lynwood unified school district 2010-11 first interim financial reporting board presentation...
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DESCRIPTIONBackground Statutory Requirement Education Code At least twice a year December 15 and March 15 Certifications Positive Qualified Negative 3
Lynwood Unified School District First Interim Financial Reporting Board Presentation December 14, 2010 Table of Contents Background Fluctuation of Ending Balance Unrestricted General Fund Assumptions Current Year Projections Multi-Year Projections Ongoing Concerns Declining Enrollment State Budget Next Steps 2 Background Statutory Requirement Education Code At least twice a year December 15 and March 15 Certifications Positive Qualified Negative 3 Fluctuations of Fund Balance Unrestricted General Fund November FCMAT-$15,872,771 -$30,454,575 March 2010 nd Interim -$9,531,755-$22,357,958 July 2010 Adopted Budget $2,067,488-$3,835,809 September 2010 Revised Adopted Budget $5,877,063$2,724,742 December 2010 First Interim $10,768,547$8,794,756 4 Fluctuations of Fund Balance Unrestricted General Fund 5 Assumptions Average Daily Attendance(ADA) Continued Enrollment Decline Higher ADA from is used for funding purposes 15, % COLA = ($25.00) 0% COLA in and 1.9% in Deficit Factor % Lowered from % (neutralize -0.39% COLA) Other Revenue Limit Reduction 0% Lowered from 3.85% (approx. $4.0 million increased revenue limit, ongoing) Mandated Cost Approx. $675,000 1-time funding Education Jobs Fund $3 million (1-time) ARRA Fiscal Stabilization Fund - $1.1 million (1-time) 6 Assumptions (continued) ARRA Fiscal Stabilization Fund - $1.1 million (1-time) 2 Furlough Days Certificated Bargaining Unit K-3 CSR 30:1 students to teacher ratio in all classes except Quality Education Investment Act (QEIA) schools. Lottery $ per ADA Property & Liability Insurance with $10,000 and $15,000 deductible reduce $450,000 in premium E-rate funding $600,000 (both 1-time and ongoing) Unfilled Positions Saving Remove 11 Leased Portable Classrooms Terminate Warehouse Storage Lease (Effective January) 7 Current Year Projections Beginning Fund Balance - $2.5 million Total Revenues - $97.5 million Total Expenditures - $89.2 million Net Change - $8.3 million Designated for Economic Uncertainties - $10.8 million 8 Multi-Year Projections 9 * In , the Reserve for Economic Uncertainties is less than the statutory 3% requirement. Ongoing Concerns Declining Enrollment 10 Ongoing Concerns State Budget Budget Act (Enacted October 8) Closes Estimated $19.3 Billion Deficit $8.4 Billion Spending Reductions, $5.4 Billion Additional Federal Revenues,$5.5 Billion Other Solutions In November, Legislative Analyst Projected Budget $25 Billion Budget Gap $6 Billion in $19 Billion in No Relief In Sight Unemployment Rate Remains Above 12% Recovery is at an Anemic Pace The Possibility of Mid-Year Budget Cuts Loom Large 11 Next Steps Prepare for Mid-Year Budget Cuts Continue Fiscal Recovery Efforts Develop Enrollment and Attendance Enhancement Strategies Identify other Revenue Enhancement Measures Identify Other Costs Saving Strategies 12 Questions 13