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School Board Meeting May 26, 2009 Third Interim Financial Report.

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Presentation on theme: "School Board Meeting May 26, 2009 Third Interim Financial Report."— Presentation transcript:

1 School Board Meeting May 26, 2009 Third Interim Financial Report

2 Overview  Recap of 2 nd Interim Financial Report  Budget Outlook 2009-10 2010-11  Additional State Cuts  Recommendations

3 Recap of 2 nd Interim Report  OK in 2008-09 Flexibility Transfer ($870,000) Reconfigured position, hiring freeze, reduced site budget, eliminated 1 SRO Drew from reserve  $990,000 from Reserve  $380,000 Categorical Balance  $1,243,000 projected deficit in 2009-10 Filed a Qualified Certification -- District able to meet current year, but may not be able to meet subsequent two years’ financial obligations  Cash Deferrals $5,200,000 deferred from January to July SBCSS estimates YCJUSD cash deficient in June One-time augmentation

4 2009-10 Projections  2009-10 Deficit: $1,243,000  2009-10 Improvements SBX34 Flexibility Transfer$515,000 Miscellaneous$89,000 Net Gain from Early Retirement$230,000  Projected Shortfall$409,000 Concessions from Associations resulted in the removal of budget reduction items

5 2010-11 Projections  2009-10 Deficit$409,000 Enrollment Trend$206,000 Misc. Changes in Revenues$100,000 H&W Premium Increase$500,000 Utilities$75,000 Step/Column$462,000 Certificated Furlough$239,000 Classified Furlough$53,000 Misc. Changes to Expenditures$23,000  Projected Shortfall$1,821,000

6 Additional State Cuts and the Federal Stimulus Money Recap of Cuts from the 17-Month Budget $2,312,000 in 2008-09 $490,000 in 2009-10 Remedied w/ Cuts, Augmentation from Reserve, Concession from Employees, Early Retirement, Flexibility Transfers, Sweep of 2007-08 Balance, RIFs & Hiring Freeze Additional State Cuts due to deteriorating economy $21B Deficit, Cash Shortfall, Failure of Propositions $2,400,000 in 2008-09 $2,200,000 in 2009-10 Stimulus Money (not on-going) “Check in the mail” for $2,400,000 More to come??? Impact to YCJUSD: $4,600,000 additional Cut Impact to YCJUSD

7 Game Plan  Freeze Hiring Do not rescind RIF  Essential Expenditures Only  Enhance Revenue  Implement More Savings  Flexibility Transfers Shift Unrestricted Cost to Categorical  Preserve Federal Stimulus Money Backfill to State Cuts Alleviate Cash Flow Crunch

8 Recommendations  Approve Report Remedy $409,000 projected deficit in 2009-10 Recognize $1,821,000 Potential Budget Shortfall in 2010-11  Stick with Game Plan

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