Providing clear and transparent communication about the state of the district’s finances is one of our major commitments to the community, and we take that commitment very seriously. There are two documents that you can find on our website to get a clear look at our district’s finances.
The first is the five-year financial forecast. This is a legally required report that covers three years of actual data and five years of anticipated revenues and expenditures. Every November, I present a new five-year forecast to the Board of Education, and then in May I go through the process of updating the forecast. This serves as an important check-in point for the district, helping us keep a clear view on our financial outlook and the impact of future needs.
The five year forecast has served as a guide as we have creatively sought out cost efficiencies over the past year. So far, we have achieved approximately $4.6 million in cost savings, primarily through a three-year hiring freeze on new positions. There are a few exceptions to this, including the new positions needed for the start of all-day kindergarten this fall. The Board of Education has been planning for all-day kindergarten for some time, and our five year forecast reflects that. We are excited about the opportunities it will provide our younger learners to lay an even stronger foundation for their academic journey in our schools.
Additionally, we prepare a document for our community that we call our Financial Update. This report is meant to provide residents with a clear and concise look at the district’s finances. It details the sources of our funding, how that money is used and other topics that may affect district finances. As with all district publications, we welcome feedback so we can continue to refine the report each year.
You can see the 2020-2021 Financial Update and our updated five year forecast on our website, www.uaschools.org/treasurer.aspx.
If you would like to learn more about the district’s finances, please look through all of the resources available on our website or contact me at [email protected].