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District files 24-25 unaudited actuals; transfer narrows projected deficit
Summary
Lori and finance staff presented the district's 2024-25 unaudited actuals, reporting a transfer of about $3.6 million from Fund 140 that narrowed an estimated $8 million deficit to roughly $4 million and leaving the district with restricted spend-downs and continued focus on reserves and one-time funds.
District finance staff presented the 2024-25 unaudited actuals and a summary of revenues, expenditures and fund balances. The board voted to authorize filing the unaudited actuals with the Ventura County Office of Education.
Key figures presented by district staff: LCFF and combined fund revenues totaled about $105.8 million; the district recorded transfers (including a roughly $3.6 million transfer from Fund 140) to balance multi-year projections. Staff said unrestricted fund balance increased by about $1.2 million after transfers while restricted reserves declined by about $5.4 million, largely from one-time COVID/LE funds that were expended. The district's reported ending combined fund balances were described in the presentation and staff explained assignments for textbooks, software and facilities obligations.
Finance staff noted the district had planned for a larger deficit but ended the unaudited year in a better position than originally projected because of stronger-than-expected interest earnings, spending delays that moved expenditures into the next year, and salary/staffing outcomes. Trustees asked detailed questions about which revenues were one-time versus recurring and about the risk of federal funding reductions; staff agreed to share a parsed revenue book that identifies one-time versus recurring funds and to continue budget work ahead of the first interim report.
Trustees discussed reserves policy: the board has a historical target figure (referenced in the discussion as ~17%) and the statutory minimum of a 3% economic reserve. Trustees indicated a desire to revisit the board's reserve policy and to continue making conservative budgeting choices.
The board approved the motion to file the unaudited actuals (recorded vote: unanimous). Staff will continue to prepare the multi-year projection and interim budget reports.
