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Oversight committee hears FY 24-25 close: $4.7M interest revenue, $5.9M expenditures; ending fund balance $78.5M
Summary
Staff reported FY 24-25 revenue of $4,700,000 (driven by interest), total expenditures of $5,900,000, a beginning fund balance of $79,000,000 and an ending fund balance of $78,500,000; two-month FY 25-26 figures show $589,000 in expenditures and a current balance of $77,900,000.
Finance staff (S2) presented the committee with the Measure W fund close for fiscal year 2024-25 and preliminary two-month results for FY 2025-26.
"The revenue that we have is 4,700,000.0," staff said, attributing the figure largely to interest earned. For FY 24-25 staff reported total expenditures of "$5,900,000." The beginning fund balance was $79,000,000; after the year's activity staff calculated an ending fund balance of $78,500,000.
For the first two months of FY 25-26 (July'August), staff reported roughly $589,000 in expenditures (classified wages ~ $100,000; services/operating ~ $20,000; capital outlay $465,000) and an estimated ending fund balance of $77,900,000. Staff noted interest for FY 25-26 is received quarterly and had not yet been reflected in the two-month figures.
Committee members asked whether the "classified wages and benefits" line represents district employees or consultants and sought a clearer breakdown of how much of staff salaries are charged to bond funds versus other sources. Staff (S2) said consultants are not categorized under classified wages and agreed to provide a percentage breakdown of salary charges and the number of employees allocated to Measure W at the next meeting.
The committee accepted the financial update for review and asked staff to include vendor-level and monthly breakdowns (available in the board packet) and the requested staff-time allocation detail at the next meeting.
