Rui Bao, Chief Business Official

Action Item

It is recommended that the Board of Trustees approve the Unaudited Actuals Budget Report of District revenues and expenditures, as required by law, for the 2021-22 fiscal year, as presented.

The Unaudited Actuals Budget Report is a computerized filing summarizing the District’s financial transactions for the prior year.  The report is required by State law and is reviewed by the San Mateo County Office of Education and by the State Department of Education.  Later this year, the annual audit of this report and District finances for 2021-22 will be prepared by an independent auditor, at which time any audit corrections to this document will be recommended for Board action.  

In 21-22, the District received a number of grants in response to the COVID-19 pandemic. These funds were received in FY21 but intended for usage through 2023 and thus reflected in the 21-22 ending fund balance.  The Ending Balance for 2021-22 restricted General Fund is $6,306,536.47. The Ending Balance for 2021-22 unrestricted General Fund is $13,090,572.43. The Ending Balances include the following components:

• Nonspendable (Revolving Cash and Prepaid Items): $386,629.93
• Committed reserves (Board Resolution #24): $10,000,000
• Reserve for Economic Uncertainties (6%): $3,228,991.35

Staff recommends approval of the Unaudited Actuals Budget Report for 2021-22, as presented.