Los Gatos Union School District board approves 2024–25 first interim budget; projects $58M revenue, $61M spending

The Los Gatos Union School District Board of Trustees on Tuesday approved the district's First Interim financial report for the 2024'25 school year, a routine but consequential review of revenues, expenditures and multi-year projections.

Chief Business Official Teresa Fiscus told the board the report reflects budget changes through Oct. 31 and shows projected revenues of "approximately 58,000,000" and annual expenditures of about $61,000,000. She said 74% of revenue comes from LCFF and local property taxes, with a parcel tax contributing roughly $3.3 million. "Eighty-six percent of our budget is spent on people," Fiscus said, noting the district's staffing-heavy cost profile.

The report highlighted several technical changes that affected the first interim numbers: grant carryover entries, reclassification of some capital outlay into materials and supplies, and updates from the district's position-control system that adjusted salary projections. Fiscus also warned that a large CalSTRS booking entry shows on the state revenue slide but is an offsetting accounting entry rather than new cash.

Board members asked clarifying questions about one-time state funds, interest revenue assumptions, and how staffing variances are calculated. Fiscus said the revenue projection for interest was conservative and that staffing variances reflect carryover, retirements and the differences between outgoing and newly hired employees' compensation.

Trustees moved to adopt the First Interim Report, and the motion passed unanimously.

The district will prepare the Second Interim Report after the governor's budget presentation in January and will update property tax estimates. Fiscus recommended approval to meet the state deadlines for filing interim reports with the California Department of Education.