Quality Services Subcommittee Meeting October 2017 Performance Report
The Performance Report showcases key indicators and standards for various regions in September 2017, analyzing factors like on-time performance, average hold time, calls on hold over 5 minutes, and preventable collisions. Highlights include staff participation in events and safety committee focus areas.
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Presentation Transcript
2023-24 Adoption Budget September 13, 2023
Overview of State Enacted Budget On July 10, 2023, Governor Newsom signed the 2023-24 Budget Act The components of the 4CD adoption budget included in the budget book remain mostly consistent with the tentative budget with the following key changes incorporated Significant reduction in deferred maintenance funding Flexibility for COVID funds 3-year FTES calculation hold harmless flexibility The State Revenue projections for the next couple of years have slowed down dramatically and July 2023 tax receipts were $1 billion below projection for the State which could have an impact on future-year COLAs. State funding moving to create a new floor for funding beginning in the 2024-25 FY 2
Historical COLAs with STRS/PERS Expense FY Funded COLA % % STRS PERS FY Funded COLA STRS % PERS % 2007-08 4.25% 8.25% 9.306% COLA of 0.00% resulted from deferrals and other State apportionment adjustments. 2016-17 0.00% 12.58% 13.888% 2008-09 (2.67%) 8.25% 9.428% 2017-18 1.56% 14.43% 15.531% 2009-10 (7.64%) 8.25% 9.709% 2018-19 2.71% 16.28% 20.733% 2010-11 0.00% 8.25% 10.707% 2019-20 3.26% 17.10% 19.721% 2011-12 0.00% 8.25% 10.923% 2020-21 0.00% 16.15% 20.700% 2012-13 0.00% 8.25% 11.417% 2021-22 5.07% 16.92% 22.910% *projected 2013-14 1.565% 8.25% 11.422% 2022-23 6.56% 19.10% 25.370% 2014-15 0.85% 8.88% 11.771% 2023-24 8.22% 19.10% 26.680% 2015-16 1.02% 10.73% 11.847% 2024-25 * 3.94% 19.10% 27.70% In 10 of the past 18 years the STRS/PERS % increase expense was greater than the COLA % increase 3
Community College Funding Model SCFF STABILITY HOLD HARMLESS Minimum Revenue Commitment (Hold Harmless) Prior year funding adjusted for COLA, if any Student Centered Funding Formula (SCFF) Utilizes average of past 3 years FTES & metrics calculated with the per FTES funding rate adjusted for COLA, if any Stability Prior year SCFF calculated revenue adjusted for COLA, if any 4
SCFF Funding Components Replaced SB361 in 2018-19 Student Success Incentive Allocation Base Allocation Supplemental Allocation 10% 20% 70% Counts of outcomes for specific metrics with equity bumps provided for California Promise Grant and Pell Grant recipients (MIS Data) Counts of low- income students and AB540 students (MIS Data) Similar to the previous funding model using SB361, but uses a three- year rolling average for credit FTES The Hold Harmless/Stability Provisions which began during the pandemic had allowed 4CD to use previous FTES 5
4CD Multi-year Funding Projection FY FTES COLA SCFF STABILITY HOLD HARMLESS/FLOOR 21-22 28,667.53 5.07% $181,103,339 $179,535,491 $189,715,018 22-23 28,667.53 6.56% $211,260,982 $192,938,718 $202,160,323 23-24 21,639.78 1 8.22% $216,772,041 $228,626,625 $218,777,901 24-25 21,639.78 1 3.94% 2 $226,552,639 3 $211,689,196 $224,445,772 25-26 21,639.78 1 3.29% 2 $226,522,639 3 $205,436,621 $218,696,196 26-27 21,639.78 1 3.19% 2 $226,522,639 3 $212,072,224 $212,922,157 1 FTES are calculated on previous 3 years. Flexibility on FTES ended in the 22-23 FY for SCFF Calculations 2 Projected COLA. This is not built into the budget until the State budget is enacted. 3 Future year revenue could be lower based upon COLA and recalculation of the floor in 2024-25 Note: 4CD is Funded on the highest of the 3 Methods 6
22-23 28,667.53 23-24 21,639.78 FTES 2023-24 ADOPTION BUDGET SCFF $216,772,041 Recognizes Hold Harmless as Ongoing funding. 2022-23 Funding STABILITY FUNDED COLA Designating the difference from funded Stability and Hold Harmless as One-Time Funding of $9,848,734 SCFF $228,626,635 $211,260,982 8.22% HOLD HARMLESS Note: 4CD is Funded on the highest of the 3 Methods $218,777,901 7
Reserves and One-Time Funds Board Policy 5033 adopted February 15, 2023, requires the District to maintain a reserve of no less than two months of unrestricted general fund operating expenditures. This reserve requirement is a result of the Emergency Conditions Allowance (ECA), which provided one-time funds to 4CD The no less than two months of reserves must be maintained One-time funding in 2023-24 will be used to enhance the minimum reserve requirement for emergencies In 2008, the Board established an irrevocable trust for other post- employee benefits (OPEB). This fund currently remains underfunded. One-time funding will be used to enhance the reserves and OPEB trust 8
Adoption Budget Financials FY 2023-24 Compensation increases are not included in expenditures. 10
Compensated Absences & Retiree Health Benefits Compensated absences liability Represents both vacation accruals and load banking. Combined, 4CD s long-term liabilities for compensated absences surpass $16 million. Total Liability is fully funded since Fiscal Year 2019-20. Current fund balance on June 30, 2023, is approximately $16 million. Retiree health benefit liability In 2008, the Governing Board established an irrevocable trust for the unfunded liability related to retiree health benefits. The actuarial OPEB liability was $250 million on June 30, 2022. The OPEB Trust market value was $156.9 million on June 30, 2023, or 62.8% funded. With the volatility in investment returns the 62.8% funding level has not recovered to the 67% level of two years ago. 11
Summary Recommendation It is recommended that the Governing Board adopt the 2023-24 Adoption Budget, totaling $923,906,856 and that the Assistant Secretary be authorized to submit this budget as the Official Budget on the forms prescribed by the State Chancellor s Office as provided in Section 58305 of Title 5 of the California Code of Regulations. 13
Index of Acronyms Acronym Reference Slides FTES Full Time Equivalent Students 2, 4, 5, 6, 7 COLA Cost of Living Adjustment to prior year revenue 2, 3, 4, 6, 7 FY Fiscal Year (July 1 June 30) 2, 3, 6, 9, 10, 11 STRS State Teachers Retirement System 3 PERS Public Employees Retirement System 3 SCFF Student-Centered Funding Formula 4, 6, 7 SB361 Senate Bill 361 outlining community college apportionment 5 MIS Management Information System (database of students and staff) 5 AB540 Assembly Bill 540 outlining student definitions for supplemental funding 5 ECA Emergency Conditions Allowance in respect to reserves 8 OPEB Other Post Employment Benefits (such as medical coverage for retirees) 8, 12 BP 5033 Board Policy 5033 (defines reserve balance requirements) 8, 11 GF General Fund (Fund 11 revenue and expenditures that are not restricted for other uses) 13 14
