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Agenda Item (IV-D-1)

Meeting6/13/2017 - Committee
Agenda ItemCommittee - Resources (IV-D-1)
SubjectTentative Budget for FY 2017-2018 and Notice of Public Hearing on the FY 2017-2018 Final Budget
Funding Various Resources
Recommended ActionIt is recommended that the Board of Trustees approve the FY 2017-2018 Tentative Budget, as presented, which consists of the funds and accounts noted therein, and authorize staff to forward a copy to the Riverside County Superintendent of Schools. It is also recommended that the Board of Trustees announce that: 1) the proposed FY 2017-2018 Final Budget will be available for public inspection beginning September 14, 2017, at the Office of the Vice Chancellor, Business and Financial Services; and 2) the public hearing will be held at 6:00 p.m. at a Board meeting on September 19, 2017, to be followed by the adoption of the FY 2017-2018 Final Budget.

Background Narrative:

On or before the first day of July, the District is required to develop a Tentative Budget for the ensuing fiscal year and to forward a copy to the Riverside County Superintendent of Schools. The Tentative Budget for FY 2017-2018 is attached for the Board’s review and consideration. Changes to this budget will be reflected in the Final Budget which will be submitted in September for Board approval.

The essential purpose of the Tentative Budget is to establish spending authority for the District from July 1st until such time as the Final Budget is adopted by the Board of Trustees in September. This two-part budget process is necessary due to uncertainties associated with: the State’s as yet to be adopted budget for the coming fiscal year; the State’s unissued “Second Principal Apportionment (P2)” report for the current fiscal year, and; the District’s year-end closing process which will be completed in August 2017.

It should be observed that the Riverside Community College District has adopted an approach to the Tentative Budget which yields a modified, continuing resolution budget. Thus, the Tentative Budget for fiscal 2018 reflects a continuation of the adopted FY 2016-2017 Budget, with certain modifications as described in the attachment.

The FY 2017-2018 Tentative Budget takes into consideration the Governor’s January budget proposal and the modifications thereto described in the Governor’s “May Revise” budget proposal.

Additionally, in accordance with Title 5, Section 58300, the Tentative Budget must indicate the date, time and location at which the Board will hold a public hearing concerning the Final Budget proposal. The staff recommends that the Board set September 19, 2017 as the date for the public hearing. Also, and pursuant to Title 5, Section 58301, the Final Budget proposal must be made available for inspection a minimum of three (3) days prior to the public hearing. We plan to use the Office of the Vice Chancellor, Business and Financial Services, for this purpose. Finally, we will publish this information in The Press Enterprise.
Prepared By: Aaron Brown, Vice Chancellor, Business and Financial Services
 Majd Askar, Director of Business Services