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Board approves 2024–25 unaudited actuals showing $66 million deficit largely due to one-time capital projects
Summary
Trustees approved Stockton Unified’s 2024–25 unaudited actuals, which show a $66 million deficit for the year and an ending fund balance of $312 million. The administration attributed roughly $50 million of the deficit to one-time capital work (security cameras, HVAC/LED) and said most of that spending is nonrecurring; the measure passed 6–1 with Trustee Flores voting no.
Dr. Michelle Hun presented the district’s 2024–25 unaudited actuals to the board on Sept. 9 and described the financial picture that underlies multiple facilities and operational decisions.
Dr. Hun said the district closed the year with a $66 million deficit and an ending general-fund balance of $312 million (beginning balance $378 million). She attributed roughly $50 million of the deficit to one-time capital projects—security-camera upgrades and HVAC/LED work—and emphasized that those costs are not ongoing operating expenses.
The presentation also noted restricted-fund activity: about $5.5 million in restricted revenue was deferred into 2025–26 because the related spending had not yet occurred, while general revenues showed an increase of approximately $7 million largely from interest and other local sources.
Trustees pressed staff on how projected enrollment declines would affect the LCFF calculation and the budget; Dr. Hun and staff said they will use the upcoming October census and the first interim report to model impacts and review filled versus vacant positions. The board asked for a more detailed enrollment-impact analysis at the next budget meeting.
After discussion, trustees approved the unaudited actuals by roll call (6–1). Trusty Flores recorded the lone no vote.
The unaudited actuals package will be submitted to the county office of education as required; staff said they will return with first-interim projections that reflect census-day enrollment and position-level adjustments.
