Gov. Schwarzenegger and lawmakers say they’ve struck a deal on a state budget

Potentially ending the longest budget impasse in California’s history, it was announced on Oct. 1  that Gov. Arnold Schwarzenegger and key legislative leaders had finally reached agreement on a spending plan for the current fiscal year.

Few details have been released, and lawmakers still must vote on the plan, which would presumably close the state’s $19 billion shortfall. Then there’s the possibility that the budget’s passage could be complicated by the upcoming election, as noted in a recent Los Angeles Times article.

The Irvine Unified School District is closely monitoring developments out of Sacramento, as a number of variables in the state budget will have local impacts. In the meantime, the district is cautiously projecting positive ending balances through 2011-12.

For the latest on IUSD’s budget, click here.