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DECEMBER 2007
2007-2008 First Interim Budget Report: Chief Business Officer/Associate Superintendent Geoffrey Kiehl reported that the State budget forecast looks grim with large operating shortfalls projected for the next few years. He reported that the District’s financial situation is stable with its reserve holding at 5%. He stated the District should see a modest 7.5% property tax growth, although the volume of transactions is down 40% in Santa Clara County.
NOVEMBER 27, 2007 — Board of Trustees accepted 2006-2007 Independent Audit
prepared by Vavrinek, Trine, Day & Company, LLP, Certified Public Accountants. |
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CBO/Associate Superintendent Geoffrey Kiehl presented an overview of the proposed budget for the 2007-08 school year. Parcel and property tax revenues coupled with residency verification and staffing efficiency yielded a moderate increase in general fund balance for next year. Office development is picking up in Sunnyvale — a good sign for secured and unsecured property tax growth. One time funds from mandated costs reimbursement allowed the District to end this school year with a projected 5% reserve.
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REVENUE TOTAL
$110,578,273
Local, State
& Federal including Parcel Tax and Lottery
$93,462,227
Other Sources
$17,116,046
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EXPENSE TOTAL
$116,347,776
Salaries
& Benefits $81,839,754
Capital Outlay
$4,060,038
Books
& Supplies
$8,839,217
Services,
Other Operating
$21,608,766 |
