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Ventura Unified posts small surplus in 2023-24 unaudited actuals; board approves report
Summary
The Ventura Unified board approved the district's 2023-24 unaudited actuals showing a net surplus of about $151,359, an unrestricted ending balance of roughly $24.4 million (about a 6% reserve) and key revenue shifts including higher lottery apportionments and a $1 million mental-health transfer from the county.
The Ventura Unified School District Board of Trustees on Sept. 10 approved the district's 2023-24 unaudited actuals, which staff said produced a modest net surplus of about $151,358.59.
Chief Business Officer Dr. Mirza told the board revenues differed from the estimated actuals in several places: Local Control Funding Formula allocations rose by roughly $199,000; state lottery and apportionment adjustments yielded about $1 million more than expected; and the district received approximately $1 million in mental-health funds transferred from the county that originated in 2022-23. Federal ASES/federal asset funds were about $100,000 lower than budgeted, staff said.
Why it matters: the district's unrestricted ending fund balance was reported at about $24.4 million, which the presentation said equals roughly a 6% reserve for economic uncertainty. Dr. Mirza warned that while that reserve is higher than the state minimum, it covers only about a month of payroll and urged continued fiscal prudence as one-time funds diminish.
"Contributions actually decreased from what we were expecting at estimated actuals," Dr. Mirza said, describing a drop in general fund contributions required to cover programs that cannot self-sustain and noting that classified salaries and certain benefits showed significant year-over-year variance because of retiree incentives, overtime and vacation payouts.
On expenditures, staff said classified salaries had the largest variance (driven by retirements, extra hours/overtime and vacation payouts), while contracted services decreased where purchase orders did not materialize. The presentation also explained an accounting reclassification that moved a PARS (retiree incentive) vendor charge into benefits rather than contracted services, increasing benefits lines but reducing contracted-services expense.
The board voted to approve the unaudited actuals in a roll-call vote reported as 5-0.
Next steps: staff will present the first interim budget update this fall and the district's auditor will review the closed books and report any findings to the board in December.
