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2012-13 BUDGET UPDATE

2012-13 BUDGET UPDATE. Carryover Balances FTES Prior Year actuals Current Year targets Revenues Apportionment Other Expenses Major Assumptions Changes Contingency Balances Uncertainties Tax Initiative passing FTES Cash Flow Apportionment. CARRYOVER BALANCES 6/30/2012.

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2012-13 BUDGET UPDATE

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  1. 2012-13 BUDGET UPDATE • Carryover Balances • FTES • Prior Year actuals • Current Year targets • Revenues • Apportionment • Other • Expenses • Major Assumptions • Changes • Contingency Balances • Uncertainties • Tax Initiative passing • FTES • Cash Flow • Apportionment

  2. CARRYOVER BALANCES 6/30/2012 • Deficit Reserve $15,600,631 • Board Policy Contingency $9,688,301 • Budget Centers • District Services $3,137,869 • Cypress College $6,265,458 • Fullerton College $6,523,479 • School of Continuing Education $795,224 • Designated Fund Balances • Retiree Benefits $2,000,000 • Scheduled Maintenance $1,000,000 • Strategic Plan Fund $500,000 • Staff Development $200,000 • Innovation Fund $100,000 • Election Expense $120,000 • Restricted Fund Balance $3,829,100

  3. FTES • Prior Year Actuals – 2011-12 • 58.11 short of target • 1,188.79 or 3.70% over cap • Current Year Targets • Targets reduced 605 FTES or 1.82% • Target is estimated at 2% or 641.82 FTES over cap if tax initiative passes • Target is estimated to be 10% or 2,976.44 FTES over cap if tax initiative fails • FTES targets are not expected to change during the year

  4. REVENUES • Base apportionment revenue of $145,704,262 • Down $2,479,003 or 1.67% from last year • Since 2007-08, apportionment revenue is down $10,920,149 or 6.97% • Possible that workload measure restoration of $1.2 million would be available • If tax initiative fails, the trigger cut for us is $9,954,696 • Base apportionment would be down $12,433,699 or 8.39% • Since 2007-08 the reduction would be $20,874,845 or 13.33%

  5. REVENUES • Deficit • No deficit budget for 2012-13 • Last year’s deficit is estimated at $3,491,131 • Mandated Cost • New appropriation of $28 per funded FTES = $833,000 • Budgeted in Board Discretionary Contingency • Will evaluate as to being on-going revenue

  6. EXPENDITURES • No salary increases or decreases for 2011-12 or 2012-13 • Net reduction of salary and benefits for permanent positions of $5,312,100 or 4.58% • Extended Day Budgets • FTES reductions $734,864 decrease • Backfill $891,640 increase • Net change is $156,776 increase • Current Vacancies • Faculty – 14 positions, net savings of $918,952 • Other vacancies – 18.47 GF positions $1.7 million

  7. EXPENDITURES • Operating Allocation increase of $2,425,983 • Backfill $266,344 • Personnel changes $2,159,639 • Other • Election Expense down $530K • Areas under-budgeted • Self-insurance contribution • Retiree benefits • Scheduled maintenance

  8. CONTINGENCY BALANCES8/27/2012 • Deficit Reserve $970,714 • Board Policy Contingency $9,688,301 • Board Discretionary Contingency • Mandated Cost Revenues $833,000 • Budget Centers $14,127,240 • Restricted Contingencies $2,429,096 • Facilities Emergency $130,000 • Innovation Fund $100,000 • Strategic Plan Fund $500,000

  9. BUDGET RISK OR UNCERTAINTIES • Tax initiative does not pass in November $9,954,696 • FTES Generation • Impact on fees increasing from $36-$46 per unit • Impact on the 16-week calendar • Cash Flow • Beginning balance down $8 million • $22 million of our apportionment income is tied up in a trailer bill that won’t be resolved until after the November election • Redevelopment funds through taxes not materializing • Apportionment • $855 million in the trailer bill is not guaranteed; only 11% of tax revenue collected – LAO thinks the Department of Finance has overstated revenue • Other deficits

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