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District certifies second interim report; Fund 40 one-time transfers and Genentech tax settlement noted
Summary
The board reviewed and certified the 2025-26 second interim report showing projected reserves of 12.54% after one-time Fund 40 transfers; staff warned of ongoing multi-year deficits partly due to potential Genentech tax refunds.
The Cabrillo Unified School District board certified the 2025-26 second interim financial report on March 12, a required update that projects the district will meet its financial obligations for the current and two subsequent fiscal years while noting continuing budget pressures.
CEO Jennifer Marsh presented the report, which covers actual expenditures through Jan. 31, 2026, and updated projections. The report projects a combined reserve of 12.54% against a board policy target of 16%. Staff included two one-time transfers from…
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