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Board signs off on 2023–24 unaudited actuals; $35.16 million returned to state, reserves detailed
Summary
Deputy Superintendent Kevin Bultema presented the 2023–24 unaudited year-end closing report, confirming $35,158,097 was returned to the state and listing fund reserve balances including nearly $83 million in Fund 17 and $51.6 million in capital projects.
The San Mateo County Board of Education on Oct. 9 approved the 2023–24 Unaudited Actuals Year-End Closing Report following a presentation by Deputy Superintendent Kevin Bultema and Executive Director Minette Manio.
Bultema confirmed to Board President Chelsea Bonini that the total amount returned to the state was "$35,158,097." He then outlined reserve balances across funds, including Fund 12 (Child Development) at $2.8 million, Fund 14 (Deferred Maintenance) at $8.6 million, Fund 17 (Savings Account) at almost $83 million, Fund 19 (Foundation Special Reserve) at $217,000, Fund 20 (Special Reserve for Post-Employment Benefits) at almost $15 million, County School Facilities Fund at $1.3 million, and Fund 40 (Capital Improvement Projects) at $51.6 million.
Bultema emphasized the scale of reserves and said the County Office "plans to use reserves wisely to manage future deficits." The motion to approve the report passed 5-0 with two absences.
