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District finance report: board hears CFD and reserve updates; first interim budget approved
Summary
CFO Gabe updated trustees on Community Facilities District reports and the district's first interim budget: CFD‑2 has a fund balance sufficient to consider paying off certificates of participation and materially reduce CFD‑2 taxes; the district adopted the 2025‑26 First Interim showing combined revenue ~ $86M and a projected general‑fund deficit of about $2.5M.
The Travis Unified board on Nov. 18 received a financial update from district staff and approved the 2025‑26 First Interim budget.
Gabe (S6) briefed the board on annual special‑tax reports for Community Facilities Districts (CFDs). He said CFD‑2 started the year with about $12 million and ended near $13 million and that the district is working with financial consultants to use the balance to retire certificates of participation (COPs). He said paying off roughly $13 million in COPs would remove most of the interest burden and could considerably reduce or — in an optimistic scenario — eliminate CFD‑2 taxation next year; he said CFD‑1 is less able to generate surplus to retire its debt because it largely brings in just enough to meet annual debt service.
The board discussed how those CFD developments relate to the Gold Ridge property conversation and whether sales proceeds are necessary to resolve tax impacts; staff said CFD‑2 payoff looks promising and will inform next‑month discussions on property strategy.
On the general fund, Gabe presented the First Interim: combined revenue approximately $86 million, LCFF roughly $66.5 million, and enrollment reported down by 32 students from prior estimates. He said total projected expenditures are about $88.7 million and that the district anticipates a combined general‑fund deficit of about $2.5 million (unrestricted ~$900,000; restricted ~$1.6 million). He said the district’s ending unrestricted reserve (excluding Fund 17) is about $16.34 million and explained Fund 17 holds roughly $3.3 million assigned for a future math adoption and technology refresh; the board discussed the timing of those expenditures and the tradeoffs inherent in assigned reserves.
Trustees voted to adopt the First Interim as presented. Gabe told the board he expects additional clarity from state budget actions in January and will return with audit and bond reports as available.
The board asked staff to present CFD updates on old business at the next meeting and requested ongoing transparency about bond and CFD expenditures.
