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SFUSD CFO warns of multi‑million dollar deficit in unaudited 2017‑18 actuals and multiyear projections
Summary
SFUSD presented unaudited fiscal year 2017‑18 results showing $571.5M in revenues and $591.0M in expenditures (a $19.5M deficit). The district projects continued deficit spending for 2018‑19 without additional revenue or expenditure reductions, driven by pension and health cost increases.
Rita Madewen, the district’s chief financial officer, told the Board on Oct. 23 that SFUSD’s unaudited actuals for fiscal 2017‑18 show revenues of about $571.5 million and expenditures of about $591.0 million, producing a roughly $19.5 million deficit.
Madewen said the district filed its unaudited actuals with the state and incorporated state budget actions — including the governor’s adjustments — into district projections. She explained LCFF…
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