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Second Interim Report 2012-13

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huela
17 diapositives · 325 Views · Sep 03, 2014

Second Interim Report 2012-13. Anaheim City School District March 15, 2013 Darren Dang Assistant Superintendent, Administrative Services. Topics. Proposition 30 Local Control Funding Formula Financial Status ( Second Interim) Cash Flow Concerns Help ACSD Balance Our Budget.

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Second Interim Report 2012-13
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  1. Second Interim Report2012-13 Anaheim City School District March 15, 2013 Darren Dang Assistant Superintendent, Administrative Services

  2. Topics Proposition 30 Local Control Funding Formula Financial Status (Second Interim) Cash Flow Concerns Help ACSD Balance Our Budget

  3. Passage of Proposition 30 A Big Thank You for your support to public education Prevented cuts of $420 / student or $7.9M No new money for 2012-13 but did free up money for the state to spend in 2013-14 Per student funding for 2012-13 is still 10% below 2007-08 level

  4. Local Control Funding Formula 1st year 2013-14: $6,678 per ADA Favors low income districts 1st year 2012-13: $6,445 per ADA $6,940 for 2013-14 LCFF $416/ADA increase ($7.7M) in 1st year Tiered Funding WSF Proposal wasn’t adopted Full implementation: 2020-21 $11,656 Restores Deficit & Deferrals Full implementation: 2017-18 $12,162 LCFF = Local Control Funding Formula. WSF = Weighted Student Funding.

  5. LCFF – Managing Expectations If adopted, ACSD will benefit from the Local Control Funding Formula Policy Committee could delay implementation to 2014-15 Governor’s January Proposal is just the very first step of long journey A lot of things could change, and probably will, between now and then Budgeting 1.65% COLA, $1.5M instead of $7.7M LCFF

  6. Multi-Year Financial Summary

  7. Why Expenditures Increase By $5.1M in 2013-14

  8. Why Expenditures Increase By Another $6.6M in 2014-15

  9. Multi-Year Financial Summary • Even with 8 furlough days this year, ACSD is overspending by $5.8 Million • Next year 2013-14, expenditures exceed income by $9.9 Million • After depleting our reserve savings of $8.5 Million, still short $1.5 Million • In 2014-15, expenditures exceed income by $13 Million • Budget shortfall of $14.7 Million over next two years • If Local Control Funding Formula is adopted, it will solve our revenue problem but we can’t count on it.

  10. How Did We Get Here • Significant Declining Enrollment • Lost over 3,000 students since 2001-02 • State Funding Cuts Over Last 5 years • $50 Million in total State funding cuts • Increasing Special Education Costs • Federal Government underfunding Special Education by a total of $109M over last 10 years • Deficit Spending

  11. Unsustainable Structural Budget Problem

  12. Impact of Deficit Spending: Diminishing Cash Source: Orange County Department of Education

  13. Cash Balance Without Borrowing projected

  14. Precarious 2013-14 Cash Situation Note: Need to add additional working capital reserve of $8.5 M

  15. Cash Flow Prognosis Chronic Deficit Spending over past 5 years has slowly depleted our cash reserves It will take us multiple years to address our cash problem Margin for error is razor thin in 2013-14 Continued deficit spending will put ACSD at serious risk for cash insolvency in 2014-15 We need to have a plan to address deficit spending until our revenue problem improves

  16. We Need Your Help • While we are hopeful that the Governor’s proposal will help solve our $14.7 Million problem, • We need to have a balanced budget over the next two years • We need your help with ideas: • Email to: budget@acsd.us

  17. For More Information http://www.acsd.k12.ca.us/