Category Archives: Finance

SAB Approves $372.2 Million in Priority Funding Apportionments

April 7, 2014

Today the State Allocation Board (SAB) unanimously approved $372.2 million in Priority Funding apportionments for 105 projects in 43 school districts.  The SAB was able to provide funds for all projects that chose to participate in the current Priority Funding filing round.  Requests were submitted for 105 of 170 eligible projects on the Unfunded List (Lack of AB 55 Loans), representing a 62% participation rate.

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State G.O. Bond Sale Scheduled for March 13

March 3, 2014

The State Treasurer’s Office has announced that the State of California will sell up to $1.6 billion in various General Obligation bonds at its spring sale.  The official sale date is Thursday, March 13.  We don’t yet know what programs will be included in the bond sale and whether or not school construction bonds will be sold; this information will become available after the sale has been completed.  In 2013, schools received a total of $848.5 million from spring and fall bond sales.  There are currently projects worth $546 million on the Unfunded Approvals (Lack of AB 55 Loans) list, within bond authority and awaiting cash.

~ Rebekah Cearley

Sixth Priority Funding Filing Period

November 12, 2013

 

TO: ALL SCHOOL DISTRICTS AND COUNTY SUPERINTENDENTS OF SCHOOLS

 

Sixth Priority Funding Period

The sixth Priority Funding filing period begins on Wednesday, November 13, 2013. Priority Funding requests with original signatures must be physically received by the OPSC before the close of business on December 12, 2013. It is recommended that districts monitor any mailed letters by tracking the parcel and receiving delivery confirmation. Districts that submit valid requests for their unfunded approved projects during this filing period will be eligible for Priority Funding apportionments from January 1, 2014 through June 30, 2014. Districts opting to participate must file requests for each priority funding round. For additional information, please refer to the Procedures for School Facility Program Funding.

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November 2013 Local School Bond & Parcel Tax Results

November 8, 2013

This past Tuesday, November 5, voters and local communities continued to demonstrate their support for school facilities.  Voters approved six out of eight new school bond measures, totaling $216.8 million out of $374.6 million on the ballot.  This represents a 75% passage rate, which is consistent with historical averages.  Additionally, all five school parcel taxes on the ballot passed.

Please click here for C.A.S.H.’s preliminary list of local school bonds and parcel tax measures on the November 5 ballot.

~ C.A.S.H. Staff

Guest Article: Achieving the Goals and Vision Behind California’s New Local Control Funding Formula

October 23, 2013

The following article was originally posted by School Services of California, Inc. on October 22 in The Fiscal Report and is reprinted here with their permission.

[Editor's Note: Periodically, we publish guest articles that we think inform readers on topics of interest. With local educational agencies (LEAs) continuing to work to understand the fiscal implications of the newly enacted Local Control Funding Formula (LCFF), we thought that additional attention should also be paid to the programmatic and fiscal implications of this new model. The guest article below by Jay Chambers, Mahala Archer, and Jesse Levin of American Institute for Research (AIR) addresses the new opportunities presented to school boards, local education leaders, and community members to shape educational programs to meet local priorities. Necessarily, the views and opinions of the authors are their own, but we think the article below is interesting and informative.]

What the New Funding Formula Means for LEAs?

As California moves toward a more equitable, rational, and efficient approach to allocating resources to school districts, this is an important time for LEAs to consider how well they are doing in achieving equitable allocations of resources and improving outcomes for all students. LEA leaders need to think seriously about how they can achieve a more equitable distribution of resources across schools and to determine what they can do to facilitate better ways for the central office and school sites to connect resources to goals, elevate accountability for performance, and improve transparency by engaging a wide range of stakeholders in the process. Continue reading

Guest Article: Continuing Disclosure – Practical Tips for Effective Compliance

September 20, 2013

The following article was originally posted by School Services of California, Inc. on September 6 in The Fiscal Report and is reprinted here with their permission.

 [Editor's Note: From time to time, we publish guest articles that we think inform readers on topics of interest. The article below by Jonathan Edwards, Certified Independent Public Finance Adviser of Government Financial Strategies, Inc., certainly meets this description. Necessarily, the views and opinions of the authors are their own, but we think the article below is interesting and informative.]

On August 23, 2013, The Fiscal Report published an informative guest article on the topic of continuing disclosure titled The Securities Exchange Commission’s Probe Into Bond Disclosure Compliance Puts Bond Issuers on Alert authored by Vicenti, Lloyd, and Stutzman (VLS). We appreciate VLS for authoring this article and School Services of California for publishing it, so that school districts are further educated about this important obligation. Continue reading

SEC Charges Indiana School District and its Underwriter with not Posting Local Bond Financial Reports

August 13, 2013

Fred Harris from the California Community Colleges Chancellor’s Office provided the following information.

Thanks to Vicenti, Lloyd, and Stutzman for providing this breaking news:
The Securities Exchange Commission (SEC) is working to enforce a rule that has been on the books since the 90′s for bond issuers, and California districts are high on the list of those at risk for failure to comply. Rule 15c2-12 requires underwriters to verify that the state or local government issuing bonds will agree to regularly post financial reports about the securities on an on-going basis. Continue reading