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Santa Cruz Valley Unified District approves FY2023–24 annual financial report
Summary
The Santa Cruz Valley Unified School District governing board approved its FY2023–24 annual financial report, which showed combined revenues up about 19% year‑over‑year and operating expenditures of roughly $25 million; the report detailed bond spending, federal COVID funds and grant carryovers.
The Santa Cruz Valley Unified School District governing board on Oct. 8 approved the district’s FY2023–24 annual financial report after a presentation from district finance staff.
The presenter told the board that operating fund revenues for the year came in at about $29,100,000 and the capital fund at about $2,300,000, a combined increase of roughly 19% from the prior year. Operating expenditures were presented at about $25,000,000, with 46% of that total dedicated to general instruction, 15% to special education and career‑technical education, 14% to administration, 15% to maintenance and security, 7% to transportation and roughly 1% to food service and bookstore operations.
The presenter also reviewed bond‑fund expenditures, noting $3,600,000 in bond spending for the year and an ending bond fund balance of about $1,300,000 as of June 30; the final bond project cited was the district’s aquatic center. On federal grants, the district reported capturing roughly $4,600,000 in federal grant dollars (including one‑time COVID funds), with approximately $1,300,000 in one‑time COVID revenue and about $1.2 million in related expenditures remaining for carryover into FY25. State grant revenue was reported at about $1,800,000 with $1.5 million in expenditures.
During board discussion, members asked about per‑student spending and the district’s higher‑than‑peer plant operations costs. The presenter explained shifts in how some payroll‑related costs were coded (greater use of purchase‑of‑service for outsourced substitutes in the prior year) and said in‑house substitutes should change those line items in the coming year. Board members asked for follow‑up detail on longevity stipend criteria and how unused classroom site funds are redistributed; the presenter said unspent base amounts are recalculated and redistributed to participating staff, while some grant categories restrict carryover and may require waivers to retain funds beyond statutory limits.
A motion to approve the FY2023–24 annual financial report was made and seconded; the board voted “aye” and the motion carried. The board received assurance that more detailed grant breakdowns will be presented at an upcoming meeting.
The approval closes the formal presentation requirement for the annual report; the board will revisit specific grant and bond project details in future agenda items as staff provides follow‑ups.
