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Inglewood Unified reports $12.9 million better-than-expected reserves after closing 2024-25 books
Summary
Chief Business Official Raphael Guzman told the board the district closed 2024-25 with $83.4 million in reserves, $12.9 million higher than estimated actuals, driven by revenue adjustments and reclassification of funds; he warned deficit spending is projected in 2025-26 and a fiscal stabilization plan will follow.
Raphael Guzman, assistant superintendent of business services and chief business official, presented the district's 2024-25 unaudited actuals and cash-flow picture, telling the board "we actually are at 83.4, which is a $12.9 million difference, meaning we are better by $12.9 million." Guzman said the improvement resulted mainly from accounting reclassifications that moved expenditures from unrestricted to restricted funds, higher fair-market-value recognitions and some revenue increases.
Guzman noted major components: approximately $4.9 million of additional revenues driven in part by lottery and local receipts, and about $13.4 million lower expenditures than projected. He highlighted the distinction between restricted and unrestricted funds and said the district will present a fiscal stabilization plan ahead of the December first-interim report because 2025-26 still shows projected deficit spending.
Board members asked questions about employee benefits and comparative compensation. Guzman said benefit costs in the county rank relatively high while salaries are comparatively low, and he described limitations in offering options that trade salary for benefits under current collective bargaining and Affordable Care Act thresholds.
Guzman also summarized fund balances (ASB ~$57,000; adult ed ~$981,000; child development ~$1.6M; food services ~$4.6M) and said the bond fund balance reflects a recent issuance. He recommended ongoing monitoring of enrollment, ADA and bargaining impacts as the district prepares the first-interim budget.
