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Prepared by Ed Maduli September 3, 2013. 2011/122012/132013/142014/15 (projected) Shortfall$2.9M$6.0M$4.5M$5.0M Revenues -On-going budget reduction$3.0M$3.5M.

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Presentation on theme: "Prepared by Ed Maduli September 3, 2013. 2011/122012/132013/142014/15 (projected) Shortfall$2.9M$6.0M$4.5M$5.0M Revenues -On-going budget reduction$3.0M$3.5M."— Presentation transcript:

1 Prepared by Ed Maduli September 3, 2013

2 2011/122012/132013/142014/15 (projected) Shortfall$2.9M$6.0M$4.5M$5.0M Revenues -On-going budget reduction$3.0M$3.5M -One-time budget reduction$2.9M$1.5M -Bargaining concessions$1.5M -Land Corp stability funding$1.5M -Land Corp additional funding$1.5M TOTAL REVENUES$2.9M$6.0M$4.5M$5.0M Additional -Possible mid-year trigger cuts (covered by Land Corp) $1.56M$5.3M -Workload reduction$4.8M (6.2%) -Workload restoration$0.75M (waived) $1.7M (waived) -Health Benefit Cap-- -RDA dissolution--

3 FY 12/13 Budget Recap Adopted budget is balanced Prop. 30 passed – no mid-year “trigger” cuts $50 million in restoration funding District foregoes 177 FTES funding Create EPA account Closed FY with $1 million shortfall

4 FY 12/13 Fund Balance Ending Balance: $ 11,717,705 5% Reserve: $4,495,224 Contingency Reserve: $655,672 Banked Leave Liability: $5,683,749 Faculty travel/conference: $295,027 Sub-fund 017: $104,577 Debt Service Reserve: $337,298 Board Elections: $113,036 Prepaid: $105,600 Basic Aid Fund Holding: $927,522 ACE & POA: ($1,000,000)

5 FY 13/14 State Budget State budget released January 10, 2013 May Revision released May 14, 2013 State Final Budget (AB 110) signed June 27, Includes State reserve of $1.1 billion

6 FY 13/14 State Budget for Community Colleges ItemJanuary ProposalMay ReviseFinal Budget Apportionment$196.9M$87.5M COLA $89.4M Growth $87.5M COLA $89.4M Growth Student Success$50M On-line Education$16.9M Adult Education$315.7M$30M for 2 years $500M for FY 15/16 $25M for 2 years $500M for FY 15/16 Deferral buy-down$179M$179.9M for FY 12/13 $64.5M for FY 13/14 $179.9M for FY 12/13 $30M for FY 13/14 90-unit capProposedWithdrawnDeleted

7 FY 13/14 State Budget for Community Colleges (continued) ItemJanuary ProposalMay ReviseFinal Budget CensusProposedWithdrawnDeleted FAFSAProposedRevised DSPS$15M EOPS$15M CalWORKS$8M Deferred Maintenance $30M (one-time)

8 FY 13/14 Final Budget is Balanced 1.57% COLA – approximately $1.3 million No Growth – though State funded 1.63% WSCH – 570 FTES funded target – 15, FTE faculty funded FY 12/13 bargaining concessions restored 5% Reserve Contingency Reserve – $582,574

9 FTES FY 13/14 Target – 15,898

10 Proposition 39 $47 million approved to be allocated FTES basis Allocation subject to guidance approved by the Energy Commission

11 FY 13/14 District Budget Budget development approach Balance with one-time funds for FY 13/14 Estimated shortfall – $4.5 million Available revenues $3.0 million from the Land Corporation $1.5 million District Services/Colleges

12 FY 13/14 District Budget JanuaryAprilMay Total Shortfall$4.5M Land Corporation Stability Funding$1.5M Land Corporation One-time Funding$o$1.5M Budget Reduction Plan$3.0M$1.5M $4.5M COLA (set aside in holding account)$1.3M

13 FY 14/15 Budget Planning On-going budget reductions for FY 14/15 Estimated shortfall – $5.0 million Available revenues $3.5 million budget reduction $1.5 million from the Land Corporation

14 Basic Aid Definition Basic aid occurs when local property tax revenue exceeds total funding that the State provides as calculated by SB 361 apportionment. Local property taxes and enrollment fees are primary source of revenues.

15 Revenue Impact on Basic Aid No State apportionment Not affected by State budget shortfalls Community College system shortfall Deferrals

16 FY Community College System-wide Shortfall RDA$97.4M (approximate) Community College Structural Deficit$41.0M Total$138.4M For WVMCCD$2.0M (approximate)

17 Revenue Impact on Basic Aid No State apportionment Not affected by State budget shortfalls Community College system shortfall Deferrals Continue to receive funding for: Lottery Mandated Costs EPA Student Categorical Funds (EOPS, DSPS, Financial Aid, Student Success) Other grants

18 SB 361 Funding vs. Basic Aid SB 361 (FY 12/13 Final Budget) Basic Aid (FY 12/13 P-2) Property Tax$65,155,247$70,337,331 State Apportionment$5,423,072$0 Enrollment Fee$9,200,000$8,437,527 EPA$0$1,610,324 Excess Property Tax (Basic Aid Funds) $0($606,864) TOTALS$79,778,319$79,778,318

19 Multi-Year Basic Aid Analysis

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24 Full-time Faculty Obligation Fall 2010Fall 2011Fall 2012Fall 2013Fall 2014 FON Obligation Actual (or projected) Reported (or projected) FT Faculty #68.02%68.23%68.43%

25 Basic Aid Districts Marin Mira Costa San Mateo South Orange County San Jose-Evergreen West Valley-Mission

26 Next Steps Develop Budget Reduction Plan for FY 2014/15 Develop Board policy for Basic Aid Funds Allocation


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