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Meeting Date:
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12/16/2024 - 5:00 PM
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Category:
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Business/Action Items
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Type:
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Action
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Subject:
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14.6 Resolution 24/25-17 First Interim Budget Report and Budget Revisions for Fiscal Year 2024-2025
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LCAP (Local Control Accountability Plan) Goal:
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Enclosure
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File Attachment:
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Summary:
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Education Code Section 42131 requires school districts to assess their financial status twice during the fiscal year. The first interim certification is required to be completed by December 15th, based on financial data through October 31st. The Board of Trustees must certify the interim report as positive, qualified, or negative. A positive certification indicates the school district will be able to meet its financial obligations for the current fiscal year and the two subsequent years.
See Addendum A for First Interim Financial Report for MVLA. The report includes summary information for all funds and a multi-year projection for the General Fund. Also included in the report is a cover letter that highlights the major changes.
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Funding:
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The First Interim Report shows that the District will be able to meet its financial obligations for the current fiscal year. The revised multi-year projection supports that the District will be able to meet its financial obligations for the two subsequent years and maintain the minimum State mandated reserve requirement of 3%.
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Recommendation:
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Certify that the District will be able to meet its financial obligations for the 2024-2025 fiscal year and adopt Resolution No. 24/25-17 Budget Revisions, authorizing the recommended budget adjustments.
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Approvals:
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Recommended By:
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Signed By:
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Daisy Delacruz - Admin. Asst. II
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Signed By:
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Mike Mathiesen - Associate Superintendent
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Signed By:
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Eric Volta - Superintendent
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Vote Results:
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| Original Motion | | Member Catherine Vonnegut Moved, Member Thida Cornes seconded to approve the Original motion 'Certify that the District will be able to meet its financial obligations for the 2024-2025 fiscal year and adopt Resolution No. 24/25-17 Budget Revisions, authorizing the recommended budget adjustments.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 5 Nay: 0. | | The motion Carried 5 - 0 | | | | | Catherine Vonnegut | Yes | | Thida Cornes | Yes | | Esmeralda Ortiz | Yes | | Alex Levich | Yes | | Vadim Katz | Yes | |
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