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FY 16/17 Final Budget September 6, 2016

FY 16/17 Final Budget September 6, 2016. Prepared by: E d M aduli. West Valley-Mission Community College District Board Budget Workshop February 24, 2007. Stan Arterberry , Chancellor Dr. Philip Hartley, WVC President Dr. Harriett Robles, MC President (Interim )

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FY 16/17 Final Budget September 6, 2016

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  1. FY 16/17 Final Budget September 6, 2016 Prepared by: Ed Maduli

  2. West Valley-Mission Community College District Board Budget WorkshopFebruary 24, 2007 Stan Arterberry, Chancellor Dr. Philip Hartley, WVC President Dr. Harriett Robles, MC President (Interim) Linda Francis, Director of Fiscal Services Ruth Carlson, Director of Public Affairs and Community Relations Carl Jones, Graphic Designer, Chair of Marketing Committee Graciano Mendoza, Budget Manager

  3. WVMCCDBoard Budget WorkshopFebruary 24, 2007 • Challenges for Current Fiscal Year • Enrollment Management • Balanced Budget • Effective Management of FON • Compliance with 50% Law • Budget Allocation Model • Unfunded Liabilities • Addressing FCMAT Recommendations • Year End, Actual to Budget Variance

  4. 2016/17 State Budget • Governor released State Budget on January 7, 2016. • $122.6 billion general fund budget • $13.6 billion for community colleges • Governor released May Revise on May 13, 2016. • Legislature passed State Budget on June 15, 2016 • Governor signed State Budget on June 27, 2016

  5. 2016/17 Community College Budget

  6. 2016/17 Community College Budget

  7. 2016/17 Community College Budget • Funded at prior year level. No additional augmentation. • Student Success • Student Equity • Full-time Faculty

  8. Community Support Status Analysis

  9. 2015/16 Ending Fund Balance Prepaids - $87,347 Assigned to Banked Leave Liability - $5,683,749 Assigned to Fund 001/017 - $204,644 Assigned to Faculty Travel and Conference - $83,773 Reserve at 5% - $5,309,819 Contingency Reserve - $2,687,747

  10. 2015/16 Ending Fund Balance (continued) Committed Community Support Funds - $1,648,509 Community Support Fund Reserve - $19,988,238 COLA Holding - $444,062 Board Elections - $205,595 PERS and STRS Pension Rate Increase - $2,828,715

  11. 2016/17 District Budget • Major Budget Assumptions • No State COLA • 5% salary enhancement from Community Support Funds • Increased Health Benefit Contribution • No growth or restoration • WSCH: 530 • FTES target: 14,550 • Compensation Study Funding: $2 million

  12. 2016/17 District Budget (continued) • Major Budget Assumptions • 5% reserve and no more than 3% contingency reserve • 303.0 FTE faculty funded • Student categorical funding same as 2015/16 • Proposition 30 funded at $100/FTES • Meet statutory obligations • Set-aside State funding for Full-time Faculty

  13. Budget Development Approach Maintain Community Support status Maintain enrollment Maintain AAA Bond Rating Apply Resource Allocation Model Balanced budget

  14. 2016/17 FTES Target

  15. Funded Rate per Credit FTES: State vs. Local

  16. RAM Allocation By Location

  17. District Liabilities • Banked Leave - $10,272,911 • $642,334 short-term • $9,630,577 long-term • Vacation and Comp Time - $3,390,514 • $51,808 short-term • $3,338,706 long-term • 2009 Lease Revenue Bonds - $3,345,806 (FY 16/17) • 2011 Lease Revenue Bonds – $468,387 (FY 16/17) • OPEB Unfunded Liability - $40,571,113

  18. SummaryofOutstandingDebt OutstandingGeneralObligationBonds Asof August 2016 Advance Final OutstandingLeaseRevenueBonds(1) Asof August 2016 (1)Issued bythe California CommunityCollege Financing Authority Refunding candidate

  19. OPEB

  20. CalSTRS and CalPERS Rate Increases

  21. 50% Law

  22. Full-Time Faculty Funding • FY 15/16 State budget provided $62.3 million to increase full-time faculty percentage. • Funds were allocated on an FTES basis to all Districts except “community support” Districts. • FON associated with the funding were added to all Districts’ obligations, including “community support” Districts. Action adjusted WVMCCD’s obligation to increase by 6.77 FTEF. • FY 16/17 State Budget allows for “Community Support” districts to receive their “fair share” of $62.3 million provided in FY 15/16 State Budget.

  23. Full-time Faculty Obligation *FON Frozen **Includes FON associated with State funding

  24. Proposition 39 • Energy Efficiency & Renewable Generation Project • Annual funding for five years, beginning 2013-14

  25. Property Tax History and Projection for 2016/17

  26. Factors Affecting District Budget in the Out Years Student Success match Enrollment Management 50% Law Proposition 30 sunsets in December 2018 Possibility of recession

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