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The SRVUSD Board of Education is set to continue seeking to address the district’s budget challenges at the first school board meeting since students returned to campuses.
District staff are set this week to introduce a resolution to establish a minimum reserves policy and a separate resolution formalizing an early retirement plan, as SRVUSD looks ahead to the projected impacts of its ongoing budget deficit and seeks to comply with advice from county and state regulators.
The proposed fiscal reserve policy – which is set to return to the board for a vote at its Sept. 16 meeting – would have the benefit of serving as a “financial buffer” amid economic downturns, unforeseen hazards, and unexpected expenses according to a staff report from CBO Danny Hillman
“Overall, the fiscal reserve policy is intended to help mitigate the effects of periodic volatility in State or Federal funding and allow the district to manage economic uncertainty,” Hillman wrote.
Although acknowledging that a 17% to 20% reserve level is generally considered best practice for government entities, district staff noted in the proposed policy that “achieving a reserve of that level could prove extremely difficult for a school district,” instead recommending a 7% threshold “given the realities of public finance in the state of California.”
The upcoming discussion is set to be informational only, with the final resolution pending any revisions based on this week’s feedback from the board.
Meanwhile, a proposed resolution establishing a supplemental early retirement plan (SERP) is set for a vote this week, which would be in effect for eligible employees seeking to retire from the district at the end of the current school year or the next school year.
“The SERP is a voluntary early retirement program designed to enhance retiree benefits while supporting the District’s goals for long-term budget management and staff planning,” Hillman wrote in a staff report.
The resolution would provide for 60% of eligible, retiring employees’ annual compensation based on numbers from their final school years with the district, and 50% benefits.
While it’s up for consideration by the board this week, a “final determination” on the plan’s implementation is set to be provided to the board in November, should it be approved.
The SRVUSD Board of Education is set to meet at 6 p.m. Tuesday (Aug. 19). The agenda is available here.
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