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Board approves short-term financing loan authorization for San Carlos School District
Summary
The Board unanimously approved Resolution No. 26-20 authorizing short-term financing for San Carlos School District to address a near-term cash-flow issue; staff said the County Office will coordinate timing with the district and that only one other district is near flipping funding status.
The San Mateo County Board of Education unanimously approved Resolution No. 26-20 authorizing short-term financing for the San Carlos School District after staff described a potential cash-flow issue before fiscal-year end. Deputy Superintendent Kevin Bultema said the County Office will coordinate the timing of cash transfers through the County Treasury and adjust projections as updated information becomes available.
Board Members asked whether other districts face similar risks of flipping between community-funded and state-funded status. Bultema said only one district is currently on the cusp of shifting; Ralph Crame, Chief Financial Officer for San Carlos School District, told the Board that the district’s enrollment is increasing and projections indicate it may flip back to LCFF. The resolution passed on a motion by Board Member Love, seconded by Board Member Alvaro, with a unanimous recorded vote (Alvaro, Arias, Bonini, Gerard, Love, O’Neill, and Torres).
