School District Deficit Increasing

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SMMUSD

When the Santa Monica-Malibu Board of Education adopted the budget this summer, district officials were projecting a $6.8 million deficit. Now they’re saying it could be more like $8.7 million. 

Revenues are a little higher than expected but so are expenditures, mostly due to carryover balances, said Chief Financial Officer Jan Maez. 

“It might be alarming to have that big of a change between July 1 and Oct. 31,” she told the board, “but that’s pretty standard.” 

The gap is expected to narrow, she said. 

“Our expenditures are increasing a little slower than our revenue is increasing so our deficit is being reduced,” Maez said. 

This story originally appeared in the Santa Monica Daily Press.