Board Finance Update

As the district’s Interim Chief Financial Officer Deborah Cabrera has reviewed the district’s budget and finances, she has discovered gaps in the financial planning that was previously established by former leaders and has recommended steps to resolve those issues.

At the November 12 School Board Meeting, the district will propose a budget amendment to the General Operating Fund for two critical items that were not part of the Official Budget adopted by the Board for the 2018-2019 school year.

The amendments will include a request to increase the Debt Service Function to resolve repayment of the Notes Payable expenditure that funded district projects and an increase to the Other Uses Budget from the General Operating Budget to cover costs of Bond projects that exceeded available resources.

The district will also request approval for the issuance of Tax Anticipation Notes (with minimal interest) to cover a cash flow deficit as the district awaits December property tax collections and state funding. 

These two budget increases will come out of the district’s fund balance. We feel that this measure will resolve the district’s budget concerns and will assist with fiscally-sound planning and preparation for the 2019-2020 budget to rebuild the fund balance for the future.