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Hermosa Beach schools report higher enrollment and unexpected local revenue in unaudited 2023–24 results
Summary
Finance staff reported enrollment at 1,417 (about a 6% increase) and an unexpected one-time local revenue uptick of $538,000 that lifted reserves to about 27%; multiyear projections keep the district solvent through 2027–28 under current assumptions.
The Hermosa Beach City School District presented its unaudited actuals for 2023–24, showing enrollment of 1,417 students as of Aug. 22 — roughly a 6% increase from the prior year — and an unexpected one-time local revenue gain of $538,000.
Miss Montalvo, presenting the unaudited actuals, said interest income and a stronger-than-expected fair-market valuation on county investments contributed to the revenue increase and noted an additional roughly $150,000 from lottery receipts. She highlighted a reserve balance of about 27% (compared to 25% without the one-time revenue) and said multiyear projections, which factor in recent labor settlements and enrollment assumptions, project fiscal solvency through fiscal year 2027–28.
Board members asked clarifying questions about the drivers of the one-time revenue, average daily attendance (noting funding is tied to students in seats) and the district’s plans for sustaining reserves. Staff said they will revisit the projections at the first interim reporting period and continue monitoring enrollment and attendance.
