FCMAT
Pleasanton Unified School District Report
fiscal health risk analysis (FHRA)
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Fiscal Health Risk Analysis
March 17, 2026
Pleasanton Unified
School District
Michael H. Fine
Chief Executive Officer
March 17, 2026
Maurice Ghysels, Superintendent
Pleasanton Unified School District
5758 W. Las Positas Blvd
Pleasanton, CA 94588
Dear Superintendent Ghysels:
In December 2025, the Pleasanton Unified School District and the Fiscal Crisis and Management
Assistance Team (FCMAT) entered into an agreement for FCMAT to conduct a FCMAT Fiscal Health Risk
Analysis of the district.
The agreement stated that FCMAT would perform the following:
1. Prepare an analysis using the 20 factors in FCMAT’s Fiscal Health Risk Analysis (FHRA) and
identify the Client’s specific risk rating for fiscal insolvency.
This final report contains the fiscal health risk analysis with the study team’s findings and recommendations.
FCMAT appreciates the opportunity to assist the Pleasanton Unified School District and extends thanks to
all the staff for their assistance during fieldwork.
Sincerely,
Michael H. Fine
Chief Executive Officer
Michael H. Fine • Chief Executive Officer
1300 17th Street – City Centre, Bakersfield, CA 93301-4533 • Tel. 661-636-4611 • Fax 661-636-4647
www.fcmat.org
Fiscal Health Risk Analysis
Contents
About FCMAT ..................................................................................................3
Introduction ......................................................................................................5
Background ...............................................................................................................5
Fiscal Health Risk Analysis Guidelines ...............................................................5
Study Team ................................................................................................................6
Fiscal Health Risk Analysis .......................................................................... 7
Summary .................................................................................................................... 7
About the Analysis ...................................................................................................9
Areas of High Risk....................................................................................................9
Budget and Fiscal Status ....................................................................................................9
Material Weakness Questions ...........................................................................................9
Score Breakdown by Section ................................................................................11
Fiscal Health Risk Analysis Questions ...............................................................12
Annual Independent Audit Report ..................................................................................12
Budget Development and Adoption ..............................................................................12
Budget Monitoring and Updates .....................................................................................13
Cash Management ..............................................................................................................14
Charter Schools ...................................................................................................................14
Collective Bargaining Agreements .................................................................................15
Contributions and Transfers .............................................................................................16
Deficit Spending (Unrestricted General Fund) ............................................................16
Employee Benefits ...............................................................................................................17
Enrollment and Attendance ...............................................................................................17
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Facilities .................................................................................................................................18
Fund Balance and Reserve for Economic Uncertainties ..........................................18
General Fund – Current Year ...........................................................................................19
Information Systems and Data Management .............................................................20
Internal Controls and Fraud Prevention ........................................................................21
Leadership and Stability ....................................................................................................21
Multiyear Projections .........................................................................................................22
Non-Voter-Approved Debt and Risk Management ...................................................22
Position Control ..................................................................................................................23
Special Education ...............................................................................................................23
Risk Score, 20 numbered sections only ...........................................................24
District Fiscal Solvency Risk Level, all FHRA factors ....................................24
Appendix ........................................................................................................25
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About FCMAT
Purpose and Services
FCMAT was created by the California Legislature to help California’s transitional kindergarten through
grade 14 (TK-14) local educational agencies (LEAs) avoid fiscal insolvency. Today, FCMAT helps LEAs iden-
tify, prevent and resolve financial, management, program, data, and oversight challenges; provides pro-
fessional learning; produces and provides software, checklists, manuals and other tools; and offers other
related school business and data services.
FCMAT may be asked to provide fiscal crisis or management assistance by a school district, charter school,
community college, county superintendent of schools, the state superintendent of public instruction, or the
Legislature.
When FCMAT is asked for help with management assistance or a fiscal crisis, FCMAT management and
staff work closely with the requesting LEA to meet their needs. Often this means conducting a formal
study using a FCMAT study team that coordinates with the LEA for on-site fieldwork to evaluate specified
operational areas and subsequently produces a written report with findings and recommendations for
improvement.
For more immediate needs in a specific area, FCMAT offers short-term technical assistance from a
FCMAT staff member with the required expertise.
To help meet the need for qualified chief business officials (CBOs) in LEAs, FCMAT offers four different CBO
training and mentoring programs that consist of 11 or 12 diverse two-day training sessions over the course
of a full year.
For agencies with professional learning needs, FCMAT offers workshops on specific topics. Popular topics
include associated student body operations, use of FCMAT’s Projection-Pro online financial forecasting
software, use of FCMAT’s Local Control Funding Formula (LCFF) Calculator, and data reporting for the
California Longitudinal Pupil Achievement Data System (CALPADS). FCMAT staff and management also
frequently make presentations at various professional conferences.
The California School Information Services (CSIS) service of FCMAT helps the California Department of
Education (CDE) operate CALPADS; helps LEAs learn about CALPADS, resolve data issues and meet
reporting requirements; and provides LEAs with training and leadership in data management. CSIS also
developed and continues to host and improve the Standardized Account Code Structure (SACS) web-based
financial reporting system for all California LEAs, and provides ed-data.org, which gives educators, policy-
makers, the Legislature, parents and the public quick access to timely and comprehensive data about TK-12
education in California.
Since it was formed, FCMAT has provided LEAs with the types of help described above on more than 2,000
occasions.
FCMAT’s administrative agent is the Kern County Superintendent of Schools. FCMAT is led by Michael
H. Fine, Chief Executive Officer, and is funded by appropriations in the state budget and modest fees to
requesting agencies.
Workshop schedules, manuals, presentation slide decks, Projection-Pro software, LCFF calculators, past
reports, an online help desk, and many other resources are available for download or use at no charge on
FCMAT’s website.
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Fiscal Health Risk Analysis
History
FCMAT was created by Assembly Bill 1200 (Chapter 1213, Statutes of 1991) and Education Code 42127.8.
Assembly Bill 107 (Chapter 282, Statutes of 1997) added Education Code 49080, which charged FCMAT
with responsibility for CSIS and its statewide data management work, and Assembly Bill 1115 (Chapter 78,
Statutes of 1999) codified CSIS’ mission.
