Overview of the 2018-19 Governors Budget January 2018 Amy Costa - PowerPoint PPT Presentation

Sep 22, 2022 •19 likes •119 views

Overview of the 2018-19 Governors Budget January 2018 Amy Costa Chief Deputy Director, Budget Department of Finance Summary of the 2018-19 Governors Budget One-time budget surplus, but massive uncertainty Full Implementation of

Overview of the 2018-19 Governor’s Budget January 2018 Amy Costa Chief Deputy Director, Budget Department of Finance
Summary of the 2018-19 Governor’s Budget � One-time budget surplus, but massive uncertainty � Full Implementation of Local Control Funding Formula � Fully fills the Rainy Day Fund to 10 percent of tax revenues � Creation of online community college � Extension of Cal Competes and hiring tax credits � First full year of SB1 transportation funding � Cap and Trade funding plan to come at State of State 2
Uncertainties and the 2018-19 Governor’s Budget � Federal Government • Implications of Tax Bill • CHIP Reauthorization • Potential for Federal Cost Shifting � Next Recession? 3
Budget Assumes Current Recovery Would Match Longest Ever 4
Annual Revenue Could Drop by Over $20 Billion in a Recession (Dollars in Millions) 5
Filling Up the Rainy Day Fund Before the Next Recession 6
School Funding Has Increased by 66 Percent Since 2011 7
Online Community College Unemployment Rate California Residents Age 25-34 20.00% 18.00% 16.00% 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 LT High School Grad Civ Emp Estimate HS Grad Some College No Degree AA Degree Bachelors + 8
Student-Focused Funding Formula New Student-Focused Formula Apportionments: 50% based on full-time equivalent student enrollment 25% based on students receiving California College Promise Grants and Pell Grants 25% based on short and long-term student success metrics (degrees, certificates, awards, and ADTs) Hold Harmless Provisions 9
Proposed Community College Budget One-time Deferred Maintenance and Instructional Equipment California College Promise Financial Aid Consolidation Apportionments Innovation Awards 10

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