IUSD reports modest surpluses in 2023-24 unaudited actuals; 97% of funds support students

Assistant Superintendent of Business Services John Fogarty presented the Irvine Unified School District’s Unaudited Actuals financial report for fiscal year 2023-24, and the Board unanimously approved the report Sept. 10.

Fogarty told the Board the Unrestricted Financial Report showed "a $4.3 million surplus over the estimated revenues and expenditures, representing less than 1% of the unrestricted total budget." He attributed the surplus primarily to increased revenue from lottery apportionments and interest. The Restricted Financial Report indicated a $6.5 million surplus largely resulting from the timing of expenditures.

Fogarty also displayed a breakdown of the District’s general funds by function and emphasized that 97% of expenses are directed toward supporting students. The presentation included the adopted 2024-25 unrestricted general fund budget and year-end reports for other fund categories, including student activities, cafeteria, insurance and bond debt service funds. The County School Facilities funds, which include some Measure E facilities reimbursements, remain reserved for future improvements and maintenance.

Board members thanked Fogarty and the Business Services team for preparing the budget materials and noted the budget book is available on the District’s website.