College of the Sequoias 2015-16 Final Budget September 14, 2015.

Slides:



Advertisements
Similar presentations
Adopted Budget Presented By: Budget Advisory Committee September 5, 2006.
Advertisements

College of the Sequoias Final Budget September 8, 2014.
Budget Update Town Hall Meeting Diana Keelen November 27, 2012 “While the California budget is uncertain, there is one thing that is certain, it will change.”
Recap of Prior Year and Adopted Budget Recap of Prior Year and Adopted Budget Presented by: Ann-Marie Gabel September 29,
Chabot-Las Positas Community College District Board of Trustees Meeting September 17, 2013 Adoption Budget Fiscal Year Lorenzo Legaspi Vice Chancellor.
Adopted Budget Walnut Valley Unified School District Board of Trustees June 19, 2013.
Foothill-De Anza Budget Update November 6, Before the governor’s 09/10 budget was signed into law… Foothill-De Anza’s internal deficit was estimated.
Budget Study Session San Bernardino Community College District May 30, 2013.
1 Budget Development & Issues & Dr. Constance M. Carroll Chancellor San Diego Community College District Terry Davis Vice Chancellor,
Walnut Valley Unified School District Board of Trustees March 19, Second Interim Financial Report.
Walnut Valley Unified School District Board of Trustees December 11, First Interim Financial Report.
San Diego Community College District Preliminary Budget General Fund Unrestricted Only Information Item March 25, 2010.
Tentative Budget May 16, 2014 Town Hall Meeting Diana Keelen.
BOARD OF TRUSTEES MEETING JUNE 22, General Fund (GF): $216.8 Million, Including: Unrestricted GF: $198.6 Million Restricted GF: $18.2 Million Other.
1 West Contra Costa Unified School District December 17, First Interim Financial Report.
SANTA MONICA COLLEGE PRESENTATION OF THE TENTATIVE BUDGET REPORT.
CERRITOS COLLEGE PROPOSED ADOPTED BUDGET SUMMARY DAVID EL FATTAL LOLA RIZKALLAH BUSINESS SERVICES OCTOBER 6, 2010.
PALM SPRINGS UNIFIED SCHOOL DISTRICT BOARD MEETING JUNE 9, ADOPTION BUDGET.
State Budget Update May Revise May 27, The Budget How the State landed in this position What is the shortfall Governor's Budget Plan Community College.
BUDGET UPDATE Board Meeting January 18, 2011.
PBIM SUMMIT August 29, TODAYS INFORMATION  State Budget Highlights  Peralta’s Final Budget  Funding Sources  Unrestricted General Fund.
First Interim Report December 18, Tonight’s Presentation District’s First Interim Report Provides a summary to the Governing Board of the District’s.
1 North Orange County Community College District North Orange County Community College District Proposed Budget.
Ramona Unified School District First Interim Report December 18, 2008.
Template for Board Presentation This Power Point presentation is provided as a template for use in preparing a district-specific Board presentation. Please.
Victor Valley Union High School District Unaudited Actuals Report.
Prepared by: Shelley Stiles, Business Manager Presented to the Board: June 10, 2015 West Sonoma County Union High School District Proposed Budget.
1 McKinney isd PROPOSED budget June 22, 2009.
Board of Trustees Presentation Budget Update March 2, 2009 Andy Dunn, Vice Chancellor, Business Services Bernata Slater, Director, Budget Operations.
Proposed Budget. Assumptions COLA 4.53% 22,456.8 ADA No Growth (we declined this past year) Staffing by formula Employee Retirement Funded at.
December 8, st Interim Report BUDGET CALENDAR June Adopted Budget presented to and approved by the Board September.
SOCCCD TENTATIVE BUDGET BOARD OF TRUSTEES MEETING JUNE 24, 2008.
FINAL BUDGET September 9, AGENDA  State Budget Highlights  Peralta’s Final Budget  Funding Sources  Unrestricted General Fund.
CERRITOS COLLEGE PROPOSED ADOPTED BUDGET SUMMARY JAMES A. ALBANESE LOLA RIZKALLAH BUSINESS SERVICES SEPTEMBER 2, 2009.
Adopted Budget Presented by: Budget Advisory Committee September 25,
Fall Budget Forum Projected Fiscal Year 05/06 Budget Fiscal Year 06/07 September 12, 2006.
San Joaquin Delta College Community College District May Revise - Governor’s Budget Raquel Puentes-Griffith, Controller Board of Trustees Meeting.
FINAL Budget. Assumptions COLA 5.66% Deficit -5.36% NET COLA 0.0% 21,550 ADA (decline of /08 P-2) –For Revenue 22,370 –For Staffing.
College of the Sequoias Projections February 2016 Governor’s January Budget Proposal.
Governor’s January Budget “Best Case Scenario” Budget Package Entire package assumes voters will approve a $12 billion tax package (measure on June ballot)
Proposed Budget. Assumptions COLA 5.66% Deficit -5.36% NET COLA 0.0% 21,550 ADA (decline of /08 P-2) –For Revenue 22,370 –For Staffing.
Board of Trustees Presentation April 5, 2010 Budget update.
TENTATIVE BUDGET 1. OVERVIEW GCC BUDGET PROJECTION STATE BUDGET GCC BUDGET DEVELOPMENT  REVENUE ADJUSTMENTS  EXPENDITURE.
Los Rios Community College District Tentative Budget Presented to the Board of Trustees June 8, 2016.
FINAL BUDGET FOR ADOPTION CONSIDERATION
College of the Sequoias
San Mateo-Foster City School District
Tustin Unified School District
Budget Santa Paula Unified School District
College of the Sequoias
West Sonoma County Union High School District Proposed Budget
Cambrian School District
Centralia School District
Long Range Planning Model Finance and Audit Committee
Golden Plains Unified School District
College of the Sequoias
ADOPTED BUDGET FOR YEAR ENDING JUNE 30TH, 2019
Final Budget September 9, 2014.
Budget Development and Assumptions for
College of the Sequoias
Budget Development & Issues &
First Quarter Financial Status Report
ORANGE UNIFIED SCHOOL DISTRICT
College of the Sequoias
Board of Trustees Meeting September 14, 2015
Buckeye Union School District
Projected Budget - Fiscal Solvency Plan Unrestricted Only 2
Unaudited Actuals Financial Report
Centralia School District
Campbell Union High School District
Presentation transcript:

