This second interim period report for FY 2010, evaluates the budget and reserve positions of California School Districts and County Offices of Education as of January 31, 2010. These reports are sent to the local County Office of Education for review, and then county superintendents must report to the State Superintendent of Public Instruction and the state controller within 75 days of the close of the reporting period. These reports are designed to reflect the ability of school districts to meet all obligations – including debt service – for the current and next two fiscal years. School districts are certified as positive, qualified or negative.

Reviewing DOE's interim report certification is a good first step when considering California school district debt. A negative or qualified certification should be taken as a signal to conduct a more detailed review to fully understand the nature and extent of the problem. At the same time, while a positive certification is a plus, more analysis may be needed. Please contact me with any questions or if Mesirow Financial can be of further assistance.

Please contact me with any questions or if Mesirow Financial can be of further assistance.

Peter Bianchini
Managing Director, Senior Municipal Strategist
+1 925.386.0262