FOR IMMEDIATE RELEASE
LAGUNA BEACH UNIFIED SCHOOL DISTRICT
CONTACT: ANAKAREN URENO
PUBLIC COMMUNICATIONS AND RELATIONS LIAISON
949-497-7700 EXT. 5317
January 19, 2018
Laguna Beach Unified School District Board of Education Approves Positive Certification of First Interim Report
LAGUNA BEACH, Calif. – On December 12, the Laguna Beach Unified School District Board of Education took action to approve the Positive Certification of the 2017-2018 First Interim Financial Report and authorized its filing with the County Superintendent of Schools.
The report highlights various positive adjustments to the adopted budget for the year, including an ending fund balance of nearly $6.2M that is projected to increase over the next two fiscal years. The Board also took action to contribute an additional $250,000 to the special reserve account known as Fund 17. The District’s General Fund currently holds more than $16.5M, well above the minimum reserve it is required to maintain.
“We are fortunate to be as fiscally strong as we are and I appreciate the Superintendent and School Board’s support of business services as we continue to enhance our fiscal strength,” said Jeff Dixon, assistant superintendent of business services.
Local educational agencies are required to file two reports during a fiscal year (interim reports) on the status of the educational agency’s financial health. The interim reports must include a certification of whether or not the agency will be able to meet its financial obligations; the certifications are classified as positive, qualified or negative. A positive certification is assigned when the district will meet its financial obligations for the current and two subsequent fiscal years.
Respectively, Governor Brown released his final 2018-2019 State Budget proposal on January 10, with K-12 Education receiving $55.9 billion in Proposition 98 support. The Budget proposes a roughly $3 billion investment to fully implement the Local Control Funding Formula two years earlier than projected.
“Governor Brown’s budget proposal provides a big boost to our public school students. The proposal shows how far we have come as a state in the past seven years in increasing investments in education so our students can continue to succeed in college and the 21st Century economy,” said State Schools Chief Tom Torlakson in a statement.
The Budget also proposes advancing the Administration’s core priorities to pay down debts owed to schools and support local educational agencies in their efforts to improve outcomes for low-achieving students.
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