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New Trustee Budget Orientation. State Center Community College District. September 23, 2014. Budget Calendar. Accounting Structure of the District. Senate Bill 361 (AKA “SB 361”). State funding formula reform 2006-07 designed to solve the long standing problem of equalization
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New Trustee Budget Orientation State Center Community College District September 23, 2014
Senate Bill 361 (AKA “SB 361”) State funding formula reform 2006-07 designed to solve the long standing problem of equalization • Major Components • Districts receive Foundation Grant based on number and size (FTES) of colleges and approved centers • Districts entitled to equalized funding rates per FTES (Credit & Non-Credit) • Modified Growth Rate Factors • High School Graduation Rate • Adult Population Rate • Blended Rate • Underserved Rate • COLA (Cost-of-Living Adjustment) • Stability funding one year (Three years to recover FTES)
Basic Allocation (Foundation Grant) • Single-college basic allocation • Multi-college basic allocation current rates: Annual Resident FTESAmount (Incl. COLA) Rural $ 562,282 FTES > 19,320 $ 4,498,258 9,660 < FTES ≤ 19,320 $ 3,935,976 FTES ≤9,660 $ 3,373,694 • Rates for Centers Approved CPEC centers FTES > 924$ 1,124,565 “Grandfathered” centersvaries based on FTES
Equalized FTES • Credit Funding Rates per FTES $4,676 per FTES • Non-Credit Funding Rate per FTES $2,812 per FTES
COLA & Growth • COLA is determined by a formula • Growth funding is based on State revenues and negotiations between the Legislature and the Governor • New Growth Formula for Community College Districts starting in FY 2015-16
Overview - Proposition 30 (November 2012) • 89% K-12 and 11% Community Colleges • $100/FTES minimum - Basic Aid Districts
EPA Compliance Issues • Monitor and track funds separately • Separate financial and compliance audit • EPA money can be used to pay for audit • Annual website disclosure of receipts and expenditure of EPA funds • Local boards determine how funds are spent in open session of public meeting • Elected officials subject to prosecution and criminal penalties for misuse of funds
EPA Other Issues • State Director of Finance estimates revenues each year • First year (2012-13) funds paid last 10 days of June 2013 • Subsequent years funds paid quarterly • Adjustments of EPA funds up to two years later
Facilities Bonds-State & Local • State Facility Bonds are on the election ballot in even years. The last voter approved State Facilities Bonds was in 2006. • SCCCD’s first and only local facilities bonds was in 2002. Voter approved a $161m bond with a projected tax assessment of $15/$100,000 assessed property valuation. • The District refinanced in March 2012 $23.9m of the bonds saving taxpayers approximately $1.8m.
New Trustee Administrative Resources and Support • Board Miscellaneous • District Credit Card ($2,500 limit) used for District Travel • Choice of District Laptop or District iPad • Travel and Conference • Coordinate with Chancellor’s Office • Meals: Breakfast - $ 7* Lunch - $ 9* *amounts include 15% tip Dinner - $19* $35* (Please provide itemized receipts, names of individuals, and purpose of meeting) • Mileage Reimbursement IRS Rate • 56¢/mile