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District projects short-term surplus but warns of multi-year deficit without revenue changes
Summary
Finance staff presented a five-year projection showing a near-term operating surplus (driven by reserve interest) but projected multi-year deficits that will require reductions unless revenues increase.
District finance staff told the Board of Education the district expects a near‑term operating surplus largely driven by reserve interest, but long‑range projections show recurring deficits that will require program and staffing reductions unless revenue assumptions improve.
Cynthia Wandold, presenting the district’s long-range projection, said the district expects an operating surplus of about $1 million for the current year after removing a $24 million interfund transfer tied to the Roosevelt capital project. Wandold explained the district’s audited financials will show a large operating loss because of that transfer, but the district’s underlying operating performance is positive when the capital transfer is excluded.
Wandold present…
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