preliminary official statement dated june 20, 2019 t n …€¦ · preliminary official statement...

PRELIMINARY OFFICIAL STATEMENT DATED JUNE 20, 2019

NEW ISSUE—BOOK-ENTRY-ONLY RATINGS: See “RATINGS” herein

In the opinion of Orrick, Herrington & Sutcliffe LLP, Bond Counsel to the Authority, based upon an analysis of existing laws, regulations, rulings and court decisions, and assuming, among other matters, the accuracy of certain representations and compliance with certain covenants, interest on the Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986 and is exempt from State of California personal income taxes. The amount treated as interest on the Bonds and excluded from gross income may depend on the taxpayer’s election under Internal Revenue Service Notice 94-84. In the further opinion of Bond Counsel, interest on the Bonds is not a specific preference item for purposes of the federal alternative minimum tax. Bond Counsel expresses no opinion regarding any other tax consequences related to the ownership or disposition of, or the amount, accrual or receipt of interest on, the Bonds. See “TAX EXEMPTION” herein.

CALIFORNIA SCHOOL CASH RESERVE PROGRAM AUTHORITY

$15,810,000*

2019-2020 BONDS

SERIES A

$84,895,000*

2019-2020 BONDS

SERIES B

$20,000,000*

2019-2020 BONDS

SERIES C

(Sponsored by California School Boards Association Finance Corporation)

Dated: Date of Delivery Due: As shown on inside front cover

The California School Cash Reserve Program Authority (the “Authority”) is issuing its 2019-2020 Bonds, Series A (the “Series A Bonds”), its 2019-2020 Bonds, Series B (the “Series B Bonds”), and its 2019-2020 Bonds, Series C (the “Series C Bonds,” and together with the Series A Bonds and the Series B Bonds, the “Bonds”) as fully registered Bonds and, when issued, each series of Bonds will be registered in the name of Cede & Co., as holder of the Bonds and nominee for The Depository Trust Company (“DTC”), New York, New York. DTC will act as securities depository for the Bonds. Individual purchases and sales of the Bonds may be made in book-entry form only in denominations of $5,000 or any integral multiple thereof. PURCHASERS WILL NOT RECEIVE CERTIFICATES REPRESENTING THEIR INTEREST IN THE BONDS PURCHASED. Interest on the Bonds will be payable at maturity. Principal of and interest on the Bonds will be payable by wire transfer to DTC, which in turn is required to remit such principal and interest to the DTC Participants for subsequent disbursement to the Beneficial Owners of the Bonds, as more fully described herein.

Each series of Bonds is being issued pursuant to the terms of the Indenture, dated as of July 1, 2019 (the “Original Indenture”), and, as applicable, a separate supplemental indenture for such series of Bonds, dated as of July 1, 2019 (the Original Indenture, together with all supplemental indentures, are collectively referred to herein as the “Indenture”), each by and between the Authority and U.S. Bank National Association, as trustee (the “Trustee”), for the purpose of purchasing a separate pool of certain 2019-2020 Tax and Revenue Anticipation Notes (all such notes of all such pools are collectively referred to herein as the “Notes”), of the same maturity issued by those California school districts and the community college district identified herein (all such issuers are collectively referred to herein as the “Districts”). The required payment of the principal of and interest on the Notes of a pool when due is structured to be sufficient to pay principal of and interest on the related series of Bonds when due. Except as otherwise required by the Indenture, amounts received by the Trustee from the repayment of principal of and interest on the Notes of a pool will be applied solely to repay the principal of and interest on the related series of Bonds, and not to the repayment of any unrelated series of bonds of the Authority.

Neither the Bonds nor the Notes are subject to redemption prior to maturity.

In accordance with California law, the Note of each District is payable from the taxes, income, revenue (including, but not limited to, revenue from the state and federal government), cash receipts and other moneys provided for Fiscal Year 2019-2020 which will be received by or will accrue to the District during such fiscal year for its general fund and which are lawfully available for payment thereof (as more fully defined herein, the “Unrestricted Revenues”). As security for the payment of the principal of and interest on its Note, each District has pledged the first Unrestricted Revenues to be received by such District in the repayment periods and amounts specified herein (the “Pledged Revenues”). As provided in Section 53856 of the California Government Code, except as otherwise described herein, the Note of each District and the interest thereon, will be a first lien and charge against, and will be payable from the first moneys received by the District from, the Pledged Revenues of such District. To the extent not so paid, each Note shall be paid from any other moneys of such District lawfully available therefor. Each authorizing resolution (the “Resolution”) requires the applicable District to transfer to the Trustee certain amounts to be deposited in a special fund from the first Unrestricted Revenues received by such District during specified repayment periods described herein so that the amount on deposit in such fund by the applicable date set forth herein, taking into consideration anticipated investment earnings thereon, is equal to all of the principal and interest due on such Note at maturity, as more fully described herein. The obligation of each District is a several and not a joint obligation and is strictly limited to such District’s repayment obligation under its Resolution and Note. Each District may issue additional tax and revenue anticipation notes on a parity or a subordinate basis to its Note as described herein.

THE BONDS ARE SPECIAL OBLIGATIONS OF THE AUTHORITY PAYABLE SOLELY FROM CERTAIN FUNDS PLEDGED UNDER THE INDENTURE, SUBJECT TO THE PROVISIONS OF THE INDENTURE PERMITTING THE DISBURSEMENT THEREOF FOR OR TO THE PURPOSES AND ON THE CONDITIONS AND TERMS SET FORTH THEREIN.

This cover page contains certain information for general reference only. It is not a summary of all the provisions of the Bonds. Prospective investors are advised to read the entire Official Statement to obtain information essential to the making of an informed investment decision.

The Bonds are offered when, as and if issued and accepted by the Underwriter, subject to the approval of legality by Orrick, Herrington & Sutcliffe LLP, Bond Counsel to the Authority. Certain legal matters will be passed upon for the Underwriter by its counsel, Kutak Rock LLP, and for the Districts by Kutak Rock LLP. The Bonds, in book-entry form only, are expected to be delivered through the facilities of DTC on or about July 11, 2019, in New York, New York.

Dated: ____________, 2019.

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PRICING INFORMATION FOR THE BONDS

$15,810,000*

2019-2020 Bonds, Series A

Maturity Date: June 30, 2020 Price: ____% Interest Rate: ____% Yield: ____% CUSIP No.†: ____

$84,895,000*

2019-2020 Bonds, Series B

Maturity Date: June 30, 2020 Price: ____% Interest Rate: ____% Yield: ____% CUSIP No. †: ____

$20,000,000*

2019-2020 Bonds, Series C

Maturity Date: May 29, 2020 Price: ____% Interest Rate: ____% Yield: ____% CUSIP No. †: ____

* Preliminary; subject to change. † CUSIP® is a registered trademark of the American Bankers Association. CUSIP Global Services (CGS) is managed on behalf of the American Bankers Association by S&P Global Market Intelligence. Copyright© 2019 CUSIP Global Services. All rights reserved. CUSIP® data herein is provided by CGS. This data is not intended to create a database and does not serve in any way as a substitute for the CGS database. CUSIP® numbers are provided for convenience of reference only. Neither the Underwriter, the Authority nor the Districts assumes responsibility for the accuracy of such numbers. Neither the Underwriter, the Authority nor the Districts are responsible for the selection or correctness of the CUSIP numbers set forth herein.


Kelli Hays, Chair

Latasha Jamal, Treasurer

Adam Rauch, Secretary

PROFESSIONAL SERVICES

Bond CounselOrrick, Herrington & Sutcliffe LLP

San Francisco, California

Financial Advisor Dale Scott & Company

San Francisco, California

Underwriter Piper Jaffray & Co.

El Segundo, California

Underwriter’s Counsel Kutak Rock LLP Denver, Colorado

Trustee U.S. Bank, National Association

Los Angeles, California

No broker, dealer, sales representative or other person has been authorized to give any information or to make any representations other than those contained in this Official Statement in connection with the offering made hereby and, if given or made, such information or representations must not be relied upon as having been authorized by the Authority, the Districts, the Financial Advisor or the Underwriter. The information and expressions of opinions herein are subject to change without notice and neither the delivery of this Official Statement nor any sale hereunder shall under any circumstances create any implication that there has been no change in the affairs of the Authority or any District since the date hereof. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Bonds in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The information contained in this Official Statement has been obtained from the Districts and other sources believed by the Underwriter to be reliable, but it is not guaranteed as to accuracy or completeness and is not to be construed as a representation by the Underwriter, by the Financial Advisor, by the Authority or by any District. This Official Statement is submitted in connection with the sale of the Bonds referred to herein and may not be reproduced or used, in whole or in part, for any other purpose.

The Underwriter has provided the following sentence for inclusion in this Official Statement: The Underwriter has reviewed the information in this Official Statement in accordance with, and as part of, its responsibilities to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriter does not guarantee the accuracy or completeness of such information.

This Official Statement is not to be construed as a contract with the purchasers of the Bonds. Statements contained in this Official Statement which involve estimates, forecasts or matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as a representation of facts.

IN CONNECTION WITH THIS OFFERING, THE UNDERWRITER MAY OVERALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. THE UNDERWRITER MAY OFFER AND SELL THE BONDS TO CERTAIN SECURITIES DEALERS AND DEALER BANKS AND BANKS ACTING AS AGENT AT PRICES LOWER THAN THE PUBLIC OFFERING PRICES STATED ON THE INSIDE COVER PAGE AND SAID PUBLIC OFFERING PRICES MAY BE CHANGED FROM TIME TO TIME BY THE UNDERWRITER.

Piper Jaffray & Co. Since 1895. Member SIPC and FINRA.

Table of Contents

Page Page

INTRODUCTORY STATEMENT ................... 1

The Program ................................................. 1 The Series A Bonds ...................................... 1 The Series B Bonds ...................................... 2 The Series C Bonds ...................................... 2 Participating Districts ................................... 2 The Notes ...................................................... 3 Security for the Notes ................................... 3 Investment of Note Proceeds and

Repayments ................................................ 3 Sizing of Notes ............................................. 4 Limited Obligations ...................................... 4 Additional Notes ........................................... 4 Additional Bonds .......................................... 5 Professionals Involved in the

Offering ...................................................... 5 Additional Information ................................. 5

DESCRIPTION OF THE BONDS .................... 5

Authority for Issuance .................................. 5 Denominations; Payments of

Principal and Interest.................................. 6 Registration of Bonds ................................... 6 No Redemption Prior to Maturity ................. 6 Book-Entry-Only System ............................. 6

SECURITY AND SOURCE OF PAYMENT FOR THE BONDS ...................... 9

The Bonds ..................................................... 9 Additional Bonds .......................................... 9 Additional Notes ........................................... 9 The Notes .................................................... 11 Deposit and Pledge of Notes ....................... 12 Note Repayment Periods ............................ 14 Defaulted Notes .......................................... 15

THE AUTHORITY ......................................... 16 APPLICATION OF PROCEEDS .................... 16 INVESTMENT OF DISTRICT FUNDS ......... 16

General ........................................................ 16 County Investment Pools ............................ 17

PARTICIPATING DISTRICTS ...................... 18 TAX EXEMPTION ......................................... 20 ABSENCE OF LITIGATION ......................... 22 FORWARD LOOKING

STATEMENTS ............................................. 22 RATINGS ........................................................ 22 UNDERWRITING .......................................... 23 CERTAIN LEGAL MATTERS....................... 23

TRUSTEE ........................................................ 23 CONTINUING DISCLOSURE ....................... 24 EXECUTION AND DELIVERY .................... 27

APPENDIX A SUMMARY OF LEGAL DOCUMENTS

APPENDIX B GENERAL DISTRICT FINANCIAL INFORMATION

APPENDIX C CERTAIN BACKGROUND INFORMATION AND PROJECTED CASH FLOWS OF THE DISTRICTS

APPENDIX D COVERAGE ANALYSIS

APPENDIX E PROPOSED FORMS OF BOND COUNSEL OPINIONS

OFFICIAL STATEMENT

Relating to


$15,810,000*

2019-2020 BONDS

SERIES A

$84,895,000*

2019-2020 BONDS

SERIES B

$20,000,000*

2019-2020 BONDS

SERIES C

(Sponsored by California School Boards Association Finance Corporation)

INTRODUCTORY STATEMENT

This Official Statement, including the cover page and appendices hereto (this “Official Statement”), sets forth certain information concerning the California School Cash Reserve Program Authority 2019-2020 Bonds, Series A (the “Series A Bonds”) in the aggregate principal amount of $15,810,000*, the California School Cash Reserve Program Authority 2019-2020 Bonds, Series B (the “Series B Bonds”) in the aggregate principal amount of $84,895,000*, and the California School Cash Reserve Program Authority 2019-2020 Bonds, Series C (the “Series C Bonds,” and together with the Series A Bonds and the Series B Bonds, the “Bonds”) in the aggregate principal amount of $20,000,000*.

This Introductory Statement is not a summary of this Official Statement. It is only a brief description of and guide to, and is qualified by, more complete and detailed information contained in the entire Official Statement, including the cover page and appendices hereto, and the documents summarized or described herein. A full review should be made of the entire Official Statement. The offering of the Bonds to potential investors is made only by means of the entire Official Statement.

The Program

Pursuant to the California School Cash Reserve Program (the “Program”), participating school districts, county boards of education and community college districts in the State of California (the “State”) simultaneously issue their tax and revenue anticipation notes which are then purchased with proceeds of one or more series of bonds of the same maturity to be issued by the California School Cash Reserve Program Authority (the “Authority”). The Bonds are authorized to be issued by the Authority pursuant to the provisions of Article 4, Chapter 5, Division 7, Title 1 of the California Government Code, and pursuant to the provisions of an Indenture dated as of July 1, 2019 (the “Original Indenture”), by and between the Authority and U.S. Bank National Association, as trustee (the “Trustee”), as supplemented by the applicable supplemental indenture. The Original Indenture, as supplemented by the supplemental indentures, is hereinafter referred to as the “Indenture.”

The Series A Bonds

The Authority is issuing the Series A Bonds pursuant to the Original Indenture, by and between the Authority and the Trustee. The net proceeds of the Series A Bonds will be used to purchase certain notes (the “Series A Notes”) issued by certain school districts (the “Series A Districts”) as described herein under the caption “PARTICIPATING DISTRICTS.” Pursuant to the Original Indenture, the Series A Notes will be assigned to the Trustee for the benefit of the registered owners (the “Owners”) of the

* Preliminary; subject to change.

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Series A Bonds. The required payment by all Series A Districts of the aggregate principal of and interest due on all of the Series A Notes when due is structured to be sufficient to pay all principal of and interest on the Series A Bonds when due. Except as otherwise required by the Indenture, amounts received by the Trustee from the repayment of principal of and interest on the Series A Notes will be applied to repay all of the principal of and interest on the Series A Bonds. See “SECURITY AND SOURCE OF PAYMENT FOR THE BONDS—The Bonds” herein.

The Series B Bonds

The Authority is issuing the Series B Bonds pursuant to the Original Indenture, as supplemented by a First Supplemental Indenture dated as of July 1, 2019 (the “First Supplemental Indenture”), by and between the Authority and the Trustee. The net proceeds of the Series B Bonds will be used to purchase certain notes (the “Series B Notes”) issued by certain school districts and a community college district (the “Series B Districts”) as described herein under the caption “PARTICIPATING DISTRICTS.” Pursuant to the Original Indenture and the First Supplemental Indenture, the Series B Notes will be assigned to the Trustee for the benefit of the Owners of the Series B Bonds. The required payment by all Series B Districts of the aggregate principal of and interest due on all of the Series B Notes when due is structured to be sufficient to pay all principal of and interest on the Series B Bonds when due. Except as otherwise required by the Indenture, amounts received by the Trustee from the repayment of principal of and interest on the Series B Notes will be applied to repay all of the principal of and interest on the Series B Bonds. See “SECURITY AND SOURCE OF PAYMENT FOR THE BONDS—The Bonds” herein.

The Series C Bonds

The Authority is issuing the Series C Bonds pursuant to the Original Indenture, as supplemented by a Second Supplemental Indenture dated as of July 1, 2019 (the “Second Supplemental Indenture”) by and between the Authority and the Trustee. The net proceeds of the Series C Bonds will be used to purchase a note (the “Series C Note,” and together with the Series A Notes and the Series B Notes, the “Notes”) issued by a school district (the “Series C District,” and together with the Series A Districts and the Series B Districts, the “Districts”) as described herein under the caption “PARTICIPATING DISTRICTS.” Pursuant to the Original Indenture and the Second Supplemental Indenture, the Series C Note will be assigned to the Trustee for the benefit of the Owners of the Series C Bonds. The required payment by the Series C District of the principal of and interest due on the Series C Note when due is structured to be sufficient to pay all principal of and interest on the Series C Bonds when due. Except as otherwise required by the Indenture, amounts received by the Trustee from the repayment of principal of and interest on the Series C Note will be applied to repay all of the principal of and interest on the Series C Bonds. See “SECURITY AND SOURCE OF PAYMENT FOR THE BONDS—The Bonds” herein.

Participating Districts

For a list of the names of the Districts and the principal amount of the Note expected to be issued by each District, see “PARTICIPATING DISTRICTS” herein. See “APPENDIX C—CERTAIN BACKGROUND INFORMATION AND PROJECTED CASH FLOWS OF DISTRICTS” and “APPENDIX D—COVERAGE ANALYSIS” for a summary of certain information respecting each District.

Depending on market conditions at pricing, one or more of the Notes may be purchased with proceeds of a separate series of bonds issued by the Authority pursuant to the terms of the Original Indenture and the applicable supplemental indenture. In addition, one or more school districts, community college districts or county boards of education not listed herein may be added as an issuer of a Series A Note, a Series B Note or a Series C Note. In either case, a supplement to this Preliminary

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Official Statement shall be distributed setting forth any changes being made to the composition of the Districts issuing Notes to be purchased with proceeds of a particular series of Bonds.

The Notes

Each Note of each District is issued under the authority of Article 7.6, Chapter 4, Part 1, Division 2, Title 5 (commencing with Section 53850) of the California Government Code (the “Act”) and pursuant to a resolution of issuance adopted by the governing board of each such District and, in certain situations in which such District has not established fiscal accountability status, at the election of the Board of Supervisors of the county in which such District is located, a resolution of issuance adopted by such Board of Supervisors (collectively, as may be amended, the “Resolution”). If the Board of Supervisors of the county in which such District is located elects not to adopt a resolution of issuance, the Note of such District will be issued pursuant to the resolution of issuance originally adopted by the District. The issuance of the Note of each District is expected to provide moneys to anticipate taxes, income, revenue, cash receipts and other moneys provided for the fiscal year which begins on July 1, 2019 and will end on June 30, 2020 (the “Fiscal Year 2019-2020”), which will be received by or accrue to each District for its general fund during such Fiscal Year 2019-2020.

Security for the Notes

In accordance with California law, the Note of each District is payable from the taxes, income, revenue (including, but not limited to, revenue from the State and federal governments), cash receipts and other moneys provided for Fiscal Year 2019-2020 which will be received by or will accrue to the District during such fiscal year for its general fund and which are lawfully available for the payment of current expenses and other obligations of the District (the “Unrestricted Revenues”). As security for the payment of the principal of and interest on its Note, each District has pledged the first Unrestricted Revenues to be received by such District in the repayment periods (each individual period a “Repayment Period” and collectively, if more than one Repayment Period, “Repayment Periods”) and amounts specified herein (the “Pledged Revenues”). As provided in Section 53856 of the California Government Code, except as otherwise described in the Resolution of such District, the Note of each District and the interest thereon, will be a first lien and charge against, and will be payable from the first moneys received by the District from, the Pledged Revenues of such District. To the extent not so paid, each Note shall be paid from any other moneys of such District lawfully available therefor. Each Resolution requires the applicable District to transfer to the Trustee certain amounts to be deposited in a special fund from the first Unrestricted Revenues received by such District during the Repayment Period or Repayment Periods, as applicable, described herein so that the amount on deposit in such fund by the end of such Repayment Period or Repayment Periods, as applicable, taking into consideration anticipated investment earnings thereon, is equal to all of the principal and interest due on such Note at maturity, as more fully described herein. See “SECURITY AND SOURCE OF PAYMENT FOR THE BONDS—The Notes” herein.

Investment of Note Proceeds and Repayments

It is anticipated that all of the Districts will invest their respective Note proceeds and repayments in their respective county investment pools. See “INVESTMENT OF DISTRICT FUNDS—County Investment Pools” herein. Districts are also permitted to invest their Note proceeds and repayments in other Permitted Investments. See “APPENDIX A—SUMMARY OF LEGAL DOCUMENTS—DEFINITIONS OF CERTAIN TERMS” herein for the definition of “Permitted Investments.” Although the Districts are obligated to pay principal of and interest on their Notes, on their respective maturity dates as described herein under “SECURITY AND SOURCE OF PAYMENT FOR THE BONDS,” if there is a payment default in connection with any of the applicable investments, there may not be sufficient funds in

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the Payment Accounts attributable to the Notes in the Bond Payment Fund on the maturity date to pay all of the principal of and interest on the corresponding series of Bonds.

Sizing of Notes

As part of the sizing of each District’s Note, each District is required to project the amount and timing of anticipated cash flow deficits, and most Districts are allowed to size their Notes for the amount of a reasonable working capital reserve permitted under federal tax law. A District’s anticipated deficits are only projections based upon such District’s expectations as of the date of issuance of its Note. A District may experience actual revenues, expenditures or deficits that differ from the projections. It is likely that some Districts may not actually experience a projected cash flow deficit and, thus, may not spend any of their Note proceeds. Other Districts that do experience some level of deficits may need to spend only a portion of their Note proceeds to meet the actual deficit or may not need to spend all of the portion of their Note proceeds attributable to the sizing of a reasonably required working capital reserve. In addition, some Districts may not spend any of their Note proceeds even if they experience a deficit, because such Districts may use an alternative method of funding such deficit, especially if such deficit is for a short period of time, or such Districts may adopt an accounting allocation method permitted under federal tax law that does not require an actual expenditure of its Note proceeds. See “APPENDIX C—CERTAIN BACKGROUND INFORMATION AND PROJECTED CASH FLOWS OF DISTRICTS” herein for the projected cash flows prepared by each District. The estimates of amounts and timing of receipts and disbursements in the projected cash flow tables in Appendix C are based on certain assumptions and should not be construed as statements of fact. The assumptions are based on currently available information and may be affected by numerous factors and there can be no assurance that such estimates will actually be achieved.

Limited Obligations

THE BONDS ARE SPECIAL OBLIGATIONS OF THE AUTHORITY PAYABLE SOLELY FROM CERTAIN FUNDS PLEDGED UNDER THE INDENTURE, SUBJECT TO THE PROVISIONS OF THE INDENTURE PERMITTING THE DISBURSEMENT THEREOF FOR OR TO THE PURPOSES AND ON THE CONDITIONS AND TERMS SET FORTH THEREIN. EXCEPT AS OTHERWISE REQUIRED BY THE INDENTURE, AMOUNTS RECEIVED BY THE TRUSTEE FROM THE REPAYMENT OF ONE POOL OF NOTES WILL BE APPLIED SOLELY TO REPAY THE RELATED SERIES OF BONDS, AND NOT TO THE REPAYMENT OF ANY UNRELATED SERIES OF BONDS OF THE AUTHORITY. NO DISTRICT HAS ANY OBLIGATION TO PAY THE PRINCIPAL OF OR INTEREST ON THE NOTE OF ANY OTHER DISTRICT. THE OBLIGATION OF EACH DISTRICT IS A SEVERAL AND NOT A JOINT OBLIGATION AND IS STRICTLY LIMITED TO SUCH DISTRICT’S REPAYMENT OBLIGATION UNDER ITS RESOLUTION AND NOTE. SEE “SECURITY AND SOURCE OF PAYMENT FOR THE BONDS” HEREIN.

Additional Notes

Each District may issue one or more additional series of tax and revenue anticipation notes during Fiscal Year 2019-2020 which are payable on either a parity basis (together with its Note, the “Senior Notes”) or a subordinate basis (the “Subordinate Notes”) to its Note (such additional notes collectively referred to herein as “Additional Notes”). See “SECURITY AND SOURCE OF PAYMENT FOR THE BONDS—Additional Notes” for the conditions imposed upon each District under its Resolution for the issuance of Additional Notes.

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Additional Bonds

Upon satisfaction of certain provisions of the Indenture, the Authority may issue one or more additional series of bonds (the “Additional Bonds”) pursuant to a supplemental indenture or a separate indenture. The Additional Bonds, if any, will be payable from and secured by a pledge and assignment of a separate pool of tax and revenue anticipation notes issued by certain school districts and community college districts, some of which may be Districts that have previously issued Notes. See “SECURITY AND SOURCE OF PAYMENT FOR THE BONDS—Additional Bonds” and “THE AUTHORITY.”

Professionals Involved in the Offering

Orrick, Herrington & Sutcliffe LLP, San Francisco, California, is acting as Bond Counsel to the Authority with respect to the Bonds. Orrick, Herrington & Sutcliffe LLP, will receive compensation from the Authority contingent upon the sale and delivery of the Bonds. Certain matters will be passed on for the Underwriter (defined herein) by Kutak Rock LLP, Denver, Colorado, as Underwriter’s Counsel. Kutak Rock LLP will also issue its special opinion with respect to the issuance of the Notes by the Districts. Dale Scott & Company, San Francisco, California, is acting as Financial Advisor to the Authority with respect to the Bonds. Dale Scott & Company has, in the past five years, made monetary donations to the following Districts: Pacific Grove Unified (a Series A District), Golden Valley Unified (a Series B District) and Ventura Unified (a Series C District). Kutak Rock LLP and Dale Scott & Company will receive compensation contingent upon the sale and delivery of the Bonds.

Additional Information

All capitalized words, unless otherwise defined herein, shall have the meanings set forth in “SUMMARY OF LEGAL DOCUMENTS—DEFINITIONS OF CERTAIN TERMS” in Appendix A hereto.

Brief descriptions or summaries of the Authority, the Districts, the Notes, the Bonds, the Indenture, the standard form of the Resolution and other documents, agreements and statutes are included in this Official Statement. The summaries or references herein to the Indenture, the Notes, the standard form of the Resolution and other documents, agreements and statutes referred to herein and the description of the Bonds included herein, do not purport to be comprehensive or definitive, and such summaries, references and descriptions are qualified in their entireties by reference to such documents, and the description herein of the Bonds is qualified in its entirety by reference to the form thereof and the information with respect thereto included in the aforesaid documents. Copies of such documents are available upon request during the initial offering period from Piper Jaffray & Co., 2321 Rosecrans Avenue, Suite 3200, El Segundo, California 90245, Attention: Public Finance, and thereafter from U.S. Bank National Association, 633 West Fifth Street, 24th Floor, Los Angeles, California 90071, Attention: Corporate Trust Department (the “Principal Office”).

DESCRIPTION OF THE BONDS

Authority for Issuance

The Authority was formed pursuant to a Joint Exercise of Powers Agreement entered into pursuant to the provisions of Article 1, Chapter 5, Division 7, Title 1 of the California Government Code. See “THE AUTHORITY” herein. The Bonds are being issued by the Authority pursuant to the provisions of Article 4, Chapter 5, Division 7, Title 1 of the California Government Code and the Indenture.

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Denominations; Payments of Principal and Interest

The Bonds shall be prepared in the form of fully registered bonds and, when issued, will be registered in the name of Cede & Co., as registered owner of the Bonds and nominee of The Depository Trust Company, New York, New York (“DTC”). DTC will act as securities depository for the Bonds. Individual purchases may be made in book-entry form only in denominations of $5,000 or any integral multiple thereof. Purchasers will not receive certificates representing their interest in the Bonds purchased. So long as Cede & Co. is the registered owner of the Bonds, as nominee of DTC, references herein to the Owners of the Bonds or registered owners shall mean Cede & Co. and shall not mean the Beneficial Owners (as defined herein) of the Bonds.

The Bonds will be dated the date of initial delivery and execution thereof, and bear interest from the date of their initial issuance, with interest payable at maturity. The Series A Bonds shall mature on June 30, 2020. The Series B Bonds shall mature on June 30, 2020. The Series C Bonds shall mature on May 29, 2020. The Bonds shall bear interest at the rate of ____% per annum. So long as Cede & Co. is the registered owner of the Bonds, the principal of and interest on the Bonds will be payable when due by wire transfer by the Trustee, as paying agent, to Cede & Co., as nominee for DTC, which is expected, in turn, to remit such amounts to the DTC Participants (as defined herein) for subsequent disbursement to the Beneficial Owners. See “—Book-Entry-Only System” below. Interest payable on the Bonds will be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Registration of Bonds

The Trustee is required to maintain registration books at its Principal Office for the registration of ownership, transfer and exchange of Bonds. The Trustee may deem and treat the registered owner of any Bond as the absolute owner thereof for all purposes.

No Redemption Prior to Maturity

Neither the Bonds nor the Notes are subject to redemption prior to maturity.

Book-Entry-Only System

The following information concerning DTC and DTC’s book-entry system is based solely on information provided by DTC. Accordingly, no representations can be made concerning these matters, and neither the DTC Direct Participants and Indirect Participants (each as defined below and collectively, the “DTC Participants”) nor the Beneficial Owners should rely on the foregoing information with respect to such matters, but should instead confirm the same with DTC or the DTC Participants, as the case may be. The current “Rules” applicable to DTC are on file with the U.S. Securities and Exchange Commission and the current “Procedures” of DTC to be followed in dealing with DTC Participants are on file with DTC.

DTC will act as securities depository for the Bonds. The Bonds will be issued as fully-registered securities registered in the name of Cede & Co. (DTC’s partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully registered Bond certificate will be issued for each series of the Bonds in the aggregate principal amount of such series of Bonds and will be deposited with DTC.

DTC, the world’s largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing corporation” within the meaning of

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the New York Uniform Commercial Code and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC’s participants (“Direct Participants”) deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants’ accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (the “Indirect Participants”). DTC has a Standard & Poor’s credit rating of AA+. The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com and www.dtc.org.

Purchases of Bonds under the DTC system must be made by or through Direct Participants, which will receive a credit for the Bonds on DTC’s records. The ownership interest of each actual purchaser of each Bond (“Beneficial Owner”) is in turn to be recorded on the Direct and Indirect Participants’ records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners, however, are expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Bonds are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive bonds representing their ownership interests in the Bonds, except in the event that use of the book-entry system for the Bonds is discontinued.

To facilitate subsequent transfers, all Bonds deposited by Direct Participants with DTC are registered in the name of DTC’s partnership nominee, Cede & Co. or such other name as may be requested by an authorized representative of DTC. The deposit of Bonds with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Bonds; DTC’s records reflect only the identity of the Direct Participants to whose accounts such Bonds are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers.

Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Beneficial Owners of the Bonds may wish to take certain steps to augment the transmission to them of notices of significant events with respect to the Bonds, such as redemptions, tenders, defaults, and proposed amendments to the Bond and Note Documents. For example, Beneficial Owners of the Bonds may wish to ascertain that the nominee holding the Bonds for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to the registrar and request that copies of notices be provided directly to them.

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Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to the Bonds unless authorized by a Direct Participant in accordance with DTC’s MMI Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to the Trustee as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.’s consenting or voting rights to those Direct Participants to whose accounts the Bonds are credited on the record date (identified in a listing attached to the Omnibus Proxy).

Principal of and interest payments on the Bonds will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC’s practice is to credit Direct Participants’ accounts upon DTC’s receipt of funds and corresponding detail information from the Trustee on the payable date in accordance with their respective holdings shown on DTC’s records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in “street name,” and will be the responsibility of such Participant and not of DTC, the Trustee or the Districts, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of principal and interest to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of the Authority or Trustee, disbursement of such payments to Direct Participants shall be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners shall be the responsibility of Direct and Indirect Participants.

NEITHER THE AUTHORITY NOR THE TRUSTEE WILL HAVE ANY RESPONSIBILITY OR OBLIGATION TO DTC PARTICIPANTS, INDIRECT PARTICIPANTS OR BENEFICIAL OWNERS WITH RESPECT TO THE PAYMENTS OR THE PROVIDING OF NOTICE TO DTC PARTICIPANTS, INDIRECT PARTICIPANTS OR BENEFICIAL OWNERS.

DTC may discontinue providing its services as depository with respect to the Bonds at any time by giving reasonable notice to the Authority or the Trustee. Under such circumstances, in the event that a successor depository is not obtained, the Bonds are required to be printed and delivered.

The Authority may decide to discontinue use of the system of book-entry-only transfers through DTC (or a successor securities depository). In that event, Bonds will be printed and delivered as described in the Indenture.

The information in this section concerning DTC and DTC’s book-entry system has been obtained from sources that the Authority believes to be reliable, but the Authority takes no responsibility for the accuracy thereof.

THE AUTHORITY CANNOT AND DOES NOT GIVE ANY ASSURANCES THAT DTC, DIRECT PARTICIPANTS OR INDIRECT PARTICIPANTS WILL DISTRIBUTE TO THE BENEFICIAL OWNERS OR INDIRECT PARTICIPANTS, PAYMENTS ON THE BONDS PAID TO DTC OR ITS NOMINEE AS THE REGISTERED OWNER, OR ANY NOTICES SENT TO DTC OR ITS NOMINEE, OR THAT THEY WILL DO SO ON A TIMELY BASIS, OR THAT DTC WILL SERVE AND ACT IN THE MANNER DESCRIBED IN THIS OFFICIAL STATEMENT. THE AUTHORITY IS NOT RESPONSIBLE OR LIABLE FOR THE FAILURE OF DTC OR ANY PARTICIPANT TO MAKE ANY PAYMENTS OR GIVE ANY NOTICE TO A BENEFICIAL OWNER WITH RESPECT TO THE BONDS OR ANY ERROR OR DELAY RELATING THERETO.

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SECURITY AND SOURCE OF PAYMENT FOR THE BONDS

The Bonds

Subject to the provisions of the Indenture permitting the application thereof for or to the purposes and on the terms and conditions set forth therein, all right, title and interest of the Authority in each pool of the Notes assigned to a series of Bonds and all payments made on all of the Notes of such pool are irrevocably assigned and pledged and transferred to the Trustee for the benefit of the respective Owners of the corresponding series of the Bonds and, as applicable, subject to the payment priority provisions described below under “—The Notes,” the payments on each series of the Notes of such a pool of Notes shall be used for the punctual payment of principal of and interest on such corresponding series of Bonds. The aggregate principal of and interest due on each pool of Notes when due is structured to be sufficient to pay all principal of and interest on the corresponding series of Bonds when due.

Additional Bonds

Pursuant to the Indenture, the Authority may at any time issue one or more series of Additional Bonds pursuant to a supplemental indenture, secured by and payable from one or more additional pools of additional notes issued by some or all of the Districts and/or other school districts, county offices of education and community college districts which are separate and distinct from each pool of Notes securing each corresponding series of Bonds.

Additional Notes

Each District (or the county on its behalf, as applicable) may at any time issue pursuant to its Resolution, one or more series of Additional Notes consisting of Senior Notes or Subordinate Notes, subject in each case to the following specific conditions, which are conditions precedent to the issuance of any such series of Additional Notes:

(1) The District shall not have issued any tax and revenue anticipation notes relating to the 2019-2020 Fiscal Year except (a) in connection with the Program under its Resolution, or (b) notes secured by a pledge of its Unrestricted Revenues that is subordinate in all respects to the pledge of Unrestricted Revenues under its Resolution; the District shall be in compliance with all agreements and covenants contained in its Resolution; and no Event of Default shall have occurred and be continuing with respect to its Note or any such outstanding previously issued notes or series of Additional Notes.

(2) The aggregate principal amount of its Note and Additional Notes issued and at any time outstanding under its Resolution shall not exceed any limit imposed by law, by its Resolution or by any resolution of the Board of such District amending or supplementing its Resolution (each a “Supplemental Resolution”).

(3) Whenever the District shall determine to issue, execute and deliver any Additional Notes pursuant to its Resolution, the principal amount of its Additional Notes, when added to the principal amounts of its Note and Additional Notes previously issued by the District, would exceed the maximum amount authorized by its Resolution, the District shall adopt a Supplemental Resolution amending its Resolution to increase the maximum amount of borrowing as appropriate. The Supplemental Resolution may contain any other provision authorized or not prohibited by its Resolution relating to such Additional Notes.

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(4) The District may issue a series of Additional Notes that are Senior Notes payable on a parity with its Note and all other series of Senior Notes of the District or that are Subordinate Notes payable on a parity with one or more series of outstanding Subordinate Notes, only if it obtains (a) the consent of each credit provider, if any, relating to each previously issued series of Additional Notes that will be on a parity with such series of Additional Notes, and (b) evidence that no rating then in effect with respect to any outstanding series of Bonds or series of Additional Bonds, as applicable, from a Rating Agency will be withdrawn, reduced, or suspended solely as a result of the issuance of such series of Additional Notes (a “Rating Confirmation”). Except as provided in its Resolution, the District may issue one or more Series of Additional Notes that are subordinate to its Note and all previously issued series of Additional Notes of the District without any credit provider consent or a Rating Confirmation. The District may issue tax and revenue anticipation notes other than in connection with the Program under its Resolution only if such notes are secured by a pledge of its unrestricted revenues that is subordinate in all respects to the pledge of Unrestricted Revenues under its Resolution.

(5) Before such Additional Notes shall be issued, the District shall file or cause to be filed the following documents with the Trustee:

(a) An opinion of counsel to the District to the effect that (A) such Additional Notes constitute the valid and binding obligations of the District, (B) such Additional Notes are special obligations of the District and are payable from the moneys pledged to the payment thereof in its Resolution, and (C) the applicable Supplemental Resolution, if any, has been duly adopted by the District.

(b) A certificate of the District certifying as to the incumbency of its officers and stating that the requirements set forth above have been met.

(c) A certified copy of its Resolution and any applicable Supplemental Resolution.

(d) If its Resolution was amended by a Supplemental Resolution to increase the maximum amount of borrowing, the resolution of the applicable County Board of Supervisors approving such increase in the maximum amount of borrowing and the issuance of such Additional Notes, or evidence that such County Board of Supervisors has elected to not issue such Additional Notes.

(e) An executed counterpart or duly authenticated copy of the applicable purchase agreement with respect to the series of Additional Notes.

(f) A Pricing Confirmation relating to the series of Additional Notes duly executed by an authorized officer of the District.

(g) The series of Additional Notes duly executed by the applicable County representatives, or executed by the applicable authorized officers of the District if the County shall have declined to issue the series of Additional Notes in the name of the District, either in connection with the initial issuance of the Notes or in connection with any Supplemental Resolution increasing the maximum amount of borrowing.

(h) If the Additional Notes are to be parity Senior Notes or parity Subordinate Notes, consent of any credit provider required pursuant to paragraph (4)(a) above and the Rating Confirmations required pursuant to paragraph (4)(b) above.

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The Notes

Each Note of each District is issued under the authority of the Act and pursuant to such District’s Resolution. The issuance of each Note is expected to provide moneys to anticipate taxes, income, revenue, cash receipts and other moneys provided for Fiscal Year 2019-2020 which will be received by or accrued to each District for its general fund during such Fiscal Year 2019-2020. Pursuant to the Original Indenture and each applicable Supplemental Indenture, each Note of each District will be purchased with proceeds of the respective series of Bonds and irrevocably deposited with and pledged and transferred to the Trustee for the benefit of the Owners of such series of Bonds. For a list of the names of the Districts, the Notes issued by each of the Districts, and the principal amount of the Notes being issued by each of the Districts, see “PARTICIPATING DISTRICTS” herein.

The principal amount of each Note of a District, together with the interest thereon, shall be payable from the Unrestricted Revenue of such District. As security for the payment of the principal of and interest on its Note, subject to the payment priority provisions of such District’s Resolution, each District has pledged the Pledged Revenues of such District in the Repayment Periods, as further specified herein. As provided in Section 53856 of the California Government Code, except as otherwise described in the Resolution of the District, the Note of each District and the interest thereon, will be a first lien and charge against, and will be payable from the first moneys received by the District from, the Pledged Revenues of such District, subject to the payment priority provisions of such District’s Resolution as described below.

In order to effect, in part, this pledge, each District agrees under its Resolution to the establishment and maintenance of a Payment Account related to its Note and, if applicable, a separate Payment Account related to each Series of Additional Notes, by the Trustee under the Indenture, as the responsible agent to maintain such fund until the payment of the principal of and interest on such District’s Note, and, if applicable, its Additional Notes. Each District agrees under its Resolution to cause to be deposited (and shall request specific amounts from the District’s funds on deposit with the District’s county treasurer for such purpose) directly therein the first Unrestricted Revenues received in each Repayment Period as described under the caption “SECURITY AND SOURCE OF PAYMENT FOR THE BONDS—Note Repayment Periods” herein with respect to each such District’s Note and any Unrestricted Revenues received thereafter until the amount on deposit in the Payment Account related to its Note, taking into consideration anticipated investment earnings thereon to be received by the maturity of such Note, is equal in the respective Repayment Periods applicable to such District to the percentage of the principal and interest due on such Note at maturity applicable to such District as described under the caption “SECURITY AND SOURCE OF PAYMENT FOR THE BONDS—Note Repayment Periods.”

If a District issues one or more series of Additional Notes, each District also agrees under its Resolution to cause to be deposited directly in each Payment Account a pro rata share of the first amounts received in the Repayment Periods applicable thereto until the amount on deposit in each Payment Account, taking into consideration anticipated investment earnings thereon to be received by the maturity date applicable to the Note and respective series of Additional Notes is equal in the respective Repayment Periods applicable to the Note and such series of Additional Notes to the percentages of the principal of and interest due with respect to the Note and such series of Additional Notes; provided that such deposits shall be made in the following order of priority: first, pro rata to the Payment Account or Accounts attributable to any series of Senior Notes; second, pro rata to the Payment Account or Accounts attributable to any series of Subordinate Notes (except for any series of Subordinate Notes described in the next clause); and thereafter, to the Payment Account or Accounts attributable to another series of Subordinate Notes that have been further subordinated to previously issued series of Subordinate Notes, in such order of priority.

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With respect to each series of Additional Notes, the length of any individual Repayment Period determined in the related Pricing Confirmation shall not exceed the greater of three (3) consecutive calendar months or ninety (90) days and the number of Repayment Periods determined in the related Pricing Confirmation shall not exceed six; provided that the first Repayment Period of any series of Subordinate Notes shall not occur prior to the end of the last Repayment Period of any outstanding series of Notes or Additional Notes of a higher priority without the consent of the credit provider, if any, for such outstanding Additional Notes of a higher priority; provided further, that if the first Repayment Period of any series of Subordinate Notes overlaps the last Repayment Period of the Notes or any series of Additional Notes of a higher priority, no deposits shall be made in the Payment Account of such Subordinate Notes until all required amounts shall have been deposited into the Payment Accounts of the Note and all outstanding series of Additional Notes of a higher priority without the consent of the credit provider, if any, for such outstanding series of Additional Notes.

In the event that on the fifth Business Day prior to the end of each Repayment Period (or such other day of each Repayment Period designated in the Pricing Confirmation applicable to a series of Additional Notes), a District has not received sufficient Unrestricted Revenues to permit the deposit into its Payment Account attributable to its Note and any Payment Accounts attributed to its Additional Notes of the full amount of Pledged Revenues to be deposited in such Payment Account from its Unrestricted Revenues in such Repayment Period, then the amount of any deficiency shall be satisfied and made up from any other moneys of such District lawfully available for the payment of the principal of its Note, its Additional Notes, if any, and the interest thereon, as and when such other moneys are received or are otherwise legally available in the following order of priority: first, pro rata to the Payment Account or Accounts attributable to any series of Senior Notes; second, pro rata to the Payment Account or Accounts attributable to any series of Subordinate Notes (except for any series of Subordinate Notes described in the next clause); and thereafter, to the Payment Account or Accounts attributable to another series of Subordinate Notes that have been further subordinated to previously issued series of Subordinate Notes, in such order of priority.

Subject to the payment priority provisions of each Resolution, any moneys placed in the Payment Account of (i) a Series A District attributable to its Series A Note shall be for the benefit of the Owners of the Series A Bonds; (ii) a Series B District attributable to its Series B Note shall be for the benefit of the Owners of the Series B Bonds; and (iii) a Series C District attributable to its Series C Note shall be for the benefit of the Owners of the Series C Bonds. Subject to the payment priority provisions of each Resolution, the moneys in such Payment Account shall be applied only for the purposes for which such Payment Account is created until the principal of such Note and all interest thereon are paid or until provision has been made for the payment of the principal of the Note at maturity with interest to maturity.

On the maturity date of each Note, the moneys in the Payment Account of each District attributable to its Note shall be transferred by the Trustee to pay the principal of and interest on each such District’s Note when due. In the event that moneys in a District’s Payment Account attributable to its Note or any Additional Note are insufficient to pay the principal of and interest on its Note or any Additional Note in full when due, moneys in such Payment Account, together with moneys in the Payment Accounts of all other outstanding series of Additional Notes issued by such District, shall be applied in the following order of priority with respect to all series of Senior Notes, including the Note: first, to pay interest on such District’s Note and additional Senior Notes, if any, pro rata; and second, to pay principal of such District’s Note and additional Senior Notes, if any, pro rata.

Deposit and Pledge of Notes

Subject to the provisions of the Indenture permitting the application thereof for or to the purposes and on the terms and conditions set forth in such Indenture, (i) all right, title and interest of the Authority

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in each pool of the Notes assigned to Bonds of a series and to all payments made on such pool of Notes, are irrevocably assigned and pledged and transferred to the Trustee for the benefit of the respective Owners of the corresponding series of Bonds, (ii) the payments on each pool of the Notes assigned to Bonds of a series shall be used for the punctual payment of the interest on and principal of its related series of Bonds, and (iii) each pool of the Notes shall not be used for any other purpose (including the payment of any other series of Bonds or other bonds of the Authority, or reimbursements to any credit enhancer related thereto) so long as any of such corresponding series of Bonds secured by such pool of Notes remain Outstanding.

Notwithstanding any other provisions of the Indenture, with regard to a District that has issued Additional Notes, to the extent, on any Interest Payment Date or Principal Payment Date applicable to the District’s Note or Additional Notes, there is a deficiency with respect to the Note or any Additional Notes of such District and to the extent any payment on any Note or Additional Notes of such District is being made from moneys other than the proceeds of its Note or Additional Notes, the Trustee shall apportion all such payments received from such District relating to all of its Notes and Additional Notes in accordance with the priority provisions set forth in such District’s Resolution. See “—The Notes” above.

Subject to the immediately preceding paragraph, and to the extent permitted by law, the assignment, transfer and pledge effected by the Indenture shall constitute a lien on and security interest in the principal and interest payments of and all other rights under the Notes for the foregoing purpose in accordance with the terms of the Indenture and shall attach, be perfected and be valid and binding from and after delivery to the Authority of the Notes. Each District has approved, and the Trustee will accept, such assignment of such District’s Note.

