San Diego Unified Board Hears Update On Budget Shortfall
The San Diego Unified School District already faces a $46 million deficit in its general fund for the current fiscal year and a projected shortfall of at least $57 million for 2012-13, according to a report scheduled to be presented to the Board of Education today.
Board members are scheduled to hear the report from financial staff at a budget workshop at district headquarters beginning early this afternoon. The report says the general fund budget for the current academic year envisions $1.086 billion of expenses but only $1.040 billion in anticipated revenue.
According to SDUSD financial staff, the $46 million deficit can be absorbed because the district ended the last fiscal year with a balance of $116.8 million, nearly $20 million above the figure at the same time one year ago.
The report, available on the SDUSD's website at sandi.net, notes that its figures only apply if the state is able to uphold its funding commitments to K-12 school districts instead of forcing them to make mid-year spending reductions.
If the worst-case scenario plays out, the projected shortfall for the 2012-13 academic year could climb as high as $115 million, according to the report.
The trustees are also set to hear a report on the unaudited actual expenses and revenues for the recently completed 2010-11 school year.