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New Trustee Budget Orientation

Explore the structure of state funding formulas impacting community colleges, budget allocation methods, and trustee administrative resources, as well as EPA compliance issues and facilities funding.

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New Trustee Budget Orientation

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  1. New Trustee Budget Orientation State Center Community College District September 23, 2014

  2. Budget Calendar

  3. Accounting Structure of the District

  4. Senate Bill 361 (AKA “SB 361”) State funding formula reform 2006-07 designed to solve the long standing problem of equalization • Major Components • Districts receive Foundation Grant based on number and size (FTES) of colleges and approved centers • Districts entitled to equalized funding rates per FTES (Credit & Non-Credit) • Modified Growth Rate Factors • High School Graduation Rate • Adult Population Rate • Blended Rate • Underserved Rate • COLA (Cost-of-Living Adjustment) • Stability funding one year (Three years to recover FTES)

  5. Basic Allocation (Foundation Grant) • Single-college basic allocation • Multi-college basic allocation current rates: Annual Resident FTESAmount (Incl. COLA) Rural $ 562,282 FTES > 19,320 $ 4,498,258 9,660 < FTES ≤ 19,320 $ 3,935,976 FTES ≤9,660 $ 3,373,694 • Rates for Centers Approved CPEC centers FTES > 924$ 1,124,565 “Grandfathered” centersvaries based on FTES

  6. Equalized FTES • Credit Funding Rates per FTES $4,676 per FTES • Non-Credit Funding Rate per FTES $2,812 per FTES

  7. COLA & Growth • COLA is determined by a formula • Growth funding is based on State revenues and negotiations between the Legislature and the Governor • New Growth Formula for Community College Districts starting in FY 2015-16

  8. Overview - Proposition 30 (November 2012) • 89% K-12 and 11% Community Colleges • $100/FTES minimum - Basic Aid Districts

  9. EPA Compliance Issues • Monitor and track funds separately • Separate financial and compliance audit • EPA money can be used to pay for audit • Annual website disclosure of receipts and expenditure of EPA funds • Local boards determine how funds are spent in open session of public meeting • Elected officials subject to prosecution and criminal penalties for misuse of funds

  10. EPA Other Issues • State Director of Finance estimates revenues each year • First year (2012-13) funds paid last 10 days of June 2013 • Subsequent years funds paid quarterly • Adjustments of EPA funds up to two years later

  11. EPA Funding

  12. Facilities Bonds-State & Local • State Facility Bonds are on the election ballot in even years. The last voter approved State Facilities Bonds was in 2006. • SCCCD’s first and only local facilities bonds was in 2002. Voter approved a $161m bond with a projected tax assessment of $15/$100,000 assessed property valuation. • The District refinanced in March 2012 $23.9m of the bonds saving taxpayers approximately $1.8m.

  13. New Trustee Administrative Resources and Support • Board Miscellaneous • District Credit Card ($2,500 limit) used for District Travel • Choice of District Laptop or District iPad • Travel and Conference • Coordinate with Chancellor’s Office • Meals: Breakfast - $ 7* Lunch - $ 9* *amounts include 15% tip Dinner - $19* $35* (Please provide itemized receipts, names of individuals, and purpose of meeting) • Mileage Reimbursement IRS Rate • 56¢/mile

  14. Questions

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