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Sequoias Community College District Multiyear Fiscal Solvency Plan

Sequoias Community College District Multiyear Fiscal Solvency Plan. Board of Trustees Meeting First Reading: December 10, 2012 Second Reading: January 14, 2013. Prop 30 Passes!. …but does that solve all the Budget Challenges?. …but does that solve all the Budget Challenges?.

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Sequoias Community College District Multiyear Fiscal Solvency Plan

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  1. Sequoias Community College District Multiyear Fiscal Solvency Plan Board of Trustees Meeting First Reading: December 10, 2012 Second Reading: January 14, 2013

  2. Prop 30 Passes!

  3. …but does that solve all the Budget Challenges?

  4. …but does that solve all the Budget Challenges? Unfortunately, No. Prop 30 allows us to avoid an additional $2.7M in budget cuts but does very little to restore the $4.1M that COS was cut in 2011-12.

  5. So What Does this mean for COS? Assumptions: • 2012-13 Unrestricted General Fund Revenue will be very similar to 2011-12 • Funded FTES will be last year’s 8261 plus a modest “restoration” addition of approximately 90 FTES (est at $366k) for a total of approximately 8350 • Funding will remain relatively flat through 2015-16 • Medium-size College Threshold set at approx 9350

  6. Unrestricted General Fund Revenue Projections

  7. Unrestricted General FundExpenditure ProjectionsAssuming NO (FURTHER) CUTS to the 2012-13 Adopted Budget

  8. Annual On-Going Budget ReductionsUsed for 2012-13 Adopted Budget and Sample Future Years

  9. Annual On-Going Budget IncreasesUsed for 2012-13 Adopted Budget and Sample Future Years

  10. What Happens if We Do Nothing?

  11. Multiyear Fiscal Solvency Plan December 10, 2012

  12. Assumptions • Prop 30 Passes; COS does not lose $2.7M in revenue • Prop 30 will net COS an additional $366k in Restoration Funds • The Mid-Size College threshold will remain at 9350 FTES • Funding for 2013-14 through 2015-16 will remain flat (No extra revenue AND no unexpected cuts) • District will rely on combination of one-time resources, budget reductions, and due process of negotiations to achieve fiscal solvency

  13. Unrestricted General FundExpenditure ProjectionsAssuming a Combination of Cuts, Concessions, and Use of One-Time Resources Adjusted to the 2012-13 Adopted Budget

  14. Annual On-Going Budget ReductionsUsed for 2012-13 Adopted Budget and Sample Future Years

  15. Annual On-Going Budget IncreasesUsed for 2012-13 Adopted Budget and Sample Future Years

  16. Preserving Fiscal Solvency

  17. What The Plan Does As Presented • Maintains the fiscal integrity of the District and protects programs by utilizing a combination of one-time funds, budget reductions, and employee concessions • Significantly reduces the structural deficit of the District • Allows the District to serve 3% more FTES than being funded from the State of California • Restores Summer School at COS • Maintains Step and Column increases for eligible employees • Allows for the planning and implementation of instructional and student service programs for multiple years • Brings employee salary and benefit expenditures to approximately 85% of the 2013-14 projected revenue • Relies on the due process of negotiations and attrition/retirement/layoff to bring expenditures in line with revenue • Develops a reasonable scenario of the continued State and National economic downturn

  18. QuestionsCommentsDirections

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