Re: “Reynolds, School District’s $6 Million Man”
The first monthly apportionments of funding from Gov. Brown’s budget for the new fiscal year is expected to arrive in the School District’s mailbox one week from Thursday, July 1.
Seeing the green from Sacramento, however, is not critical to flexible spending from Irving Place, says Mike Reynolds, assistant superintendent for business.
“We have significant reserves, so the money, in essence, is available right off the bat,” he said.
Six million dollars has been assigned for Culver City’s coffers for the next 12 months, one-third ($2 million) ongoing and two-thirds ($4 million) of it is once only.
“Our reserves can cover the onetime revenue,” Mr. Reynolds said.
“We can go ahead and plan our expenditures without having to wait for the actual cash for the onetime money to arrive.”
Did the School District anticipate this hefty of a windfall?
“In the last few months,” Mr. Reynolds said, “there was guidance from Sacramento that the governor intended to meet the requirements of Prop. 98 (authorized in 1988). This was a very good sign. Not a complete surprise.
“But we are all appreciative of the governor’s recognition of the obligation to meet the Prop. 98 requirements.”
(To be continued)
