Second Interim Financial Report Declared Positive

La Cañada Unified School District Governing Board members recently declared a positive certification for their second interim financial report of 2018-19.
The positive certification, according to a district statement, means the school district will meet its financial obligations for the current fiscal year and two subsequent fiscal years.
“We’re pretty much running on track,” said Mark Evans, the district’s chief business and operations officer at a special meeting of the Governing Board Feb. 27 to discuss a first reading of the report. “We’re assuming our enrollment stays flat in the years ahead. That’s been managed pretty consistently.”
Total revenues for the first interim report are $48,611,993, with expenditures of $47,834,146, according to the statement.
Anticipated Local Control Funding Formula revenues increased by about $30,000 because of a slight increase in average daily attendance, according to a district statement. According to the California Department of Education, LCFF establishes a variety of grants in place of previously existing K-12 funding streams including revenue limits and general purpose block grants.
Federal revenues are projected to be $888,447 this year, a slight increase by around $1,900 from initial projections for 2018-19. One-time revenues are budgeted at $747,408.
For expenditures, there was an update with a slight increase in salaries and benefits of about $100,000, about 25% more than the first interim projections, according to a statement. Books, supplies and services reflected an increase of approximately $200,000 above the first interim report.
Evans, responding to a question by Governing Board member Dan Jeffries, said his projections did not consider Gov. Gavin Newsom’s proposal for the state to pay $3 billion toward California State Teachers Retirement System pensions because Newsom’s budget remained tentative at this point.
“Because it is a substantial chunk for us, we would really encourage our state legislature to support the governor‘s proposal,” Jeffries added.
The second reading of the second interim report is expected to be held on March 12, Evans said.

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