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Fiscal Services Reports » 2023-2024

2023-2024

Interim Financial Reports

First Interim

 
The First Interim report is a snapshot in time of the local educational agency’s (LEA’s) revenue and expenditure forecasts for the current fiscal year as well as a projection of the two subsequent fiscal years. It is a time to adjust the budget based upon the Enacted Budget and subsequent trailer bills, the closing of the prior fiscal year, and other factors that impact revenue and expenditures. The First Interim report covers the period of time from July 1 through October 31 each fiscal year and must be submitted to the County Office of Education (COE) no later than December 15.

Adopted Budget 

Local Educational Agencies (LEAs) are required to adopt a budget prior to July 1 of each year in order to authorize the expenditure of funds. Additionally, in accordance with Education Code 42127, school districts shall hold a public hearing on the budget to be adopted for the subsequent year. The proposed budget is only an initial blueprint for revenues and expenditures since the preparation of the adopted budget occurs before the State has enacted its budget and before actual revenues and expenditures are known for the current year.

Education Protection Account - Estimates 

The Education Protection Account (EPA) provides local educational agencies (LEAs) with general purpose state aid funding pursuant to Section 36 of Article XIII of the California Constitution. The EPA funding is a component of an LEA's total LCFF entitlement as calculated in the Principal Apportionment.

The creation of the Education Protection Account (EPA) by Proposition 30, The Schools and Local Public Safety Protection Act of 2012, approved by the voters on November 6, 2012, temporarily increased the state's sales tax rate for all taxpayers and the personal income tax rates for upper-income taxpayers. Proposition 55 extended Proposition 30 until the year 2030.
Revenues generated from Proposition 30 / Proposition 55 will be deposited into a newly created state account called the EPA, and local agencies have the sole authority to determine how the funds received from the EPA are spent with these provisions:

  • The governing board must approve the spending plan during a public meeting
  • EPA funds cannot be used for the salaries or benefits of administrators or any other administrative costs
  • Each year, the local agency must publish on its website an accounting of how much money was received from the EPA and how the funds were expended.