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Poway Unified presents 2024–25 unaudited actuals; unrestricted funds roughly break even, restricted carryovers top $33 million
Summary
Director of Finance Justine Galora told the Poway Unified board that the district closed 2024–25 with an almost break-even unrestricted general fund (a modest surplus of about $691,000) while restricted programs have roughly $33 million in carryover for multi-year grants and projects; board asked for tighter interim projections and committed to follow-up at first interim.
The Poway Unified School District on Thursday reported a nearly break-even result for its 2024–25 unrestricted general fund while limited-term, restricted programs produced large carryovers that officials said will be re‑budgeted into 2025–26.
Director of Finance Justine Galora told trustees the district’s unrestricted activity ended with a modest surplus—about $691,000—explained largely by site-level donations and unspent site allocations that will roll forward. At the same time she said restricted categorical programs and capital projects have an estimated $33 million in unspent balances that staff expect to carry into the current fiscal year for ongoing work, such as HVAC upgrades and expanded-learning grants.
“On the unrestricted side we essentially broke even,” Galora said, noting that if site carryovers and other encumbrances had been spent, the district would have reported a multi‑million-dollar deficit. On the restricted side she said year-to-year timing of state and federal funds produces the bulk of the carryover, where money is often received in one year and spent in a subsequent year.
Board members pressed staff for clarity about how much of the difference represented genuine savings versus timing and encumbrances. Trustee David Chang and others focused on an estimated $4.5 million in underspending that may represent real savings beyond routine carryovers; Galora said staff will run a post‑closing analysis and bring details at first interim.
Enrollment and attendance remain a central factor in the district’s near‑term finances. Finance staff reiterated that declining enrollment and a lower unduplicated pupil count reduce LCFF entitlement revenue and that recovering average daily attendance (ADA) is a priority: higher ADA generates per‑student revenue the district does not receive when students are absent.
Galora highlighted several restricted pots with notable carryover: the Expanded Learning Opportunities Program (ELOP), learning recovery emergency grants, and Proposition 28 arts funding. She said the state restored an ELOP reimbursement rate in late budget action, easing a projected 2025 hole and giving staff time to consider targeted uses for existing carryover to support attendance recovery and program continuity.
The board voted to approve the 2024–25 unaudited actual financial report after the presentation and questions (motion carries 6). Staff said they will return with the first interim report this December and with a facilities workshop later this month that will review capital funds and the planned use of special‑fund balances.
What’s next: Finance staff will produce the post‑closing analysis showing which variances are one‑time timing items and which can be considered structural savings. The board directed staff to bring more detailed multi‑year projections at first interim and to outline options for deploying restricted carryovers to serve students in the current year.
Votes at a glance: The board approved the 2024–25 unaudited actual financial report (motion carries 6).
