Background:
Twice during the fiscal year, a school district is required to submit a financial report certifying the district's ability to meet its financial obligations for the current year and two subsequent years. The reports examine the district's attendance, spending patterns, fund balance, reserve for economic uncertainties, and multi-year projections. Staff will present the 2022-2023 Second Interim Budget Report, which reflects the district's financial position as of January 31, 2023.
The Second Interim reports changes to the District's 2022-2023 budget adopted in June 2022. The projected General Fund Unrestricted ending balance for 2022-2023 is estimated at $30,994,711, with unrestricted revenues at $63,570,225 and combined total expenditures of restricted and unrestricted at $108,383,938. The District is planning on a net increase of $1,940,567 with a reserve level of 28.60%.
During the second interim report staff will also ask for guidance on how to plan for Prop 28 funds and spending the remaining one time COVID grant funds including the Art, Music, and Instructional Materials Discretionary Block Grant.
Fiscal Implication:
General Fund 01 Combined Totals
Beginning Balance: $38,789,754
Total Revenues: $110,324,505
Total Expenditures: $108,383,938
Ending Balance: $40,730,321
Unrestricted Reserve Level: 28.60%
Recommended Action:
It is recommended that the Board of Trustees approve the 2022-2023 Second Interim Budget Report, as presented and provide guidance on Prop 28 funds and COVID Grant funds.