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Antioch Unified board approves $315 million in unaudited 2023-24 actuals, notes $88 million ending fund balance
Summary
The Antioch Unified School District board approved the district'023-24 unaudited actuals showing roughly $315 million in revenues, about $304 million in expenditures and an $88 million ending fund balance (about $58M restricted, $30.5M unrestricted); trustees flagged unspent capital projects and set follow-ups with auditors.
The Antioch Unified School District Board of Education on Sept. 24 approved the district'023-24 unaudited actuals, a state filing that records how the district closed the fiscal year through June 30, 2024.
Finance staff told trustees the district booked about $315 million in total revenues and roughly $304 million in expenditures for 2023-24, producing an approximate $4 million net increase to the general fund. Staff said higher-than-expected interest income accounted for part of the revenue uptick and that roughly $7 million in capital spending was pushed into the current year because major projects such as HVAC and the HBAC work were not complete by June 30.
"This is our presentation on the unaudited actuals and what that is is the actuals on how we ended the 2324 school year," a member of the finance team said during the presentation, explaining the forms compare prior budget estimates to actual results.
The staff presentation showed an ending fund balance of about $88 million with approximately $58 million restricted for grant and specific-program purposes and about $30.5 million unrestricted. Trustees asked for clarification about an unassigned balance of "just under a million" and about a $4 million assignment set aside to cover projected future deficits; staff said those assignments were planned to offset expected budget shortfalls in 2025-26 and 2026-27.
Trustees also pressed staff on the district ccounting treatment of unearned federal revenue such as ESSER and Title I funds. Finance staff explained that unspent federal dollars are recorded as unearned revenue and may be carried forward into the following year, but some grants (for example ESSER) have statutory spending deadlines.
The board approved the state unaudited actuals forms by voice vote and directed staff to return with audited figures and any adjustments after the independent audit is complete later this year.
Trustees and staff said the board will review audited updates in December to see how the final audit affects the current-year budget and to monitor timing of the capital projects and uses of assigned reserves.
