A $5.7 million hole is looming in the Belmont-Redwood Shores School District budget, and trustees are calling in a familiar financial hand to guide the district through the squeeze.
At last Thursday's meeting, the Board of Trustees signed off on a budget outlook that projects an estimated $5.7 million deficit in the 2026–27 fiscal year and voted to bring former district chief business official Craig Goldman back as interim superintendent starting in July. The plan leans on reserves that built up during the COVID years, with district leaders openly acknowledging they are now in a spend-down period.
According to the San Mateo Daily Journal, Chief Business Officer Reece Matsumoto told trustees the district expects about $65.1 million in revenue against roughly $70.9 million in expenditures next year, resulting in the approximately $5.7 million shortfall.
The budget shows about $4.9 million in reserves, nearly $2.8 million above the state’s 3 percent minimum. The June packet also includes an estimated settlement payment of about $240,000 to Genentech, a placeholder amount while the county finalizes the details.
Budget documents and public review
Per the Belmont-Redwood Shores School District's budget page, the June packet and first interim reports are posted online for residents who want to dig into the numbers themselves. The documents include multi-year projections that spell out how trustees plan to use reserves and list possible reduction scenarios if state or county figures come in lower than expected.
The public posting gives community members a chance to study the individual line items that contribute to the shortfall and to see how the board expects to close the gap over time, rather than through a single round of cuts.
Genentech settlement chips at local revenues
San Mateo County’s budget puzzle is complicating things further. The county reached a settlement with Genentech over property-tax assessments from 2000 to 2005 that will require millions in refunds to the company, and local agencies are watching the fallout.
As reported by The Almanac, the countywide adjustment could cost taxing agencies roughly $20 million and leave cities and school districts scrambling to cover their portions. BRSSD’s budget includes a conservative estimate for its expected share while the assessor’s office completes its calculations.
Board taps Goldman to lead during transition
The Board of Trustees unanimously agreed to bring Craig Goldman out of retirement to serve as interim superintendent beginning in July, according to the San Mateo Daily Journal. Goldman previously worked as the district’s chief business official from 2015 to 2020 and earlier served as superintendent of the Mountain View Whisman School District for four years.
Under the agreement, the board will pay Goldman $1,200 per workday, up to a maximum of $59,550. Current superintendent Dan Deguara is leaving to head the Los Gatos Union School District on July 1, as reported by Los Gatan. Trustees said Goldman’s history with the district and his familiarity with its finances should provide continuity during a tricky budget stretch.
What comes next
Trustees said they hope to name a permanent superintendent this fall and intend to use the budget runway created by reserves to close the gap over time rather than through sudden, drastic changes. The strategy tracks with a broader statewide pattern noted by the Legislative Analyst’s Office: after a burst of one-time federal and local funding during the pandemic, many districts are drawing down reserves or tapping one-time funds to keep services steady.
District officials said they plan to keep the community updated as the county finalizes its Genentech settlement impacts and as the superintendent search moves forward.
