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Board reviews 2023–24 unaudited actuals: $15M revenue variance, $91M lower expenditures and LCAP carryover
Summary
Staff presented the district’s 2023‑24 unaudited actuals showing a $15 million positive revenue variance, $91 million in unspent expenditures largely due to LCAP carryover ($53.9M), and a $33.6 million ending fund balance reserved for enrollment decline and capital projects.
The board reviewed the Corona‑Norco Unified School District’s unaudited 2023‑24 actuals, a year‑end accounting of revenue and expenditure activity, as required by Ed. Code 42100.
Staff told trustees the district recorded about a $15 million positive variance in revenues compared with prior estimates, driven primarily by higher interest income and redevelopment receipts. On expenditures, staff reported spending roughly $91 million less than estimated for fiscal 2023‑24; they said much of that amount — $53.9 million — represents LCAP carryover that will roll into 2024‑25.
The presenter walked the board through fund balances and committed reserves, noting a $33.6 million ending fund balance and a $21.8 million reserve set aside for enrollment‑decline contingencies. Other committed funds include $9 million reserved for future instructional material adoptions, security projects and classroom furniture refreshes; capital and Measure GG projects were presented in the outlay schedule.
Staff said auditors will perform the formal audit review in January and return to the board with the audited report. The board discussed evaluation mechanisms for restricted grants and asked staff to provide evidence and metrics where available, including LCAP reporting and grant performance measures.
No formal vote on the unaudited actuals was recorded in the presentation segment; the auditors will verify figures and present finalized results later this fiscal year.
