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 the opportunity to adjust the budget's revenues and expenditures based on the current climate 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 Actual Report based on July 1 - June 30 of the previous year.
After closing the books of 2022-2023, 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 fall 2023 for the 2022-2023 year and staff will present the Auditor's report to the Board later this fall prior to meet the January 2024 deadline.
The 2022-2023 Unaudited Actual Report provides updated financial information for the District for any possible changes to the 2023-2024 Adopted Budget in preparation for the First Interim Budget in December 2023. The First Interim Budget
in December also allows for any changes to revenue or reductions enacted by the State for the 2023-2024 State budget post the District's adoption of the 2023- 2024 budget.
Fiscal Implication:
Fund 01 General Fund
Beginning Balance: $38,789,753.74
Total Revenues: $109,655,858
Total Expenditures: $97,586,204
Ending Balance: $50,859,408
Unrestricted Ending Balance: $40,264,916
Unrestricted Reserve Level: 41.26%
Net Increase/(Decrease): $12,069,654
Recommended Action:
No action required.