The Districts shall pay directly to the Trustee all principal and interest payments on the Notes. All principal and interest payments on the Notes received by the Trustee shall be held in trust by the Trustee under the terms of the Indenture and shall be deposited by the Trustee, as and when received, in the appropriate Payment Account attributed to each such Note within the Bond Payment Fund established under the Indenture, and all moneys in such Payment Accounts shall be held in trust by the Trustee for the benefit and security of the Owners of the related Series of Bonds to the extent provided in the Indenture.

Moneys in any District’s Payment Account attributed to its Note shall not be used in any manner (directly or indirectly) to make up any deficiency in any other District’s Payment Account.

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Note Repayment Periods

Series A Notes

The Repayment Period or Repayment Periods (as applicable) and applicable percentage of principal of and interest on each Series A District’s Note to be deposited in each Series A District’s Payment Account attributable to its Series A Note (together with anticipated investment earnings thereon to be received by the maturity of such District’s Note) from the first amounts received in such Repayment Period and any amounts received thereafter attributable to Fiscal Year 2019-2020 until such amounts are on deposit are as described below:

Series A Notes for all Series A Districts except for Carpinteria Unified School District and College Elementary School District

Repayment Periods Applicable Percentage

January 1, 2020 through and including January 31, 2020 50% of total principal April 1, 2020 through and including April 30, 2020 100% of total principal and interest due at maturity

Series A Notes for Carpinteria Unified School District and College Elementary School District only

Repayment Period Applicable Percentage

April 1, 2020 through and including April 30, 2020 100% of total principal and interest due at maturity

Series B Notes

The Repayment Period or Repayment Periods (as applicable) and applicable percentage of principal of and interest on each Series B District’s Note to be deposited in each Series B District’s Payment Account attributable to its Series B Note (together with anticipated investment earnings thereon to be received by the maturity of such District’s Note) from the first amounts received in such Repayment Period and any amounts received thereafter attributable to Fiscal Year 2019-2020 until such amounts are on deposit are as described below:

Series B Notes for all Series B Districts except for Amador County Unified School District, Belmont-Redwood Shores Elementary School District and Conejo Valley Unified School District



Series B Notes for Amador County Unified School District, Belmont-Redwood Shores Elementary School District and Conejo Valley Unified School District only

Repayment Period Applicable Percentage

April 1, 2020 through and including April 30, 2020 100% of total principal and interest due at maturity

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Series C Note

The Repayment Periods and applicable percentage of principal of and interest on the Series C District’s Note to be deposited in the Series C District’s Payment Account attributable to its Series C Note (together with anticipated investment earnings thereon to be received by the maturity of such District’s Note) from the first amounts received in such Repayment Period and any amounts received thereafter attributable to Fiscal Year 2019-2020 until such amounts are on deposit are as described below:



On the date of issuance of the Bonds, all of the Districts are expected to invest the proceeds of the sale of the applicable series of Bonds (net of the Costs of Issuance) and repayments on their Notes (i.e., amounts held in or withdrawn from the Proceeds Subaccounts attributable to the Notes in the Proceeds Fund and to be held in the Payment Accounts attributable to the Notes in the Bond Payment Fund) in the respective county investment pools. See “INVESTMENT OF DISTRICT FUNDS—County Investment Pools” herein. In addition, each District may also invest the funds attributable to its Note in other Permitted Investments. See “APPENDIX A—SUMMARY OF LEGAL DOCUMENTS—DEFINITIONS OF CERTAIN TERMS” herein for the definition of “Permitted Investments.” Income derived from the investment of such amounts will be credited to the fund or account from which such investment was made. Although the Districts are obligated to pay principal of and interest on their Notes on the maturity date for the Notes as described herein under “SECURITY AND SOURCE OF PAYMENT FOR THE BONDS,” if there is a payment default in connection with any of the applicable investments, there may not be sufficient funds in the Payment Accounts attributable to the Notes in the Bond Payment Fund on the maturity date to pay all of the principal of and interest on the corresponding series of Bonds.

Defaulted Notes

In the event of default by any District in the payment of any of the principal of or interest on its Note when due, such Note shall be a Defaulted Note and the unpaid portion thereof shall be deemed outstanding and shall not be deemed paid until all amounts due thereon have been paid in full.


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THE AUTHORITY

The California School Cash Reserve Program Authority (the “Authority”) is a joint exercise of powers authority duly organized and existing under and pursuant to that certain Joint Exercise of Powers Agreement, as amended, by and among Newhall Elementary School District, Delano Union School District, Sulphur Springs Union School District and Moorpark Unified School District (collectively, the “Members”), originally dated April 15, 1993, and has the power to issue, sell and deliver bonds for any purpose authorized under Articles 1, 2 and 4 of Chapter 5 of Division 7 of Title 1 of the California Government Code. Since inception, the Program used either certificates of participation or bonds issued by the Authority. For a variety of reasons, in recent years the Program has been structured to provide for the delivery of bonds. If Additional Notes are issued by the Districts, the Resolutions authorize the Authority to issue Additional Bonds. The Bonds do not constitute a lien or charge upon any funds or property of the Authority, except to the extent of the pledge of funds as set forth in the Indenture. The Bonds are not a debt of any District or any Member, and no such District or Member is liable in any manner for the payment thereof.

APPLICATION OF PROCEEDS

The proceeds, including premium, from the sale of the Bonds are anticipated to be used in the aggregate amounts as follows:

Proceeds Fund $ Costs of Issuance* _________ Total $_________ _________ *Includes legal fees, trustee fees, rating agency fees, financial advisor fees and Underwriter’s discount.

INVESTMENT OF DISTRICT FUNDS

General

Education Code Section 41001 et seq. provides that all school district funds, except as otherwise set forth below, shall be deposited into the county treasury to the credit of the proper fund of such district. Education Code Section 41015 provides that funds held in a special reserve fund or any surplus moneys not required for the immediate necessities of such district may be invested in investments specified in Section 16430 or 53601 of the Government Code. In addition, Government Code Section 53853(b) authorizes the Districts to direct the investment of their Note proceeds and amounts held by the Trustee under the Indenture. Accordingly, all funds of the Districts not subject to the exception, including cash receipts and other moneys received by the Districts for deposit to the general fund and other funds not described above of the Districts and attributable to Fiscal Year 2019-2020, are deposited with the applicable county treasury, to remain on deposit therein and generally available for the payment of current expenses and other obligations of the Districts until deposited into such Districts’ respective Proceeds Subaccounts and Payment Accounts.

Sections 27130 through 27137 of the Government Code require the board of supervisors in a county investing surplus funds to establish a treasury oversight committee. In general, the provisions (a) require the treasury oversight committee to consist of between three and 11 members nominated by the treasurer and confirmed by the board of supervisors; (b) prohibit committee members from raising money for the treasurer or the board of supervisors and restrict employment by members of the committee; (c) require the annual preparation of an investment policy to be reviewed and monitored by the treasury oversight committee, which shall include, among other things, a list of the type of securities in which the county treasury may invest and the maximum term of such securities, criteria for the

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selection of securities brokers and dealers, the requirement that the county treasurer provide the oversight committee with an investment report as required by the board of supervisors, the manner of calculating and apportioning costs, and criteria for considering requests to withdraw funds from the county treasury; (d) require performance of an annual audit by the treasury oversight committee to ensure compliance with established investment policies; and (e) permit the treasurer to grant withdrawal requests for the purposes of investing or depositing such funds outside of the treasury pool only upon a finding by the treasurer that the withdrawal will not adversely affect the other depositors in the pool.

In addition, California Government Code provisions establish a trust and fiduciary relationship between the treasurer, those involved in the treasury investment process and the depositors, investors and participants in the treasury. Such provisions adopt the prudent investor standard for investing, establish priorities for public investing (first safety, second liquidity and finally return on the funds invested), place additional limitations on permitted treasury investments, including restricting the use of reverse repurchase agreement and certain derivative instruments, and establish additional reporting requirements for the treasury.

County Investment Pools

Most, if not all, of the Districts have substantial amounts held and invested in the pooled investment fund of the county in which such District is located. All of the Districts are expected to invest the net proceeds of their Notes and certain other funds held by the Trustee in their Proceeds Subaccounts and Payment Accounts attributable to the Notes in their respective county investment pools. In order for the Districts to invest the net proceeds of their Notes deposited into the applicable Proceeds Subaccounts in their respective county investment pools, such Districts will withdraw such invested amounts from their respective Proceeds Subaccounts. Each District must notify Dale Scott & Company of its election to invest such funds prior to the issuance of the Bonds. All of the Districts have indicated that they intend to invest such funds in its respective county investment pool. Copies of the current investment policies of such counties are available upon request during the initial offering period from Dale Scott & Company.

An investment by a county of Note proceeds typically involves a requisition of the entire amount on deposit in a District’s Proceeds Subaccount, with such county treating such amount in the same manner as other funds deposited in such District’s general fund. An investment by a county of amounts required to be on deposit in a District’s Payment Account requires such county to segregate such amount from other funds of such District.

Although State law requires conservative investment standards by county treasuries as described above under “—General,” there can be no assurance that a county investment pool will not suffer significant investment losses.

On December 6, 1994, Orange County, California, filed a petition in bankruptcy. On January 24, 1996, the United States Bankruptcy Court for the Central District of California held in the case of County of Orange v. Merrill Lynch that a State statute providing for a priority of distribution of property held in trust conflicted with, and was preempted by, federal bankruptcy law. In that case, the Court addressed the priority of the disposition of moneys held in a county investment pool upon bankruptcy of the county, but was not required to directly address the State statute that provides for the lien in favor of holders of tax and revenue anticipation notes. The counties within which the Districts are located hold taxes and other revenues that will be set aside and pledged to repay the Notes. Such taxes and other revenues, as well as the proceeds of the Notes, and the payment of funds during the applicable Repayment Periods, are expected to be invested by most, if not all, of the Districts in their respective County Treasury Pool. In the event of a petition for the adjustment of debts of a District under Chapter 9 of the Bankruptcy Code, or in the event of a bankruptcy of a county, a court might hold that the Trustee, as the registered owner of the Note of such District, does not have a valid and prior lien on the proceeds of the Notes, or the Pledged

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Revenues when such amounts are deposited in the applicable County Treasury Pool, and may not provide the Trustee with a priority interest in such amounts. Such amounts may not be available for payment of principal of and interest on such District’s Note unless the Trustee could “trace” the funds which have been deposited in the Treasury Pool. There can be no assurance that the Trustee could successfully so “trace” such invested amounts.

PARTICIPATING DISTRICTS

There are three types of school districts within the State: elementary school districts providing educational services for children in kindergarten through eighth grade in the State, secondary or high school districts providing educational services for children in ninth through twelfth grade in the State, and unified school districts providing educational services for children in kindergarten through twelfth grade in the State. There are 114 community college districts in the State. Each of the 58 counties in the State has established a board of education in such county. The Series A Notes are expected to be issued by three elementary school districts, two unified school districts and one high school district. The Series B Notes are expected to be issued by four elementary school districts, eleven unified school districts, and one community college district. The Series C Note is expected to be issued by one unified school district.

Certain information concerning the Districts is set forth in Appendix C and Appendix D hereto. Appendix C includes cash flow projections for Fiscal Year 2019-2020 for each District, which are based upon numerous assumptions. See “APPENDIX B—GENERAL DISTRICT FINANCIAL INFORMATION—State Funding of Education” herein. Appendix C also includes projected amounts available to be borrowed by each District from alternate cash resources. Pursuant to Education Code Section 42603, a District could temporarily borrow, for its general fund cash flow purposes, up to 75% of funds held by such District outside its general fund. Such District’s board must authorize and direct any transfer of such funds. Additional information obtained from financial statements and budgets of the Districts, as well as each District’s general fund cash flows for Fiscal Year 2018-2019, is available upon request during the initial offering period from Dale Scott & Company, 650 California Street, San Francisco, California 94108.


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Set forth below are the names of each Series A District, each Series B District and the Series C District, the County in which each such District is located, the anticipated principal amount of the Note being issued by each such District, and each such District’s Note as a percentage of the aggregate principal amount of the Series in which it is issued.

Series A Districts County Principal

Amount of Note*

Note as % of Aggregate Principal Amount of

Series A Notes*

Bret Harte Union High Calaveras $ 2,005,000 12.68% Carpinteria Unified Santa Barbara 4,725,000 29.89 College Elementary Santa Barbara 1,420,000 8.98 Hillsborough City San Mateo 1,000,000 6.33 Loma Prieta Elementary Santa Clara 660,000 4.17 Pacific Grove Unified Monterey 6,000,000 37.95 Total $15,810,000 100.00%

Series B Districts County Principal

Amount of Note*


Series B Notes*

Amador County Unified Amador $ 5,000,000 5.89% Belmont-Redwood Shores San Mateo 10,000,000 11.78 Calaveras Unified Calaveras 2,940,000 3.46 Calipatria Unified Imperial 1,030,000 1.21 Conejo Valley Unified Ventura 20,000,000 23.56 Eureka City Schools Humboldt 4,455,000 5.25 Gavilan Community College Santa Clara 6,000,000 7.07 Golden Valley Unified Madera 2,520,000 2.97 Hope Elementary Santa Barbara 1,000,000 1.18 King City Union Elementary Monterey 2,370,000 2.79 Monterey Peninsula Unified Monterey 12,380,000 14.58 Oak Park Unified Ventura 7,250,000 8.54 River Delta Unified Sacramento 500,000 0.59 Selma Unified Fresno 5,000,000 5.89 Washington Unified Fresno 1,815,000 2.14 Yosemite Unified Madera 2,635,000 3.10 Total $84,895,000 100.00%

Series C District County Principal

Amount of Note*


Series C Note*

Ventura Unified Ventura $20,000,000 100.00% Total $20,000,000 100.00%


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TAX EXEMPTION

In the opinion of Orrick, Herrington & Sutcliffe LLP, Bond Counsel to the Authority (“Bond Counsel”), based upon an analysis of existing laws, regulations, rulings and court decisions, and assuming, among other matters, the accuracy of certain representations and compliance with certain covenants, interest on the Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986 (the “Code”) and is exempt from State of California personal income taxes. The amount treated as interest on the Bonds and excluded from gross income may depend upon the taxpayer’s election under Internal Revenue Service Notice 94-84. Bond Counsel is of the further opinion that interest on the Bonds is not a specific preference item for purposes of the federal alternative minimum tax. Complete copies of the proposed opinions of Bond Counsel are set forth in Appendix E hereto.

Notice 94-84, 1994-2 C.B. 559, states that the Internal Revenue Service (the “IRS”) is studying whether the amount of the payment at maturity on short-term debt obligations (i.e., debt obligations with a stated fixed rate of interest which mature not more than one year from the date of issue) that is excluded from gross income for federal income tax purposes is (a) the stated interest payable at maturity or (b) the difference between the issue price of the short-term debt obligations and the aggregate amount to be paid at maturity of the short-term debt obligations (the “original issue discount”). For this purpose, the issue price of the short-term debt obligations is the first price at which a substantial amount of the short-term debt obligations is sold to the public (excluding bond houses, brokers, or similar persons or organizations acting in the capacity of underwriters, placement agents or wholesalers). Until the IRS provides further guidance with respect to tax-exempt short-term debt obligations, taxpayers may treat either the stated interest payable at maturity or the original issue discount as interest that is excluded from gross income for federal income tax purposes. However, taxpayers must treat the amount to be paid at maturity on all tax-exempt short-term debt obligations in a consistent manner. Taxpayers should consult their own tax advisors with respect to the tax consequences of ownership of the Bonds if the taxpayer elects original issue discount treatment.

Bonds purchased, whether at original issuance or otherwise, for an amount higher than their principal amount payable at maturity (“Premium Bonds”) will be treated as having amortizable bond premium depending upon taxpayers’ election under Internal Revenue Service Notice 94-84. No deduction is allowable for the amortizable bond premium in the case of obligations, like the Premium Bonds, the interest on which is excluded from gross income for federal income tax purposes. However, the amount of tax-exempt interest received, and a purchaser’s basis in a Premium Bond, will be reduced by the amount of amortizable bond premium properly allocable to such purchaser. Owners of Premium Bonds should consult their own tax advisors with respect to the proper treatment of amortizable bond premium in their particular circumstances.

The Code imposes various restrictions, conditions and requirements relating to the exclusion from gross income for federal income tax purposes of interest on obligations such as the Bonds. The Authority and each of the Districts have made certain representations and covenanted to comply with certain restrictions, conditions and requirements designed to ensure that interest on the Bonds will not be included in federal gross income. Inaccuracy of these representations or failure to comply with these covenants may result in interest on the Bonds being included in gross income for federal income tax purposes, possibly from the date of original issuance of the Bonds. The opinions of Bond Counsel assume the accuracy of these representations and compliance with these covenants. Bond Counsel has not undertaken to determine (or to inform any person) whether any actions taken (or not taken), or events occurring (or not occurring), or any other matters coming to Bond Counsel’s attention after the date of

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issuance of the Bonds may adversely affect the value of, or the tax status of interest on, the Bonds. Accordingly, the opinions of Bond Counsel are not intended to, and may not, be relied upon in connection with any such actions, events or matters.

Other than Districts that do not expect to issue more than $5,000,000 (or in certain circumstances up to $15,000,000) in tax-exempt obligations and certain other obligations within the calendar year (a “Small Issuer”), the Districts have covenanted to reasonably and prudently calculate the amount, if any, of excess investment earnings on the proceeds of its Note which must be rebated to the United States, to set aside from lawfully available sources sufficient moneys to pay such amounts and to otherwise do all things necessary and within its power and authority to assure that interest on its Note is excluded from gross income for federal income tax purposes. Under the Code, if such District spends 100% of the proceeds of its Note within six months after issuance, there is no requirement that there be a rebate of investment profits in order for interest on the Note to be excluded from gross income for federal income tax purposes. The Code also provides that such proceeds are not deemed spent until all other available moneys (less a reasonable working capital reserve) are spent. Each District expects to either qualify as a Small Issuer or satisfy the six-month expenditure test or, if it fails to do so, to make any required rebate payments from moneys received or accrued during the 2019-2020 Fiscal Year. To the extent that any rebate cannot be paid from such moneys, the law of California is unclear as to whether such covenant would require the Districts to pay any such rebate. This would be an issue only if it were determined that a District’s calculation of expenditures of Note proceeds or of rebatable arbitrage profits, if any, were incorrect.

Although Bond Counsel is of the opinion that interest on the Bonds is excluded from gross income for federal income tax purposes and is exempt from State of California personal income taxes, the ownership or disposition of, or the accrual or receipt of amounts treated as interest on, the Bonds may otherwise affect a Bond Owner’s federal, state or local tax liability. The nature and extent of these other tax consequences depends upon the particular tax status of the Bond Owner or the Bond Owner’s other items of income or deduction. Bond Counsel expresses no opinion regarding any such other tax consequences.

Current and future legislative proposals, if enacted into law, clarification of the Code or court decisions may cause interest on the Bonds to be subject, directly or indirectly, in whole or in part, to federal income taxation or to be subject to or exempted from state income taxation, or otherwise prevent Beneficial Owners from realizing the full current benefit of the tax status of such interest. The introduction or enactment of any such legislative proposals or clarification of the Code or court decisions may also affect, perhaps significantly, the market price for, or marketability of, the Bonds. Prospective purchasers of the Bonds should consult their own tax advisors regarding the potential impact of any pending or proposed federal or state tax legislation, regulations or litigation, as to which Bond Counsel is expected to express no opinion.

The opinions of Bond Counsel are based on current legal authority, cover certain matters not directly addressed by such authorities, and represent Bond Counsel’s judgment as to the proper treatment of the Bonds for federal income tax purposes. It is not binding on the IRS or the courts. Furthermore, Bond Counsel cannot give and has not given any opinion or assurance about the future activities of the Authority or the Districts, or about the effect of future changes in the Code, the applicable regulations, the interpretation thereof or the enforcement thereof by the IRS. The Authority and the Districts have covenanted, however, to comply with the requirements of the Code.

In recent years, the IRS has increased its audit examination of tax and/or revenue anticipation notes, including pooled tax and/or revenue anticipation note programs, for compliance with federal tax law requirements. There can be no assurance that the IRS will not conduct such an audit with respect to

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the Bonds. Bond Counsel’s engagement with respect to the Bonds ends with the issuance of the Bonds, and, unless separately engaged, Bond Counsel is not obligated to defend the Authority, the Districts or the Bond Owners regarding the tax-exempt status of the Bonds in the event of an audit examination by the IRS. However, Orrick, Herrington & Sutcliffe LLP (“Orrick”) has been bond counsel with respect to all of the prior issues of pool bonds issued by the Authority, and Orrick expects to be bond counsel on future issuances of bonds. In the event of an audit examination by the IRS, Orrick expects to be engaged by the Authority to defend the Authority and the exclusion from gross income of the interest on the Bonds.

Under current procedures, parties other than the Authority, the Districts and their appointed counsel, including the Bond Owners, would have little, if any, right to participate in the audit examination process. Moreover, because achieving judicial review in connection with an audit examination of tax-exempt obligations is difficult, obtaining an independent review of IRS positions with which the Authority or the Districts legitimately disagree, may not be practicable. Any action of the IRS, including but not limited to selection of the Bonds for audit, or the course or result of such audit, or an audit of obligations presenting similar tax issues may affect the market price for, or the marketability of, the Bonds, and may cause the Authority, the Districts or the Bond Owners to incur significant expense.

ABSENCE OF LITIGATION

There is no action, suit or proceeding known to be pending or threatened, restraining or enjoining the execution or delivery of the Bonds, the Notes, the Indenture or in any way contesting or affecting the validity of the foregoing or any proceedings of the Authority or the Districts taken with respect to any of the foregoing.

There is no litigation pending or, to the knowledge of the Authority, threatened, questioning the existence of the Authority, or the title of the officers of the Authority to their respective offices, or the power and authority of the Authority to issue the Bonds.

FORWARD LOOKING STATEMENTS

This Official Statement contains statements relating to future results that are “forward looking statements” as defined in the Private Securities Litigation Reform Act of 1995. When used in this Official Statement, the words “estimate,” “forecast,” “intend,” “expect,” “budgeted” and similar expressions identify forward looking statements. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward looking statements. Any forecast is subject to such uncertainties. Inevitably, some assumptions used to develop the forecasts will not be realized and unanticipated events and circumstances may occur. Therefore, there are likely to be differences between forecasts and actual results, and those differences may be material.

RATINGS

S&P Global Ratings, a business unit of Standard & Poor’s Financial Services LLC (“S&P”) has assigned a rating of “SP-1+” on the Series A Bonds, the Series B Bonds, and the Series C Bonds. The Bonds are short-term obligations which mature within one year and thus do not qualify for a long-term rating from S&P. Certain information was supplied on behalf of the Authority and the Districts to S&P to be considered in evaluating the Bonds. Any rating issued will reflect only the views of S&P, and any explanation of the significance of such rating on the Bonds should be obtained from S&P as follows: Standard & Poor’s Ratings Services, 55 Water Street, New York, New York 10041. There is no assurance that a rating obtained for each of the series of Bonds will be retained for any given period of time or that the same will not be revised downward or withdrawn entirely by S&P for the Bonds if, in its judgment, circumstances so warrant. The Authority and the Districts undertake no responsibility either to

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bring to the attention of the Owners of the Bonds downward revision or withdrawal of any rating obtained or to oppose any such revision or withdrawal. Any such downward revision or withdrawal of the rating obtained may have an adverse effect on the market price of the Bonds.

UNDERWRITING

The Series A Bonds are to be purchased by the Underwriter at a price of $________ (representing the principal amount of the Series A Bonds plus a premium of $________ less the Underwriter’s discount of $________). The Series B Bonds are to be purchased by the Underwriter at a price of $________ (representing the principal amount of the Series B Bonds plus a premium of $________ less the Underwriter’s discount of $________). The Series C Bonds are to be purchased by the Underwriter at a price of $________ (representing the principal amount of the Series C Bonds plus a premium of $________ less the Underwriter’s discount of $________). The Purchase Contract provides that the obligations to make such purchase being subject to certain terms and conditions set forth in the Purchase Contract, the approval of certain legal matters by counsel and certain other conditions.

The Underwriter may offer and sell the Bonds of each series to certain dealers and others at a price lower than the offering price stated on the cover page hereof. The offering price may be changed from time to time by the Underwriter.

The Underwriter has entered into a distribution agreement (“Distribution Agreement”) with Charles Schwab & Co., Inc. (“CS&Co.”) for the retail distribution of certain securities offerings, including the Bonds, at the original issue prices. Pursuant to the Distribution Agreement, CS&Co. will purchase Bonds from the Underwriter at the original issue price less a negotiated portion of the selling concession applicable to any Bonds that CS&Co. sells.

CERTAIN LEGAL MATTERS

At the time of the delivery of the Bonds, Orrick, Herrington & Sutcliffe LLP, San Francisco, California, Bond Counsel to the Authority, will deliver its final approving opinions. Proposed forms of such approving opinions are contained in Appendix E hereto and will be delivered to The Depository Trust Company with the Bonds. Bond Counsel has undertaken no responsibility for the accuracy, completeness or fairness of this Official Statement.

Certain legal matters will be passed upon for the Underwriter by its counsel, Kutak Rock LLP. Kutak Rock LLP will also issue its special opinion with respect to the issuance of the Notes by the Districts. Payment of the fees of Orrick, Herrington & Sutcliffe LLP, Bond Counsel to the Authority, and Kutak Rock LLP, Underwriter’s Counsel and Special District’s Counsel is contingent upon the issuance of the Bonds.

TRUSTEE

The Authority has appointed U.S. Bank National Association (the “Trustee”), a national banking association organized under the laws of the United States, to serve as Trustee. The Trustee is to carry out those duties assignable to it under the Indenture and other documents related to the Bonds. Except for the contents of this section, the Trustee has not reviewed or participated in the preparation of this Official Statement and assumes no responsibility for the nature, contents, accuracy or completeness of the information set forth in this Official Statement or for the recitals contained in the Indenture or the Bonds, or for the validity, sufficiency, or legal effect of any of such documents.

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Furthermore, the Trustee has no oversight responsibility, and is not accountable, for the use or application by the Authority or the Districts of any of the Bonds authenticated or delivered pursuant to the Indenture or for the use or application of the proceeds of such Bonds by the Authority or the Districts. The Trustee has not evaluated the risks, benefits, or propriety of any investment in the Bonds and makes no representation, and had reached no conclusions, regarding the value or condition of any assets or revenues pledged or assigned as security for the Bonds, or the investment quality of the Bonds, about all of which the Trustee expresses no opinion and expressly disclaims the expertise to evaluate.

Additional information about the Trustee may be found at its website at http://www.usbank.com/corporatetrust. The Trustee’s website is not incorporated into this Official Statement by such reference and is not a part hereof.

CONTINUING DISCLOSURE

Pursuant to a Continuing Disclosure Agreement related to all series of Bonds, dated as of July 1, 2019 (the “Continuing Disclosure Agreement”), by and between the Authority and U.S. Bank National Association, as Dissemination Agent, the Authority has agreed (the “Undertaking”) for the benefit of the holders and beneficial owners of each series of the Bonds as follows, pursuant to the requirements of Section (b)(5)(i) of Securities and Exchange Commission Rule 15c2-12 (17 C.F.R. Part 240, Section 240.15c2-12) (the “Rule”).

The Authority shall give, or cause to be given, through the Dissemination Agent, notice of the occurrence of any of the following events with respect to the applicable series of the Bonds, not later than ten business days after the occurrence of an event: (a) principal and interest payment delinquencies; (b) unscheduled draws on debt service reserves reflecting financial difficulties; (c) unscheduled draws on credit enhancements reflecting financial difficulties; (d) substitution of credit or liquidity providers, or their failure to perform; (e) adverse tax opinions, issuance by the Internal Revenue Service of proposed or final determination of taxability or a Notice of Proposed Issue (IRS Form 5701 TEB); (f) tender offers; (g) defeasances; (h) rating changes; (i) bankruptcy, insolvency, receivership or similar event of the obligated person; or (j) default, event of acceleration, termination event, modification of terms, or other similar events under the terms of a Financial Obligation (as defined below) of the obligated person, any of which reflect financial difficulties.

For the purposes of the event identified in (i) above, the event is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent or similar officer for an obligated person in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the obligated person, or if such jurisdiction has been assumed by leaving the existing governmental body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the obligated person.

“Financial Obligation” means a (i) debt obligation; (ii) derivative instrument entered into in connection with, or pledged as security or a source of payment for, an existing or planned debt obligation; or (iii) guarantee of (i) or (ii). The term “Financial Obligation” shall not include municipal securities as to which a final official statement has been provided to the Municipal Securities Rulemaking Board consistent with the Rule.

The Authority shall also give, or cause to be given, through the Dissemination Agent, notice of the occurrence of any of the following events with respect to the applicable series of Bonds, if material,

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not later than ten business days after the occurrence of the event: (i) unless described in (e) above, other material notices or determinations with respect to the tax status of such series of Bonds or other material events affecting the tax status of such Bonds; (ii) modifications to rights of the Owners of such series of Bonds; (iii) optional, unscheduled or contingent Bond calls; (iv) release, substitution or sale of property securing repayment of such series of Bonds; (v) non-payment related defaults; (vi) the consummation of a merger, consolidation, or acquisition involving an obligated person or the sale of all or substantially all of the assets of the obligated person, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms; (vii) appointment of a successor or additional trustee or the change of name of a trustee; or (viii) incurrence of a Financial Obligation of the obligated person, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a Financial Obligation of the obligated person, any of which affect security holders.

The Authority’s obligations under the Continuing Disclosure Agreement shall terminate upon the legal defeasance, prior redemption or payment in full of all of the applicable series of Bonds. If such termination occurs prior to the final maturity of the applicable series of Bonds, the Authority shall give notice of such termination in the same manner as for a listed event (as set forth in the second and fourth paragraphs above in this section entitled “—Continuing Disclosure”).

Notwithstanding any other provision of the Continuing Disclosure Agreement, the Authority and the Dissemination Agent may amend the Continuing Disclosure Agreement, and any provision of the Continuing Disclosure Agreement may be waived, provided that the following conditions are satisfied:

(i) If the amendment or waiver relates to the provisions regarding the giving of a listed event notice (discussed above), it may only be made in connection with a change in circumstances that arises from a change in legal requirements, change in law, or change in the identity, nature or status of an obligated person with respect to the Bonds, or the type of business conducted;

(ii) The undertaking, as amended or taking into account such waiver, would, in the opinion of nationally recognized bond counsel, have complied with the requirements of the Rule at the time of the original issuance of the Bonds, after taking into account any amendments or interpretations of the Rule, as well as any change in circumstances; and

(iii) The amendment or waiver either (A) is approved by the holders or Beneficial Owners of the Bonds in the same manner as provided in the Indenture for amendments to the Indenture with the consent of holders or Beneficial Owners, or (B) does not, in the opinion of nationally recognized bond counsel, materially impair the interests of the holders or Beneficial Owners of the Bonds.

In the event of any amendment or waiver of a provision of the Continuing Disclosure Agreement, notice of such change shall be given in the same manner as for a listed event (as discussed above), and shall include, as applicable, a narrative explanation of the reason for the amendment or waiver.

Nothing in the Continuing Disclosure Agreement shall be deemed to prevent the Authority from disseminating any other information, using the means of dissemination set forth in the Continuing Disclosure Agreement or any other means of communication, or including any other notice of occurrence of a listed event (as discussed above), in addition to that which is required by the Continuing Disclosure Agreement. If the Authority chooses to include any information in any notice of occurrence of a listed event (as discussed above) in addition to that which is specifically required by the Continuing Disclosure Agreement, the Authority shall have no obligation under the Continuing Disclosure Agreement to update such information or include it in any future notice of occurrence of a listed event (as discussed above).

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In the event of a failure of the Authority to comply with any provision of the Continuing Disclosure Agreement, any holder or Beneficial Owner of the applicable series of Bonds may take such actions as may be necessary and appropriate, including seeking mandate or specific performance by court order, to cause the Authority to comply with its obligations under the Continuing Disclosure Agreement. A default under the Continuing Disclosure Agreement shall not be deemed an Event of Default under the Indenture, and the sole remedy under the Continuing Disclosure Agreement in the event of any failure of the Authority to comply with the Continuing Disclosure Agreement shall be an action to compel performance.

A failure by the Authority to comply in any material respect with the terms of the Continuing Disclosure Agreement must be reported in accordance with the Rule and must be considered by any broker, dealer or municipal securities dealer before recommending the purchase or sale of the applicable series of Bonds in the secondary market. Consequently, such a failure may adversely affect the transferability and liquidity of the Bonds and their market price.

During the last five years, the Authority has not failed to comply in any material respect with any previous undertaking with regard to said Rule.

The Districts have covenanted to notify the Trustee within 5 days of any Default or Event of Default of which such District has knowledge, setting forth the details of such Default or Event of Default and any and all action which such District has taken or proposes to take with respect thereto.


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EXECUTION AND DELIVERY

The execution and delivery of this Official Statement by the Authority acting on behalf of itself and each of the Districts have been duly authorized by the Authority and each District under its respective Resolution.


By

Title

APPENDIX A

SUMMARY OF LEGAL DOCUMENTS

The following summary discussion of selected provisions of the form of Resolution and the Indenture is made subject to all of the provisions of such documents. This summary discussion does not purport to be a complete statement of such provisions and prospective purchasers of the Bonds are referred to the complete texts of such documents, copies of which are available during the initial offering period from the Underwriter, and thereafter from the Trustee.

DEFINITIONS OF CERTAIN TERMS

The following terms shall have the following meanings unless the context expressly or by necessary implication requires otherwise:

“Additional Bonds” means all additional bonds of the Authority authorized by and at any time Outstanding pursuant to the Indenture and a Supplemental Indenture.

“Additional Notes” means the additional series of tax and revenue anticipation notes of a District issued pursuant to its Resolution.

“Authority” means the California School Cash Reserve Program Authority, duly organized and existing under and by virtue of the laws of the State of California.

“Authorized District Representative” means the President, Chair, Secretary or Clerk of the governing board of a District or Superintendent of a District or such other officers of a District designated in such District’s Resolution or any other person at the time designated to act on behalf of such District by written certificate furnished to the Trustee, containing the specimen signature of such person and signed on behalf of such District by the Chair, President, Clerk or the Secretary of the governing board of such District or the Superintendent of such District.

“Bond Payment Fund” means the fund by that name established in the Indenture.

“Bonds” means, collectively, the Series A Bonds, the Series B Bonds and the Series C Bonds.

“Business Day” means any day except (a) Saturday, (b) Sunday or (c) any day on which banks located in the city in which the designated trust office of the Trustee is located, or in San Francisco, California, Los Angeles, California, or New York, New York, are required or authorized to remain closed.

“Certificate” or “Request” with respect to a District means an instrument in writing signed on behalf of such District by an Authorized District Representative, and with respect to the Authority, means an instrument in writing signed on behalf of the Authority by its Chair, Secretary, Treasurer or Executive Director or other person at the time designated to act on behalf of the Authority by written certificate furnished to the Trustee.

“Code” means the Internal Revenue Code of 1986 and the regulations issued or applicable thereunder.

“Costs of Issuance” means all items of expense directly or indirectly payable by or reimbursable to a District or the Authority and related to the authorization, execution and delivery of the Notes and the

A-2

related sale of the Bonds, which may include but are not limited to costs of preparation, reproduction and delivery of documents, filing and recording fees, fees and charges of the Trustee, Trustee counsel fees, bond counsel fees and charges, other legal fees and charges, fees and disbursements of consultants and professionals, fees and charges for preparation, execution, safekeeping and delivery of the Bonds and any other costs, charges or fees (including any supplemental credit enhancement on any individual Note) in connection with the original issuance of the Notes and the Bonds.

“Costs of Issuance Account” means the account by that name created in the Costs of Issuance Fund pursuant to the Indenture.

“Costs of Issuance Fund” means the fund by that name established pursuant to the Indenture.

“Default Rate” means the rate of interest per annum payable with respect to each outstanding portion of each Defaulted Note which is the rate of interest per annum sufficient to produce a yield on the outstanding portion of such Defaulted Note equal to the rates of interest payable on the applicable Series of Bonds thereto (or applicable portions thereof) computed on the basis of a 360-day year consisting of twelve thirty-day months.

“Defaulted Note” means a Note any of the principal of or interest on which is not paid on the Maturity Date.

“Districts” means the California school districts and the community college district and, where applicable, the counties electing to be the issuers of the Notes for the school districts that are not fiscally accountable, and in each case their successors and assigns, which are participating in the Program and issuing the Notes.

“Financial Advisor” means Dale Scott & Company and its successors and assigns or other financial advisory firm appointed by the Authority.

“First Supplemental Indenture” means the First Supplemental Indenture dated as of July 1, 2019, by and between the Trustee and the Authority providing for the issuance of the Series B Bonds.

“Indenture” means the Original Indenture, as originally executed and entered into and as it may from time to time be amended or supplemented in accordance therewith.

“Interest Payment Date” means the date on which the interest on each Note becomes due and payable, being the Maturity Date applicable thereto.

“Maturity Date” means the date on which the principal and interest on each Note becomes due and payable, being June 30, 2020 with respect to the Series A Note, June 30, 2020 with respect to the Series B Notes and May 29, 2020 with respect to the Series C Note.

“Moody’s” means Moody’s Investors Service, and its successors and assigns, except that if such corporation shall be dissolved or liquidated or shall no longer perform the functions of a securities rating agency, then the term “Moody’s” shall be deemed to refer to any other nationally recognized securities rating agency selected by the Authority.

“Note Documents” means, at any time, each of the following as in effect or as outstanding, as the case may be, at such time: (a) the Notes, (b) the Indenture, (c) the Purchase Agreements, (d) the Resolutions, (e) the Purchase Contract, (f) the Bonds, and (g) the closing certificates delivered by the Districts in connection with the issuance of the Notes.

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“Notes” means, collectively, the Series A Notes, the Series B Notes and the Series C Note.

“Opinion of Counsel” means a written opinion of counsel of recognized national standing in the field of law relating to municipal bonds, appointed by the Authority.

“Original Indenture” means the Indenture executed and entered into as of July 1, 2019, by and between the Trustee and the Authority.

“Outstanding” means all Bonds except—

(a) Bonds cancelled by the Trustee or surrendered to the Trustee for cancellation;

(b) Bonds paid or deemed to have been paid within the meaning of the Indenture; and

(c) Bonds in lieu of or in exchange or substitution for which other Bonds shall have been authenticated and delivered by the Trustee under the Indenture.

“Owner” means the registered owner of any Outstanding Bond.

“Payment Accounts” means the accounts created in the Bond Payment Fund under the Indenture relating to a series of Notes and, if applicable, Additional Notes.

“Permitted Investments” means any of the following to the extent then permitted by law:

(a) United States of America Treasury bills, notes, bonds or certificates of indebtedness, or obligations of, or obligations guaranteed directly or indirectly as to full and timely payment, by the United States of America or securities or other instruments evidencing ownership interest in such obligations and rated in the highest applicable rating category by the Rating Agency then rating the applicable series of Bonds or in specified portions of the interest on or principal of such obligations stripped at Treasury level;

(b) Any obligations which are then legal investments for moneys of the Districts under the laws of the State of California; provided, that if such investments are not fully insured by the Federal Deposit Insurance Corporation, such investments shall be, or shall be issued by entities the debt securities of which are, rated in the highest short-term (with regard to any modifiers) or one of the two highest long-term rating categories by Moody’s and S&P, (or whichever one of them is then rating the applicable series of Bonds);

(c) Units of a money-market fund portfolio composed solely of obligations guaranteed by the full faith and credit of the United States of America rated in one of the two highest rating categories by Moody’s and S&P (or whichever one of them is then rating the applicable series of Bonds);

(d) Units of a money-market fund portfolio rated in the highest rating category by S&P and Moody’s;

(e) The applicable investment agreement, if any, related to the applicable series of Bonds, or any substitute therefor which substitution results in a maintenance of the original rating on the applicable series of Bonds; provided such agreement is with a financial entity (the “Provider”), or with a financial entity whose obligations are guaranteed or insured by a financial

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entity (the “Guarantor”), the Provider’s or the Guarantor’s senior debt or investment contracts or obligations under its investment contracts being rated in one of the two highest long-term rating categories by Moody’s and S&P (or whichever one of them is then rating the applicable series of Bonds) or whose commercial paper rating is in the highest rating category (with regard to any modifiers) of each such rating agencies (or whichever one of them is then rating the applicable series of Bonds) or is fully collateralized by investments listed in subsection (a) hereof as required by S&P and Moody’s (or whichever one of them is then rating the applicable series of Bonds) to be rated in one of the two highest rating categories;

(f) Any other prudent investment rated in one of the two highest rating categories by Moody’s and S&P (or whichever one of them is then rating the applicable series of Bonds) approved by the Authority;

(g) The Local Agency Investment Fund managed by the office of the Treasurer of the State of California; or

(h) Any County Treasury of a County in which the District is situated, the proceeds of whose note are to be invested, provided that the investment of such proceeds by the applicable County Treasurer is made in compliance with California Government Code Section 53601.

“Pool Interest Fund” means the fund by that name established by the Indenture.

“Pool Principal Fund” means the fund by that name established by the Indenture.

“Pricing Confirmation” means, collectively, those certain pricing confirmation supplements executed at the time of pricing each of the series of Notes and attached as Schedule I to the Purchase Agreement applicable to such series of Notes.

“Principal Office of the Trustee” means the principal corporate trust office of the Trustee, which, for the Trustee initially appointed under the Indenture, is located in Los Angeles, California; provided that for transfer, exchange, payment and registration of Bonds, “Principal Office of the Trustee” means the corporate trust office of U.S. Bank National Association in Los Angeles, California, or such other office specified by the Trustee.

“Principal Payment Date” means the date on which principal on the Bonds becomes due and payable, being June 30, 2020 with respect to the Series A Bonds, June 30, 2020 with respect to the Series B Bonds and May 29, 2020 with respect to the Series C Bonds.

“Proceeds Fund” means the fund by that name established in the Indenture.

“Proceeds Subaccount” means each Proceeds Subaccount created in the Proceeds Fund under the Indenture relating to a series of Notes or, if applicable, a series of Additional Notes.

“Program” means the California School Cash Reserve Program pursuant to which the Bonds are issued to assist Districts in financing cash flow deficits.

“Purchase Agreement” means, collectively, those certain Purchase Agreements by and between the respective Districts and the Authority relating to the purchase of the applicable series of Notes by the Authority.

“Purchaser” means Piper Jaffray & Co., as the underwriter and purchaser of the Bonds.

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“Rating Agency” means Moody’s and S&P, or whichever one of them is then rating the applicable series of Bonds.

“Resolutions” means the respective resolutions adopted by the governing boards of the Districts and, where applicable (and if a respective county elected to do so), in the case of a school districts and the county board of education that are not fiscally accountable, the respective resolutions adopted by the county boards of supervisors, in each case authorizing the issuance of the Notes and approving the execution and delivery of the Indenture and the Bonds.

“S&P” means S&P Global Ratings, a business unit of Standard & Poor’s Financial Services LLC, and its successors and assigns, except that if such corporation shall be dissolved or liquidated or shall no longer perform the functions of a securities rating agency, then the term “S&P” shall be deemed to refer to any other nationally recognized securities rating agency selected by the Authority.

“Second Supplemental Indenture” means the Second Supplemental Indenture dated as of July 1, 2019, by and between the Trustee and the Authority providing for the issuance of the Series C Bonds.

“Series A Bonds” means the 2019-2020 Bonds, Series A, being issued by the Authority in the aggregate principal amount of $15,810,000*.

“Series A Notes” means the tax and revenue anticipation notes issued by the Series A Districts in the respective principal amounts described in the Original Indenture.

“Series A Interest Account” means the account by that name created in the Pool Interest Fund pursuant to the Indenture.

“Series A Principal Account” means the account by that name created in the Pool Principal Fund pursuant to the Indenture.

“Series B Bonds” means the 2019-2020 Bonds, Series B, being issued by the Authority in the aggregate principal amount of $84,895,000*.

“Series B Notes” means the tax and revenue anticipation notes issued by the Series B Districts in the respective principal amounts described in the First Supplemental Indenture.

“Series B Interest Account” means the account by that name created in the Pool Interest Fund pursuant to the Indenture.

“Series B Principal Account” means the account by that name created in the Pool Principal Fund pursuant to the Indenture.

“Series C Bonds” means the 2019-2020 Bonds, Series C, being issued by the Authority in the aggregate principal amount of $20,000,000*.

“Series C Note” means the tax and revenue anticipation note issued by the Series C District in the principal amount described in the Second Supplemental Indenture.

“Series C Interest Account” means the account by that name created in the Pool Interest Fund pursuant to the Indenture.


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“Series C Principal Account” means the account by that name created in the Pool Principal Fund pursuant to the Indenture.

“Supplemental Indenture” means any indenture approved by the Authority in accordance with the Indenture amending or supplementing the Indenture or any Supplemental Indenture, or providing for the issuance of Additional Bonds.

“Trustee” means U.S. Bank National Association, a national banking association duly organized and existing under and by virtue of the laws of the United States of America, at its principal corporate trust office in Los Angeles, California, or any other bank or trust company at its principal corporate trust office which may at any time be substituted in its place as Trustee as provided in the Indenture.

“Underwriter” means Piper Jaffray & Co.

SUMMARY OF DISTRICT RESOLUTIONS

The following is a summary of certain provisions of the form of the Resolution adopted by each District not heretofore summarized under the caption “SECURITY AND SOURCE OF PAYMENT FOR THE BONDS” contained herein. Reference is made to each Resolution in its entirety for a full recital of the provisions thereof.

Disposition of Proceeds of Note

The moneys received from the sale of the Note allocable to such District’s share of the Costs of Issuance shall be deposited in the applicable Costs of Issuance Account of the Costs of Issuance Fund created pursuant to and held and invested by the Trustee under the Indenture and shall be expended as directed by the Authority on the Costs of Issuance as provided in the Indenture. The moneys received from the sale of the Note designated the “Deposit to Proceeds Subaccount” shall be deposited in such District’s Proceeds Subaccount attributable to its Note created pursuant to, and held and invested by the Trustee under, the Indenture for such District and may be used and expended by such District for any purpose for which it is authorized to use and expend moneys, upon requisition from such Proceeds Subaccount as specified in the Indenture. Subject to the provisions in each Resolution summarized under the caption “SECURITY AND SOURCE OF PAYMENT FOR THE BONDS,” each District covenants and agrees to replenish amounts on deposit in its Proceeds Subaccount attributable to its Note to the extent practicable from any source of available funds up to an amount equal to the unreplenished withdrawals from such Proceeds Subaccount attributable to such Note.

