Board of Trustees March 16, 2011 Second Interim Report Board of Trustees March 16, 2011

Tonight’s Presentation Second Interim Report Past Trends Budget Targets as of Second Interim Next Steps

Purpose The Board of Trustees certifies twice a year the district’s ability to meet its financial obligations for the remainder of the current fiscal year and for the subsequent two fiscal years. Business Services agenda item B- 17 requests the Board certifies the Second Interim.

Past History District’s Adopted Budget Based on State Revenue 2007 - 08 $110,339,615 2008 - 09 $108,379,739 2009 - 10 $97,210,156 2010 - 11 $90,065,155

Budget Assumptions The Second Interim was built upon $349 less per student (required by LACOE) WVUSD 14,515 X $349 = $ 5,065,735 less funding Flat enrollment Remaining “Obama Funds” $1,039,708 in reserve account Must be expended by June 2012 4 Furlough Days budgeted for 2011 - 2012

Budget Targets 2010 – 2011 2011 – 2012 2012 - 2013 $ 9,842,322 $ 2,792,870 ($ 7,079,091)

Financial Goals Short Term Long Term Identify budget adjustments to balance 2012 – 2013 By June 1, 2011 – Third Interim Report Long Term Expenditures exceed revenues by 2011 – 2012 - $3,338,197 2012 – 2013 - $5,048,324

Next Steps Qualified Budget at 2nd Interim 2012 – 2013 is negative We will have to submit a Third Interim to the County by June 1, 2011 The Third Interim must show a list of budget adjustments to ensure 2012 – 2013 is positive

Next Steps cont. By June 30, 2011 The 2011 – 2012 Budget Adoption is due The third year out then becomes 2013 - 2014

Weather the Storm Together