[quote] Senator Predicts Financial Crisis In San Diego Co. Public Schools
SAN DIEGO COUNTY, CA — California State Sen. John Moorlach may well be giving an encore performance of his role as the canary in the coal mine preceding Orange County’s bankruptcy almost a quarter-century ago when he correctly predicted financial disaster while a candidate for county treasurer-tax collector.
This time Moorlach, a certified public accountant who represents Orange County’s 37th District and serves on the Senate Budget & Fiscal Review Committee and its education subcommittee, isn’t concerned about county government. What bothers him now are the brewing money problems facing hundreds of school districts across California – including in San Diego County – experiencing what he sees as a growing deterioration of their financial stability.
In a report issued in October 2018, summarizing an analysis of the most recent financial statements issued by 944 K-12 school districts, Moorlach found more than 85 percent reported deficits on their general fund balance sheets, something he says indicates that many of these districts “could soon reach a tipping point into insolvency and receivership.”
Moorlach’s conclusion: “It’s not a pretty picture and it’s likely to get worse.”
In San Diego County, all 17 school districts operating in Patch communities reported deficits ranging from $14 million to $1.5 billion.
this local back page news article reflects the problematic trend of stress building up w/ in the system, or said another way,… America is in the midst of a pension crisis which few are willing to acknowledge
