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Board approves budget revision and first‑interim report transfers for West Campus projects
Summary
Finance staff reported a roughly $5 million drop in ending balance due to carryovers and transfers; the board approved a budget revision that included transfers into fund 17 and a $35 million allocation to fund 40 to cover capital outlay and COPs payments.
Finance staff presented budget revisions and the first interim report, noting carryover spending and several transfers tied to capital projects. The report showed an approximate $5 million reduction in the adopted ending balance driven by $3 million expenditure for the TIP program at La Jolla, a $1.5 million move to fund 17 for West Campus preparation, and a transfer of approximately $35,000,000 into fund 40 to create capital outlay reserves to make COPs payments for the West Campus conference center.
"Our ending balance is down by about 5,000,000," finance staff said, and explained that part of that reduction reflects planned carryover and capital transfers. The board voted to approve the budget revisions in a roll‑call vote.
Why it matters: the transfers and revised ending balance reflect capital project spending and reserve management that affect the county office’s multi‑year financial position. Staff emphasized a conservative approach to reserves and noted planned adjustments to OPEB and other liabilities in the multi‑year projection.
Next steps: staff will incorporate the revisions into the first interim reporting package and present the detailed SACS schedules to the state as required.
