fontana unified school district budget update 2010-2011
TRANSCRIPT
Fontana Unified School District
Budget Update2010-2011
Original BudgetO May Revise State Budget
O 3.85% On-going deficit (Administration Cut)
O 18.355% DeficitO COLA -.39%
Total reduction in Revenue Limit
$55,293,505.00
October Approved Budget
O COLA - .39% ($25.00)O Deficit Factor 17.963% ( $1,146.04)O No 3.85% on-going deficit
(Administration Cut)
Total Revenue Limit Reduction
$44,674,822.00
Deferrals 2010-11 B-18
2010-2011FUSD Deferral
AmountsO 28.5% of Revenue Limit Funds Deferred
until July/August 2011O 25% original deferral before new budgetO 3.5% additional deferral based on increase
in Revenue Limit
Total Dollars Deferred$55,590,711
10-11 Anticipated Deficit Amount
$55,293,505
Deferral Impact on FUSD
O Cash Flow IssuesO February only receive 1% Revenue LimitO March 0% Revenue Limit O April only receive 13.6% Revenue Limit
O All of March deferral and Part of AprilO May only receive 1.9%O June 0% Revenue LimitO Total apportionment for 5
months 16.5%O Approximately $32,184,096.00
FUSD Monthly Expenditures
O Total Monthly Expenditures $28,364,914O Includes Payroll and Vendor PaymentsO Includes Unrestricted and Restricted
expenditures
O Cash needed for 5 months $141,824,570
O District Shortage $109,640,474
Solutions for Cash Shortage
O Incoming Categorical FundsO Minimize expendituresO Constitutional AdvancementO Inter-fund borrowingO Tax Revenue Anticipated Notes
(TRANS)O File for state waiver for deferrals
O Last date to file is MarchO Must show shortage in MarchO FUSD cash flow issue begins in April
O State Superintendent of Public Instruction Assumes ControlO Loan from StateO State Superintendent assumes all the
legal rights, duties, and power of the governing board
O State Superintendent assigns a Fiscal Advisor to the district
O Fiscal Advisor makes all financial decisions until loan is repaid
O Board loses all authority O Removal of District Superintendent
Consequences for Negative Cash Flow
FUSD Plan of ActionO District Budget Committee has been
meeting since September to collaborate on possible reductions.
O District Management has been meeting weekly with county appointed Fiscal Expert
O Series of Board Budget Workshops have been scheduled. (November 10, 15, 22)
O First Interim approval required by December 15, 2010.