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MCOE adopts 2nd interim budget showing $29.9M in revenues, $33.3M in expenditures
Summary
Finance director Suzanne Steely presented the 2nd interim report showing a beginning fund balance of $29.6M, projected revenues of $29.9M and expenditures of $33.3M; the board adopted the report and staff noted a $2.25M solar transfer affects the net change to fund balance.
The Mendocino County Office of Education board adopted the agency's 2nd interim budget after staff presented updated revenue and expenditure estimates and answered board questions about reserves and multi-year funding.
Suzanne Steely (introduced by staff as "our director of internal business") gave a line-by-line overview. She said the actual beginning fund balance after closing fiscal-year "24-25 books" was $29,600,000 and projected revenues for the year are $29,900,000 — an increase of $248,000 compared with the 1st interim. She told the board that projected total expenditures rose slightly to $33,300,000 and that, including a $2,250,000 transfer related to a solar project, those figures yield a net decrease in fund balance; she also noted that excluding the solar transfer the projected net decrease would be a little over $1,000,000.
Steely summarized revenue changes: a federal revenue increase of about $73,000, a $45,000 increase in supplemental inclusive-practices funding, Title IV increases of $23,000, a new Student Support and Professional Development Block Grant of $10,000, and a $148,000 net increase in local revenues (offset by some decreases such as interagency services with LEAs). On expenditures she highlighted vacancies that reduced salary costs and adjustments to benefits reporting; salaries were listed at about $15,000,000 and benefits about $6,900,000.
Board members pressed staff on reserve calculations and the difference between county-office and district reserves. Steely said the recommended reserve for economic uncertainty at 2nd interim was about $4,900,000 (roughly 15% of general fund expenditures) and that total reserves after required assignments and commitments equaled $26,300,000, leaving an unappropriated (unassigned) amount of about $12,000,000.
S3 moved to adopt the 2nd interim budget and S6 seconded; a roll-call vote recorded the motion as approved. Staff said the 2nd interim report will be certified as a "positive certification."
