This interim financial report from December 2011 summarizes the district's current budget situation and projections. It finds that while the district can currently meet obligations for 2011-2012, expenditure reductions are needed to balance the budget in 2012-2013. Projections show deficits of $7.8 million in 2012-2013 and $12.1 million in 2013-2014 unless further actions are taken. The report recommends the Board of Trustees approve submission of the interim report with a "Qualified" certification due to the inability to claim meeting obligations in subsequent years.