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Health & Fitness

Office of San Bernardino County Superintendent of Schools Supports Upland Unified School District's Positive Certification Financial Report

The Office of the San Bernardino County Superintendent of Schools has reviewed the Upland Unified School District’s 2013-14 Second Interim Financial Report and supports the UUSD school board’s “Positive Certification” of the district’s financial condition and ability to meet its financial obligations in the current and two subsequent years.

 

“We received official notice of support from the County Superintendent of Schools Office and that it recognizes our efforts to develop a financial plan that provides for the ongoing financial stability of the district,” said UUSD Superintendent Nancy Kelly. “I’m profoundly thankful and proud of the collaborative efforts of our school board, faculty and staff for their efforts in turning around a challenging situation in a remarkably short time.”

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The second interim budget report was released at the district’s Board of Education meeting in March, revealing a dramatic improvement in the district’s finances from the negative rating it received last May in the face of a projected $9 million deficit for the 2013-14 fiscal year.

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The budget report 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 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.

 

The report projects an unrestricted ending balance reserve in the General Fund of 8.78 percent this year, 8.94 percent in 2014-2015 and 7.24 percent in 2015-16. The state requires the district to maintain a 3 percent minimum reserve.

 

The district projects that it will not deficit spend over the next two fiscal years, primarily because of salary and benefit cost reductions and increased revenues from the inclusion of Local Control Funding Formula Gap funding. LCFF funding increases for Upland Unified from $73.1 million in the current fiscal year to $80.7 million in 2015-16.

 

The Office of the San Bernardino County Superintendent of Schools formally supported the second interim budget report after thoroughly assessing and analyzing numerous factors, including unrestricted ending fund balance and state minimum reserve, unrestricted deficit spending trends, average daily attendance and enrollment, revenue and expenditure projections, ending cash and monthly cash flows, staffing projections and salary settlements, multi-year financial projections and long-term debt.

 

For more information about the Upland Unified School District, please visit www.upland.k12.ca.us.

 

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