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Title : How San Diego Unified Blew Up Its ‘Balanced’ Budget - Voice of San Diego
link : How San Diego Unified Blew Up Its ‘Balanced’ Budget - Voice of San Diego
How San Diego Unified Blew Up Its ‘Balanced’ Budget - Voice of San Diego
How San Diego Unified Blew Up Its ‘Balanced’ Budget - Voice of San DiegoHow San Diego Unified Blew Up Its ‘Balanced’ Budget
It turns out those across-the-board 3.7 percent raises for San Diego Unified’s 10,500 employees created a big new structural deficit – adding $45 million in annual operating costs for next year.
The dark cloud that loomed over San Diego Unified’s operating budget in the last few years had largely cleared.
District leaders this summer touted the passage of a “balanced” $1.4 billion budget and doled out more employee raises they said they could afford thanks to hard choices and layoffs in recent years that helped eliminate a structural deficit that topped $120 million in 2017. Extra state funding from Gov. Gavin Newsom for pensions, special education and cost-of-living increases also boosted revenues by millions this year.
But district records show not all is rosy on the financial front.
After a couple good years, the budget imbalance that left district in dire straits before has resurfaced, and the shortfall between revenues and expenses is again growing with no relief in sight.
Operating revenues are expected to come up nearly $38 million short by the end of the current fiscal year. One-time reserves will help close the gap. Soon district leaders will need to cobble together a plan to trim at least $58 million in expenses from next year’s budget, according to budget projections.
It turns out those across-the-board 3.7 percent raises for San Diego Unified’s 10,500 employees blew up the district’s balanced budget and created a big new structural deficit – adding $45 CONTINUE READING: How San Diego Unified Blew Up Its ‘Balanced’ Budget - Voice of San Diego
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