RETIREE MEDICAL BENEFITS FUND EXPENDITURE
WHAT HAPPENED
The Glendale Unified School District board reviewed an actuarial
study Tuesday on the district's funding of retiree medical benefits.
The district, this year, agreed to spend $1 million of its retiree
benefits fund to help cover the rising costs of retiree medical
benefits.
WHAT IT MEANS
The district established a retiree benefits fund with general fund
money during the 1995-96 school year. The fund balance, as of June,
was $4 million. For the first time in the district's history, the
district this year dipped into its retiree benefits reserve fund to
pay for the benefits themselves. Instead of using general fund money
to pay retiree benefits, the district is using about $1 million in
reserve funds. The district started the school year with about $23
million in general fund reserves and will end the year with about $17
million, with projects having about $9 million left in reserves in
2005.
VOTE
The board was not required to vote. The study was for information
only.
SPECIAL EVENTS STATUS LIST
WHAT HAPPENED
The board reviewed a status report of the district's special
events. Because of statewide budget cuts, the district had to cut
about $6 million from this year's budget, and is projecting an
$8-million deficit for the 2004-05 school year.
WHAT IT MEANS
The district is unable to fund the Saturday Arts Academy, Gifted
and Talented breakfasts, the California Math League and television
coverage of the football game between Glendale and Hoover high
schools this year because the events were early in the fall and
district officials could not secure funding for all four in a timely
manner, officials said. Local businesses and community organizations
have made donations to maintain 13 district events this year. The
district's Invention Convention, the GEO Games, the Cluster Music
Festival and the Alex Arts programs have been canceled. Altrusa
International Inc. of Glendale announced it will pay $3,000 to
support the district's participation in Math Field Day and the Middle
School Leaders Conference.
VOTE
The board did not vote on the agenda item. The report was for
information only.
