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Budget Update Town Hall Meeting

Budget Update Town Hall Meeting. Diana Keelen November 27, 2012. “While the California budget is uncertain, there is one thing that is certain, it will change.”. PROPOSITION 30 PASSED!!! – But we’re not out of the woods, yet…. Now What?.

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Budget Update Town Hall Meeting

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  1. Budget UpdateTown Hall Meeting Diana Keelen November 27, 2012 • “While the California budget is uncertain, there is one thing that is certain, it will change.”

  2. PROPOSITION 30 PASSED!!! – But we’re not out of the woods, yet…

  3. Now What? • Not a permanent solution. Only prevents extreme cuts, not a bunch of new revenue. Expires in 2016-2017 • Prevents $338 million (7.3%) workload reduction • Plan to buy down $159M of $961M deferral. AVC’s deferral goes from $14 mil to $11.7 mil first year • $50 million in growth or $426K for AVC. • Details of Education Protection Account (EPA) still being worked out. • Prop 98 is still subject to manipulation by the legislature

  4. Education Protection Account • Revenues earned for Prop 30 will go into a reserve account that cannot be touched by the legistlature • 11% goes to CCCs and 89% goes to K-12 • Cannot be used for “administrative salaries” or “audits” • Definitions being worked out. Restricted or unrestricted??? • P1 not yet issued…a lot of unknowns

  5. Reminder of What Happened in 2011-2012

  6. 2012-2013 Adopted Budget vs. Prop 30 Passing

  7. 2012-2013 Difference Between Expenditures Adopted Budget and Prop 30 Passage

  8. Assumptions to Out-Year Projections

  9. 2012-2013 Estimates and 3 Year Projection

  10. Questions?

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