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Unaudited 2023—24 actuals show stronger reserves; board approves transfers to reduce OPEB liability
Summary
Chief financial staff reported higher‑than‑budgeted restricted revenue (partly from CalSTRS entries), a $13.9M increase in unrestricted ending balance, restricted balances up $24.7M, and approved transfers including $10M from workers' comp and $11.2M to reduce OPEB liabilities; trustees praised improved reserve levels.
The Newport‑Mesa Unified School District board on Wednesday adopted the district's unaudited 2023—24 actuals, which district staff described as a strong financial year marked by increased reserves and targeted transfers to long‑term liabilities.
Chief financial staff said unrestricted revenue finished about 2.1% above budget, primarily from property tax and local support, while restricted revenue was notably higher…
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