The Los Angeles Board of Education approved an $18.8 billion budget that aims to postpone layoffs for a year while reallocating funds. The revised budget cuts $645 million in retiree health benefits to support wage increases for current staff amid financial pressures. Superintendent Alberto Carvalho emphasized the need for workforce stability and the high cost of living. Negotiations with employee unions are ongoing, with demands for higher raises. The fund for retiree benefits is reported to be significantly underfunded, raising tensions with union leaders who criticized the budget changes as creating a crisis.
"I tried to strike a balance between being somewhat risk averse, but not so much that we don't innovate and do right by our kids and our workforce..."
"The district created a massive three-year deficit projection through this outrageous proposal to increase trust contributions by approximately 1,000 percent..."
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