Assembly Bill 1200 created a statewide plan for county offices of education and school districts to work
together locally to improve fiscal procedures and accountability standards. Assembly Bill 2756 (Chapter
52, Statutes of 2004) gave FCMAT specific responsibilities for districts that have received emergency state
loans.
In January 2006, Senate Bill 430 (Chapter 357, Statutes of 2005) amended Education Code 42127.8, and
Assembly Bill 1366 (Chapter 360, Statutes of 2005) amended Education Codes 42127.8 and 84041. These
new laws expanded FCMAT’s services to include charter schools and community colleges, respectively.
Assembly Bill 1840 (Chapter 426, Statutes of 2018) changed how fiscally insolvent districts are administered
once an emergency appropriation has been made, shifting oversight responsibilities from the state to the
local county superintendent to be more consistent with the principles of local control, and giving FCMAT
new responsibilities associated with the process.
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Introduction
Background
The Pleasanton Unified School District serves 13,020 students in grades transitional kindergarten (TK)
through 12 and is in Alameda County, which is in the East Bay area of California. The district has 17 schools:
one preschool, nine elementary schools, three middle schools, three high schools and one TK-12 virtual
academy.
In 2024-25, the district reported an unduplicated pupil count of 16.32%. Unduplicated pupils comprise
English learners, foster youth, and students who qualify for free or reduced-price meals. Less than 9% of
the district’s students are English learners.
The district is governed by a board consisting of five elected members and one student member.
The district has been deficit spending from its unrestricted general fund for the past four years and has
a reserve of approximately 2.02% as of the 2025-26 first interim budget report. The statutory minimum
reserve for the district is 3% of total general fund expenditures and uses, or approximately $6.8 million. The
district submitted a negative budget certification for first interim 2025-26 because of its inability to meet
the statutory minimum reserve requirement for the current and two subsequent years. The Alameda County
superintendent of schools concurred with the district’s self-certification.
The district is on the same financial accounting system as the county office of education. Because of the
district’s negative certification and the county superintendent’s concurrence with it, the county office
offered the support of a fiscal expert to help the district address deficit spending and return its reserves to
a level that meets the statutory requirement.
FCMAT performed a fiscal health risk analysis to determine the district’s level of risk of insolvency, using
the financial data from the first interim report for 2025-26 as the basis for the analysis.
Fiscal Health Risk Analysis Guidelines
FCMAT entered into a study agreement with the Pleasanton Unified School District on December 19, 2025,
and a study team visited the district on February 3-5, 2026 to conduct interviews, collect data and review
documents. After the fieldwork, the study team continued to analyze the gathered documents and data.
This report summarizes the team’s findings and conclusions from those activities.
FCMAT’s reports focus on systems and processes that may need improvement. Those that may be func-
tioning well are generally not commented on in FCMAT’s reports. In writing its reports, FCMAT uses the
Associated Press Stylebook and its own short internal style guide, which emphasize plain language, capital-
ize relatively few terms, and strive for conciseness, clarity and simplicity.
FCMAT relies on publicly available, authoritative data sources and provides direct links to sources where
appropriate; however, sources sometimes differ in the data they provide, or their data may be revised over
time due to various factors. FCMAT always strives to use the most accurate data available at the time of
reporting.
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Study Team
The team was composed of the following members:
Tami Montero Elizabeth Dearstyne
Chief Analyst Intervention Specialist
John Lotze
FCMAT Technical Writer
Each team member reviewed the draft report to confirm its accuracy and to achieve consensus on the
analysis.
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Fiscal Health Risk Analysis
Fiscal Health Risk Analysis
For TK-12 School Districts
Date(s) of fieldwork: February 3-5, 2026
School District: Pleasanton Unified School District
Summary
Over the past year, the Pleasanton Unified School District has faced significant fiscal challenges driven
by structural deficits, declining enrollment, rising personnel costs, rising special education costs, and the
expiration of one-time funding sources. The district has taken substantial corrective actions to stabilize its
financial position, but fiscal pressure remains ongoing.
The district’s board of trustees identified and approved approximately $11.2 million in budget reductions
for the 2026-7 fiscal year. Cost-saving measures include reductions to school and department budgets,
adjustments to administrative workdays, position reclassifications, reductions in specialist and support
positions, and operational efficiencies. These reductions have been included in the 2025-26 first interim
budget. The district’s total general fund budget is $220 million, making the necessary reductions equiv-
alent to almost 5% of the total budgeted expenditures. If the district board and administration fail to fully
implement the $11.2 million in reductions, the district will be heading toward insolvency.
Approximately $11 million from the sale of district property on Vineyard Avenue was transferred into
reserves. Although this transfer increases short-term liquidity, these funds are one-time in nature and do
not resolve the budget’s structural imbalances. Without the inclusion of these funds in the reserve calcula-
tion, the district would have an unrestricted ending fund balance of negative $2.5 million. The district will
need to implement the reductions mentioned above to remain solvent, as this one-time infusion of cash will
not remedy its ongoing structural imbalance.
This fiscal health risk analysis indicates that the areas of highest fiscal risk for the district are fund balance
and reserve for economic uncertainties, leadership and stability, and position control. Following is a sum-
mary of concerns about each area.
Fund Balance and Reserve for Economic Uncertainties
Because of deficit spending that depleted reserves, the district projected it would be unable to meet the
statutory minimum reserve requirement in the two subsequent years. If the district does not implement
budget reductions, it will remain unable to meet the statutory minimum reserve requirement.
Leadership and Stability
The district has had turnover in the superintendent position in the last two years, and it has not provided
training on budget and governance for its board at least every two years.
Position Control
The district does not account for non-positional costs in position control, such as substitute, overtime
and stipend costs. During development of its original 2024-25 budget, an error occurred that omitted the
non-positional costs. Because the district does not regularly reconcile position control with budget and
payroll (see item 19.3), the error went undetected until 2024-25 estimated actuals were prepared and also
affected the 2025-26 budget once the non-positional costs were included. The impact of these adjust-
ments resulted in approximately $5 million in deficit spending in both 2024-25 and 2025-26.
