The Assistant Superintendent of Business Services presented the 2018-2019 budget at the June 12, 2018 Board of Education meeting. To read the memo from the Assistant Superintendent of Business Services to the Board of Education summarizing the changes to the 2018-2019 school year budget, please click below. For a full review of the 2018-2019 school year budget, please click below.
The Local Control Funding Formula (LCFF) is the funding model used to determine the level of State funding for all school districts. The LCFF includes funding for core instruction, class-size reduction in grades Kindergarten-3rd grade, and Supplemental and Concentration. The LCFF represents a majority of the School District’s budget, approximately 79% for the 2018-2019 school year's total projected expenditure.
The Local Control Accountability Plan (LCAP) is the requirement of a District to develop a three-year plan utilizing Supplemental and Concentration funds generated by the unduplicated count of Low-Income, EL and Homeless/Foster Youth. FMSD is mostly comprised of students who fall under 1 or more of these categories and thus, have the flexibility to utilize LCAP funding for all students District-Wide. To develop the LCAP, FMSD must engage multiple stakeholders including parents, students, educators, employees, and community members. The LCAP focuses on eight priority areas identified by the state. The three-year plan will demonstrate how the District’s budget will help achieve the established goals, and will be assessed each year how well the strategies in the plan were able to improve academic outcomes.
“General Fund” refers to the accounting term used by the state and school districts to differentiate general revenues and expenditures from those placed in separate budget categories for specific uses. A school district’s General Fund includes both unrestricted funds and restricted funds. The fiscal year 2018-2019 General Funds Revenues are projected to be $95,200,000. The Restricted and Unrestricted General Fund expenditures are projected at $97,600,000. The Unrestricted General Fund Balance is projected at $13,700,000. Although LCFF is fully funded in 2018-2019 the average Districts required expenditure increases are outpacing the new revenues.
Fund Balance represents the starting and ending points of each year’s financial activity. It also represents a crucial parameter for financial planning and budgeting, indicating fiscal solvency of the District. California state law requires that every school district of our size hold at least 3% of its overall general fund expenditures in an unrestricted reserve, and the amount varies by district size.
Yes. Our District is required to have its budget audited annually by an independent firm. The Santa Clara County Office of Education also reviews our annual budget as part of its legal responsibility for fiscal oversight of county school districts.