LCMSD First Interim Recap January 28, 2014

Revenue - $14.9 Million

Expenditures - $15.9 Million

Challenges Transition to full implementation of LCFF Loss of $500,000 lease revenue from San Clemente lease in First Interim report does not include $271,700 reduction related to EPA revenue Ongoing “structural” deficit of projected unrestricted expenses over revenues of $570,000 Opening and sustaining a third school Structural deficit calculated based upon excess of projected expenditures over revenues plus EPA revenue less the one-time cove opening expenses and restricted deficit

Fund Balance * Projected