2015/16 FISCAL YEAR BUDGET PRESENTATION BO A RD O F TRUSTEES M EETING JUNE 9 , 2 0 1 5
DISCUSSION OVERVIEW • I nitia l T ho ug hts a nd Ge ne ra l Assumptio ns • 2015/ 16 F isc a l Ye a r Budg e t • Multiple -ye a r Budg e t Pro je c tio n • Cha rts a nd Gra phs • Re ve nue s a nd E xpe nditure s • Ca sh F lo w • E nding F und Ba la nc e • SB 858 Re se rve s Disc lo sure • E duc a tio n Pro te c tio n Ac c o unt Re po rting • F isc a l So lve nc y Sta te me nt • T ime line / Ne xt Ste ps 2
INITIAL THOUGHTS • Ac c e le ra te d funding o f L CF F • Ge ts us to the 2020/ 21 ta rg e t so o ne r • One -time inc re a se une xpe c te d • I mpa c t o f c a sh infusio n • I nc re a se d re ve nue is re c o g nize d in b udg e t & MYP • I nc re a se d re ve nue is no t re fle c te d in L CAP o r spe nding pla n • Re sult: E nding b a la nc e is infla te d in sho rt te rm • Pe nt up de ma nd fo r _______ due to the re c e ssio n • E xe rc ise c a utio n whe n c o nside ring a dding o ng o ing e xpe nditure s – a na lyze fisc a l de c isio ns in lig ht o f impa c t o n multi-ye a r pro je c tio n • No re lie f fo r ST RS/ PE RS issue 3
JANUARY vs. MAY Ja nua ry Ma y Ga p % 32.19% 53.08% COL A 1.58% 1.02% Adjuste d Ba se Gra nt pe r ADA $8,849 $8,801 Curre nt Ye a r Ga p F unding $7.0 m $11.3 Supple me nta l Gra nt pe r ADA $854 $852 Supple me nta l Gra nt $2.9 m $4.2 m Minimum Pro po rtio na lity 5.69% 6.97% One -time pe r ADA $180 $601 One -time pe r Amo unt $2.5 m $8.3 m 4
ASSUMPTIONS 2015/16 2016/17 2017/18 2018/19 State Budget Info Statutory COLA 1.02% 1.60% 2.48% 2.87% Gap Funding Rate (SSC) 53.08% 12.62% 18.24% 20.58% Gap Funding Rate (DOF) 53.08% 37.40% 36.74% 20.97% STRS-PERS CalSTRS Rate 10.73% 12.58% 14.43% 16.28% CalPERS Rate 11.87% 13.05% 16.60% 18.20% CalSTRS Increase Over Prior Year $1,225,000 $1,200,000 $1,196,000 $1,200,000 CalPERS Increase Over Prior Year $167,000 $215,000 $633,000 $365,000 Combined Increase Over Prior Year $1,392,000 $1,415,000 $1,829,000 $1,565,000 Cumulative Amount $2,807,000 $4,636,000 $6,201,000 District Info Enrollment 14,396 14,396 14,396 14,396 P-2 ADA 13,849 13,849 13,849 13,849 Step and Column Cost $ 1,150,000 $ 1,094,475 $ 820,500 $ 785,000 5
BUDGET GUIDELINES 2. E xpe nditure s fo r the b udg e t ye a r a nd sub se q ue nt two ye a rs, inc luding a ppro pria tio ns fo r c o nting e nc ie s fo r the Ge ne ra l F und a nd e a c h spe c ia l fund , will no t e xc e e d the to ta l re ve nue s plus a ny c a rryo ve r fro m prio r ye a rs, o r b e g inning b a la nc e s a va ila b le fo r tha t fund. 13. 2014/ 15 Bo a rd Prio rity B. E limina te Struc tura l De fic it • De ve lo p a nd a dministe r Distric t fina nc e s a nd b udg e ts tha t c o ntinue re d uc tio n a nd e limina tio n o f the struc tura l de fic it b y 2015/ 16 in o rde r to a ssure q ua lity e duc a tio na l pro g ra ms. • Pre pa re a Bo a rd-a ppro ve d g e ne ra l five -ye a r fina nc ia l pla n a nd c o ntinue d e ve lo ping a nd imple me nting de ta ile d thre e -ye a r fina nc ia l b udg e ts a nd pla ns c o nsiste nt with the susta ina b ility o b je c tive . 6 Se e a g e nda pa g e s 51-22
BUDGET ASSUMPTIONS 18. De fe rre d Ma inte na nc e (T o ta l Ge ne ra l F und E xpe nditure s – Ca pita l Outla y a nd Othe r Outg o ) x 0.50% • 2014/ 15 $200,000 • 2015/ 16 $400,000 $800,000 • 2016/ 17 $600,000 $800,000 • 2017/ 18 $800,000 $800,000 19. Ro utine Re stric te d Ma inte na nc e Ac c o unt (T o ta l Ge ne ra l F und E xpe nditure s – Ca pita l Outla y a nd Othe r Outg o ) x 3.0% • 2014/ 15 $3.3 millio n • 2015/ 16 $4.4 millio n Se e a g e nda pa g e s 61-62 7
