Santa Barbara Unified Closes the Books on 23-24 School Year
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Santa Barbara Unified presented a report on the 23-24 school year that included meeting all state reporting requirements and seeing revenues come in slightly higher than projected.
The “Unaudited Actuals” report is completed each September after the books are closed for the prior school year.
The 23-24 property tax was projected to be 5.64%, and the Santa Barbara County Education Office reported it at 6.1% in August 2024. The District has taken cost-saving measures such as reducing expenditures to contracts, supplies, and other spending. In addition, the District has been conservative in its approach, and using one-time funds, which expire in September 2024, has helped with cost savings to the general fund.
The additional funds will help rebuild the District’s reserves, which are currently being used to cover the costs of recent labor contract agreements around wages and benefits.
It is important to note that this additional revenue does not impact the new labor contract’s contingency clause because it was only applicable to the 24-25 school year.
Currently, the Tax Assessor is projecting property tax for 24-25 to increase by 3.75% over 2023-24. Property tax rates are dependent on how the market performs. The district will know the final numbers from the County in the Summer of 2025.
“While we are grateful for the additional tax revenue, the District must keep a close eye on the budget in the months and years ahead. We will continue to monitor our finances to ensure our budgets reflect our priorities in supporting teachers and staff while also keeping our financial outlook strong, and ensuring that we are providing high-quality programs and instruction for all students,” said Dr. Hilda Maldonado, Superintendent.
The report shows SB Unified met its CEA requirement to spend 55% of its budget on classroom expenditures.
It also shows the District will spend between 80.1% to 86.1% of its unrestricted budget on salaries and benefits as mandated by the California Department of Education.
You can read the 23-24 Unaudited Actuals Report on Tuesday’s Board meeting agenda.