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Revenues, Reserves, and Strategic Budgeting

Revenues, Reserves, and Strategic Budgeting. November 8, 2011 William C. Young Assistant Superintendent – Business Services Posted www.oceanviewsd.org. Revenue/Expenditure Update. 11-12 State Revenue Status. State Revenue Status Year-to-date = $654 million shortfall October = $ ???

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Revenues, Reserves, and Strategic Budgeting

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  1. Revenues, Reserves, and Strategic Budgeting November 8, 2011 William C. Young Assistant Superintendent – Business Services Posted www.oceanviewsd.org

  2. Revenue/Expenditure Update

  3. 11-12 State Revenue Status State Revenue Status • Year-to-date = $654 million shortfall • October = $ ??? • November = $ ??? • December – June 2012 = $ ??? State Trigger Status • By December 15, 2011 – determination date for triggers • Trigger 1 ($1 - $2 billion short): Cuts OVSD Child Development Funding • Trigger 2 (more than $2 billion short): OVSD Transportation Funding cut by at least 50%, OVSD State Revenue Limit Funding cut by up to $618,000

  4. 11-12 Federal Revenue Status Federal Revenue Status • One-time economic crisis funding is gone - $ 2.3 million • Title II and Migrant funding cut • Anticipate other federal program cuts Federal Super Committee Status • Composed of 6 Senate and 6 House Bipartisan Members • Cut $1.5 Trillion by November 23, 2011 • Automatic cuts – 50% defense budget, 50% domestic program budgets (including education)

  5. 11-12 Reserve for Economic Uncertainty Status Reserve Status • Minimum State Requirement = 3% • Safety Net • covers about 8 days of payroll • 1 month payroll costs = $1.63 million • most financial problems are multiyear problems and not one time

  6. 11-12 Ending Fund Balance ** The gap between the Ending Fund Balance and Cash in County Treasury is caused by delayed state payments

  7. 11-12 Cash Flow Concerns

  8. District Administration / Governing Board Strategic Budgeting Reduced • Administrative Costs • Classified Costs • Certificated Costs • Benefit Costs • Operational Costs Planned • To mitigate further cuts • To meet monthly cash needs (to pay payroll)

  9. District Administration / Governing Board Accomplishments through Strategic Budgeting • Low K-3 Class Size - 24:1 • Maintained Block Scheduling at OVJH • Avoided Layoffs • Avoided Furlough Days • Maintained Salaries including step & column increases • Avoided temporary cash loans • Use of One-Time Federal Funding – $ 2.3 million • Offer a one-time off schedule payments

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