Town Hall Financial Status & Projections Update - June 6, 2024
Providing an update on the current financial status, challenges, and future projections, the Town Hall aims to inform stakeholders about necessary budget adjustments and revenue shortfalls. The session will discuss strategies to address financial challenges and emphasize the importance of participatory governance in finding solutions.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. Download presentation by click this link. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
E N D
Presentation Transcript
Town Hall Financial Status Administrative Services June 6, 2024
Table of Contents As questions arise today please put them in chat all questions in chat will be answered at the end of Town Hall Purpose of Today s Town Hall Continue to Update and Inform of Current Status 24-25 Budget and future year projections Current California Budget Information The May Revise Financial Spreadsheets and Projections (5 current new pages) All information from past and current meetings are available for your review on web site Chancellor s Office Student Centered Funding Model Independent verification of revenue projection(s) Budget Leadership Strategies Team Pricing Thoughts update Multi-Year Projection update Next Steps State and El Camino College Next Steps how to find information and participate in the solution Next Steps Chat Questions Questions after today s Town Hall please send via email and answers will be posted online 2
Purpose of Todays Town Hall Continue to provide update and inform of current status Continue to accurately inform everyone of the current financial challenges Continue to inform everyone of the participatory governance process to help solve our financial challenges which can be solved Continue to provide everyone with access to the financial models that document our past, current and projected financial situation will post on website after Town Hall Budget Leadership Strategies Team | El Camino College | Torrance, CA Continue to provide a follow up process to ask and receive information to ask questions and receive answers or seek additional information Continue to seek any suggestions from everyone to help solve our challenges Continue the dialogue so everyone realizes we can, will and MUST solve our situation by changing our current and past expenditure patterns We have a plan, we are executing that plan and we have more work to do especially 2025/2026 3
24-25 Budget and future year projections few surprises REMINDER WE WOULD BE HERE REGARDLESS OF RECENT OR FUTURE STATE FINANCIAL SHORTFALLS FOR EDUCATION SPENDING 23-24 Budget adoption established the need to change our historical expenditure and budget patterns Multi-year projections with the 23-24 Budget adoption established that we had to change historical budget and expenditure patterns State revenue shortfalls causes larger budget and expenditure issues than we had and knew of at 2023-2024 Budget adoption State revenues continue to fall short of projections One time budget fixes not agreed to or fixed at the State level 4
Current California Budget Information The MAY REVISE No surprises and very little change The recent COLA history is: Was projected in September 2023 at 3.94% Was projected in 2024/2025 January budget at 0.76% May revise projected in May revise at 1.07% which results in a budget increase of approximately $470,393 There is no published deficit factor at this time but remember The deficit factor possibility is real and regularly occurs in times of financial stress The deficit factor comes to us as a surprise with no warning when we get our The 2023/2024 deficit factor was 2.29% and $3,478,764 notified at 1st apportionment payment in July 2023 To be determined in July 2024 5
Financial Spreadsheets available on-line for your review The next slides are spreadsheets The numbers are small and difficult to read All of the spreadsheets, related information, question and answers will be posted on-line and you can review them in detail. Any follow up questions please send an email Please listen for the information and process Original information plus new decisions will change the projected financial conclusions Updated Spreadsheets will be posted when new information is available We will answer any assumption or number questions in the coming days/weeks once you have time to review the spreadsheets in detail 6
COLA Assumptions Chancellors Office SCFF Funding Model COLA 23-24 8.22 24-25 1.07 25-26 2.93 26-27 3.08 Total Computational Revenue (TCR) 27-28 3.30 Year SCFF Calculated Revenue Prior Year TCR Stability Minimum Revenue Commitment Max TCR Prior Year TCR Stability Protection Maximum Revenue Commitment Protection TCR Used 22-23 $140,214,213 $130,920,099 $135,453,244 $140,214,213 0 0 SCFF 23-24 $153,678,939 $151,739,821 $146,587,501 $153,678,939 0 0 SCFF 24-25 $150,713,914 $155,323,304 $148,155,987 $155,323,304 $4,609,390 0 Prior year TCR Stability 25-26 $149,900,967 $155,129,832 $155,323,304 $155,323,304 0 5,422,337 Minimum Revenue Commitment 26-27 $154,517,917 $154,517,917 $155,323,304 $155,323,304 0 805,387 Minimum Revenue Commitment 27-28 $159,617,008 $159,617,008 $155,323,304 $159,617,008 0 0 SCFF 7
Next Steps State and ECC State Legislature and Governor resolve differences in Budget The Governor reviews and acts on the legislative budget proposal and signs the state budget by June 30th After June 30th, State issues Trailer Bills language on specifics of Budget Act El Camino College Continue to develop 2024/2025 Budget with campus wide input via PBC and BLSG June Board meeting adopt 2024/2025 Preliminary Budget Refine and update between June and September Likely Board Budget workshop willing to hold PBC and or Town Hall Board of Trustees Adopts Final 2024-25 Budget in September 12
Next Steps Viewing of ALL financial spreadsheets for your personal analysis. Please go to ECC web site Leadership VP of Administrative Services Budget Leadership Strategies Team | El Camino College | Torrance, CA All follow up questions will be addressed in a documented file on the Budget Leadership Strategies Team web page. Please send your questions Bob Suppelsa BSuppelsa@elcamino.edu or provide questions to a PBC member or Budget Leadership Strategies Team member who will forward the question for action We will work together with the participatory governance process and the PBC and Budget Leadership Strategies Team and all constituencies at ECC consistent with the Budget Leadership Strategies Team guidelines Formal 24-25 Budget development process is in process. The numbers seen here are the building blocks for the June preliminary and September final budget documents. 13
Chat Questions or Follow up questions from Town Hall Current questions from the Chat room from this Zoom meeting. Follow up questions to Bsuppelsa@elcamino.edu or via your representatives to PBC and/or Budget Leadership Strategies Team. Answers will be posted online for everyone to see Reminder - viewing of ALL financial spreadsheets for your personal analysis. Please go to ECC web site Leadership VP of Administrative Services Budget Leadership Strategies Team | El Camino College | Torrance, CA Thank you for your time and interest on this very important financial topic for El Camino College 14
![Town of [Town Name] Real Estate Tax Rates and FY 2024 Budget Summary](/thumb/62211/town-of-town-name-real-estate-tax-rates-and-fy-2024-budget-summary.jpg)