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District Progress To Date
The district is addressing its structural fiscal imbalance by making significant budget reductions, working
to better manage cash, and exploring new revenue sources. Although recent actions improve short-term
stability, long-term fiscal sustainability will likely depend on continued diligence in expenditure controls,
enrollment stabilization, and/or securing additional recurring revenue.
The district remains under fiscal pressure but has taken substantial corrective steps to restore financial sta-
bility over the next budget cycle. Implementing the $11.2 million expenditure reduction plan adopted by the
board will be essential to the district’s recovery.
District Fiscal Solvency Risk Level: High
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Fiscal Health Risk Analysis
About the Analysis
The Fiscal Crisis and Management Assistance Team (FCMAT) developed the Fiscal Health Risk Analysis
(FHRA) to help evaluate a school district’s fiscal health and risk of insolvency in the current and two subse-
quent fiscal years.
The FHRA consists of 20 sections, each including specific questions related to essential functions and
processes. These sections and questions are based on FCMAT’s extensive work since the inception of
Assembly Bill 1200 in 1991 and represent common indicators of fiscal risk or potential insolvency observed
in school districts that have neared insolvency and required external assistance. Each analysis section
affects fiscal stability, and neglecting any of these areas will ultimately lead to the district’s fiscal failure.
The analysis aims to determine the district’s level of risk at the time of evaluation.
A higher number of “No” responses in the analysis indicates an increased risk of insolvency or other fiscal
issues for the district. Not all sections or questions carry equal weight; some areas pose a higher risk and
thus have a greater impact on the district’s fiscal stability. To help the district, narratives are provided for
each “No” response, explaining the reasoning behind the response and outlining the actions needed to
achieve a “Yes” in the future.
Identifying issues early is the key to maintaining fiscal health. Diligent planning allows school districts to
better understand their financial objectives and implement strategies that sustain fiscal efficiency and long-
term solvency. School districts should consider completing the FHRA annually to assess their fiscal health
and track their progress.
Areas of High Risk
The following sections on this page and the next two pages repeat certain questions and answers found in
the “Fiscal Health Risk Analysis Questions” section later in this report. These sections identify conditions
that create a significant risk of fiscal insolvency. A “No” response to any of these questions will supersede
all other scoring and elevate the district’s overall risk level.
Budget and Fiscal Status: Is the district currently without the following?
Yes No
Disapproved budget ✓ ☐
Negative interim report certification ☐ ✓
Three consecutive qualified interim report certifications ✓ ☐
Downgrade of an interim certification by the county superintendent ✓ ☐
“Lack of going concern” designation ✓ ☐
Material Weakness Questions
Yes No N/A
2 5 Has the district’s budget been approved unconditionally by September 15th by the
county superintendent of schools in the current and two prior fiscal years ☐ ✓ ☐
3 4 Following board approval of collective bargaining agreements, does the district make
necessary budget revisions in the financial system to reflect settlement costs in
accordance with EC 42142? ✓ ☐ ☐
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3 6 Has the district addressed any deficiencies the county superintendent of schools
has identified in its oversight letters to the district in the most recent and two prior
fiscal years? ☐ ✓ ☐
4 3 Does the district forecast its general fund cash flow for the current and subsequent
year and update it as needed to ensure cash flow needs are known? ☐ ✓ ☐
4 4 If the district’s cash flow forecast shows insufficient cash in its general fund to
support its current and projected obligations, does the district have a reasonable
plan to meet its cash flow needs for the current and subsequent year? ☐ ☐ ✓
5 2 Has the district fulfilled, and does it have evidence showing fulfillment of, its oversight
responsibilities in accordance with EC 47604 32? ☐ ☐ ✓
5 3 Are all charters authorized by the district going concerns and not in fiscal distress? ☐ ☐ ✓
6 3 Does the district accurately quantify the effects of collective bargaining agreements
and include complete disclosure documents that show the impact on its budget and
multiyear projections? ✓ ☐ ☐
6 4 Based on the presettlement analysis, did the district identify related costs or savings,
and did it identify ongoing revenue sources or expenditure reductions to support the
agreement in the current and subsequent years? ☐ ✓ ☐
7 2 If the district has deficit spending in funds other than the general fund, has it
included in its multiyear projection sufficient transfers from the unrestricted general
fund to cover any projected negative fund balance? ☐ ☐ ✓
8 3 If the district has deficit spending in the current or two subsequent fiscal years,
has the board approved and implemented a plan to reduce and/or eliminate deficit
spending to ensure fiscal solvency? ☐ ✓ ☐
10 5 Are the district’s enrollment projections and assumptions based on historical data,
industry-standard methods, and other reasonable factors? ✓ ☐ ☐
11 2 Does the district have sufficient and available resources to cover all contracted
obligations for capital facilities projects? ✓ ☐ ☐
12 1 Is the district able to maintain the minimum reserve for economic uncertainties in
the current year (including Fund 01 and Fund 17) as defined by the State Standards
and Criteria for Fiscal Solvency? ☐ ✓ ☐
12 2 Is the district able to maintain the minimum reserve for economic uncertainties in
the two subsequent years? ☐ ✓ ☐
12 3 If the district is not able to maintain the minimum reserve for economic uncertainties,
does the district’s multiyear projection include a board-approved plan to restore
the reserve? ✓ ☐ ☐
19 1 Does the district account for all positions and costs (including substitutes, overtime,
stipends, and employer-paid benefits) in position control? ☐ ✓ ☐
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Score Breakdown by Section
Because the score is not calculated by category, category values provided are subject to minor rounding
and are provided for information only.
1. Annual Independent Audit Report 0.0%
2. Budget Development and Adoption 2.1%
3. Budget Monitoring and Updates 1.0%
4. Cash Management 1.0%
5. Charter Schools 0.2%
6. Collective Bargaining Agreements 2.1%
7. Contributions and Transfers 1.0%
8. Deficit Spending (Unrestricted General Fund) 2.5%
9. Employee Benefits 0.6%
10. Enrollment and Attendance 1.6%
11. Facilities 0.0%
12. Fund Balance and Reserve for Economic Uncertainty 2.9%
13. General Fund - Current Year 2.7%
14. Information Systems and Data Management 0.0%
15. Internal Controls and Fraud Prevention 1.4%
16. Leadership and Stability 3.1%
17. Multiyear Projections 0.0%
18. Non-Voter-Approved Debt and Risk Management 0.6%
19. Position Control 2.9%
20. Special Education 0.0%
Score 25 7%
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Fiscal Health Risk Analysis Questions
1.
