| Item Title: | Positive Certification of Second Interim Financial Report for Fiscal Year 2018-19 (Jetté) |
| Agenda Title: | Positive Certification of Second Interim Financial Report for Fiscal Year 2018-19 (Jetté) |
| Background: | Education Code Section 42130 requires that school districts submit two financial interim reports to their local county education office each fiscal year. The first interim report covers financial transactions from July 1 through October 31 and must be presented to the school district’s board of education 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, school 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 December 11, 2018, the board formally accepted the 2018-19 First Interim Report and its accompanying multi-year projections. The attached narrative explains the differences between the first interim and the second interim financial reports. The SBUSD’s multi-year projection indicates that the Santa Barbara Unified School District can meet the three percent minimum recommended reserve requirement in fiscal year 2018-19 and its two subsequent years. |
| Recommendation: | Meg Jetté, Asst. Supt. of Business Services |
| Resource Person: | |
| Fiscal Impact: | Staff recommends the board certify the second interim financial report for fiscal year 2018-19 as positive |
| Funding Source: | |