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 2024-2025, 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 2025 for the 2024-2025 year and staff will present the Auditor's report to the Board later this fall prior to meet the January 2026 deadline.
The 2024-2025 Unaudited Actual Report provides updated financial information for the District for any possible changes to the 2025-2026 Adopted Budget in preparation for the First Interim Budget in December 2025. The First Interim Budget also allows for any changes to revenue or reductions enacted by the State for the 2025-2026 State budget post the District's adoption of the 2025- 2026 budget.
Fiscal Implication:
Fund 01 General Fund
Beginning Balance: $56,131,861
Total Revenues: $123,896,251
Total Expenditures: $121,521,478
Ending Balance: $58,506,635
Unrestricted Ending Balance: $47,576,627
Unrestricted Reserve Level: 39.15%
Net Increase/(Decrease): $2,374,774
Recommended Action:
It is recommended that the Board of Trustees approve the 2024-2025 unaudited actuals, as presented.