Board approves a balanced budget for 2010-11 as uncertainties abound in Sacramento

The Board of Education on Tuesday voted unanimously to adopt IUSD’s budget for 2010-11.

The final spending plan, which can be accessed here, outlines approximately $200.6 million worth of expenditures – both restricted and unrestricted – against $196.8 million worth of total revenue. The difference will be offset by onetime carryover funds, said Lisa Howell, assistant superintendent of Business Services.

As a result of the state budget crisis, IUSD was forced to make a number of reductions and adjustments in March to bridge a fiscal gap of approximately $20 million. While the district will submit a balanced budget for 2010-11, IUSD continues to project significant shortfalls for the two subsequent years and will therefore be required to explore additional reductions and revenue enhancements.

Irvine is annually required to submit its budget to the Orange County Department of Education on or before June 30. Other districts share this deadline, as does the state, though the Legislature rarely meets it. That forces educators to make important financial decisions based on the governor’s proposals from January and May. Once the state officially adopts its spending plan – some believe this might not happen until after the November election – IUSD will have 45 days to make any necessary adjustments.

To view the slide presentation that was shown prior to Tuesday’s vote, click here. To read more highlights from the meeting, click here.