Annual Independent Audit Report
Yes No N/A
1 1 Has the district recorded findings from the most recent and prior two years’ audits
without negatively affecting its fiscal health? ✓ ☐ ☐
1 2 Has the audit report for the most recent fiscal year been completed and presented to
the board within the statutory timeline per Education Code (EC) 41020? ✓ ☐ ☐
1 3 Were the district’s most recent and prior two audit reports free of findings of material
weakness? ✓ ☐ ☐
1 4 Has the district corrected all audit findings from the most recent and prior two audits? ✓ ☐ ☐
2.
Budget Development and Adoption
Yes No N/A
2 1 Does the district develop and use written budget assumptions and multiyear
projections that are reasonable, are aligned with the county superintendent of
schools’ instructions, and have been clearly articulated? ✓ ☐ ☐
2 2 Does the district use a budget development method other than a prior-year
rollover budget and if so, does that method include tasks such as reviewing prior
year estimated actuals by major object code and removing one-time revenues
and expenses? ✓ ☐ ☐
2 3 Does the district use position control data for budget development? ✓ ☐ ☐
2 4 Does the district calculate its Local Control Funding Formula (LCFF) revenue correctly? ✓ ☐ ☐
2 5 Has the district’s budget been approved unconditionally by September 15th by the
county superintendent of schools in the current and two prior fiscal years? ☐ ✓ ☐
The district’s 2024-25 budget received conditional approval, pending adjustments for
declining enrollment and budget balancing solutions.
2 6 Does the budget development process include input from staff, administrators, the
governing board, the community, and the budget advisory committee (if there is one)? ✓ ☐ ☐
2 7 Does the district budget and expend restricted funds before unrestricted funds? ☐ ✓ ☐
The combined unrestricted and restricted ending fund balance has decreased from
more than $30 million in 2021-22 to approximately $12 million in 2024-25, while the
restricted balance has remained at approximately $10 million during that entire time.
In contrast, the unrestricted general fund ending balance was approximately $20
million in 2021-22 but decreased significantly to $2.5 million in 2024-25.
A district that spends restricted funds before unrestricted funds will maintain a stable
restricted ending fund balance that does not increase over time as a percentage of
the total ending fund balance. In contrast, the percentage of the district’s total ending
fund balance that is restricted funds has increased over the last four years, likely
because unrestricted funds had to be expended to balance the budget.
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Table 1: Percentage of Total Ending Fund Balance That is
Restricted Funds, 2021-2025.
Restricted % of Ending
Fiscal Year Fund Balance
2021-22 33%
2022-23 41%
2023-24 60%
2024-25 80%
Source: Pleasanton Unified School District Unaudited Actuals
2 8 Have the district’s Local Control and Accountability Plan (LCAP) and budget been
adopted within the statutory timelines established by EC 42103 and filed with the
county superintendent of schools no later than five days after adoption or by July 1,
whichever occurs first, for the current and prior fiscal year? ✓ ☐ ☐
2 9 Has the district refrained from including carryover funds in its adopted budget? ✓ ☐ ☐
2 10 Other than objects in the 5700s and 7300s, does the district avoid using negative
expense or contra expenditure accounts in its budget? ✓ ☐ ☐
2 11 Does the district have and follow a documented standard procedure for evaluating
both the proposed acceptance of grants and other restricted funds and the potential
multiyear impact on the district’s unrestricted general fund? ☐ ✓ ☐
The district does not have a form or procedure for evaluating either the proposed
acceptance of grants and other restricted funds or their potential multiyear impact on
its unrestricted general fund.
2 12 Does the district adhere to a budget calendar that includes statutory due dates, major
budget development tasks and deadlines, and the staff members and departments
responsible for completing them? ✓ ☐ ☐
3.
Budget Monitoring and Updates
Yes No N/A
3 1 Are actual revenues and expenses consistent with the most current budget? ✓ ☐ ☐
3 2 Are budget revisions posted in the financial system at each interim reporting period,
at a minimum? ✓ ☐ ☐
3 3 Are clearly written and articulated budget assumptions that support budget revisions
communicated to the board at each interim reporting period, at a minimum? ✓ ☐ ☐
3 4 Following board approval of collective bargaining agreements, does the district make
necessary budget revisions in the financial system to reflect settlement costs in
accordance with EC 42142? ✓ ☐ ☐
3 5 Do the district’s responses fully explain the variances identified in the SACS Criteria
and Standards Review form? ✓ ☐ ☐
3 6 Has the district addressed any deficiencies the county superintendent of schools
has identified in its oversight letters to the district in the most recent and two prior
fiscal years? ☐ ✓ ☐
During the district’s 2024-25 budget adoption period, the county superintendent
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identified deficiencies related to low reserves. At 2024-25 first interim, the county
superintendent noted that more reductions were needed, that the district used
a higher cost-of-living adjustment (COLA) than provided for in its funding, and
expressed concerns about enrollment assumptions that were higher than what may
occur. The district is working on these concerns but has not yet addressed them fully.
3 7 Does the district prohibit processing of requisitions or purchase orders when the
budget is insufficient to support the expenditure? ✓ ☐ ☐
3 8 Does the district encumber funds for salaries and benefits and adjust those
encumbrances as needed? ✓ ☐ ☐
3 9 For the most recent and two prior fiscal years, have the district’s interim financial
reports and unaudited actuals been adopted and filed with the county superintendent
of schools within the timelines established in Education Code? ✓ ☐ ☐
4.
