News

Thursday, July 10, 2008

Districts’ Board of Education Adopts Balanced Budget

The Santa Barbara School Districts’ Board of Education adopted a balanced budget for the 2008-09 fiscal year at its June 24, 2008 regular board meeting. The $117 million general fund budget reflects the assumptions depicted in the governor’s 2008-09 May revise proposal as presented by School Services of California in its Financial Projection Dartboard.

The districts’ ending balance is projected to be $9.98 million, or 7.44 percent of the total expenditure budget. Within the ending balance is 3.00 percent dedicated to the districts’ reserve for economic uncertainties. The ending balance of the 2007-08 fiscal year budget becomes the beginning balance of the 2008-09 budget and will be validated through the closing of the fiscal year 2007-08 books, which are expected to be completed by late August of this year.

The districts’ board of education also approved new multi-year projections which demonstrate the districts’ ability to meet both current and subsequent two fiscal year obligations while maintaining a fiscally prudent reserve.

The Santa Barbara County Education Office, charged with approving the districts’ budget, must complete its review by August 15, 2008. An unconditional approval of the budget is expected.