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Fontana Unified School District. Budget Update 2010-2011. Original Budget. May Revise State Budget 3.85% On-going deficit (Administration Cut) 18.355% Deficit COLA -.39% Total reduction in Revenue Limit $55,293,505.00. October Approved Budget. COLA - .39% ($25.00)

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fontana unified school district

Fontana Unified School District

Budget Update

2010-2011

original budget
Original Budget
  • May Revise State Budget
    • 3.85% On-going deficit (Administration Cut)
    • 18.355% Deficit
    • COLA -.39%

Total reduction in Revenue Limit

$55,293,505.00

october approved budget
October Approved Budget
  • COLA - .39% ($25.00)
  • Deficit Factor 17.963% ( $1,146.04)
  • No 3.85% on-going deficit (Administration Cut)

Total Revenue Limit Reduction

$44,674,822.00

2010 2011 fusd deferral amounts
2010-2011FUSD Deferral Amounts
  • 28.5% of Revenue Limit Funds Deferred until July/August 2011
    • 25% original deferral before new budget
    • 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
Deferral Impact on FUSD
  • Cash Flow Issues
    • February only receive 1% Revenue Limit
    • March 0% Revenue Limit
    • April only receive 13.6% Revenue Limit
      • All of March deferral and Part of April
    • May only receive 1.9%
    • June 0% Revenue Limit
    • Total apportionment for 5 months 16.5%
      • Approximately $32,184,096.00
fusd monthly expenditures
FUSD Monthly Expenditures
  • Total Monthly Expenditures $28,364,914
      • Includes Payroll and Vendor Payments
      • Includes Unrestricted and Restricted expenditures
  • Cash needed for 5 months $141,824,570
  • District Shortage $109,640,474
solutions for cash shortage
Solutions for Cash Shortage
  • Incoming Categorical Funds
  • Minimize expenditures
  • Constitutional Advancement
  • Inter-fund borrowing
  • Tax Revenue Anticipated Notes (TRANS)
  • File for state waiver for deferrals
    • Last date to file is March
    • Must show shortage in March
    • FUSD cash flow issue begins in April
consequences for negative cash flow
Consequences for Negative Cash Flow
  • State Superintendent of Public Instruction Assumes Control
    • Loan from State
    • State Superintendent assumes all the legal rights, duties, and power of the governing board
    • State Superintendent assigns a Fiscal Advisor to the district
    • Fiscal Advisor makes all financial decisions until loan is repaid
    • Board loses all authority
    • Removal of District Superintendent
fusd plan of action
FUSD Plan of Action
  • District Budget Committee has been meeting since September to collaborate on possible reductions.
  • District Management has been meeting weekly with county appointed Fiscal Expert
  • Series of Board Budget Workshops have been scheduled. (November 10, 15, 22)
  • First Interim approval required by December 15, 2010.
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