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Plumas Lake Elementary School District 2013-14 Second Interim Financial Presentation

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This presentation summarizes the financial reporting cycle for the Plumas Lake Elementary School District for the 2013-14 school year, focusing on the implementation and effects of the Local Control Funding Formula (LCFF). It discusses the expected timeline for achieving full funding levels, details on funding based on student demographics, and the required development of the Local Control and Accountability Plan (LCAP). Additional insights include budget assumptions, funding sources, expenditures, and a projection of a positive operating surplus for the General Fund.

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Plumas Lake Elementary School District 2013-14 Second Interim Financial Presentation

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  1. Plumas Lake Elementary School District 2013-14 Second Interim Presentation March 12, 2014

  2. Financial Reporting Cycle

  3. General Fund – Fund 01

  4. Local Control Funding Formula • Local Control Funding Formula (LCFF) begins in 2013-14 • Department of Finance estimates that achieving full funding levels under the LCFF will take eight years • Funding based on the demographic profile of the students in the District • Goal is to simplify how state funding is provided • Local Control and Accountability Plan (LCAP) is an important component of LCFF • District will be required to develop, adopt, and annually update a three year LCAP, beginning in July 1, 2014 • California Department of Education (CDE) making system changes to implement the new formula and does not expect to have those completed until July 2014

  5. Local Control Funding Formula • Local Control Funding Formula (LCFF) has replaced revenue limits and works as follows: • “Target Funding “level will be calculated every year • Districts will receive a base grant amount based on grade-level • Adjustments will be made for class size reduction (grade span) • Districts will receive supplemental funding based on percentage of low income, English learners and students in foster youth • Economic Recovery Target (ERT) is the difference between what the District would have received under the old funding and the amount the District would receive under the LCFF in 2020-21 (with COLA adjustments) • “Funding Floor” will be calculated based on 2012-13 Funding Level • Percentage of the “Gap” between the Target and Floor will be funded • Categoricals are now a part of the LCFF with the exception of the following: • Transportation (add-on and can be used for any educational purpose) • Targeted Instructional Improvement Grant (TIIG) (add-on and can be used for any educational purpose) • Special Ed • Child Nutrition

  6. Second Interim Budget Assumptions

  7. Second Interim Budget Assumptions • Proposition 39 approved by voters on November 6, 2012 provided: • The Schools and Local Public Safety Protection Act of 2012 provides funding through the Education Protection Account (EPA) • Not additional funding, State Aid is decreased by this amount • District will receive $1,179,455 in funding, which will be used for teachers’ salaries • California Clean Energy Jobs Act • Funding for clean energy projects – funded for five years • District will receive$106,252 in 2013-14 and in subsequent years • Common Core State Standards Implementation (CCSSI) Funds – District received $216,437 in one-time funding

  8. Budget Revisions • Board requested budget revisions: • Riverside Meadows – added $10,000 for upgrades • Breakfast - $3,000 for free breakfast during testing • Infrastructure – Wi-Fi Nodes $5,000 • Update District Web site - $5,000

  9. 2013-14 Revenue Sources

  10. 2013-14 Expenditures

  11. General Fund Summary

  12. Multi-Year Projections (MYP) Budget Assumptions

  13. Multi-Year Projections • Multi-year projections are based on the Governor’s Budget released in January • Governor will revise his budget in May • May revise projections will be used to develop budget for the 2014-15 school year • Step increases included for all eligible employees • No changes to Health, Dental, and Vision

  14. Multi-Year Projections – Second Interim

  15. Cash • Deferrals are still in the budget, cash is monitored every month • State Budget included funding to buy back most deferrals • Remaining Deferrals: • April - 38% of the apportionment deferred to July • May – 97% of the apportionment deferred to July • June – 100% of the apportionment deferred to July • Education Protection Account (EPA) –approximately 20 percent of our State Aid that will be paid on a quarterly basis

  16. Cafeteria Fund – Fund 13

  17. Fund 13 - Cafeteria Fund

  18. Deferred Maintenance Fund Fund 14

  19. Fund 14 - Deferred Maintenance

  20. Capital Facilities Fund Fund 25

  21. Fund 25 – Capital Facilities Fund

  22. Debt service Fund for blended component units Fund 52

  23. Fund 52 – Debt Service Fund for Blended Component Units

  24. Summary and Recommendation • Second Interim projections show an operating surplus of $132,466 in the General Fund for the current year • Based on multi-year projections and current assumptions staff recommend the Board approve Second Interim with a positive certification and the budget adjustments within

  25. Any questions?

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