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LENNOX SCHOOL DISTRICT 2013-14 Budget Report to Board of Trustees June 25, 2013

LENNOX SCHOOL DISTRICT 2013-14 Budget Report to Board of Trustees June 25, 2013. Prepared by: Kevin Franklin & Pheno Taylor . BUDGET ADOPTION.

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LENNOX SCHOOL DISTRICT 2013-14 Budget Report to Board of Trustees June 25, 2013

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  1. LENNOX SCHOOL DISTRICT2013-14 BudgetReport to Board of TrusteesJune 25, 2013 Prepared by: Kevin Franklin & Pheno Taylor

  2. BUDGET ADOPTION • Education Code (EC) Sections 42127(a) and 42127(a)(2) require the Governing Board of each school district to adopt a budget on or before July 1 and file that budget with the county superintendent of schools.

  3. Life Cycle of a Budget • Adoption – June 30th • 45 day Revise – Due 45 days after State budget adopted if significant changes from adoption • 1st Interim – As of Oct 31st, due by Dec 15th • 2nd Interim – As of Jan 31st, due by Mar 15th • 3rd Interim – As of Apr 30th, due by June 30th (qualified or negative certifications) • Unaudited Actuals – As of June 30th, due by Sept 15th

  4. Fiscal Challenges • Full Revenue Limit Funding Reduced by the State of California 18.997% from Full-funding. We are being funded 81 Cents Of Every Dollar Owed In 2013-14. • Federal Sequestration reductions for all programs (Title I, II, and III) are projected to be approximately 5%-5.5% • Declining Enrollment which equals a loss of revenue (projected loss of 50 ADA) • Uncertainty of Construction Liabilities: Penalties & Legal Costs (Jefferson ORG/Whelan Huerta) • Depleted Reserve in June for the fiscal year 2015-16 • Need For Fiscal Recovery Plan Directly Related To On-Going Shortfall & Deficit Spending

  5. Budget Adoption 2013-14 • Revenues Based on Current Revenue Limit Funding Formula • Deficit Reduction Factor of 22.272% • COLA – Included 1.565% • Staffing ratios maintained at current class sizes • 2013-14 Employee Compensation • Restore 3% reduction and restore 3 furlough days for certificated staff (5 furlough days) • Classified staff – 8 furlough days • EPA funding expected to be received in Sept, Dec, Mar, June

  6. Revenues 2014-15 & 2015-16 • Projected Declining Enrollment & ADA 2014-15 Loss of Approx. 50 ADA 2015-16 Loss of Approx. 50 ADA • QEIA Revenue included through 2015-16 • Use of State Categorical Flexibility

  7. Assumptions for Expenditures • Projected increase in health benefits • Step and column increases • Savings from employee concessions • Capital Outlay Savings of $108K

  8. Revenues 2013-14 & 2014-15 • Local Control Formula is not included in Budget Adoption report • COLAs included for 2014 -15 (1.65%) and 2015-16 (2.20%) • Deficit Factor included each year at 22.272%

  9. Fiscal Status • This Budget adoption report does not call for a school district positive, qualified, or negative status report • 2012-13 and 2013-14 Current Bargaining Units Agreements Included In Projections • 2014-15 Agreement Expires: Employee Compensation Restored to 2009/10 Levels. No Furloughs, No Reductions In 2014-15 • Charter School Fund has a projected Reserve balance of $3,277,674

  10. Summary of Unrestricted General Fund MYP

  11. Expenditure Assumptions

  12. What’s Next? • District Negotiations • Submit Adopted Budget by July 1, 2013 • Await Governor’s Signature on Signed Budget • Analyze LCFF and Associated Education Trailer Bills • It may take several months for final trailer bills and regulations to come out

  13. Questions?

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