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Fallbrook reports a modest surplus in 2023–24 unaudited actuals; Impact Aid boosted revenues
Summary
District financial staff reported that 2023–24 unaudited actual revenues exceeded expenditures by about $2.6 million. The presentation noted $7.3 million in Impact Aid for 2023–24 and an additional $3.2 million received for prior years; restricted carryover balances and one-time funds account for much of the change.
District financial staff presented the 2023–24 unaudited actuals to the board and recommended approval. Staff said revenues exceeded expenditures by roughly $2.6 million compared with earlier estimates, noting that the district received $7.3 million in Impact Aid for the 2023–24 year and an additional $3.2 million in payments for prior years. Staff cautioned that the additional Impact Aid was one-time revenue and should not be treated as ongoing funding for recurring expenses.
The presentation explained that restricted carryover balances—approximately $10 million—reflect unspent one-time funds such as learning recovery grants, arts and instructional block grants, and Extended Learning Opportunity (ELO) funds. Staff described moves between budget categories (for example, posting restricted ending balances to materials and supplies in the next fiscal year) and outlined steps for upcoming interim reports and the budget cycle, including a first interim report in December and a second interim before March 15.
Trustees thanked staff for the positive report and approved the unaudited actuals financial report, including designations, commitments and assignments of ending fund balances. Board members asked clarifying questions about which funds were one-time versus ongoing and requested future presentations explaining the Gann limit and strategic reserves in greater detail.
