Megan K. Reilly is theChief Financial Officerfor the Los Angeles Unified Public School District which is the second largest Kindergarten through 12th grade school system in the United States.� The Los Angeles Schools is an urban school district serving approximately 600,000 students and covering 710 square miles.� The District has a combined annual operating, debt service and internal service budget of approximately $11 billion in support of 932 K-12 schools and 97 other schools and centers and 60,000 employees.From 2000 through 2013 the Los Angeles Unified School District was the largest issuer of school district debt in the U.S, the 4th largest municipal issuer in California and the 29th largest municipal issuer in the nation. The majority of the long-term debt for capital projects fall within the new construction, modernization, technology and safety programs, which are financed with $20.6 billion of voter-approved General Obligation (�GO�) Bonds and $7.4 billion of State matching funds and other sources.The District also uses alternative finance structures to meet capital and operating needs.� Some projects are financed with Certificates of Participation ("COPs"), including some private placements. Short-term debt issuances include tax and revenue anticipation notes (�TRANs�) that finance temporary cash flow deficits. TRANs issuances have ranged between $300 million to $1.38 billion per year. The District has utilized special bond structures permitted under the ARRA: �BABs and QSCBs. As of September 1, 2014, the District had $10.3 billion of outstanding voter authorized GO Bonds and GO Refunding Bonds, with $7.542 billion of authorized but unissued GO Bonds. Over the years, the issuance of GO Refunding Bonds resulted in $405 million of savings to taxpayers.Prior to her work with Los Angeles Schools Megan served extensively in academic and research organizations with the Department of the Navy.� She served as theExecutive Director of Business Services & Comptrollerat the Naval Postgraduate School, located in Monterey, California. ��She was also the Comptroller at Fleet Numerical Meteorology & Oceanography Center. �The Center provides meteorology and oceanography support to U.S. and coalition forces worldwide.�Megan was a distinguished scholar in the Department of Defense Financial Management program.� She spent a year teaching English in southern Japan at the middle and senior high school levels.� Along with a B.A. degree in History from Loyola University, she has a M.S. degree in Management from the Naval Postgraduate School, a J.D. degree from the Monterey College of Law and is a member of the California bar.� She currently serves on Oversight Boards for Redevelopment Successor Agencies for Los Angeles and West Hollywood formed as a result of the recent dissolution of Redevelopment Agencies. She is a member of the Aspen Institute�s Education and Society�s Chief Financial Officers Committee that deals with educational reform initiatives and turnaround models for improving success in the public Kindergarten through 12th grade education system. �She serves on the Board of the Joint Powers Authority California Delinquent Tax Finance Authority that provides financing on behalf of ninety four participating school districts, community college districts and other local educational agencies.
Like what you see? Make sure you're getting it all
Employee Benefit News provides the current awareness and insight benefit managers need to select, communicate and manage benefit programs to their employees.