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COE reports improved projection after grants, GASB reversal; deficit shrinks to about $642,000
Summary
Business services presented the 24-25 1st interim budget: the County Office retains a positive certification, recorded a roughly $1 million GASB 31 reversal, recognized about $7 million in additional grant awards, and reduced projected deficit from $3.6 million to approximately $642,000. The board received details on restricted vs. unrestricted funds, multiyear projections, ADA assumptions and next steps tied to the governor's budget.
Leanne Reyes, presenting the Santa Cruz County Office of Education’s first interim financial report, told the board the COE would submit the 1st interim to the state by Dec. 15 and reiterated that staff had assigned a "positive" certification for the multiyear outlook.
Reyes described key drivers behind changes from the adopted budget: a reversal of a GASB 31 fair-market-value adjustment with an impact of just over $1 million, recognition of roughly $7 million in new grant awards since adoption, and the recording of carryovers and unearned revenue. She summarized the net result: "our deficit spending has been reduced down to approximately $642,000," improving from a previously projected $3.6 million deficit.
The presentation broke down unrestricted and restricted budget components, highlighted a planned 5% reserve in the special reserve fund, and explained multiyear assumptions (STRS and PERS rates, health/welfare increases, and conservative COLA estimates). Reyes told the board to expect a second interim in March with adjustments after the governor’s proposed budget in January.
