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CERRITOS COLLEGE 2010-11 PROPOSED ADOPTED BUDGET

CERRITOS COLLEGE 2010-11 PROPOSED ADOPTED BUDGET. SUMMARY. DAVID EL FATTAL LOLA RIZKALLAH BUSINESS SERVICES OCTOBER 6, 2010. 2010-11 BUDGET.

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CERRITOS COLLEGE 2010-11 PROPOSED ADOPTED BUDGET

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  1. CERRITOS COLLEGE2010-11 PROPOSED ADOPTED BUDGET SUMMARY DAVID EL FATTAL LOLA RIZKALLAH BUSINESS SERVICES OCTOBER 6, 2010

  2. 2010-11 BUDGET • Although the State of California has yet to adopt its own budget, the College is required to have its 2010-11 annual budget adopted by the Board of Trustees. This Budget provides a snapshot-in-time view of the District’s projected revenues and expenditures. • Projections are based upon the best and most current information available from both internal and external sources. • Budget revisions will be presented to the Board of Trustees throughout the year as new information becomes available. • An amended budget will be presented to the Board of Trustees after the District receives detailed budget information via the Chancellor’s Office Budget workshop.

  3. GENERAL FUNDUNRESTRICTED

  4. 2010-11 BUDGET ASSUMPTIONS ESTIMATED REVENUES: Revenue assumptions reflect the marginal loss of $320,600 negative COLA. ESTIMATED EXPENDITURES: Expenditures reflect a net marginal increase as follows: • Health & Welfare: $400,000 • Step and Column: $500,000 • Utilities and other rate driven: $250,000 • PERS Rate Increase: $306,588 • No Board Election for 2010: ($726,600) • District support for Categorical Programs $717,000 $1,446,988

  5. 2010-11 BUDGET ASSUMPTIONS CASH FLOW PROJECTION As of September 20, 2010, Cerritos College has on hand in the General Fund-Unrestricted a total of $4,657,334.32 in cash, of which $2,500,000 was borrowed from another fund (Fund 41.0). The State will not provide any 2010-11 apportionment revenues to community colleges until a state budget is adopted. The College has not yet received any apportionment payments for fiscal year 2010-11.

  6. PROJECTED REVENUE

  7. BEGINNING BALANCE & PROJECTED REVENUE

  8. PROJECTED EXPENDITURES

  9. PROJECTED EXPENDITURES

  10. PROJECTED RESERVES & ENDING BALANCE

  11. GENERAL FUND RESTRICTED-CATEGORICAL

  12. 2010-11 BUDGET ASSUMPTIONS ESTIMATED REVENUES/EXPENDITURES: For the fiscal year 2010-11, budget reductions have been implemented. 2009-10 programs were affected as follows: • CalWORKs • EOPS • Matriculation (credit & non-credit) • DSPS The District has allocated a total of $717,000 as support for Categorical Programs. We anticipate this amount changing once solid information for 2010-11 becomes available. The Adopted Budget only includes salaries & benefits for the above programs.

  13. PROJECTED REVENUE

  14. BEGINNING BALANCE & PROJECTED REVENUE

  15. PROJECTED EXPENDITURES

  16. PROJECTED EXPENDITURES & ENDING BALANCE

  17. CERTIFICATES OF PARTICIPATION FUND

  18. 2010-11 BUDGET ASSUMPTIONS BALANCE FROM THE DISTRICT’S COPS ISSUE: This fund was designated to provide COPS money for major technology and construction/remodeling projects on campus. Currently the remainder of the fund is being utilized for software conversions.

  19. BEGINNING BALANCE & PROJECTED REVENUE

  20. PROJECTED EXPENDITURES & ENDING BALANCE

  21. SPECIAL REVENUE FUND

  22. 2010-11 BUDGET ASSUMPTIONS ESTIMATED REVENUES/EXPENDITURES: This fund was established to account for the financial activities of the following entities with total revenue and expenditures, including carryover, projected as follows: • Community Education: $1,299,280 • Contract Education: $ 80,234 • Cosmetology: $ 200,000 • Culinary Arts: $ 172,600 • Parking: $1,227,897 $2,989,011

  23. PROJECTED REVENUE

  24. BEGINNING BALANCE & PROJECTED REVENUE

  25. PROJECTED EXPENDITURES

  26. PROJECTED EXPENDITURES & ENDING BALANCE

  27. VINTAGE CERRITOSSTUDENT SUCCESS

  28. 2010-11 BUDGET ASSUMPTIONS ESTIMATED REVENUES/EXPENDITURES: This fund was established to account for income generated from ground lease payments received as a result of the senior care project. Funds have been designated to be used exclusively for activities related to student success as designated by the Board. Revenue: • Ground Lease: $380,267 (plus occupancy rate incentives) Expenditures: • Sakai r-Smart: $28,000 • Library Information System: $52,297

  29. BEGINNING BALANCE & PROJECTED REVENUE

  30. PROJECTED EXPENDITURES

  31. PROJECTED EXPENDITURES & ENDING BALANCE

  32. CAPITAL OUTLAY FUND

  33. 2010-11 BUDGET ASSUMPTIONS ESTIMATED REVENUES/EXPENDITURES: This fund was established to account for State Scheduled Maintenance and Construction/ Remodeling projects. Other activities include District Match (when funds are available), Technology Needs and Construction Augmentation. • Expenditures: • GYM Seismic Retrofit: $8,734,000 • Scheduled Maintenance: $ 699,441 • Local Projects: $1,793,223

  34. PROJECTED REVENUE

  35. BEGINNING BALANCE & PROJECTED REVENUE

  36. PROJECTED EXPENDITURES

  37. PROJECTED EXPENDITURES & ENDING BALANCE

  38. REVENUE AND CONSTRUCTION FUND

  39. 2010-11 BUDGET ASSUMPTIONS ESTIMATED REVENUES/EXPENDITURES: This fund was established to track all projects generated by the GO Bond funds. Expenditure highlights: • Auto Tech Modernization: $4,645,931 • Physical Science/Technology (CLO #1): $4,546,243 • Facilities/Warehouse/Purchasing: $3,747,304 • Aquatic Center (shade/storage) $ 750,000 • Fire Alarm Upgrade: $ 774,454

  40. 2010-11 BUDGET ASSUMPTIONS ESTIMATED REVENUES/EXPENDITURES: • Expenditure highlights (cont’d): • Liberal Arts Project: $1,250,000 • Parking Lot Renovations: $2,682,037 • Parking Lot-New: $1,138,605 • Social Science Project: $1,185,281

  41. BEGINNING BALANCE & PROJECTED REVENUE

  42. PROJECTED EXPENDITURES

  43. PROJECTED EXPENDITURES & ENDING BALANCE

  44. SELF-INSURANCE FUND

  45. 2010-11 BUDGET ASSUMPTIONS ESTIMATED REVENUES/EXPENDITURES: This fund was established in 2004-05 to provide for self-insured risk-management expenses. • Transfers in/Expenditures: $25,000

  46. BEGINNING BALANCE & PROJECTED REVENUE

  47. PROJECTED EXPENDITURES & ENDING BALANCE

  48. STUDENT HEALTH SERVICES FUND

  49. 2010-11 BUDGET ASSUMPTIONS ESTIMATED REVENUES/EXPENDITURES: This fund was established to capture the income and expenditures generated by the Student Health Services Program. This is a self-supporting program. It is estimated that $880,268 will be generated in revenue with expenditures budgeted at $797,740.

  50. PROJECTED REVENUE

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