and other variables and that negotiated salary increases are not reflected because negotiations are not finalized.
Board members pressed for clarity about the county’s revision of property‑tax growth assumptions (from roughly 7% at budget adoption to 5% in the P‑1 estimate) and requested a presentation from the Santa Barbara County Assessor’s Office to explain the change.
Votes at the meeting: After public comment, the board moved, seconded and approved the First Interim report by voice vote.
Why it matters: The First Interim’s lower revenue projections reduce the district’s short-term fiscal cushion and will inform spring budget decisions, negotiations and possible adjustments to spending or reserves.
Related items approved at the same meeting: the board also approved consent items including renewal of Lexia Core5 ($22,100), acceptance of multiple donations and grants (including the $80,000 CHS CTE grant and $46,500 for middle‑school programming), warrants totaling $805,721.90, a $42,119.31 van purchase and a finalized sale agreement of the Baylard property for $4.2 million (Measure U revenue).
