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Accounting director outlines possible 0.5%–5% state funding cuts, district already made mid-year reductions
Summary
Accounting Director Yazmin Karabinas presented scenarios for state school fund reductions ranging from 0.5% to 5%, noted mid-year staffing and hours cuts already in place, and reviewed December revenue forecast improvements including $318.8 million in higher resources since September.
Accounting Director Yazmin Karabinas told the board that state funding for schools could face reductions ranging from 0.5% to 5% and presented scenario analyses showing how such cuts would affect the general fund, the student investment account (SIA) and Measure 98 (high school success fund). Karabinas said the district has already implemented mid-year reductions, including several eliminated positions and reduced staff hours.
Karabinas outlined several positive changes in the December economic and revenue forecast: resources are up $318.8 million from the September forecast; the general fund and lottery deficit was reduced to $80 million from a previously projected $400 million; Corporate Activity Tax (CAT) collections are down $31.1 million from September but CAT reserves stand at $100 million; and the overall state budget shortfall is now projected at $600 million, down from $915 million. Superintendent Brent Barry summarized the districts position, saying, "overall, it's not great information, but where we are, we can currently weather the storm." The meeting adjourned at 7:00 PM with no formal votes recorded on funding changes.
