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Fontana Unified School District

Fontana Unified School District. Budget Update 2010-2011. Original Budget. May Revise State Budget 3.85% On-going deficit (Administration Cut) 18.355% Deficit COLA -.39% Total reduction in Revenue Limit $55,293,505.00. October Approved Budget. COLA - .39% ($25.00)

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Fontana Unified School District

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  1. Fontana Unified School District Budget Update 2010-2011

  2. Original Budget • May Revise State Budget • 3.85% On-going deficit (Administration Cut) • 18.355% Deficit • COLA -.39% Total reduction in Revenue Limit $55,293,505.00

  3. October Approved Budget • COLA - .39% ($25.00) • Deficit Factor 17.963% ( $1,146.04) • No 3.85% on-going deficit (Administration Cut) Total Revenue Limit Reduction $44,674,822.00

  4. B-18 Deferrals 2010-11

  5. 2010-2011FUSD Deferral Amounts • 28.5% of Revenue Limit Funds Deferred until July/August 2011 • 25% original deferral before new budget • 3.5% additional deferral based on increase in Revenue Limit Total Dollars Deferred $55,590,711 10-11 Anticipated Deficit Amount $55,293,505

  6. Deferral Impact on FUSD • Cash Flow Issues • February only receive 1% Revenue Limit • March 0% Revenue Limit • April only receive 13.6% Revenue Limit • All of March deferral and Part of April • May only receive 1.9% • June 0% Revenue Limit • Total apportionment for 5 months 16.5% • Approximately $32,184,096.00

  7. FUSD Monthly Expenditures • Total Monthly Expenditures $28,364,914 • Includes Payroll and Vendor Payments • Includes Unrestricted and Restricted expenditures • Cash needed for 5 months $141,824,570 • District Shortage $109,640,474

  8. Solutions for Cash Shortage • Incoming Categorical Funds • Minimize expenditures • Constitutional Advancement • Inter-fund borrowing • Tax Revenue Anticipated Notes (TRANS) • File for state waiver for deferrals • Last date to file is March • Must show shortage in March • FUSD cash flow issue begins in April

  9. Consequences for Negative Cash Flow • State Superintendent of Public Instruction Assumes Control • Loan from State • State Superintendent assumes all the legal rights, duties, and power of the governing board • State Superintendent assigns a Fiscal Advisor to the district • Fiscal Advisor makes all financial decisions until loan is repaid • Board loses all authority • Removal of District Superintendent

  10. FUSD Plan of Action • District Budget Committee has been meeting since September to collaborate on possible reductions. • District Management has been meeting weekly with county appointed Fiscal Expert • Series of Board Budget Workshops have been scheduled. (November 10, 15, 22) • First Interim approval required by December 15, 2010.

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