The multi-year financial projection shows that the district is able to meet its financial obligations and maintain a five percent reserve in all three years. Torrigiani said that balanced budgets in the projected years are accomplished through unspecified reductions in on-time funding, carryover from the prior year and deferred revenue and adjustments to operational costs. “With the State economy remaining weak and an estimated deficit of $19.3 billion and growing, tough decisions will have to be made to balance future budgets,” she added. “We need to make sure we manage our cash flow through these tough economic times. We must stay on course, not panic, be transparent and have open communication at all times. Students must always come first when making tough decisions.”
SPUHSD files positive First Interim Report
The Santa Paula Union High School District has filed a positive First Interim Report with the State, stating that the district will be able to meet its financial obligations for the current fiscal year and two subsequent fiscal years.
The report was shared with district trustees at last week’s board meeting by Francine Torrigiani, Assistant Superintendent of Business and Classified Personnel. She warned trustees that “The current and subsequent budget years are not structurally sound and the continuation of deficit spending (by the State) has put a lot of burden/stress on the ending fund balance”
The good news is that projected revenues are up by over one million dollars. She added that, overall, expenditures are up $780,000, largely due to adjustments in a number of areas.
