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Board approves second interim financial report with positive certification; staff says district is on a "soft landing"
Summary
Finance staff presented the 2024–25 second interim report, noting modest revenue and expenditure changes and a planned multiyear outlook described as a "soft landing" from one‑time funds; trustees approved a positive certification by roll call.
Chief financial staff presented the district's 2024–25 second interim financial report and recommended a positive certification. The presentation explained that the report accounts for activity between Nov. 1 and Jan. 31, includes multiyear forecasts and showed small revisions since the first interim: an approximate $800,000 increase in revenues (chiefly federal and state aid adjustments) and about a $900,000 increase in expenditures largely in staffing.
Presenter Jeff Trader (district finance) described a multiyear projection that reflects the drawdown of one‑time funds and said the district expects an orderly "soft landing" as temporary revenue sources decline. He noted the unrestricted ending fund balance was designed to remain stable as a percentage of expenditures, and the district currently meets recommended reserve guidance.
Trustees asked clarifying questions about routine restricted maintenance percentages, the Estancia Theatre transfers, and reserves in light of Measure F expenditures. Trader explained the difference between facilities fund transfers and routine restricted maintenance and said the district is addressing maintenance backlog while aligning reserve policy with guidance from the Legislative Analyst's Office and other benchmarks.
After discussion, the board moved and adopted the second interim report and its positive certification by roll‑call vote (7 yes, 0 no).
