News

Thursday, September 23, 2010

Board approves Unaudited Actuals Financial Report

A message from Deputy Superintendent Eric Smith

On August 16, we were notified by the Santa Barbara County Education Office (SBCEO) that our 2010-11 budget was approved. However, since the budget’s multi-year financial projections contained $4.5 million in unspecified expenditure reductions for fiscal year 2011-012, the SBCEO is now requiring that the districts submit a board-approved list of expenditure reductions along with the submission of the first interim financial report in December.

On September 14, 2010, the board approved the districts’ unaudited actuals for fiscal year 2010-11. The unaudited actuals are a financial document that reflects the total amount of income received and the total amount of expenditures incurred in the fiscal year. Because the districts’ unrestricted ending fund balance was better than anticipated at 7.15 percent, we have revised the number of cuts needed for the fiscal year 2011-12 year down to $3.0 million. However, since the first interim financial report is due by December 15, 2010, a timeline and process must be established to meet this date. With this in mind, staff has developed the following timeline for fiscal year 2011-12 budget reductions:

• First reading of Fiscal Solvency Plan Phase IV (November 9, 2010)
• Second reading of Fiscal Solvency Plan Phase IV (November 23, 2010)
• Presentation of First Interim Financial Report (December 14, 2010)
• Notice of release of probationary and temporary staff and approval of reduction of particular kinds of services (March 8, 2011)
• Final budget adoption (June 28, 2011)