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TUSD board approves 2024–25 unaudited actuals after budget presentation and questions about reserves
Summary
After a presentation on unaudited 2024–25 financial statements that showed a roughly $5 million favorable variance largely from accounting adjustments and timing of committed reserves, the Torrance Unified board approved the unaudited actuals and revisions to the 2025–26 ending fund balance.
Torrance Unified School District's finance staff presented the district's unaudited actual financial statements for fiscal year 2024–25 at the Sept. 8 board meeting and recommended board approval of the unaudited results and revisions to the 2025–26 ending fund balance.
The presentation explained that the district finished the year about $5 million more favorable than the adopted estimate. Staff identified three main drivers: accounting adjustments required by auditors (a GASB 31 fair-value adjustment related to cash invested with the county treasurer), timing differences in committed reserves (projects not yet expensed by June 30), and differences in the district's projected spending. Finance staff noted the extra funds in committed reserves will be spent for their intended purposes, including TK facilities work at Torrance and Carr Elementary and energy-efficiency upgrades related to solar shade structures at West and South High.
Trustees asked whether state or federal funding is at risk; staff said funds that had been temporarily held were ultimately distributed for the current federal fiscal year but cautioned that funding levels in the next federal budget could be threatened. On the state side, finance staff said the state Cost-of-Living Adjustment (COLA) appears fully funded in the currently enacted budget deal. Staff emphasized the district's reserves leave it well-positioned to adjust to revenue headwinds if they materialize.
After the presentation and questions, a board member moved and the board voted to approve item 10.1. The president announced the motion carried and recorded the adoption of the unaudited actuals.
Why it matters: Board approval of the unaudited actuals finalizes the district's reported results for 2024–25 and informs budget planning for 2025–26. Trustees pressed for clarity on federal funding risks and reserve policy as the district plans its interim reporting schedule.
