For the first time in its history, Madera Unified School District has determined that it may not meet its financial obligations for the current year and the two subsequent fiscal years.
In a report released by Kelly Porterfield, Madera Unified’s associate superintendent for business and operations, the district is deficit spending to such an extent that it had to file a “qualified” interim budget report with the county. This brings the financial operations of MUSD under the close scrutiny of the Madera County Office of Education, and sets the stage for possible outside intervention.
According to Porterfield, the school district is receiving $142.4 million from state and federal sources during the current school year, but will spend $143.7 million, which will force Madera Unified to dig deeper into its reserves.
The budgeted reserve for 2011- 2012 is $27.8 million...