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Santa Maria‑Bonita board approves 2024–25 unaudited actuals as district seeks CEA waiver
Summary
Board approved the district's 2024–25 unaudited financial statements, recording a $38.8 million drawdown in fund balance tied largely to one‑time restricted spending; staff said the district has applied to the county for an exemption from the Current Expense of Education (CEA) threshold.
The Santa Maria‑Bonita School District Board on Sept. 10 voted to approve the district's 2024–25 unaudited actuals and forward a positive certification to the county superintendent of schools.
Mr. King, the district's finance presenter, summarized the year and said, “for the year, our revenue is $359,200,000,” and that the district recorded a net decrease in fund balance of $38,800,000 tied to one‑time spending. He pointed to restricted education recovery dollars and the solar project as the main drivers of the deficit spending.
The presentation explained that the Current Expense of Education (CEA) calculation — a state accounting form intended to show the percentage of spending devoted to classroom instruction — is an older measure that the district did not meet for 2024–25. Staff told the board the district has submitted a waiver application to the county, noting that one‑time funds and differing accounting treatments for certain salaries and programs make the CEA calculation harder to meet under current rules.
Trustees asked about comparisons to similar districts and whether the decline in fund balance indicated structural problems. Mr. King said the district had received significant one‑time funds in recent years and that some of the decline represents spending those funds as intended. He also said he had not completed a cross‑district comparison but offered to work with trustees on benchmarking.
The board approved the unaudited actuals by roll call and directed staff to forward the positive certification required by county procedures. The vote carried with board members recording aye votes; no opposition was recorded.
Next steps: staff will await the county's response on the district's CEA exemption request and will return with updates and any audit findings once the formal audit is complete.