The Trustee shall transfer to the Payment Account of such District attributable to its Note from amounts on deposit in the Proceeds Subaccount attributable to such Note on the first day of each Repayment Period applicable to such Note amounts which, taking into consideration anticipated earnings thereon to be received by the maturity date of its Note, are equal to the percentages of the principal and interest due on its Note at maturity required to be on deposit therein for the corresponding Repayment Period applicable to the Notes as described under the caption “SECURITY AND SOURCE OF PAYMENT FOR THE BONDS—Note Repayment Periods”; provided, however, that on the first day of the last Repayment Period for such Note (or if only one Repayment Period, on the first day of such Repayment Period), as designated in the Pricing Confirmation, the Trustee shall transfer all remaining amounts in such District’s Proceeds Subaccount attributable to its Note to its Payment Account attributable to its Note; provided further, however, that with respect to the transfer in any such Repayment Period (or single Repayment Period), if the amount on deposit in such Proceeds Subaccount attributable to its Note is less than the corresponding percentage for such Repayment Period applicable to such Note of the principal and interest due with respect to such Note at maturity, the Trustee shall transfer to the

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Payment Account attributable to the Note of such District all amounts on deposit in such Proceeds Subaccount attributable to its Note on the day designated for such Repayment Period.

Additional Payments

Each District agrees to pay, or cause to be paid, in addition to the amounts payable under its Note, any fees or expenses of the Trustee (i) arising out of an “Event of Default” under its Resolution or (ii) arising out of any other event (other than an event arising solely as a result of or otherwise attributable to a default by any other District). In the case described in clause (ii) above, each District shall owe only the percentage of such fees and expenses equal to the ratio of the Principal Amount of its Note over the aggregate Principal Amounts of all tax and revenue anticipation notes assigned to the applicable series of Bonds issued by the Authority in connection with such Note at the time of original issuance of such Bonds. Such additional amounts will be paid by each District within 25 days of receipt by such District of a bill therefor from the Trustee.

No Joint Obligation; Bond Owners’ Rights

The Series A Note of each Series A District will be issued in conjunction with the Series A Notes of other Series A Districts and will be assigned to a pool of the Series A Notes to secure the Series A Bonds. The Series B Note of each Series B District will be issued in conjunction with the Series B Notes of other Series B Districts and will be assigned to a pool of the Series B Notes to secure the Series B Bonds. The Series C Note of the Series C District will be assigned to secure the Series C Bonds. The obligation of each District to make payment on its Notes is a several and not a joint obligation and is strictly limited to such District’s repayment obligation under its Resolution and its Note.

Defaults and Remedies

Defaults. If any of the following events occurs under a Resolution, it is an “Event of Default” under such Resolution:

(a) failure by the District to make, or cause to be made, the deposits to its Payment Account related to its Note required to be made under its Resolution on or before the fifteenth day after the date on which such deposit is due and payable, or failure by the District to make or cause to be made any other payment required to be paid under its Resolution on or before the date on which such payment is due and payable;

(b) failure by the District to observe and perform any covenant, condition or agreement on its part to be observed or performed under its Resolution, for a period of 15 days after written notice, specifying such failure and requesting that it be remedied, is given to such District by the Trustee (or, if applicable, any credit provider with respect to Additional Notes of such District), unless the Trustee (and, if applicable, any credit provider with respect to Additional Notes of such District) shall agree in writing to an extension of such time prior to its expiration;

(c) any warranty, representation or other statement by or on behalf of the District contained in its Resolution or its Purchase Agreement (or, if applicable, any credit agreement with respect to Additional Notes of such District), or in any requisition delivered by such District or in any instrument furnished in compliance with or in reference to its Resolution or its Purchase Agreement (or, if applicable, any credit agreement with respect to Additional Notes of such District), or in connection with its Note or any Additional Notes, is false or misleading in any material respect;

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(d) any event of default constituting a payment default occurs in connection with any other bonds, notes or other outstanding debt of the District;

(e) a petition is filed against the District under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction, whether now or hereafter in effect and is not dismissed within 30 days after such filing, but the Trustee shall have the right to intervene in the proceedings prior to the expiration of such 30 days to protect its and the Bond owners’ (or Noteholders’) interests;

(f) the District files a petition in voluntary bankruptcy or seeking relief under any provision of any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction, whether now or hereafter in effect, or consents to the filing of any petition against it under such law;

(g) the District admits insolvency or bankruptcy or is generally not paying its debts as such debts become due, or becomes insolvent or bankrupt or makes an assignment for the benefit of creditors, or a custodian (including without limitation a receiver, liquidator or trustee) of the District or any of its property is appointed by court order or appointed by the State Superintendent of Public Instruction or takes possession thereof and such order remains in effect or such possession continues for more than 30 days, but the Trustee shall have the right to intervene in the proceedings prior to the expiration of such 30 days to protect its and the Bond owners’ or Noteholders’ interests; and

(h) an “Event of Default” by the County under the terms of the resolution, if any, of the County providing for the issuance of the District’s Note or Additional Notes, if any.

Remedies. Whenever any Event of Default shall have happened and be continuing under a Resolution, the Trustee shall, in addition to any other remedies provided in the Resolution or by law or under the Indenture, have the right, at its option without any further demand or notice, to take one or any combination of the following remedial steps:

(a) without declaring the Note or any Additional Notes of the defaulting District to be immediately due and payable, require such District to pay to the Trustee, for deposit into the Payment Account of such District attributable to its Note in the Bond Payment Fund under the Indenture (or any Payment Account applicable to Additional Notes of such District), an amount equal to all of the principal of its Note and Additional Notes, if any, and interest thereon to maturity, plus all other amounts due under its Resolution, and upon notice to such District, the same shall become immediately due and payable by such District without further notice or demand; and

(b) take whatever other action at law or in equity (except for acceleration of payment on the Note and Additional Notes, if any, of such District) which may appear necessary or desirable to collect the amounts then due and thereafter to become due under the Resolution or to enforce any other of its rights thereunder.

If any of the principal of and/or interest on a District’s Note remains unpaid after the maturity date of the Note, such Note shall become a Defaulted Note, and the unpaid portion (including the interest component, if applicable) thereof shall be deemed outstanding and shall bear interest at the Default Rate until the District’s obligation on the Defaulted Note is paid in full or payment is duly provided for, all subject to such District’s Resolution.

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Certain Representations and Covenants of the Districts

Each District has represented or covenanted under its Resolution, among other things, that:

(a) such District has (or will have prior to the issuance of its Note) duly, regularly and properly adopted a budget for Fiscal Year 2019-2020 setting forth expected revenues and expenditures and has (or will have prior to the issuance of its Note) complied with all statutory and regulatory requirements with respect to the adoption of such budget, and the District covenants that it will (i) duly, regularly and properly prepare and adopt its revised or final budget for Fiscal Year 2019-2020; (ii) provide to the Trustee, the Underwriter and the Financial Advisor, promptly upon adoption, copies of such revised or final budget and of any subsequent revisions, modifications or amendments thereto; and (iii) comply with all applicable law pertaining to its budget;

(b) the county in which such District is located has experienced an ad valoremproperty tax collection rate of not less than 85% of the average aggregate amount of ad valoremproperty taxes levied within such District in each of the five fiscal years, from Fiscal Year 2013-2014 through Fiscal Year 2017-2018, and such District, as of the date of adoption of its Resolution and on the date of issuance of its Note and, if applicable, Additional Notes, reasonably expects such county to have collected and to collect at least 85% of such amount for Fiscal Years 2018-2019 and 2019-2020, respectively;

(c) such District (i) is not currently in default on any debt obligation; (ii) to the best of its knowledge, has never defaulted on any debt obligation; and (iii) has never filed a petition in bankruptcy;

(d) such District’s most recent audited financial statements present fairly the financial condition of such District as of the date thereof and the results of operation for the period covered thereby, and except as has been disclosed to the Underwriter, there has been no change in the financial condition of such District since the date of such audited financial statements that will, in the reasonable opinion of such District, materially impair its ability to perform its obligations under its Resolution and its Note;

(e) there is no action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, arbitrator, governmental or other board, body or official, pending or, to the best knowledge of such District, threatened against or affecting such District questioning the validity of any proceeding taken or to be taken by such District in connection with its Note, its Additional Notes, if any, its Purchase Agreement, the Indenture or its Resolution, or seeking to prohibit, restrain or enjoin the execution, delivery or performance by such District of any of the foregoing, or wherein an unfavorable decision, ruling or finding would have a materially adverse effect on such District’s financial condition or results of operations or on the ability of such District to conduct its activities as presently conducted or as proposed or contemplated to be conducted or would materially adversely affect the validity or enforceability of, or the authority or ability of such District to perform its obligations under, its Note, its Additional Notes, if any, its Purchase Agreement, the Indenture or its Resolution;

(f) such District will not directly or indirectly amend, supplement, repeal or waive any portion of its Resolution in any way that would materially adversely affect the interests of the Noteholders or the Bond Owners provided, however, that such District may adopt one or more Supplemental Resolutions without any such consents in order to increase the maximum amount of Additional Notes it may issue thereunder in connection with the issuance of Additional Notes;

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(g) such District will not incur any indebtedness that is not issued in connection with the Program under its Resolution and that is secured by a pledge of its Unrestricted Revenues unless such pledge is subordinate in all respects to the pledge of Unrestricted Revenues under its Resolution;

(h) so long as any Bonds are Outstanding applicable to such District’s Note, such District will not create or suffer to be created any pledge of or lien on its Note other than the pledge and lien of the Indenture;

(i) as of the date of adoption of its Resolution, based on the most recent report prepared by the Superintendent of Public Instruction of the State, such District did not have a negative certification (or except as disclosed in writing to the Underwriter, a qualified certification) applicable to the Fiscal Year 2018-2019 within the meaning of Section 42133 of the California Education Code. Each District has covenanted that it will immediately deliver a written notice to the Authority, the Underwriter, the Financial Advisor, and Bond Counsel if it (or, in the case of a County Board of Education, the County Superintendent of Schools) files with the County Superintendent of Schools, the County Board of Education or the State Superintendent of Public Instruction, or receives from the County Superintendent of Schools or the State Superintendent of Public Instruction, a qualified or negative certification applicable to Fiscal Year 2018-2019 or Fiscal Year 2019-2020 prior to the Closing Date referenced in the Pricing Confirmation on the maturity of its Note; and

(j) the District will maintain an investment policy consistent with the policy set forth in its Resolution.

Each District also covenants under its Resolution that it will not take any action or fail to take any action if such action or failure to take such action would adversely affect the exclusion from gross income of the interest payable on the applicable series of Bonds under Section 103 of the Code. Without limiting the generality of the foregoing, each District will not make any use of the proceeds of its Note or any other of its funds which would cause the applicable series of Bonds to be an “arbitrage bond” within the meaning of Section 148 of the Code, a “private activity bond” within the meaning of Section 141(a) of the Code, or an obligation the interest on which is subject to federal income taxation because it is “federally guaranteed” as provided in Section 149(b) of the Code. Each District, with respect to the proceeds of its Note (or any Bonds related thereto), will comply with all requirements of such sections of the Code and all regulations of the United States Department of the Treasury issued or applicable thereunder to the extent that such requirements are, at the time, applicable and in effect.

SUMMARY OF INDENTURE

The following is a summary of certain provisions of the Indenture not heretofore summarized under the captions “DESCRIPTION OF THE BONDS” and “SECURITY AND SOURCE OF PAYMENT FOR THE BONDS” contained herein. Reference is made to the Indenture in its entirety for a full recital of the provisions thereof. All capitalized words in the “SUMMARY OF INDENTURE,” unless otherwise defined herein, shall have the meanings set forth under the caption “DEFINITIONS OF CERTAIN TERMS” in this Appendix A, or if not defined thereunder, then as set forth in the Indenture.

Funds and Accounts

Under the Indenture, the Trustee agrees to establish and maintain, in trust, the Costs of Issuance Fund and therein a Series A Costs of Issuance Account, a Series B Costs of Issuance Account and a Series C Costs of Issuance Account, the Proceeds Fund and therein the Proceeds Subaccount attributable

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to each Note of each District, the Bond Payment Fund and therein the Payment Account attributable to each Note of each District, the Pool Interest Fund and therein the Series A Interest Account, the Series B Interest Account and the Series C Interest Account, the Pool Principal Fund and therein the Series A Principal Account, the Series B Principal Account and the Series C Principal Account. If Additional Bonds are issued by the Authority, the Trustee will establish accounts in such funds applicable to each series of Additional Bonds and each series of notes and Additional Notes, if applicable, related thereto.

Costs of Issuance Fund

The moneys in each applicable Costs of Issuance Account shall be used and withdrawn by the Trustee to pay the Costs of Issuance of the corresponding series of Bonds upon receipt of (i) a Request of the Authority, which shall be sequentially numbered, stating the person to whom payment is to be made, the amount to be paid, the purpose for which the obligation was incurred and that such payment is a proper charge against said account; and (ii) an original invoice or invoices submitted by the Financial Advisor or evidence of the Financial Advisor’s payment of an invoice when such payment is in reimbursement thereof. On the earlier of December 1, 2019, or on such earlier date upon Request of the Authority, amounts, if any, remaining in each Costs of Issuance Account related to each series of Bonds (and not required to pay identified Costs of Issuance, including any initial or additional fees or expenses of the Trustee) shall be transferred to the Bond Payment Fund and credited to the Payment Accounts therein attributable to the applicable Notes in proportion to the amounts initially deposited in such Costs of Issuance Account attributable to each District as set forth in a certificate of the Financial Advisor submitted to the Trustee.

Proceeds Fund and Proceeds Subaccounts

All money in the Proceeds Fund shall be held by the Trustee in trust. Net proceeds of the Bonds deposited in the Proceeds Fund shall be credited to the applicable Proceeds Subaccounts, one of which shall be established for each Note and, if applicable, each series of Additional Notes of each of the Districts, initially in amounts set forth in the schedule attached either to the Original Indenture or applicable Supplemental Indenture. Moneys in the Proceeds Subaccount related to the Note of each District shall be disbursed to that District from time to time up to, but excluding (i) the first day (or, with respect to a series of Additional Notes, such other day as set forth in the Supplemental Indenture applicable to the corresponding series of Additional Bonds) of the last Repayment Period applicable to such Note or Additional Note (as set forth on the face of such Note or Additional Note), or (ii) if only one Repayment Period is applicable to such Note or Additional Note, the first day of such Repayment Period (or, with respect to a series of Additional Notes, such other day as set forth in the Supplemental Indenture applicable to the corresponding series of Additional Bonds), as soon as practical, pursuant to a Requisition of the District submitted in advance of the requested disbursement date, as required to comply with the disbursement provisions, if any, of Permitted Investments in which such District has invested, as applicable, for any purpose for which the District is authorized to use and expend moneys. Notwithstanding the foregoing, the Trustee shall not disburse any moneys from a Proceeds Subaccount if the Trustee has received written notice or actual knowledge that an Event of Default has occurred and is continuing as defined in the Resolution of such District, or if the Trustee has received written notification from the Financial Advisor that such District’s financial certification under the California Education Code has been downgraded from the financial certification held by the District on the date the Bonds or Additional Bonds, as applicable, were issued, except that, if such District provides a certification from the county superintendent or State Superintendent of Public Instruction, as applicable, that repayment of such District’s Note and any Additional Notes is probable, and if applicable, the consent of any credit enhancers for the Additional Bonds, if any, is given, moneys may be disbursed if the downgrade is to a qualified certification.

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Payments made by each District with respect to the Note and Additional Notes, if any, of that District prior to the first day of the first Repayment Period for such District’s Note or Additional Note, as applicable, shall be credited to that District’s Proceeds Subaccount applicable to the Note or Additional Note, as applicable, and, except as otherwise specifically provided in the Indenture, shall be available for further disbursement to that District from time to time; provided, however, with respect to a District that has issued Additional Notes, that payments made with respect to the Note or any Additional Notes prior to the first day of the first Repayment Period of such Note or Additional Notes, shall, to the extent of any deficiency with respect to payments due on its Note or any Additional Notes of such District in any Repayment Period applicable to its Note or such Additional Notes, be applied to such deficiency and deposited in the deficient Payment Account in accordance with the priority provisions set forth in such District’s Resolution, and such amount shall not be available for further disbursement to such District. A District shall not be allowed to deposit in its Proceeds Subaccount applicable to its Note or Additional Notes, if any, an amount that exceeds the amount, if any, of its then unreplenished withdrawals from each such Proceeds Subaccount.

There shall be transferred to each District’s Payment Account applicable to its Note in the Bond Payment Fund from the Proceeds Subaccount of each such District applicable to its Note (taking into consideration anticipated investment earnings thereon) (a) on the first day of each such District’s Repayment Period designated for such Note (up to, but excluding the last Repayment Period for such Note) amounts which are equal to the percentages of the principal and interest due on such District’s Note at maturity for the corresponding Repayment Period as described under the caption “SECURITY AND SOURCE OF PAYMENT FOR THE BONDS—Note Repayment Periods”; and (b) on the first day of such District’s last Repayment Period designated for such Note (or, if only one Repayment Period is applicable, on the first day of such Repayment Period) an amount equal to the lesser of (i) the principal of and interest on that District’s Note less that District’s portion of amounts transferred to its Payment Account from excess amounts in the applicable Costs of Issuance Account and less (without duplication) any amounts then on deposit in such District’s Payment Account for payment of its Note; and (ii) the total amount, if any, remaining in such District’s Proceeds Subaccount applicable to its Note. If on the first day of such District’s first (or single) Repayment Period designated for such Note the amount in such District’s Proceeds Subaccount applicable to the Note is less than the amount required to be transferred to the Payment Account applicable to the Note of such District on such day, the Trustee shall transfer the entire amount in such District’s Proceeds Subaccount applicable to its Note to the corresponding Payment Account in the Bond Payment Fund on such day. Any amounts remaining in a Proceeds Subaccount applicable to its Note after the amounts required to be transferred under the Indenture to the Bond Payment Fund have been transferred shall be returned to the District after the last day of the last Repayment Period applicable to its Note.

Bond Payment Fund and Payment Accounts

All principal and interest payments on the Notes and Additional Notes, if any, shall be paid directly by the Districts to the Trustee. All principal and interest payments on the Notes and Additional Notes, if any, received by the Trustee shall be held in trust by the Trustee under the terms of the Indenture and shall be deposited by it, as and when received, in the applicable Payment Account attributed to the corresponding Notes or Additional Notes, if any, within the Bond Payment Fund (except as otherwise provided in the Indenture to the extent a District has issued Additional Notes that are Senior Notes and there is a deficiency in one or more of the Payment Accounts attributable to one or more series of Senior Notes), which fund the Trustee has agreed to maintain so long as any Bonds or Additional Bonds are Outstanding, and all money in such fund shall be held in trust by the Trustee for the benefit and security of, with respect to the Payment Accounts applicable to the Notes, the Owners of the corresponding series of Bonds, and, with respect to the Payment Accounts applicable to Additional Notes, the registered

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owners of the corresponding series of Additional Bonds and any credit enhancer related to such Additional Bonds, to the extent set forth in the Indenture.

Pursuant to each District’s Resolution, each District is required to deposit amounts with the Trustee in the periods identified as such District’s Repayment Periods (as defined in such District’s Resolution and indicated on the face of such District’s Note and each series of Additional Notes, if any) until the amount on deposit in such District’s Payment Account attributed to its Note and each corresponding series of Additional Note, if any, taking into consideration anticipated investment earnings thereon to be received by the maturity date for such Note or corresponding Additional Note, is equal to the percentages of the principal and interest due on such District’s Note or Additional Note, as applicable, required in such Repayment Period as indicated on the face of such District’s Note or each series of Additional Notes, if any. See “SECURITY AND SOURCE OF PAYMENT FOR THE BONDS—Deposit and Pledge of Notes” and “—Note Repayment Periods” herein. If any District fails to make the required deposits, the Trustee shall as soon as practical (but in any event within three Business Days) notify such District, and each credit enhancer related to the Additional Bonds, if any, of such failure. If the amount on deposit in a District’s Payment Account attributable to its Note is in excess of the amounts required to pay the principal of and interest due on such District’s Note on the maturity date for such Note, such excess amounts shall remain in such Payment Account and shall be transferred to such District following (1) payment of the corresponding series of Bonds and (2) to the extent such excess amounts do not constitute proceeds of such Note, payment of any Additional Notes of such District in accordance with the priority provisions set forth in such District’s Resolution.

Notwithstanding any other provision of the Indenture, with regard to a District that has issued Additional Notes, to the extent, on any interest payment date or principal payment date applicable thereto, there is a deficiency with respect to its Note or any Additional Note of such District, and to the extent any payment on its Note or any Additional Notes is being made from moneys other than proceeds of such Note or Additional Notes, the Trustee shall apportion all such payments received from such District relating to its Note and all of its Additional Notes in accordance with the priority provisions set forth in such District’s Resolution. See “SECURITY AND SOURCE OF PAYMENT FOR THE BONDS—The Notes” and “—Deposit and Pledge of Notes.”

Pool Interest Fund and Pool Principal Fund

The Trustee shall, after making any apportionments required by the Indenture among Payment Accounts of a District applicable to its Note and Additional Notes, transfer the money contained in the applicable Payment Accounts in the Bond Payment Fund attributable to the Notes at the following respective times to the following respective funds and accounts in the manner described below, each of which funds and accounts the Trustee has agreed to maintain for so long as any of the applicable series of Bonds are Outstanding, and the money in each of such funds and accounts shall be disbursed only for the purposes and uses authorized:

(a) Interest Accounts in the Pool Interest Fund. The Trustee, on each Interest Payment Date, shall transfer from the applicable Payment Accounts to the applicable Interest Account in the Pool Interest Fund that amount of money representing the interest becoming due and payable on the corresponding series of Bonds on such Interest Payment Date. All moneys in such Interest Account in the Pool Interest Fund shall be used and withdrawn by the Trustee solely for the purpose of paying the interest on the corresponding series of Bonds on the applicable Interest Payment Date.

(b) Principal Account in the Pool Principal Fund. The Trustee, at maturity, shall, after having made the transfers required to be made pursuant to (a) above, transfer from the

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applicable Payment Accounts to the applicable Principal Account in the Pool Principal Fund that amount of money representing the principal becoming due and payable on the corresponding series of Bonds at maturity. All moneys in such Principal Account in the Pool Principal Fund shall be used and withdrawn by the Trustee solely for the purpose of paying the principal of the corresponding series of Bonds at maturity.

Defaults and Remedies

Action on Default. If any default in the payment of principal of or interest on a Note or Additional Note, or any other “Event of Default” defined in a Resolution shall occur and be continuing, then such default shall constitute an “Event of Default” under the Indenture, and in each and every such case during the continuance of such Event of Default the Trustee or, subject to the provisions under “—Credit Enhancer’s Control of Remedies” below, the Owners and registered owners of not less than a majority in aggregate principal amount of the corresponding Bonds and series of Additional Bonds, as applicable, at the time Outstanding shall be entitled, upon notice in writing to such District, to exercise the remedies provided to the owner of the Note or Additional Note, as applicable, then in default or under the Resolution pursuant to which it was issued.

Other Remedies of the Trustee. The Trustee shall have the right:

(a) by mandamus or other action or proceeding or suit at law or in equity to enforce its rights against any District or any trustee, member, officer or employee thereof, and to compel such District or any such trustee, member, officer or employee thereof to observe or perform its or his duties under applicable law and the agreements, conditions, covenants and terms contained in the Indenture, or in the applicable Note or Additional Note, if any, and Resolution, required to be observed or performed by it or him;

(b) by suit in equity to enjoin any acts or things which are unlawful or violate the rights of the Trustee, the Owners, the registered owners of Additional Bonds, if any, or each credit enhancer with respect to any Additional Bonds, if any; or

(c) by suit in equity upon the happening of any default under the Indenture to require any District and any trustee, member, officer and employee thereof to account as the trustee of any express trust.

Nonwaiver. A waiver by the Trustee of any default under the Indenture or breach of any obligation under the Indenture shall not affect any subsequent default under the Indenture or any subsequent breach of an obligation under the Indenture or impair any rights or remedies on any such subsequent default thereunder or on any such subsequent breach of an obligation thereunder. No delay or omission by the Trustee to exercise any right or remedy accruing upon any default under the Indenture shall impair any such right or remedy or shall be construed to be a waiver of any such default thereunder or an acquiescence therein, and every right or remedy conferred upon the Trustee by applicable law or by the Indenture may be enforced and exercised from time to time and as often as shall be deemed expedient by the Trustee.

If any action, proceeding or suit to enforce any right or to exercise any remedy is abandoned or determined adversely to the Trustee, any credit enhancer for any series of Additional Bonds, the Authority or the Districts, then such parties shall be restored to their former positions, rights and remedies as if such action, proceeding or suit had not been brought or taken.

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Application of Funds. All moneys received by the Trustee pursuant to any right given or action taken under the provisions set forth under the caption “SUMMARY OF INDENTURE—Defaults and Remedies” shall be apportioned by the Trustee, after payment of the Trustee’s compensation and other fees of the Trustee, in accordance with the priority provisions set forth in the applicable District’s Resolution. Each such apportioned payment shall be deposited into the segregated Payment Accounts attributable to the corresponding series of Notes and Additional Notes, as applicable, of the defaulting District in the Bond Payment Fund and shall be applied by the Trustee in the following order upon presentation of the several affected series of Bonds and other series of Additional Bonds, as applicable, and the stamping thereon of the payment if only partially paid, or upon the surrender thereof if fully paid:

FIRST, to the payment of the costs and expenses of the Trustee and of the Owners and registered owners of Additional Bonds, if any, in declaring such Event of Default, including reasonable compensation to its or their agents, attorneys and counsel;

SECOND, to the payment to the persons entitled thereto of all payments of interest on the applicable series of Bonds or Additional Bonds then due in the order of the due date of such payments and, if the amount available shall not be sufficient to pay in full any payment or payments coming due on the same date, then to the payment thereof ratably, according to the amounts due thereon, to the persons entitled thereto, without any discrimination or preference; and

THIRD, to the payment to the persons entitled thereto of the unpaid principal of the applicable series of Bonds or Additional Bonds which shall have become due, in the order of their due dates, with interest on the overdue principal and interest on the applicable series of Bonds or Additional Bonds at a rate equal to the applicable Default Rate and, if the amount available shall not be sufficient to pay in full all the amounts due with respect to the applicable series of Bonds or Additional Bonds on any date, together with such interest, then to the payment thereof ratably, according to the amounts of principal due on such date to the persons entitled thereto, without any discrimination or preference,

provided, that the Trustee shall follow the instructions contained in an Opinion of Counsel provided by the Authority and rebate or set aside for rebate from the specified funds held under the Indenture any amount pursuant to such instructions required to be paid to the United States of America under the Code.

Remedies Not Exclusive. No remedy conferred in the Indenture upon or reserved therein to the Trustee is intended to be exclusive, and all remedies shall be cumulative and each remedy shall be in addition to every other remedy given thereunder or now or hereafter existing under applicable law or equity or by statute or otherwise and may be exercised without exhausting and without regard to any other remedy conferred by any other applicable law.

Credit Enhancer’s Control of Remedies. Notwithstanding anything to the contrary in the Indenture, any credit enhancer with respect to Additional Bonds, if any, so long as it has not failed to comply with its payment obligations under its credit enhancement for the applicable Additional Bonds, shall have the right to direct the remedies upon any Event of Default under the Indenture relating to the corresponding series of Additional Notes or Additional Bonds but only so long as such action will not materially adversely affect the rights of any Bond Owner or registered owner of Additional Bonds, and each such other credit enhancer’s prior consent shall be required to any remedial action proposed to be taken by the Trustee thereunder.

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Exercise of Remedies

Upon the exercise by the requisite number of Owners and registered owners of Additional Bonds, the Trustee or any credit enhancer for Additional Bonds, if any, of its right of action to institute suit directly against a District to enforce payment of a Note or Additional Note, if any, any moneys recovered by such action shall be deposited with the Trustee and applied as provided above under “—Application of Funds.”

Limited Liability of the Authority

Except as expressly provided in the Indenture, the Authority shall not have any obligation or liability to the Trustee or the Owners with respect to the payment when due of the Notes by the Districts, or with respect to the observance or performance by the Districts of the other agreements, conditions, covenants and terms contained in the Notes and the Resolutions (including but not limited to any rebate liability on the Notes), or with respect to the performance by the Trustee of any obligation contained in the Indenture required to be performed by it. Notwithstanding anything to the contrary contained in the Bonds, the Indenture or any other document related thereto, the Authority shall not have any liability under the Indenture or by reason of the Indenture or in connection with any of the transactions contemplated by the Indenture except to the extent payable from moneys received from or with respect to the Notes and available thereof in accordance with the Indenture.

Limited Liability of the Districts

Except as expressly provided in the respective Notes and the Resolutions, the Districts shall not have any obligation or liability to the Authority, the Trustee, or the Owners of the Bonds with respect to the Indenture or the preparation, execution, delivery, transfer, exchange or cancellation of the Bonds or the receipt, deposit or disbursement of the principal of and interest on the Notes by the Trustee, or with respect to the performance by the Trustee of any obligation contained in the Indenture required to be performed by it.

Notwithstanding anything to the contrary in the Indenture or in any Note or document referred to therein, no District shall incur any obligation thereunder except to the extent payable from unencumbered revenues attributable to its Fiscal Year 2019-2020, nor shall any District incur any obligation on account of any default, action or omission of any other District.

Limited Liability of the Trustee

Except as expressly provided in the Indenture, the Trustee shall not have any obligation or liability to the Owners with respect to the payment when due of the Notes by the Districts, or with respect to the observance or performance by the Districts of the other agreements, conditions, covenants and terms contained in the Notes and the Resolutions.

Amendment or Supplement of Indenture

The Indenture and the rights and obligations of the Owners and the Trustee under the Indenture may be amended or supplemented at any time by an amendment thereof or supplement thereto which shall become binding when the written consents of any credit enhancer with respect to Additional Bonds, if any, and of the Owners and the registered owners of Additional Bonds, if any, of a majority in aggregate principal amount of the Bonds and Additional Bonds then outstanding are filed with the Trustee. No such amendment or supplement shall: (i) reduce the rate of interest on any Bond or extend the time of payment thereof or reduce the amount of principal of any Bond or extend the Maturity Date

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thereof or modify the payment priority for any Bond without the prior written consent of the Owner of the Bond so affected; (ii) reduce the percentage of Owners and registered owners of Additional Bonds whose consent is required by the terms of the Indenture for the execution of certain amendments thereof or supplements thereto; or (iii) modify any of the rights or obligations of the Trustee without the Trustee’s prior written consent thereto.

The Indenture and the rights and obligations of the Owners, the registered owners of Additional Bonds, if any, and the Trustee thereunder may also be amended or supplemented at any time by an amendment thereof or supplement thereto, which shall become binding upon execution with the prior written consent of any credit enhancer with respect to Additional Bonds, if any, but without the written consents of any Owners or registered owners of Additional Bonds, if any, in order to make any modifications or changes to certain exhibits to the Indenture or to make any modifications or changes necessary or appropriate in the Opinion of Counsel to preserve or protect the exclusion from gross income of interest on any or all of the Bonds and Additional Bonds for federal income tax purposes or, but only to the extent that such amendment shall not materially adversely affect the interests of the Owners and the registered owners of Additional Bonds, if any, for any purpose including, without limitation, one or more of the following purposes:

(a) to add to the agreements, conditions, covenants and terms contained in the Indenture required to be observed or performed by the Authority, other agreements, conditions, covenants and terms thereafter to be observed or performed by the Authority, or to surrender any right reserved in the Indenture to or conferred therein on the Authority;

(b) to make such provisions for the purpose of curing any ambiguity or of correcting, curing or supplementing any defective provision contained in the Indenture or in regard to questions arising thereunder which the Authority may deem desirable or necessary; or

(c) to modify, amend or supplement the Indenture or any supplement thereto in such manner as to permit the qualification thereof under the Trust Indenture Act of 1939, as amended, or any similar federal statute hereafter in effect or to permit the qualification of the Bonds or Additional Bonds, if any, for sale under the securities laws of the United States of America or of any of the states of the United States of America and, if the Authority or Bond Counsel so determine, to add to the Indenture or any supplement thereto such other terms, conditions and provisions as may be permitted by said Trust Indenture Act of 1939, as amended, or similar federal statute.

The Indenture and the rights and obligations of the Owners, the registered owners of the Additional Bonds, if any, and the Trustee under the Indenture may also be amended or supplemented at any time by an amendment thereof or supplement thereto which shall become binding upon execution without the prior written consent of any credit enhancer with respect to Additional Bonds, if any, or any Owners, for the purpose of issuing and securing one or more series of Additional Bonds.

Defeasance

If the Trustee shall pay or cause to be paid or there shall otherwise be paid to the Owners of all Outstanding Bonds of a series the interest and principal thereof at the times and in the manner provided in such series of Bonds and the Indenture, then such Owners shall cease to be entitled to the pledge of and lien on the Notes and Note payments applicable thereto and any interest in the funds held under the Indenture as provided therein, and all agreements and covenants of the Authority to such Owners under the Indenture shall thereupon cease, terminate and become void and shall be discharged and satisfied.

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Any Outstanding Bonds shall on their Maturity Date be deemed to have been paid within the meaning of and with the effect expressed in the preceding paragraph if there shall be on deposit with the Trustee moneys which are sufficient to pay the interest on and principal of such Bonds payable on and prior to their Maturity Date.

Any Outstanding Bonds shall prior to their Maturity Date be deemed to have been paid within the meaning of and with the effect expressed in the second preceding paragraph if there shall have been deposited with the Trustee either moneys in an amount which shall be sufficient or United States Treasury bills, notes, bonds or certificates of indebtedness, or obligations for which the full faith and credit of the United States of America are pledged for the payment of interest and principal, and which are purchased with moneys and are not subject to redemption except by the holder thereof prior to maturity (including any such securities issued or held in book entry form on the books of the Department of the Treasury of the United States of America), the interest on and principal of which when paid will provide money which, together with the moneys, if any, deposited with the Trustee at the same time, shall be sufficient, in the opinion of an independent certified public accountant delivered to the Trustee, to pay when due the interest on such Bonds and the principal of such Bonds on the applicable Maturity Date.

After the payment of the interest on and principal of all Outstanding Bonds as provided in this section, at the Request of the Authority (if provided), the Trustee shall execute and deliver to the Authority and the Districts all such instruments as they may deem necessary or desirable to evidence the discharge and satisfaction of the Indenture, and the Trustee shall pay over or deliver to the Districts all money or deposits or investments held by it pursuant to the Indenture (except for moneys held in the Rebate Fund) which are not required for the payment of the interest on and principal of such Bonds.

Notwithstanding anything to the contrary in the Indenture, the Indenture shall not be discharged until all Additional Bonds, if any, have been paid or deemed to have been paid in the same manner as the Bonds as described above.

Investments

Any money held by the Trustee in each Payment Account and each Proceeds Subaccount attributable to the Bonds shall be invested by the Trustee, to the fullest extent practicable, upon the Request of any District, with respect to the corresponding Proceeds Subaccount or Payment Account, in Permitted Investments which will mature on or before the dates on which such money is anticipated to be needed for disbursement under the Indenture. The Trustee may act as principal or agent in the acquisition or disposition of any such deposit or investment and may at its sole discretion, for the purpose of any such deposit or investment, except as otherwise set forth in the Indenture, commingle any of the money held by it under the Indenture. The Trustee shall not be liable or responsible for any loss suffered in connection with any such deposit or investment made by it under the terms of and in accordance with the Indenture. To the extent the Trustee has not received any instruction with respect to the investment of funds in a Payment Account or a Proceeds Subaccount, such amounts shall be invested by the Trustee in a money market fund offered by the Trustee or any of its affiliates meeting the requirements set forth in clause (d) of the definition of Permitted Investments. The amounts held in the several Payment Accounts and Proceeds Subaccounts will be accounted for separately for the respective Districts. The Trustee may present for redemption or sell any such deposit or investment whenever it shall be necessary in order to provide money to meet any payment of the money so deposited or invested, and the Trustee shall not be liable or responsible for any losses resulting from any such deposit or investment presented for redemption or sold. Any interest or profits on such deposits and investments received by the Trustee shall be credited to the fund or account from which such investment was made.

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Moneys held by the Trustee in the Costs of Issuance Fund, Pool Principal Fund and the Pool Interest Fund shall be invested in Permitted Investments as directed by the Authority.

Removal and Resignation of Trustee

The Authority, with the consent of any credit enhancer for Additional Bonds, if any, may at any time remove the Trustee by giving written notice of such removal by mail to the Trustee, all of the Districts, all Owners of Bonds and registered owners of Additional Bonds, if any, and any credit enhancer for Additional Bonds, if any, and the Trustee may at any time resign by giving written notice by mail of such resignation to the Districts, all Owners of Bonds and registered owners of Additional Bonds, if any, and any credit enhancer for Additional Bonds, if any. Any credit enhancer for Additional Bonds, if any, may at any time remove the Trustee if such credit enhancer is not in default on its payment obligations under the credit enhancement provided by such credit enhancer. Such credit enhancer shall give written notice by mail of such removal to the Trustee, and all of the Districts, any other credit enhancers, as applicable, and all Owners of the Bonds and registered owners of Additional Bonds, if any. If such removal is at the request of a credit enhancer and the Trustee has not been removed due to its willful misconduct or negligence under the Indenture, the credit enhancer shall reimburse the Authority and the Districts for any additional costs resulting from such removal. Upon giving any such notice of removal or upon receiving any such notice of removal or resignation, the Authority shall promptly appoint a successor Trustee acceptable to each credit enhancer, if any, by an instrument in writing; provided that if the Authority does not appoint a successor Trustee within 60 days following the giving of any such notice of removal or the receipt of any such notice of resignation, the removed or resigning Trustee may petition any appropriate court having jurisdiction to appoint a successor Trustee. Any successor Trustee shall be a commercial bank with trust powers or trust company, doing business and having a principal corporate trust office either in Los Angeles or San Francisco, California, having a combined capital (exclusive of borrowed capital) and surplus of at least $75,000,000 and subject to supervision or examination by state or national authorities.

Any removal or resignation of a Trustee and appointment of a successor Trustee shall become effective only when the Trustee has provided written acceptance of its appointment to the Authority, and each credit enhancement, if any, are transferred in accordance with its terms.

APPENDIX B

GENERAL DISTRICT FINANCIAL INFORMATION

Sources of Funds—School Districts

General. Prior to Fiscal Year 2013-2014, school districts in the State received most of their income under a formula known as the “State Revenue Limit.” This apportionment, the majority of which was funded by State apportionments of basic and equalization aid with the remainder funded by local property taxes, was allocated to the school districts based on a revenue limit per unit of the average daily attendance (“ADA”) of the school districts. ADA is determined by school districts twice a year, in December (“First Period ADA”) and April (“Second Period ADA”). Generally, the State apportionment amounted to the difference between a district’s revenue limit and its actual local property tax receipts (after any redevelopment agency tax increment or other deductions or “shifts” that may be in effect under State law).

Each district received a portion of the local property taxes collected within the district boundaries. This amount was compared to the total revenue limit for the district; the balance was received in the form of State aid. Therefore, the sum of the property taxes and State aid was equal to the district’s revenue limit. Districts which received the minimum amount of State aid have been known as “basic aid” districts. All other districts have been known as “revenue limit” districts. As a result of the implementation of the 2013-2014 State budget, school districts are now being funded based on uniform funding grants assigned to certain grade spans (see “—Local Control Funding Formula” herein for a description thereof).

Local Control Funding Formula. State Assembly Bill 97 (Chapter 47, Statutes of 2013) (“A.B. 97”), enacted as part of the 2013-2014 State Budget, established a new system for funding school districts, charter schools and county offices of education. This new system replaced the revenue limit funding system for determining State apportionments, as well as the majority of State categorical program funding. The new system also affects whether a district qualifies as a community funded district (previously referred to as a basic aid district) or a Local Control Funding Formula (“LCFF”) district (previously referred to as a revenue limit district). Certain provisions of A.B. 97 were amended and clarified by Senate Bill 91 (Chapter 49, Statutes of 2013) (“S.B. 91”).

The primary component of A.B. 97, as amended by S.B. 91, is the implementation of the LCFF. Since Fiscal Year 2013-2014, the bulk of funding for school districts is provided on the basis of target base funding grants per unit of ADA (each, a “Base Grant”) assigned to each of four grade spans. Each Base Grant is subject to certain adjustments, as further described herein. According to a report published by the State Legislative Analyst’s Office, the State general fund cost of fully implementing the LCFF in Fiscal Year 2013-2014 would have been approximately $18 billion more than what was spent on education in the prior fiscal year (assuming current levels of property tax revenue, ADA and enrollment). Given this cost, the LCFF was expected to have been implemented over a span of eight fiscal years, during which time school districts will receive annual funding increases based on the gap between their respective prior-year funding level and the target LCFF allocation following full implementation. In each year, each school district was expected to see the same proportion of their funding gap closed, with dollar amounts varying depending on the size of district’s funding gap. The State cost to fund the LCFF in each fiscal year will fluctuate depending on a number of factors, including the provision of cost of living adjustments (“COLAs”), fluctuations in ADA and student demographics, and growth in property tax revenues. The LCFF was fully implemented in Fiscal Year 2018-2019.

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The LCFF includes the following components:

• A Base Grant for each local education agency (“LEA”). The Base Grants are based on four uniform, grade-span base rates. For Fiscal Year 2018-2019, the LCFF provided to school districts and charter schools a Target Base Grant, per unit of ADA, for each grade span as follows: (i) $8,235 for grades K-3; (ii) $7,571 for grades 4-6; (iii) $7,796 for grades 7-8; and (iv) $9,269 for grades 9-12. The Base Grants for grades K-3 and 9-12 include adjustments of 10.4% and 2.6%, respectively, to cover the costs of class size reduction in early grades and support college and career readiness programs in high schools. Furthermore, the amounts include the higher COLA of 3.70% authorized by the Fiscal Year 2018-2019 State budget, which is known as the “super COLA”. School districts serving students in grades K-3 must maintain an average class enrollment of 24 or fewer students in grades K-3 at each school site in order to continue receiving the adjustment to the K-3 Base Grant. Supplemental funds derived from the adjustment to the Base Grant for grades 9-12 must be spent to advance college and career readiness goals outlined in the respective district’s LCAP (as defined herein).

• A 20% supplemental grant (“Supplemental Grant”) for the unduplicated number of English language learners, students from low-income families and foster youth, to reflect the increased costs associated with educating those students.

• A concentration grant add-on (“Concentration Grant”) equal to 50% of a LEA’s Base Grant, based on the number of English language learners, students from low-income families and foster youth served by the LEA that comprise more than 55% of enrollment.

• For certain school districts that would have received greater funding levels under the prior revenue limit system, LCFF provides for a permanent economic recovery target (“ERT”) that is intended to ensure that almost every LEA receives at least their pre-recession funding level, adjusted for inflation, at full implementation of the LCFF. At full implementation, LEA’s receive the greater if the Base Grant or the ERT.

The sum of a school district’s adjusted Base Grant, Supplemental Grant and Concentration Grant is multiplied by such district’s P-2 ADA for the current or prior year, whichever is greater (with certain adjustments applicable to small school districts). This funding amount, together with any applicable ERT or categorical block grant add-ons, yields a district’s total LCFF allocation. Generally, the amount of annual State apportionments received by a school district amounts to the difference between such total LCFF allocation and such district’s share of applicable local property taxes. Most school districts receive a significant portion of their funding from such State apportionments. As a result, decreases in State revenues may significantly affect appropriations made by the State Legislature to school districts.

Certain schools districts, known as “basic aid” districts (which are now referred to as “community funded districts”), have allocable local property tax collections that equal or exceed such districts’ total LCFF allocation, and result in the receipt of no State apportionment aid. Community funded districts receive only special categorical funding, which is deemed to satisfy the “basic aid” requirement of $120 per student per year guaranteed by Article IX, Section 6 of the State Constitution. The implication for community funded districts is that the legislatively determined allocations to school districts, and other politically determined factors, are less significant in determining their primary funding sources. Rather, property tax growth and the local economy are the primary determinants.

Accountability. As part of the implementation of the LCFF, the State Board of Education (“SBE”) promulgated regulations regarding the expenditure of supplemental and concentration funding.

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These regulations include a requirement that school districts increase or improve services for English language learners, students from low-income families a foster youth in proportion to the increase in funds apportioned to such districts on the basis of the number and concentration of such English language learners, students from low-income families a foster youth, as well as the conditions under which school districts can use supplemental or concentration funding on a school-wide or district-wide basis.

School districts are also required to adopt local control and accountability plans (“LCAPs”) disclosing annual goals for all students, as well as certain numerically significant student subgroups, to be achieved in eight areas of State priority identified by the LCFF. LCAPs may also specify additional local priorities. LCAPs must specify the actions to be taken to achieve each goal, including actions to correct identified deficiencies with regard to areas of State priority. LCAPs are required to be adopted every three years and updated annually thereafter. The SBE has developed and adopted a template for LCAPs for use by school districts.

Support and Intervention. A.B. 97, as amended by S.B. 91, establishes a system of support and intervention to assist school districts in meeting the performance expectations outlined in their respective LCAPs. School districts must adopt their LCAPs (or annual updates thereto) in tandem with their annual operating budgets, and not later than five days thereafter submit such LCAPs or updates to their respective county superintendents of schools. On or before August 15 of each year, a county superintendent may seek clarification regarding the contents of a district’s LCAP (or annual update thereto), and the district is required to respond to such a request within 15 days. Within 15 days of receiving such a response, the county superintendent can submit non-binding recommendations for amending the LCAP or annual update, and such recommendations must be considered by the respective school district at a public hearing within 15 days. A district’s LCAP or annual update must be approved by the county superintendent by October 8 of each year if the superintendent determines that (i) the LCAP or annual update adheres to the SBE template, and (ii) the district’s budgeted expenditures are sufficient to implement the actions and strategies outlined in the LCAP.

A school district is required to receive additional support if its respective LCAP or annual update thereto is not approved, if the district requests technical assistance from its respective county superintendent, or if the district does not improve student achievement across more than one State priority for one or more student subgroups. Such support can include a review of a district’s strengths and weaknesses in the eight State priorities, or the assignment of an academic expert to assist the district to identify and implement programs designed to improve outcomes. Assistance may be provided by the California Collaborative for Educational Excellence, a state agency created by A.B. 97 and charged with assisting school districts to achieve the goals set forth in their LCAPs.

The State Superintendent of Public Instruction (the “State Superintendent”) is further authorized, with the approval of the SBE, to intervene in the management of persistently underperforming school districts. The State Superintendent may intervene directly or assign an academic trustee to act on his or her behalf. In so doing, the State Superintendent is authorized to (i) modify a district’s LCAP, (ii) impose budget revisions designed to improve student outcomes, and (iii) stay or rescind actions of the local governing board that would prevent such district from improving student outcomes; provided, however, that the State Superintendent is not authorized to rescind an action required by a local collective bargaining agreement.

