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Gilroy Unified board adopts 2024–25 budget; finance staff warns of tight reserves and sensitivity to COLA shifts
Summary
The board adopted the 2024–25 general fund budget after a presentation that highlighted updated state budget activity, revised COLA assumptions, inclusion of a Mount Madonna equity multiplier, and a constrained budget where roughly 88% of unrestricted expenditures are salaries and benefits.
District finance staff reviewed the changes between the May 30 public‑hearing budget and the version presented for adoption on June 13. Staff noted that Assembly Bill 107 had reached the governor and that trailer bills will follow; those actions could prompt a budget revision in August. The presentation highlighted revised cost‑of‑living assumptions, the addition of an equity multiplier for Mount Madonna High School, and minor LCFF calculator adjustments.
Mr. Mason explained the district’s financial picture: roughly 88% of unrestricted expenditures are in salaries and benefits, leaving about 12% for other costs. Staff presented a multi‑year projection that uses a conservative approach to future COLA estimates and a plan to maintain a 10% minimum reserve (driven by local policy and Proposition 2 requirements). Current projections showed a near‑term deficit of about $1 million, which the presenter said could change with state actions and subsequent budget updates.
After discussion, the board moved, seconded and adopted the 2024–25 budget. Staff said any material changes after the governor’s action will come back to the board in the first August meeting as a budget revision.
Key figures: the presentation cited total general‑fund revenues of $167.5 million for 2024–25 and described a multi‑year projection that is sensitive to 1 percentage point differences in COLA assumptions. The board approved the budget unanimously.
