Facing insolvency, Santa Barbara’s Hope Elementary School district governing board laid off six full-time and three part time teachers, effective next academic year.
After years of deficits, the district’s general fund reserves have been exhausted. According to its 2016 audited financial statements, Hope’s general fund balance was negative $120,000 as of last June 30. The district’s auditor expressed doubt about whether Hope could continue as a “Going Concern”.
During the 2016 school year, general fund expenditures exceeded revenues by $132,000. Among the district’s expenditures were a $146,000 contribution to CalPERS and a $458,000 contribution to CalSTRS.
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