Cash Management
Yes No N/A
4 1 Are accounts held by the county treasurer reconciled with the district’s and county
office of education’s (COE) reports monthly? ✓ ☐ ☐
4 2 Does the district reconcile all bank (cash and cash equivalent) accounts with each
statement in a timely manner? ✓ ☐ ☐
4 3 Does the district forecast its general fund cash flow for the current and subsequent
year and update it as needed to ensure cash flow needs are known? ☐ ✓ ☐
The district did not forecast beyond the current year at the time of 2025-26 first
interim reporting.
4 4 If the district’s cash flow forecast shows insufficient cash in its general fund to
support its current and projected obligations, does the district have a reasonable
plan to meet its cash flow needs for the current and subsequent year? ☐ ☐ ✓
4 5 Does the district have sufficient cash resources in its other funds to support its
current and projected obligations in those funds? ✓ ☐ ☐
4 6 If the district uses interfund borrowing, is it complying with EC 42603? ✓ ☐ ☐
4 7 If the district is managing cash in any fund(s) through external borrowing, does
the district’s cash flow projection include repayment based on the terms of the
loan agreement? ✓ ☐ ☐
5.
Charter Schools
Yes No N/A
5 1 Does the district have a board policy, memorandum of understanding (MOU), or
other written document(s) regarding charter oversight? ☐ ✓ ☐
Although the district has not authorized any charter schools, FCMAT recommends
that governing boards have a policy in place in case a charter school petition is
submitted rather than wait until a charter school petition is received.
5 2 Has the district fulfilled, and does it have evidence showing fulfillment of, its
oversight responsibilities in accordance with EC 47604 32? ☐ ☐ ✓
5 3 Are all charters authorized by the district going concerns and not in fiscal distress? ☐ ☐ ✓
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5 4 Has the district identified specific employees in its various departments (e g , human
resources, business, instructional, and others) to be responsible for oversight of all
approved charter schools? ☐ ☐ ✓
5 5 Does the district monitor charter school audits for timeliness, completeness,
and exceptions? ☐ ☐ ✓
6.
Collective Bargaining Agreements
Yes No N/A
6 1 Has the district settled with all its bargaining units for the past two fiscal years? ✓ ☐ ☐
6 2 Has the district settled with all its bargaining units for the current year? ☐ ✓ ☐
At the time of this report, the district has not settled with any bargaining units for the
2025-26 fiscal year.
6 3 Does the district accurately quantify the effects of collective bargaining agreements
and include complete disclosure documents that show the impact on its budget and
multiyear projections? ✓ ☐ ☐
6 4 Based on the presettlement analysis, did the district identify related costs or savings,
and did it identify ongoing revenue sources or expenditure reductions to support the
agreement in the current and subsequent years? ☐ ✓ ☐
The district provided evidence that presettlement analyses were completed for
its most recent agreements. However, neither the analyses nor the disclosure
documents identified expenditure reductions to ensure the district remains fiscally
solvent for the period covered by its multiyear projections.
6 5 In the current and prior two fiscal years, has the total cost of the district’s
bargaining agreement settlements, including step-and-column increases, been at or
under the funded cost-of-living adjustment (COLA)? ☐ ✓ ☐
For salary increases only, according to district-provided documents, the district
settled higher than the statutory COLA in 2023-24 but slightly lower than the
statutory COLA in 2024-25, as shown in the table below. However, when the 1.12%
cost for step-and-column movement is factored in, these agreements often exceed
the statutory COLA.
Table 2. Cost of District Bargaining Agreement Settlements
Compared to Statutory COLA
California School
Association Employees,
of Pleasanton Pleasanton
Fiscal Year Teachers Chapter 155 Statutory COLA
2023-24 10.00% 10.00% 8.22%
2024-25 1.00% 1.00% 1.07%
2025-26 TBD TBD 2.30%
Source: District documents.
6 6 If settlements have not been reached in the past two years, has the district identified
resources to cover the costs of the district’s proposal(s)? ☐ ☐ ✓
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6 7 Did the district comply with public disclosure requirements under Government Codes
3540 2 and 3547 5, and EC 42142? ✓ ☐ ☐
6 8 Did the superintendent and CBO certify the public disclosure of collective bargaining
agreement before board approval? ✓ ☐ ☐
6 9 Is the governing board’s action consistent with the superintendent’s and
CBO’s certification? ✓ ☐ ☐
7.
Contributions and Transfers
Yes No N/A
7 1 Does the district have an active, board-approved plan to eliminate, reduce or control
any contributions/transfers from its unrestricted general fund to other restricted
programs and funds? ☐ ✓ ☐
The district makes contributions from its unrestricted general fund to the special
education program and as required to the Routine Restricted Maintenance Program.
Although the district does not have a board-approved plan to reduce its contribution
to the special education program, the district reported that it had an evaluation of its
special education program from an outside vendor and that it used the results of the
evaluation to help contain special education costs by increasing stipends for hard-to-
fill positions, thus reducing costs compared to contracting out these functions.
7 2 If the district has deficit spending in funds other than the general fund, has it included
in its multiyear projection sufficient transfers from the unrestricted general fund to
cover any projected negative fund balance? ☐ ☐ ✓
7 3 If any contributions or transfers were required for restricted programs and/or other
funds in either of the two prior fiscal years, and there is a need in the current year,
did the district budget for them at reasonable levels? ✓ ☐ ☐
8.
Deficit Spending (Unrestricted General Fund)
Yes No N/A
8 1 Is the district avoiding deficit spending in the current fiscal year? ✓ ☐ ☐
8 2 Is the district projected to avoid deficit spending in both of the two subsequent
fiscal years? ☐ ✓ ☐
The district projects unrestricted general fund deficit spending of $25,783 and
$1,642,683 in 2026-27 and 2027-28, respectively. This projection assumes the
district will implement the planned and board-approved $11.2 million in expenditure
reductions. Failure to implement these reductions will increase these deficits
significantly.
8 3 If the district has deficit spending in the current or two subsequent fiscal years, has
the board approved and implemented a plan to reduce and/or eliminate deficit
spending to ensure fiscal solvency? ☐ ✓ ☐
The administration and board have been proactive in developing a plan that includes
backup options in case the primary actions fail; however, the $11.2 million reduction
plan has not been fully implemented yet.
