Gov. Jerry Brown’s May Revise brought good news to the thousands of school districts throughout California, one of which was Turlock Unified School District.
A $5 billion in additional revenues boosted the District’s bottom line to $136.5 million, with a $23 million ending balance, including $16.6 million in reserves.
However, these numbers can change depending on whether or not the budget is approved by June 30 and if Brown signs it within the 15 day period after it reaches his desk.
TUSD adopted budget on Tuesday that reflected the Governor’s May Revise Local Control Funding Formula 2015-16 gap closure of 53.08 percent, resulting in an increase of $5,187,886 from the 2015-16 tentative budget presented last month.
“We will address any other changes in the state’s adopted budget at first interim or prior to first interim as necessary,” said Assistant Superintendent of Financial Services Ronna Fraser.
Also included in the budget are other designations at $5,436,807, which encompasses assignments of $1,436,807 for Affordable Health Care, $1 million for Capital Projects, and $3 million for Land Acquisition and Development.
TUSD Board of Trustees also took action to designate a desired reserve level of 10 percent, five percent more than the District’s minimum reserve level and seven percent more than what is required by the state. The District’s current minimum reserve level has allowed it to set aside $6,284,405 as a Reserve for Economic Uncertainties.
“Higher reserve levels are considered prudent during the implementation of the LCFF and the volatility that could occur with changes in the number of eligible students and transition funding,” said Fraser.