Board adopts 2024–25 unaudited actuals; finance chief flags pension, health and facilities pressures
September 11, 2025 | Carmel Unified, School Districts, California
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The Carmel Unified School District Board of Education approved the unaudited actual financial statements for the fiscal year ended June 30, 2025, after a presentation by Chief Business Official Yvonne Perez.
Perez said the unaudited actuals provide a year‑end snapshot ahead of the independent audit. She reported that the district began the year with an unrestricted general fund balance of about $24.3 million, recorded combined revenues (including restricted funds) and described a year in which revenues exceeded expenditures by roughly $1.5 million before transfers. Perez said transfers for facility improvements and other required contributions produced final changes to fund balances and that the unrestricted general fund ended the year at about $23.1 million. She noted the board-required reserve for the district is higher than the state minimum (board policy sets a 22.25% reserve for basic aid volatility) and that the district ended the year above that requirement (about 26.34% unrestricted fund balance at year end by the metrics Perez presented).
Perez walked the board through other highlights and near-term fiscal pressures: a projected 15% increase in health‑care costs, rising pension obligations, growing special-education costs, continued expansion of universal transitional kindergarten (UTK) without additional basic-aid funding, and aging facilities that may require bonded capital investments. She explained that deferred‑maintenance funding (fund 14) had been used for facility projects and reported a year‑end deferred maintenance balance of about $556,000.
The board unanimously approved the unaudited actuals and, in a separate agenda item, unanimously adopted Resolution 25‑18 to establish the revised Gann (appropriations) limit for 2024‑25 and a projected limit for 2025‑26. Perez reminded the board that the unaudited actuals are subject to minor change after the auditor’s review but said major adjustments are uncommon.
Board members praised the finance team for clarity and asked follow‑up questions about deferred maintenance, how fund transfers had been used for facilities, and the district’s cash‑flow reserve. Perez and her staff committed to continue building reserves where feasible and to report options for deferred maintenance and facility funding in upcoming budget work.
The board approved the unaudited actuals on a motion and roll-call vote with all members voting yes.
Perez said the unaudited actuals provide a year‑end snapshot ahead of the independent audit. She reported that the district began the year with an unrestricted general fund balance of about $24.3 million, recorded combined revenues (including restricted funds) and described a year in which revenues exceeded expenditures by roughly $1.5 million before transfers. Perez said transfers for facility improvements and other required contributions produced final changes to fund balances and that the unrestricted general fund ended the year at about $23.1 million. She noted the board-required reserve for the district is higher than the state minimum (board policy sets a 22.25% reserve for basic aid volatility) and that the district ended the year above that requirement (about 26.34% unrestricted fund balance at year end by the metrics Perez presented).
Perez walked the board through other highlights and near-term fiscal pressures: a projected 15% increase in health‑care costs, rising pension obligations, growing special-education costs, continued expansion of universal transitional kindergarten (UTK) without additional basic-aid funding, and aging facilities that may require bonded capital investments. She explained that deferred‑maintenance funding (fund 14) had been used for facility projects and reported a year‑end deferred maintenance balance of about $556,000.
The board unanimously approved the unaudited actuals and, in a separate agenda item, unanimously adopted Resolution 25‑18 to establish the revised Gann (appropriations) limit for 2024‑25 and a projected limit for 2025‑26. Perez reminded the board that the unaudited actuals are subject to minor change after the auditor’s review but said major adjustments are uncommon.
Board members praised the finance team for clarity and asked follow‑up questions about deferred maintenance, how fund transfers had been used for facilities, and the district’s cash‑flow reserve. Perez and her staff committed to continue building reserves where feasible and to report options for deferred maintenance and facility funding in upcoming budget work.
The board approved the unaudited actuals on a motion and roll-call vote with all members voting yes.
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