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FY 13/14 Final Budget

FY 13/14 Final Budget. Prepared by Ed Maduli September 3, 2013. FY 12/13 Budget R ecap . Adopted budget is balanced Prop. 30 passed – no mid-year “trigger” cuts $50 million in restoration funding District foregoes 177 FTES funding Create EPA account

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FY 13/14 Final Budget

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  1. FY 13/14 Final Budget Prepared by Ed Maduli September 3, 2013

  2. FY 12/13 Budget Recap • Adopted budget is balanced • Prop. 30 passed – no mid-year “trigger” cuts • $50 million in restoration funding • District foregoes 177 FTES funding • Create EPA account • Closed FY with $1 million shortfall

  3. FY 12/13 Fund Balance Ending Balance: $ 11,717,705 • 5% Reserve: $4,495,224 • Contingency Reserve: $655,672 • Banked Leave Liability: $5,683,749 • Faculty travel/conference: $295,027 • Sub-fund 017: $104,577 • Debt Service Reserve: $337,298 • Board Elections: $113,036 • Prepaid: $105,600 • Basic Aid Fund Holding: $927,522 • ACE & POA: ($1,000,000)

  4. FY 13/14 State Budget • State budget released January 10, 2013 • May Revision released May 14, 2013 • State Final Budget (AB 110) signed June 27, 2013 - Includes State reserve of $1.1 billion

  5. FY 13/14 State Budget for Community Colleges

  6. FY 13/14 State Budget for Community Colleges (continued)

  7. FY 13/14 Final Budget is Balanced • 1.57% COLA – approximately $1.3 million • No Growth – though State funded 1.63% • WSCH – 570 • FTES funded target – 15,898 • 311.0 FTE faculty funded • FY 12/13 bargaining concessions restored • 5% Reserve • Contingency Reserve – $582,574

  8. FTES FY 13/14 Target – 15,898

  9. Proposition 39 • $47 million approved to be allocated FTES basis • Allocation subject to guidance approved by the Energy Commission

  10. FY 13/14 District Budget Budget development approach • Balance with one-time funds for FY 13/14 • Estimated shortfall – $4.5 million • Available revenues • $3.0 million from the Land Corporation • $1.5 million District Services/Colleges

  11. FY 13/14 District Budget

  12. FY 14/15 Budget Planning • On-going budget reductions for FY 14/15 • Estimated shortfall – $5.0 million • Available revenues • $3.5 million budget reduction • $1.5 million from the Land Corporation

  13. Basic Aid Definition • Basic aid occurs when local property tax revenue exceeds total funding that the State provides as calculated by SB 361 apportionment. • Local property taxes and enrollment fees are primary source of revenues.

  14. Revenue Impact on Basic Aid • No State apportionment • Not affected by • State budget shortfalls • Community College system shortfall • Deferrals

  15. FY 2012-13 Community College System-wide Shortfall

  16. Revenue Impact on Basic Aid • No State apportionment • Not affected by • State budget shortfalls • Community College system shortfall • Deferrals • Continue to receive funding for: • Lottery • Mandated Costs • EPA • Student Categorical Funds (EOPS, DSPS, Financial Aid, Student Success) • Other grants

  17. SB 361 Funding vs. Basic Aid

  18. Multi-Year Basic Aid Analysis

  19. Multi-Year Basic Aid Analysis

  20. Multi-Year Basic Aid Analysis

  21. Multi-Year Basic Aid Analysis

  22. Multi-Year Basic Aid Analysis

  23. Full-time Faculty Obligation

  24. Basic Aid Districts • Marin • Mira Costa • San Mateo • South Orange County • San Jose-Evergreen • West Valley-Mission

  25. Next Steps • Develop Budget Reduction Plan for FY 2014/15 • Develop Board policy for Basic Aid Funds Allocation

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