Torrance Unified certifies improved second interim budget and creates fund to track property-exchange investment income

Torrance Unified trustees approved positive certification of the district's 2024-25 second interim budget after staff reported revenue improvements tied to higher attendance and an increased unduplicated pupil percentage (UPP).

A district fiscal presenter told trustees that P1 attendance certification and the UPP increase raised LCFF revenue projections and improved the district's funded COLA outlook. The presenter said the district still expects deficit spending this year and next but that projected deficits are smaller than reported at first interim because of the revenue changes; the report did not include any pending labor negotiation settlements.

Trustees moved and approved the positive certification by voice vote. The fiscal presenter also outlined fund-balance details, noting a third-year reserve percentage shown as 8.53 percent (described in the presentation as the dollar equivalent of about $20 million) and that committed funds and outstanding facility invoices would draw down reserves as projects proceed.

Separately, the board adopted Resolution AS14 D2425 to create a new fund for tracking investment income and losses tied to the Harmony property exchange, following an auditor recommendation and guidance from the Los Angeles County Office of Education. Mr. Diaz handled the resolution presentation; trustees adopted it by motion and voice vote.

The board also approved routine consent items, a slate of CSBA delegate assembly nominees and updates to board policies (the board waived second reading). Fiscal staff said they will return with adopted-budget numbers in June and brief the board on any impacts from the May revision to the Governor's budget or labor settlements.