8 4 Has the district decreased deficit spending over the past two fiscal years and is there
evidence of this in its unaudited actuals reports? ☐ ✓ ☐
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The district has had severe deficit spending in the past two fiscal years. The
unrestricted ending fund balance was $14,080,577in 2023-24 but decreased to
$2,479,337 in 2024-25.
9.
Employee Benefits
Yes No N/A
9 1 Has the district completed an actuarial valuation in accordance with Governmental
Accounting Standards Board requirements to determine its unfunded liability
for other post-employment benefits (OPEB)? ✓ ☐ ☐
9 2 Does the district have a plan to fund its OPEB liabilities for the current and two
subsequent years such that the total of annual required service payments (whether
legally or contractually required, or locally defined such as pay-as-you-go premiums,
trust agreement obligations or a board adopted commitment) are no greater than 2%
of the district’s unrestricted general fund revenues? ✓ ☐ ☐
9 3 Within the last five years, has the district conducted a verification and determination
of eligibility for benefits for all active and retired employees and dependents? ☐ ✓ ☐
The district has not performed a verification in the last five years.
9 4 Does the district track, reconcile and report employees’ compensated leave balances? ✓ ☐ ☐
9 5 Has the district followed a policy or collectively bargained agreement to limit accrued
vacation balances? ✓ ☐ ☐
10.
Enrollment and Attendance
Yes No N/A
10 1 Has the district’s enrollment been increasing or remained stable for the current and
two prior years? ☐ ✓ ☐
The district’s enrollment has been declining since 2019-20. Table 3 shows this trend.
Table 3: District Enrollment, 2019-20 Through 2025-26
2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26
Enrollment 14,878 14,469 14,084 13,876 13,696 13,338 13,012
% Change - -2.75% -2.66% -1.48% -1.30% -2.61% -2.44%
Sources: DataQuest for prior years; district 2025-26 first interim report for current year.
10 2 Does the district monitor and analyze enrollment and average daily attendance (ADA)
data at least monthly through the second attendance reporting period (P-2)? ✓ ☐ ☐
10 3 Does the district track historical enrollment and ADA data to project future trends? ✓ ☐ ☐
10 4 Do schools maintain an accurate record of daily enrollment and attendance that is
reconciled monthly at the school and district levels? ✓ ☐ ☐
10 5 Are the district’s enrollment projections and assumptions based on historical data,
industry-standard methods, and other reasonable factors? ✓ ☐ ☐
10 6 Has the district planned for enrollment losses to any charter schools? ☐ ✓ ☐
The district has not built into its enrollment assumptions any losses to charter schools.
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10 7 Do all applicable schools and departments review and verify their respective
California Longitudinal Pupil Achievement Data System (CALPADS) data and
correct it as needed before the report submission deadlines? ✓ ☐ ☐
10 8 Has the district certified its CALPADS data (most recent Fall 1, Fall 2, and end-of-year
reports) by the required deadlines? ✓ ☐ ☐
10 9 Does the district follow established board policy to limit outgoing interdistrict transfers
and ensure that only students who meet the required qualifications are approved? ✓ ☐ ☐
10 10 Does the district adhere to the average TK-3 class enrollment limits at each school,
the adult-to-student ratio for each TK class, and the credentialing requirements for
teachers assigned to TK classes as defined in the Education Code? ✓ ☐ ☐
11.
Facilities
Yes No N/A
11 1 If the district participates in the state’s School Facility Program, has it made the
required contribution to its Routine Restricted Maintenance Account? ✓ ☐ ☐
11 2 Does the district have sufficient and available resources to cover all contracted
obligations for capital facilities projects? ✓ ☐ ☐
11 3 Does the district properly track and account for facility-related projects? ✓ ☐ ☐
11 4 Does the district use its facilities fully (districtwide) in accordance with the Office of
Public School Construction’s loading standards? ✓ ☐ ☐
11 5 Does the district include facility needs (maintenance, repair, and operating
requirements) when adopting a budget? ✓ ☐ ☐
11 6 Has the district met the facilities inspection requirements of the Williams Act and
resolved any outstanding issues? ✓ ☐ ☐
11 7 If the district passed a Proposition 39 general obligation bond, has it met the
requirements for audit, reporting, and a citizens’ bond oversight committee? ✓ ☐ ☐
11 8 Does the district have a board-approved long-range facilities master plan completed
within the last five years that reflects its current and projected facility needs? ✓ ☐ ☐
12.
Fund Balance and Reserve for Economic Uncertainties
Yes No N/A
12 1 Is the district able to maintain the minimum reserve for economic uncertainties in the
current year (including Fund 01 and Fund 17) as defined by the State Standards and
Criteria for Fiscal Solvency? ☐ ✓ ☐
The district is not meeting the minimum reserve requirement in any of the three years
in its multiyear projection.
12 2 Is the district able to maintain the minimum reserve for economic uncertainties in the
two subsequent years? ☐ ✓ ☐
The district’s statutorily required minimum reserve is 3%. In its 2025-26 first interim
report, the district projects that its minimum reserve will be 2.02%, 2.66% and 1.87%
in 2025-26, 2026-27 and 2027-28, respectively.
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12 3 If the district is not able to maintain the minimum reserve for economic
uncertainties, does the district’s multiyear projection include a board-approved
plan to restore the reserve? ✓ ☐ ☐
12 4 Is the district’s projected unrestricted fund balance stable or increasing in the two
subsequent fiscal years without unsubstantiated revenue increases or expenditure
reductions? ☐ ✓ ☐
The district has been diligent in seeking reductions to address the deficit spending
that has been eroding its unrestricted ending fund balance. Although the district has
developed a plan with multiple options to address the deficit, some components of
the plan are not fully detailed at the time of this report. The district is still projecting
deficit spending in the current and two subsequent years. This results in a decrease in
ending fund balance for the current plus two years, as shown in Table 4 below.
Table 4: District Ending Fund Balance, 2025-26 Through 2027-28
Year Ending Balance
2025-26 $8,820,190
2026-27 $8,794,407
2027-28 $7,151,724
Source: Pleasanton Unified School District First Interim Multiyear Projection
12 5 If the district has unfunded or contingent liabilities or one-time costs other than
post-employment benefits, does the unrestricted general fund balance include
sufficient assigned or committed reserves above the recommended reserve level
to cover these costs? ☐ ☐ ✓
13.
