Board of Trustees: Presented by: Ivery Hood , President Gabriel - - PowerPoint PPT Presentation
Board of Trustees: Presented by: Ivery Hood , President Gabriel Moulaison J.D., CPA, Russ Barrington , Vice President Chief Business Officer Janet Jackson Forbes, Board Clerk Riitta DeAnda , Member June 9, 2020 The Board and staff thank our
Presented by: Gabriel Moulaison J.D., CPA, Chief Business Officer June 9, 2020
2751 De Ronde Drive Fairfield, CA 94533
Reaching beyond the boundaries to build a community of learners.
Board of Trustees: Ivery Hood, President Russ Barrington, Vice President Janet Jackson Forbes, Board Clerk Riitta DeAnda, Member
The Board and staff thank our students for their artwork contributions to this publication.
Economic impacts of Covid-19
Reduced economic activity and record unemployment
State General Fund revenues declining sharply
Reduction in Prop. 98 Funding
LCFF 2.31% COLA effectively eliminated Further 7.69% reduction Cash deferrals Elimination of many proposed increases
Governor’s May Budget provides some relief
Lower STRS/PERS contribution rates Flexibility with restricted funds
Revenues
No projected increase to ADA LCFF reduction
-10% or -$4.15M compared to 19-20 Cash deferrals
All other funding remains flat
LCFF 45,095,303 $ Federal 4,649,700 $ State 4,241,842 $ Local 1,361,798 $ Total Revenues 55,348,643 $
Expenditures
Salary & Benefits
Step/Column increases 2.63% STRS 16.15% & PERS 20.7%
Unrestricted Contributions
Special Education Restricted Routine
Maintenance
Salary & Benefits 49,843,306 $ Supplies 1,674,432 $ Contracts 5,242,789 $ Capital/Other 2,162,824 $ Total Expenditures 58,923,351 $
The district is deficit spending by $2.75 million in the General Fund
Utilizing $900k in Restricted Fund Balance
One-time savings to Unrestricted General Fund
$1.444 million contribution from Fund 17 Projected to spend more than 1/3 of available unrestricted reserves
Series A - HVAC/LED Lights/Irrigation
$ 3,301,980
Series B – Solar Project (CREB)
$ 5,512,725
Series C – Refinancing of CFD #1
$ 6,765,157
COP 2016 – Refinancing of CFD #2
$ 24,222,772
COP 2016B – Scandia Modernization
$ 6,754,572 $ 46,557,206
Payments for 2019/2020:
$ 3,056,945
$940,467 Series A, Series B, COP 2016B – General Fund $751,684 COP 2016 – Fund 49 (CFD #1) $1,364,794 Series C – Fund 48 (CDF #2)
Without reductions, the district will continue to deficit spend
Will not be able to meet required minimum 3% reserve in 2021-2022 Will run out of fund balance early 2022-2023 $1.444 million contribution from Fund 17 in 2021-2022
Fund 17 will be fully expended by end of 2021-2022
The district remains in Qualified Status We are in the midst of an economic recession
Revenues are down, but costs are still increasing August Revise
Revenues may be reduced further
Deficit spending
Will need to take action to reduce deficits
Identification of new and additional reductions Dependency on Fund 17 (one-time use)
State’s adopted budget may not reduce K-12 funding
Senate and Assembly bills keep school funding levels