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Board approves unaudited FY24–25 actuals after finance report showing modest deficit and staffing increases
Summary
Finance staff presented the unaudited actuals for FY24–25 showing enrollment variances, negotiated salary increases (1% ongoing, 3% one-time), new FTEs (art teacher and counselor), and a deficit about $108,000 larger than budget; trustees approved the unaudited actuals and acknowledged audit work remains.
Finance staff explained the unaudited financial close for the fiscal year, noting enrollment came in below earlier estimates and LCFF revenue was approximately $116,000 less than budgeted. The presenter summarized negotiated compensation changes that contributed to expense variance: a 1% ongoing salary increase and a 3% one-time bonus across bargaining units, plus a 1.2 FTE increase (art and counselor). "The audit is currently in process and will continue over the next few weeks," finance staff said.
The board discussed the use of restricted and unrestricted balances, one-time reimbursements (legal fees reimbursement, county health grant), and the need to maintain a reserve for economic uncertainty. After questions, a trustee moved to approve the unaudited actuals; the board approved the item.
