Treasurer’s office presents unaudited 2023–24 actuals; board cautioned on reserves and restricted funds

Donna Castelli, administrative assistant for fiscal services, presented the district's unaudited actuals for the 2023–24 fiscal year and highlighted key assumptions and variances.

Castelli explained that LCFF (Local Control Funding Formula) is the district's primary revenue stream and reported LCFF revenue at $68,600,000 in the unaudited close. She said federal revenue came in at $2,400,000 and that the mix of state, federal and local funding includes both unrestricted and restricted streams; many grants carry rules and carryover periods. She emphasized the importance of the 3% reserve for economic uncertainties and warned that failure to maintain required reserves could trigger state fiscal oversight.

On expenditures Castelli gave a breakdown that included certificated salaries (~$37.2M), classified salaries (~$12.6M), books and supplies and operating costs. She explained that some variances are timing-related (projects spanning multiple years and restricted funds that will be expended in subsequent years).

Trustees used the discussion to emphasize the district's reliance on local property tax and the importance of Measure H for facilities. One trustee noted public misunderstanding about federal support levels; Castelli clarified federal funds are relatively small and largely restricted, which can create pressure on the general fund.

What happens next: the unaudited actuals will be used as the starting point for the 2024–25 budget; auditors will present the formal audit later in the year and staff will continue work to reduce deficit spending and maintain required reserves.