Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget Interim topic
No spam. Unsubscribe anytime.
SMMUSD board certifies positive 1st interim despite projected near-term deficits
Summary
After staff presented the 1st interim (Oct. 31) financials and multiyear projections, the board approved a positive certification that the district can meet its financial obligations while working on deficit reduction and reserve maintenance.
District staff presented the 1st interim financial report for the period ending Oct. 31, including updated revenue and expenditure projections, enrollment commentary and multiyear forecasts. Staff recommended and the board approved a "positive" certification to the Los Angeles County Office of Education indicating the district can meet its financial obligations.
Gerardo Cruz highlighted key points: enrollment has stabilized with a net drop of about 80 students compared with the prior year; the district is projecting modest property-tax increases (including a $500,000 RDA projection); the general fund ended FY24 with about $12.2 million added to reserves; and one-time credits from the transition to a new health plan reduced near-term costs but will not repeat. Cruz warned of projected deficits in the coming years and said cabinet-level planning to reduce those deficits is underway.
After discussion, Trustee John moved and Trustee Maria seconded a motion to submit a positive certification for the 1st interim; by roll call the board approved the certification.
