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District auditors give clean opinion; board approves bond refinancing and measure M issuance steps
Summary
The board reviewed 2024–25 unaudited actuals showing a combined fund balance of about $106.8 million, accepted the independent audit and approved a bond refunding expected to save roughly $2 million; trustees also voted to reauthorize Measure M issuance paperwork to allow sale in early November.
Pajaro Valley Unified’s finance presentation on Sept. 10 painted a stronger picture than some community members expected, prompting a mix of relief and sharper questions from union leaders pressing for restored student supports.
Consultant Douglas Kryer presented the district’s 2024–25 unaudited actuals, reporting an ending combined fund balance of roughly $106.8 million and a modest unrestricted surplus on the general fund. Key line items included property‑tax receipts of about $102.6 million and a district average daily attendance near 13,700 (the district was funded on a higher prior‑year average). Kryer and staff said most programs were self‑sustaining, with some federal and categorical funds carried over for multiyear expenditure plans.
Following the financial review, the board accepted the independent 2023–24 audited financial statements and the Measure L performance audit after auditors reported a clean opinion on the financial statements and the bond fund. Auditors noted routine internal‑control testing and procedural findings related to timing of fiscal close processes, but no material misstatements.
On capital finance, bond counsel presented a refunding of an older Measure L series that is expected to generate about $2 million in net present‑value savings for taxpayers; trustees approved the refinancing resolution. The board also reauthorized paperwork and updated documents needed to sell Measure M general‑obligation bonds (new money from the 2024 election), noting the district had been holding sale paperwork until the annual audit was completed. If market conditions permit, Measure M proceeds could be available in early November.
Union representatives used the budget presentation to press for restoration of counselor and program positions, citing prior years’ savings and asking why more of the available funds were not redirected to student supports. “The money is there,” the PVFT speaker said, urging the board to use reserves to restore positions.
Personnel: trustees approved the contract for a new interim chief business officer, Herardo Castillo, to begin Oct. 1, 2025, on a pro‑rated $229,000 salary; trustees amended the contract language about district‑paid medical costs to match the parties’ public understanding before voting.
Next steps: auditors will complete the fall independent audit cycle and the district will monitor market conditions for Measure M issuance. The board asked administration to continue providing more detailed budget breakdowns in response to public questions about legal fees, staffing cuts and possible reallocation of one‑time savings.