General Fund – Current Year
Yes No N/A
13 1 Does the district ensure that one-time revenues do not pay for ongoing expenditures? ☐ ✓ ☐
The district’s first interim report shows that the Student Support and Professional
Development Discretionary Block Grant, which is one-time funding, is being used to
offset the unrestricted general fund contribution to special education in the current
year. In addition, district interviews indicated the district is using Learning Recovery
Emergency Block Grant funding to pay for ongoing costs.
The district is also drawing down other post-employment benefit (OPEB) funds to pay
for retiree health care costs instead of using money from the unrestricted general
fund. The district is drawing down approximately $2 million in the current year, and
drawdowns for 2026-27 and 2027-28 are budgeted at $1 million each. This funding
source is finite, and once depleted the district will need to fund these obligations in
another manner.
Additionally, district staff reported that the district will need to begin replacing
technology infrastructure next year, including updating software licensing for
technology installed districtwide and paid for using Measure I1 bond funds. The
district’s multiyear projections do not account for these upcoming expenditures.
13 2 Is the percentage of the district’s general fund unrestricted expenditure budget that
is allocated to salaries and benefits at or below the prior year statewide average? ☐ ✓ ☐
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According to the district’s 2025-26 first interim report, 91.1% of its unrestricted general
fund budget is allocated to salaries and benefits. This exceeds the 2023-24 statewide
average of 86% for unified school districts (the latest data available).
13 3 Is the percentage of the district’s general fund unrestricted expenditure budget that
is allocated to salaries and benefits at or below that of the prior two years? ☐ ✓ ☐
According to the district’s 2025-26 first interim report, salaries and benefits
accounted for 92% of the unrestricted general fund in 2024-25 and 90.6% in 2023-24,
compared with 91.1% in the current year.
13 4 If the district has received any uniform complaints or legal challenges regarding local
use of supplemental and concentration grant funding in the current or prior two years,
is the district addressing the complaint(s)? ✓ ☐ ☐
13 5 For positions supported with one-time or restricted funding, does the district either
ensure that these funds are sufficient to pay for these staff or have a plan to pay for
the positions with unrestricted funds? ✓ ☐ ☐
13 6 Is the district using its restricted dollars fully by expending allocations for restricted
programs within the required time? ✓ ☐ ☐
13 7 Does the district account for all program costs, including the maximum allowable
indirect costs, for each restricted resource and other funds? ☐ ✓ ☐
The district’s 2023-24 and 2024-25 indirect cost rate report from the unaudited
actuals shows some programs to which the district did not charge the maximum
allowable indirect cost rate. For example, in 2024-25 the district’s approved indirect
cost rate for Title I, Part A was 6.83%, but the district charged only 3.27%. In addition,
staff indicated that indirect costs were not charged until the end of the fiscal year, by
which time some grants had already been fully expended. The district is working to
correct this practice.
13 8 Are all balance sheet accounts in the general ledger reconciled at least at each
interim reporting period and at year-end close? ☐ ✓ ☐
The district does not have a process to reconcile the general ledger at interim
reporting periods or year-end closing. In interviews, staff indicated that this is a goal
for the business department.
14.
Information Systems and Data Management
Yes No N/A
14 1 Does the district use an integrated financial and human resources system? ✓ ☐ ☐
14 2 Does the district use the system(s) to provide key financial and related data, including
personnel information, to help the district make informed decisions? ✓ ☐ ☐
14 3 Has the district accurately identified students who are eligible for free or reduced-price
meals, English learners, and foster youth, in accordance with the LCFF and its LCAP? ✓ ☐ ☐
14 4 Is the district using the same financial system as its COE? ✓ ☐ ☐
14 5 If the district is using a separate financial system from its COE, is there an automated
interface that allows data to be sent and received by both the district’s and COE’s
financial systems? ☐ ☐ ✓
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14 6 If the district is using a separate financial system from its COE, has the district
provided the COE with direct access so the COE can provide oversight, review
and assistance? ☐ ☐ ✓
15.
Internal Controls and Fraud Prevention
Yes No N/A
15 1 Does the district have controls that limit access to its financial system and include
multiple levels of authorization? ✓ ☐ ☐
15 2 Are the district’s financial system’s access and authorization controls reviewed and
updated upon employment actions (e g , resignations, terminations, promotions, or
demotions) and at least annually? ✓ ☐ ☐
15 3 Does the district ensure that duties in the following areas are segregated, and that
they are supervised and monitored?:
• Accounts payable (AP) ✓ ☐ ☐
• Accounts receivable (AR) ✓ ☐ ☐
• Purchasing and contracts ✓ ☐ ☐
• Payroll ✓ ☐ ☐
• Human resources (i e , duties related to position control and payroll processes) ✓ ☐ ☐
15 4 Are beginning balances for the new fiscal year posted and reconciled with the ending
balances for each fund from the prior fiscal year? ✓ ☐ ☐
15 5 Does the district review and work to clear prior year accruals throughout the year? ✓ ☐ ☐
15 6 Has the district reconciled and closed the general ledger (books) within the time
prescribed by the county superintendent of schools? ✓ ☐ ☐
15 7 Does the district have processes and procedures to discourage and detect fraud? ☐ ✓ ☐
The district does not have any processes or procedures to discourage and detect
fraud.
15 8 Does the district have a process for collecting reports of possible fraud (such as an
anonymous fraud reporting hotline) and for following up on such reports? ☐ ✓ ☐
The district lacks a process for collecting reports of possible fraud and for following
up on such reports.
15 9 Does the district have an internal audit process? ☐ ✓ ☐
Some internal audit processes are being carried out in certain departments, but the
district does not have a formal internal audit process.
16.
Leadership and Stability
Yes No N/A
16 1 Does the district have a chief business official who has been in this position with the
district for more than two years? ✓ ☐ ☐
16 2 Does the district have a superintendent who has been in this position with the district
for more than two years? ☐ ✓ ☐
The district superintendent was appointed as an interim superintendent on July 1,
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2024 and was made permanent superintendent in October of 2024.
