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CFO and OAE flag possible $17 million deficit in State Fund 10; administration says year‑end accounting may change outlook
Summary
Officials told the board that State Fund 10 currently projects a roughly $17,000,000 deficit in preliminary year‑end reporting, but administrators cautioned many year‑end entries and grant claims are still being processed and the books will not close until Aug. 10.
Board members and staff spent a portion of the meeting reviewing the district’s preliminary year‑end financial position.
OAE representative Matt Chasen noted the monthly revenues and expenditures report shows a projected deficit of about $17,000,000 in State Fund 10, saying the figure reflects current booked items but that year‑end activity remains ongoing. "We're well on our way to meeting our year‑over‑year goal to increase student internship opportunities..." he added in his report while later cautioning that the $17 million figure is an in‑process projection.
Aitcha Saba, the district’s Chief Financial Officer, told the board the district is still in year‑end close procedures and is booking invoices, grant claims and journal entries; she said the district plans to close the books on August 10, must complete DPI aid certification by Aug. 28 and does not expect final audited figures until Dec. 15. Saba explained that some revenues (notably special‑ed related claims) will be recorded as part of close and could materially change the projected position.
Board members urged caution and asked administration to continue frequent updates as year‑end activity progresses.
