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SOCCCD 2008-09 TENTATIVE BUDGET

SOCCCD 2008-09 TENTATIVE BUDGET. BOARD OF TRUSTEES MEETING JUNE 24, 2008. 2008-09 Tentative Budget Assumptions. Net SB361 Revenue Increase of $1.3 Million ($0.4M) Decrease to Base Funding $0.0M Increase Based on 0.00% SB361 COLA $1.7M Increase Based on 1.44% Growth estimate

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SOCCCD 2008-09 TENTATIVE BUDGET

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  1. SOCCCD2008-09 TENTATIVE BUDGET BOARD OF TRUSTEES MEETING JUNE 24, 2008

  2. 2008-09 Tentative Budget Assumptions • Net SB361 Revenue Increase of $1.3 Million • ($0.4M) Decrease to Base Funding • $0.0M Increase Based on 0.00% SB361 COLA • $1.7M Increase Based on 1.44% Growth estimate • $17.1M GF Unrestricted Ending Balance carried forward from 2007-08

  3. Assumptions Continued • 7.5% Reserve for Economic Uncertainties • 8.0% Estimated Increase for Health & Welfare Benefits and Property & Liability coverage • Salary Increases: • CSEA and Faculty – to be determined by negotiations

  4. SOCCCD: Overview of Fund Structure2008-09 Tentative Budget • General Fund (GF): $212.1 Million, Including: • Unrestricted GF: $197.1 Million • Restricted GF: $ 15.0 Million • Other Funds*: $164.9 Million • Total All Funds: $377.0 Million * Other Funds Include: Community Education, Child Development, Capital Outlay (Including Basic Aid Projects), Debt Service, Self-Insurance, & Retiree Benefit Funds

  5. COPS Debt Retirement • 1996 Issue = $18.9M • The District retired the 1996 COP issue on June 1, 2008

  6. OPEB (Retiree Benefits Liability) • Actuarial Study performed in May 2006 • Total obligation $80.2M • Unfunded Liability $58.3M • 2008-09 Contribution Obligation $5.4M • Current Year Service = $3.5M Past Service = $1.9M • Funded with Basic Aid • Additional contributions $5.0M (formerly used to retire COPS debt) • Another Actuarial Study to be completed this summer • The District has implemented the 2007-08 GASB 45 requirement • An irrevocable trust has been established with Benefit Trust Company

  7. “Basic Aid” Receipts 1999-2000 $ 5,676,800 2000-2001 $ 9,192,300 2001-2002 $13,719,277 2002-2003 $18,419,919 2003-2004 $27,356,952 2004-2005 $40,162,878 2005-2006 $46,899,203 2006-2007 $52,896,017 2007-2008* **$43,490,307 2008-2009* $44,882,034 * Estimated (Exact Amounts Will not Be Available Until the End of Each Fiscal Year). Per OC Tax Assessor, Secured Property Taxes were estimated to increase 7% in 2007-08, and 2% thereafter. An 18% decline in Supplemental Taxes is projected for 2008-09. ** Decline due to increased SB361 revenue resulting from enrollment growth

  8. Basic Aid Funds Included In Budget • $10.4M OPEB (Retiree Benefits) Contribution • $ 2.5M ATEP Operating Budget • $ 1.3M Additional 1% Contingency • $ 0.9M General Election Expense • $30K for Legislative Advocacy for Basic Aid issues • $29.8M Funding for Future Capital Projects

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