The La Cañada Unified School District Board of Education approved the first interim financial report for the 2023-24 school year at its Dec. 12 meeting.
Melissa Greenwood, assistant superintendent of business and operations, presented the report to the Board and community members, showing an estimated increase in revenue by about $4.28 million and expenditures by about $6.52 million in the general fund from the approved 2023-24 budget.
The report shows the district’s finances as of Oct. 31 and reflects changes from the adopted budget on June 27.
Greenwood said that changes in revenue relate to the other state and other local categories that saw a $3.5 million increase because of items not included in the June budget, like those related to the negotiated raise and increase in salaries.
“We have more expenditures, as the salary increase of the 4.75% that was Board approved on June 27 was not in the initial budget that was adopted,” said Greenwood.
Greenwood then shared multiyear assumptions with the Board, which saw a slight increase in enrollment, ADA to enrollment, parcel tax revenue and lease income, to name a few.
The projected revenue and expenditures also saw an increase for future years.
Greenwood assured the Board that the multiyear assumptions that she presented are based on the most updated information, though that could still change.
“Two years from now is a long time away for budgeting, but we want to plan for that and that’s why when we’re looking at that, we’re making adjustments now to be cautious going forward,” she said.
After the approval, Greenwood said that the county will comment on deficit spending, and in January the district will learn more about COLA.
“I’ll be back in March to talk about where the January budget came out,” she said.
She also warned the Board of possible “wild cards” to look out for in the future relating to gas prices, union strikes, the 2024 election and the Russia and Ukraine war, to name a few.
“I appreciate all you’re doing to try to predict it the best you can, given all the variables,” said Board President Joe Radabaugh.
Board member Dan Jeffries brought to the table another possible wild card to look out for.
“I think the other wild card is that if the state is facing severe budget shortages, the state legislatures will have to make some tough decisions about where to make cuts, and hopefully education will be spared as much as possible,” he said.
First published in the December 21 print issue of the Outlook Valley Sun.
