Mountain View Whisman School District
Agenda Item for Board Meeting of 11/21/2024
Agenda Category: ACTION, DISCUSSION AND PRESENTATION
Agenda Item Title: (Action) 2024-2025 First Interim Budget Report (20 minutes)
Estimated Time: 20 minutes
Person Responsible: Nadia Pongo, Director of Fiscal Services
Rebecca Westover, Ed.D., Chief Business Officer
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 2024-20225 First Interim Budget Report, which reflects the district's financial position as of October 31, 2024.
The First Interim reports changes to the District's 2024-2025 budget adopted in June 2024. The projected General Fund Unrestricted ending balance for 2024-2025 is estimated at $44,949,064 with total revenues at $118,331,001 and total expenditures at $123,184,670. The District is planning on a net decrease of $4,853,669 with a reserve level of 36.49%.
Fiscal Implication:
General Fund 01 Combined Totals
Beginning Balance: $56,131,862
Total Revenues: $118,331,001
Total Expenditures: $123,184,670
Ending Balance: $51,278,192
Unrestricted Reserve Level: 36.49%
Recommended Action:
It is recommended the Board of Trustees approve the 2024-2025 First Interim Budget Report, as presented.
|