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Carpinteria Unified approves second interim report showing $442,000 shortfall; reserve meets state minimum
Summary
The Carpinteria Unified School District board approved the 2024–25 second interim report March 11, projecting $40.7 million in revenues, $41.1 million in expenditures (a $442,000 shortfall) and a 4.29% reserve that exceeds the state 3% minimum. District staff tied most changes to restricted grants and donations and urged caution on unsettled labor costs.
The Carpinteria Unified School District board on March 11 approved the district's 2024'25 second interim financial report, which projects total revenues of roughly $40.7 million and expenditures of about $41.1 million, producing an overall projected deficit of $442,000 for the year.
Jason CF presented the report, noting the second interim captures actual revenues and expenses from July 1 through Jan. 31. "The second interim goes from July 1st through January 31st as far as actuals are concerned," Jason said when reviewing the reporting window, and he attributed much of the revenue increase to restricted grants and donations that must be spent for specified purposes.
The report shows nearly $499,000 in newly recorded restricted revenues (grants and donations), offsets to restricted expenditures, and a total general fund reserve of about 4.29%, which the presenter said meets the state'required 3% minimum. Jason summarized the district's position: the unrestricted undesignated fund balance above the 3% reserve is roughly $533,000, leaving limited wiggle room for unplanned costs.
Board members asked for clarification about restricted versus unrestricted funds and how projected costs for unsettled labor negotiations will be reflected. In response to questions, Jason repeated that projected out‑year property tax increases were conservative estimates and that any finalized costs from labor settlements would be incorporated when known. "These are projections," he said, "and once we settle [negotiations] these will look different."
The board voted to adopt the second interim report after the presentation and questions. The motion was made and seconded on the record; the roll call recorded voices in favor and the board chair announced the item passed.
Why it matters: State law requires districts to certify fiscal solvency at interim reporting checkpoints. A positive certification and a reserve at or above the 3% threshold allow the district to continue normal operations, but the modest margin above the minimum and unresolved labor costs mean the district has limited flexibility if major unplanned expenses arise.
What's next: The district will incorporate outcomes from ongoing labor negotiations into future budget updates; staff said multi‑year projections will be adjusted if negotiations produce increased salary or benefit costs.
