Common use of Operating Deficit Clause in Contracts

Operating Deficit. The District will not end a fiscal year with an operating deficit in any fund unless both of the following occur: (a) The fund in which the operating deficit occurred had a sufficient beginning balance to offset the deficit consistent with the Budget Act. (b) The financial statements of the District indicating the sufficient beginning balance fairly represent the financial position of the District according to an independent auditor in a qualified or unqualified opinion.