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Why does my budget look like it is in a deficit?

The consolidated budget is setup in the concept of a profit and loss (P&L) income statement.

It includes revenues, transfers and expenses.  The bottom line of the consolidated budget is the surplus or deficit that is generated after subtracting Expenses from Revenues and Transfers.

If you are dealing with a single PTA such as an Operating Budget (which, by definition, only has expenses), its bottom line will be in a negative or deficit balance.  It requires a transfer of funds to cover the deficit and balance the bottom line to $0.