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Budget Update Santa Paula Elementary School District March 13, 2012.

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Presentation on theme: "Budget Update Santa Paula Elementary School District March 13, 2012."— Presentation transcript:

1 Budget Update Santa Paula Elementary School District March 13, 2012

2 Economic and Revenue Update Job growth rising Unemployment still high ◦ 11.1% for December 2011 Housing market remains troubled Corporate profits/Technology companies booming Federal policy uncertainty

3 Economic and Revenue Update LAO forecast for tax revenues for the 2011-12 & 2012-13 fiscal years down ◦ $6.5 billion compared to Governor’s January proposal ◦ $8.5 billion if Facebook-related revenues are omitted

4 Tax Initiatives Our Children, Our Future Millionaire’s Tax Schools & Local Public Safety Protection Act of 2012 SupportersMolly Munger, PTACalif. Federation of Teachers Governor Brown Type of revenue raisedPersonal income tax Personal income tax, sales & use tax Revenues 2012-13$5-$5.5 billion$6-$9.5 billion$4.8-$6.9 billion Revenues 2013-14$10-$11 billion$4-$6 billion$5.5-$6.3 billion Revenues used forSchools, early childhood education & debt service on bonds Public education & other local public services All state-funded services Excluded from Prop 98Yes No K-12 share of revenue60% first few yrs, 85% thereafter 36%Largely determined by Prop 98 formulas Operative time period12 yrs (2013-2024)Ongoing, starting 2012 5 yrs (2012-2016)

5 Budget Update – No Mid-year cuts 2012-132013-142014-15 Beg Balance3,552,6782,243,499780,183 Revenue29,711,27329,763,58329,594,559 Expenditures31,020,45231,226,89931,364,713 Net Change(1,309,179)(1,463,316)(1,770,154) Ending Balance2,243,499780,183(989,971) Cash(5,000) Economic Uncertainties(930,614)(936,807)(940,942) Budget Stabilization1,307,855(161,624)( 1,935,913)

6 Budget Update – Mid-year cuts 2012-132013-142014-15 Beg Balance3,552,678990,380(1,699,563) Revenue28,394,96128,473,76328,309,179 Expenditures30,957,25931,163,70631,364,713 Net Change(2,562,298)(2,689,943)(3,055,534) Ending Balance990,380(1,699,563)(4,755,097) Cash(5,000) Economic Uncertainties(930,614)(936,807)(940,942) Budget Stabilization54,766(2,641,370)(5,701,039)

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