16 3 Does the superintendent schedule and hold meetings regularly with all members of
their administrative cabinet? ✓ ☐ ☐
16 4 Is training on financial management and budget provided to school and department
administrators who are responsible for budget management? ✓ ☐ ☐
16 5 Does the governing board adopt and revise policies and administrative
regulations annually? ✓ ☐ ☐
16 6 Are newly adopted or revised policies and administrative regulations implemented,
communicated, and available to staff? ✓ ☐ ☐
16 7 Do all board members attend training on the budget and governance at least every
two years? ☐ ✓ ☐
The district’s board handbook requires all new board members to complete the
California School Boards Association’s Masters in Governance training in their
first five years as a board member. However, the district has no ongoing training
requirement or process for board members, and no board members have attended
trainings in the last two years.
16 8 Is the superintendent’s evaluation performed according to the terms of the contract? ☐ ☐ ✓
16 9 Is the district avoiding relying on consultants to prepare financial reports (e g SACS)
or other primary fiscal activities? ✓ ☐ ☐
17.
Multiyear Projections
Yes No N/A
17 1 Has the district developed multiyear projections that include detailed assumptions
aligned with industry standards? ✓ ☐ ☐
17 2 To help calculate its multiyear projections, did the district prepare an accurate LCFF
calculation that includes multiyear considerations? ✓ ☐ ☐
17 3 Does the district use its most current multiyear projection when making
financial decisions? ✓ ☐ ☐
17 4 If the district uses a broad adjustment category in its multiyear projection (such
as line B10, B1d, B2d Other Adjustments, in the SACS Form MYP/MYPI), is there
a detailed list of what is included in the adjustment amount and are the
adjustments reasonable? ☐ ☐ ✓
18.
Non-Voter-Approved Debt and Risk Management
Yes No N/A
18 1 Are the sources of repayment for non-voter-approved debt {such as certificates of
participation (COPs), bridge financing, bond anticipation notes (BANS), revenue
anticipation notes (RANS) and others} stable, predictable, and other than the
unrestricted general fund? ✓ ☐ ☐
18 2 If the district has issued non-voter-approved debt, has its credit rating remained
stable or improved during the current and two prior fiscal years? ☐ ✓ ☐
On February 2, 2026, Moody’s Investors Service downgraded the rating on the
district’s certificates of participation (COPs) from A1 to A2.
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18 3 If the district is self-insured, has it completed an actuarial valuation as required and
does it have a plan to pay for any unfunded liabilities? ☐ ☐ ✓
18 4 If the district has non-voter-approved debt (such as COPs, bridge financing, BANS,
RANS and others), is the total of annual debt service payments no greater than 2%
of the district’s unrestricted general fund revenues? ✓ ☐ ☐
19.
Position Control
Yes No N/A
19 1 Does the district account for all positions and costs (including substitutes, overtime,
stipends, and employer-paid benefits) in position control? ☐ ✓ ☐
The district does not account for non-positional costs in position control such as
substitute, overtime and stipend costs. During development of its original 2024-25
budget, an error occurred that omitted the non-positional costs. Because the district
does not regularly reconcile position control with budget and payroll (see item 19.3),
the error went undetected until the 2024-25 estimated actuals were prepared and
also affected the 2025-26 budget once the non-positional costs were included. The
impact of these adjustments resulted in approximately $5 million in deficit spending
in both 2024-25 and 2025-26.
19 2 Does the district analyze and adjust staffing based on staffing ratios and enrollment? ✓ ☐ ☐
19 3 Does the district reconcile budget, payroll and position control regularly, at least
at budget adoption and interim financial reporting periods? ☐ ✓ ☐
Interviews with staff revealed that the district lacks a formal process for regularly
reconciling budget, payroll, and position control data after budget adoption. District
staff reported they are working on implementing a new process for reconciling
position control regularly.
19 4 Does the district identify a budget source for each new position before the position
is authorized by the governing board? ✓ ☐ ☐
19 5 Does the governing board approve all new positions and extra assignments
(e g , stipends) before positions are posted? ☐ ✓ ☐
Interviewees indicated that the governing board does not authorize new positions or
extra assignments before the positions are posted for recruitment.
19 6 Do managers and staff responsible for the district’s human resources, payroll and
budget functions meet at least monthly to discuss issues and improve processes? ✓ ☐ ☐
20.
Special Education
Yes No N/A
20 1 For special education classrooms and support services, does the district use staffing
ratios that align with statutory requirements and industry standards, and are students’
support needs also considered? If so, are those needs documented and evaluated at
each budget cycle? ✓ ☐ ☐
20 2 Does the district access all available funding sources for costs related to special
education (e g , state excess cost pool, legal fees, mental health)? ✓ ☐ ☐
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20 3 Does the district use appropriate tools to help it make informed decisions about
whether to add services (e g , special circumstance instructional assistance process
and form, transportation decision tree)? ✓ ☐ ☐
20 4 Does the district budget and account correctly for all costs related to special
education (e g , transportation, due process hearings, indirect costs, nonpublic
schools and/or nonpublic agencies)? ✓ ☐ ☐
20 5 Does the district monitor contributions from the unrestricted general fund and adjust
to trends in the special education program? ✓ ☐ ☐
20 6 Is the district’s rate of identification of students as eligible for special education at or
below the countywide and statewide average rates? ✓ ☐ ☐
20 7 Does the district analyze whether it will meet the maintenance of effort requirement
at each interim financial reporting period? ✓ ☐ ☐
Risk Score, 20 numbered sections only: 25 7%
Key to Risk Score from 20 numbered sections only:
High Risk: 40% or more
Moderate Risk: 25-39.9%
Low Risk: 24.9% and lower
District Fiscal Solvency Risk Level, all FHRA factors: High
(The existence of any condition from the “Budget and Fiscal Status” section, and/or a material
weakness, will supersede the score above because it elevates the district’s risk level.)
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Appendix
Study Agreement
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Digitally signed by Michael H. Fine
Michael H. Fine
Date: 2025.12.19 16:56:10 -08'00'
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