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Beverly Hills USD board certifies second interim budget, projects improving reserves
Summary
The board approved a positive certification for the district’s second interim budget. Staff reported modest improvements in the deficit projection, current reserves trending toward recommended levels, and a placeholder for potential COP financing tied to the bond program.
The Beverly Hills Unified School District Board of Education voted March 11 to approve its second interim budget report and to give a positive certification that the district can meet its financial obligations for the current fiscal year and the next two fiscal years.
Chief Business Office staff presented actuals through Jan. 31 and a multi‑year projection. The presenters described Beverly Hills USD as a “community funded” district in which property taxes are the primary unrestricted revenue source. Staff reported an updated property tax estimate for the current year and a small downward variance from the prior interim projection; total general fund revenue was reported up slightly from prior projections, while the current‑year operational deficit (revenues minus expenditures) was reported as reduced compared with the first interim.
Key fiscal points presented to the board: - Property tax revenue for the year was presented as the main local revenue source; staff reported an updated projection of property taxes (the presentation cited a figure in the tens of millions as the district’s primary local revenue). - The district’s deficit‑spending projection for the current year decreased compared with the first interim; staff said the district had reduced deficit spending by roughly $833,000 from the first interim figure. - The general fund reserve percentage was reported at about the mid‑20s (around 26%), with projections to increase toward a 30% target in later years if planned reductions and budget strategies proceed. - Staff included a placeholder (an assignment in the multi‑year projection) for a possible certificate of participation (COP) or short‑term financing tied to bond cash flow needs; staff indicated a planning placeholder in future years to budget for a potential financing payment rather than an immediate loan draw.
During public and board discussion trustees asked for clarifications about property tax volatility, the COP placeholder, and how reserve targets would be restored. Staff said the budget team would return with more detailed breakout pages (they flagged page numbers within the packet for trustees who wished to review the supporting schedules).
The board approved the second interim report and the staff recommendation for a positive certification on a roll‑call vote recorded as unanimous.
Ending: Staff will file the second interim with the LA County Office of Education and return in June with estimated actuals and the adopted budget for the next fiscal year; bond‑related cash‑flow planning and unresolved bargaining unit settlements were identified as risks to monitor.
