Treasurer reports $101.6M expenditures, BAN sale and plan to recognize deficit in 2025'26 statements

District Treasurer Mr. Belmonte told the Board that total expenditures to date as of March 31 were $101.6 million, with $40.1 million encumbered and $6.883 million unencumbered.

Belmonte said the district received special-act legislation to fund the deficit arising from the 2024'25 and 2025'26 years and that, per controller guidance, the district must recognize the 2025'26 deficit in its financial statements so the Controller's office can certify the number. "We will be showing that deficit and that is a requirement of the controller's office in order for them to certify," he said.

Belmonte reported the district sold its bond anticipation notes that day despite buyer withdrawals after the budget defeat; he said the sale achieved a net effective interest cost of 4.03% with a coupon rate of approximately 4.5%. "We were able to get the bands sold at a very favorable interest rate," he said.

Other fund reports were described as balanced: cafeteria and federal funds showed no negatives, and the treasurer said all bank accounts had been reconciled with a total cash balance reported as over $17.1 million. Board members asked for clarifications about transfers between budget codes (not transfers out of reserves) and requested a clearer presentation as the district begins to reflect year-end accruals in June.

Belmonte said the audited financial statements will show the accumulated deficit from prior and current years, and that the Controller's office certifies its figure from the district's audited statements. The board scheduled additional reporting and a public presentation at a forthcoming special meeting.