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Board reviews $1.9 million shortfall, approves investment policy and audit contract
Summary
The Birmingham Community Charter High District board reviewed a second-interim budget showing an approximate $1.9 million deficit, approved an investment policy statement to explore an investment fund, and renewed the district's annual audit contract.
The Birmingham Community Charter High District board reviewed a second-interim budget showing an estimated $1.9 million operating shortfall for the current year and approved an investment policy statement and the district's annual audit contract during its meeting.
At a meeting presentation, finance staff said, “As you're gonna see with our second interim, we're looking at about a $1,900,000 deficit this year,” framing why the board is pursuing a mix of cost reductions and revenue strategies. The board voted to adopt an investment policy statement and to renew the external audit contract with Christian Larson and Allen.
Why it matters: the shortfall is part of a multiyear projection showing continued pressure on reserves if no revenue increases or expense reductions are…
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