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 Second Interim Budget Report, which reflects the district's financial position as of January 31, 2024.
The Second 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 $39,446,778 with total revenues at $114,020,322 and total expenditures at $118,007,987. The District is planning on a net decrease of $3,987,665 with a reserve level of 33.43%.
Fiscal Implication:
General Fund 01 Combined Totals
Beginning Balance: $50,859,408
Total Revenues: $114,020,322
Total Expenditures: $118,007,987
Ending Balance: $46,871,743
Unrestricted Reserve Level: 33.43%
Recommended Action:
It is recommended that the Board of Trustees approve the 2023-2024 Second Interim Budget Report, as presented.