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Board accepts 2023–24 unaudited actuals; staff flags $2.7M positive variance and grant revenue
Summary
District finance staff reported a $2.7 million increase to ending fund balance (to $35.8M) for 2023–24, citing late Lottery, Golden State Pathways and federal connectivity funds; the board approved the unaudited actuals and budget revisions.
District finance staff presented the Palos Verdes Peninsula Unified School District’s 2023–24 unaudited actuals at the Sept. 11 board meeting and asked the board to approve associated budget revisions for 2024–25.
Staff explained the district ended the year with a $2.7 million positive variance to projections: $800,000 on the unrestricted side (including site carryover) and $1.9 million in additional restricted funds driven largely by a $1.7 million Golden State Pathways grant. Staff also noted late lottery adjustments and approximately $400,000 in federal emergency connectivity funds that flowed to the district and were used to buy Chromebooks.
"The unaudited actuals represent our actual operating results for the prior fiscal year," a finance presenter said, describing the required state and county filing timeline and next steps in the budget cycle. Staff said auditors were onsite this week and that the formal audit report will follow in December.
The board approved the unaudited actuals and associated BA revisions (motion passed 5-0). Staff outlined planned site budget updates, cafeteria infrastructure spending plans tied to fund 13 grant revenues, and next steps including the 24-25 interim report and the 23-24 independent audit.
Board members asked clarifying questions about carryovers, restricted vs. unrestricted balances and the planned spending of cafeteria funds; staff reiterated restrictions on use of certain funds and noted grant-specific spending plans.
