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Budget Overview

Budget Overview. Diana Keelen August 19, 2011 Revised August 26, 2011. 2010-2011 Unrestricted Fund Actuals*. Beginning Fund Balance $ 6,035,017 Revenues $61,022,921 Expenditures $58,291,018 Ending Fund Balance $ 8,766,920 Surplus/(Deficit) $ 2,731,903

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Budget Overview

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  1. Budget Overview Diana Keelen August 19, 2011 Revised August 26, 2011

  2. 2010-2011 Unrestricted Fund Actuals* Beginning Fund Balance $ 6,035,017 Revenues $61,022,921 Expenditures $58,291,018 Ending Fund Balance $ 8,766,920 Surplus/(Deficit) $ 2,731,903 Reserve % 15.04% Assigned Reserve $ 5,852,369 Unassigned Reserve $ 2,914,551 Unassigned Reserve % 5.00% * Subject to Audit Adjustments

  3. 2011-2012 California Budget Risks • California Budget includes the following that are still uncertain: • $1.7 bil from Redevelopment Agencies • $1.3 bil from Medi Cal • $200 mil from Amazon Taxes • Others include the rural homeowner’s fire fee Source: Chancellor’s Office southern budget workshop August 17, 2011

  4. 2011-2012 California Budget • California budget contains triggers if revenue assumptions are not realized • Tier 0- $0 cuts if $3 bil of $4 bil revenues received • Tier 1 trigger-if $2 bil realized of $3 bil, $30 mil cuts to CCCs and fee increases to $46 per credit unit (highly probable) • Tier 2 trigger-if less than $2 bil, additional $72 mil in cuts to CCCs above Tier 1 • Added deferrals to CCCs went by $129 mil from $832 mil last year to $961 mil this year Source: Chancellor’s Office budget update July 2011

  5. 2011-2012 Unrestricted Fund Revenue Assumptions • No Growth • No COLA • No restoration of categorial programs • Prior Year Recalculation • Mid-Year Cuts • Deficit Co-Efficient of 0.99548485 for student fee shortfall due to BOG Waivers • Reduction of 936.57 FTES to Base Funding (Covers Tier 2) • No mandated cost reimbursement • Fee increase from $26 per unit to $36 per unit • Additional deferrals of $1,843,938 now totalling $13,736,624 for AVC

  6. 2011-2012 Unrestricted Fund FTES, Revenue and Base Tier Impact • Current Base FTES: 11,371.05 • Tier 0 = (706.47) FTES or ($3,223,949) New Base 10,664.58 • Tier 1 = (774.18) FTES or ($3,532,954) New Base 10,596.87 • Tier 2 = (936.57) FTES or ($4,274,565) New Base 10,434.48

  7. 2011-2012 Unrestricted Fund Expenditures Changes Summary

  8. 2011-2012 Unrestricted Fund Expenditures Changes Summary

  9. 2011-2012 Unrestricted Draft Adopted Budget Beginning Fund Balance $ 8,766,920 Revenues $56,689,885* Expenditures $58,062,326 Ending Fund Balance $ 7,394,478 Surplus/(Deficit) $ (1,372,441) Reserve % 12.74% Assigned Reserve $ 5,852,369 Unassigned Reserve $ 2,914,551 Unassigned Reserve % 5.02% * Includes anticipated prior year recalculations and mid-year cuts

  10. 2012-2013 System Budget Request • $313 million for categorical restoration • $793 million for past COLAs = more than 13% of back COLAs) and a 2.38% COLA for 2012-2013 • $377 million for growth/restoration *$1.483 billion total* No mention of plan for deferral recovery Source: Chancellor’s Office Southern Budget Workshop August 17, 2011

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