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2012-13 First interim financial report nuview union

2012-13 First interim financial report nuview union. December 12, 2012 - Board Meeting Update. Interim Reporting. California Education Code requires each district to file interim reports twice in the fiscal year.

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2012-13 First interim financial report nuview union

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  1. 2012-13 First interim financial reportnuview union December 12, 2012 - Board Meeting Update

  2. Interim Reporting • California Education Code requires each district to file interim reports twice in the fiscal year. • The first interim report covers the district’s financial and budgetary status for the period ending October 31. • All budgetary information is annual, forecasting through June 30, 2013. • Based on current law. • Assumes appropriated funds are spent as planned.

  3. Components of the Interim Report • Actual and Projected Financial and Budgetary Data • Standards and Criteria • Actual and Projected Cash Flows • Multi-Year Financial Projections • District Certification

  4. Changes in Enrollment/ADA Numbers exclude external charter schools and county ADA

  5. Significant Changes in Budgetary Data

  6. Significant Changes in Budgetary Data

  7. Significant Changes in Budgetary Data

  8. Significant Changes in Budgetary Data

  9. Significant Changes in Budgetary Data

  10. Significant Changes in Budgetary Data

  11. Cash Flow • Current inter-year deferrals (year-to-year) reflect state’s partial buy-down ($2.1B) tied to Proposition 30 passage. • Intra-year deferrals (within year) increase between now and June due to Proposition 30 anticipated revenues. • June balances are critical due to continued inter-year deferrals. • No internal cash resources available outside the General Fund. • Nuview Bridge, Child Development, and Cafeteria Fund likely to require continued General Fund cash flow support.

  12. Proposition 30 Impacts Cash Flow

  13. Updated Multi-Year Projections

  14. Updated Multi-Year Projections

  15. State Budget Stabilized, Not Restored • Proposition 30 and 39’s success set the stage for a stable short-term state budget, with year-over-year surpluses possible in the next three to five years. The volatility of California’s revenue system has been enhanced, not minimized. • Similar to the state, the district will be challenged to balance restoring cuts with program growth, resulting from potential funding level increases. • Cash will continue to need to be supplemented with external borrowing depending on how much of “new” state funds are used to pay-down payment deferrals.

  16. Ongoing Revenue Limit Cuts Remain

  17. Certification of Financial Condition Recommend Positive Certification • Positive Certification: “…based upon current projections this district will meet its financial obligations for the current fiscal year and two subsequent fiscal years.” • Qualified Certification: “…based upon current projections this district may not meet its financial obligations for the current fiscal year or two subsequent fiscal year.” • Negative Certification: “…based upon current projections this district will be unable to meet its financial obligations for the remainder of the current fiscal year or the subsequent fiscal year.”

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