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2006/07 FIRST INTERIM FINANCIAL REPORT December 12, 2006

2006/07 FIRST INTERIM FINANCIAL REPORT December 12, 2006. 2006/07 FIRST INTERIM FINANCIAL REPORT General Fund – Unrestricted Agenda. Agenda Purpose Revenue Considerations … 2006/07 Expenditure Considerations … 2006/07 Major Assumptions … 2007/08 – 2008/09

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2006/07 FIRST INTERIM FINANCIAL REPORT December 12, 2006

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  1. 2006/07FIRST INTERIMFINANCIAL REPORTDecember 12, 2006

  2. 2006/07 FIRST INTERIM FINANCIAL REPORTGeneral Fund – UnrestrictedAgenda • Agenda • Purpose • Revenue Considerations … 2006/07 • Expenditure Considerations … 2006/07 • Major Assumptions … 2007/08 – 2008/09 • Multi-Year Projections … 2006/07 – 2008/09 • Targeted Ending Balance … 2006/07

  3. 2006/07 FIRST INTERIM FINANCIAL REPORTGeneral Fund – UnrestrictedPurpose • The Board Must Approve the District’s First Interim Financial Report on the Budget Status as of October 31, 2006 • California Education Code 42130 Requires Approval by December 15, 2006 • The Board is Also Required to Certify to the State That the District’s Projected Financial Condition is one of the Following: • Positive Certification ... will be Able to Meet Financial Obligations • Qualified Certification … may not Meet its Financial Obligations • Negative Certification … will be Unable to Meet its Financial Obligations • Recommend Positive Certification

  4. 2006/07 FIRST INTERIM FINANCIAL REPORTGeneral Fund – UnrestrictedRevenue Considerations • Actual Enrollment Declined Less Than Projected • Gained Back 580 Students • Received the Planned State Funded COLA of 5.92% • Obtained Additional Equalization Aid of $1.1m • Unexpectedly Received Significant One-Time Mandated Cost Reimbursement Revenue of $39.0m

  5. 2006/07 FIRST INTERIM FINANCIAL REPORTGeneral Fund – UnrestrictedExpenditure Considerations • Provided for 5.78% Salary Increase Retroactive to 7/1/06 • Achieved .78% Mid-Year Health and Welfare Benefits Cost Savings • Made Additional Bus Replacement Deposit of $1.5m Using One- Time Mandated Cost Reimbursement Revenue • Set Aside Special Reserve for $30.0m Mandated Cost Reimbursement Revenue • Must Anticipate Possible State Controller’s Office Audit

  6. 2006/07 FIRST INTERIM FINANCIAL REPORTGeneral Fund – UnrestrictedExpenditure Considerations (Continued) • Subsidizing Existing Programs - Unplanned Additional Needs • Special Education ………………………………………. $5.5m • Child Development ……………………………………... $2.0m • Community Day School (ALBA) ……………………….. $0.9m • Funding Emergent Programs - New Requirements • School Site IT Support Teams ………………………….. $1.0m • Twain Satellite at Morse Site ............................................ $0.6m • Arabic Program at Carver Site ………………………….. $0.6m Unbudgeted Expenditure Growth … $10.6m

  7. 2006/07 FIRST INTERIM FINANCIAL REPORTGeneral Fund – UnrestrictedMajor Assumptions – 2007/08 & 2008/09 2007/082008/09 -2,000 -2,000 +4.7% * +2.8% • Factored in Forecasted Enrollment Decline for Seventh (2007/08) & Eighth (2008/09) Consecutive years • Considered Projected State Funded COLA • Applied Fall 2006 “School Services CA” Dartboard • * COLA Subject to Drop to 3% - 4% Range Based on new Dept. of Commerce Data • * Legislative Analyst Office November 2006 Report Projects 3.8% • Will Update as Appropriate in Second Interim Report

  8. 2006/07 FIRST INTERIM FINANCIAL REPORTGeneral Fund – UnrestrictedMajor Assumptions – 2007/08 & 2008/09 2007/082008/09 +10% +10% Yes Yes +1.5% +1.5% $10.6m $10.6m • Planned for Annual Health & Welfare Cost Increase • Applied Inflation Factor to 2006/07 Actuals • Continued Funding of 2006/07 5.78% Salary Schedule Increase • Maintained Annual Salary Schedule Step Progression • Other Salary Adjustment Subject to Board/Superintendent Direction • Sustained 2006/07 Existing Program Subsidies & New Program Requirements (Refer to Page 5)

  9. 2006/07 FIRST INTERIM FINANCIAL REPORTGeneral Fund – UnrestrictedMajor Assumptions – 2007/08 & 2008/09 2007/082008/09 $5.6m $3.6m Yes Yes • Increased Special Education Requirement • Subsidized Special Education Total Compensation • Included Previous Board Approved Actions to Transfer Expenditures for Capital Outlays, Early Retirement Payments, School Police, & Non-Capital Equipment to Other Funds • Key Take-Away: Continually Working With Operational and Instructional Staff to Understand, Assess, and Price out old Programs and new Initiatives … K – 8 Vision, Truancy Center, Custodial Services, etc.

  10. 2006/07 FIRST INTERIM FINANCIAL REPORTGeneral Fund – UnrestrictedMulti-Year Projection($ MILLIONS)

  11. 2006/07 FIRST INTERIM FINANCIAL REPORTGeneral Fund – UnrestrictedTargeted 2006/07 Ending Balances

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