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Arcadia Unified approves 2nd interim financial report, projects multimillion-dollar gap
Summary
The Arcadia Unified board approved a 2nd interim financial report and positive certification despite a projected revenue decline tied to 44 fewer students and a projected deficit that widens the district's change in fund balance by about $13 million.
Arcadia Unified School District trustees voted unanimously Tuesday to approve the district's 2nd interim financial statement and a positive certification for the current year and two out years.
Finance presenter David Bong told the board that the district's Local Control Funding Formula revenue fell slightly after projected enrollment decreased by 44 students, a change partially offset by roughly $100,000 in additional home-to-school transportation reimbursement. "We started the year with $56,000,000" in beginning fund balance and project total revenue of $149,000,000 against expenditures of $162,000,000, Bong said, producing a projected $12,000,000 deficit and a net projected change in fund balance of about $13,000,000.
Bong showed the district remains above the 3 percent unrestricted reserve target (he cited a 5.6 percent position) and described the changes since the 1st interim as "very minor adjustments" driven primarily by revenue. Board members asked questions about attendance and enrollment projections; Vice President Chavez thanked staff for the detailed work. A motion to approve the 2nd interim report carried 5–0.
The approval authorizes the district to proceed with the budget projections presented at the meeting; Bong said staff will continue monitoring expenses and enrollment and will bring updates as projections change.
