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Board approves unaudited 2023–24 financials; reserves cited just under 12%
Summary
Finance staff reported a $3.1 million surplus in 2023–24 with ending reserves just under 12%; the board approved the unaudited actuals and discussed reserve sensitivity if restricted positions are moved into the general fund.
District finance staff presented the unaudited actuals for fiscal year 2023–24, reporting a beginning general fund balance of about $21 million, revenues near $57 million and expenses around $54 million, producing an approximately $3.1 million surplus.
The presenter said the district’s ending reserves were "just under 12%" after accounting for carryover and one-time adjustments. Staff noted $1.8 million in positions currently funded by restricted funds; if those positions were moved into the general fund, the reserve level would fall to an estimated 8.5 percent. The presentation also reviewed LCFF revenue components, a prior-year adjustment of roughly $181,000, and several one-time and carryover items affecting the year-end position.
Finance staff walked the board through fund-level balances (child development, cafeteria, bond fund and others), capitalized project summaries and the effect of timing on multi-year projects. Board members asked for and were promised additional breakdowns of capital and operating encumbrances and of transfers between funds.
After discussion the board moved, seconded and approved the unaudited 2023–24 financial report and any necessary updates to the 2024–25 budget by voice vote.
