JULY 15, 2019- As now known, there were significant budgeting errors made in FY 16.
Due to the timing of the annual budget process (statute requires approval of the next year budget before the current year is complete), the approved FY 17 budget unknowingly carried forward the impact of those errors into FY 17. The errors of and impact from FY 16 were not discovered until the FY 16 audit, which was the middle of FY 17. This led to a FY 17 projected $4.5M budget deficit, if no corrections were made. Fortunately, despite having less than six months to repair the budget, the FY 17 gap was reduced to $1.5M. This has been audit validated.
Subsequent to that, the district generated a surplus of $2.8M in FY 18 and is expected to have a surplus in FY 19.