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Mill Valley trustees approve unaudited actuals showing $6.5M deficit; district stresses reserve progress
Summary
Board approved unaudited actuals showing roughly $55 million in revenues and $61 million in expenditures, closing the year about $6.5 million in the red and reaffirming a district reserve policy target around 25–30 percent; staff said most spending is committed to salaries and benefits.
The Mill Valley School District board approved its unaudited actuals for the fiscal year at the Sept. 10 meeting, formalizing figures staff presented earlier in the evening.
An agency presenter explained the district recorded about $55 million in revenues and roughly $61 million in expenditures, producing a closing deficit of approximately $6.5 million (better than an earlier projection of about $7 million). Staff emphasized that roughly 78–81% of the district's budget supports salaries and benefits and noted that many personnel expenses are contractually committed, limiting mid‑year reductions.
Staff told trustees the district is primarily locally funded, with parcel tax and local revenues making up a substantial portion of the revenue mix; in the current presentation parcel tax and local funds comprised a notable share (speaker gave a rough breakdown including parcel tax at about 21–22%).
The budget advisory committee and district staff highlighted steps to narrow historical swings in closing balances and discussed a minimum reserve policy. The committee established a minimum reserve target of 25% (state average for similar districts was cited as 31%) and the district said its internal target was 30%; the district reported an ending reserve figure near 23.53% at the time of the presentation.
Trustees voted to approve the unaudited actuals by voice vote. Staff said independent auditors will provide a report in December and the district will post its first interim snapshot covering July to October to show the current fiscal position.
Trustees and speakers stressed transparency and the difficulty of making mid‑year cuts given most costs are fixed by personnel contracts. The district will continue to monitor multi‑year projections and adjust assumptions each interim reporting cycle.
