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District projects multi‑year deficits; board certifies second interim report
Summary
Assistant Superintendent Matthew Slusser reported a second interim showing FY24–25 projected revenue of about $310.9M against expenditures of about $318.9M, producing an approximate $7.4M deficit this year and larger deficits projected in years two and three of the multi‑year plan; the board approved the second interim report 3–0.
The Anaheim Elementary School District board on March 12 received and certified the 2024–25 second interim financial report after a presentation by Assistant Superintendent Matthew Slusser.
Slusser described the second interim as a summary of revenues and expenditures through Jan. 31, 2025, and a projection for the remainder of the fiscal year and the subsequent two years. He reported first‑look revenue of roughly $310.9 million and projected expenditures near $318.9 million for the current year, producing an approximate $7.4 million projected deficit for 2024–25. Multi‑year projections showed larger projected deficits in years two and three, with ending fund balances declining from a beginning balance under $92 million to an estimated $84.6 million at year‑end and continuing downward under current assumptions.
Slusser cited key drivers: enrollment and ADA differences (funding based on a three‑year average; funded ADA ~13,700 vs actual ~12,800), increases in pension rates (STRS/PERS), constrained categorical and restricted program funding adjustments, and reliance on one‑time funds in prior years. He said LCFF is the largest revenue source (reported as roughly $218.6 million), with state revenue (~$68 million) and federal revenue (~$16.6 million) following.
Board members asked about federal funding and one‑time monies; Slusser said the district receives about $16–17 million annually in federal funds and monitors potential cuts while exploring alternative funding. A motion to approve the second interim report and positive certification passed by voice vote (3–0).
Next steps: the district will continue budget advisory committee work, await the governor’s May budget proposal for 2025–26 information, hold a public hearing and adopt the budget in June, and return with the estimated actuals and 2025–26 budget information.
