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Plumas Lake Elementary School District. 2013-14 Second Interim Presentation March 12, 2014 . Financial Reporting Cycle. General Fund – Fund 01. Local Control Funding Formula. Local Control Funding Formula (LCFF) begins in 2013-14
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Plumas Lake Elementary School District 2013-14 Second Interim Presentation March 12, 2014
Local Control Funding Formula • Local Control Funding Formula (LCFF) begins in 2013-14 • Department of Finance estimates that achieving full funding levels under the LCFF will take eight years • Funding based on the demographic profile of the students in the District • Goal is to simplify how state funding is provided • Local Control and Accountability Plan (LCAP) is an important component of LCFF • District will be required to develop, adopt, and annually update a three year LCAP, beginning in July 1, 2014 • California Department of Education (CDE) making system changes to implement the new formula and does not expect to have those completed until July 2014
Local Control Funding Formula • Local Control Funding Formula (LCFF) has replaced revenue limits and works as follows: • “Target Funding “level will be calculated every year • Districts will receive a base grant amount based on grade-level • Adjustments will be made for class size reduction (grade span) • Districts will receive supplemental funding based on percentage of low income, English learners and students in foster youth • Economic Recovery Target (ERT) is the difference between what the District would have received under the old funding and the amount the District would receive under the LCFF in 2020-21 (with COLA adjustments) • “Funding Floor” will be calculated based on 2012-13 Funding Level • Percentage of the “Gap” between the Target and Floor will be funded • Categoricals are now a part of the LCFF with the exception of the following: • Transportation (add-on and can be used for any educational purpose) • Targeted Instructional Improvement Grant (TIIG) (add-on and can be used for any educational purpose) • Special Ed • Child Nutrition
Second Interim Budget Assumptions • Proposition 39 approved by voters on November 6, 2012 provided: • The Schools and Local Public Safety Protection Act of 2012 provides funding through the Education Protection Account (EPA) • Not additional funding, State Aid is decreased by this amount • District will receive $1,179,455 in funding, which will be used for teachers’ salaries • California Clean Energy Jobs Act • Funding for clean energy projects – funded for five years • District will receive$106,252 in 2013-14 and in subsequent years • Common Core State Standards Implementation (CCSSI) Funds – District received $216,437 in one-time funding
Budget Revisions • Board requested budget revisions: • Riverside Meadows – added $10,000 for upgrades • Breakfast - $3,000 for free breakfast during testing • Infrastructure – Wi-Fi Nodes $5,000 • Update District Web site - $5,000
Multi-Year Projections • Multi-year projections are based on the Governor’s Budget released in January • Governor will revise his budget in May • May revise projections will be used to develop budget for the 2014-15 school year • Step increases included for all eligible employees • No changes to Health, Dental, and Vision
Cash • Deferrals are still in the budget, cash is monitored every month • State Budget included funding to buy back most deferrals • Remaining Deferrals: • April - 38% of the apportionment deferred to July • May – 97% of the apportionment deferred to July • June – 100% of the apportionment deferred to July • Education Protection Account (EPA) –approximately 20 percent of our State Aid that will be paid on a quarterly basis
Summary and Recommendation • Second Interim projections show an operating surplus of $132,466 in the General Fund for the current year • Based on multi-year projections and current assumptions staff recommend the Board approve Second Interim with a positive certification and the budget adjustments within
