IUSD reports modest 2023–24 surpluses; 97% of general fund directed to students

Assistant Superintendent of Business Services John Fogarty presented the district's unaudited actuals for fiscal year 2023–24 and reviewed the adopted 2024–25 unrestricted general fund budget alongside year-end amounts for other fund categories.

Fogarty reported a $4.3 million unrestricted surplus over estimated revenues and expenditures (representing less than 1% of the unrestricted total budget) and a $6.5 million restricted surplus largely driven by the timing of expenditures. "This surplus primarily resulted from increased revenue from lottery apportionments and interest," the minutes state. He also showed a pie chart indicating that 97% of expenses are directed toward supporting students and noted County School Facilities funds, including some Measure E reimbursements, are reserved for future school improvements.

Board members thanked the Business Services team and noted the budget book is available on the district website for public review. The Board approved the unaudited actuals by unanimous roll-call vote.