College of the Sequoias Final Budget September 14, 2015

Budget Process 1.Tentative Budget is created based on May Revise 2.Approval of Tentative Budget by Board in June authorizes expenditures over summer 4.Summer - Legislature proposes adjustments to state allocations, and Governor negotiates 5.State Budget is adopted by June 15th (legislature); Governor approves by June 30th 6.Staff account for final changes to income & expenditures 7.Final Budget is adopted by Board in September

Final Budget - Assumptions: 5.72% Access Funding (Growth) $2.4M available –Budget only includes 140 FTES, or 1.5% growth, due to third session summer 2015 (120 FTES) and small growth (20 FTES) = appx $650, % COLA = $474,000 COS (per-FTES, and base) $2.2M increased “base allocation” ongoing, but first/only 3.1% H&W cap increase (50% of PPO-4 RX-A increase) for COSTA $76,752, CSEA $71,340, & Mgt/Conf $23,616.

Final Budget - Assumptions: Student Success/SSSP- additional $750K ongoing Student Equity/SEP – additional $850K ongoing Scheduled Maintenance –May Revise = $577K allocation (zero match required) Instructional Equipment –May Revise = $577K allocation –COS budgets $277K per year for annual computer refresh - $150K extra refresh/$150K for other allocations –Full Time Temp placeholders – 3 FTT filled, 1 open

Final Budget - Assumptions: Increased STRS by $370K (GF Unrestricted) – employer contribution rate increased from 8.88% (14-15) to 10.73% (15-16) Increased PERS by $98K - Employer contribution rate increased from % (GF budget) to 11.84% Now includes $491,169 revenue for increased full-time faculty hiring State is allocating based on FTES. COS will need to use this to hire additional faculty in fall 2016 to meet FON. Does not include $4.9 million in one-time mandate cost reimbursements – will budget when received in December

Final Budget - Assumptions: CSEA settlement 170.6K for Unrestricted General Fund: One-year-only stipends for 50% medical premium increase One-year-only 6% PERS contribution (50 ee’s only hired after 1/1/13) Small ongoing increase in dental/vision coverage Management/Confidential small ongoing increase in dental/vision $2500 GFU Switched carriers for P&L insurance, netting the District $160K annually in savings (but not in final budget yet!)

Final Budget – Major Changes in Budget Assumptions: General Fund Unrestricted Surplus/Deficit Estimated at January Governor’s Budget 1.58% COLA 235,727 Surplus/Deficit at District Budget Forums (after COSTA settlement) (72,273) + $975K Increase in Base Allocation & other small misc. incr1,043,923 Surplus/Deficit at May Revise and Tentative Budget adoption 1.02% COLA $971,650 + $136K addt’l Base Allocation + $491K new FON allocation, - 2 additional FTT positions budgeted - CSEA settlement $387,222 Surplus/Deficit at Final Budget Adoption$1,358,872

Description GFU Combined State Allocation$50,187,193 Federal Revenues$ 7,000$2,330,906 Other Income$ 2,367,909$12,595,294 Total Revenues$52,562,102$65,113,393 Certificated$22,180,384$23,606,263 Classified$ 9,534,973$13,177,575 Benefits$11,751,075$13,814,251 Materials & Supplies$ 957,834$ 2,415,137 Contracted Services$ 5,592,513$ 7,127,672 Capital Expenditures$ 929,964$ 2,505,582 Transfer Out/Other Outgo$ 256,487$ 1,108,041 Total Expenditures$51,203,230$63,754,521 Surplus/(Deficit)$ 1,358,872

