The Pasadena Unified School District Board of Education unanimously approved and certified the filing of 2022-2023 Unaudited Actual financial data with the Los Angeles County Office of Education (LACOE) during its meeting on Thursday, Sept. 14.
Kingsley Udo, Interim Chief Business and Operations presented the Unaudited Actual financial to the board.
Udo reported that with the close of the 2022-2023 fiscal year, all funds had a positive ending fund balance and met all state funding requirements.
According to the presentation of Udo, PUSD’s unrestricted general fund balance stands at $75.96 million.
“Overall we have a good fund balance. We ended the year solid,” Udo said. “We still have challenges with hiring, we still have vacancies, we still have supply chain issues.”
Udo said the ending balance came in higher than projected at estimated actuals by $15.7 million.
He said the balance is higher because restricted programs came in about $2 million lower than estimated.
Revenues coming in at $2.2 million more than estimated and expenditures coming in at $11.2 million less than estimated also contributed to the increase in fund balance.
According to staff report, the larger fund balance “will help PUSD address financial issues that have plagued the district over many years.”
“These items include investments in enhanced compensation of our esteemed employees, the long term liabilities of our self-insurance fund, Other Post Retirement Benefits and accrued vacation Liabilities; year over year increases to our employee retirement funds (STRS, PERS) and increases to employee Health and Welfare costs; increases to SPED contributions; continuing some of the learning recovery measures, revenue risk mitigation and impact of declining enrollment.”