Agenda Item
Meeting Date: 3/9/2020 - 5:00 PM
Category: Business/Action Items
Type: Action
Subject: 16.6 Resolution 20-16 Second Interim Budget Report and Budget Revisions for Fiscal Year 2019-2020
LCAP (Local Control Accountability Plan) Goal:
Policy:
Enclosure:
File Attachment:
3.9.20 Resolution 20-16 2019-2020 Budget Revisions.pdf
3.9.20 2nd Interim Budget.pdf
Summary: Education Code Section 42131 requires school districts to assess their financial status twice during the fiscal year. The first interim certification is required to be completed by March 15th, based on financial data through January 31st. The Board of Trustees must certify the interim report as positive, qualified, or negative. A positive certification indicates the school district will be able to meet its financial obligations for the current fiscal year and the two subsequent years.

See Addendum A for Second Interim Financial Report for MVLA. The report includes summary information for all funds and a multi-year projection for the General Fund. Also included in the report is a cover letter that highlights the major changes.
Funding: The Second Interim Report shows that the District will be able to meet its financial obligations for the current fiscal year. The revised multi-year projection supports that the District will be able to meet its financial obligations for the two subsequent years and maintain the minimum State mandated reserve requirement of 3%.
Recommendation: That the Board of Trustees certifies that the District will be able to meet its financial obligations for the 2018-2020 fiscal year and adopt Resolution No. 20-16 Budget Revisions, authorizing the recommended budget adjustments.
Approvals:
Recommended By:
Signed By:
Irene Aguilar - Administrative Assistant
Signed By:
Mike Mathiesen - Associate Superintendent
Signed By:
Nellie Meyer - Superintendent