In addition to State allocations determined pursuant to the LCFF, the school districts receive other State revenues consisting primarily of restricted revenues designed to implement State mandated programs. Beginning in Fiscal Year 2013-2014, categorical spending restrictions associated with a majority of State mandated programs were eliminated, and funding for these programs was folded into the LCFF. Categorical funding for 14 programs was excluded from the LCFF—including, among others,

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child nutrition, after school education and safety, special education, and State preschool—and school districts will continue to receive restricted State revenues to fund these programs.

Other Revenue Sources. A small part of a school district’s budget is from local sources other than property taxes, such as developer fees, parcel taxes, interest income, donations and sales of property. The rest of a school district’s budget comes from categorical funds provided exclusively by the State and federal government. These funds are to be used for specific programs and typically cannot be used for any other purpose (“Categorical Funds”). See, however, the discussion above under “—Support and Intervention” about the elimination of a majority of State mandated programs which have been folded into the LCFF.

Those few school districts that still have unused school buildings or sites can lease or sell them for miscellaneous income. Since January 1987, school districts have been able to levy a fee on new residential or commercial development within their boundaries to finance the construction or renovation of school facilities.

A significant number of school districts have secured the required two-thirds approval from local voters to levy special taxes on parcels or residences. A significant number of other districts have won voter approval, with either a two-thirds vote or a 55% majority, to sell general obligation bonds or to establish special taxing districts for the construction of schools. Use of such taxes is restricted by law.

The final revenue source is the State Lottery. Approved by voters in late 1984, the lottery generates less than 2% of total school revenues. Every school district receives the same amount of lottery funds per pupil from the State; however, these are not Categorical Funds as they are not for particular programs or children. Such funds may be spent for instructional but not capital purposes, with 50% of the increase in State Lottery revenues over 1997-98 levels restricted to use on instructional materials.

No other source of general purpose revenue is currently permitted for schools. Proposition 13 eliminated the possibility of raising additional property taxes for general school support, and State courts have declared that fees may not be charged for school-related activities (other than for busing services).

Sources of Funds—Community College Districts

Historically, California community college districts (other than Basic Aid, or community supported districts, as described below) have received, on average, approximately 52% of their funds from the State, 44% from local sources, and 4% from federal sources. State funds include general apportionment, Categorical Funds, capital construction, the State lottery (which is less than 3%), and other minor sources. Local funds include property taxes, student fees, and miscellaneous sources.

Prior Funding Formula (SB 361). From Fiscal Year 2006-2007 to Fiscal Year 2017-2018, a community college district determined its revenue allocation pursuant to a bill passed by the State Legislature (“SB 361”) and signed by the Governor on September 29, 2006. Under SB 361, allocation of state general apportionment revenues to community college districts were based on criteria developed by the Board of Governors of the California Community Colleges (the “Board of Governors”) in accordance with prescribed statewide minimum requirements. In establishing these minimum requirements, the Board of Governors was required to acknowledge the need of each community college district to receive an annual allocation based on the number of colleges and comprehensive centers in each such district, plus funding received based on the number of credit and noncredit full time equivalent students (“FTES”) in such district.

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Under SB 361, the minimum funding per FTES was: (a) not less than $4,367 per credit FTES; (b) at a uniform rate of $2,626 per noncredit FTES; and (c) set at $3,092 per FTES for a new instructional category of “career development and college preparation,” all subject to costs of living adjustments.

Local revenues, consisting of local property taxes and student enrollment fess, were first used to satisfy community college district expenditures. Once these sources were exhausted, State funds were used to determine a community college district revenue limit under SB 361.

New Student-Centered Funding Formula. The Fiscal Year 2018-2019 State budget, signed by the Governor on June 27, 2018, created a new Student-Centered Funding Formula (the “SCFF”) for general purpose apportionments, which will be implemented over a three-year period. The new formula allocates funding to community college districts based upon FTES, as well as additional factors. The SCFF includes the following components:

• A base allocation consistent with the SB 361 formula described above. In Fiscal Years 2018-2019, 2019-2020 and 2020-2021, the percentage of funding based on enrollment is equal to 70 percent, 65 percent and 60 percent, respectively.

• A supplemental allocation based on the number of students who receive a California Promise Grant, Pell Grant or are AB 540 undocumented students. In Fiscal Years 2018-2019, 2019-2020 and 2020-2021, 20 percent of funding is based on enrollment of low-income students.

• A student success allocation which will allocate funds for outcomes related to completion of associate degree transfers, associate degrees and bachelor degrees, credit certificates, completion of transfer-level math and English within the first academic year of enrollment, transfer to four-year universities, completion of nine or more career technical education units and attainment of a regional living wage. In Fiscal Years 2018-2019, 2019-2020 and 2020-2021, the percentage of funding based on student success metrics is equal to 10 percent, 15 percent and 20 percent, respectively.

• A hold harmless provision such that during the three years of implementation, no community college district will receive less funding that it received in Fiscal Year 2017-2018, and each community college district will receive an increase to reflect a cost-of-living adjustment. In Fiscal Years 2021-2022 and future years, no community college districts will receive less in apportionment funding than is currently provided.

• An advisory committee will be established, corresponding with the implementation of the SCFF, to monitor the implementation of the SCFF and report back to the State Legislature and the Chancellor of the State’s community colleges on potential improvements.

“Basic Aid” (or community supported) community college districts are those districts whose local property tax and student enrollment fee collections exceed the revenue allocation determined by the program based model. Basic aid districts do not receive any funds from the State. The law in California allows these districts to keep the excess funds without penalty. The implication for Basic Aid (or community funded) community college districts is that the legislatively determined annual cost of living adjustment and other politically determined factors are less significant in determining such districts’ primary funding sources. Rather, property tax growth and the local economy become the determinant factors.

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District Budget Process

General. The fiscal year for all California school districts and county boards of education and community college districts begins on the first day of July of each year and ends on the thirtieth day of June of the following year.

School Districts. School districts are required by provisions of the State Education Code to maintain a balanced budget each year, in which the sum of expenditures and the ending fund balance cannot exceed the sum of revenues and the carry-over fund balance from the previous year. School districts’ annual general fund expenditures are characterized in large part by multi-year expenditure commitments such as union contracts. Year-to-year fluctuations in State and local funding of school district general funds could result in revenue decreases which, if large enough, may not easily be offset by an equal reduction in expenditures until at least the following fiscal year. School districts are required by State law to maintain general fund reserves that can be drawn upon in the event of a resulting excess of expenditures over revenues for a given fiscal year. The State Department of Education imposes a uniform budgeting and accounting format for school districts.

School districts must adopt a budget on or before July 1 of each year. The budget must be submitted to the county superintendent of schools (the “County Superintendent”).

The County Superintendent, will, (a) examine the adopted budget for compliance with the standards and criteria adopted by the State Board of Education and identify technical corrections necessary to bring the budget into compliance, (b) determine if the budget allows the school district to meet its current obligations, (c) determine if the budget is consistent with a financial plan that will enable the school district to meet its multi-year financial commitments, (d) determine whether the school district’s budget includes the expenditures necessary to implement a local control and accountability plan or annual update to the local control and accountability plan approved by the County Superintendent, and (e) determine whether the school district’s budget’s ending fund balance exceeds the minimum recommended reserve for economic uncertainties. On or before September 15, the County Superintendent will approve, conditionally approve or disapprove the adopted budget for each school district.

Budgets will be disapproved if they fail the above standards. The district board must be notified by September 15 of the County Superintendent’s recommendations for revision and reasons for the recommendations. The County Superintendent may assign a fiscal advisor or appoint a committee to examine and comment on the recommendations. The committee must report its findings no later than September 20. Any recommendations made by the County Superintendent must be made available by the district for public inspection. No later than October 22, the County Superintendent must notify the State Superintendent of all school districts whose budget has been disapproved.

For a district whose budget has been disapproved, such district must revise and readopt its budget by October 8, reflecting changes in projected income and expenses since July 1, including responding to the County Superintendent’s recommendations. The County Superintendent must determine if the budget conforms with the standards and criteria applicable to final district budgets, and not later than November 8, must approve or disapprove the revised budgets. If the budget is disapproved, the County Superintendent will call for the formation of a budget review committee pursuant to Education Code Section 42127.1. Until a district’s budget is approved, the district will operate on the lesser of its proposed budget for the current fiscal year or the last budget adopted and reviewed for the prior fiscal year.

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At a minimum, each school district files with its County Superintendent and the State Department of Education a First Interim Financial Report by December 15 covering financial operations from July 1 through October 31, and a Second Interim Financial Report by March 17 covering financial operations from November 1 through January 31. Section 42131 of the Education Code requires that each interim report be certified by the school board as either (a) ”positive,” certifying that the district, “based upon current projections, will meet its financial obligations for the current fiscal year and subsequent two fiscal years,” (b) ”qualified,” certifying that the district, “based upon current projections, may not meet its financial obligations for the current fiscal year or two subsequent fiscal years,” or (c) ”negative,” certifying that the district, “based upon current projections, will be unable to meet its financial obligations for the remainder of the fiscal year or the subsequent fiscal year.” A certification by a school board may be revised by the County Superintendent. If either the First or Second Interim Report is not “positive,” the County Superintendent may require the district to provide a Third Interim Financial Report covering financial operations from February 1 through April 30 by June 1. If not required, a Third Interim Financial Report is not prepared. Each interim report shows fiscal year-to-date financial operations and the current budget, with any budget amendments made in light of operations and conditions to that point. After the close of the fiscal year on June 30, an unaudited financial report for the fiscal year is prepared and filed without certification with the County Superintendent and the State Department of Education.

Amador County Unified (a Series B District) received a qualified certification for the First Interim Report for Fiscal Year 2018-2019 and a qualified certification for the Second Interim Report for Fiscal Year 2018-2019. Calaveras Unified (a Series B District) received a qualified certification for the First Interim Report for Fiscal Year 2018-2019 and a qualified certification for the Second Interim Report for Fiscal Year 2018-2019. All other Districts received a positive certification for the First and Second Interim Reports for Fiscal Year 2018-2019. In order for Amador County Unified and Calaveras Unified to issue their respective Series B Note in connection with this offering, the State Superintendent of Schools and the County Superintendent of Schools, respectively, must determine, that each such District’s repayment of its Note is probable.

Community College Districts. In response to growing concern for accountability, the statewide Board of Governors and the Chancellor’s Office of the California Community Colleges (the “Chancellor”) have, through enabling legislation (A.B. 2910, Chapter 1486, Statutes of 1986), established expectations for sound district fiscal management and a process for monitoring and evaluating the financial condition to ensure the financial health of California’s community college districts. In accordance with statutory and regulatory provisions, the Chancellor has been given the responsibility to identify districts at risk and, when necessary, the authority to intervene to bring about improvement in their financial condition. To stabilize a district’s financial condition, the Chancellor may, as a last resort, seek an appropriation for an emergency apportionment.

The monitoring and evaluation process is designed to provide early detection and amelioration that will stabilize the financial condition of the community college district before an emergency apportionment is necessary. This is accomplished by (1) assessing the financial condition of community college districts through the use of various information sources and (2) taking appropriate and timely follow up action to bring about improvement in a community college district’s financial condition, as needed. A variety of instruments and sources of information are used to provide a composite of each community college district’s financial condition, including quarterly financial status reports, annual financial and budget reports, attendance reports, annual district audit reports, district input and other financial records. In assessing each community college district’s financial condition, the Chancellor will pay special attention to each district’s general fund balance, spending patterns, and FTES patterns. Those community college districts with greater financial difficulty will receive follow up visits from the Chancellor’s Office where financial solutions to the district’s problems will be addressed and implemented.

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Accounting Practices

The accounting policies of California school districts conform to generally accepted accounting principles in accordance with policies and procedures of the California School Accounting Manual. This manual, according to Section 41010 of the Education Code, is to be followed by all California school districts. Revenues are recognized in the period in which they become both measurable and available to finance expenditures of the current fiscal period. Expenditures are recognized in the period in which the liability is incurred.

State Funding of Education

General. The California Constitution, Article XVI, Section 8, requires that the moneys to be applied by the State for support of the public school system and public institutions of higher education shall first be set apart from all State revenues. As discussed above, school districts and community college districts in the State receive a significant portion of their funding from State appropriations.

The availability of State funds for public education is a function of Constitutional provisions affecting school district revenues and expenditures, the condition of the State economy (which affects total revenues available to the State general fund) and the annual State budget process.

Annual State apportionments of State aid to school districts and community college districts are determined as described above under “—Sources of Funds—School Districts” and “—Sources of Funds—Community College Districts.

On November 8, 1988, California voters approved an initiative constitutional amendment and statute known as Proposition 98. This initiative made changes in the way the State funds public schools below the university level and treats excess revenues. On June 5, 1990, the California voters approved an initiative constitutional amendment known as Proposition 111, which modified the California Constitution to alter the spending limit and educational funding provisions of Proposition 98. See “—Constitutional and Statutory Provisions Affecting School District Revenues and Appropriations” for a more detailed discussion on Propositions 98 and 111.

The total amount required to be appropriated by the State for K-14 education is based on prior-year funding, as adjusted through various formulas and tests that take into account State proceeds of taxes, local property tax proceeds, school enrollment, per-capita personal income, and other factors. The State’s share of the guaranteed amount is based on State general fund tax proceeds and is not based on the general fund in total or on the State budget. The local share of the guaranteed amount is derived from local property taxes. The total guarantee amount varies from year to year throughout the stages of any given fiscal year’s budget, from the initial Governor’s budget proposal to actual expenditures, as the various factors change.

State Budget Process. The State budget approval process begins with the release of the Governor’s proposed budget for the next fiscal year by January 10 to the State Legislature. State fiscal years begin July 1. In May, the Governor submits a “May Revision” of the proposed budget that reflects updated estimates of revenues and expenditures. After a series of public hearings and the other steps in the legislative process, the budget must be approved by a majority vote in each house of the State Legislature and submitted to the Governor. The State budget becomes law upon the signature of the Governor, who may reduce or eliminate any appropriation through the line-item veto. Although the budget is required by the Constitution to be approved no later than June 15, the budget is frequently not approved until later in the year (although in recent years, the budget has been approved on time). The Governor signed the Fiscal Year 2018-2019 State budget on June 27, 2018.

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While the Constitution in large part dictates the formulae for determining the allocation of State revenues to the kindergarten through twelfth grade (“K-12”) education portion of the State budget pursuant to Proposition 98 and other provisions, the Governor and State Legislature still have significant leeway in deciding whether and by how much to exceed or, in effect, reduce such allocation in the actual funding of K-12 school districts, and in deciding what funds will be general purpose or restricted purpose, in the State budget process.

State Budget for Prior Fiscal Years. Following a severe recession in the early 1990s, the State’s financial condition improved markedly starting in 1995-1996, due to a combination of better-than-expected revenues, slowdown in growth of social welfare programs, and continued spending restraint based on actions taken in earlier years. The economy grew strongly between 1994 and 2000, generally outpacing the nation, and as a result, for the five Fiscal Years from 1995-1996 to 1999-2000, the General Fund tax revenues exceeded the estimates made at the time the budgets were enacted. These additional funds were largely directed to school spending as mandated by Proposition 98, to make up shortfalls from reduced federal health and welfare aid in 1995-1996 and 1996-1997, and to fund new program initiatives, including education spending above Proposition 98 minimums, tax reductions, aid to local governments and infrastructure expenditures.

Starting in early 2001, the State faced significant financial challenges, with an economic recession in 2001 and a sluggish recovery in 2002 and 2003 (with greatest impacts in the high technology, internet, and telecommunications sectors, especially in northern California); weakened exports; and most particularly, large stock market declines between 2000 and 2002 (with attendant declines in stock option values and capital gains realizations). These adverse fiscal and economic factors resulted in an erosion of State general fund tax revenues. The three largest State general fund tax sources are personal income, sales and use, and corporate taxes. The bulk of the revenue declines were from personal income taxes, principally from reduced capital gains realizations and stock option income. This revenue drop resulted in a shortfall between State revenues and anticipated spending demands during the Fiscal Years 2001-2002 through 2003-2004 resulting in a total accumulated deficit of approximately $22 billion.

Two measures intended to address the cumulative budget deficit and to implement structural reform were both approved at the March 10, 2004 statewide primary election. The California Economic Recovery Bond Act (Proposition 57) authorized the issuance of up to $15 billion of economic recovery bonds to finance the negative State general fund reserve balance as of June 30, 2004 and other State general fund obligations undertaken prior to June 30, 2004. The first two series of economic recovery bonds, which were issued on May 11, 2004, provided approximately $8.339 billion of net proceeds to the State’s general fund. A third series of economic recovery bonds in the principal amount of $2.974 billion was issued on June 16, 2004. The Balanced Budget Amendment (Proposition 58) requires the State to adopt and maintain a balanced budget and establish a reserve, and restricts future long-term deficit-related borrowing.

During the second half of 2003 and during 2004, the recovery of the California economy broadened and strengthened (although with continuing weakness in job growth) and further moderate growth continued in 2005 through 2007. However, commencing in 2008, the State experienced a severe economic downturn, similar to the trends throughout the United States, particularly with regard to the subprime mortgage market. Since early 2007, the delinquency rate of subprime and other mortgages (particularly those with adjustable interest rates) rose, and the foreclosure rate increased significantly. Such losses in the mortgage market rippled into other financial markets. The unemployment rate in California rose to over 10% but has since improved and was 3.9% for April 2019. Neither the Districts nor the Authority can predict whether and when the State will experience another economic downturn.

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Cash Management Legislation. In the early 2000’s, from time to time and due to budgetary difficulties, the State engaged in the practice of deferring certain apportionments to K-12 districts and community college districts from one fiscal year to the next fiscal year in order to assist the State in balancing its budget each year. There were no deferrals for Fiscal Years 2017-2108 and 2018-2019 and there are no deferrals expected for Fiscal Year 2019-2020. In addition to the cross-year deferrals, the State has engaged in the practice of deferring apportionments within each fiscal year for K-14 districts. The State did not adopt such legislation for the intra-year deferral of payments during the Fiscal Year 2014-2015 through Fiscal Year 2018-2019 and no proposal currently exists for such deferral of payments during the Fiscal Year 2019-2020. The Districts cannot predict if “cross year” or any “intra-year” deferrals will be made in Fiscal Year 2019-2020 or any future fiscal years if the State’s financial condition was to significantly deteriorate.

Dissolution of Redevelopment Agencies. The adopted State budget for Fiscal Year 2011-2012 included as trailer bills Assembly Bill No. 26 (First Extraordinary Session) (“AB1X 26”) and Assembly Bill No. 27 (First Extraordinary Session) (“AB1X 27”), which the Governor signed on June 29, 2011. AB1X 26 suspended most redevelopment agency activities and prohibited redevelopment agencies from incurring indebtedness, making loans or grants, or entering into contracts after June 29, 2011. AB1X 26 dissolves all redevelopment agencies in existence and designates “successor agencies” and “oversight boards” to satisfy “enforceable obligations” of the former redevelopment agencies and administer dissolution and wind down of the former redevelopment agencies. Certain provisions of AB1X 26 are described further below. As signed by the Governor, AB1X 27 would have allowed a redevelopment agency to continue to exist, notwithstanding AB1X 26, upon the enactment by the city or county that created the redevelopment agency of an ordinance to comply with AB1X 27’s provisions and the satisfaction of certain other conditions.

In July of 2011, various parties filed an action before the Supreme Court of the State of California (the “Court”) challenging the validity of AB1X 26 and AB1X 27 on various grounds (California Redevelopment Association v. Matosantos (“Matosantos”). The Court subsequently stayed the implementation of a portion of AB1X 26 and all of AB1X 27 pending its decision in Matosantos. On December 29, 2011, the Court rendered its decision in Matosantos upholding virtually all of AB1X 26 and invalidating AB1X 27. In its decision, the Court also modified various deadlines for the implementation of AB1X 26. The deadlines for implementation of AB1X 26 below take into account the modifications made by the Court in Matosantos.

After Matosantos, AB1X 26 continues to suspend most redevelopment agency activities and continues to prohibit redevelopment agencies from incurring indebtedness, making loans or grants, or entering into contracts. Redevelopment agencies were dissolved on February 1, 2012, and AB1X 26 requires redevelopment agencies to continue to make scheduled payments on and perform obligations required under its “enforceable obligations.” For this purpose, AB1X 26 defines “enforceable obligations” to include “bonds, including the required debt service, reserve set-asides, and any other payments required under the indenture or similar documents governing the issuance of outstanding bonds of the former redevelopment agency” and “any legally binding and enforceable agreement or contract that is not otherwise void as violating the debt limit or public policy.” AB1X 26 specifies that only payments included on an “enforceable obligation payment schedule” adopted by a redevelopment agency shall be made by a redevelopment agency until its dissolution.

On February 1, 2012, and pursuant to Matosantos, AB1X 26 dissolved all redevelopment agencies in existence and designated “successor agencies” and “oversight boards” to satisfy “enforceable obligations” of the former redevelopment agencies and administer dissolution and wind down of the former redevelopment agencies. With limited exceptions, all assets, properties, contracts, leases, records, buildings and equipment, including cash and cash equivalents of a former redevelopment agency will be

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transferred to the control of the successor agency and, unless otherwise required pursuant to the terms of an enforceable obligation, distributed to various taxing agencies pursuant to AB1X 26.

AB1X 26 requires each successor agency to continue to make payments on enforceable obligations of the former redevelopment agencies. However, until a successor agency adopts a “recognized obligation payment schedule” the only payments permitted to be made are payments on enforceable obligations included on an enforceable obligation payment schedule. The initial enforceable obligation payment schedule will be the enforceable obligation payment schedule adopted by the former redevelopment agency. A successor agency may amend the enforceable obligation payment schedule at any public meeting, subject to the approval of its oversight board.

Under AB1X 26, commencing February 1, 2012, property taxes that would have been allocated to each redevelopment agency if the agencies had not been dissolved are now instead deposited in a “redevelopment property tax trust fund” created for each former redevelopment agency by the related county auditor-controller and held and administered by the related county auditor-controller as provided in AB1X 26. AB1X 26 generally requires each county auditor-controller, on May 16, 2012 and June 1, 2012 and each January 16 and June 1 thereafter, to apply amounts in a related redevelopment property tax trust fund, after deduction of the county auditor-controller’s administrative costs, in the following order of priority:

• To pay pass-through payments to affected taxing entities in the amounts that would have been owed had the former redevelopment agency not been dissolved; provided, however, that if a successor agency determines that insufficient funds will be available to make payments on the recognized obligation payment schedule and the county auditor-controller and State Controller verify such determination, pass-through payments that had previously been subordinated to debt service may be reduced;

• To the former redevelopment agency’s successor agency for payments listed on the successor agency’s recognized obligation payment schedule for the ensuing six-month period;

• To the former redevelopment agency’s successor agency for payment of administrative costs; and

• Any remaining balance to school entities and local taxing agencies.

It is possible that there will be additional legislation proposed and/or enacted to “clean up” various inconsistencies contained in AB1X 26 and there may be additional legislation proposed and/or enacted in the future affecting the current scheme of dissolution and winding up of redevelopment agencies currently contemplated by AB1X 26.

The following information concerning the State’s budget has been obtained from publicly available information which the Authority believes to be reliable; however the Authority does not guarantee the accuracy or completeness of this information and has not independently verified such information. The State has not entered into any contractual commitment with the Authority, the Districts, the Underwriter or the Owners of the Bonds to provide State budget information to the Authority, the Districts, the Underwriter or the Owners of the Bonds. Although they believe the State sources of information listed above are reliable, none of the Authority, the Districts or the Underwriter assumes any responsibility for the accuracy of the State budget information set forth or referred to herein or incorporated by reference herein. Additional information regarding State budgets is available at various

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State-maintained websites including www.dof.ca.gov, which website is not incorporated herein by reference.

Adopted 2018-19 State Budget. The Governor signed the 2018-19 State Budget (the “2018-19 State Budget”) on June 27, 2018. The 2018-19 State Budget projects Fiscal Year 2018-2019 total resources available of $141.8 billion (including revenues and transfers of approximately $133.3 billion), total expenditures of approximately $138.7 billion (inclusive of non-Proposition 98 expenditures of $83.8 billion and Proposition 98 expenditures of $54.9 billion) and a year-end fund balance of approximately $3.1 billion, of which $1.2 billion would be reserved for liquidation of encumbrances and approximately $2.0 billion of which would be deposited in a reserve fund for economic uncertainties. The 2018-19 State Budget projects a balance of $13.8 billion in the Budget Stabilization Account/Rainy Day Fund by the end of Fiscal Year 2018-2019 and an additional $200 million is deposited to the newly created Safety Net Reserve Fund. The 2018-19 State Budget makes one-time spending commitments for infrastructure, homelessness and mental health. The 2018-19 State Budget provides $3.7 billion in new funding for the LCFF, which fully implements the school district and charter school formula two years earlier than originally scheduled, including both a 2.71% cost of living adjustment and an additional $570 million above the cost of living adjustment as an ongoing increase to the formula. With respect to K-12 education, the 2018-19 State Budget includes total funding of $97.2 billion ($56.1 billion general fund and $41.1 billion from other funds) with per pupil funding from all sources of $16,352 and notes that new funding will allow the State to reach 100-percent implementation of the LCFF. Additionally, the 2018-19 State Budget provides $1.1 million in one-time discretionary funds to school districts, charter schools and county offices of education. The 2018-19 State Budget also enacts a new Proposition 98 certification process to ensure annual Proposition 98 certifications.

The 2018-19 State Budget also provides $300 million one-time funding, which will provide resources in addition to LCFF funding, to school districts targeting improvements for the State’s lowest performing students, and includes $82.8 million in specific funding for K-12 accountability measures including the following:

(a) Statewide System of Support—$57.8 million Proposition 98 General Fund for county offices of education to provide technical assistance to school districts.

(b) Multi-Tiered Systems of Support (“MTSS”)—$15 million one-time Proposition 98 General Fund to expand the state’s MTSS framework.

(c) Community Engagement Initiative—$13.3 million one-time Proposition 98 General Fund for the California Collaborative for Educational Excellence.

(d) Special Education Local Plan Area (“SELPA”) Technical Assistance—$10 million Proposition 98 General Fund for SELPAs to assist county offices of education in providing technical assistance to school districts identified for differentiated assistance (specific to students with exceptional needs) within the statewide system of support.

In addition, certain budgeted adjustments for K-12 education set forth in the 2018-19 State Budget include the following:

(e) Classified School Employee Summer Assistance Program—The 2018-19 State Budget provides $50 million one-time Proposition 98 General Fund to provide State matching funds to classified school employees that elect to have a portion of their monthly paychecks withheld during the school year and then paid during the summer recess period.

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(f) Classified School Employee Professional Development Block Grant Program—The 2018-19 State Budget provides $50 million one-time Proposition 98 General Fund for professional development opportunities for classified staff, with a priority on professional development for the implementation of school safety plans.

(g) English Language Proficiency Assessment for California (“ELPAC”)—The 2018-19 State Budget provides $27.1 million one-time Proposition 98 General Fund to convert the paper-based ELPAC to a computer-based assessment and to develop an ELPAC assessment specific to students with exceptional needs.

(h) Charter School Facility Grant Program—The 2018-19 State Budget provides $21.1 million one-time and $24.8 million ongoing Proposition 98 General Fund to reflect increases in programmatic costs.

(i) Kids Code After School Program—The 2018-19 State Budget provides $15 million one-time Proposition 98 General Fund to increase opportunities for students in after-school programs to access computer coding education.

(j) Fire-Related Support—The 2018-19 State Budget provides $4.4 million Proposition 98 General Fund over two years in property tax relief to schools impacted by the fires in Northern and Southern California in 2017, and an additional $25 million Proposition 98 General Fund relief through the LCFF.

(k) Local Solutions Grant Program—The 2018-19 State Budget provides $50 million one-time Proposition 98 General Fund to provide one¬time competitive grants to local educational agencies to develop and implement new, or expand existing, locally identified solutions that address a local need for special education teachers.

With respect to community college districts, the 2018-19 State Budget adopted a new Student-Centered Funding Formula (defined herein as “SCFF”) for general purpose apportionments to be implemented over the three years following its adoption. See “GENERAL DISTRICT FINANCIAL INFORMATION—Sources of Funds—Community College Districts” for more information on this new funding allocation formula.

The complete 2018-19 State Budget is available from the California Department of Finance website at www.dof.ca.gov. Neither the Authority nor the Districts can take responsibility for the continued accuracy of this internet address or for the accuracy, completeness or timeliness of information posted therein, and such information is not incorporated herein by such reference.

Proposed 2019-20 State Budget. The Governor released his proposed State budget for fiscal year 2019-20 (the “Proposed 2019-20 State Budget”) on January 10, 2019. The Proposed 2019-20 State Budget sets forth a balanced budget for Fiscal Year 2019-2020. However, the Governor cautions that there are uncertainties that must be considered as the budget is revised, including the impact of the global political and economic climate, changes to federal policy, rising costs and risk of recession. The Proposed 2019-20 State Budget estimates that total resources available in Fiscal Year 2018-2019 totaled approximately $149.32 billion (including a prior year balance of approximately $12.38 billion) and total expenditures in Fiscal Year 2018-2019 totaled approximately $144.08 billion. The Proposed 2019-20 State Budget projects total resources available for Fiscal Year 2019-2020 of approximately $147.86 billion (inclusive of revenues and transfers of approximately $142.62 billion and prior year balance of $5.24 billion). The Proposed 2019-20 State Budget projects expenditures totaling $144.19 billion (inclusive of non-Proposition 98 expenditures of approximately $88.90 billion and Proposition 98

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expenditures of approximately $55.30 billion). The Proposed 2019-20 State Budget proposes to allocate approximately $1.39 billion of the general fund’s projected fund balance to the Reserve for Liquidation of Encumbrances and $2.28 billion of the general fund’s projected fund balance to the State’s Special Fund for Economic Uncertainties. In addition, the Proposed 2019-20 State Budget estimates the Rainy Day Fund will have a fund balance of $15.30 billion.

Certain adjustments for K-12 education set forth in the Proposed 2019-20 State Budget are set forth below:

(a) Local Control Funding Formula. The Proposed 2019-20 State Budget includes an increase of $2 billion in Proposition 98 general fund resources for the LCFF.

(b) CalSTRs Pension Costs. The Proposed 2019-20 State Budget includes a $3 billion one-time payment of non-Proposition 98 general fund resources to CalSTRs to reduce long-term liabilities for local educational agencies and community college districits, of which $700 million will go towards buying down employer contribution rates in Fiscal Year 2019-2020 and Fiscal Year 2020-2021. The remaining $2.3 billion will be allocated to the employers’ long-term unfunded liability.

(c) Statewide System of Support. The Proposed 2019-20 State Budget includes an increase of $20.2 million of Proposition 98 general fund resources for county offices of education to provide technical assistance to school districts, consistent with the formula adopted in the 2018-19 State Budget.

(d) Reporting Systems Improvement. The Proposed 2019-20 State Budget includes an increase of $350,000 of one-time Proposition 98 general fund resources to merge the California School Dashboard, the LCAP electronic template, and other school site and school district reporting tools (including the School Accountability Report Card) into a single web-based application. The consolidated system will provide the public access to a single platform for information, streamline the existing reporting systems and eliminate duplicative and outdated information.

(e) Special Education. The Proposed 2019-20 State Budget includes $576 million of Proposition 98 general fund resources, of which $186 million is on a one-time basis, to support expanded special education services and school readiness at local educational agencies with high percentages of both students with disabilities and unduplicated students who are low-income, youth in foster care, and English language learners.

(f) Access to Full-Day Kindergarten Programs. The Proposed 2019-20 State Budget includes an increase of $750 million of one-time non-Proposition 98 general fund resources to increase participation in kindergarten programs by constructing new or retrofitting existing facilities for full-day kindergarten programs.

(g) Longitudinal Education Data. The Proposed 2019-20 State Budget includes an increase of $10 million of one-time non-Proposition 98 general fund resources for the development of a longitudinal data system to improve coordination across educational data systems and track the impact of state investments on achieving educational goals. This system will host student information from early education providers, K-12 schools, higher education institutions, employers, other workforce entities, and health and human services agencies. Stakeholder meetings will be held to consider data reliability and ways to improve data quality at each education segment.

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(h) Proposition 98 Certification. The Proposed 2019-20 State Budget proposes to revise the Proposition 98 certification process to eliminate the cost allocation schedule and prohibit the State from adjusting Proposition 98 funding levels for a prior fiscal year in order to protect local educational agencies from unanticipated revenue drops in past fiscal years.

(i) School District Average Daily Attendance. The Proposed 2019-20 State Budget includes a decrease of $388 million of Proposition 98 general fund resources in Fiscal Year 2018-2019 for school districts as a result of a decrease in projected average daily attendance from the 2018-19 State Budget, and a decrease of $187 million of Proposition 98 general fund resources in Fiscal Year 2019-2020 for school districts as a result of further projected decline in average daily attendance for Fiscal Year 2019-2020.

(j) Local Property Tax Adjustments. The Proposed 2019-20 State Budget includes a decrease of $283 million of Proposition 98 general fund resources for school districts and county offices of education in Fiscal Year 2018-2019 as a result of higher offsetting property tax revenues, and a decrease of $1.25 billion of Proposition 98 general fund resources for school districts and county offices of education in Fiscal Year 2019-2020 as a result of increased offsetting property taxes.

(k) Cost-of-Living Adjustments. The Proposed 2019-20 State Budget includes an increase of $187 million of Proposition 98 general fund resources to support a 3.46% cost-of-living adjustment for categorical programs that remain outside of the LCFF, including Special Education, Child Nutrition, State Preschool, Youth in Foster Care, the Mandates Block Grant, American Indian Education Centers, and the American Indian Early Childhood Education Program.

(l) CalWORKs Stages 2 and 3 Child Care. The Proposed 2019-20 State Budget includes a net increase of $119.4 million of non-Proposition 98 general fund resources in Fiscal Year 2019-20 to reflect increases in the number of CalWORKs child care cases. Total costs for Stage 2 and Stage 3 child care are $597 million and $482.2 million, respectively.

(m) Full-Year Implementation of Prior Year State Preschool Slots. The Proposed 2019-20 State Budget includes an increase of $26.8 million of Proposition 98 general fund resources to reflect full-year costs of 2,959 full-day State Preschool slots implemented part-way through Fiscal Year 2018-2019.

(n) County Offices of Education. The Proposed 2019-20 State Budget includes an increase of $9 million of Proposition 98 general fund resources for county offices of education to reflect a 3.46% cost-of-living adjustment and average daily attendance changes applicable to the LCFF.

(o) Instructional Quality Commission. The Proposed 2019-20 State Budget includes an increase of $279,000 of one-time non-Proposition 98 general fund resources for the Instructional Quality Commission to continue its work on the development of model curriculum and frameworks.

(p) Emergency Readiness. Response and Recovery Grant. The Proposed 2019-20 State Budget includes an increase of $50 million of one-time non-Proposition 98 general fund resources to commence a comprehensive, statewide education campaign on disaster preparedness and safety.

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The complete Proposed 2019-20 State Budget is available from the California Department of Finance website at www.dof.ca.gov. Neither the Authority nor the Districts can take responsibility for the continued accuracy of this internet address or for the accuracy, completeness or timeliness of information posted therein, and such information is not incorporated herein by such reference.

May Revision to Proposed 2019-20 State Budget. On May 9, 2019, the Governor released the May Revision to the Proposed Fiscal Year 2019-20 Budget (the “2019-20 May Revision”) which projects Fiscal Year 2019-2020 general fund revenues and transfers of $143.839 billion, total expenditures of $147.033 billion and a year-end fund balance of approximately $3.03 billion, of which $1.385 billion would be allocated to reserves for liquidation of encumbrances and approximately $1.645 billion would be deposited in a special fund for economic uncertainties. The 2019-20 May Revision projects a balance of $16.515 billion in the Budget Stabilization Account/Rainy Day Fund by the end of Fiscal Year 2019-2020. The 2019-20 May Revision provides that the State has built a strong fiscal foundation by paying down debts and liabilities and building reserves that will help manage the effects of an economic downturn. Although the 2019-20 May Revision does not predict a recession, it cautions that growing uncertainty related to the global political and economic climate, federal policies, rising costs and the length of the current economic expansion require that the Fiscal Year 2019-2020 Budget be prudent. The 2019-20 May Revision states that even a moderate recession could create a $70 billion reduction in revenue and a budget deficit of $40 billion over three years.

The 2019-20 May Revision allocates $15 billion ($1.4 billion more than the Proposed Fiscal Year 2019-20 Budget) to building budgetary resiliency and paying down the State’s unfunded retirement liabilities. As a result, the State’s Rainy Day Fund is expected to reach its constitutional cap in Fiscal Year 2020-2021, two years earlier than predicted in the Proposed Fiscal Year 2019-20 Budget. Furthermore, the 2019-20 May Revision provides that by the end of Fiscal Year 2022-2023, the Rainy Day Fund balance is projected to be $18.7 billion.

The 2019-20 May Revision includes total funding of $101.8 billion ($58.9 billion General Fund and $42.9 billion other funds) for all K-12 education programs. Relative to the Proposed Fiscal Year 2019-20 Budget, Proposition 98 funding in the 2019-20 May Revision is up by $78.4 million in Fiscal Year 2017-2018, $278.8 million in Fiscal Year 2018-2019, and $389.3 million in Fiscal Year 2019-2020. Such projections assume that average daily attendance continues to decline slightly. Such changes in Proposition 98 funding are largely due to increases in General Fund revenues over the Proposed Fiscal Year 2019-20 Budget ($2 billion in Fiscal Year 2018-2019 and $1.6 billion in Fiscal Year 2019-2020), and increase in the minimum guarantee funding level in Fiscal Year 2017-2018 are due to increases in prior year apportionment costs, and a slightly slower decline in average daily attendance than projected in the Proposed Fiscal Year 2019-20 Budget.

As provided in the 2019-20 May Revision, pursuant to Proposition 2, a deposit of $389.3 million is required to be made to the Public School System Stabilization Account in Fiscal Year 2019-20. See “Constitutional and Statutory Provisions Affecting School District Revenues and Appropriations—Proposition 2—Public School System Stabilization Account” below for more information.

Certain adjustments for K-12 education set forth in the 2019-20 May Revision are set forth below:

(a) Special Education. The 2019-20 May Revision proposes to allocate $696.2 million ongoing Proposition 98 General Fund for special education. This is $119.2 million more than that proposed in the Proposed Fiscal Year 2019-20 Budget and is a 21-percent year-over-year increase in state funding for services for students with disabilities.

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(b) CalSTRS Pension Costs. The 2019-20 May Revision adds $150 million one-time non-Proposition 98 General Fund to reduce the employer contribution rate to CalSTRS to 16.7 percent in Fiscal Year 2019-2020.

(c) LCFF Adjustments. The 2019-20 May Revision proposes an increase of $70 million Proposition 98 General Fund in Fiscal Year 2018-2019 and a decrease of $63.9 million Proposition 98 General Fund in Fiscal Year 2019-2020 for school districts, charter schools, and county offices of education to reflect changes in average daily attendance and cost-of-living (COLA only in Fiscal Year 2019-2020) that affect the LCFF calculation.

(d) Classified School Employees Summer Assistance Program. The 2019-20 May Revision proposes an increase of $36 million one-time Proposition 98 General Fund to provide an additional year of funding for this program, which provides a state match for classified employee savings used to provide income during summer months.

(e) AB 1840 Adjustments. The 2019-20 May Revision proposes an increase of $3.6 million one-time Proposition 98 General Fund for Inglewood Unified School District and $514,000 one-time Proposition 98 General Fund for Oakland Unified School District, amounting to 75 percent of the operating deficit of these districts, pursuant to Chapter 426, Statutes of 2018 (AB 1840).

(f) Local Property Tax Adjustments. The 2019-20 May Revision proposes an increase of $146.6 million Proposition 98 General Fund in Fiscal Year 2018-2019 and $142.1 million Proposition 98 General Fund in Fiscal Year 2019-2020 for school districts, special education local plan areas, and county offices of education as a result of lower offsetting property tax revenues in both years.

(g) Wildfire-Related Cost Adjustments. The 2019-20 May Revision proposes an increase of $2 million one-time Proposition 98 General Fund to reflect adjustments in the estimate for property tax backfill for basic aid school districts impacted by the 2017 and 2018 wildfires. Additionally, an increase of $727,000 one-time Proposition 98 General Fund to reflect adjustments to the State's student nutrition programs resulting from wildfire-related losses.

(h) Categorical Program Cost-of-Living Adjustments. The 2019-20 May Revision proposes a decrease of $7.4 million Proposition 98 General Fund to selected categorical programs for Fiscal Year 2019-2020 to reflect a change in the cost-of-living factor from 3.46 percent at the Proposed Fiscal Year 2019-20 Budget to 3.26 percent at the 2019-20 May Revision.

(i) Categorical Program Growth. An increase of $7.6 million Proposition 98 General Fund for selected categorical programs, based on updated estimates of average daily attendance.

Status of State Budget for Fiscal Year 2019-20. The State Legislature passed the State budget for Fiscal Year 2019-2020 on June 13, 2019. Such budget is pending signature by the Governor. No representations can be made regarding any changes that may be made by the Governor to such budget before it is signed into law.

Future State Budgets. Neither the Authority nor the Districts can predict what actions will be taken in the future by the State Legislature and the Governor with respect to the State’s current or future

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budgets. State budgets will be affected by national and State economic conditions, over which the Districts have no control, and other factors over which the Districts will have no control. To the extent that the State budget process results in reduced revenues or increased expenses for the Districts, the Districts will be required to make adjustments to their respective budgets. State budget shortfalls in future fiscal years may also have an adverse financial impact on the financial condition of the Districts.

Periodic Reports. Periodic reports on revenues and/or expenditures during the fiscal year are issued by the Governor’s Office, the State Controller’s Office and the LAO. The Department of Finance issues a monthly Bulletin which reports the most recent revenue receipts as reported by State departments, comparing them to Budget projections. The Governor’s Office also formally updates its budget projections three times during each fiscal year, in January, May and at budget enactment. These bulletins and other reports are available on the Internet.

State Funding of Schools Without a State Budget. On May 29, 2002, the Court of Appeal of the State of California for the Second Appellate District in White v. Davis et al. (combined with Howard Jarvis Taxpayers Association et al. v. Westly in appeal) held, among other things, that absent adoption of a budget bill or an emergency appropriation by the State Legislature, the State Controller may disburse State funds authorized by (a) a continuing appropriation enacted by the State Legislature, (b) a self-executing provision of the State constitution, including payment of certain funds for public schools under Article XVI, Section 8.5 of the constitution, and (c) mandate of federal law, such as prompt payment of minimum wage and overtime compensation mandated by the federal Fair Labor Standards Act and benefits under federal food stamp, foster care and adoption, child support and child welfare programs. The Court of Appeal specifically concluded that Article XVI, Section 8.0 does not constitute a self-executing authorization to disburse revenue limit apportionment to school districts; legislative appropriation is required for revenue limit disbursement. On May 1, 2003, the California Supreme Court in its decision in White v. Davis et al. granted review to two other matters and let these particular conclusions of the Court of Appeal stand without ruling on them.

During the 2003-2004 State budget impasse, the State Controller announced that only “payments of prior year obligations, constitutional authorizations, federal mandates and continuous legislative appropriations would be made.” The State Controller concluded that revenue limit apportionments to school districts, under provisions of the Education Code implementing Article XVI, Section 8 of the State constitution, are authorized as continuous legislative appropriations, so disbursed these funds without a budget bill or emergency appropriation enacted. The State Controller did not disburse certain categorical and other funds to school districts until the 2003-2004 State Budget Act was enacted.

The Budget Act and Proposition 98. The effect of Proposition 98 has proven especially difficult to accurately predict when State general fund revenues do not meet expectations. For several years in the early 1990s, as the State’s economy was sliding into a recession, the State’s budget allocations for K-14 districts proved to be more than Proposition 98 would have required. The excess amounts were later treated by the State as advances to K-14 districts against subsequent years’ Proposition 98 minimum funding levels, resulting in aggregate funding reductions of over $1 billion in those years. In Fiscal Years 2002-2003 and 2003-2004, the worsening State financial position again resulted in retroactive adjustments as well as current-year cuts. The Legislative Analyst reported that legislative actions in mid-Fiscal Year 2002-2003 eliminated $2.5 billion from budgeted Proposition 98 funding through a combination of deferral of expenditures to Fiscal Year 2003-2004, use of one-time funds, captured program savings, and other cuts. In general, deferral of education expenditures and reductions in the components of revenue limit funding have the effect of reducing the base from which future Proposition 98 minimum funding levels are calculated.

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State Retirement Programs

School districts and community college districts participate in retirement plans with the California State Teachers’ Retirement System (“STRS”). STRS covers all full-time and most part-time employees with teaching certificates. School districts and community college districts also participate in the State of California Public Employees Retirement System (“PERS”). PERS covers certain classified personnel, generally those employees without teaching certificates, who are employed at least four hours per day.

STRS provides retirement, disability and survivor benefits to plan members and beneficiaries. Benefit provisions are established by State statutes, as legislatively amended, within the State Teachers’ Retirement Law. Prior to Fiscal Year 2014-2015, neither the employee, employer or State contribution rate to STRS varied annually to make up funding shortfalls or assess credits for actuarial surpluses. In recent years, the combined employer, employee and State contribution to STRS have not been sufficient to pay actuarially required amounts. As a result, and due to significant losses, the unfunded actuarial liability of STRS has increased significantly in recent fiscal years. In September 2013, STRS projected that the STRS plan would be depleted in 31 years assuming existing contribution rates continued, and other significant actuarial assumptions were realized. In an effort to reduce unfunded actuarial liability of the STRS plan, the State recently adopted legislation to increase contribution rates. Prior to July 1, 2014, the Districts were required by State statutes to contribute 8.25% of eligible salary expenditures, while participants contributed 8% of their respective salaries. On June 24, 2014, the Governor signed A.B. 1469 (“A.B. 1469”) into law as part of the 2014-15 State budget. A.B. 1469 seeks to fully fund the unfunded actuarial obligation with respect to service credited to members of the STRS plan before July 1, 2014 (the “2014 Liability”), within 32 years, by increasing employee, employer and State contributions to STRS. Employee contribution rates increased from 8.150% to 10.250% of pay (for members hired before January 1, 2013) and 9.205% of pay (for members hired on or after January 1, 2013), which were phased in over three years (starting July 1, 2014). However, on July 1, 2018, for members hired on or after January 1, 2013, the rate increased from 9.205% of pay to 10.250% of pay.

