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Ramona Unified School District May 27, 2014.  With the adoption of the Second Interim Report, Ramona Unified “self-qualified”  “Qualified” status means.

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Presentation on theme: "Ramona Unified School District May 27, 2014.  With the adoption of the Second Interim Report, Ramona Unified “self-qualified”  “Qualified” status means."— Presentation transcript:

1 Ramona Unified School District May 27, 2014

2  With the adoption of the Second Interim Report, Ramona Unified “self-qualified”  “Qualified” status means the School District is uncertain that it will be able to meet the State’s fiscal requirements  Education Code, as well as the San Diego Office of Education, requires that a school district submit a Third Interim Report 2

3  Revenues$46,152,928  Expenses$48,292,452  Difference($ 2,139,524)  Beginning Balance$ 5,992,299 (July 1, 2013)  Ending Balance$ 3,852,775 (Projected for June 30, 2014)  Fund 17, Special Reserve Fund, has a balance of $1,495,000, and houses the 3% reserve. This amount is not reflected in the above number or in the multi-year projections. 3

4  Increases in Revenue Additional Federal Title I dollars for Corrective Action Planning dollars from Energy Efficiency – Proposition 39  These revenues can only be used for the purpose of their intentions  As a reminder, staff has yet to receive any confirmation from the State on the actual revenues generated through the LCFF for the current or next fiscal year This budget and multi-year projections may be conservative 4

5  Expenditures Both the additional Title I and the Proposition 39 dollars are restricted Therefore, corresponding increases to expenses due to increases in these revenue sources are needed This explains the bulk of the increase to expenses 5

6 2013-142014-152015-16 Revenue46,152,92846,841,15248,736,312 Expenses48,292,45249,856,10150,975,460 Difference ( 2,139,524) (3,014,949) (2,239,148) Beg. Balance 5,992,299 3,852,775 837,826 Ending Balance3,852,775 837,826 (1,401,322) 6

7  Revenue Current year ADA for revenues Local Control Funding Formula at the 28% increase towards the targeted funding One-Time revenues are not included  Expenses 10% increase in health benefits Honoring “Step and Column” increases Assuming dollars budgeted in 2013-2014 are spent 7

8  COP payment of $1,534,970 from the general fund is now projected A decrease from the $1,709,632 for the second interim report An increase in developer fees and lower expenditures than expected Will continue to adjust as developer fees are received 8

9  Per recent Board conversation, dollars can be designated in the 2014-2015 budget for the renovation of the outside of the District Office If the Board so desires, the bid process will need to begin with a development of scope of work, bid specs, and approval from the Board to put out to bid Staff does not have any recommendation, but is looking for direction 9

10  The May Revision was announced on May 13  This information is NOT incorporated into the multi-year data State revenues are projected to be $2.4 billion higher  Medical coverage for more Californian’s and the creation of a rainy day fund for the State essentially take all of the new money off the table 10

11  While the education community had hoped for more funding for Common Core and mandate payback, as well as higher LCFF funding, these additional monies are nowhere to be found  No change from the January budget proposal 11

12  The Governor proposes an additional $73.2 million of State contributions to start paying down the $74.4 billion in unfunded liability for the California State Teachers Retirement System (CalSTRS)  In the proposal, an increase in contributions from both employees and employers will begin starting July 1, 2014  The employee rate would increase from 8.00% to 8.15% for next year and increases to 10.25% by 2016-2017 12

13  For employers, the current contribution rate is 8.25% of qualifying earnings  This rate will increase to 9.50% for the 2014- 2015 year, and will increase every year until 2020-2021 when the rate will remain at 19.1%  This increase in costs to both employees and employers comes with no increase in funding  The increase in contributions is estimated to be up to a $300,000 increase for Ramona Unified 13

14  Governor’s proposal was presented three (3) days ago Staff will garner more information at the May Revise Workshop presented by School Services of California Inc.  June 11, 2014 when staff will present to the 2014- 2015 for public hearing along with the public hearing of the LCAP Staff will continue to update the budget incorporating the May revision 14

15  Staff is recommending the approval of the 3 rd Interim Report 15

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