School District Will Need to Tap Reserves

Moorpark’s school district will spend about $1.36 million more than it takes in during the current fiscal year and will have to draw on reserves to make up the difference, according to a midyear budget report that the district board will review tonight.

The update forecasts that the district will spend about $32.5 million, most of it on salaries and benefits for teachers and other employees. By the end of the fiscal year, however, the district will receive about $31.2 in revenues.

Much of the difference can be made up by transferring money between some of the district’s accounts, according to the report. However, $409,482 will have to come from the district’s reserves, which will finish the year with $1,858,024 in store.