Pursuant to A.B. 1469, employer contribution rates will increase in accordance with the following schedule:

EMPLOYER CONTRIBUTION RATES STRS (Defined Benefit Program)

Effective Date School District

July 1, 2014 8.88% July 1, 2015 10.73 July 1, 2016 12.58 July 1, 2017 14.43 July 1, 2018 16.28 July 1, 2019 18.13 July 1, 2020 19.10

__________________ Source: A.B. 1469

Based upon the recommendation from its actuary, for Fiscal Year 2021-2022 and each fiscal year thereafter the STRS Teachers’ Retirement Board (the “STRS Board”), is required to increase or decrease the employer contribution rate to reflect the contribution required to eliminate the remaining 2014 Liability by June 30, 2046; provided that the rate cannot change in any fiscal year by more than 1% of creditable compensation upon which employees’ contributions to the STRS plan are based; and provided

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further that such contribution rate cannot exceed a maximum of 20.25%. In addition to the increased contribution rates discussed above, A.B. 1469 also requires the STRS Board to report to the State legislature every five years (commencing with a report due on or before July 1, 2019) on the fiscal health of the STRS plan and the unfunded actuarial obligation with respect to service credited to members of that program before July 1, 2014. The reports are also required to identify adjustments required in contribution rates for employers and the State in order to eliminate the 2014 Liability.

On February 1, 2017, the State Teacher’s Retirement Board adopted a new set of actuarial assumptions that reflect member’s increasing life expectancies and current economic trends. These new assumptions were first reflected in the STRS Defined Benefit Program Actuarial Valuation as of June 30, 2016. The revised actuarial assumptions include (i) decreasing the investment rate of return to 7.25% and then to 7.00%, for the June 30, 2016 and June 30, 2017 actuarial valuations, respectively, (ii) decreasing projected wage growth to 3.50% (from 3.75%), and (iii) decreasing the inflation factor to 2.75% (from 3.00%).

The State also contributes to STRS, currently in an amount equal to 7.328% of teacher payroll in Fiscal Year 2018-2019. Based upon the recommendation from its actuary, starting Fiscal Year 2017-2018 and each fiscal year thereafter, the STRS Board is required, with certain limitations, to increase or decrease the State’s contribution rates to reflect the contribution required to eliminate the unfunded actuarial accrued liability attributed to benefits in effect before July 1, 1990. In addition, the State is currently required to make an annual general fund contribution up to 2.5% of the fiscal year covered STRS member payroll to the Supplemental Benefit Protection Account (the “SBPA”), which was established by statute to provide supplemental payments to beneficiaries whose purchasing power has fallen below 85% of the purchasing power of their initial allowance.

PERS provides retirement and disability benefits, annual cost-of-living adjustments, and death benefits to plan members and beneficiaries. Benefit provisions are established by the State statutes, as legislatively amended, within the Public Employees’ Retirement Laws. Contributions by employers to PERS are based upon an actuarial rate determined annually and contributions by employees vary based on their date of hire. The Districts are currently required to contribute to PERS at an actuarially determined rate, which was 11.847%, 13.888%, 15.531% and 18.062% of eligible salary expenditures for Fiscal Years 2015-2016, 2016-2017, 2017-2018 and 2018-19 respectively, and 20.7% of eligible salary expenditures for Fiscal Year 2019-2020. Furthermore, annual increases are expected thereafter, resulting in a projected 25.5% employer contribution rate for Fiscal Year 2025-26. Plan participants enrolled in PERS prior to January 1, 2013 contribute 7% of their respective salaries, while participants enrolled after January 1, 2013 contribute at an actuarially determined rate, which was 6% of their respective salaries in Fiscal Years 2015-2016 and 2016-2017, 6.50% in Fiscal Year 2017-2018 and 7.00% in Fiscal Year 2018-2019, and therafter. See “—California Public Employees’ Pension Reform Act of 2013” below.

Each of STRS and PERS issues a separate comprehensive financial report that includes financial statements and required supplemental information. Copies of such financial reports may be obtained from each of STRS and PERS as follows: (i) STRS, P.O. Box 15275, Sacramento, California 95851-0275; (ii) PERS, P.O. Box 942703, Sacramento, California 94229-2703. Moreover, each of STRS and PERS maintains a website, as follows: (i) STRS: www.calstrs.com; (ii) PERS: www.calpers.ca.gov. However, the information presented in such financial reports or on such websites is not incorporated into this Official Statement by any reference.

Both STRS and PERS have substantial statewide unfunded liabilities. The amount of these unfunded liabilities will vary depending on actuarial assumptions, returns on investments, salary scales and participant contributions. The following table summarizes information regarding the actuarially-determined accrued liability for both STRS and PERS.

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FUNDED STATUS PERS (Schools Pool Program) and STRS (Defined Benefit Program)

for Fiscal Year 2017-18

(Dollar Amounts in Billions)1

Plan Accrued Liability

Value of Trust Assets

Unfunded Liability

Public Employees Retirement Fund (PERS) $ 92.1 $ 64.82 $(27.2) State Teachers’ Retirement Fund Defined

Benefit Program (STRS) 297.6 190.53 (107.2) ____________________ 1Amounts may not add due to rounding. 2Reflects market value of assets as of June 30, 2018. 3Reflects actuarial value of assets as of June 30, 2018. Source: PERS Schools Pool Actuarial Valuation; STRS Defined Benefit Program Actuarial Valuation

On April 17, 2013, the PERS board of administration (the “PERS Board”) approved new actuarial policies aimed at returning PERS to fully-funded status within 30 years. The policies include a rate smoothing method with a 30-year amortization period for gains and losses and a five-year ramp-up of rates at the start and a five year ramp-down of rates at the end. The PERS Board delayed the implementation of the new policies until Fiscal Year 2015-2016 for the State, schools and all other public agencies. In December 2016, the PERS Board voted to lower the discount rate from 7.5% to 7.375% for Fiscal Year 2017-2018, 7.25% for Fiscal Year 2018-2019 and 7.0% beginning in Fiscal Year 2019-2020. The new discount rate for the State went into effect beginning July 1, 2017 and the new discount rate for school districts became effective July 1, 2018. With regards to Districts that contract with PERS to administer their pension plans, the change in the assumed rate of return is expected to result in increases in such Districts’ normal costs and unfunded actuarial liabilities.

Also, on February 20, 2014, the PERS Board approved new demographic assumptions reflecting (i) expected longer life spans of public agency employees and related increases in costs for the PERS system and (ii) trends of higher rates of retirement for certain public agency employee classes, including police officers and firefighters. The cost of the revised assumptions shall be amortized over a 20-year period and related increases in public agency contribution rates shall be affected over a three year period, beginning in Fiscal Year 2014-2015. The new demographic assumptions affect the State, school districts and all other public agencies.

The PERS Board is required to undertake an experience study every four years under its Actuarial Assumptions Policy and State law. As a result of the most recent experience study, on December 20, 2017, the PERS Board approved new actuarial assumptions, including (i) lowering the inflation assumption rate from 2.75% to 2.625% for the June 30, 2018 actuarial valuation and to 2.50% for the June 30, 2019 actuarial valuation, (ii) lowering the payroll growth rate to 2.875% for the June 30, 2018 actuarial valuation and 2.75% for the June 30, 2019 actuarial valuation, (iii) and certain changes to demographic assumptions relating to the salary scale for most constituent groups, and modifications to the mortality, retirement, and disability retirement rates.

On February 14, 2018, the PERS Board approved modifying the PERS amortization policy for investment gains/losses from 30 years to 20 years, requiring that the amortization payments for all unfunded accrued liability bases established after the effective date be computed to remain a level dollar amount throughout the amortization period, and eliminating the 5-year ramp-up/ramp-down policy for all gains/losses except for the ramp-up policy for investment gains/losses. Such policy changes will be

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reflected in actuarial valuations beginning June 30, 2019, and will be implemented starting with Fiscal Year 2021-22 contributions. Such policy applies only to prospective accumulation of amortization and will not affect current accrued unfunded liabilities, with the exception that, with regards to the PERS Schools Pool Actuarial Valuation, the impact of the discount rate change from 7.25% to 7.00% in the June 30, 2019 valuation will be amortized under the old policy. Shortening the amortization period will increase employer contributions and help pay down the pension fund’s unfunded liability faster, which may result in interest cost savings.

California Public Employees’ Pension Reform Act of 2013. On September 12, 2012, the Governor signed into law the California Public Employees’ Pension Reform Act of 2013 (the “Reform Act”), which makes changes to both STRS and PERS, most substantially affecting new employees hired after January 1, 2013 (the “Implementation Date”). For STRS participants hired after the Implementation Date, the Reform Act changes the normal retirement age by increasing the eligibility for the 2% age factor (the age factor is the percent of final compensation to which an employee is entitled to for each year of service) from age 60 to 62 and increasing the eligibility of the maximum age factor of 2.4% from age 63 to 65. Similarly, for non-safety PERS participants hired after the Implementation Date, the Reform Act changes the normal retirement age by increasing the eligibility for the 2% age factor from age 55 to 62 and increases the eligibility requirement for the maximum age factor of 2.5% to age 67. Among the other changes to PERS and STRS, the Reform Act also: (a) requires all new participants enrolled in PERS and STRS after the Implementation Date to contribute at least 50% of the total annual normal cost of their pension benefit each year as determined by an actuary; (b) requires STRS and PERS to determine the final compensation amount for employees based upon the highest annual compensation earnable averaged over a consecutive 36-month period as the basis for calculating retirement benefits for new participants enrolled after the Implementation Date (currently 12 months for STRS members who retire with 25 years of service); and (c) caps “pensionable compensation” for new participants enrolled after the Implementation Date at 100% of the federal Social Security contribution and benefit base for members participating in Social Security or 120% for members not participating in social security, while excluding previously allowed forms of compensation under the formula such as payments for unused vacation, annual leave, personal leave, sick leave, or compensatory time off.

GASB Statement Nos. 67 and 68. In June 2012, GASB approved Statements Nos. 67 and 68 (the “Statements”) with respect to pension accounting and financial reporting standards for state and local governments and pension plans. The new Statements, No. 67 and No. 68, replace GASB Statement No. 27 and most of Statements No. 25 and No. 50. The changes impact the accounting treatment of pension plans in which state and local governments participate. Major changes include: (1) the inclusion of unfunded pension liabilities on the government’s balance sheet (currently, such unfunded liabilities are typically included as notes to the government’s financial statements); (2) more components of full pension costs being shown as expenses regardless of actual contribution levels; (3) lower actuarial discount rates being required to be used for underfunded plans in certain cases for purposes of the financial statements; (4) closed amortization periods for unfunded liabilities being required to be used for certain purposes of the financial statements; and (5) the difference between expected and actual investment returns being recognized over a closed five-year smoothing period. In addition, according to GASB, Statement No. 68 means that, for pensions within the scope of the Statement, a cost-sharing employer that does not have a special funding situation is required to recognize a net pension liability, deferred outflows of resources, deferred inflows of resources related to pensions and pension expense based on its proportionate share of the net pension liability for benefits provided through the pension plan. Because the accounting standards do not require changes in funding policies, the full extent of the effect of the new standards on the District is not known at this time. The reporting requirements for government employers, including the Districts, took effect in the fiscal year beginning July 1, 2014.

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Post-Employment Benefits

In addition to the pension benefits described above, many school districts and county boards of education provide post-employment health benefits for eligible employees upon retirement. The amount and length of these benefits vary dramatically among those districts offering such benefits. In addition, the amount and length of such benefits typically depend on a variety of factors, including age at retirement, length of service, and status as a certificated, classified or management employee.

On June 21, 2004, the Governmental Accounting Standards Board (“GASB”) released its Governmental Accounting Standards Board Statement No. 45 (“Statement No. 45”), Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions. Statement No. 45 establishes standards for measuring, recognizing and disclosing post-employment healthcare as well as other forms of post-employment benefits, such as life insurance, when provided separately from a pension plan expense or expenditures and related liabilities in the financial reports of state and local governments (such other post-employment benefits are referred to herein as “OPEB”). Under Statement No. 45, governments will be required to: (i) measure the cost of benefits, and recognize other post-employment benefits expense, on the accrual basis of accounting in periods that approximate employees’ years of service; (ii) provide information about the actuarial liabilities for promised benefits associated with past services and whether, or to what extent, those benefits have been funded; and (iii) provide information useful in assessing potential demands on the employer’s future cash flows. The Districts’ post-employment health benefits fall under Statement No. 45.

The core requirement of Statement No. 45 is that at least biennially an actuarial analysis must be prepared with respect to projected benefits (“Plan Liabilities”); against this would be measured the actuarially determined value of the related assets (the “Plan Assets”). To the extent that Plan Liabilities exceeded Plan Assets, then similar to the actuarial and accounting practices for pension plan liabilities, the difference would be amortized over a period which could be up to 30 years. The method of financial reporting for OPEB costs would be similar to financial reporting for pension plan normal costs and unfunded actuarial accrued liability. The requirements that Statement No. 45 impose on the Districts only affect the Districts’ financial statements and would not impose any requirements regarding the funding of any OPEB plans.

Information related to any actuarial studies to determine the estimated liability for such post-employment liability is available upon request during the initial offering period from Dale Scott & Company, 650 California Street, 8th Floor, San Francisco, California 94108.

State Emergency Loan Program

General. The California Education Code provides that a governing board of a school district that determines during a fiscal year that its revenues are less than the amount necessary to meet its current year expenditure obligations may request an emergency apportionment from the State through the County Superintendent.

As a condition to the making of any such emergency apportionment, the following requirements must be met:

(a) The district requesting the apportionment must submit to the county superintendent of schools having jurisdiction over the district: (i) a report issued by an independent auditor approved by the County Superintendent on the financial conditions and budgetary controls of the district; (ii) a written management review conducted by a qualified

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management consultant approved by the County Superintendent; and (iii) a fiscal plan adopted by the governing board to resolve the financial problems of the district.

(b) The County Superintendent must review, and provide written comment on, the independent auditor’s report, the management review and the district plan. If the County Superintendent disapproves the plan, the governing board must revise the district plan to respond to the concerns expressed by the County Superintendent.

(c) Upon his or her approval of the district plan, the County Superintendent must submit copies of the report, review, plan and written comments to the State Superintendent of Public Instruction (the “State Superintendent”), the Joint Legislative Audit Committee, the Joint Legislative Budget Committee, the Director of Finance and the State Controller.

(d) The County State Superintendent, with the concurrence of the State Superintendent, must certify to the Director of Finance that the action taken to correct the financial problems of the district is realistic and will result in placing the district on a sound financial basis.

(e) The district must develop a schedule to repay the emergency loan, including any lease financing pursuant to the California Education Code and submit it to the County Superintendent. Upon the approval of the repayment schedule and of the other reports, reviews, plans and the appointment of the trustee (as described below), the State Superintendent must request the State Controller to disburse the proceeds of the emergency loan to the district.

(f) The district requesting the apportionment must reimburse the County Superintendent for the costs incurred by the superintendent in performing such duties.

In addition, the acceptance by the district of the apportionments made pursuant to the Education Code constitutes the agreement by the district to the following conditions, among others:

(a) The County Superintendent, the State Superintendent and the Director of Finance shall, by majority vote, appoint a trustee who shall have recognized expertise in management and finance. The County Superintendent, with concurrence from both the State Superintendent and the Director of Finance, shall establish the terms and conditions of the employment, including the remuneration of the trustee. The trustee shall report directly to the County Superintendent. The County Superintendent shall provide regular updates to the State Superintendent and the Director of Finance regarding the work of the trustee. The trustee shall serve until the district has adequate fiscal systems and controls in place and the State Superintendent has determined that the district’s future compliance with the fiscal plan approved for the district is probable, and the County Superintendent, the State Superintendent and the Director of Finance decide to terminate the trustee’s appointment, but in no event for less than three years. Before the district repays its loan (including interest), the recipient of the loan shall select an auditor from a list established by the State Superintendent and the State Controller to conduct an audit of its fiscal systems. If the fiscal systems are deemed to be inadequate, the County Superintendent, with concurrence from both the State Superintendent and the Director of Finance, may retain the trustee until the deficiencies are corrected.

(b) The trustee appointed pursuant to the California Education Code shall monitor and review the operation of the district. During the period of his or her service, the trustee may stay or rescind any action of the local district governing board that, in the judgment of the trustee,

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may affect the financial condition of the district. The trustee shall approve or reject all reports and other materials required from the district as a condition of receiving the apportionment.

On or before October 31 of the year following receipt of an emergency apportionment, and each year thereafter until the emergency apportionment (including interest) is repaid, the governing board of the district shall prepare, under the review and with the approval of the trustee, a report on the financial condition of the district which shall be transmitted to the County Superintendent, the State Superintendent, the Director of Finance and the State Controller. The report shall include all of the following information: (a) specific actions taken to reduce expenditures or increase income, and the cost savings and increased income resulting from those actions; (b) a copy of the adopted budget for the current fiscal year; (c) reserves for economic uncertainties; (d) status of employee contracts; and (e) obstacles to the implementation of the adopted recovery plan.

The emergency apportionment, together with interest, is required to be repaid to the State in accordance with the Education Code.

The State Legislature expressly provides that these provisions of the Education Code are not intended to authorize emergency loans to school districts for the purpose of meeting cash-flow requirements pending the receipt of local taxes and other funds. Furthermore, no such emergency apportionment will be made unless funds have been specifically appropriated therefor by the State Legislature.

Butt v. State of California. In December 1992, the California Supreme Court, in Butt v. State of California, upheld a lower court’s ruling that the State could not refuse to fund education in the Richmond School District (“Richmond”) after Richmond decided to terminate classroom instruction six weeks before the scheduled end of the school year due to lack of funds. The Court upheld the lower court’s ruling that the State constitution requires the State to ensure a full year’s education for children in all school districts. However, because the Court overturned that portion of the original order relating to the source of State funds used to make an emergency loan to Richmond, the decision leaves unclear just where the State must find funds to make any future loans of this kind. No prediction can be made at this time as to what actions ultimately will be taken by the State Legislature and the Governor to provide emergency funds to districts under court orders such as that imposed in Butt v. State of California.

Assessed Valuation and Tax Collections

Ad valorem Property Taxation. Prior to Fiscal Year 1981-1982, County Assessors generally assessed all properties at 25% of full cash value (market value). The State Board of Equalization assessed public utility properties at 25% of full cash value. Since Fiscal Year 1981-1982, all property has been assessed at 100% of the “full value” of the property, as defined in Article XIIIA of the State Constitution. For a discussion of how properties currently are assessed, see “—Constitutional and Statutory Provisions Affecting School District Revenues and Appropriations—Article XIIIA of the California Constitution” herein. The Constitution of the State and various statutes provide exemptions from ad valorem property taxation for certain classes of property, such as churches, colleges, nonprofit hospitals and charitable institutions. No reimbursement is made by the State for such exemptions.

State law allows exemptions from ad valorem property taxation of $7,000 of full owner-occupied dwellings. However, the State reimburses all local taxing authorities for the loss of revenues imputed to these exemptions.

Taxes are levied for each fiscal year on taxable real and personal property which is situated in a county as of the preceding January 1. For assessment and collection purposes, property is classified either

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as “secured” or “unsecured,” and is listed accordingly on separate parts of the assessment roll. The “secured roll” is that part of the assessment roll containing State assessed property and property secured by a lien on real property that is sufficient, in the opinion of a county assessor, to secure payment of the taxes. Other property is assessed on the “unsecured roll.” A supplemental roll is developed when property changes hands or new construction is completed. Each county levies and collects all taxes for property falling within that county’s boundaries.

Counties levy a 1% property tax on behalf of all taxing agencies in the counties. The taxes collected are allocated on the basis of a formula established by State law enacted in 1979. Under this formula, each county and all other taxing entities in each county receive a base year allocation plus an allocation on the basis of “situs” growth in assessed value (new construction, change of ownership, and a 2% not-to-exceed inflation factor) prorated among the jurisdictions which serve the tax rate areas within which the growth occurs. Tax rate areas are specifically defined geographic areas which were developed to permit the levying of taxes for less than county–wide or less than city–wide special districts. Local agencies and schools share the growth of “base” revenues from the tax rate areas. Each year’s growth allocation becomes part of each agency’s allocation in the following year.

The California Community Redevelopment Law authorized redevelopment agencies to issue bonds payable from the allocation of tax revenues resulting from increases in assessed valuations of properties within designated project areas. In effect, local taxing authorities, such as the Districts, in such project areas, realize tax revenues only on the frozen base assessed valuations. See however “—State Funding of Education—Dissolution of Redevelopment Agencies” for a discussion regarding dissolution of redevelopment agencies.

Secured Real Property Taxes. State and county taxes on real property are due and become delinquent each year in all counties of the State as follows:

The first real property tax installment is due November 1 and becomes delinquent after December 10. The second real property tax installment is due February 1 and becomes delinquent after April 10. The entire tax may be paid at the time the first installment is due.

For taxes due and payable on the current fiscal year, a penalty of 10% is added to the first installment if not paid on or before December 10; and 10% to the second installment if not paid on or before April 10 together with collection costs also added for each described parcel.

In redeeming property on the secured rolls for delinquent taxes, penalties are added at the rate of 1-1/2% per month, plus costs and a redemption fee on each separately valued parcel sold to the State. If not redeemed at the end of five years from July 1 of the year first becoming delinquent, the property will be deeded to the State and may thereafter be sold at public auction by the county tax collector.

Unsecured Property Taxes. Taxes on property assessed on the unsecured roll as unsecured property (separate from real estate) are due as of the January 1 lien date and become delinquent if unpaid on August 31. A 10% penalty attaches to the taxes when they become delinquent together with $75.00 of collection costs. If unpaid at 5:00 p.m. on October 31, a 1-1/2% penalty is added on the first day of each month until paid or until a court judgment is entered together with $75.00 of collection costs. The taxing authority has four ways of collecting delinquent unsecured personal property taxes: (a) bringing a civil action against the taxpayer; (b) filing a certificate in the office of the County Clerk specifying certain facts in order to obtain a judgment lien on certain property of the taxpayer; (c) filing a certificate of delinquency for record in the County Clerk and County Recorder’s office, in order to obtain a lien on certain property of the taxpayer; and (d) seizure and sale of personal property, improvements or possessory interests belonging or assessed to the assessee.

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The Teeter Plan. Most of the 58 counties in the State operate under provisions of the Alternative Method of Distribution of Tax Levies and Collections and of Tax Sale Proceeds (commonly referred to as the “Teeter Plan”) as provided for in the California Revenue and Taxation Code Sections 4701-4716. Pursuant to the Teeter Plan, each participating local agency levying property taxes, including K-14 districts, receives their total secured tax levies irrespective of actual collections and delinquencies. Pursuant to said provisions, each county operating under the Teeter Plan receives and retains delinquent payments, penalties and interest as collected that would have been due the local agency. Each such county establishes a delinquency reserve and assumes responsibility for all secured delinquencies assuming that certain conditions are met.

Because of this method of tax collection, the K-14 districts located in counties operating under the Teeter Plan and participating in the Teeter Plan are assured of 100% collection of their total secured tax levies assuming that the conditions established under the applicable county’s Teeter Plan are met. However, such districts are no longer entitled to share in any penalties or interest due to delinquent payments. This method of tax collection and distribution is subject to future discontinuance by the applicable county or if demanded by the participating entities. Tax delinquencies in excess of a certain percentage for a tax levying agency could trigger a discontinuance by certain counties of their Teeter Plans with respect to such agency.

Property Tax Delinquencies. Any substantial increase in the number of loan foreclosures within the boundaries of a District may result in delays or suspensions of the corresponding payment of property taxes for a period of time for those Districts whose boundaries are within a county that does not operate under the Teeter Plan. Even for those Districts within counties operating under the Teeter Plan, a substantial amount of delinquencies in ad valorem tax payments could result in a discontinuance in the Teeter Plan with respect to such District, which may delay or suspend the corresponding payment of property taxes for a period of time. However, such taxes continue to be due and owing with respect to foreclosed-upon property by its legal owner and would be satisfied, if required, from the proceeds of a tax sale of such property, administered by the applicable County.

Appeals of Assessed Valuation. Under California law, property owners may apply for a reduction of their property tax assessment by filing a written application, in form prescribed by the State Board of Equalization, with the appropriate county board of equalization or assessment appeals board. County assessors may independently reduce assessed values as well based upon the above factors or reductions in the fair market value of the taxable property. In most cases, an appeal is filed because the applicant believes that present market conditions (such as residential home prices) cause the property to be worth less than its current assessed value. Any reduction in the assessment ultimately granted as a result of such appeal applies to the year for which application is made and during which the written application was filed. Such reductions are subject to yearly reappraisals and may be adjusted back to their original values when market conditions improve. Once the property has regained its prior value, adjusted for inflation, it once again is subject to the annual inflationary factor growth rate allowed under Article XIIIA.

A second type of assessment appeal involves a challenge to the base year value of an assessed property. Appeals for reduction in the base year value of an assessment, if successful, reduce the assessment for the year in which the appeal is taken and prospectively thereafter. The base year is determined by the completion date of new construction or the date of change of ownership. Any base year appeal must be made within four years of the change of ownership or new construction date.

No assurance can be given that property tax appeals or unilateral county reductions in the future will not significantly reduce the assessed valuation of property within Districts.

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Constitutional and Statutory Provisions Affecting School District Revenues and Appropriations

Article XIIIA of the California Constitution. California voters approved Proposition 13, a statewide initiative relating to the taxation of real property that added Article XIIIA to the California Constitution, on June 6, 1978. Among other things, Proposition 13: (a) limits ad valorem property taxes on all real property to 1% of the full cash value of the property; (b) exempts from the 1% limitation any indebtedness approved by the voters prior to July 1, 1978, or any bonded indebtedness for the acquisition or improvement of real property approved on or after July 1, 1978, by two-thirds of the votes cast by those voting on the proposition; (c) defines “full cash value” as the county assessor’s appraised value of real property as of March 1, 1975, adjusted by changes in the Consumer Price Index--not to exceed 2% per year; (d) permits establishment of a new “full cash value” when there is new construction or a change in ownership (subject to certain exceptions); (e) permits the reassessment, up to the March 1, 1975 value, of property which was not current on the 1975-76 assessment roll; (f) requires counties to collect the 1% property tax and to “apportion according to law to the districts within the counties”; (g) prohibits new ad valorem taxes on real property, or sales or transaction taxes on the sale of real property; (h) permits the imposition of special taxes by local agencies, other than those prohibited, by a two-thirds vote of the “qualified electors” of such agencies; and (i) requires a two-thirds vote of all members of both houses of the State Legislature for any changes in State taxes that would result in increased revenues. Additionally, Proposition 39, which was approved by the State’s voters on November 7, 2000, permits bonded indebtedness to be incurred by a school district or community college district for the construction, reconstruction, rehabilitation or replacement of school facilities or the acquisition or lease of real property for school facilities, if approved by 55% of the voters of the district, but only if certain accountability measures are included in the proposition. See “—Proposition 39” herein.

Since its adoption, Article XIIIA has been amended a number of times. These amendments have created a number of exceptions to the requirement that property be reassessed when purchased, newly constructed or a change in ownership has occurred. These exceptions include certain transfers of real property between family members, certain purchases of replacement dwellings for persons over age 55 and by property owners whose original property has been destroyed in a declared disaster, and certain improvements to accommodate disabled persons and for seismic upgrades to property.

Both the California State Supreme Court and the United States Supreme Court have upheld the validity of Article XIIIA.

Legislation Implementing Article XIIIA. Legislation has been enacted and amended a number of times since 1978 to implement Article XIIIA. Under current law, local agencies are no longer permitted to levy directly any property tax (except to pay voter-approved indebtedness). The 1% property tax is automatically levied by the county and distributed according to a formula among taxing agencies. The formula apportions the tax roughly in proportion to the relative shares of taxes levied prior to 1979.

Increases of assessed valuation resulting from reappraisals of property due to new construction, change in ownership or the 2% annual adjustment are allocated among the various jurisdictions in the “taxing area” based upon their respective “situs.” Any such allocation made to a local agency continues as part of its allocation in future years.

Unitary Property. Some amount of property tax revenue is derived from utility property which is considered part of a utility system with components located in many taxing jurisdictions (“unitary property”). Under the State Constitution, such property is assessed by the State Board of Equalization (“SBE”) as part of a “going concern” rather than as individual pieces of real or personal property. State- assessed unitary and certain other property is allocated to the counties by SBE, taxed at special

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county-wide rates, and the tax revenues distributed to taxing jurisdictions (including the Districts) according to statutory formulae generally based on the distribution of taxes in the prior year.

The California electric utility industry has been undergoing significant changes in its structure and in the way in which components of the industry are regulated and owned. Sale of electric generation assets to largely unregulated, nonutility companies may affect how those assets are assessed, and which local agencies are to receive the property taxes. The Districts are unable to predict the impact of these changes on its utility property tax revenues, or whether legislation may be proposed or adopted in response to industry restructuring, or whether any future litigation may affect ownership of utility assets or the State’s methods of assessing utility property and the allocation of assessed value to local taxing agencies, including the Districts.

Article XIIIB of the California Constitution. An initiative constitutional amendment entitled “Limitation of Government Appropriations” was approved by California voters on November 6, 1979. Under the amendment, which adds Article XIIIB to the California Constitution, state and local government agencies are subject to an annual “appropriations limit,” and are prohibited from spending “appropriations subject to limitation” above that limit. Article XIIIB was modified substantially by Propositions 98 and 111 in 1988 and 1990, respectively. “Appropriations subject to limitation,” for local government purposes, consist of “tax revenues,” state subventions and certain other funds (together herein referred to as “proceeds of taxes”). The amendment does not affect the appropriation of money excluded from the definition of “appropriations subject to limitation,” such as debt service on indebtedness existing or authorized by January 1, 1979, or subsequently authorized by the voters and appropriations mandated by the courts. The amendment also excludes from limitation the appropriation of proceeds from regulatory licenses, user charges or other fees to the extent that such proceeds equal “the costs reasonably borne by such entity in providing the regulation, product or service.”

The appropriation limit for each agency in each year is based on the limit for the prior year, adjusted annually for changes in the cost of living and changes in population, and adjusted, where applicable, for transfer of financial responsibility of providing services to or from another unit of government and for certain declared emergencies. As amended, Article XIIIB defines (a) the “change in the cost of living” with respect to school districts to mean the percentage change in State per capita personal income from the preceding year; and (b) the “change in population” with respect to school districts to mean the percentage change in the average daily attendance of the school districts from the preceding fiscal year. Either test is likely to be greater than the change in the cost-of-living index, which was used prior to the enactment of Proposition 111.

As amended by Proposition 111, the appropriations limit is tested over consecutive two-year periods. Any excess of the aggregate “proceeds of taxes” received by an agency over such two-year period above the combined appropriations limits for those two fiscal years is to be returned to taxpayers by reductions in tax rates or fee schedules over the subsequent two fiscal years.

Section 4 of Article XIIIB provides that the appropriations limit imposed on any entity of government may be changed by the electors of such entity, provided that the duration of any such change shall not exceed four years from the most recent vote of the electors.

As originally enacted in 1979, the appropriations limit for each agency was based on 1978-79 fiscal year authorizations to expend proceeds of taxes and was adjusted annually to reflect changes in cost of living and population (using different definitions, which were modified by Proposition 111). Starting in the 1990-1991 Fiscal Year, each agency’s appropriations limit was recalculated by taking the actual 1986-1987 limit, and applying the annual adjustments as if Proposition 111 had been in effect.

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The appropriations of an entity of local government subject to Article XIIIB limitations include the proceeds of taxes levied by or for that entity and the proceeds of certain state subventions to that entity. “Proceeds of taxes” include, but are not limited to, all tax revenues and the proceeds to the entity from (a) regulatory licenses, user charges and user fees (but only to the extent that these proceeds exceed the reasonable costs in providing the regulation, product or service), and (b) the investment of tax revenues.

Appropriations subject to limitation do not include (a) refunds of taxes, (b) appropriations for certain debt service, (c) appropriations required to comply with certain mandates of the courts or the federal government, (d) appropriations of certain special districts, (e) appropriations for all qualified capital outlay projects as defined by the State Legislature, (f) appropriations derived from certain fuel and vehicle taxes and (g) appropriations derived from certain taxes on tobacco products.

Article XIIIB also includes a requirement that 50% of all revenues received by the State in a fiscal year and in the fiscal year immediately following it in excess of the amount permitted to be appropriated during that fiscal year and the fiscal year immediately following it shall be transferred and allocated to the State School Fund pursuant to Section 8.5 of Article XVI of the State Constitution. See “—Propositions 98 and 111” below.

Article XIIIC and Article XIIID of the California Constitution. On November 5, 1996, California voters approved Proposition 218—Voters Approval for Local Government Taxes—Limitation on Fees, Assessments, and Charges—Initiative Constitutional Amendment. Proposition 218 added Articles XIIIC and XIIID to the California Constitution, imposing certain vote requirements and other limitations on the imposition of new or increased taxes, assessments and property-related fees and charges. Proposition 218 states that all taxes imposed by local governments shall be deemed to be either general taxes or special taxes. Special purpose districts, including school districts, have no power to levy general taxes. No local government may impose, extend or increase any general tax unless and until such tax is submitted to the electorate and approved by a majority vote. No local government may impose, extend or increase any special tax unless and until such tax is submitted to the electorate and approved by a two-thirds vote.

Proposition 218 also provides that no tax, assessment, fee or charge shall be assessed by any agency upon any parcel of property or upon any person as an incident of property ownership except: (a) the ad valorem property tax imposed pursuant to Article XIII and Article XIIIA of the California Constitution, (b) any special tax receiving a two-thirds vote pursuant to the California Constitution, and (c) assessments, fees and charges for property related services as provided in Proposition 218. Proposition 218 also adds voter requirements for assessments and fees and charges imposed as an incident of property ownership, other than fees and charges for sewer, water, and refuse collection services. In addition, all assessments and fees and charges imposed as an incident of property ownership, including sewer, water, and refuse collection services, are subjected to various additional procedures, such as hearings and stricter and more individualized benefit requirements and findings. The effect of such provisions will presumably be to increase the difficulty a local agency will have in imposing, increasing or extending such assessments, fees and charges.

Proposition 218 also extended the initiative power to reducing or repealing any local taxes, assessments, fees and charges. This extension of the initiative power is not limited to taxes imposed on or after November 6, 1996, the effective date of Proposition 218, and could result in retroactive repeal or reduction in any existing taxes, assessments, fees and charges, subject to overriding federal constitutional principles relating to the impairment of contracts.

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In general, the Districts have not historically been funded through the imposition of special taxes or general taxes not already subject to a two-thirds voter approval. Proposition 218 could, however, restrict the Districts’ ability to raise future revenues and could subject existing sources of revenue to reduction or repeal. The Districts are not able to predict at this time the effect Proposition 218 will have on the Districts’ future revenues.

Proposition 26. On November 2, 2010, voters in the State approved Proposition 26. Proposition 26 amends Article XIIIC of the State Constitution to expand the definition of “tax” to include “any levy, charge, or exaction of any kind imposed by a local government” except the following: (1) a charge imposed for a specific benefit conferred or privilege granted directly to the payor that is not provided to those not charged, and which does not exceed the reasonable costs to the local government of conferring the benefit or granting the privilege; (2) a charge imposed for a specific government service or product provided directly to the payor that is not provided to those not charged, and which does not exceed the reasonable costs to the local government of providing the service or product; (3) a charge imposed for the reasonable regulatory costs to a local government for issuing licenses and permits, performing investigations, inspections, and audits, enforcing agricultural marketing orders, and the administrative enforcement and adjudication thereof; (4) a charge imposed for entrance to or use of local government property, or the purchase, rental, or lease of local government property; (5) a fine, penalty, or other monetary charge imposed by the judicial branch of government or a local government, as a result of a violation of law; (6) a charge imposed as a condition of property development; and (7) assessments and property-related fees imposed in accordance with the provisions of Article XIIID. Proposition 26 provides that the local government bears the burden of proving by a preponderance of the evidence that a levy, charge, or other exaction is not a tax, that the amount is no more than necessary to cover the reasonable costs of the governmental activity, and that the manner in which those costs are allocated to a payor bear a fair or reasonable relationship to the payor’s burdens on, or benefits received from, the governmental entity.

Propositions 98 and 111. On November 8, 1988, voters approved Proposition 98, a combined initiative constitutional amendment and statute called the “Classroom Instructional Improvement and Accountability Act” (“Proposition 98”). In addition to adding certain provisions to the California Education Code, Proposition 98 also amended Article XIIIB and Section 8 of Article XVI of the State Constitution and added Section 8.5 of Article XVI to the State Constitution, establishing a minimum level of State funding for school districts, allocating to school districts, within limits, State revenues in excess of the State’s appropriations limit and exempting such excess funds from school district appropriations limits.

On June 5, 1990, the voters approved Proposition 111 (Senate Constitutional Amendment No. 1) called the “Traffic Congestion Relief and Spending Limit Act of 1990” (“Proposition 111”) which further modified Article XIIIB and Sections 8 and 8.5 of Article XVI of the State Constitution with respect to appropriations limitations and school funding priority and allocation.

Article XIIIB, as amended by both Proposition 98 and Proposition 111, is discussed above under “—Article XIIIB of the California Constitution.”

The provisions of Sections 8 and 8.5 of Article XVI, as added and/or amended by Propositions 98 and 111, may be summarized as follows:

(a) State Funding of Schools (Section 8). Moneys to be applied by the State for the support of school districts must be at a level equal to the greater of the following “tests”:

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(i) The amount which, as a percentage of the State general fund (“General Fund”) revenues which may be appropriated pursuant to Article XIIIB, equals the percentage of General Fund revenues appropriated for school districts in Fiscal Year 1986-1987;

(ii) The amount actually appropriated to school districts in the prior fiscal year from General Fund proceeds and from allocated local proceeds of taxes (excluding any excess State revenues allocated pursuant to Section 8.5), adjusted for changes in enrollment and for the change in the cost of living (operative only in a fiscal year in which the percentage growth in California per capita personal income is less than or equal to the percentage growth in per capita General Fund revenues plus one-half of one percent); and

(iii) The amount actually appropriated to school districts in the prior fiscal year from General Fund proceeds and from allocated local proceeds of taxes (excluding any excess State revenues allocated pursuant to Section 8.5) adjusted for changes in enrollment and for the change in per capita General Fund revenues, and, in addition, an amount equal to one-half of one percent times the prior year appropriations (excluding any excess State revenues) adjusted for changes in enrollment (operative only in a fiscal year in which the percentage growth in California per capita personal income is greater than the percentage growth in per capita General Fund revenues plus one-half of one percent).

If the third test is used in any year, the difference between the third test and the second test will become a “credit” to schools which will be paid in future years when the General Fund revenue growth exceeds personal income growth. Legislation adopted prior to the end of the 1988-1989 Fiscal Year implementing Proposition 98 determined the K-14 schools’ funding guarantee under Test 1 to be 40.3% of the General Fund tax revenues, based on 1986-1987 appropriations. However, that percent has been adjusted to approximately 35% to account for a subsequent redirection of local property taxes since such redirection directly affects the share of State General Fund revenues to schools.

The State Legislature by a two-thirds vote of both houses, with the Governor’s concurrence, may suspend for one year the minimum funding provisions for school districts as provided for in Section 8.

Allocations to the State School Fund (Section 8.5). In addition to the amounts applied to school districts under the tests discussed above, the State Controller is directed to allocate available excess State revenues (pursuant to Article XIIIB) to the State School Fund. However, no such allocation is required at any time that the Director of Finance and the Superintendent of Public Instruction mutually determine that current annual expenditures per student equal or exceed the average annual expenditures per student of the 10 states with the highest annual expenditures per student and the average class size equals or is less than the average class size of the 10 states with the lowest class size.

Such allocations do not constitute appropriations subject to Article XIIIB limitations and are to be made in an equal amount per enrollment.

Proposition 39. On November 7, 2000, California voters approved Proposition 39, called the “Smaller Classes, Safer Schools and Financial Accountability Act” (the “Smaller Classes Act”) which amends Section 1 of Article XIIIA, Section 18 of Article XVI of the California Constitution and Section

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47614 of the California Education Code and allows an alternative means of seeking voter approval for bonded indebtedness by 55% of the vote, rather than the two-thirds majority required under Section 18 of Article XVI of the Constitution. The 55% voter requirement applies only if the bond measure submitted to the voters includes, among other items: (a) a restriction that the proceeds of the bonds may be used for “the construction, reconstruction, rehabilitation, or replacement of school facilities, including the furnishing and equipping of school facilities, or the acquisition or lease of real property for school facilities,” (b) a list of projects to be funded and a certification that the school district board has evaluated “safety, class size reduction, and information technology needs in developing that list,” and (c) that annual, independent performance and financial audits will be conducted regarding the expenditure and use of the bonds proceeds.

Section 1(b)(3) of Article XIIIA has been added to except from the 1% ad valorem tax limitation under Section 1(a) of Article XIIIA of the Constitution levies to pay bonds approved by 55% of the voters, subject to the restrictions explained above.

The State Legislature enacted AB 1908, Chapter 44, which became effective upon passage of Proposition 39 and amends various sections of the Education Code. Under amendments to Section 15268 and 15270 of the Education Code, the following limits on ad valorem taxes apply in any single election: (a) for a school district, indebtedness shall not exceed $30 per $100,000 of taxable property, (b) for a unified school district, indebtedness shall not exceed $60 per $100,000 of taxable property, and (c) for a community college district, indebtedness shall not exceed $25 per $100,000 of taxable property. Finally, AB 1908 required that a citizens’ oversight committee must be appointed, and must review the use of the bond funds and inform the public about their proper usage.

Proposition 1A and Proposition 22. On November 2, 2004, California voters approved Proposition 1A, which amends the State Constitution to significantly reduce the State’s authority over major local government revenue sources. Under Proposition 1A, the State cannot (a) reduce local sales tax rates or alter the method of allocating the revenue generated by such taxes, (b) shift property taxes from local governments to schools or community colleges, (c) change how property tax revenues are shared among local governments without two-thirds approval of both houses of the State Legislature, or (d) decrease Vehicle License Fee revenues without providing local governments with equal replacement funding. Proposition 1A does allow the State to approve voluntary exchanges of local sales tax and property tax revenues among local governments within a county. Proposition 1A also amends the State Constitution to require the State to suspend certain State laws creating mandates in any year that the State does not fully reimburse local governments for their costs to comply with the mandates. This provision does not apply to mandates relating to schools or community colleges or to those mandates relating to employee rights.

On November 2, 2010, California’s voters approved Proposition 22, a constitutional initiative entitled the “Local Taxpayer, Public Safety, and Transportation Act of 2010.” Proposition 22 prohibits the State from enacting new laws that require redevelopment agencies to shift funds to schools or other agencies and eliminates the State’s authority to shift property taxes temporarily during a severe financial hardship of the State. In addition, Proposition 22 restricts the State’s authority to use State fuel tax revenues to pay debt service on state transportation bonds, to borrow or change the distribution of state fuel tax revenues, and to use vehicle license fee revenues to reimburse local governments for state mandated costs. Proposition 22 impacts resources in the State’s general fund and transportation funds, the State’s main funding source for schools and community colleges, as well as universities, prisons and health and social services programs.

As a result of the decision of the Court in Matosantos, all redevelopment agencies in California were dissolved as of February 1, 2012, and all net tax increment revenues, after payment of property tax

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revenue to taxing agencies, including the Districts, that would have been paid to such taxing agencies had the redevelopment agencies continued in existence, redevelopment bonds debt service and administrative costs, will be distributed to cities, counties, special districts and school districts. As a result of the continuing ongoing implementation of AB1X 26, the Districts can make no representations regarding what affect such implementation of AB1X 26 will have on each District’s future receipt of tax increment revenues. See “State Funding of Education—Dissolution of Redevelopment Agencies” herein.

Proposition 30 and Proposition 55. On November 6, 2012, California voters approved Proposition 30 entitled the Temporary Taxes to Fund Education, Guaranteed Local Public Safety Funding, Initiative Constitutional Amendment (also known as “Proposition 30”). Proposition 30 temporarily increased the State sales and use tax as well as the State personal income tax rates on higher incomes. Proposition 30 temporarily imposes an additional tax on all retailers, at the rate of 1/4% of gross receipts of any retailer from the sale of all tangible personal property sold in the State from January 1, 2013 to December 31, 2017. Proposition 30 also imposed an additional excise tax on the storage, use, or other consumption in the State of tangible personal property purchased from a retailer on and after January 1, 2013, and before January 1, 2017, for storage, use, or other consumption in the State, at the rate of 1/4% of the sales price of the property. For personal income taxes imposed beginning in the taxable year commencing January 1, 2012 and ending January 1, 2019, Proposition 30 increases the marginal personal income tax rate by one percent to three percent for certain of the State’s income taxpayers.

The revenues generated from the temporary tax increases are included in the calculation of the Proposition 98 minimum funding guarantee for K-14 districts. See “—Constitutional and Statutory Provisions Affecting School District Revenues and Appropriations–Propositions 98 and 111” above. From an accounting perspective, the revenues generated from the temporary tax increases are being deposited into the State account created pursuant to Proposition 30 called the Education Protection Account (the “EPA”). Pursuant to Proposition 30, funds in the EPA are being allocated quarterly, with 89% of such funds provided to school districts and 11% provided to community college districts. The funds are distributed to K-14 districts in the same manner as existing unrestricted per-student funding, except that no school district receives less than $200 per unit of A.D.A. and no community college district receives less than $100 per full time equivalent student. The governing board of each K-14 district is granted sole authority to determine how the moneys received from the EPA are spent. However, the appropriate governing board of each K-14 district is required to make these spending determinations in open session at a public meeting and such local governing boards are prohibited from using any funds from the EPA for salaries or benefits of administrators or any other administrative costs.

The California Children’s Education and Health Care Protection Act of 2016 (also known as “Proposition 55”) is a constitutional amendment approved by the voters of the State on November 8, 2016. Proposition 55 extends by twelve years the temporary personal income tax increases for high-income taxpayers that were approved as part of Proposition 30. Proposition 55 did not extend the temporary State Sales and Use Tax rate increase enacted under Proposition 30, which expired as of January 1, 2017.

Proposition 2. On November 4, 2014, voters of the State of California approved the Rainy Day Budget Stabilization Fund Act (also known as “Proposition 2”). Proposition 2 is a legislatively-referred constitutional amendment which makes certain changes to State budgeting practices, including substantially revising the conditions under which transfers are made to and from the State’s Budget Stabilization Account (the “BSA”) established by the California Balanced Budget Act of 2004 (also known as Proposition 58).

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Under Proposition 2, and beginning in Fiscal Year 2015-2016 and each fiscal year thereafter, the State will generally be required to annually transfer to the BSA an amount equal to 1.5% of estimated State general fund revenues (the “Annual BSA Transfer”). Supplemental transfers to the BSA (a “Supplemental BSA Transfer”) are also required in any fiscal year in which the estimated State general fund revenues that are allocable to capital gains taxes exceed 8% of total estimated general fund tax revenues. Such excess capital gains taxes—net of any portion thereof owed to K-14 districts pursuant to Proposition 98—will be transferred to the BSA. Proposition 2 also increases the maximum size of the BSA to an amount equal to 10% of estimated State general fund revenues for any given fiscal year. In any fiscal year in which a required transfer to the BSA would result in an amount in excess of the 10% threshold, Proposition 2 requires such excess to be expended on State infrastructure, including deferred maintenance.

