Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the School Budget topic
No spam. Unsubscribe anytime.
Board approves 2024–25 unaudited actuals after staff report; district recoups TK funds on appeal
Summary
Finance staff presented PVPUSD’s 2024–25 unaudited actuals showing $2.5 million more in revenues than projected and a modest increase in expenditures; staff credited a successful appeal of a prior TK audit finding for restored state funds and noted carryover for site gifts and capital projects.
The Palos Verdes Peninsula Unified School District board approved its 2024–25 unaudited actuals on Sept. 10 after finance staff reviewed year‑end balances and closing adjustments.
Finance staff reported total general‑fund revenues were approximately $2.5 million higher than budgeted and expenditures rose by about $300,000, producing a roughly $2.1 million increase to the general‑fund ending balance. Staff flagged several accounting entries that affected year‑end revenue and expense presentation — including a fair‑market‑value entry for county‑treasury cash and an E‑rate (Category 2) journal entry that increased both revenues and expenditures without changing the unrestricted fund balance.
Staff also reported stronger-than-expected enterprise and community‑service program revenues (including preschool and community education), and approximately $600,000 in site gifts that will carry over into the 2025–26 site budgets. The presentation noted a restatement to the beginning fund balance related to a prior Golden State Pathways award adjustment.
Superintendent Dr. Serrano and finance staff cited a successful appeal of a prior transitional-kindergarten audit finding; that appeal restored funds the district previously expected to repay to the state, improving the final revenue figure. Staff noted minor corrections to salary line items that would be corrected before posting the final unaudited‑actuals document to the budget page on the district website.
After board discussion of E‑rate mechanics, parcel‑tax claim set‑asides and enterprise program results, members voted to approve the unaudited actuals. The district will send the approved report to the Los Angeles County Office of Education and the California Department of Education as required.
