Education Code Section 42130 requires that the districts submit two financial interim reports to the Santa Barbara County Education Office (SBCEO) each fiscal year. The 2013-14 first interim report covers financial transactions from July 1 through October 31 and must be presented to the board no later than December 15 of the fiscal year. The second interim report covers financial transactions from July 1 through January 31 and must be presented to the board no later than March 15 of the fiscal year. For each of the interim reports, districts must certify one of the following:
- Positive - that it can meet its current year and subsequent two year obligations;
- Qualified - that it may not be able to meet its current year and subsequent two year obligations; or
- Negative - that is cannot meet its current year and subsequent two year obligations
On June 25, 2013, the board adopted the 2013-14 fiscal year budget, and accompanying multi-year projections. At that time, the 2013-14 budget was developed using revenue limit funding whereas the 2013-14 first and second interim have been developed using the local control funding formula (LCFF). The variances in revenues and expenditures between adopted budget and first interim are vast however the variances between the first and second interim are minimal.
The SBUSD’s multi-year projection indicates that the district can meet the three percent minimum recommended reserve requirement in fiscal year 2013-14 and its two subsequence years.