The Castaic Union School District governing board at Thursday’s meeting approved a positive certification for the district’s second interim financial report.
The second interim financial report reflects projected revenues, expenses, and year-end fund balances based on data through Jan. 31. The district is projecting to be able to have enough available reserves this school year and the next two years to meet the state’s requirement of 3% of projected expenditures.
The district is projected to have reserves of about $1.6 million after this year, followed by $1.5 million after next year and then $1.5 million the following year, according to the financial report.
The district is projected to be deficit spending this year and the next two subsequent years. It is projected to spend about $32.7 million this year, against about $29 million in revenues, a difference of nearly $3.7 million that is set to come out of the district’s fund balance. The total ending fund balance for this school year is projected to be nearly $5.9 million.
Next school year, the district is projected to spend about $31.4 million against about $29.1 million in revenues, a difference of nearly $2.3 million that will come out of the district’s fund balance. The total ending fund balance for the 2025-26 school year is projected to be $3.6 million.
By the 2026-27 school year, the projected expenditures are about $31.1 million against about $29.9 million in revenues, a difference of about $1.2 million. As projected, this school year the district’s deficit spending would be the lowest of the two years. The fund balance is projected to be about $2.3 million.
Board member Fred Malcomb made a motion to approve a positive certification for the second interim report. The motion was seconded by board member Vincent Titiriga, according to Charmin Ortega, executive assistant to the superintendent. The motion passed 4-0. Board member Erik Richardson was absent at the meeting.
