The Sulphur Springs Union School District governing board on Wednesday unanimously approved a positive certification for the district’s second interim financial report.
According to the meeting agenda, the second interim report is due March 17, and it reflects projected revenues, expenses, an
d year-end fund balances based on data through Jan. 31.
A positive certification means that the district is projecting to have enough available reserves this school year and the next two school years to meet the state’s requirement of 3% of projected expenditures.
According to the report, the district is projected to have reserves of about $9 million after this year, followed by $9.1 million after next year and then $6.8 million the following year.
The district is projected to be deficit spending this year and the next two school years. It is projected to spend about $95.7 million this year, against about $88.5 million in revenues, a difference of $7.1 million that is set to come out of the district’s fund balance. The total ending fund balance for this school year is projected to be nearly $24.6 million.
Next school year, the district is projected to spend about $95.9 million against about $85.9 million in revenues, a difference of nearly $10 million that will come out of the district’s fund balance. The total ending fund balance for the 2025-26 school year is projected to be $14.6 million.
By the 2026-27 school year, the projected expenditures are $93.1 million against about $88.5 million in revenues, a difference of about $4.5 million. As projected, this school year the district’s deficit spending would be the lowest of the two years.
Board member Ken Chase made a motion to approve the second interim budget report with a positive certification, the motion was seconded by board member Shelley Weinstein, according to Superintendent Catherine Kawaguchi. The motion passed 5-0.
The post SSUSD board approves positive financial budget report appeared first on Santa Clarita Valley Signal. ...read more read less
