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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

Budget Update

2010-2011


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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


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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


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B-18

Deferrals 2010-11


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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


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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


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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


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    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


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    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


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    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.