South San Francisco, CA June 29, 2016 Submitted by John Horgan, SSFUSD
The South San Francisco Unified School District Board of Trustees unanimously approved its 2016-17 budget during its June 23 meeting.
The new operating budget indicates deficit spending so the difference will be made up out of District reserves.
Over the following two fiscal years, the District anticipates the possibility of further budget deficits. Again, it is projected that those shortfalls, if they do occur, will be addressed by reserves.
Michael Krause, the District’s Assistant Superintendent of Business Services, told the Trustees that, “We are fiscally solvent.” Buttressing that point, he reiterated that the District’s bond rating is AAA. But, he warned, the projected steady decline in reserves to account for deficit spending will require that the Board Members “prioritize expenditures.”
Board President Patrick Lucy stated that having the financial projections now gives the Trustees time to address the District’s looming fiscal challenges.
District Superintendent Dr. Shawnterra Moore added that the aim of long-term budget forecasting is to ensure that District authorities have the opportunity to plan and prepare now rather than later.
She emphasized that the District Board Members and Administration are “committed to ensuring fiscal solvency.” She cautioned that there is “real potential for significant revenue reductions in coming years.”
EDITORS NOTE: EARLIER THIS MONTH A SSFUSD PRESS RELEASE STATED ‘SSFUSD Is Faced With Serious Financial Challenges’ – TO READ THAT RELEASE CLICK HERE TO READ SAN MATEO DAILY JOURNAL’S JUNE 29, 2016 ARTICLE RESEARCHED & WRITTEN BY AUSTIN WALSH PLEASE CLICK HERE