Santa Monica College 2022-2023 Q1 Budget Update Presentation
This presentation outlines the budget update for Santa Monica College for the first quarter of 2022-2023. It covers major assumption changes, revenue assumptions, details of unrestricted and restricted general funds, including the Learning Aligned Employment Program and COVID-19 Recovery Block Grant. It also discusses expenditure assumptions related to the planned opening of the Malibu Campus in Spring 2023. The presentation provides insights into changes in surplus/deficit and key financial aspects impacting the college.
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Presentation Transcript
SANTA MONICA COLLEGE Presentation of the 2022-2023 Q1 Budget Update Board of Trustees November 1, 2022
MAJOR REVENUE ASSUMPTIONS At the time of the Adopted Budget the District was not provided by the CCCCO guidance or information regarding many allocations 17 of 53 program adjustments pending
Unrestricted General Fund (01.0) Learning Aligned Employment Program: ACA: $249,719
Restricted General Fund (01.3) Learning Aligned Employment Program: $5,244,100 Eligible students At least half-time enrollment California resident Satisfactory academic progress Demonstrated financial need Eligible to work in the United States Priority to first generation college students, current/former foster youth, homeless or at risk of being homeless. Program ends 2031
Restricted General Fund (01.3) COVID-19 Recovery Block Grant: $14,190,775 One-time funding No end date Intended for activities that support students and mitigate learning losses related to the impacts of the COVID-19 pandemic Broad possible uses but must be COVID related Report on funds due December 2023 Condition of receiving funds: Report to CCCO part-time faculty health insurance Only 41 Districts offer PTHWB 2021-2022: 391 participants; Exp: $3,713,453
EXPENDITURE ASSUMPTIONS Malibu Campus Planned opening Spring 2023 12 positions needed to operationalize Associate Dean Administrative Assistant II Media Resources Assistant Student Services Specialist Campus Safety Officer: 3 positions Custodians: 3 positions Grounds Worker Grounds Equipment Operator Projected CY Exp: $524,585 Projected Full-year Exp.: $1,142,310 Supplies and Other Operating: $100,000
Projected Changes in Surplus/Deficit Adopted Budget to First Quarter Unrestricted General Fund 2022-2023 Adopted Budget Deficit: <2,728,805> LAEP ACA 249,719 Malibu Campus <624,585> 2022-2023 Q1 Projected Deficit: <3,103,671>
2019-2020 Audited 2020-2021 Audited 2021-2022 Unaudited 2022-2023 Projected Beg. Fund Balance 30,676,107 21,339,089 35,483,750 43,914,608 Includes $12,421,563 in One-time HEERF Backfill Revenue Surplus/Deficit w/ One-time Items <9,337,018> 14,144,661 8,430,858 <3,103,671> Included $16,681,407 in One-time HEERF Backfill Revenue Ending Fund Balance 21,339,089 35,483,750 43,914,608 40,810,937 Fund Balance to Ttl Exp. And Transfers 10.93% 19.47% 22.65% 20.10%
3rd Quarter GDP was up! Increased government spending and decrease in imports Inflation continues to be high Last 12 months: 8.25% Interest rates increasing: 30-year fixed mortgage rate exceeds 7.5% California sales down 28.2% year-over-year California revenue lower by $7 billion then projected in the State Adopted Budget November LAO fiscal outlook report is key Signs of fiscal downturn increasing
The Budget Team with Special Appreciation to Veronica Diaz Charlie Yen, John Greenlee and the Facilities Team Mitchell Heskel and the Educational Enterprise Team Budget Committee
