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District reports higher‑than‑expected 2023–24 revenues and a stronger ending fund balance
Summary
Finance staff presented the unaudited actuals for FY 2023–24: revenues exceeded estimates while expenditures were higher mainly from salary increases; the result was an increased ending fund balance and carryovers to restricted programs, with staff planning a five‑year budget stabilization strategy to present at the December interim report.
The Orange Unified School District presented unaudited actual financial results for fiscal year 2023–24 and an updated 2024–25 revised budget framework.
Fiscal staff said general‑fund revenues came in approximately $2.6 million higher than the June estimates while expenditures exceeded estimates by about $13.7 million, primarily driven by salary increases that became effective June 30, 2024. Despite higher expenditures, the combined ending fund balance increased—staff reported an increase of roughly $30.9 million leading to an ending general fund balance near $151 million and a total combined fund balance of about $216.6 million when restricted program balances and carryovers are included.
Staff outlined that restricted program balances (including ESSER and other one‑time funds) will carry forward and that business services will prepare a five‑year budget stabilization plan addressing revenue enhancements, expense reductions and one‑time reserve use; staff will present the first interim report in December. The board approved acceptance of the unaudited actuals as presented.