BUDGET ASSUMPTIONS 20. Ca pita l Outla y • T e xtb o o k/ instruc tio na l ma te ria ls a do ptio ns $1,500,000 • Ge ne ra l te c hno lo g y infra struc ture re pla c e me nt $350,000 • T e c hno lo g y initia tive s & upg ra de s $500,000 • Ve hic le re pla c e me nt (white fle e t/ g o lf c a rts) $100,000 • F o o d se rvic e Po int o f Sa le e q uipme nt/ so ftwa re $100,000 • F urniture re pla c e me nt $50,000 • T ra nspo rta tio n sho p e q uipme nt $35,000 • T o ta l $2,635,000 22. Othe r Po st E mplo ye e Be ne fits (OPE B) • F und 20 Spe c ia l Re se rve fo r Po ste mplo yme nt Be ne fits (GASB 45 se t-a side ) Se e a g e nda pa g e s 62-63 8
2014/15 GENERAL FUND COMBINED BUDGET Re ve nue s $157,759,736 E xpe nditure s Ce rtific a te d Sa la rie s $64,313,657 Cla ssifie d Sa la rie s 18,738,780 Be ne fits 29,859,349 Bo o ks & Supplie s 7,956,547 Se rvic e s & Othe r 14,456,986 Ca pita l Outla y 742,425 Othe r Outg o 9,605,655 T ra nsfe rs (53,738) T o ta l E xpe nditure s $145,619,661 E xc e ss (De fic ie nc y) 12,140,075 Othe r So urc e s/ Use s ($805,177 - $269,450) 535,727 $12,675,802 Ne t I nc re a se (De c re a se ) 9
2014/15 GENERAL FUND ENDING BALANCE COMPONENTS Be g inning F und Ba la nc e $18,512,376 Ne t I nc re a se (De c re a se ) 12,675,802 T o ta l E nding F und Ba la nc e $31,188,178 Co mpo ne nts o f E nding Ba la nc e Re vo lving Ca sh, Sto re s, Pre pa id $ 215,701 L e g a lly Re stric te d 1,223,459 Othe r De sig na tio ns 11,659,675 3% Re se rve fo r E c o no mic Unc e rta inty 4,376,674 Unre stric te d/ Una ssig ne d/ Una ppro pria te d 13,712,669 T o ta l E nding F und Ba la nc e $31,188,178 Se e Ha ndo ut – 2014/ 15 – Budg e t Summa ry a nd Co mpa riso n 10
GENERAL FUND MULTI-YEAR PROJECTION School Services of California 2015/16 2016/17 2017/18 Gap Funding % 53.08% 12.62% 18.24% Revenues 1 $157,759,736 $149,115,718 $ 152,088,237 Total Expenditures 2 $145,619,661 $148,603,994 $ 153,836,481 Excess (Deficiency) $ 12,140,075 $ 511,724 $ (1,748,244) Net Sources/Uses (Transfers) $ 535,727 $ 535,727 $ 535,727 Net Increase (Decrease) $ 12,675,802 $ 1,047,451 $ (1,212,517) Beginning Fund Balance $ 18,512,376 $ 31,188,178 $ 32,235,629 GF Ending Fund Balance $ 31,188,178 $ 32,235,629 $ 31,023,112 GF “U 3 ” Ending Balance 3 $13,712,669 $10,016,473 $3,177,263 Reserves 4 /Expenditures 12.42% 9.84% 5.17% 1 State revenue projections under LCFF funding assume School Services projections 2 Supplemental gap funding expenditures are included as assignments 3 Unrestricted/Unassigned/Unappropriated 4 3% Required Reserves + Unrestricted/Unassigned/Unappropriated 11
GENERAL FUND MULTI-YEAR PROJECTION Department of Finance 2015/16 2016/17 2017/18 Gap Funding % 53.08% 12.62% 18.24% Revenues 1 $157,759,736 $152,126,402 $ 156,573,506 Total Expenditures 2 $145,619,661 $148,603,994 $ 153,836,481 Excess (Deficiency) $ 12,140,075 $ 3,522,408 $ 2,737,025 Net Sources/Uses (Transfers) $ 535,727 $ 535,727 $ 535,727 Net Increase (Decrease) $ 12,675,802 $ 4,058,135 $ 3,272,752 Beginning Fund Balance $ 18,512,376 $ 31,188,178 $ 35,246,313 GF Ending Fund Balance $ 31,188,178 $ 35,246,313 $ 38,519,065 GF “U 3 ” Ending Balance 3 $13,712,669 $13,027,157 $10,673,216 Reserves 4 /Expenditures 12.42% 11.87% 10.05% 1 State revenue projections under LCFF funding assume School Services projections 2 Supplemental gap funding expenditures are included as assignments 3 Unrestricted/Unassigned/Unappropriated 4 3% Required Reserves + Unrestricted/Unassigned/Unappropriated 12
13 School Services Projection
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15 School Services Projection
EDUCATION CODE §42127(a)(2)(B) RESERVES DISCLOSURE Unre stric te d E nding F und Ba la nc e s F und 01 – Ge ne ra l F und $29,749,018 F und 17 – Spe c ia l Re se rve * $4,378,292 T o ta l Assig ne d & Una ssig ne d $34,127,310 L e ss: 3% Re se rve fo r E c o no mic Unc e rta inty $4,367,674 F und Ba la nc e in E xc e ss o f 3% Re se rve $29,750,636 F und 20 GASB 45 Se t-a side $7.9 m *$805,177 is tra nsfe rre d a nnua lly to the Ge ne ra l F und. 16
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