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SOCCCD 2008-09 TENTATIVE BUDGET. BOARD OF TRUSTEES MEETING JUNE 24, 2008. 2008-09 Tentative Budget Assumptions. Net SB361 Revenue Increase of $1.3 Million ($0.4M) Decrease to Base Funding $0.0M Increase Based on 0.00% SB361 COLA $1.7M Increase Based on 1.44% Growth estimate

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socccd 2008 09 tentative budget
SOCCCD2008-09 TENTATIVE BUDGET

BOARD OF TRUSTEES MEETING

JUNE 24, 2008

2008 09 tentative budget assumptions
2008-09 Tentative Budget Assumptions
  • Net SB361 Revenue Increase of $1.3 Million
    • ($0.4M) Decrease to Base Funding
    • $0.0M Increase Based on 0.00% SB361 COLA
    • $1.7M Increase Based on 1.44% Growth estimate
  • $17.1M GF Unrestricted Ending Balance carried forward from 2007-08
assumptions continued
Assumptions Continued
  • 7.5% Reserve for Economic Uncertainties
  • 8.0% Estimated Increase for Health & Welfare Benefits and Property & Liability coverage
  • Salary Increases:
    • CSEA and Faculty – to be determined by negotiations
socccd overview of fund structure 2008 09 tentative budge t
SOCCCD: Overview of Fund Structure2008-09 Tentative Budget
  • General Fund (GF): $212.1 Million, Including:
      • Unrestricted GF: $197.1 Million
      • Restricted GF: $ 15.0 Million
  • Other Funds*: $164.9 Million
  • Total All Funds: $377.0 Million

* Other Funds Include: Community Education, Child Development, Capital Outlay (Including Basic Aid Projects), Debt Service, Self-Insurance, & Retiree Benefit Funds

cops debt retirement
COPS Debt Retirement
  • 1996 Issue = $18.9M
  • The District retired the 1996 COP issue on

June 1, 2008

opeb retiree benefits liability
OPEB (Retiree Benefits Liability)
  • Actuarial Study performed in May 2006
    • Total obligation $80.2M
    • Unfunded Liability $58.3M
    • 2008-09 Contribution Obligation $5.4M
      • Current Year Service = $3.5M Past Service = $1.9M
      • Funded with Basic Aid
    • Additional contributions $5.0M (formerly used to retire COPS debt)
  • Another Actuarial Study to be completed this summer
  • The District has implemented the 2007-08 GASB 45 requirement
  • An irrevocable trust has been established with Benefit Trust Company
basic aid receipts
“Basic Aid” Receipts

1999-2000 $ 5,676,800

2000-2001 $ 9,192,300

2001-2002 $13,719,277

2002-2003 $18,419,919

2003-2004 $27,356,952

2004-2005 $40,162,878

2005-2006 $46,899,203

2006-2007 $52,896,017

2007-2008* **$43,490,307

2008-2009* $44,882,034

* Estimated (Exact Amounts Will not Be Available Until the End of Each Fiscal Year). Per OC Tax Assessor, Secured Property Taxes were estimated to increase 7% in 2007-08, and 2% thereafter. An 18% decline in Supplemental Taxes is projected for 2008-09.

** Decline due to increased SB361 revenue resulting from enrollment growth

basic aid funds included in budget
Basic Aid Funds Included In Budget
  • $10.4M OPEB (Retiree Benefits) Contribution
  • $ 2.5M ATEP Operating Budget
  • $ 1.3M Additional 1% Contingency
  • $ 0.9M General Election Expense
  • $30K for Legislative Advocacy for Basic Aid issues
  • $29.8M Funding for Future Capital Projects