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Beaumont Unified trustees adopt 2024-25 budget and call November bond election to form SFID No. 1
Summary
Trustees adopted the 2024-25 budget with a positive certification after staff reported a 1.07% COLA increase (about $300,000) and multi-year projections; they also approved resolutions forming a school facilities improvement district and ordering a general obligation bond election for Nov. 5, 2024.
BEAUMONT, Calif.
At its June 11 meeting, the Beaumont Unified School District Board of Trustees adopted the proposed 2024-25 budget with a positive certification and approved resolutions to form School Facilities Improvement District No. 1 and call a general obligation bond election for Nov. 5, 2024.
District budget staff told trustees that the state cost-of-living adjustment (COLA) rose to 1.07% from the prior projection of 0.76%, adding roughly $300,000 to the district's figures. Staff said multi-year projections now show a projected ending balance in the third year of about $13.7 million, of which $8.1 million is unrestricted (about 3.47% of the total budget), slightly above the required 3% reserve for economic uncertainties.
"The COLA increased to 1.07% ... and for our district, that equates to approximately $300,000," the budget presenter told the board.
Trustees moved to adopt the budget with a positive certification and the motion carried 5-0.
In business services, staff opened a public hearing and described a final step in forming School Facilities Improvement District (SFID) No. 1. District staff explained they had initiated SFID formation at the May 21 meeting and were finalizing the process. Financial advisor Adam Bowers and bond counsel Reed Geiler were present to answer trustee questions.
No members of the public addressed the board during the SFID hearing; the board then adopted Resolution 2023-24-36 forming the SFIDs and Resolution 2023-24-37 calling a general obligation bond election within SFID No. 1 for Nov. 5, 2024. Both motions carried 5-0.
What happens next: The district will proceed with the bond-election timeline and related public notifications; further steps will follow standard election and bond counsel processes.
(Reporting is based on the district staff budget presentation and the staff-led SFID public hearing in the board meeting transcript.)
