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California Economic Outlook & Education Budget Analysis (2014)

Presented to the California Association of Chief Business Officers on April 3, 2014, this report from the Legislative Analyst's Office outlines the state's economic outlook and budget for the 2014-2015 fiscal year. Key points include a $45.5 billion education budget, significant funding increases, and the implementation of the local control funding formula. The report also discusses Proposition 98’s minimum guarantee, K-12 funding proposals, and longstanding issues regarding CalSTRS unfunded liabilities, alongside considerations for emergency repairs and child care system restructuring.

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California Economic Outlook & Education Budget Analysis (2014)

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  1. State Economic Outlook Legislative Analyst’s Office Presented to: California Association of Chief Business Officers April 3, 2014 www.lao.ca.gov

  2. State Budget

  3. Governor’s Budget Expenditures (Dollars in Millions)

  4. Governor’s Budget General Fund Condition Includes Education Protection Account (In Millions)

  5. Comparing State Revenue Forecasts General Fund and Education Protection Account Combined (In Billions)

  6. S&P 500 Index Rose Notably During 2013

  7. Education Budget

  8. Proposition 98 Minimum Guarantee (In Billions)

  9. Governor Proposes to Pay Down All Outstanding K-12 Deferrals (In Millions)

  10. Major 2014-15 K-12 Proposals (In Millions)

  11. Second-Year Implementation of Local Control Funding Formula • $45.5 Billion • 80 Percent Funded • 11 Percent Increase From 2013-14 Level • Closes 28 Percent of Gap to Target Level

  12. K-12 Per-Pupil Funding

  13. Proposition 98 Wall of Debt Plan (In Billions)

  14. Key Issues

  15. Proposition 98 Reserve • Makes Deposits When Capital Gains Revenues Strong • Makes Withdrawals When Guarantee Insufficient to Fund Growth and Cost-of-Living Adjustment • Intent to Stabilize Funding Laudable • Formula Unlikely to Have Significant Effect

  16. CalSTRS Unfunded Liabilities • Longstanding Funding Problems • Focus on 30-Year Funding Plan • Set Aside Some Money Now • Examine State’s Role Now and in Future

  17. Use of One-Time Monies • Proposition 98 Funds • Deferral paydowns. • Mandate backlog. • Emergency Repair Program. • Non-Proposition 98 Funds • CalSTRSliabilities. • Deferred maintenance.

  18. Other Education Issues • Career Technical Education • Independent Study • Home-to-School Transportation • Education Mandates • Deferred Maintenance • Restructuring Child Care System

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