For the first 15 year period ending with the 2029-2030 Fiscal Year, Proposition 2 provides that half of any required transfer to the BSA, either annual or supplemental, must be appropriated to reduce certain State liabilities, including making certain payments owed to K-14 districts, repaying State interfund borrowing, reimbursing local governments for State mandated services, and reducing or prefunding accrued liabilities associated with State-level pension and retirement benefits. Following the initial 15-year period, the Governor and the State Legislature are given discretion to apply up to half of any required transfer to the BSA to the reduction of such State liabilities. Any amount not applied towards such reduction must be transferred to the BSA or applied to infrastructure, as described above.

Proposition 2 changes the conditions under which the Governor and the State Legislature may draw upon or reduce transfers to the BSA. The Governor does not retain unilateral discretion to suspend transfers to the BSA, nor does the State Legislature retain discretion to transfer funds from the BSA for any reason, as previously provided by law. Rather, the Governor must declare a “budget emergency,” defined as a an emergency within the meaning of Article XIIIB of the Constitution or a determination that estimated resources are inadequate to fund State general fund expenditures, for the current or ensuing fiscal year, at a level equal to the highest level of State spending within the three immediately preceding fiscal years. Any such declaration must be followed by a legislative bill providing for a reduction or transfer. Draws on the BSA are limited to the amount necessary to address the budget emergency, and no draw in any fiscal year may exceed 50% of funds on deposit in the BSA unless a budget emergency was declared in the preceding fiscal year.

Proposition 2 also requires the creation of the Public School System Stabilization Account (the “PSSSA”) into which transfers will be made in any fiscal year in which a Supplemental BSA Transfer is required (as described above). Such transfer will be equal to the portion of capital gains taxes above the 8% threshold that would be otherwise paid to K-14 districts as part of the Minimum Funding Guarantee. A transfer to the PSSSA will only be made if certain additional conditions are met, as follows: (i) the Minimum Funding Guarantee was not suspended in the immediately preceding fiscal year, (ii) the operative Proposition 98 formula for the fiscal year in which a PSSSA transfer might be made is “Test 1,” (iii) no maintenance factor obligation is being created in the budgetary legislation for the fiscal year in which a PSSSA transfer might be made, (iv) all prior maintenance factor obligations have been fully repaid, and (v) the Minimum Funding Guarantee for the fiscal year in which a PSSSA transfer might be made is higher than the immediately preceding fiscal year, as adjusted for ADA growth and cost of living. Proposition 2 caps the size of the PSSSA at 10% of the estimated Minimum Funding Guarantee in any fiscal year, and any excess funds must be paid to K-14 districts. Reductions to any required transfer to the PSSSA, or draws on the PSSSA, are subject to the same budget emergency requirements described above. However, Proposition 2 also mandates draws on the PSSSA in any fiscal year in which the estimated Minimum Funding Guarantee is less than the prior year’s funding level, as adjusted for ADA growth and cost of living.

B-36

School District Reserves. Senate Bill 858 (Chapter 32, Statutes of 2014) (“S.B. 858”), trailer legislation to the 2014-15 State budget, creates new disclosure requirements effective beginning Fiscal Year 2015-2016 for school districts that have general fund reserves in excess of the State minimum. S.B. 858 requires school districts to identify amounts in excess of their required reserves and explain the need for higher levels. This information must be disclosed at a public meeting and in each budget submitted to a county office of education. As a result of the passage of Proposition 2, certain additional provisions of S.B. 858 cap school district reserve levels. Reserves are capped in any fiscal year following a State deposit into the Proposition 98 reserve created by Proposition 2. Under S.B. 858, in any fiscal year immediately after a fiscal year in which a transfer is made to the Proposition 98 reserve, any adopted or revised budget by a school district would need to contain a combined assigned and unassigned ending fund balance that is not more than two or three times, as applicable (based on a school districts average daily attendance), the amount of the reserve for economic uncertainties mandated by the California Education Code. In certain cases, the county superintendent of schools may grant a school district a waiver from this limitation on reserves for up to two consecutive years (within a three year period) if there are certain extraordinary circumstances

Senate Bill 751 (Chapter 674, Statutes of 2017) (“S.B. 751”), which became effective January 1, 2018, alters the reserve requirements imposed by S.B. 858. Under S.B. 751, in a fiscal year immediately after a fiscal year in which the amount of money in the Proposition 98 reserve is equal to or exceeds three percent of the combined total general fund revenues appropriated for school districts and allocated local proceeds of taxes for that fiscal year, any adopted or revised school district budget cannot have an assigned or unassigned ending fund balance that exceeds ten percent of those funds. S.B. 751 excludes from the requirements of those provisions basic aid school districts and small school districts that have fewer than 2,501 units of average daily attendance.

Application of Constitutional and Statutory Provisions. The application of Proposition 98 and other statutory regulations has become increasingly difficult to accurately predict in recent years. For a discussion of how the provisions of Proposition 98 have been applied to school funding, see “APPENDIX B—GENERAL DISTRICT FINANCIAL INFORMATION—State Funding of Education” herein.

Possible Future Actions. Article XIIIA, Article XIIIB, Article XIIIC, Article XIIID and Propositions 26, 98, 111, 30, 55 and 2 were each adopted as measures that qualified for the ballot pursuant to the State’s initiative process. From time to time other initiative measures could be adopted, further affecting the Districts’ revenues or the Districts’ ability to expend revenues. There is no assurance that the California electorate or State Legislature will not at some future time approve additional limitations which could reduce property or other tax revenues or otherwise adversely affect the revenues of the Districts.

APPENDIX C

CERTAIN BACKGROUND INFORMATION AND PROJECTED CASH FLOWS OF THE DISTRICTS

C-2

CERTAIN BACKGROUND INFORMATION AND PROJECTED CASH FLOWS FOR SERIES A DISTRICTS

Bret Harte Union High School District Bret Harte Union High School DistrictCalaveras Calaveras

Fiscal Year 2018-19 Fiscal Year 2019-20Jul 2018 Aug 2018 Sep 2018 Oct 2018 Nov 2018 Dec 2018 Jan 2019 Feb 2019 Mar 2019 Apr 2019 May 2019 Jun 2019 Accruals Total

Actual / Projected Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Projected Projected Projected 2018-19Beginning Cash 1,331,189 3,608,985 2,790,500 1,987,825 1,151,785 2,260,434 5,225,410 2,914,148 2,132,456 1,356,267 3,258,835 2,441,932 Receipts

LCFF Revenue SourcesApportionment 18,157 18,157 51,233 18,157 - 33,075 7,263 8,231 37,332 8,231 8,231 41,445 - 249,512 Property Taxes - - - - 1,937,334 3,749,294 - - - 4,169,452 97,831 474,281 - 10,428,191 Other - - (29,425) (13,078) (13,078) (13,078) (13,078) (34,119) (27,686) (13,985) (11,986) (16,478) - (185,991)

Federal Revenues - - - 11,941 36,869 (1,433) 98,335 - 17,952 2,079 - 29,556 - 195,299 Other State Revenues - 160,299 33,763 - - 50,494 113,095 13,656 45,505 - 70,120 247,155 20,000 754,087 Other Local Revenues 34,693 36,239 50,948 65,885 76,777 8,282 34,847 84,135 31,966 13,304 55,475 120,618 25,000 638,169 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 52,850 214,696 106,519 82,905 2,037,902 3,826,633 240,462 71,903 105,069 4,179,081 219,671 896,577 45,000 12,079,266 Disbursements

Certificated Salaries 67,003 343,818 362,184 355,495 386,086 372,354 379,554 369,994 371,035 373,291 376,830 390,603 - 4,148,247 Classified Salaries 119,471 193,159 186,233 177,578 209,574 211,184 191,465 184,808 182,614 188,828 185,585 205,149 - 2,235,649 Employee Benefits 91,213 195,161 203,085 201,136 210,728 191,545 223,220 201,651 199,143 185,204 191,453 589,714 - 2,683,253 Supplies and Services 135,657 154,172 142,879 153,390 155,574 211,544 155,974 42,395 24,094 46,320 184,436 318,087 340,000 2,064,522 Capital Outlay 6,629 - 6,042 - - - - 68,019 117,524 118,341 106,451 - - 423,006 Other Outgo - - - 56,640 - - 78,786 - - - 13,235 163,297 - 311,958 Interfund Transfers Out - - - - - - - - - - - 181,159 - 181,159 Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 419,972 886,310 900,424 944,238 961,963 986,626 1,028,998 866,867 894,411 911,985 1,057,990 1,848,010 340,000 12,047,794 Asset Transactions

Deferred Apportionment - - - - - - - - - - - (34,619) 34,619 - Accounts Receivable 4,170 - 1,274 (729) 5,487 1,111 322 75 - - - - (11,711) (0) Due From Other Funds - - - - - - - - - - - (109,295) 109,295 - Other 5,164 6,615 - - - - - - - - - - (11,779) 0 SUBTOTAL ASSETS 9,335 6,615 1,274 (729) 5,487 1,111 322 75 - - - (143,914) 120,424 (0) Accounts Payable 214,226 17,326 10,045 (26,023) (27,222) (123,858) 108,047 (13,197) (13,153) (132,070) (21,416) (271,434) 278,730 (0) Due To Other Funds - 136,159 - - - - - - - - - (136,159) - 0 Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - (160,299) 160,299 - SUBTOTAL LIABILITIES 214,226 153,485 10,045 (26,023) (27,222) (123,858) 108,047 (13,197) (13,153) (132,070) (21,416) (567,892) 439,029 0

Total PY Transactions (204,891) (146,871) (8,771) 25,294 32,709 124,969 (107,725) 13,272 13,153 132,070 21,416 423,978 (318,605) (1) Net Increase/Decrease (572,014) (818,485) (802,675) (836,039) 1,108,649 2,964,976 (896,262) (781,692) (776,189) 3,399,166 (816,903) (527,455) (613,605)

FY TRAN Deposits 2,849,810 - - - - - - - - - - - - 2,849,810 FY TRAN Repayments - - - - - - (1,415,000) - - (1,496,598) - - - (2,911,598) CY TRAN Deposits - - - - - - - - - - - - - - CY TRAN Repayments - - - - - - - - - - - - - -

Ending Cash with TRAN 3,608,985 2,790,500 1,987,825 1,151,785 2,260,434 5,225,410 2,914,148 2,132,456 1,356,267 3,258,835 2,441,932 1,914,477 TRAN Balance 2,849,810 2,849,810 2,849,810 2,849,810 2,849,810 2,849,810 1,434,810 1,434,810 1,434,810 - - - Ending Cash without TRAN 759,175 (59,310) (861,985) (1,698,025) (589,376) 2,375,600 1,479,338 697,646 (78,543) 3,258,835 2,441,932 1,914,477 Source: The District

Summary of Revenues, Expenditures & Changes in General Fund Balance

C-3 C-4

Bret Harte Union High School DistrictCalaveras

Fiscal Year 2019-20Jul 2019 Aug 2019 Sep 2019 Oct 2019 Nov 2019 Dec 2019 Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020 Jun 2020 Accruals Total

Actual / Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected 2019-20Beginning Cash 1,914,477 3,369,618 2,363,665 1,601,015 780,360 1,934,197 4,768,465 2,816,318 1,939,840 1,184,233 3,347,337 2,384,376 Receipts

LCFF Revenue SourcesApportionment 17,392 17,392 52,175 17,392 - 29,814 7,454 7,454 29,814 7,454 7,454 52,659 - 246,454 Property Taxes - - - - 1,936,096 3,668,392 - - - 4,075,991 - 509,498 - 10,189,977 Other - - (29,425) (13,078) (13,078) (13,078) (13,078) (34,119) (27,686) (13,985) (11,986) (16,478) - (185,991)

Federal Revenues - - - 11,941 36,869 (1,433) 98,335 - 17,952 2,079 70,120 29,556 - 265,419 Other State Revenues - 160,299 33,763 - - 50,494 113,095 13,656 45,505 - 55,475 196,570 - 668,857 Other Local Revenues 34,752 30,891 42,475 57,620 69,504 11,584 34,752 57,920 7,723 34,752 - 3,861 - 385,834 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 52,144 208,582 98,988 73,875 2,029,391 3,745,773 240,558 44,911 73,308 4,106,291 121,063 775,666 - 11,570,550 Disbursements

Certificated Salaries 80,135 320,539 320,539 360,607 320,539 400,674 380,640 320,539 300,505 400,674 380,640 420,708 - 4,006,739 Classified Salaries 45,224 180,895 180,895 180,895 226,119 226,119 226,119 226,119 180,895 203,507 180,895 203,508 - 2,261,190 Employee Benefits 52,926 211,704 185,241 211,704 238,167 238,167 264,630 238,167 198,472 224,935 251,398 330,786 - 2,646,297 Supplies and Services 198,338 163,510 159,315 151,164 126,709 184,011 155,360 151,164 163,512 224,768 294,176 275,655 272,379 2,520,061 Capital Outlay - - 6,000 - - - - - - - - - - 6,000 Other Outgo - - - 17,983 - - 44,958 - - - - 116,891 - 179,832 Interfund Transfers Out - - - - - - - - - - - - - - Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 376,623 876,648 851,990 922,353 911,534 1,048,971 1,071,707 935,989 843,384 1,053,884 1,107,109 1,347,548 272,379 11,620,119 Asset Transactions

Deferred Apportionment - - - - - - - - - - - (38,082) 38,082 0 Accounts Receivable 4,587 7,276 1,401 (802) 6,036 1,222 354 83 - - - - (20,158) (0) Due From Other Funds - - - - - - - - - - - - - - Other 5,681 - - - - - - - - - (473) (120,226) 115,018 0 SUBTOTAL ASSETS 10,268 7,276 1,401 (802) 6,036 1,222 354 83 - - (473) (158,307) 132,942 0 Accounts Payable 235,648 19,059 11,049 (28,625) (29,944) (136,244) 118,852 (14,517) (14,469) (145,277) (23,558) (298,578) 306,605 0 Due To Other Funds - 149,775 - - - - - - - - - (149,775) - (0) Current Loan - - - - - - - - - - - - - - Other - 176,329 - - - - - - - - - (176,329) - - SUBTOTAL LIABILITIES 235,648 345,163 11,049 (28,625) (29,944) (136,244) 118,852 (14,517) (14,469) (145,277) (23,558) (624,683) 306,605 0

Total PY Transactions (225,380) (337,887) (9,648) 27,823 35,980 137,466 (118,498) 14,600 14,469 145,277 23,085 466,376 (173,663) 0 Net Increase/Decrease (549,859) (1,005,953) (762,650) (820,655) 1,153,837 2,834,268 (949,647) (876,478) (755,607) 3,197,684 (962,961) (105,506) (446,042)

FY TRAN Deposits 2,005,000 - - - - - - - - - - - 2,005,000 FY TRAN Repayments - - - - - - (1,002,500) - - (1,034,580) - - (2,037,080) CY TRAN Deposits - - - - - - - - - - - - - CY TRAN Repayments - - - - - - - - - - - - -

Ending Cash with TRAN 3,369,618 2,363,665 1,601,015 780,360 1,934,197 4,768,465 2,816,318 1,939,840 1,184,233 3,347,337 2,384,376 2,278,870 TRAN Balance 2,005,000 2,005,000 2,005,000 2,005,000 2,005,000 2,005,000 1,002,500 1,002,500 1,002,500 - - - Ending Cash without TRAN 1,364,618 358,665 (403,985) (1,224,640) (70,803) 2,763,465 1,813,818 937,340 181,733 3,347,337 2,384,376 2,278,870 Source: The District

Summary of Revenues, Expenditures & Changes in General Fund Balance Projected Alternate Cash Resources2015-16 2016-17 2017-18 2018-19 2019-2020 Set-Aside 1 Set-Aside 2 Maturity

(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Jan 31, 2020 Apr 30, 2020 Jun 30, 2020Beginning Fund Balance 1,407,956 1,588,031 1,782,215 1,331,189 864,455 13 - Cafeteria Fund (R) (43,639) (52,253) (61,197)

14 - Deferred Maintenance (R) 25,000 25,000 25,000 Total Revenues 10,828,440 10,951,391 11,567,403 11,669,763 11,512,845 20 - Special Reserve for Postemployment Benefits (R) 473,236 475,263 475,263

25 - Capital Facilities/Debt Servicing Fund (R) 122,883 109,208 158,210 Total Expenditures 10,448,365 10,578,703 11,318,185 11,923,829 11,583,591 35 - County School Facilities Fund (R) 1,019,715 1,024,246 1,024,246

Other Sources & Uses (200,000) (178,504) (156,159) (212,668) -

Ending Fund Balance 1,588,031 1,782,215 1,875,274 864,455 793,709 Source: District Audited Financial Statements & 2018-19 2nd Interim

Total Other Restricted Funds (R) 1,597,195 1,581,464 1,621,522 Total Other Unrestricted Funds (U) - - - Grand Total 1,597,195 1,581,464 1,621,522

Excludes Bond Proceed, Bond Interest & Redemption and Debt Service Funds.003 Source: The District.

C-4

Carpinteria Unified School District Carpinteria Unified School DistrictSanta Barbara Santa Barbara



LCFF Revenue SourcesApportionment 60,251 60,251 216,316 108,451 108,451 216,316 108,451 108,451 206,032 108,451 108,451 226,599 - 1,636,471 Property Taxes - - - 743,540 2,969,217 8,788,130 - - - 8,940,421 819,024 - - 22,260,332 Other - - 9,671 - - - 230,820 - - 215,779 - 13,834 - 470,104

Federal Revenues 23,515 216 176 13,746 61,149 112,661 248,586 (21,672) 179,829 44,008 150,863 353,450 - 1,166,527 Other State Revenues - 30,927 111,930 344 303,967 130,032 123,904 196,764 271,973 800 380,262 1,077,993 - 2,628,896 Other Local Revenues 136,254 43,104 33,699 363,056 85,254 73,948 144,161 59,764 104,758 515,395 109,285 88,072 - 1,756,750 Interfund Transfers In - - - - - - 13,960 - 26,737 18,055 (26,737) (13,960) - 18,055 Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 220,020 134,498 371,792 1,229,137 3,528,038 9,321,087 869,882 343,307 789,329 9,842,909 1,541,148 1,745,988 - 29,937,135 Disbursements

Certificated Salaries 110,130 146,584 1,106,783 1,113,870 1,132,446 1,146,806 1,146,398 1,136,353 1,145,457 1,136,921 1,142,563 1,107,895 - 11,572,206 Classified Salaries 179,618 314,374 472,909 498,954 494,177 464,745 558,278 476,032 483,999 493,596 502,119 430,741 - 5,369,542 Employee Benefits 94,914 121,085 732,953 734,260 766,658 764,674 763,962 774,994 741,638 750,115 1,102,000 1,214,394 - 8,561,647 Supplies and Services 443,588 561,079 394,184 622,696 354,004 613,259 294,466 413,947 442,464 197,116 11,951 - - 4,348,754 Capital Outlay - - - - - - - - - - - - - - Other Outgo 32,242 23,472 - 84,500 45,538 20,341 20,341 45,803 25,400 50,800 65,811 59,655 - 473,903 Interfund Transfers Out - - - - - - - - - 100,000 - - - 100,000 Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 860,492 1,166,594 2,706,829 3,054,280 2,792,823 3,009,825 2,783,445 2,847,129 2,838,958 2,728,548 2,824,444 2,812,685 - 30,426,052 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 112,172 533,647 42,884 102,578 57,625 7,299 26,803 68,827 892 - - - - 952,727 Due From Other Funds (11,000) - - 246,000 - (105,000) - - (9,000) - 286,000 - - 407,000 Other - - - - - - - - - 195,814 - - - 195,814 SUBTOTAL ASSETS 101,172 533,647 42,884 348,578 57,625 (97,701) 26,803 68,827 (8,108) 195,814 286,000 - - 1,555,541 Accounts Payable 384,122 1,500 - 61,982 - - (688) 0 (1,094) - - 680 - 446,502 Due To Other Funds - - - 111,713 - - - - - - - - - 111,713 Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 384,122 1,500 - 173,695 - - (688) 0 (1,094) - - 680 - 558,215

Total PY Transactions (282,950) 532,147 42,884 174,883 57,625 (97,701) 27,491 68,827 (7,014) 195,814 286,000 (680) - 997,326 Net Increase/Decrease (923,422) (499,949) (2,292,153) (1,650,260) 792,840 6,213,561 (1,886,072) (2,434,995) (2,056,643) 7,310,175 (997,296) (1,067,376) -

FY TRAN Deposits 4,598,360 - - - - - - - - - - - - 4,598,360 FY TRAN Repayments - - - - - - - - - (4,691,480) - - - (4,691,480) CY TRAN Deposits - - - - - - - - - - - - - - CY TRAN Repayments - - - - - - - - - - - - - -

Ending Cash with TRAN 6,260,505 5,760,556 3,468,403 1,818,143 2,610,983 8,824,544 6,938,472 4,503,477 2,446,834 5,065,529 4,068,233 3,000,856 TRAN Balance 4,598,360 4,598,360 4,598,360 4,598,360 4,598,360 4,598,360 4,598,360 4,598,360 4,598,360 - - - Ending Cash without TRAN 1,662,145 1,162,196 (1,129,957) (2,780,217) (1,987,377) 4,226,184 2,340,112 (94,883) (2,151,526) 5,065,529 4,068,233 3,000,856 Source: The District


C-5 C-6

Carpinteria Unified School DistrictSanta Barbara


Actual / Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected 2019-20Beginning Cash 3,000,856 7,173,303 6,283,551 3,816,226 1,974,524 2,755,105 10,020,360 8,073,477 5,390,973 3,164,448 6,127,372 3,838,916 Receipts

LCFF Revenue SourcesApportionment 60,251 60,251 216,316 108,451 108,451 216,316 108,451 108,451 216,316 108,451 108,451 203,228 - 1,623,384 Property Taxes - - - 743,540 2,969,218 9,824,934 - - - 9,840,030 - - - 23,377,722 Other - - 9,671 - - - 230,820 - - 153,265 - 81,932 - 475,688

Federal Revenues 23,515 216 176 13,746 61,149 112,661 248,586 (66,672) 125,985 7,371 90,001 332,818 - 949,552 Other State Revenues - 30,927 111,930 344 304,517 130,032 103,396 - 151,790 159,575 175,632 954,171 - 2,122,314 Other Local Revenues 136,254 43,104 33,699 165,481 85,253 73,948 144,161 20,087 94,743 161,801 109,286 146,467 - 1,214,284 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 220,020 134,498 371,792 1,031,562 3,528,588 10,357,891 835,414 61,866 588,834 10,430,493 483,370 1,718,616 - 29,762,944 Disbursements

Certificated Salaries 110,130 146,584 1,213,386 1,113,870 1,132,446 1,146,806 1,146,398 1,107,895 1,108,235 1,066,746 1,104,382 1,107,895 - 11,504,773 Classified Salaries 179,618 314,374 498,594 485,925 494,177 464,745 464,895 482,985 427,820 482,559 493,285 370,675 - 5,159,652 Employee Benefits 94,914 121,085 732,953 734,260 766,658 866,674 846,197 895,233 900,285 835,892 907,142 852,996 - 8,554,289 Supplies and Services 355,669 418,735 394,184 499,084 309,188 573,486 294,466 196,886 333,123 223,227 216,122 210,398 - 4,024,568 Capital Outlay - - - - - - - - - - - - - - Other Outgo 32,242 23,472 - 40,125 45,538 40,925 30,341 61,371 45,896 58,545 50,895 44,553 - 473,903 Interfund Transfers Out - - - - - - - - - - - 100,000 - 100,000 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable - - - - - - - - - - - - - - Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS - - - - - - - - - - - - - - Accounts Payable - - - - - - - - - - - - - - Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES - - - - - - - - - - - - - -

Total PY Transactions - - - - - - - - - - - - - - Net Increase/Decrease (552,553) (889,752) (2,467,325) (1,841,702) 780,581 7,265,255 (1,946,883) (2,682,504) (2,226,525) 7,763,524 (2,288,456) (967,901) -

FY TRAN Deposits 4,725,000 - - - - - - - - - - - 4,725,000 FY TRAN Repayments - - - - - - - - - (4,800,600) - - (4,800,600) CY TRAN Deposits - - - - - - - - - - - - - CY TRAN Repayments - - - - - - - - - - - - -

Ending Cash with TRAN 7,173,303 6,283,551 3,816,226 1,974,524 2,755,105 10,020,360 8,073,477 5,390,973 3,164,448 6,127,372 3,838,916 2,871,015 TRAN Balance 4,725,000 4,725,000 4,725,000 4,725,000 4,725,000 4,725,000 4,725,000 4,725,000 4,725,000 - - - Ending Cash without TRAN 2,448,303 1,558,551 (908,774) (2,750,476) (1,969,895) 5,295,360 3,348,477 665,973 (1,560,552) 6,127,372 3,838,916 2,871,015 Source: The District

Summary of Revenues, Expenditures & Changes in General Fund Balance Projected Alternate Cash Resources2015-16 2016-17 2017-18 2018-19 2019-2020 Set-Aside 1 Maturity

(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Apr 30, 2020 Jun 30, 2020Beginning Fund Balance 3,510,276 3,907,376 3,721,587 3,250,243 2,663,769 14 - Deferred Maintenance (R) 269,752 269,752

25 - Capital Facilites (R) 756,893 756,893 Total Revenues 27,139,904 26,808,612 29,360,539 29,575,504 29,762,945

Total Expenditures 26,432,827 26,803,127 29,719,885 30,061,978 29,717,187

Other Sources & Uses (309,977) (191,274) (111,002) (100,000) (100,000)

Ending Fund Balance 3,907,376 3,721,587 3,251,239 2,663,769 2,609,527 Source: District Audited Financial Statements & 2018-19 2nd Interim

Total Other Restricted Funds (R) 1,026,645 1,026,645 Total Other Unrestricted Funds (U) - - Grand Total 1,026,645 1,026,645


C-6

College Elementary School District College Elementary School DistrictSanta Barbara Santa Barbara


Actual / Projected Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Projected Projected Projected 2018-19Beginning Cash 602,014 1,847,742 1,613,067 1,177,645 976,784 1,220,455 2,600,836 1,651,998 1,185,225 812,494 1,889,236 1,343,155 Receipts

LCFF Revenue SourcesApportionment 40,660 40,660 83,200 73,189 73,189 83,199 73,189 67,050 71,710 67,050 71,710 71,844 4,660 821,310 Property Taxes - - - 162,966 650,779 1,926,117 - - 150,000 1,961,049 - 85,779 - 4,936,690 Other - - (90,087) (180,174) (120,116) (111,744) (111,744) (111,744) (186,482) - (113,961) (259,002) (111,744) (1,396,798)

Federal Revenues - 4,675 - (4,464) 9,033 - - - - 12 29,988 20,721 5,430 65,395 Other State Revenues - - 9,796 (11,258) 22,134 16,942 14,066 15,000 - 1,600 23,399 43,804 145,031 280,515 Other Local Revenues 4,523 1,585 2,314 842 6,598 32,485 110,926 15,000 20,000 67,757 - - 68,761 330,790 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 45,183 46,920 5,222 41,100 641,617 1,946,999 86,437 (14,694) 55,228 2,097,468 11,136 (36,854) 112,138 5,037,902 Disbursements

Certificated Salaries 15,335 13,835 170,790 168,075 169,973 170,655 168,693 169,723 169,973 168,692 172,938 159,816 - 1,718,500 Classified Salaries 26,915 28,762 63,242 56,223 73,582 54,820 42,327 58,314 64,350 55,259 56,395 66,844 - 647,033 Employee Benefits (59,427) 13,580 84,403 81,194 82,588 82,339 82,129 82,655 93,215 83,835 84,883 177,555 145,031 1,033,980 Supplies and Services 66,286 126,686 82,210 52,137 32,061 63,461 72,126 48,412 100,421 1,984 2,014 311,365 23,673 982,836 Capital Outlay - - - - - - - - - 28,760 163,642 5,265 - 197,668 Other Outgo - 95,709 - 87,703 - 165,343 - 92,975 - - 77,345 - - 519,076 Interfund Transfers Out - - - - - 30,000 - - - - - 22,500 - 52,500 Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 49,109 278,573 400,645 445,333 358,205 566,618 365,275 452,079 427,960 338,531 557,217 743,345 168,704 5,151,593 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 6,600 - - 25,804 13,648 - - - - - - (46,052) - - Due From Other Funds - - (40,000) 177,568 - - (25,000) - - - - (112,568) - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 6,600 - (40,000) 203,372 13,648 - (25,000) - - - - (158,620) - (0) Accounts Payable 52,429 3,022 - - 53,389 - - - - - - (108,840) - - Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 52,429 3,022 - - 53,389 - - - - - - (108,840) - -

Total PY Transactions (45,829) (3,022) (40,000) 203,372 (39,741) - (25,000) - - - - (49,780) - (0) Net Increase/Decrease (49,755) (234,674) (435,423) (200,861) 243,671 1,380,381 (303,838) (466,773) (372,731) 1,758,937 (546,081) (829,979) (56,566)

FY TRAN Deposits 1,295,483 - - - - - - - - - - - - 1,295,483 FY TRAN Repayments - - - - - - (645,000) - - (682,195) - - - (1,327,195) CY TRAN Deposits - - - - - - - - - - - - - - CY TRAN Repayments - - - - - - - - - - - - - -

Ending Cash with TRAN 1,847,742 1,613,067 1,177,645 976,784 1,220,455 2,600,836 1,651,998 1,185,225 812,494 1,889,236 1,343,155 513,176 TRAN Balance 1,295,483 1,295,483 1,295,483 1,295,483 1,295,483 1,295,483 650,483 650,483 650,483 - - - Ending Cash without TRAN 552,259 317,585 (117,838) (318,698) (75,028) 1,305,354 1,001,515 534,743 162,012 1,889,236 1,343,155 513,176 Source: The District


C-7 C-8

College Elementary School DistrictSanta Barbara


Actual / Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected 2019-20Beginning Cash 513,176 1,532,899 1,351,548 744,450 339,355 540,812 1,992,269 1,521,494 1,098,449 620,543 790,793 629,449 Receipts

LCFF Revenue SourcesApportionment 40,792 40,792 73,425 73,425 73,425 73,425 73,425 73,424 73,424 73,424 73,424 78,905 - 821,310 Property Taxes - - - 175,000 600,000 1,850,000 - - - 2,100,000 200,000 110,424 - 5,035,424 Other (232,160) (85,966) (171,931) (114,621) (114,621) (114,621) (114,621) (114,621) (200,587) (66,862) (55,718) (54,137) - (1,440,466)

Federal Revenues - - - - 5,000 25,000 - 5,000 25,721 - - - 4,674 65,395 Other State Revenues - - 9,500 - 21,000 - 10,000 - 18,383 - - - 163,897 222,780 Other Local Revenues - - - 4,500 6,500 2,500 113,819 8,000 5,000 5,000 10,000 36,838 113,819 305,977 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts (191,368) (45,174) (89,006) 138,304 591,304 1,836,304 82,623 (28,197) (78,059) 2,111,562 227,706 172,030 282,390 5,010,420 Disbursements

Certificated Salaries 13,835 13,835 155,397 155,397 155,397 155,397 155,397 155,397 155,397 155,397 155,397 169,510 - 1,595,755 Classified Salaries 28,762 28,762 60,104 60,104 60,104 60,104 60,104 60,104 60,104 60,104 60,104 70,592 - 669,049 Employee Benefits 13,580 13,580 97,619 97,619 97,619 97,619 97,619 97,619 97,619 97,619 97,619 152,133 - 1,057,860 Supplies and Services 108,000 80,000 81,728 71,728 76,728 71,728 81,728 81,728 86,728 66,728 75,931 83,813 18,728 985,292 Capital Outlay - - - - - - - - - - - 5,265 - 5,265 Other Outgo 158,552 - - 158,552 - - 158,552 - - 118,745 - - - 594,401 Interfund Transfers Out - - 105,000 - - - - - - - - 30,000 - 135,000 Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 322,729 136,177 499,847 543,399 389,847 384,847 553,399 394,847 399,847 498,592 389,050 511,313 18,728 5,042,622 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 113,819 145,031 5,429 - - - - - - - - - - 264,279 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 113,819 145,031 5,429 - - - - - - - - - - 264,279 Accounts Payable - 145,031 23,673 - - - - - - - - - - 168,704 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES - 145,031 23,673 - - - - - - - - - - 168,704

Total PY Transactions 113,819 - (18,244) - - - - - - - - - - 95,575 Net Increase/Decrease (400,277) (181,351) (607,098) (405,095) 201,457 1,451,457 (470,776) (423,044) (477,906) 1,612,970 (161,344) (339,283) 263,663


Ending Cash with TRAN 1,532,899 1,351,548 744,450 339,355 540,812 1,992,269 1,521,494 1,098,449 620,543 790,793 629,449 290,166 TRAN Balance 1,420,000 1,420,000 1,420,000 1,420,000 1,420,000 1,420,000 1,420,000 1,420,000 1,420,000 - - - Ending Cash without TRAN 112,899 (68,452) (675,550) (1,080,645) (879,188) 572,269 101,494 (321,551) (799,457) 790,793 629,449 290,166 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Apr 30, 2020 Jun 30, 2020Beginning Fund Balance 1,343,350 905,522 622,474 741,536 650,983 40 - Special Reserve for Cap Outlay (R) 273,816 273,816

Total Revenues 4,523,554 4,905,600 5,209,553 5,063,089 5,010,420


Other Sources & Uses (428,403) (127,770) - (52,500) -

Ending Fund Balance 905,522 622,474 719,770 650,983 618,781 Source: District Audited Financial Statements & 2018-19 2nd Interim

Total Other Restricted Funds (R) 273,816 273,816 Total Other Unrestricted Funds (U) - - Grand Total 273,816 273,816


C-8

Hillsborough City Elementary School District Hillsborough City Elementary School DistrictSan Mateo San Mateo


Actual / Projected Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Projected Projected Projected 2018-19Beginning Cash 5,626,307 5,667,432 4,455,422 2,176,306 1,821,182 187,730 8,024,707 6,608,632 5,202,195 4,203,547 7,592,488 7,008,073 Receipts

LCFF Revenue SourcesApportionment 25,807 25,807 97,018 25,807 - 71,210 10,323 11,699 71,675 11,699 15,885 67,973 - 434,903 Property Taxes - - - 949,865 951,378 8,617,566 1,339,613 - 964,689 5,358,603 454,686 995,330 - 19,631,730 Other 83,579 - (83,579) (26,535) - 303,680 - - 21,861 303,680 31,670 31,130 - 665,487

Federal Revenues 11 - (11) 2,998 14,312 - - 2,317 56 62,683 50,000 134,666 - 267,032 Other State Revenues - (26,535) 79,169 26,535 12,328 61,960 191,385 (57,194) 98,177 - 82,240 103,917 - 571,983 Other Local Revenues 50,138 2,588 40,067 1,354,622 93,009 1,180,600 204,463 1,112,143 333,323 716,108 1,496,063 294,685 - 6,877,809 Interfund Transfers In - - - - 80,000 - - - - - - - - 80,000 Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 159,534 1,860 132,665 2,333,293 1,151,027 10,235,016 1,745,784 1,068,965 1,489,781 6,452,774 2,130,544 1,627,700 - 28,528,944 Disbursements

Certificated Salaries 168,807 171,189 1,416,110 1,405,586 1,504,542 1,451,700 1,421,736 1,427,213 1,418,648 1,411,313 1,425,586 1,354,079 - 14,576,507 Classified Salaries 151,701 189,400 326,119 303,452 343,186 317,311 326,737 324,300 325,020 333,753 334,462 392,196 - 3,667,636 Employee Benefits 108,321 131,048 492,494 508,290 532,993 513,651 533,865 525,101 524,223 519,344 480,508 341,909 - 5,211,747 Supplies and Services 234,932 384,031 314,136 362,736 371,676 238,543 383,661 213,548 249,784 288,878 422,736 817,600 - 4,282,259 Capital Outlay - 87,550 23,268 - 10,437 7,327 - 35,685 (40,472) - - 45,029 - 168,824 Other Outgo 1,168 10,528 10,256 17,195 5,264 35,402 10,528 31,575 25,175 15,264 16,668 43,312 - 222,334 Interfund Transfers Out - - - - - - - - - - 35,000 - - 35,000 Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 664,928 973,745 2,582,383 2,597,259 2,768,098 2,563,933 2,676,527 2,557,421 2,502,378 2,568,552 2,714,959 2,994,125 - 28,164,307 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 1,965 11 114,230 2,644 - - - 66,793 - - - - - 185,644 Due From Other Funds - - - - - - - - - - - - - - Other 36,234 (2,760) (3,634) (4,070) (28,515) 4,997 48,631 (13,077) (12,228) (68,558) - - - (42,980) SUBTOTAL ASSETS 38,199 (2,749) 110,597 (1,426) (28,515) 4,997 48,631 53,716 (12,228) (68,558) - - - 142,664 Accounts Payable 335,251 237,375 (60,004) 89,732 (12,135) (160,897) 113,963 (28,303) (26,178) (17,497) - - - 471,308 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 335,251 237,375 (60,004) 89,732 (12,135) (160,897) 113,963 (28,303) (26,178) (17,497) - - - 471,308

Total PY Transactions (297,051) (240,124) 170,601 (91,158) (16,381) 165,894 (65,333) 82,019 13,949 (51,060) - - - (328,644) Net Increase/Decrease (802,445) (1,212,009) (2,279,117) (355,124) (1,633,452) 7,836,977 (996,075) (1,406,437) (998,648) 3,833,161 (584,415) (1,366,424) -

FY TRAN Deposits 843,570 - - - - - - - - - - - - 843,570 FY TRAN Repayments - - - - - - (420,000) - - (444,220) - - - (864,220) CY TRAN Deposits - - - - - - - - - - - - - - CY TRAN Repayments - - - - - - - - - - - - - -

Ending Cash with TRAN 5,667,432 4,455,422 2,176,306 1,821,182 187,730 8,024,707 6,608,632 5,202,195 4,203,547 7,592,488 7,008,073 5,641,649 TRAN Balance 843,570 843,570 843,570 843,570 843,570 843,570 423,570 423,570 423,570 - - - Ending Cash without TRAN 4,823,862 3,611,852 1,332,736 977,612 (655,840) 7,181,137 6,185,062 4,778,625 3,779,977 7,592,488 7,008,073 5,641,649 Source: The District


C-9 C-10

Hillsborough City Elementary School DistrictSan Mateo


Actual / Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected 2019-20Beginning Cash 5,641,649 5,765,196 4,306,451 1,891,203 1,279,433 20,543 7,777,834 6,431,882 4,550,535 3,587,437 7,055,208 6,272,739 Receipts

LCFF Revenue SourcesApportionment 25,807 25,807 93,370 25,807 - 67,563 10,323 11,699 79,262 11,699 11,699 79,262 - 442,296 Property Taxes - - - 1,021,928 1,024,040 9,269,143 1,439,990 - 1,036,708 5,764,182 489,850 1,070,491 - 21,116,332 Other 97,991 - (97,991) (31,129) - 355,996 - - 25,590 355,996 37,137 36,512 - 780,102

Federal Revenues - - - 2,955 14,141 - - 2,295 53 61,918 49,386 133,043 - 263,790 Other State Revenues - (71,216) 212,419 71,216 33,152 166,221 513,550 (153,482) 263,375 - 220,707 278,877 - 1,534,819 Other Local Revenues 45,534 2,495 36,178 1,228,795 84,207 1,070,986 185,255 1,008,610 302,521 649,328 1,356,665 266,967 - 6,237,540 Interfund Transfers In - - - - 85,044 - - - - - - - - 85,044 Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 169,331 (42,914) 243,976 2,319,571 1,240,583 10,929,909 2,149,118 869,123 1,707,508 6,843,123 2,165,444 1,865,151 - 30,459,923 Disbursements

Certificated Salaries 174,404 175,908 1,461,386 1,449,358 1,551,595 1,497,470 1,465,897 1,471,911 1,462,890 1,455,372 1,470,407 1,396,736 - 15,033,335 Classified Salaries 153,573 191,410 329,773 306,775 347,208 320,871 330,515 327,919 328,661 337,563 338,305 396,544 - 3,709,116 Employee Benefits 145,047 175,032 658,986 679,906 713,378 687,577 714,075 702,918 701,523 694,550 642,947 457,455 - 6,973,393 Supplies and Services 247,319 404,090 330,660 381,565 391,025 250,923 403,639 224,795 262,636 304,081 444,634 859,985 - 4,505,351 Capital Outlay - 198,105 52,640 - 23,608 16,579 - 80,755 (91,565) - - 101,879 - 382,000 Other Outgo 1,033 9,239 8,986 15,067 4,620 31,031 9,239 27,678 22,065 13,391 14,619 37,970 - 194,937 Interfund Transfers Out - - - - - - - - - - 37,001 - - 37,001 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 3,037 - 121,491 3,037 - - - 69,858 - - - - - 197,424 Due From Other Funds - - - - - - - - - - - - - - Other 39,485 (3,037) (3,037) (3,037) (30,373) 6,075 51,634 (15,186) (12,149) (72,895) - - - (42,522) SUBTOTAL ASSETS 42,522 (3,037) 118,454 - (30,373) 6,075 51,634 54,671 (12,149) (72,895) - - - 154,902 Accounts Payable 366,931 259,010 (64,753) 98,671 (12,334) (175,757) 123,338 (30,835) (27,751) (18,501) - - - 518,020 Due To Other Funds - - - - (550,000) 550,000 - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 366,931 259,010 (64,753) 98,671 (562,334) 374,243 123,338 (30,835) (27,751) (18,501) - - - 518,020

Total PY Transactions (324,409) (262,047) 183,207 (98,671) 531,961 (368,169) (71,704) 85,506 15,602 (54,394) - - - (363,119) Net Increase/Decrease (876,453) (1,458,744) (2,415,248) (611,770) (1,258,890) 7,757,290 (845,952) (1,881,347) (963,098) 3,983,772 (782,469) (1,385,419) -

FY TRAN Deposits 1,000,000 - - - - - - - - - - - 1,000,000 FY TRAN Repayments - - - - - - (500,000) - - (516,000) - - (1,016,000) CY TRAN Deposits - - - - - - - - - - - - - CY TRAN Repayments - - - - - - - - - - - - -

Ending Cash with TRAN 5,765,196 4,306,451 1,891,203 1,279,433 20,543 7,777,834 6,431,882 4,550,535 3,587,437 7,055,208 6,272,739 4,887,321 TRAN Balance 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 500,000 500,000 500,000 - - - Ending Cash without TRAN 4,765,196 3,306,451 891,203 279,433 (979,457) 6,777,834 5,931,882 4,050,535 3,087,437 7,055,208 6,272,739 4,887,321 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Jan 31, 2020 Apr 30, 2020 Jun 30, 2020Beginning Fund Balance 5,581,241 6,029,185 6,024,514 5,318,592 5,277,336 17 - Special Reserve Other than Cap Outlay (U) 568,737 569,737 570,737

20 - Special Reserve for Post Emplyment Benefits (R) 1,265,328 1,274,328 1,282,328 Total Revenues 26,362,765 27,762,880 28,956,933 29,962,718 30,372,872 40 - Special Reserve for Cap Outlay (U) 120,615 120,615 120,615


Other Sources & Uses 80,000 80,000 80,000 45,000 -


Total Other Restricted Funds (R) 1,265,328 1,274,328 1,282,328 Total Other Unrestricted Funds (U) 689,352 690,352 691,352 Grand Total 1,954,680 1,964,680 1,973,680


C-10

Loma Prieta Joint Union Elementary School District Loma Prieta Joint Union Elementary School DistrictSanta Clara Santa Clara


Actual / Projected Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Projected Projected Projected 2018-19Beginning Cash 1,768,377 2,056,052 1,600,006 1,315,516 879,186 442,045 1,975,720 1,929,225 1,439,779 1,091,128 1,995,898 1,422,196 Receipts

LCFF Revenue SourcesApportionment 31,461 31,461 55,786 31,461 - 24,325 12,584 14,262 37,743 14,262 7,302 44,712 - 305,359 Property Taxes - 1,975 - 42,514 177,139 1,707,228 125,915 111,837 94,650 1,550,416 7,245 235,105 (1) 4,054,023 Other - - - - - - 93,282 - - - 44,306 23,991 (16) 161,563

Federal Revenues - - - 46,001 9,593 720 28,763 - 42,546 1,251 - 43,183 27,333 199,390 Other State Revenues - - 25,310 (21,471) 75 33,861 72,221 - 37,026 293 984 46,889 50,926 246,114 Other Local Revenues 5,500 156 53,665 76,564 26,309 276,925 481,713 2,862 122,644 206,738 23,245 404,798 91,143 1,772,262 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 36,961 33,592 134,761 175,069 213,116 2,043,059 814,478 128,961 334,609 1,772,960 83,082 798,678 169,385 6,738,712 Disbursements

Certificated Salaries 38,946 38,450 259,691 261,058 262,737 262,156 260,136 261,305 261,476 262,968 263,617 249,222 - 2,681,762 Classified Salaries 71,329 99,329 121,314 167,870 129,593 120,681 121,327 124,755 121,240 137,975 139,837 130,799 - 1,486,049 Employee Benefits 47,080 51,493 113,172 121,546 114,334 114,054 114,356 114,866 114,615 115,368 107,163 193,320 - 1,321,367 Supplies and Services 59,956 382,754 80,591 120,600 74,070 39,683 87,284 91,723 197,839 64,183 128,986 90,855 - 1,418,524 Capital Outlay - - - - - - - - - - - 79,519 - 79,519 Other Outgo - - - - 58,853 - - - 13,826 6,913 17,181 93,264 - 190,038 Interfund Transfers Out - - - - - - - - - - - - - - Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 217,311 572,026 574,768 671,074 639,587 536,574 583,103 592,649 708,996 587,407 656,785 836,979 - 7,177,259 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable - 225,409 173,198 294,869 4,000 - - - - - - - (169,385) 528,091 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS - 225,409 173,198 294,869 4,000 - - - - - - - (169,385) 528,091 Accounts Payable 68,335 127,264 1,798 265,936 - - (1) - - 28 - - - 463,360 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other 15,428 15,757 15,883 (30,742) 14,670 (27,190) 2,871 25,758 (25,736) (10,104) - - - (3,405) SUBTOTAL LIABILITIES 83,763 143,021 17,681 235,194 14,670 (27,190) 2,870 25,758 (25,736) (10,076) - - - 459,955

