Background:
The budget process of a school district requires the district to produce and adopt a budget by June 30 for the upcoming year. The board is required to certify twice each year that the District is able to meet its financial obligations during the year. The two intermediary reports give the district opportunity to adjust the budget’s revenues and expenditures based on the current climates and events. The First Interim reports July 1 – October 31 and is adopted by December 15. The Second Interim reports July 1 – January 31 and is adopted by March 15. In September, the district publishes the Unaudited Actuals Report based on July 1 – June 30 of the previous year.
After Closing the books of 2020-2021, per AB 1200, the District is required to submit a report to the County Office of Education of unaudited actual revenues and expenditures. The District will be audited in the Fall 2021 for the 2020-2021 year and staff will present the Auditor’s report to the Board later this fall prior to meet the January 2022 deadline.
The 2020-2021 Unaudited Actuals Report provides updated financial information for the District for any possible changes to the 2020-2021 Adopted Budget I preparation for the First Interim Budget in December 2021. The First Interim Budget in December also allows for any changes to revenue or reductions enacted by the State for the 2021-2022 State budget post the District’s adoption of the 2021-2022 budget.
Fiscal Implication:
Fund 01 General Fund
Beginning Balance: $24,239,107
Total Revenues: $90,130,971
Total Expenditures: $82,855,260
Ending Balance: $31,514,819
Unrestricted Ending Balance: $26,221,450
Unrestricted Reserve Level: 31.65%
Net Increase/(Decrease): $7,275,711
Recommended Action:
No action required.