Fiscal Emergency Declared by Governor
California, February 22, 2008 - The Governor declared a fiscal emergency on January 10, 2008. As a result of this declaration, the Legislature has 45 days to respond to the fiscal emergency. On Friday, February 15, 2008, both houses of the Legislature passed a package of bills that will immediately reduce current year spending. The Governor signed this legislation over the weekend. Key reductions in the mid-year cut legislative package (ABX3 4) include:
- Prior-year and current year unspent and unallocated categorical funds at the State Department of Education in Sacramento;
At this time, we do not anticipate any of the reductions will impact the General Fund budget for our District during the 2007-08 fiscal year.
Coronado Unified School District is still analyzing the impact of Governor Schwarzenegger’s proposed budget for the 2008-2009 school year. Although we are pleased that the mid-year reductions determined over the weekend by the legislature and Governor will not impact our District budget, the future budget proposals still provide a significant challenge.
The impact of the Governor’s proposed budget reduction for 2008-2009 is approximately $1.3 million. District staff is in the process of analyzing the decrease in revenue and the increase in expenses as we prepare (as required by law) to present a balanced budget for the Board of Education to approve in June.
If you would like further information on our current year budget, please go to the District website at www.coronado.k12.ca.us and click on the Budget link. The District Budget Committee has prepared a “User Friendly Budget” document that has detailed explanation of the District approved budget for the 2007-2008 school year.
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