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COE presents unaudited 2024-25 results: $48.7M ending fund balance, cautions about GASB 31 adjustment
Summary
Deputy Superintendent Leanne Reyes and fiscal staff told trustees the COE closed 2024-25 with roughly $48.7 million in ending fund balances (about $30M unrestricted, $18.6M restricted), highlighted a $517,000 GASB 31 unrealized gain and reclassifications tied to restricted funds and a pending OPSC application.
Deputy Superintendent Leanne Reyes and Director of Fiscal Services Melissa Lopez presented the COEs unaudited actuals for 2024-25, reporting combined revenues and transfers of about $81.6 million and an ending fund balance of roughly $48.7 million — approximately $30 million unrestricted and $18.6 million restricted.
Reyes explained a major driver of changes from the estimated actuals was movements on restricted, multi-year funds tied to grants such as Project Ascend and behavioral health programs; she noted the COE moved residual tenant-improvement dollars back into restricted Fund 01 to avoid eligibility issues with a pending OPSC (Office of Public School Construction) application. On accounting standards, Reyes said an unrealized investment gain required by GASB 31 amounted to about $517,000 and cautioned trustees that such unrealized gains are temporary: "It's there on June 30. It's gone on July 1," she said, urging the board and districts not to treat the entry as spendable cash.
Reyes also outlined next steps: final audit work in mid-October with an audit completion expected in December, presentation of Form GANN at the October meeting and preparation of first interim budget adjustments for 2025-26.
