Referendum fund posts surplus as district reports preliminary 24-25 expenditures

Ms. Bostonellis, staff presenting the referendum financial report, told the Independent Citizens Referendum Oversight Committee on July 17 that the voter-approved 1-mill ad valorem referendum (effective July 1, 2023, through June 30, 2027) produced revenue above the district’s 24-25 budget and that unspent funds will roll to the next year. The report said the district has received roughly 102.19% of its budgeted referendum revenue for 24-25 and recorded expenditures of about 84.35% of budget through the preliminary close. “This is a little bit over what we have budgeted,” Bostonellis said, noting late tax payments and additional interest as common causes for variance. The nut graf: the committee was presented with a preliminary year-end picture showing higher-than-budgeted revenue, lower-than-budgeted spending in some line items, and a projected carryforward. That mix will shape decisions about program funding as the referendum continues through 2027. District figures presented at the meeting: beginning fund balance (carryforward from 23-24) $11.8 million; budgeted revenues for 24-25 approximately $38.1 million (actual reported); budgeted expenditures $43.3 million; actual expenditures reported around $36.6 million; projected June 30, 2025 estimated fund balance roughly $13.3 million (preliminary). The presentation also summarized multi-year receipts and expenditures since 2017 and noted that any unspent referendum dollars are restricted to referendum-eligible uses. Committee members asked how past obligations to charter schools were handled. Bostonellis said an earlier legal change and subsequent settlements resulted in a plan to pay charter schools; the report reflects that prior-year amounts due were included in the charter school expenditures shown to the committee. The presentation broke out budgets and spend rates by program: kindergarten paraprofessionals, physical education, vocational/CTE, library media, visual and performing arts, professional learning, and school safety. Several programs reported high rates of budget consumption (many in the 90%+ range), while some capital and safety projects were underspent for reasons explained elsewhere in the meeting. Ending/next steps: Bostonellis said these are preliminary numbers and the district expects to present finalized 24-25 accounting in the September quarterly report after the accounting close. The committee did not take a formal vote on any budget changes at the meeting; it accepted the quarterly report for review and follow-up.