PGUSD 2024-25 Unaudited Actuals
A comprehensive review of Pacific Grove Unified School District's financial performance for the 2024-25 fiscal year, including fund balances, budget adjustments, and planning for fiscal year 2025-26
Acknowledgements
Business Office Team
Led by our amazing Fiscal Officer Carly Adams, with invaluable support from Phyllis Lewis, Kristen Quilty, Cristina Olmos and Carey O'Sullivan
Preparation Process
Journal entries, revenue deferrals setup, and numerous tedious tasks to prepare Escape for the SACS upload.
District-Wide Effort
PGUSD's amazing classified staff, teachers, and administrators made this presentation of unaudited actuals possible through their commitment to our students.
Annual Budget Cycle
1
Report #1: Budget Adoption
June 2025: Adoption of the 2025-26 Budget
2
Report #2: Unaudited Actuals
Current presentation: District's 2024-25 Unaudited Actuals
3
Report #3: First Interim
Prior to December 15th, 2025
4
Report #4: Second Interim
Prior to March 15th, 2026
5
Report #5: Budget Hearing
Public hearing of proposed 2026-27 Budget prior to June 30th, 2026
6
Cycle Repeats
Adopted budget for 2026-27 in June 2026
District General Fund Summary at Unaudited Actuals (UA's)
2024-25 Beginning Balances for UA's
  • Unrestricted: $5,460,266
  • Restricted: $3,286,819
  • Total: $8,747,086
2024-25 Operating Results
  • Unrestricted Deficit:($577,547)
  • Restricted Deficit:($890,502)
  • 2024-25 NET Operational Deficit: ($1,468,049)
Ending Balances for 2024-25 and new beginning balance for 2025-26 have been updated to reflect the deficit as noted in SACS Form 01 in the Board packet.
General Fund Combined (Restricted/Unrestricted)
1
Revenue Changes
Net Revenues increased 2% over projected by +$920,496 (Restricted & Unrestricted combined)
  • +$406,295 increase due to prior year and delinquent Property Taxes (not budgeted)
  • +$285,326 increase in Local Restricted Revenues (primarily MediCal reimbursement and MERMA dividend payment to LEA)
  • +$228,875 increase in state lottery, interest earned on investments, and tuition reimbursement from ISA's
2
Expenditure Changes
Net Expenditures increased 1.2% over projected by +$418,728
  • Increased expenditures in OBJ 2000's and 3000's
  • Classified salaries were higher due to position alignment, time sheets/overtime, and increased Paraprofessional support
  • Health and Welfare was increased due to prior year retro payment activity to MCSIG
Fund 01 - Components of Ending Fund Balance
The District reflects an Ending Fund Balance (Restricted/Unrestricted combined) for 2024-25 of $7,201,682, a 9.5% reserve balance.
Health and Welfare (OBJ 3000's)
Key Findings
  • Increase of +$377,784 from 2nd Interim
  • Attributed to
  • Retiree Health & Welfare benefits
  • Retro H and W payment in 2023-24 to MCSIG
The 2025-26 Budget uses MCSIG census data to build a budget in the OPEB category to abate expenditures with received revenues.
Books and Supplies (OBJ 4000's)
-10%
Decrease of -10% from 2nd Interim to 2024-25 Actuals
Books and Supplies (Object 4000) had a minor decrease from 2nd Interim to Actuals
Rationale
The change from 2024-25 2nd Interim to 2024-25 actuals is associated with Restricted expenditure actuals being less than budgeted.
Impact
The restricted revenue can only be used on restricted expenditures and the district has the ability to carry forward these ending balances.
Services and Other (OBJ 5000's)
+4%
Increase of +4% from 2nd Interim to 2024-25 Actuals
Services and Other operating expenditures had a minor increase from 2nd Interim to 2024-25 Actuals
Rationale
The change from 2024-25 2nd Interim to 2024-25 actuals is associated with Restricted expenditures being higher than budgeted in the area of Professional Consulting Services.
Impact
The restricted revenue can only be used on restricted expenditures and the district has the ability to carry forward these ending balances.
Adult Education & Child Development Funds
Fund 11 – Adult Education
  • Total revenues: $2,852,765
  • Total expenditures: $3,303,350
  • Operating deficit: ($450,585)
  • Ending Fund Balance: $2,306,909
Fund 12 – Child Development
  • Accounts for State Preschool and BASRP "Monarch Club"
  • Total revenues: $482,051
  • Total expenditures: $572,295
  • Operating deficit: ($90,244)
  • Ending Fund Balance: $151,113
Cafeteria & Deferred Maintenance Funds
Fund 13 – Cafeteria
  • Total revenues: $1,597,602
  • Total expenditures: $1,426,485
  • Operating surplus: $171,117
  • Ending Fund Balance: $1,348,687
Fund 14 – Deferred Maintenance
  • Total revenues: $409,914
  • Total expenditures: $123,549
  • Operating surplus: $286,365
  • Ending Fund Balance: $823,356
Note: Fund 14 will maintain a General Fund Contribution of $200,000 to build net positive cash flow for previously deferred projects
Postemployment Benefits & Building Funds
Fund 20 – Post-employment Benefits
  • No transfer of funds from General Fund in 2024-25
  • Can be used for additional funding for unfunded liability of future retiree benefits
  • Ending balance: $6,846
Fund 21 – Building Fund
  • Accounts for Measure A (Education Technology) and Measures B and D (Facilities) Bonds
  • Total revenues: $8,970,123
  • Total expenditures: $5,080,323
  • Operating surplus: $3,889,801
  • Ending Fund Balance: $6,308,090
Note: PGUSD will issue Measure A, Series E and Measure D, Series D in October 2025 to meet 2025-26 projected expenditures.
Developer Fees & Capital Outlay Funds
Fund 25 – Developer Fee (Capital Fund)
  • Accounts for revenues from PGUSD levying of Developer Fees
  • Total revenues: $178,955
  • No expenditures in 2024-25
  • No expenditures planned for 2025-26
Fund 40 – Capital Outlay Projects
  • Accounts for revenues from David Avenue campus lease and facility use fees
  • Total revenues: $545,518
  • Total expenditures: $683,812
  • Operating deficit: ($138,293)
  • Ending Fund Balance:$727,241
Note: 2025-26 the Board directed staff to eliminate the General Fund Contribution of $200,000
Key Takeaways: 2024-25 Unaudited Actuals
Strategic Financial Management
Despite a net operating deficit in the 01-General Fund Combined, revenue growth in unplanned areas positioned the District for better stability with reserves.
Healthy Fund Balance & Reserves
The District maintains an 9.5% reserve balance, exceeding state requirements, and ensuring fiscal resilience for future needs.
Targeted Expenditure Adjustments
Significant decreases in Books & Supplies and Services & Other Object Codes reflect efficient spending and carry-forward potential.
Diverse Fund Performance
While some funds saw deficits, others like Cafeteria, and Deferred Maintenance demonstrated strong surpluses, contributing to overall financial health.
These unaudited actuals reflect PGUSD's commitment to fiscal responsibility and adaptive financial planning.