Description Beginning Fund Balance$7,115, % (13.1% after designated carryover) Surplus/(Deficit)$1,358,872 (Does not include mandate reimb funds) Ending Fund Balance$8,473, % 6% Reserve for Economic Uncertainties$3,072,194Board Policy 6% Additional Fund Balance$5,401,724 = Projected 6/30/16 Gen Fund Balance$8,473,918Board Priority 10% (~16.5%) Note 1: Additional funds expected to fall to fund balance at close of each year Note 2: 1 month of GF expenditures$4,300, % state average-CC Fund Balance$8,700,00017%

Annual Ongoing Increases GFU GFU Step & Column$345,000$360,000 H&W Benefits$0 PERS (11.847%, %, 16.6%) $150,000$448,000 STRS (10.73%, 12.58%, 14.43%) $416,000$419,000 Utilities 3% Increase$50,000 Solar Savings ($119K FY16 + $131K FY17) ($131,000) CSEA 1-year stipends eliminated(164,000) P&L Insurance change savings(160,000) Insurance (WC/P&L) 4% Increase$40,000 Add FTF –Estimated FON$400,000$200,000 Total Increased Expenditures$946,000$1,517,000 FTES Growth <1.75% 100 FTES $ 472,400 1% COLA$ 501,872$ 511,615 FISCAL SOLVENCY PROJECTIONS

Fiscal Solvency Projection GFU GFU GFU State Allocation$50,187,193 Federal Revenues$ 7,000 Other Income$ 2,367,909 Total Revenues$52,562,102 Certificated$22,180,384$22,744,486$23,117,286 Classified$ 9,534,973$ 9,500,587$ 9,637,387 Benefits$11,751,075$12,368,359$13,285,759 Materials & Supplies$ 957,834 Contracted Services$ 5,592,513$ 5,391,513$ 5,481,513 Capital Expenditures$ 929,964 Transfer Out/Other Outgo$ 256,487 Total Expenditures$51,203,230$52,149,230$53,666,230 Surplus/(Deficit)$ 1,358,872$ 412,872$ (1,104,128) Assumed 0% COLA and no growth & 17-18

Fiscal Solvency Projection GFU GFU GFU State Allocation$50,187,193$51,161,465$52,145,480 Federal Revenues$ 7,000 Other Income$ 2,367,909 Total Revenues$52,562,102$53,536,374$54,520,389 Certificated$22,180,384$22,744,486$23,117,286 Classified$ 9,534,973$ 9,500,587$ 9,637,387 Benefits$11,751,075$12,368,359$13,285,759 Materials & Supplies$ 957,834 Contracted Services$ 5,592,513$ 5,391,513$ 5,481,513 Capital Expenditures$ 929,964 Transfer Out/Other Outgo$ 256,487 Total Expenditures$51,203,230$52,149,230$53,666,230 Surplus/(Deficit)$ 1,358,872$ 1,387,144$ 854,159 Assumed 1% COLA and 100 FTES growth & 17-18

Items to watch for future years: Note: COS may earn more Access Funding; projecting +180 FTES : Loss of Prop 30 (EPA).25% sales tax - 12/31/16 expiration = appx $1.2M to $1.5M for COS annually Increased PERS & STRS costs of $566,000 annually : Increased PERS & STRS costs of $867,000 annually : Increased PERS & STRS costs of $625,500 annually Loss of Prop 30 (EPA) increased high-earner income tax 12/31/18 expiration = appx $5M for COS annually COS may wish to set aside ongoing funds to cover PERS/STRS in future years.

FTES Update Historical Perspective 14 YearActual FTESFunded FTES , , , , , , , , , , , , , , , , , , , , , , , , , ,870Fdd/8,986cap ,010.00? ? Funded/9431 cap

Major Categorical Program Revenues Revenues Basic Skills$116,692 BFAP Financial Aid$417,634$437,634 EOP&S$859,235$1,165,763 CARE$127,487$213,239 DRC$1,200,564$1,212,810 CalWorks$362,388$366,084 Student Success$1,262,102$2,012,102 Student Equity$692,650$1,542,650 Adjunct Parity$172,899$234,336 TANF$ 84,311$80,095 Scheduled Maintenance$911,872$577,364 Instructional Equipment$276,873$577,364 Total$6,484,707$8,536,133

Mandate Reimbursement Funds for COS: The large “one-time” reimbursement (not the annual block grant) is currently estimated at $4.931M for COS in The District never budgets mandate reimbursement funds until they are actually received – should be received in December 2015 Further discussion and research will be presented to the board, including detailed information of possible funding needs. When received, options for possible board direction follow. Board direction will be sought in January 2016 Pay toward General Fund 2004 COP $3M balance (student center trust, health center, and District)

Questions or Comments? For Board Approval