School board approves $109.8 million budget

The Santa Monica-Malibu Unified School District has adopted a $109.8 million budget for the 2006-2007 fiscal year, which began Saturday, July 1st. The budget is up $2 million from last year’s budget at $107.8 million. At the school board meeting Thursday, June 29th, district assistant superintendent and chief financial officer Winston Braham noted that the district is in “reasonably sound” condition. “Reserves are in place,” Braham said. “This is very important.” Expenditures for the 2006-2007 fiscal year include: – $54.8 million for certified salaries, 50 percent of the budget; – $19.3 million for classified salaries, 18 percent; – $21.4 million for employee benefits, 20 percent; and – $10 million for services and other operating costs. Revenue streams include: – $66.6 million from state average daily attendance (ADA) funding, 62 percent of the budget; – $15.7 million from other state funding, 14 percent; – $10.3 million from parcel taxes, nine percent; – $6.4 million from the City of Santa Monica, six percent; and – $4.6 million from the federal government, four percent. With all of the necessary expenditures and not enough revenue, the district will end up with a $621,333 deficit. Still, Braham said that the district’s deficit is “on a downward trend” and that this is positive. The operating deficit of $621,333 shows the “downward trend in the district’s deficit spending — from $4.4 million in the 2002-03 fiscal...

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