Upland Unified School District reports major improvement in district finances; board issues ‘positive’ certification

Upland, CA – The Upland Unified School District tonight reported a dramatic improvement in the district’s finances over the past six months and announced it will meet its financial obligations for the next three years.

The second interim budget report, released at the district’s Board of Education meeting, shows revenues will exceed expenses by $2.8 million during the current year and projects reserves of nearly $7 million at the end of the 2015-16 fiscal year. The board issued a positive certification for the interim budget, a dramatic improvement from the negative rating it received last May in the face of a projected $9 million deficit for the 2013-14 fiscal year.

 “We’ve worked very hard to return the Upland Unified School District to economic recovery in a very short time. I couldn’t be more proud of the faculty and staff throughout our district who have come together – with the support and leadership of our outstanding board – over the past eight months to get us back on our feet and headed in the right direction,” said UUSD Superintendent Nancy Kelly. “There are challenges that remain, but we are financially stable and headed in a positive direction.”

The revised budget report shows revenues exceeding expenses this year and next, while the operating deficit for the 2015-16 fiscal year has been cut by nearly two-thirds, to $1.38 million. Because of aggressive cost controls, improved efficiencies and management of its overall reserves, the district will meet its financial obligations through 2015-16.

Contributing to the district’s improved financial condition are increases in the state’s Local Control Funding Formula under Gov. Jerry Brown’s proposed budget. For Upland, LCFF funding increases from $73.1 million in the current fiscal year to $80.7 million in 2015-16.