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Third Interim Financial Report

Third Interim Financial Report. School Board Meeting May 26, 2009. Overview. Recap of 2 nd Interim Financial Report Budget Outlook 2009-10 2010-11 Additional State Cuts Recommendations. Recap of 2 nd Interim Report. OK in 2008-09 Flexibility Transfer ($870,000)

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Third Interim Financial Report

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  1. Third Interim Financial Report School Board Meeting May 26, 2009

  2. Overview • Recap of 2nd Interim Financial Report • Budget Outlook • 2009-10 • 2010-11 • Additional State Cuts • Recommendations

  3. Recap of 2nd Interim Report • OK in 2008-09 • Flexibility Transfer ($870,000) • Reconfigured position, hiring freeze, reduced site budget, eliminated 1 SRO • Drew from reserve • $990,000 from Reserve • $380,000 Categorical Balance • $1,243,000 projected deficit in 2009-10 • Filed a Qualified Certification -- District able to meet current year, but may not be able to meet subsequent two years’ financial obligations • Cash Deferrals • $5,200,000 deferred from January to July • SBCSS estimates YCJUSD cash deficient in June One-time augmentation

  4. 2009-10 Projections • 2009-10 Deficit: $1,243,000 • 2009-10 Improvements • SBX34 Flexibility Transfer $515,000 • Miscellaneous $89,000 • Net Gain from Early Retirement $230,000 • Projected Shortfall $409,000 Concessions from Associations resulted in the removal of budget reduction items

  5. 2010-11 Projections • 2009-10 Deficit $409,000 • Enrollment Trend $206,000 • Misc. Changes in Revenues $100,000 • H&W Premium Increase $500,000 • Utilities $75,000 • Step/Column $462,000 • Certificated Furlough $239,000 • Classified Furlough $53,000 • Misc. Changes to Expenditures $23,000 • Projected Shortfall $1,821,000

  6. Additional State Cuts and the Federal Stimulus Money • Recap of Cuts from the 17-Month Budget • $2,312,000 in 2008-09 • $490,000 in 2009-10 • Remedied w/ Cuts, Augmentation from Reserve, Concession from Employees, Early Retirement, Flexibility Transfers, Sweep of 2007-08 Balance, RIFs & Hiring Freeze • Additional State Cuts due to deteriorating economy • $21B Deficit, Cash Shortfall, Failure of Propositions • $2,400,000 in 2008-09 • $2,200,000 in 2009-10 • Stimulus Money (not on-going) • “Check in the mail” for $2,400,000 • More to come??? Impact to YCJUSD Impact to YCJUSD: $4,600,000 additional Cut

  7. Game Plan • Freeze Hiring • Do not rescind RIF • Essential Expenditures Only • Enhance Revenue • Implement More Savings • Flexibility Transfers • Shift Unrestricted Cost to Categorical • Preserve Federal Stimulus Money • Backfill to State Cuts • Alleviate Cash Flow Crunch

  8. Recommendations • Approve Report • Remedy $409,000 projected deficit in 2009-10 • Recognize $1,821,000 Potential Budget Shortfall in 2010-11 • Stick with Game Plan

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