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

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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 - PowerPoint PPT Presentation

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FY 13/14 Final Budget

FY 13/14 Final BudgetPrepared byEd MaduliSeptember 3, 20132011/122012/132013/142014/15 (projected)Shortfall$2.9M$6.0M$4.5M$5.0MRevenues-On-going budget reduction$3.0M$3.5M-One-time budget reduction$2.9M$1.5M-Bargaining concessions$1.5M-Land Corp stability funding$1.5M$1.5M$1.5M-Land Corp additional funding$1.5MTOTAL REVENUES$2.9M$6.0M$4.5M$5.0MAdditional-Possible mid-year trigger cuts (covered by Land Corp)$1.56M$5.3M-Workload reduction$4.8M (6.2%)-Workload restoration$0.75M (waived)$1.7M (waived)-Health Benefit Cap---RDA dissolution--FY 12/13 Budget Recap Adopted budget is balancedProp. 30 passed no mid-year trigger cuts$50 million in restoration fundingDistrict foregoes 177 FTES fundingCreate EPA accountClosed FY with $1 million shortfall

FY 12/13 Fund BalanceEnding Balance: $ 11,717,7055% Reserve: $4,495,224Contingency Reserve: $655,672Banked Leave Liability: $5,683,749Faculty travel/conference: $295,027Sub-fund 017: $104,577Debt Service Reserve: $337,298Board Elections: $113,036Prepaid: $105,600Basic Aid Fund Holding: $927,522ACE & POA: ($1,000,000)FY 13/14 State BudgetState budget released January 10, 2013May Revision released May 14, 2013State Final Budget (AB 110) signed June 27, 2013 - Includes State reserve of $1.1 billion

FY 13/14 State Budget for Community CollegesItemJanuary ProposalMay ReviseFinal BudgetApportionment$196.9M$87.5M COLA$89.4M Growth$87.5M COLA$89.4M GrowthStudent Success$50M$50MOn-line Education$16.9M$16.9M$16.9MAdult Education$315.7M$30M for 2 years$500M for FY 15/16$25M for 2 years$500M for FY 15/16Deferral buy-down$179M$179.9M for FY 12/13$64.5M for FY 13/14$179.9M for FY 12/13$30M for FY 13/1490-unit capProposedWithdrawnDeletedFY 13/14 State Budget for Community Colleges (continued)ItemJanuary ProposalMay ReviseFinal BudgetCensusProposedWithdrawnDeletedFAFSAProposedRevisedRevisedDSPS$15MEOPS$15MCalWORKS$8MDeferred Maintenance$30M (one-time)FY 13/14 Final Budget is Balanced1.57% COLA approximately $1.3 millionNo Growth though State funded 1.63%WSCH 570FTES funded target 15,898311.0 FTE faculty funded FY 12/13 bargaining concessions restored5% ReserveContingency Reserve $582,574FTES FY 13/14 Target 15,898

Proposition 39$47 million approved to be allocated FTES basisAllocation subject to guidance approved by the Energy CommissionFY 13/14 District BudgetBudget development approachBalance with one-time funds for FY 13/14Estimated shortfall $4.5 millionAvailable revenues$3.0 million from the Land Corporation$1.5 million District Services/CollegesFY 13/14 District BudgetJanuaryAprilMayTotal Shortfall$4.5M$4.5M$4.5MLand Corporation Stability Funding$1.5M$1.5M$1.5MLand Corporation One-time Funding$o$1.5M$1.5MBudget Reduction Plan$3.0M$1.5M$1.5M$4.5M$4.5M$4.5MCOLA (set aside in holding account)$1.3MFY 14/15 Budget PlanningOn-going budget reductions for FY 14/15Estimated shortfall $5.0 millionAvailable revenues$3.5 million budget reduction$1.5 million from the Land Corporation

Basic AidDefinitionBasic 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.

Revenue Impact on Basic AidNo State apportionmentNot affected byState budget shortfallsCommunity College system shortfallDeferralsFY 2012-13 Community College System-wide ShortfallRDA$97.4M (approximate)Community College Structural Deficit$41.0MTotal$138.4MFor WVMCCD$2.0M (approximate)Revenue Impact on Basic AidNo State apportionmentNot affected byState budget shortfallsCommunity College system shortfallDeferralsContinue to receive funding for:LotteryMandated CostsEPAStudent Categorical Funds (EOPS, DSPS, Financial Aid, Student Success)Other grantsSB 361 Funding vs. Basic AidSB 361 (FY 12/13 Final Budget)Basic Aid (FY 12/13 P-2)Property Tax$65,155,247$70,337,331State Apportionment$5,423,072$0Enrollment Fee$9,200,000$8,437,527EPA$0$1,610,324Excess Property Tax(Basic Aid Funds)$0($606,864)TOTALS$79,778,319$79,778,318Multi-Year Basic Aid Analysis

Multi-Year Basic Aid Analysis

Multi-Year Basic Aid Analysis

Multi-Year Basic Aid Analysis

Multi-Year Basic Aid Analysis

Full-time Faculty ObligationFall 2010Fall 2011Fall 2012Fall 2013Fall 2014FON Obligation323.1323.1315.1315.1311Actual (or projected)306305309306Reported (or projected)312310310311FT Faculty #68.02%68.23%68.43%Basic Aid DistrictsMarinMira CostaSan MateoSouth Orange CountySan Jose-EvergreenWest Valley-Mission

Next StepsDevelop Budget Reduction Plan for FY 2014/15Develop Board policy for Basic Aid Funds Allocation


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