Total PY Transactions (83,763) 82,388 155,517 59,675 (10,670) 27,190 (2,870) (25,758) 25,736 10,076 - - (169,385) 68,136 Net Increase/Decrease (264,113) (456,046) (284,490) (436,330) (437,141) 1,533,675 228,505 (489,446) (348,651) 1,195,629 (573,702) (38,301) -


Ending Cash with TRAN 2,056,052 1,600,006 1,315,516 879,186 442,045 1,975,720 1,929,225 1,439,779 1,091,128 1,995,898 1,422,196 1,383,895 TRAN Balance 551,788 551,788 551,788 551,788 551,788 551,788 276,788 276,788 276,788 - - - Ending Cash without TRAN 1,504,264 1,048,218 763,728 327,398 (109,743) 1,423,932 1,652,437 1,162,991 814,340 1,995,898 1,422,196 1,383,895 Source: The District


C-11 C-12

Loma Prieta Joint Union Elementary School DistrictSanta Clara


Actual / Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected 2019-20Beginning Cash 1,383,895 1,768,683 2,143,679 1,713,485 1,212,164 683,680 373,338 1,505,143 1,354,594 959,837 534,942 1,483,926 Receipts

LCFF Revenue SourcesApportionment 31,461 31,461 55,366 31,461 - 23,905 12,584 14,262 35,315 9,128 7,302 49,845 - 302,090 Property Taxes - - 60,438 40,269 76,648 233,173 1,702,615 - 91,978 231,986 1,464,124 241,721 - 4,142,950 Other - - - (25,000) - - 93,282 - - - 46,641 46,641 - 161,563

Federal Revenues - - 15,127 - - 15,127 - - 58,220 - - 15,323 42,894 146,690 Other State Revenues 49 - - 78 14,988 308 24,888 724 86 24,806 75 1,281 49,154 116,437 Other Local Revenues 15,897 16,474 44,590 75,253 19,502 42,398 172,851 369,068 21,950 224,858 20,679 506,420 145,701 1,675,641 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 47,407 47,935 175,520 122,061 111,138 314,911 2,006,219 384,054 207,548 490,778 1,538,820 861,231 237,749 6,545,371 Disbursements

Certificated Salaries 85,497 25,000 243,708 247,437 249,834 250,366 253,272 256,759 253,296 255,427 252,231 290,645 - 2,663,472 Classified Salaries 72,808 96,481 128,046 132,513 132,960 135,044 121,942 124,473 123,431 129,088 140,106 152,018 - 1,488,910 Employee Benefits 53,158 49,550 107,427 104,790 112,146 109,231 111,036 106,594 113,534 107,011 112,562 300,907 - 1,387,946 Supplies and Services 91,445 52,429 141,015 106,218 69,203 96,043 25,613 49,899 84,102 98,825 83,870 122,678 - 1,021,340 Capital Outlay - - - - - - - - - - - - - - Other Outgo - - - - 62,133 52,043 - - - - 16,707 67,305 - 198,188 Interfund Transfers Out - - - - - - - - - - - - - - Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 302,908 223,460 620,196 590,958 626,276 642,727 511,863 537,725 574,363 590,351 605,476 933,553 - 6,759,856 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 35,205 575,018 3,470 (31,041) 372 - (28,241) - 125 33 - - (237,749) 317,192 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 35,205 575,018 3,470 (31,041) 372 - (28,241) - 125 33 - - (237,749) 317,192 Accounts Payable 43,602 15,079 (58) 4,237 (170) 85 (846) 635 305 41 - - - 62,910 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other 11,314 9,418 (10,954) (2,854) 13,888 (17,559) 5,156 (3,757) 27,762 (15,246) (15,640) - - 1,528 SUBTOTAL LIABILITIES 54,916 24,497 (11,012) 1,383 13,718 (17,474) 4,310 (3,122) 28,067 (15,205) (15,640) - - 64,438

Total PY Transactions (19,711) 550,521 14,482 (32,424) (13,346) 17,474 (32,551) 3,122 (27,942) 15,238 15,640 - (237,749) 252,754 Net Increase/Decrease (275,212) 374,996 (430,194) (501,321) (528,484) (310,342) 1,461,805 (150,549) (394,757) (84,335) 948,984 (72,322) -

FY TRAN Deposits 660,000 - - - - - - - - - - - 660,000 FY TRAN Repayments - - - - - - (330,000) - - (340,560) - - (670,560) CY TRAN Deposits - - - - - - - - - - - - - CY TRAN Repayments - - - - - - - - - - - - -

Ending Cash with TRAN 1,768,683 2,143,679 1,713,485 1,212,164 683,680 373,338 1,505,143 1,354,594 959,837 534,942 1,483,926 1,411,604 TRAN Balance 660,000 660,000 660,000 660,000 660,000 660,000 330,000 330,000 330,000 - - - Ending Cash without TRAN 1,108,683 1,483,679 1,053,485 552,164 23,680 (286,662) 1,175,143 1,024,594 629,837 534,942 1,483,926 1,411,604 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Jan 31, 2020 Apr 30, 2020 Jun 30, 2020Beginning Fund Balance 1,878,812 1,983,402 2,427,471 2,147,849 1,592,452 14 - Deferred Maintenance (R) 65,000 65,000 65,000

40 - Special Reserve for Cap Outlay (R) 400,000 400,000 400,000 Total Revenues 6,363,059 6,806,002 6,815,488 6,987,129 6,774,805


Other Sources & Uses (256,055) - (200,000) - -


Total Other Restricted Funds (R) 465,000 465,000 465,000 Total Other Unrestricted Funds (U) - - - Grand Total 465,000 465,000 465,000


C-12

Pacific Grove Unified School District Pacific Grove Unified School DistrictMonterey Monterey



LCFF Revenue SourcesApportionment 375,819 375,819 475,371 375,819 - 99,551 150,327 170,371 268,649 170,371 220,237 220,237 - 2,902,571 Property Taxes - - 81,929 - 943,522 13,591,740 880,650 719,652 560,829 9,268,101 537,164 - - 26,583,586 Other - - - - - - 367 - - (93,372) (176,128) - - (269,133)

Federal Revenues 54,723 140 222 2,662 32,849 41,135 97,212 1,588 17,399 38,477 63,488 77,561 264,790 692,247 Other State Revenues 87,772 - 1,000 - - 137,379 136,965 182,323 149,628 4,384 793,618 693,618 292,718 2,479,405 Other Local Revenues 7,730 1,154 138,738 132,492 130,984 196,384 119,733 117,599 78,016 255,104 164,733 189,436 - 1,532,103 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 526,044 377,113 697,261 510,973 1,107,356 14,066,188 1,385,253 1,191,533 1,074,521 9,643,065 1,603,113 1,180,852 557,507 33,920,779 Disbursements

Certificated Salaries 144,615 1,609,112 1,637,834 1,662,266 1,652,640 1,651,060 1,660,494 1,665,972 1,689,916 1,657,999 1,615,267 443,400 - 17,090,575 Classified Salaries 284,907 586,185 563,070 575,658 597,524 574,438 577,615 593,791 518,420 564,849 580,234 621,470 - 6,638,161 Employee Benefits 256,258 485,494 502,716 669,534 499,433 505,483 525,118 511,274 490,321 503,402 670,456 1,373,414 - 6,992,905 Supplies and Services 418,797 264,429 256,875 259,911 235,648 133,485 294,791 178,833 221,515 334,934 266,640 266,643 871,886 4,004,388 Capital Outlay - 29,169 4,781 7,307 - - - - - - - - - 41,256 Other Outgo 1,073 6,721 6,687 14,084 14,943 13,683 (3,493) 12,999 15,218 (7,221) (54,699) - - 19,995 Interfund Transfers Out - - 117,024 - - - - - - - 24,777 67,309 - 209,110 Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 1,105,650 2,981,111 3,088,987 3,188,760 3,000,188 2,878,149 3,054,525 2,962,870 2,935,391 3,053,963 3,102,675 2,772,235 871,886 34,996,390 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 3,155 7,989 140,346 23,786 - 27,180 (75,862) 3,318 979 (5,363) - - - 125,528 Due From Other Funds - - - - - - - - - - - - - - Other - - - - (1,500) - - - - - - 1,500 - - SUBTOTAL ASSETS 3,155 7,989 140,346 23,786 (1,500) 27,180 (75,862) 3,318 979 (5,363) - 1,500 - 125,528 Accounts Payable 1,100,440 (101,265) (161,432) (129,207) (133,195) (190,370) (182,958) (154,784) (156,386) 190,679 190,679 19,678 - 291,879 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other 64 853 917 (2,017) 2,017 7,231 (6,763) (468) - (825) (1,010) - - (0) SUBTOTAL LIABILITIES 1,100,504 (100,412) (160,515) (131,224) (131,178) (183,139) (189,721) (155,252) (156,386) 189,854 189,669 19,678 - 291,879

Total PY Transactions (1,097,349) 108,400 300,861 155,010 129,678 210,319 113,859 158,571 157,365 (195,217) (189,669) (18,178) - (166,351) Net Increase/Decrease (1,676,955) (2,495,597) (2,090,866) (2,522,777) (1,763,154) 11,398,358 (1,555,413) (1,612,767) (1,703,505) 6,393,884 (1,689,231) (1,609,561) (314,379)


Ending Cash with TRAN 9,095,994 6,600,397 4,509,532 1,986,755 223,601 11,621,959 7,566,546 5,953,779 4,250,274 7,999,992 6,310,760 4,701,199 TRAN Balance 5,043,750 5,043,750 5,043,750 5,043,750 5,043,750 5,043,750 2,543,750 2,543,750 2,543,750 - - - Ending Cash without TRAN 4,052,244 1,556,647 (534,218) (3,056,995) (4,820,149) 6,578,209 5,022,796 3,410,029 1,706,524 7,999,992 6,310,760 4,701,199 Source: The District


C-13 C-14

Pacific Grove Unified School DistrictMonterey



LCFF Revenue SourcesApportionment 375,818 375,818 477,414 375,818 - 101,596 150,327 170,371 271,967 170,371 170,371 271,967 - 2,911,840 Property Taxes - - 82,409 - 943,717 13,592,188 879,917 895,867 895,867 7,499,230 895,867 895,867 - 26,580,928 Other - - - - - - - - - - - - - -

Federal Revenues 54,935 136 205 2,661 32,961 41,286 97,654 68,720 68,720 68,720 63,738 77,864 104,615 682,214 Other State Revenues 70,944 - 802 - - 111,026 110,625 228,064 228,064 228,064 399,012 399,012 228,064 2,003,677 Other Local Revenues 8,234 1,220 147,595 141,039 139,362 209,043 127,469 137,227 137,227 137,227 137,227 201,571 - 1,524,441 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 509,931 377,175 708,425 519,519 1,116,040 14,055,138 1,365,992 1,500,249 1,601,845 8,103,611 1,666,215 1,846,281 332,679 33,703,100 Disbursements

Certificated Salaries 147,316 1,630,874 1,660,337 1,686,334 1,675,935 1,674,202 1,684,601 1,637,807 1,637,807 1,637,807 1,637,807 620,460 - 17,331,286 Classified Salaries 286,044 588,679 565,451 578,724 600,625 577,397 580,715 582,706 582,706 582,706 582,706 526,958 - 6,635,417 Employee Benefits 272,191 516,123 534,715 711,714 530,996 536,946 558,513 712,457 712,457 712,457 712,457 925,897 - 7,436,924 Supplies and Services 346,866 219,193 212,679 215,285 195,092 110,411 244,272 298,012 298,012 205,514 220,822 220,822 469,979 3,256,959 Capital Outlay - 29,168 4,782 7,309 - - - 2,506 2,506 2,506 2,506 2,506 - 53,791 Other Outgo 903 5,662 5,633 11,865 12,589 11,527 (2,943) (6,947) (6,947) (6,947) (6,947) (2,116) - 15,332 Interfund Transfers Out - - 118,314 - - - - - - - - 66,117 - 184,431 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 3,449 6,897 144,842 24,140 - 27,589 (79,318) 10,346 (6,897) 6,897 - - - 137,945 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 3,449 6,897 144,842 24,140 - 27,589 (79,318) 10,346 (6,897) 6,897 - - - 137,945 Accounts Payable 1,096,148 (100,915) (160,072) (128,754) (132,234) (191,391) (180,951) 191,391 191,391 191,391 191,391 191,391 - 1,158,785 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - (3,480) 3,480 6,960 (6,960) - - - - - - - SUBTOTAL LIABILITIES 1,096,148 (100,915) (160,072) (132,234) (128,754) (184,431) (187,911) 191,391 191,391 191,391 191,391 191,391 - 1,158,785

Total PY Transactions (1,092,699) 107,812 304,914 156,374 128,754 212,020 108,593 (181,045) (198,288) (184,494) (191,391) (191,391) - (1,020,840) Net Increase/Decrease (1,636,088) (2,504,711) (2,088,571) (2,535,338) (1,770,444) 11,356,676 (1,590,573) (1,907,338) (1,822,985) 4,785,074 (1,674,527) (705,753) (137,300)


Ending Cash with TRAN 9,065,111 6,560,399 4,471,829 1,936,491 166,047 11,522,722 6,932,149 5,024,811 3,201,826 4,890,900 3,216,373 2,510,620 TRAN Balance 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 3,000,000 3,000,000 3,000,000 - - - Ending Cash without TRAN 3,065,111 560,399 (1,528,171) (4,063,509) (5,833,953) 5,522,722 3,932,149 2,024,811 201,826 4,890,900 3,216,373 2,510,620 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Jan 31, 2020 Apr 30, 2020 Jun 30, 2020Beginning Fund Balance 3,842,799 5,418,382 5,586,956 4,598,068 3,318,396 11 - Adult Education (R) 1,810,000 654,250 125,100

12 - Child Development (R) 45,120 48,250 76,575 Total Revenues 29,884,567 30,497,756 32,036,675 33,601,093 34,486,210 13 - Cafetria Special Revnue (R) 14,250 12,850 8,975

14 - Deferred Maintenance (R) 8,620 6,550 7,900 Total Expenditures 28,275,426 30,435,285 32,773,838 34,696,433 34,798,343 20 - Special Reserve for Post Emplyment Benefits (R) 6,100 6,175 6,180

40 - Special Reserve for Cap Outlay (R) 55,000 60,000 65,000 Other Sources & Uses (33,558) 106,103 (245,864) (184,333) -


Total Other Restricted Funds (R) 1,939,090 788,075 289,730 Total Other Unrestricted Funds (U) - - - Grand Total 1,939,090 788,075 289,730


C-14

C-15

CERTAIN BACKGROUND INFORMATION AND PROJECTED CASH FLOWS FOR SERIES B DISTRICTS

Amador County Unified School District Amador County Unified School DistrictAmador Amador


Actual / Projected Actual Actual Actual Actual Actual Actual Actual Actual Actual Projected Projected Projected Projected 2018-19Beginning Cash 1,795,532 6,442,672 4,942,069 2,826,672 2,340,277 445,056 9,408,590 7,059,475 3,348,146 2,353,194 6,657,914 4,297,678 Receipts

LCFF Revenue SourcesApportionment 1,569,480 1,740,178 2,105,767 1,740,178 - 194,891 696,071 - 1,517,299 654,864 654,864 207,571 (321,663) 10,759,500 Property Taxes - - - 319,203 1,467,501 11,457,668 (282,435) - 409,089 11,616,745 104,428 862,785 - 25,954,984 Other - (27) - - - - - - (5,564) (33,602) - - 361,875 322,682

Federal Revenues - - - 254,925 46,528 56,242 148,800 - 233,746 47,137 145,001 56,500 - 988,879 Other State Revenues - - - 113,371 - 375,605 594,268 - 23,549 283,050 3,000 170,065 - 1,562,909 Other Local Revenues 51,968 39,290 16,986 26,497 88,668 42,682 221,841 22,785 - 63,131 376,413 25,514 1,000 976,776 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 1,621,448 1,779,441 2,122,753 2,454,175 1,602,697 12,127,089 1,378,544 22,785 2,178,119 12,631,326 1,283,706 1,322,435 41,212 40,565,729 Disbursements

Certificated Salaries 480,553 1,307,849 1,415,229 1,348,521 1,376,985 1,346,007 1,335,650 1,346,122 1,384,585 1,348,606 1,331,964 1,456,327 - 15,478,399 Classified Salaries 254,591 409,422 433,729 428,303 442,362 425,645 410,810 404,347 429,867 391,098 397,754 499,152 - 4,927,080 Employee Benefits 294,006 612,778 674,996 631,369 662,479 681,849 651,362 646,194 652,802 644,663 635,194 783,083 - 7,570,775 Supplies and Services 533,045 712,544 617,444 558,841 203,900 392,367 446,459 332,858 376,444 501,390 649,543 470,972 209,981 6,005,787 Capital Outlay 32,599 - 23,003 - (190) 4,186 6,683 - - 344 - 100,249 - 166,874 Other Outgo 40,815 300,000 600,000 280,000 960,335 340,000 900,000 1,049,920 340,000 409,185 750,000 401,411 - 6,371,666 Interfund Transfers Out - - - - - - - - - - - - - - Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 246,473 24,720 88,554 181,552 12,257 14,576 171 171 171 171 69 171 - 569,053 Due From Other Funds - - - 136,375 - - (31,000) 31,000 - - - - - 136,375 Other 5,480 (1,709) (5,314) 30,232 4,480 (18,421) 2,492 2,504 1,006 (2,048) (4,500) (24,579) - (10,378) SUBTOTAL ASSETS 251,953 23,011 83,239 348,159 16,737 (3,845) (28,338) 33,674 1,176 (1,877) (4,431) (24,408) - 695,050 Accounts Payable 634,402 (11,525) 528,986 (81,598) (131,218) (30,319) (51,667) (11,653) (9,451) (114,723) (124,944) (29,845) 739,160 1,305,605 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - 123,282 - - - - - - - - - 123,282 Other - (28,014) 28,002 12 - (25) 25 - - - - - - 0 SUBTOTAL LIABILITIES 634,402 (39,538) 556,988 41,695 (131,218) (30,344) (51,641) (11,653) (9,451) (114,723) (124,944) (29,845) 739,160 1,428,887

Total PY Transactions (382,449) 62,549 (473,749) 306,464 147,954 26,499 23,304 45,327 10,627 112,847 120,513 5,437 (739,160) (733,836) Net Increase/Decrease (396,610) (1,500,603) (2,115,397) (486,395) (1,895,220) 8,963,533 (2,349,115) (3,711,329) (994,952) 9,448,886 (2,360,236) (2,383,322) (907,929)


Ending Cash with TRAN 6,442,672 4,942,069 2,826,672 2,340,277 445,056 9,408,590 7,059,475 3,348,146 2,353,194 6,657,914 4,297,678 1,914,356 TRAN Balance 5,043,750 5,043,750 5,043,750 5,043,750 5,043,750 5,043,750 5,043,750 5,043,750 5,043,750 - - - Ending Cash without TRAN 1,398,922 (101,681) (2,217,078) (2,703,473) (4,598,694) 4,364,840 2,015,725 (1,695,604) (2,690,556) 6,657,914 4,297,678 1,914,356 Source: The District


C-16 C-17

Amador County Unified School DistrictAmador



LCFF Revenue SourcesApportionment 1,756,306 1,756,306 1,955,347 1,756,306 - 199,041 702,522 796,192 995,233 796,192 796,192 995,233 - 12,504,869 Property Taxes - - - 319,203 1,067,501 12,088,538 (282,435) - 409,089 11,847,614 534,745 489,830 - 26,474,084 Other - (27) - - - - - - (5,564) (27,217) - - (10,585) (43,393)

Federal Revenues - - - 229,925 46,528 56,242 148,800 - 233,746 47,137 17,933 - 156,235 936,546 Other State Revenues - - - 113,371 - - 594,268 - - 33,050 - 76,971 234,857 1,052,517 Other Local Revenues 11,685 39,290 16,986 12,975 18,755 22,823 1,840 11,785 3,549 17,385 32,220 527 7,864 197,684 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 1,767,991 1,795,569 1,972,332 2,431,779 1,132,784 12,366,644 1,164,995 807,977 1,636,053 12,714,162 1,381,089 1,562,561 388,371 41,122,307 Disbursements

Certificated Salaries 485,553 1,327,849 1,345,229 1,448,521 1,406,985 1,456,007 1,395,650 1,396,122 1,400,585 1,391,913 1,418,017 1,476,327 - 15,948,759 Classified Salaries 264,590 405,735 418,729 428,303 437,362 415,645 410,810 404,347 414,867 381,098 410,985 464,152 - 4,856,624 Employee Benefits 319,006 672,778 704,996 661,369 692,479 701,849 681,362 676,194 692,802 674,663 725,021 812,382 - 8,014,901 Supplies and Services 593,045 662,544 640,444 358,841 303,900 152,367 306,459 332,858 376,444 335,677 451,981 405,281 545,299 5,465,140 Capital Outlay - - - - - 4,186 6,683 - - - - - - 10,869 Other Outgo 40,815 300,000 600,000 280,000 960,335 340,000 900,000 1,049,920 340,000 820,000 750,000 38,919 - 6,419,989 Interfund Transfers Out - - - - - - - - - - - - - - Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 126,473 78,522 68,752 218,814 102 102 102 102 102 102 102 102 - 493,377 Due From Other Funds - - - - - - - - - - - - - - Other 4,055 (1,709) 27,560 27,505 4,480 (18,421) 2,492 2,504 1,006 (2,048) 99 21,541 - 69,062 SUBTOTAL ASSETS 130,529 76,812 96,312 246,319 4,582 (18,319) 2,594 2,606 1,108 (1,946) 201 21,643 - 562,439 Accounts Payable 389,844 (11,525) (54,885) (51,598) (131,218) (30,319) (51,667) (11,653) (9,451) (114,723) (21,543) (29,845) 734,042 605,459 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - 23,024 - - - - - - - - - 23,024 SUBTOTAL LIABILITIES 389,844 (11,525) (54,885) (28,574) (131,218) (30,319) (51,667) (11,653) (9,451) (114,723) (21,543) (29,845) 734,042 628,483

Total PY Transactions (259,315) 88,337 151,197 274,893 135,799 12,000 54,261 14,258 10,559 112,778 21,744 51,488 (734,042) (66,044) Net Increase/Decrease (194,333) (1,485,000) (1,585,869) (470,361) (2,532,479) 9,308,589 (2,481,708) (3,037,206) (1,578,087) 9,223,589 (2,353,172) (1,583,013) (890,970)


Ending Cash with TRAN 6,720,023 5,235,023 3,649,155 3,178,793 646,314 9,954,904 7,473,196 4,435,990 2,857,904 7,001,492 4,648,321 3,065,308 TRAN Balance 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 - - - Ending Cash without TRAN 1,720,023 235,023 (1,350,845) (1,821,207) (4,353,686) 4,954,904 2,473,196 (564,010) (2,142,096) 7,001,492 4,648,321 3,065,308 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Apr 30, 2020 Jun 30, 2020Beginning Fund Balance 2,447,941 3,988,152 2,181,841 1,034,856 1,606,030 11 - Adult Education (R) 250,000 200,000

13 - Cafetria Special Revnue (R) 230,000 450,000 Total Revenues 36,735,177 36,938,786 38,786,119 42,252,129 41,936,822 25 - Capital Facilites (R) 1,833,310 1,950,000

35 - County School Facilities (R) 467,000 468,500 Total Expenditures 35,194,966 38,697,298 40,165,856 41,680,955 41,493,450 40 - Special Reserve for Cap Outlay (R) 836,226 839,226

73 - Foundation Private-Purpose Trust (R) 221,987 219,487 Other Sources & Uses - (47,799) 232,752 - -

Ending Fund Balance 3,988,152 2,181,841 1,034,856 1,606,030 2,049,402 Source: District Audited Financial Statements & 2018-19 3rd Interim



C-17

Belmont-Redwood Shores Elementary School District Belmont-Redwood Shores Elementary School DistrictSan Mateo San Mateo



LCFF Revenue SourcesApportionment 1,969,450 1,969,450 3,460,694 1,969,450 - 1,491,243 787,780 985,808 2,544,476 1,836,264 985,808 (15,050,545) - 2,949,878 Property Taxes (44,038) 136,347 52,759 1,447,795 (1,540,555) 90,249 1,352,564 207,221 1,814,216 7,819,285 9,724,670 10,282,291 - 31,342,804 Other 239,399 (239,399) - - - 940,311 - - 27,194 940,311 544,311 (463,505) 220,958 2,209,579

Federal Revenues 3,604 (3,569) - 13,540 28,946 (11,292) 58,603 14,603 35,739 31,917 272,271 318,849 228,733 991,945 Other State Revenues - 92,210 188,002 (178,258) - 238,331 642,440 10,709 318,341 - 408,500 71,869 320,712 2,112,856 Other Local Revenues 86,059 403,694 44,891 343,297 332,457 1,780,410 1,710,622 272,720 517,881 1,046,091 583,890 1,823,404 73,303 9,018,719 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 2,254,474 2,358,733 3,746,347 3,595,824 (1,179,152) 4,529,252 4,552,009 1,491,061 5,257,846 11,673,868 12,519,450 (3,017,637) 843,706 48,625,781 Disbursements

Certificated Salaries 210,365 213,048 2,177,190 2,348,388 2,259,185 2,242,991 2,291,084 2,289,423 2,264,589 2,306,270 2,343,274 2,304,651 64,500 23,314,958 Classified Salaries 251,359 295,830 636,508 595,681 579,014 559,779 595,525 597,079 586,392 590,056 637,325 631,526 11,500 6,567,573 Employee Benefits 330,686 344,540 825,171 844,534 834,039 874,227 853,240 844,063 859,762 856,297 721,231 1,125,472 4,500 9,317,760 Supplies and Services 314,538 505,739 585,157 842,821 395,353 495,419 606,923 363,708 603,874 772,444 1,847,438 2,196,363 11,500 9,541,278 Capital Outlay - - - 840 55,380 - - - - - 90,500 101,018 387,000 634,738 Other Outgo 9,546 (4,444) 41,768 - - 247,633 (168) - 241,504 9,378 (75,363) 158,192 - 628,044 Interfund Transfers Out - - - - - - - - - - - - - - Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 143,457 304,139 400,027 213,181 10,508 15,607 31,650 65,570 120,242 104,613 46,087 (843,706) 697,615 1,308,990 Due From Other Funds - 4,221 - - - - - - - - - - - 4,221 Other (8,686) (19,865) (588,825) (22,439) (41,876) (50) (20,246) - (55) 38,112 149,789 703,446 - 189,306 SUBTOTAL ASSETS 134,772 288,496 (188,798) 190,741 (31,368) 15,557 11,405 65,570 120,187 142,725 195,876 (140,260) 697,615 1,502,517 Accounts Payable 547,155 127,933 270,343 (8,580) (107,184) (59,160) 304,814 (240,685) 205,735 (42,821) (138,897) (479,000) (479,000) (99,349) Due To Other Funds 852 852 - - - - - (852) - - - - - 852 Current Loan - - - - - - - - - - - - - - Other - 361,026 - - - - - - - - - (361,026) - - SUBTOTAL LIABILITIES 548,006 489,811 270,343 (8,580) (107,184) (59,160) 304,814 (241,537) 205,735 (42,821) (138,897) (840,026) (479,000) (98,497)

Total PY Transactions (413,235) (201,315) (459,141) 199,322 75,816 74,717 (293,409) 307,107 (85,548) 185,547 334,773 699,766 1,176,615 1,601,014 Net Increase/Decrease 724,746 802,705 (978,587) (837,118) (5,226,307) 183,920 (88,003) (2,296,105) 616,177 7,324,970 7,289,818 (8,835,092) 1,541,321


Ending Cash with TRAN 13,077,494 13,880,199 12,901,611 12,064,493 6,838,186 7,022,106 6,934,103 4,637,998 5,254,175 7,234,356 14,524,174 5,689,082 TRAN Balance 5,240,456 5,240,456 5,240,456 5,240,456 5,240,456 5,240,456 5,240,456 5,240,456 5,240,456 - - - Ending Cash without TRAN 7,837,037 8,639,742 7,661,155 6,824,037 1,597,729 1,781,650 1,693,647 (602,458) 13,719 7,234,356 14,524,174 5,689,082 Source: The District


C-18 C-19

Belmont-Redwood Shores Elementary School DistrictSan Mateo



LCFF Revenue SourcesApportionment 427,113 427,113 427,113 427,113 - - 170,845 193,625 193,625 193,625 193,625 193,625 - 2,847,421 Property Taxes - - - - - 14,668,432 - - - 14,668,432 - 3,259,652 - 32,596,516 Other 244,829 (244,829) - - - 961,639 - - 27,810 961,639 556,657 (474,018) 225,970 2,259,698

Federal Revenues 3,675 (3,639) - 13,805 29,511 (11,512) 59,747 14,888 36,437 32,540 277,587 325,074 233,199 1,011,311 Other State Revenues - 44,700 91,136 (86,412) - 115,533 311,429 5,191 154,319 - 198,024 34,839 155,468 1,024,227 Other Local Revenues 81,673 383,124 42,604 325,804 315,517 1,689,689 1,623,458 258,823 491,493 992,788 554,138 1,730,493 69,568 8,559,171 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 757,290 606,469 560,853 680,310 345,028 17,423,781 2,165,479 472,527 903,683 16,849,024 1,780,031 5,069,664 684,205 48,298,344 Disbursements

Certificated Salaries 218,083 220,865 2,257,074 2,434,554 2,342,078 2,325,290 2,375,148 2,373,425 2,347,680 2,390,891 2,429,253 2,389,212 66,867 24,170,420 Classified Salaries 263,041 309,580 666,090 623,366 605,925 585,795 623,203 624,829 613,646 617,479 666,945 660,877 12,034 6,872,812 Employee Benefits 355,637 370,536 887,432 908,256 896,969 940,190 917,619 907,750 924,633 920,907 775,650 1,210,392 4,840 10,020,811 Supplies and Services 279,798 408,611 453,602 670,945 328,834 413,762 520,541 291,098 533,843 596,003 1,455,430 1,764,534 354,821 8,071,821 Capital Outlay - - - 203 13,413 - - - - - 21,918 24,466 - 60,000 Other Outgo 9,546 (4,444) 41,768 - - 247,633 (168) - 241,504 9,378 (75,363) 158,192 - 628,044 Interfund Transfers Out - - - - - - - - - - - - - - Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 614,973 2,500 - 2,500 - - - - - - 223,733 - (684,205) 159,501 Due From Other Funds - - - - - - - - - - - - - - Other 15,941 - - (22,319) - (24,173) (20,137) - (55) 19,905 (28,652) - - (59,489) SUBTOTAL ASSETS 630,914 2,500 - (19,819) - (24,173) (20,137) - (55) 19,905 195,081 - (684,205) 100,012 Accounts Payable 186,000 156,000 87,000 50,000 - - - - - - - - (438,561) 40,439 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - 361,026 - - - - - - - - - (361,026) - - SUBTOTAL LIABILITIES 186,000 517,026 87,000 50,000 - - - - - - - (361,026) (438,561) 40,439

Total PY Transactions 444,914 (514,526) (87,000) (69,819) - (24,173) (20,137) - (55) 19,905 195,081 361,026 (245,644) 59,574 Net Increase/Decrease 76,099 (1,213,205) (3,832,113) (4,026,834) (3,842,192) 12,886,940 (2,291,000) (3,724,575) (3,757,678) 12,334,271 (3,298,721) (776,982) -


Ending Cash with TRAN 15,765,180 14,551,975 10,719,862 6,693,028 2,850,836 15,737,775 13,446,775 9,722,201 5,964,523 8,138,794 4,840,073 4,063,091 TRAN Balance 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 - - - Ending Cash without TRAN 5,765,180 4,551,975 719,862 (3,306,972) (7,149,164) 5,737,775 3,446,775 (277,799) (4,035,477) 8,138,794 4,840,073 4,063,091 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Apr 30, 2020 Jun 30, 2020Beginning Fund Balance 6,488,968 8,685,555 8,773,256 7,762,935 7,185,190 35 - County School Facilities (R) 1,000,000 1,000,000

Total Revenues 42,003,552 43,763,383 46,059,367 48,589,211 48,638,278


Other Sources & Uses 23,520 (573,788) (852) - -




C-19

Calaveras Unified School District Calaveras Unified School DistrictCalaveras Calaveras


Actual / Projected Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Projected Projected Projected 2018-19Beginning Cash 4,409,017 2,484,860 1,940,366 1,104,058 152,770 677,481 5,028,171 3,187,521 912,221 (880,929) 4,331,275 2,184,551 Receipts

LCFF Revenue SourcesApportionment 1,371,840 1,371,840 1,511,628 1,371,840 - 139,788 341,266 221,292 344,731 221,292 103,000 36,968 - 7,035,485 Property Taxes - - - - 3,060,256 6,256,274 - - - 6,768,566 164,400 3,118,123 - 19,367,619 Other - - - - - - - - (40,274) - - (14,737) - (55,011)

Federal Revenues - 17,009 33,394 145,542 43,072 9,663 473,171 2,644 39,723 118,138 15,700 365,588 - 1,263,644 Other State Revenues 128,159 149,787 21,841 300 - 284,831 404,308 - 196,089 - 193,400 1,445,876 - 2,824,591 Other Local Revenues 29,418 60,101 39,357 27,613 70,744 12,654 75,894 17,048 63,789 20,716 63,300 1,235,947 - 1,716,581 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 1,529,417 1,598,737 1,606,220 1,545,295 3,174,072 6,703,210 1,294,639 240,984 604,057 7,128,712 539,800 6,187,765 - 32,152,908 Disbursements

Certificated Salaries 897,941 1,031,474 977,514 996,201 999,102 979,096 987,297 975,939 997,503 960,955 990,900 951,486 - 11,745,408 Classified Salaries 446,000 448,912 465,177 463,177 452,023 466,805 440,847 457,157 455,545 442,466 468,100 478,605 - 5,484,813 Employee Benefits 622,423 647,559 642,623 649,350 648,243 641,735 638,325 638,651 665,886 616,300 657,800 1,683,485 - 8,752,380 Supplies and Services 329,074 345,035 564,551 441,952 377,938 302,043 517,246 411,607 354,493 282,063 764,900 954,370 - 5,645,273 Capital Outlay 6,000 (1,319) 12,300 - - - - - 9,516 - - 1,226,652 - 1,253,149 Other Outgo - - 28,360 (21,612) 164,194 (22,045) 187,598 - (40,684) 28,360 - 471,892 - 796,063 Interfund Transfers Out - - - - - - - - - - - 51,879 - 51,879 Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 2,301,438 2,471,661 2,690,525 2,529,068 2,641,500 2,367,634 2,771,313 2,483,354 2,442,259 2,330,144 2,881,700 5,818,369 - 33,728,964 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 97,203 66,406 195,024 102,990 20,787 (951) 207,799 - 272 629 (200,003) (411,087) - 79,069 Due From Other Funds 89,322 - - - - - - - - - - (22,714) - 66,608 Other - - - - - 12,665 - - - - (1,000) (3,332) - 8,333 SUBTOTAL ASSETS 186,525 66,406 195,024 102,990 20,787 11,714 207,799 - 272 629 (201,003) (437,133) - 154,010 Accounts Payable 1,188,245 (411,811) (52,973) 70,505 28,648 (3,400) 571,775 32,929 (44,780) (413,006) (396,179) (403,303) - 166,650 Due To Other Funds 150,416 149,787 - - - - - - - - - 32,256 - 332,459 Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 1,338,661 (262,024) (52,973) 70,505 28,648 (3,400) 571,775 32,929 (44,780) (413,006) (396,179) (371,047) - 499,109

Total PY Transactions (1,152,136) 328,430 247,997 32,485 (7,861) 15,114 (363,976) (32,929) 45,052 413,635 195,176 (66,086) - (345,100) Net Increase/Decrease (1,924,157) (544,494) (836,308) (951,288) 524,711 4,350,690 (1,840,650) (2,275,300) (1,793,150) 5,212,203 (2,146,724) 303,310 -

FY TRAN Deposits - - - - - - - - - - - - - - FY TRAN Repayments - - - - - - - - - - - - - - CY TRAN Deposits - - - - - - - - - - - - - - CY TRAN Repayments - - - - - - - - - - - - - -

Ending Cash with TRAN 2,484,860 1,940,366 1,104,058 152,770 677,481 5,028,171 3,187,521 912,221 (880,929) 4,331,275 2,184,551 2,487,861 TRAN Balance - - - - - - - - - - - - Ending Cash without TRAN 2,484,860 1,940,366 1,104,058 152,770 677,481 5,028,171 3,187,521 912,221 (880,929) 4,331,275 2,184,551 2,487,861 Source: The District


C-20 C-21

Calaveras Unified School DistrictCalaveras


Actual / Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected 2019-20Beginning Cash 2,487,861 4,343,861 3,665,561 2,822,433 2,173,533 2,738,633 5,931,643 5,520,733 3,232,033 1,486,533 2,794,212 958,012 Receipts

LCFF Revenue SourcesApportionment 1,486,500 1,486,500 1,365,772 1,486,500 - 151,500 369,800 239,800 373,600 111,600 111,600 440,500 - 7,623,672 Property Taxes - - - - 3,060,300 6,256,300 - - - 6,276,419 164,400 3,610,200 - 19,367,619 Other - - - - - - - - (51,300) - - (11,935) - (63,235)

Federal Revenues - 20,200 39,700 173,100 51,200 11,500 562,800 3,100 47,200 5,800 18,600 569,839 - 1,503,039 Other State Revenues 84,100 98,300 14,300 200 - 187,000 265,400 - 128,700 124,800 127,000 824,322 - 1,854,122 Other Local Revenues 27,200 45,600 36,400 25,600 45,500 11,700 1,226,790 15,800 26,600 20,500 41,700 52,995 - 1,576,385 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 1,597,800 1,650,600 1,456,172 1,685,400 3,157,000 6,618,000 2,424,790 258,700 524,800 6,539,119 463,300 5,485,921 - 31,861,602 Disbursements

Certificated Salaries 860,100 968,000 936,300 944,200 947,000 927,800 935,700 924,800 945,500 931,300 948,700 980,908 - 11,250,308 Classified Salaries 435,600 438,500 454,400 452,400 441,500 456,000 420,600 436,500 435,000 431,000 457,200 498,587 - 5,357,287 Employee Benefits 617,900 642,800 637,900 644,600 643,500 637,000 623,700 624,000 651,000 645,800 653,000 1,667,111 - 8,688,311 Supplies and Services 296,500 299,000 495,800 388,200 330,100 278,500 430,600 345,500 290,100 383,000 640,800 743,384 - 4,921,484 Capital Outlay - - - - - 1,156,590 - - - - - - - 1,156,590 Other Outgo - - 32,200 (24,500) 186,400 (25,000) 213,000 - (27,200) - - 567,933 - 922,833 Interfund Transfers Out - - - - - - - - - - - 131,809 - 131,809 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 76,200 60,600 125,100 114,500 10,300 (800) 157,100 - 400 300 (50,000) (412,900) - 80,800 Due From Other Funds 44,700 20,900 - - - - - - - - - (46,000) - 19,600 Other - - - - - 6,300 - - - - (1,500) (5,000) - (200) SUBTOTAL ASSETS 120,900 81,500 125,100 114,500 10,300 5,500 157,100 - 400 300 (51,500) (463,900) - 100,200 Accounts Payable 517,400 (12,800) (132,200) 43,900 53,700 (400) 369,200 216,600 (23,700) (146,400) (451,700) (510,000) - (76,400) Due To Other Funds 75,200 74,900 - - - - - - - - - (29,100) - 121,000 Current Loan - - - - - - - - - - - (104,800) - (104,800) Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 592,600 62,100 (132,200) 43,900 53,700 (400) 369,200 216,600 (23,700) (146,400) (451,700) (643,900) - (60,200)

Total PY Transactions (471,700) 19,400 257,300 70,600 (43,400) 5,900 (212,100) (216,600) 24,100 146,700 400,200 180,000 - 160,400 Net Increase/Decrease (1,084,000) (678,300) (843,128) (648,900) 565,100 3,193,010 (410,910) (2,288,700) (1,745,500) 4,294,719 (1,836,200) 1,076,189 -


Ending Cash with TRAN 4,343,861 3,665,561 2,822,433 2,173,533 2,738,633 5,931,643 5,520,733 3,232,033 1,486,533 2,794,212 958,012 2,034,201 TRAN Balance 2,940,000 2,940,000 2,940,000 2,940,000 2,940,000 2,940,000 2,940,000 2,940,000 2,940,000 - - - Ending Cash without TRAN 1,403,861 725,561 (117,567) (766,467) (201,367) 2,991,643 2,580,733 292,033 (1,453,467) 2,794,212 958,012 2,034,201 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Jan 31, 2020 Apr 30, 2020 Jun 30, 2020Beginning Fund Balance 3,694,281 5,141,680 5,700,733 4,050,657 2,475,083 12 - Child Development (R) 120,000 120,000 120,000

25 - Capital Facilites (R) 150,000 150,000 45,000 Total Revenues 30,715,436 29,989,782 30,541,299 32,152,906 30,136,090


Other Sources & Uses (129,021) (35,586) - - -

Ending Fund Balance 5,141,680 5,700,733 4,115,094 2,475,083 2,113,791 Source: District Audited Financial Statements & 2018-19 3rd Interim



C-21

Calipatria Unified School District Calipatria Unified School DistrictImperial Imperial



LCFF Revenue SourcesApportionment 396,377 396,377 1,160,763 713,478 713,478 1,160,763 713,478 613,380 1,095,800 613,380 713,478 951,141 - 9,241,893 Property Taxes - - - 359,608 - 1,706,131 - 12,127 10,628 1,199,766 33,586 70,382 - 3,392,229 Other - (386) (773) (515) (515) (515) (515) 18 67,117 - - - - 63,916

Federal Revenues 18,609 - 26,839 14,709 68,702 - 184,077 10,860 320,702 132,999 39,325 122,709 - 939,532 Other State Revenues 0 - 8,028 49,913 276,834 94,269 227,962 32,314 112,700 36,991 68,708 127,127 - 1,034,845 Other Local Revenues 13,385 8,885 16,698 24,105 20,610 23,917 34,951 13,643 18,554 28,361 61,357 24,733 - 289,198 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 428,371 404,876 1,211,555 1,161,298 1,079,109 2,984,565 1,159,953 682,342 1,625,502 2,011,496 916,455 1,296,092 - 14,961,613 Disbursements

Certificated Salaries 110,216 567,188 563,042 579,249 598,010 - 1,153,289 597,763 592,927 595,369 580,915 736,754 - 6,674,721 Classified Salaries 151,658 168,451 213,096 242,805 235,274 223,016 229,787 232,438 224,554 230,070 224,083 278,572 - 2,653,804 Employee Benefits 97,319 263,497 284,250 292,471 275,497 96,277 486,355 303,984 290,956 291,785 289,344 904,729 - 3,876,464 Supplies and Services 174,368 231,431 172,819 224,226 203,424 104,925 139,163 130,535 302,288 112,498 256,911 722,112 - 2,774,700 Capital Outlay - - 29,131 - 6,989 20,865 - - - 42,479 - 71,393 - 170,856 Other Outgo 11,650 3,901 7,022 7,022 48,999 7,022 56,771 7,009 7,009 7,009 41,977 58,511 - 263,902 Interfund Transfers Out - - - - - - - - - - - - - - Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 545,210 1,234,468 1,269,359 1,345,774 1,368,193 452,105 2,065,365 1,271,729 1,417,734 1,279,209 1,393,230 2,772,071 - 16,414,447 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 19,635 - 48,592 235,489 - - (145,806) 6,757 (1,145) 177,480 - 177,480 - 518,482 Due From Other Funds - (25,000) (21,808) (66,000) 40,133 (40,133) - 31,580 - - - 87,808 - 6,580 Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 19,635 (25,000) 26,784 169,489 40,133 (40,133) (145,806) 38,337 (1,145) 177,480 - 265,288 - 525,062 Accounts Payable 356,149 9,680 (29,776) (33,431) 35,258 64,656 (71,352) (32,901) 56,284 40,425 - (130,583) - 264,409 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - 262,392 - - - - - - - - 262,392 SUBTOTAL LIABILITIES 356,149 9,680 (29,776) (33,431) 297,650 64,656 (71,352) (32,901) 56,284 40,425 - (130,583) - 526,801

Total PY Transactions (336,514) (34,680) 56,560 202,920 (257,518) (104,789) (74,454) 71,238 (57,428) 137,055 - 395,871 - (1,739) Net Increase/Decrease (453,353) (864,272) (1,244) 18,444 (546,602) 2,427,672 (979,866) (518,149) 150,339 869,342 (476,775) (1,080,108) -


Ending Cash with TRAN 2,550,813 1,686,541 1,685,297 1,703,741 1,157,139 3,584,811 2,032,445 1,514,296 1,664,635 1,928,463 1,451,688 371,580 TRAN Balance 1,149,866 1,149,866 1,149,866 1,149,866 1,149,866 1,149,866 577,366 577,366 577,366 - - - Ending Cash without TRAN 1,400,947 536,675 535,431 553,875 7,273 2,434,945 1,455,079 936,930 1,087,269 1,928,463 1,451,688 371,580 Source: The District


C-22 C-23

Calipatria Unified School DistrictImperial


Actual / Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected 2019-20Beginning Cash 371,580 1,425,527 908,687 1,215,793 1,110,702 1,001,297 3,846,482 1,908,458 1,539,517 1,910,511 2,485,901 1,693,947 Receipts

LCFF Revenue SourcesApportionment 386,262 386,262 1,066,212 695,272 695,272 1,066,212 695,272 695,272 1,066,212 695,272 695,272 1,066,212 - 9,209,005 Property Taxes - - - - - 1,898,465 - - - 1,380,702 - 172,588 - 3,451,754 Other - - - - - - - - - - - - - -

Federal Revenues 3,711 1,200 208,287 4,500 48,200 178,561 58,854 62,667 268,527 30,280 58,355 42,892 - 966,034 Other State Revenues - - 46,027 291,368 178,385 - 107,345 30,743 197,633 107,345 46,115 45,932 - 1,050,892 Other Local Revenues 9,318 10,518 20,433 33,433 17,933 17,433 22,706 18,333 18,333 22,706 19,706 19,702 - 230,556 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 399,291 397,980 1,340,959 1,024,573 939,790 3,160,671 884,177 807,015 1,550,705 2,236,305 819,448 1,347,326 - 14,908,241 Disbursements

