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 2023-2024 First Interim Budget Report, which reflects the district's financial position as of October 31, 2023.
The First Interim reports changes to the District's 2023-2024 budget adopted in June 2023. The projected General Fund Unrestricted ending balance for 2023-2024 is estimated at $37,796,498 with total revenues at $111,813,946 and total expenditures at $118,155,986. The District is planning on a net decrease of $6,342,042 with a reserve level of 31.99%.
Fiscal Implication:
General Fund 01 Combined Totals
Beginning Balance: $50,859,408
Total Revenues: $111,813,946
Total Expenditures: $118,155,989
Ending Balance: $44,517,365
Unrestricted Reserve Level: 31.99%
Recommended Action:
It is recommended the Board of Trustees approve the 2023-2024 First Interim Budget Report, as presented.