LAUSD audit shows district debt outstrips assets by $4.2 billion
The latest independent audit of LA Unified shows that through the end of the last fiscal year, on June 30, the district had liabilities that surpassed assets by $4.2 billion. The previous year showed assets over liabilities by $1.7 billion, making for a 12-month swing of $5.9 billion, according to Melba W. Simpson, of Simpson &...
By Mike Szymanski | January 21, 2016
Big agenda for LAUSD board: search process, finances, charters
In what looks to be a marathon LAUSD school board meeting tomorrow, members are scheduled to hear a detailed report on community input for the superintendent search, an analysis of a district finances conducted by non-district analysts and a number of proposals involving charter schools. At the open session at 10 a.m., the board will hear...
By Mike Szymanski | November 9, 2015
Outside panel says LAUSD needs to act quickly to remain solvent
LA Unified is on the brink of a severe financial crisis and if officials don’t act now, the whole district could go bankrupt. That’s the overall conclusion of a report by an outside panel asked to look at the financial situation of LAUSD. Its findings are scheduled to be presented at the regular school board meeting...
By Mike Szymanski | November 6, 2015