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Sonoma Valley Unified School District. September 2010 Budget Update. Tax Projections. Tax projections continue to be one of the most critical variables in future year budget projections. The 2010-11 Adopted budget assumed a tax growth of 2% for 2010-11, 2011-12, and 2012-13.

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sonoma valley unified school district
Sonoma Valley Unified School District

September 2010

Budget Update

tax projections
Tax Projections

Tax projections continue to be one of the most critical variables in future year budget projections.

The 2010-11 Adopted budget assumed a tax growth of 2% for 2010-11, 2011-12, and 2012-13.

the fair share variables
The “Fair Share” Variables

5.81% “Fair Share” State Cut - $1,700,000

- Included in projections for all three years

- Expected to continue beyond 2010-11

3.85% “Fair Share” State Cut - $1,105,000

- Included in projections for all three years

- Expected to be included in State Budget

slide4

Note:

“< >”

When a number is in these brackets it means the number is a negative.

multi year deficit scenarios
Multi-year Deficit Scenarios

2010-11

2011-12

2012-13

<$8,645,000>

<$2,695,000>

<$2,840,000>

<$3,110,000>

deficit projection without 5 81 fair share in future years
Deficit Projection without 5.81% Fair Share in future years

2010-11

2011-12

2012-13

$1,140,000

$1,410,000

$5,425,000

$2,695,000

deficit projection without 3 85 in all years
Deficit Projection without 3.85% in all years

2010-11

2011-12

2012-13

$1,590,000

$1,735,000

$2,005,000

$5,330,000

available one time funds
Available One Time Funds
  • Ending Balance (Fund 01) $3,131,000
  • One-Time SFSF Funds $1,125,000
  • 3% Reserve (Fund 17) $1,169,000
  • Tax Reserve (Fund 17) $985,000
  • Deferred Maint (Fund 17) $1,643,000
  • Adult Education (Fund 17) $500,000
  • RDA Funds (Fund 40) $1,050,000
  • OPEB Reserve (Fund 67) $565,000
how much to cut
How much to cut?

Uncertainty surrounding:

  • State Budget
  • Local Taxes
  • Measure H
how much to cut1
How much to cut?

Recommend cutting $1,595,000 in 2011-12.

Use available one-time reserves to cover an

ongoing $1,245,000 Deficit while waiting for

more information.

More cuts may be needed in 2012-13.

revised tax assumptions
Revised Tax Assumptions
  • <2%> Tax Loss for 2010-11
  • 0% Tax Growth for 2011-12
  • 2% Tax Growth for 2012-13

These revisions will be included in the First Interim Report at the November Board Meeting

revised deficit assumptions
Revised Deficit Assumptions

2010-11 Deficit $2,695,000

2011-12 Deficit $1,245,000

2012-13 Deficit - 0 -

revised deficit projections
Revised Deficit Projections

2010-11

2011-12

2012-13

$1,515,000

Cuts

<$0>

$1,595,000

Cuts

<$1,245,000>

<$2,695,000>

revised multi year projection
Revised Multi Year Projection

2010-11 Deficit <$2,695,000>

Less One-time SFSF Funds $1,125,000

Remaining Deficit <$1,570,000>

2010-11 Beg Fund Balance $3,131,000

Less 2010-11 Remaining Deficit <$1,570,000>

2010-11 Ending Fund Balance $1,561,000

SFSF one-time funds and Ending Balance funds will be used to augment the General Fund by $2,695,000 in 2010-11.

revised myp cont
Revised MYP cont.

2011-12 Deficit (pre-cuts) <$2,840,000>

2011-12 Cuts $1,595,000

2011-12 Deficit (post-cuts) <$1,245,000>

Beginning Fund balance $1,561,000

2011-12 Deficit <$1,245,000>

2011-12 Ending Fund Balance $316,000

Ending Balance funds will be used to augment the General Fund by $1,245,000 in 2011-12.

revised myp cont1
Revised MYP cont.

2012-13 Deficit (pre-cuts) <$1,515,000>

2012-13 Cuts $1,515,000

2012-13 Deficit (post-cuts) $0

There will be no deficit in 2012-13

after necessary cuts are made.

recommended course of action
Recommended Course of Action
  • Identify $1,595,000 of cuts to implement in 2011-12.
  • Wait to see the state budget.
  • Passage of Measure H
budget reduction process
Budget Reduction Process

November

  • Meetings for initial Staff Input (2 Meetings)
  • Meetings for Parent/Student/Community Input (3 Meetings)

December

  • Meetings for additional Staff Input (2 Meetings)
  • Presentation to Board of Trustees on possibilities and feedback (Regular December Board Meeting)

January

  • Presentation of Staff Recommendations to Board of Trustees (Regular January Meeting)

February

  • Board of Trustees take action on budget reductions