San Marcos Unified reaches financial stability
San Marcos Unified earned a “stable” credit rating after years of financial struggle. The district cut its budget last year after having received a “negative” rating for nearly five years prior and landing on the state’s watch list twice last year for being financially at risk.
According to The San Diego Union-Tribune, the district reduced deficit spending as it approved $10 million in budget cuts earlier this year. Some staff took the district’s early retirement offer, which put off dozens of potential layoffs.
Even as San Marcos Unified doubled down on efforts to reduce spending, teachers, management and other employees received a 3.5% raise in April, costing the district $4.8 million, according to The San Diego Union-Tribune. Despite that, the district is still on track to meet required financial reserve levels through 2024.