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Meeting Date:
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3/17/2025 - 7:00 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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14.3 Resolution 24/25-37 Second 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 second interim certification is required to be completed by March 17th, based on financial data through January 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 attached for Second 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 Second 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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That the Board of Trustees certifies that the District will be able to meet its financial obligations for the 2024-2025 fiscal year and adopt Resolution No. 24/25-37 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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