Title
Unaudited Actuals Report for Fiscal Year 2024-25 and Gann Limit Resolution - PUBLIC HEARING
Finance Division
end
Brief Description:
description
(Unaudited Actuals Report for Fiscal Year 2024-25 and Gann Limit Resolution) Recommends approval of the Unaudited Actuals Report for Fiscal Year 2024-25 and Adoption of the Gann Limit Resolution.
end
Recommendation
Action Proposed:
Approve the Unaudited Actuals Report for Fiscal Year 2024-25 (Attachment A) and direct staff to take all necessary actions to submit the Report to the County Superintendent of Schools as required by Education Code and Adopt the Gann Limit Resolution as required under Education Code Section 42132 (Attachment B).
end
Body
Background:
Education Code Section 42100 requires the District to submit an annual statement of all receipts and expenditures for all funds of the preceding fiscal year to the Los Angeles County Office of Education (LACOE) on or before September 15th.
Under Education Code Section 42132, the District must also adopt a resolution identifying an estimated appropriations limit for the current year and an actual appropriations limit for the preceding year. The so- called "Gann Initiative" places limits on the growth of expenditures for publicly funded programs.
Although the Gann Limit calculations are provided as part of the Unaudited Actuals Report, a specific resolution is required by statute.
Expected Outcomes:
The District's statement of revenues and expenditures (Unaudited Actuals) for Fiscal Year 2024-25 shall be filed with the County Superintendent of Schools in compliance with Education Code 42100. The budget beginning balance for the current fiscal year (2025-26) shall be updated based on the Unaudited Actuals report.
The adopted Gann Limit Resolution shall be presented to the public.
Board Options and Consequences:
Board approval and filing of the Unaudited Actuals Report and the adoption of the Gann Limit Resolution are statutorily mandated.
A...
Click here for full text