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District reports stronger-than-expected 2024-25 fund balance; board approves unaudited actuals
Summary
Director of fiscal services Nathan Chimera reported the district closed 2024-25 with an $58 million general-fund balance (above a $50 million projection), cited revenue gains and lower-than-expected expenditures, and the board approved the unaudited actuals and several routine fiscal motions.
Nathan Chimera, Beaumont Unified irector of fiscal services, presented the district'024-25 unaudited actuals at the Sept. 9 board meeting and said the district closed the year stronger than projected. Chimera said the district had projected an ending general-fund balance of about $50 million and closed the year at roughly $58 million; he attributed the difference to about $5 million in higher revenue and roughly $3 million in lower expenditures.
Chimera walked the board through revenue sources (LCFF, federal reimbursements, state revenue and local receipts), noting a small dip in local-control funding due to revised attendance (ADA) reports, offset by higher federal medical reimbursements and additional lottery and interest revenue. Across all funds, Chimera said Beaumont Unified recorded approximately $275 million in revenues and $252 million in expenditures, leaving an aggregate carry-in balance of about $139 million.
On reserves and commitments, Chimera noted the district meets the 3% state reserve requirement and maintains an additional local resolution reserve of 8.33%. He also described restricted balances for expanded learning and child nutrition projects and said some capital projects will complete in 2025-26 (including an expanded-learning construction ribbon-cutting scheduled for Sept. 29).
Board questions focused on fair-market-value tracking for county-held cash (an audit requirement) and a Delta Dental reimbursement that will be reinvested to offset district premium costs; Chimera explained the accounting treatment and noted outstanding reimbursements may still be expected.
Following the presentation, the board moved and approved the unaudited actuals (motion by Susie, seconded by Jeff). The board also approved a range of routine fiscal actions during the meeting, including Gann-limit calculations, change orders for kitchen construction, portable building bid awards and the award of a construction management services contract.
The board recorded its approvals and moved on to the remainder of the agenda; staff are expected to complete the capital projects and carry over designated restricted and assigned funds into 2025-26 as described in Chimera nd staff—omments.