Certificated Salaries 90,735 542,900 538,269 551,595 563,625 - 1,215,760 504,618 504,618 504,618 713,051 840,608 - 6,570,397 Classified Salaries 175,354 151,452 211,389 215,886 235,881 211,311 229,389 220,489 212,205 213,727 215,685 333,463 - 2,626,231 Employee Benefits 89,242 166,513 253,917 259,699 281,867 84,207 482,838 279,077 258,652 260,220 438,070 872,193 - 3,726,495 Supplies and Services 157,848 219,671 168,789 149,042 110,203 124,535 238,259 164,633 204,236 150,870 194,596 859,639 - 2,742,322 Capital Outlay - - - - - - 25,000 - - - - 25,000 - 50,000 Other Outgo 13,026 4,284 7,619 103,442 7,619 7,619 56,412 7,139 - - 50,000 107,461 - 364,621 Interfund Transfers Out - - - - - - - - - - - - - - Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 526,205 1,084,820 1,179,984 1,279,664 1,199,195 427,672 2,247,658 1,175,956 1,179,711 1,129,435 1,611,402 3,038,365 - 16,080,067 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 130,861 150,000 126,587 150,000 150,000 112,186 - - - - - 359,529 - 1,179,163 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 130,861 150,000 126,587 150,000 150,000 112,186 - - - - - 359,529 - 1,179,163 Accounts Payable (20,000) (20,000) (19,543) - - - 59,543 - - - - - - - Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES (20,000) (20,000) (19,543) - - - 59,543 - - - - - - -

Total PY Transactions 150,861 170,000 146,130 150,000 150,000 112,186 (59,543) - - - - 359,529 - 1,179,163 Net Increase/Decrease 23,947 (516,840) 307,106 (105,091) (109,405) 2,845,185 (1,423,024) (368,941) 370,994 1,106,869 (791,954) (1,331,510) -


Ending Cash with TRAN 1,425,527 908,687 1,215,793 1,110,702 1,001,297 3,846,482 1,908,458 1,539,517 1,910,511 2,485,901 1,693,947 362,437 TRAN Balance 1,030,000 1,030,000 1,030,000 1,030,000 1,030,000 1,030,000 515,000 515,000 515,000 - - - Ending Cash without TRAN 395,527 (121,313) 185,793 80,702 (28,703) 2,816,482 1,393,458 1,024,517 1,395,511 2,485,901 1,693,947 362,437 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Jan 31, 2020 Apr 30, 2020 Jun 30, 2020Beginning Fund Balance 2,078,562 2,698,124 1,956,905 1,718,505 1,559,336 17 - Special Reserve Other than Cap Outlay (U) 4,347 4,347 4,347

25 - Capital Facilites (R) 85,351 85,351 85,351 Total Revenues 14,239,684 17,096,286 15,075,958 16,357,025 15,823,931 35 - County School Facilities (R) 3,232 3,232 3,232

35 - County School Facilities (R) 3,232 3,232 3,232 Total Expenditures 13,620,123 16,086,303 15,314,357 16,516,194 16,297,768

Other Sources & Uses - (1,751,207) - - -


Total Other Restricted Funds (R) 91,815 91,815 91,815 Total Other Unrestricted Funds (U) 4,347 4,347 4,347 Grand Total 96,162 96,162 96,162


C-23

Conejo Valley Unified School District Conejo Valley Unified School DistrictVentura Ventura



LCFF Revenue SourcesApportionment 3,326,788 3,326,788 6,506,168 5,988,219 5,988,219 6,506,168 5,988,219 5,021,614 6,693,850 5,021,614 5,036,600 6,327,652 - 65,731,899 Property Taxes 451,113 1,084 - 105,309 2,872,214 55,075,513 3,735,938 5 207,794 41,334,704 - - - 103,783,674 Other - (118,413) (592,561) (473,873) - (474,094) (315,989) (315,989) (624,484) (312,242) (461,833) (461,833) - (4,151,311)

Federal Revenues 37,149 - 2,332 586,197 (125,294) 232,966 168,323 - 433,263 101,396 - 4,803,728 4,509,640 10,749,700 Other State Revenues 11,177 17,378 2,254,663 196,593 176,324 967,232 2,676,561 66,743 1,538,463 440,285 150,149 2,778,777 1,215,735 12,490,080 Other Local Revenues 564,965 930,699 806,939 1,345,461 1,049,897 1,254,408 1,145,469 1,454,822 1,555,971 1,799,555 1,452,106 1,452,106 1,600,000 16,412,397 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - 490 (490) - - - - - - - - - -

Total Receipts 4,391,192 4,157,536 8,978,031 7,747,416 9,961,360 63,562,193 13,398,521 6,227,195 9,804,857 48,385,312 6,177,021 14,900,430 7,325,375 205,016,438 Disbursements

Certificated Salaries 1,144,250 7,846,467 7,855,158 8,050,760 8,199,039 7,929,729 8,119,302 8,114,942 8,244,076 9,373,409 8,661,409 8,661,409 - 92,199,950 Classified Salaries 987,276 1,819,123 2,158,112 2,385,478 2,768,267 2,360,052 2,324,150 2,630,866 2,352,956 2,454,465 1,975,949 1,975,949 - 26,192,642 Employee Benefits 959,566 2,609,356 4,234,211 4,310,014 4,370,774 4,282,998 4,313,247 4,327,121 4,339,793 4,574,805 4,927,522 4,927,522 - 48,176,929 Supplies and Services (151,259) 1,974,791 3,248,849 1,984,770 2,090,641 1,574,358 1,595,589 1,407,973 2,143,485 2,807,985 6,100,052 6,100,052 4,320,939 35,198,226 Capital Outlay - 218,165 70,578 163 86,107 2,238 182,046 35,429 16,267 29,837 - (339,600) - 301,230 Other Outgo (1,879) 605 21,485 8,813 56,259 94,547 181,238 269,162 427,989 69,579 - 462,123 - 1,589,921 Interfund Transfers Out - - - - - 40,000 - - - - - - - 40,000 Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 2,937,954 14,468,507 17,588,393 16,739,998 17,571,087 16,283,922 16,715,572 16,785,493 17,524,566 19,310,080 21,664,932 21,787,455 4,320,939 203,698,898 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 376,416 595,044 888,143 364,726 408,355 477,855 389,699 3,107,825 337 279,605 (586) (7,325,375) - (437,956) Due From Other Funds (89,121) 7,230 (100,000) 206,429 - (200,000) (100,000) - 50,000 25,000 - - - (200,462) Other (284,672) 47,601 30,501 (23,346) (73,854) (186) 6,560 22,828 26,962 7,912 - - - (239,694) SUBTOTAL ASSETS 2,623 649,875 818,644 547,809 334,501 277,669 296,259 3,130,653 77,299 312,517 (586) (7,325,375) - (878,112) Accounts Payable 1,673,294 509,274 597,855 (354,833) (269,154) (259,233) (210,191) 732,239 883,943 695,885 4,055,001 (4,320,939) - 3,733,141 Due To Other Funds 14,463 1,005,846 - - - - - - - - - - - 1,020,309 Current Loan - - - - - - - - - - - - - - Other - 61,293 1,063,268 - - - - - - (726,168) - - - 398,394 SUBTOTAL LIABILITIES 1,687,757 1,576,413 1,661,123 (354,833) (269,154) (259,233) (210,191) 732,239 883,943 (30,283) 4,055,001 (4,320,939) - 5,151,844

Total PY Transactions (1,685,134) (926,538) (842,479) 902,642 603,655 536,902 506,450 2,398,414 (806,644) 342,800 (4,055,587) (3,004,436) - (6,029,956) Net Increase/Decrease (231,896) (11,237,509) (9,452,841) (8,089,940) (7,006,072) 47,815,173 (2,810,601) (8,159,884) (8,526,353) 29,418,032 (19,543,498) (9,891,461) 3,004,436


Ending Cash with TRAN 54,070,127 42,832,618 33,379,777 25,289,837 18,283,765 66,098,938 50,695,837 42,535,953 34,009,600 50,108,964 30,565,465 20,674,004 TRAN Balance 25,461,016 25,461,016 25,461,016 25,461,016 25,461,016 25,461,016 12,868,516 12,868,516 12,868,516 - - - Ending Cash without TRAN 28,609,111 17,371,602 7,918,761 (171,179) (7,177,251) 40,637,922 37,827,321 29,667,436 21,141,083 50,108,964 30,565,465 20,674,004 Source: The District


C-24 C-25

Conejo Valley Unified School DistrictVentura



LCFF Revenue SourcesApportionment 3,277,190 3,277,190 6,790,496 5,898,941 5,898,941 6,790,496 5,898,941 5,898,941 6,790,496 5,898,941 5,898,941 6,790,496 2,350,508 71,460,520 Property Taxes - - - - - 50,518,003 - - - 50,518,003 - - - 101,036,006 Other (350,757) (350,757) (350,757) (350,757) (350,757) (350,757) (350,757) (350,757) (350,757) (350,757) (350,757) (350,757) (4,209,083)

Federal Revenues - - 1,560,015 - - 1,560,015 - - 1,560,015 - - 1,560,015 - 6,240,060 Other State Revenues 272,306 272,306 272,306 272,306 272,306 2,461,976 272,306 272,306 1,667,857 272,306 272,306 1,215,246 - 7,795,829 Other Local Revenues 1,208,432 1,208,432 1,208,432 1,208,432 1,208,432 1,208,432 1,208,432 1,208,432 1,208,432 1,208,432 1,208,432 1,208,432 551,045 15,052,227 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -


Certificated Salaries 1,076,117 7,951,379 8,045,393 8,139,418 8,266,344 8,116,800 8,242,359 8,205,454 8,186,322 8,273,317 8,178,218 9,759,449 - 92,440,570 Classified Salaries 1,007,766 1,697,619 2,171,599 2,304,494 2,594,261 2,294,456 2,183,526 2,508,967 2,410,071 2,376,651 2,573,958 2,665,731 - 26,789,100 Employee Benefits 1,064,102 2,706,953 4,460,044 4,485,896 4,550,269 4,489,789 4,488,352 4,517,479 4,513,246 4,497,627 4,505,208 4,834,455 - 49,113,420 Supplies and Services 211,263 1,970,498 2,956,991 4,669,077 2,199,388 1,746,672 2,495,104 1,021,379 3,820,246 1,718,140 1,922,542 6,002,011 3,739,939 34,473,251 Capital Outlay 25,103 25,103 25,103 25,103 25,103 25,103 25,103 25,103 25,103 25,103 25,103 25,103 739,332 1,040,562 Other Outgo - - - - - - - - - - - 1,684,753 - 1,684,753 Interfund Transfers Out - - - - - - - - - - - 40,000 - 40,000 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 1,412,577 1,030,216 1,018,533 960,177 1,001,765 202,812 (123,122) 2,684 275,852 42,887 1,324 (5,082,897) 7,065,462 7,808,270 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 1,412,577 1,030,216 1,018,533 960,177 1,001,765 202,812 (123,122) 2,684 275,852 42,887 1,324 (5,082,897) 7,065,462 7,808,270 Accounts Payable 1,920,757 174,783 899,220 9,258 (369,425) 169,798 120,889 76,424 124,779 (1,870,968) 1,748,559 (5,007,685) 8,307,274 6,303,666 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 1,920,757 174,783 899,220 9,258 (369,425) 169,798 120,889 76,424 124,779 (1,870,968) 1,748,559 (5,007,685) 8,307,274 6,303,666

Total PY Transactions (508,180) 855,432 119,313 950,919 1,371,190 33,014 (244,011) (73,740) 151,073 1,913,854 (1,747,235) (75,212) (1,241,812) 1,504,605 Net Increase/Decrease 514,640 (9,088,949) (8,059,326) (11,644,147) (9,235,252) 45,548,359 (10,649,532) (9,323,200) (7,927,872) 42,569,941 (11,923,342) (14,663,282) (2,819,530)


Ending Cash with TRAN 41,188,644 32,099,695 24,040,369 12,396,222 3,160,970 48,709,329 38,059,798 28,736,597 20,808,725 43,058,666 31,135,324 16,472,042 TRAN Balance 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 - - - Ending Cash without TRAN 21,188,644 12,099,695 4,040,369 (7,603,778) (16,839,030) 28,709,329 18,059,798 8,736,597 808,725 43,058,666 31,135,324 16,472,042 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Apr 30, 2020 Jun 30, 2020Beginning Fund Balance 9,048,504 22,125,018 27,569,223 25,281,180 20,510,390 11 - Adult Education (R) 665,000 682,000

12 - Child Development (R) 35,000 40,000 Total Revenues 197,926,490 195,026,560 194,729,512 194,607,169 193,901,971 13 - Cafetria Special Revnue (R) 155,000 230,000

14 - Deferred Maintenance (R) 1,590,000 1,600,000 Total Expenditures 185,071,109 189,644,769 194,599,234 199,337,959 199,047,623 25 - Capital Facilites (R) 1,612,000 1,645,000

40 - Special Reserve for Cap Outlay (U) 6,500,000 6,550,000 Other Sources & Uses 221,133 62,414 (2,418,321) (40,000) (40,000) 67 - Self-Insurance (R) 15,000,000 15,500,000

73 - Foundation Private-Purpose Trust (R) 26,000 27,000 Ending Fund Balance 22,125,018 27,569,223 25,281,180 20,510,390 15,324,738

Source: District Audited Financial Statements & 2018-19 2nd InterimTotal Other Restricted Funds (R) 19,083,000 19,724,000 Total Other Unrestricted Funds (U) 6,500,000 6,550,000 Grand Total 25,583,000 26,274,000


C-25

Eureka City School District Eureka City School DistrictHumboldt Humboldt


Actual / Projected Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Projected Projected Projected 2018-19Beginning Cash 3,092,216 3,184,541 1,378,712 1,356,467 (340,664) (1,395,311) 6,042,907 4,736,133 2,849,202 3,093,574 6,409,855 4,804,911 Receipts

LCFF Revenue SourcesApportionment 938,593 938,593 2,789,391 1,689,466 1,689,466 2,789,391 1,689,466 1,694,302 3,208,931 1,495,884 1,694,302 1,381,167 - 21,998,952 Property Taxes - - 531,071 19,571 178,497 7,218,180 564,458 - - 5,691,426 (132,233) 344,034 - 14,415,004 Other - (60,842) (60,842) (60,842) (60,842) (60,842) (60,842) (60,842) (60,842) (60,842) (60,842) (60,842) - (669,265)

Federal Revenues - 742,104 147,538 101,096 5,663 445,968 15,861 - 158,209 150,930 10,988 2,340,007 - 4,118,363 Other State Revenues 140,316 - - 162,692 401,139 506,930 780,741 139,138 15,751 111,996 4,403 1,625,675 - 3,888,781 Other Local Revenues 57,374 61,920 145,919 181,544 164,974 138,659 182,095 105,693 226,243 30,729 190,553 724,572 - 2,210,275 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - (41,840) 14,574 - (27,266)

Total Receipts 1,136,283 1,681,774 3,553,077 2,093,525 2,378,896 11,038,285 3,171,778 1,878,290 3,548,293 7,420,123 1,665,330 6,369,187 - 45,934,843 Disbursements

Certificated Salaries 234,001 1,439,412 1,470,838 1,550,158 1,537,944 1,551,648 1,505,340 1,522,317 1,501,723 1,420,172 1,535,377 1,694,885 - 16,963,815 Classified Salaries 317,156 431,445 576,678 580,524 599,897 616,048 594,516 702,285 613,339 648,472 608,827 687,430 - 6,976,618 Employee Benefits 638,786 873,154 974,469 976,635 978,983 986,493 955,019 999,158 985,385 954,698 979,922 2,431,855 - 12,734,556 Supplies and Services 471,636 405,434 641,010 429,953 396,430 669,498 563,386 518,029 514,498 562,456 380,123 1,272,701 - 6,825,155 Capital Outlay - 212,192 - 2,259 38,524 49,144 100,721 11,506 30,594 - 83,907 112,941 - 641,788 Other Outgo - - - - - 1,152 131,737 - 10,143 - - 2,156,524 - 2,299,556 Interfund Transfers Out - - - 196,141 - (196,141) - - - - - 265,885 - 265,885 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 128,074 139,561 142,178 55,332 44,020 86,033 - - 343,462 - (46,120) 892,450 - 1,784,990 Due From Other Funds - - - - - - - - - - - - - - Other - (30,582) (53,215) 2,936 (6,283) 25,965 17,843 1,993 10,983 - - 14,934 - (15,425) SUBTOTAL ASSETS 128,074 108,978 88,963 58,269 37,737 111,998 17,843 1,993 354,445 - (46,120) 907,384 - 1,769,565 Accounts Payable 735,637 234,945 1,290 113,256 (80,498) 34,223 35,677 13,920 2,684 (127,133) (364,000) 600,000 - 1,200,000 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 735,637 234,945 1,290 113,256 (80,498) 34,223 35,677 13,920 2,684 (127,133) (364,000) 600,000 - 1,200,000

Total PY Transactions (607,563) (125,966) 87,673 (54,987) 118,235 77,775 (17,834) (11,926) 351,761 127,133 317,880 307,384 - 569,565 Net Increase/Decrease (1,132,860) (1,805,830) (22,244) (1,697,131) (1,054,646) 7,438,218 (696,774) (1,886,932) 244,372 3,961,458 (1,604,944) (1,945,650) -


Ending Cash with TRAN 3,184,541 1,378,712 1,356,467 (340,664) (1,395,311) 6,042,907 4,736,133 2,849,202 3,093,574 6,409,855 4,804,911 2,859,260 TRAN Balance 1,225,185 1,225,185 1,225,185 1,225,185 1,225,185 1,225,185 615,185 615,185 615,185 - - - Ending Cash without TRAN 1,959,356 153,527 131,282 (1,565,849) (2,620,496) 4,817,722 4,120,948 2,234,017 2,478,389 6,409,855 4,804,911 2,859,260 Source: The District


C-26 C-27

Eureka City School DistrictHumboldt



LCFF Revenue SourcesApportionment 889,033 889,033 2,837,256 1,600,259 1,600,259 2,837,256 1,600,259 1,600,259 2,837,256 1,600,259 1,600,259 2,837,256 - 22,728,645 Property Taxes - - 510,854 18,346 172,166 6,944,505 543,311 - - 5,718,174 (127,008) 331,632 - 14,111,979 Other - - - - - - - - - - - - - -

Federal Revenues - 543,075 107,849 73,962 4,125 326,198 11,492 - 115,805 43,906 7,956 1,712,026 - 2,946,394 Other State Revenues 103,369 - - 119,800 295,467 373,441 575,398 102,472 11,651 204,646 3,286 1,198,000 - 2,987,530 Other Local Revenues 67,215 72,323 170,725 212,398 193,041 162,122 212,936 123,675 264,557 139,000 222,884 847,712 - 2,688,588 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -


Certificated Salaries 214,045 1,317,082 1,346,767 1,418,636 1,407,700 1,420,199 1,378,015 1,393,638 1,374,890 1,395,201 1,406,137 1,551,438 - 15,623,749 Classified Salaries 342,428 465,312 621,915 626,410 646,641 664,624 641,396 757,537 661,627 667,622 656,382 741,053 - 7,492,948 Employee Benefits 637,388 870,206 971,984 974,529 975,801 983,434 952,901 996,157 982,162 974,529 977,073 2,424,872 - 12,721,037 Supplies and Services 528,210 453,858 717,188 480,965 443,789 748,943 630,444 580,102 575,455 735,776 425,201 1,424,308 - 7,744,240 Capital Outlay - 137,300 - 1,462 24,939 31,790 65,179 7,445 19,777 41,427 54,308 73,080 - 456,706 Other Outgo - - - - - 1,323 151,662 - 11,646 - - 2,482,181 - 2,646,813 Interfund Transfers Out - - - 195,442 - (195,442) - - - - - 265,243 - 265,243 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 127,298 136,390 140,937 54,556 40,917 81,834 - - 336,429 - (45,463) 872,898 - 1,745,796 Due From Other Funds - - - - - - - - - - - - - - Other - (31,824) (50,010) 4,546 (4,546) 27,278 18,185 - 9,093 - - 13,639 - (13,639) SUBTOTAL ASSETS 127,298 104,566 90,927 59,102 36,371 109,112 18,185 - 345,522 - (45,463) 886,537 - 1,732,157 Accounts Payable 730,582 232,669 - 111,681 (79,108) 32,574 37,227 13,960 4,653 (125,642) (362,964) 595,634 - 1,191,268 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 730,582 232,669 - 111,681 (79,108) 32,574 37,227 13,960 4,653 (125,642) (362,964) 595,634 - 1,191,268

Total PY Transactions (603,284) (128,104) 90,927 (52,579) 115,478 76,539 (19,042) (13,960) 340,869 125,642 317,501 290,903 - 540,889 Net Increase/Decrease (1,265,739) (1,867,431) 59,756 (1,725,259) (1,118,334) 7,065,190 (895,242) (1,922,433) (55,419) 4,017,071 (1,494,224) (1,744,647) -


Ending Cash with TRAN 6,048,521 4,181,091 4,240,847 2,515,588 1,397,254 8,462,443 5,339,701 3,417,268 3,361,849 5,080,140 3,585,916 1,841,269 TRAN Balance 4,455,000 4,455,000 4,455,000 4,455,000 4,455,000 4,455,000 2,227,500 2,227,500 2,227,500 - - - Ending Cash without TRAN 1,593,521 (273,909) (214,153) (1,939,412) (3,057,746) 4,007,443 3,112,201 1,189,768 1,134,349 5,080,140 3,585,916 1,841,269 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Jan 31, 2020 Apr 30, 2020 Jun 30, 2020Beginning Fund Balance 4,197,700 6,189,373 6,320,909 4,679,699 4,092,267 11 - Adult Education (R) 174,291 174,291 174,291

13 - Cafetria Special Revnue (R) 178,145 178,145 178,145 Total Revenues 42,089,469 43,111,920 44,739,643 48,318,053 45,463,431 14 - Deferred Maintenance (R) 2,067 2,067 2,067

17 - Special Reserve Other than Cap Outlay (U) 1,557,735 1,557,735 1,557,735 Total Expenditures 40,883,165 42,639,336 44,455,395 48,803,836 46,533,891 20 - Special Reserve for Post Emplyment Benefits (R) 128,545 128,545 128,545

25 - Capital Facilites (R) 82,155 82,155 82,155 Other Sources & Uses 785,369 (341,048) (252,162) (101,649) - 35 - County School Facilities (R) 1,567 1,567 1,567

40 - Special Reserve for Cap Outlay (R) 644,451 644,451 644,451 Ending Fund Balance 6,189,373 6,320,909 6,352,995 4,092,267 3,021,807 67 - Self-Insurance (R) 700,056 700,056 700,056

Source: District Audited Financial Statements & 2018-19 2nd InterimTotal Other Restricted Funds (R) 1,911,277 1,911,277 1,911,277 Total Other Unrestricted Funds (U) 1,557,735 1,557,735 1,557,735 Grand Total 3,469,012 3,469,012 3,469,012


C-27

Gavilan Joint Community College District Gavilan Joint Community College DistrictSanta Clara Santa Clara


Actual / Projected Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Projected Projected Projected 2018-19Beginning Cash 5,317,623 10,499,738 8,184,095 4,909,061 2,388,222 561,095 (246,923) 548,343 1,597,282 575,351 596,369 694,055 Receipts

Chancellor's Office Take Back - (547,877) - - (1,566,921) - - (2,704,580) (347,676) 3,052,256 2,114,798 - - - State General Apportionments - 79,192 - - 248,883 35,236 55,894 464,718 105,931 1,425,502 201,750 1,249,485 - 3,866,591 State Categoricals - - 776,559 - - 1,014,529 879 - 350,666 (819,680) - 584,250 - 1,907,203 State Tax Subventions - - - - - 8,632 18,948 6,318 14,743 - 33,250 14,250 - 96,141 Other State Revenues - - 130,526 - 152,894 - 122,468 (137,534) 305,100 - - 300,000 - 873,454 Property Taxes - 238,633 23,260 810,940 1,984,668 2,582,882 2,623,417 3,327,087 1,412,041 2,321,577 2,725,363 5,136,208 - 23,186,078 Other Local Revenue 103,223 (370,038) 48,828 51,151 333,125 225,581 208,346 612,018 720,358 350,245 567,123 350,000 - 3,199,960 Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 103,223 (600,089) 979,172 862,091 1,152,649 3,866,861 3,029,952 1,568,028 2,561,163 6,329,901 5,642,284 7,634,193 - 33,129,427 Disbursements

Academic Salaries 472,159 929,709 1,396,938 1,531,313 1,501,628 1,589,627 1,125,803 1,381,918 1,518,913 1,323,978 1,401,293 674,504 - 14,847,784 Classified and Other Nonacademic Salaries 592,299 620,031 626,466 638,437 629,482 636,782 637,733 624,399 633,101 719,020 707,938 620,224 - 7,685,911 Employee Benefits 449,633 645,775 703,953 731,636 721,343 745,799 643,748 1,052,300 709,196 747,649 780,471 432,542 - 8,364,046 Supplies and Materials 22,141 63,978 47,940 40,853 32,124 17,716 23,196 58,745 34,415 62,373 55,859 106,149 - 565,490 Other Operating Expenses and Services 267,806 810,515 519,286 543,569 279,448 952,984 590,861 819,313 378,305 616,212 670,019 693,592 - 7,141,911 Capital Outlay - 10,175 8,319 10,259 4,943 (23,390) 3,058 4,781 16,224 15,793 9,374 30,843 - 90,380 Other Outgo 9,000 9,763 - (18,763) - 99,539 - (674) - 7,192 - 387,841 - 493,897 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 274,677 319,050 40,937 68,580 (299,722) (254,816) 98,963 3,162,968 47,182 (222,374) (748,632) (250,304) - 2,236,509 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 274,677 319,050 40,937 68,580 (299,722) (254,816) 98,963 3,162,968 47,182 (222,374) (748,632) (250,304) - 2,236,509 Accounts Payable 534,746 (1,055,343) 1,040,241 (25,794) (488,914) 401,006 (640,947) (210,467) 388,379 194,291 (1,228,989) 38,002 - (1,053,788) Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - (48,000) - - - (49,803) (48,257) (48,257) - - - - (194,317) SUBTOTAL LIABILITIES 534,746 (1,055,343) 992,241 (25,794) (488,914) 401,006 (690,750) (258,724) 340,122 194,291 (1,228,989) 38,002 - (1,248,105)

Total PY Transactions (260,069) 1,374,393 (951,305) 94,374 189,192 (655,822) 789,713 3,421,693 (292,940) (416,665) 480,357 (288,307) - 3,484,614 Net Increase/Decrease (1,969,885) (2,315,643) (3,275,034) (2,520,839) (1,827,127) (808,018) 795,267 1,048,938 (1,021,931) 2,421,018 2,497,686 4,400,190 -

FY TRAN Deposits 7,152,000 - - - - - - - - - - - - 7,152,000 FY TRAN Repayments - - - - - - - - - (2,400,000) (2,400,000) (2,400,000) - (7,200,000) CY TRAN Deposits - - - - - - - - - - - - - - CY TRAN Repayments - - - - - - - - - - - - - -

Ending Cash with TRAN 10,499,738 8,184,095 4,909,061 2,388,222 561,095 (246,923) 548,343 1,597,282 575,351 596,369 694,055 2,694,245 TRAN Balance 7,152,000 7,152,000 7,152,000 7,152,000 7,152,000 7,152,000 7,152,000 7,152,000 7,152,000 4,752,000 2,352,000 - Ending Cash without TRAN 3,347,738 1,032,095 (2,242,939) (4,763,778) (6,590,905) (7,398,923) (6,603,657) (5,554,718) (6,576,649) (4,155,631) (1,657,945) 2,694,245 Source: The District


C-28 C-29

Gavilan Joint Community College DistrictSanta Clara


Actual / Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected 2019-20Beginning Cash 2,694,245 6,136,559 4,521,326 2,599,603 556,698 264,940 4,682,009 2,267,972 3,375,088 4,990,374 2,138,224 2,181,367 Receipts

Chancellor's Office Take Back - - - - - - - - - - - - - - State General Apportionments 201,751 201,750 1,350,361 252,188 226,969 1,173,829 201,751 201,751 1,249,486 201,751 201,751 1,249,486 - 6,712,823 State Categoricals - - 776,559 - - 1,014,529 879 - - - - - - 1,791,967 State Tax Subventions - - - - - 8,632 18,948 6,318 14,743 - 33,250 14,250 - 96,141 Other State Revenues - - 130,526 - 152,894 - 122,468 125,000 175,000 - - 300,000 - 1,005,888 Property Taxes - 47,663 10,347 798,420 2,045,101 5,889,359 2,532,700 27,632 2,056,823 2,765,945 2,635,777 3,055,234 - 21,865,000 Other Local Revenue 103,223 - 48,828 51,151 333,125 225,581 208,346 612,018 58,870 535,412 854,203 - - 3,030,757 Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 304,974 249,413 2,316,620 1,101,759 2,758,088 8,311,930 3,085,092 972,719 3,554,921 3,503,108 3,724,981 4,618,969 - 34,502,576 Disbursements

Academic Salaries 530,373 1,166,820 1,166,820 1,166,820 1,166,820 1,166,820 1,166,820 1,166,820 1,166,820 1,166,820 1,166,820 530,373 - 12,728,941 Classified and Other Nonacademic Salaries 730,832 730,832 730,832 730,832 730,832 730,832 730,832 730,832 730,832 730,832 730,832 730,832 - 8,769,980 Employee Benefits 734,250 734,250 734,250 734,250 734,250 734,250 734,250 734,250 734,250 734,250 734,250 734,250 - 8,810,995 Supplies and Materials 40,913 40,913 40,913 40,913 40,913 40,913 40,913 40,913 40,913 40,913 40,913 40,913 - 490,957 Other Operating Expenses and Services 546,640 546,640 546,640 546,640 546,640 546,640 546,640 546,640 546,640 546,640 546,640 546,640 - 6,559,684 Capital Outlay 19,584 19,584 19,584 19,584 19,584 19,584 19,584 19,584 19,584 19,584 19,584 19,584 - 235,010 Other Outgo - - - - - - - - - - - 1,387,712 - 1,387,712 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 274,677 319,050 40,937 68,580 (299,722) (254,816) 98,963 3,162,968 47,727 38,571 (523,704) (250,304) - 2,722,928 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 274,677 319,050 40,937 68,580 (299,722) (254,816) 98,963 3,162,968 47,727 38,571 (523,704) (250,304) - 2,722,928 Accounts Payable 534,746 (1,055,343) 1,040,241 (25,794) (488,914) 401,006 (640,947) (210,467) (1,251,676) 58,791 (80,904) 38,002 - (1,681,257) Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 534,746 (1,055,343) 1,040,241 (25,794) (488,914) 401,006 (640,947) (210,467) (1,251,676) 58,791 (80,904) 38,002 - (1,681,257)

Total PY Transactions (260,069) 1,374,393 (999,305) 94,374 189,192 (655,822) 739,910 3,373,436 1,299,403 (20,219) (442,800) (288,307) - 4,404,185 Net Increase/Decrease (2,557,687) (1,615,232) (1,921,723) (2,042,905) (291,758) 4,417,069 585,963 1,107,116 1,615,286 243,850 43,143 340,360 -


Ending Cash with TRAN 6,136,559 4,521,326 2,599,603 556,698 264,940 4,682,009 2,267,972 3,375,088 4,990,374 2,138,224 2,181,367 2,521,727 TRAN Balance 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 3,000,000 3,000,000 3,000,000 - - - Ending Cash without TRAN 136,559 (1,478,674) (3,400,397) (5,443,302) (5,735,060) (1,317,991) (732,028) 375,088 1,990,374 2,138,224 2,181,367 2,521,727 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Jan 31, 2020 Apr 30, 2020 Jun 30, 2020Beginning Fund Balance 2,788,660 4,353,231 4,620,418 4,750,233 4,750,233 Capital Projects Fund (R) 2,500,000 2,500,000 2,500,000

Total Revenues 32,844,814 32,421,415 36,285,205 35,189,804 36,329,306


Other Sources & Uses - - - (1,387,712) -

Ending Fund Balance 4,353,231 4,620,418 4,750,233 4,750,233 4,755,330 Source: District Audited Financial Statements, CCFS 311-Q, and the District



C-29

Golden Valley Unified School District Golden Valley Unified School DistrictMadera Madera


Actual / Projected Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Projected Projected Projected 2018-19Beginning Cash 2,395,725 1,823,874 732,446 1,101,945 381,520 264,064 3,146,706 2,317,114 1,587,140 1,955,630 3,459,926 2,804,706 Receipts

LCFF Revenue SourcesApportionment 497,339 497,339 1,699,470 895,211 895,211 1,699,469 895,211 869,098 1,775,733 866,841 866,841 1,775,733 - 13,233,496 Property Taxes - - 211,780 - - 2,945,209 - - - 2,253,147 - - - 5,410,136 Other - (1,035) (2,069) (1,379) (1,379) (1,379) (1,379) (1,379) - - - (6,032) - (16,032)

Federal Revenues - 6,745 7 20,726 17,548 3,576 111,874 12,409 10,960 23,782 11,066 122,164 53,749 394,607 Other State Revenues - - - 80,000 - 156,554 313,079 4,769 - 142,687 226,874 638,549 (175,866) 1,386,646 Other Local Revenues 25,473 28,534 50,192 90,395 71,870 74,648 114,701 52,365 126,234 72,281 82,125 111,678 93,407 993,903 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 522,812 531,584 1,959,380 1,084,954 983,250 4,878,077 1,433,486 937,261 1,912,927 3,358,738 1,186,905 2,642,092 (28,710) 21,402,756 Disbursements

Certificated Salaries 157,928 724,312 739,500 759,909 782,888 753,616 735,374 768,195 760,612 761,267 767,974 1,166,835 - 8,878,410 Classified Salaries 151,206 279,542 274,071 281,011 291,645 270,650 264,938 317,215 276,714 276,529 308,315 397,409 (6,736) 3,382,510 Employee Benefits 124,509 376,533 393,507 396,804 408,117 397,936 394,249 402,111 398,320 398,755 585,279 1,832,587 (608,542) 5,500,163 Supplies and Services 578,942 114,518 244,389 457,414 81,869 352,083 215,218 54,562 53,343 102,830 238,954 690,737 882 3,185,741 Capital Outlay - 14,000 1,793 104,252 - 13,556 - 85,464 127,514 59,676 - 12,094 55,879 474,228 Other Outgo 89,423 4,558 8,204 8,204 8,204 8,204 8,204 100,039 5,675 25,815 (9,376) - 55,879 313,033 Interfund Transfers Out - 125,000 - - - 277,594 45,000 11,462 6,462 - - - - 465,518 Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 1,102,007 1,638,463 1,661,463 2,007,593 1,572,722 2,073,640 1,662,984 1,739,049 1,628,640 1,624,872 1,891,146 4,099,662 (502,639) 22,199,603 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 150,237 854 - 108,665 - - 27,985 - - 2,257 - - 92,320 382,318 Due From Other Funds - - - 63,047 - - - - - - - - (63,047) (1) Other - - - - - - - - - 17,588 - - (563) 17,025 SUBTOTAL ASSETS 150,237 854 - 171,712 - - 27,985 - - 19,845 - - 28,710 399,342 Accounts Payable 755,364 (14,597) (71,583) (33,121) (472,017) (78,204) 323,079 (71,814) (84,203) (73,173) (49,021) (122,110) 445,281 453,880 Due To Other Funds - - - 2,618 - - - - - - - - - 2,618 Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 755,364 (14,597) (71,583) (30,502) (472,017) (78,204) 323,079 (71,814) (84,203) (73,173) (49,021) (122,110) 445,281 456,498

Total PY Transactions (605,127) 15,451 71,583 202,214 472,017 78,204 (295,094) 71,814 84,203 93,018 49,021 122,110 (416,571) (57,156) Net Increase/Decrease (1,184,323) (1,091,429) 369,500 (720,426) (117,455) 2,882,642 (524,593) (729,973) 368,490 1,826,884 (655,219) (1,335,459) 57,358


Ending Cash with TRAN 1,823,874 732,446 1,101,945 381,520 264,064 3,146,706 2,317,114 1,587,140 1,955,630 3,459,926 2,804,706 1,469,247 TRAN Balance 612,473 612,473 612,473 612,473 612,473 612,473 307,473 307,473 307,473 - - - Ending Cash without TRAN 1,211,402 119,973 489,473 (230,953) (348,408) 2,534,234 2,009,641 1,279,668 1,648,158 3,459,926 2,804,706 1,469,247 Source: The District


C-30 C-31

Golden Valley Unified School DistrictMadera



LCFF Revenue SourcesApportionment 497,602 497,602 1,699,942 895,684 895,684 1,699,942 895,684 895,684 1,699,942 895,684 895,684 1,699,942 - 13,169,075 Property Taxes - - 211,780 - - 2,945,209 - - - 1,766,490 27,291 386,077 - 5,336,848 Other - (1,035) (2,069) (1,379) (1,379) (1,379) (1,379) (1,379) - - - (6,032) - (16,032)

Federal Revenues - 6,745 7 20,726 17,548 3,576 111,874 12,409 69,466 2,011 11,066 122,164 53,749 431,343 Other State Revenues - - - 80,000 - 156,554 313,079 4,769 - 439,030 226,874 638,549 (175,866) 1,682,989 Other Local Revenues 24,714 27,685 48,698 87,705 69,731 72,426 111,287 19,458 83,787 63,658 79,680 108,354 90,627 887,811 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 522,316 530,998 1,958,358 1,082,736 981,584 4,876,329 1,430,545 930,939 1,853,196 3,166,874 1,240,595 2,949,055 (31,490) 21,492,034 Disbursements

Certificated Salaries 169,622 777,946 794,258 816,178 832,850 809,419 789,826 789,826 784,154 777,946 789,826 777,946 - 8,909,797 Classified Salaries 158,720 293,434 287,691 294,975 306,138 284,100 278,105 332,980 293,175 332,980 332,980 293,175 (6,734) 3,481,719 Employee Benefits 130,734 395,358 413,182 416,644 428,521 413,182 416,644 428,521 609,716 609,716 609,716 1,197,251 (608,542) 5,460,643 Supplies and Services 544,406 109,758 237,250 449,198 78,308 335,657 206,033 134,262 222,918 161,121 230,349 487,140 105,324 3,301,724 Capital Outlay - - - - - - - - - - - - 882 882 Other Outgo 86,513 4,410 7,937 7,937 7,937 7,937 7,937 4,837 (16,093) (6,627) (9,071) (9,075) 54,061 148,639 Interfund Transfers Out - - - - - 277,594 45,000 - 9,706 - 456,224 38,365 - 826,889 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable (47,024) (267) - (34,012) - - (8,759) - - - - - (30,430) (120,493) Due From Other Funds - - - 63,047 - - - - - - - - 63,046 126,093 Other - - - - - - - - - - - - 31,576 31,576 SUBTOTAL ASSETS (47,024) (267) - 29,035 - - (8,759) - - - - - 64,192 37,176 Accounts Payable 159,211 (14,811) (72,635) (33,607) (478,950) (79,353) 327,825 (72,869) (32,509) 26,063 (49,741) (123,904) - (445,281) Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 159,211 (14,811) (72,635) (33,607) (478,950) (79,353) 327,825 (72,869) (32,509) 26,063 (49,741) (123,904) - (445,281)

Total PY Transactions (206,236) 14,544 72,635 62,642 478,950 79,353 (336,584) 72,869 32,509 (26,063) 49,741 123,904 64,192 482,457 Net Increase/Decrease (773,915) (1,035,364) 290,675 (839,554) (193,220) 2,827,793 (649,584) (686,618) (17,871) 1,265,675 (1,119,688) 288,157 487,712


Ending Cash with TRAN 3,215,333 2,179,968 2,470,643 1,631,089 1,437,869 4,265,662 2,356,078 1,669,460 1,651,589 1,616,944 497,255 785,413 TRAN Balance 2,520,000 2,520,000 2,520,000 2,520,000 2,520,000 2,520,000 1,260,000 1,260,000 1,260,000 - - - Ending Cash without TRAN 695,333 (340,032) (49,357) (888,911) (1,082,131) 1,745,662 1,096,078 409,460 391,589 1,616,944 497,255 785,413 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Jan 31, 2020 Apr 30, 2020 Jun 30, 2020Beginning Fund Balance 1,747,844 2,568,105 2,942,479 2,001,650 1,433,102 13 - Cafetria Special Revnue (R) 25,000 25,000 25,000

14 - Deferred Maintenance (R) 1,000 1,000 1,000 Total Revenues 18,964,659 19,936,788 19,667,125 21,492,034 22,469,911 17 - Special Reserve Other than Cap Outlay (U) 60,000 60,000 60,000

25 - Capital Facilites (R) 750,000 500,000 250,000 Total Expenditures 17,509,213 19,185,886 19,814,481 21,108,694 22,800,789 40 - Special Reserve for Cap Outlay (U) 36,280 36,280 36,280





C-31

Hope Elementary School District Hope Elementary School DistrictSanta Barbara Santa Barbara



LCFF Revenue SourcesApportionment 52,233 52,233 101,144 52,233 - 48,910 20,893 23,679 69,253 23,679 23,217 65,743 - 533,218 Property Taxes - - - 306,054 1,222,182 3,617,161 - - - 3,680,047 - 235,155 - 9,060,599 Other - - 4,410 - - - 104,636 - - 97,819 - (6,865) - 200,000

Federal Revenues 6,176 - - 17,527 22,563 11,106 43,917 - (1,604) 9,957 - 151,440 - 261,082 Other State Revenues - 14,101 50,768 (38,151) - 54,205 53,455 89,434 71,686 - 52,595 557,234 - 905,328 Other Local Revenues 27,854 14,739 106,336 20,757 108,412 277,282 34,430 159,000 23,339 465,602 26,560 62,103 - 1,326,414 Interfund Transfers In - - - - - 3,176 3,161 - - - - - - 6,337 Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 86,263 81,073 262,658 358,420 1,353,157 4,011,840 260,492 272,113 162,674 4,277,104 102,373 1,064,811 - 12,292,977 Disbursements

Certificated Salaries 177,005 163,650 810,329 855,887 885,973 862,274 845,651 940,570 881,051 861,305 902,399 1,463,662 - 9,649,756 Classified Salaries - - - - - - - - - - - - - - Employee Benefits - - - - - - - - - - - - - - Supplies and Services 101,990 100,228 119,898 41,803 111,067 47,901 110,843 82,047 90,199 72,608 85,833 234,939 - 1,199,356 Capital Outlay - 490 18,130 25,191 - - - 300 210 - - 160,883 - 205,204 Other Outgo - 3,954 - 14,234 - - - - 1,863 3,727 - 36,222 - 60,000 Interfund Transfers Out 3,954 - - 510,114 - - - - 129,000 - - 194,363 - 837,431 Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 282,949 268,322 948,357 1,447,229 997,040 910,175 956,494 1,022,917 1,102,323 937,640 988,232 2,090,069 - 11,951,748 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable - - - 74,325 7,563 - 13,389 6 49,776 14 - - - 145,073 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS - - - 74,325 7,563 - 13,389 6 49,776 14 - - - 145,073 Accounts Payable 38,230 76,018 4,770 - - - - - - - - - - 119,018 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 38,230 76,018 4,770 - - - - - - - - - - 119,018

Total PY Transactions (38,230) (76,018) (4,770) 74,325 7,563 - 13,389 6 49,776 14 - - - 26,055 Net Increase/Decrease (234,916) (263,267) (690,469) (1,014,484) 363,680 3,101,665 (682,613) (750,798) (889,873) 3,339,478 (885,860) (1,025,258) -


Ending Cash with TRAN 2,475,633 2,212,366 1,521,897 507,413 871,093 3,972,757 3,290,144 2,539,346 1,649,473 3,949,829 3,063,970 2,038,711 TRAN Balance 1,014,293 1,014,293 1,014,293 1,014,293 1,014,293 1,014,293 1,014,293 1,014,293 1,014,293 - - - Ending Cash without TRAN 1,461,340 1,198,073 507,604 (506,880) (143,200) 2,958,465 2,275,852 1,525,054 635,181 3,949,829 3,063,970 2,038,711 Source: The District


C-32 C-33

Hope Elementary School DistrictSanta Barbara



LCFF Revenue SourcesApportionment 52,233 52,233 101,144 52,233 - 48,910 20,893 23,679 69,253 23,679 23,217 65,743 - 533,218 Property Taxes - - - 314,921 1,257,591 3,721,956 - - - 3,786,664 - 241,968 - 9,323,099 Other - - 4,410 - - - 104,636 - - 90,954 - - - 200,000

Federal Revenues 8,659 - - 24,573 31,633 15,571 61,572 - (2,249) 13,960 - 182,319 - 336,037 Other State Revenues - 11,272 40,581 (30,496) - 43,328 42,729 71,488 57,302 - 42,041 335,421 - 613,666 Other Local Revenues 27,854 14,739 106,336 20,757 108,412 277,282 34,430 172,907 - - 26,560 62,103 - 851,380 Interfund Transfers In - - - - - 3,176 3,161 - - - - - - 6,337 Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 88,746 78,244 252,471 381,988 1,397,636 4,110,222 267,420 268,074 124,306 3,915,256 91,819 887,554 - 11,863,736 Disbursements

Certificated Salaries 182,911 169,111 867,369 884,447 945,537 921,047 903,869 1,001,956 940,451 920,046 962,511 1,542,503 - 10,241,757 Classified Salaries - - - - - - - - - - - - - - Employee Benefits - - - - - - - - - - - - - - Supplies and Services 110,401 108,494 129,786 45,250 120,226 51,851 119,984 88,813 97,637 78,596 92,912 49,506 - 1,093,456 Capital Outlay - - - - - - - - - - - - - - Other Outgo - 9,500 9,500 9,500 - 9,500 9,500 9,500 9,500 9,500 9,500 9,500 - 95,000 Interfund Transfers Out - - - - - - - - - - - 323,363 - 323,363 Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 293,312 287,104 1,006,654 939,198 1,065,763 982,398 1,033,353 1,100,269 1,047,588 1,008,141 1,064,923 1,924,872 - 11,753,577 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable - - - 74,325 7,563 - 13,389 - - - - - - 95,277 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS - - - 74,325 7,563 - 13,389 - - - - - - 95,277 Accounts Payable 38,230 76,018 90,560 - - - - - - - - - - 204,808 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 38,230 76,018 90,560 - - - - - - - - - - 204,808

Total PY Transactions (38,230) (76,018) (90,560) 74,325 7,563 - 13,389 - - - - - - (109,531) Net Increase/Decrease (242,797) (284,879) (844,743) (482,885) 339,436 3,127,824 (752,544) (832,195) (923,282) 2,907,115 (973,104) (1,037,318) -


Ending Cash with TRAN 2,795,915 2,511,036 1,666,293 1,183,408 1,522,844 4,650,668 3,398,124 2,565,929 1,642,647 4,033,762 3,060,658 2,023,340 TRAN Balance 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 500,000 500,000 500,000 - - - Ending Cash without TRAN 1,795,915 1,511,036 666,293 183,408 522,844 3,650,668 2,898,124 2,065,929 1,142,647 4,033,762 3,060,658 2,023,340 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Jan 31, 2020 Apr 30, 2020 Jun 30, 2020Beginning Fund Balance 33,747 (120,325) 491,263 1,696,257 2,101,872 13 - Cafetria Special Revnue (R) 10,000 10,000 10,000

Total Revenues 10,591,951 11,225,036 11,782,944 12,047,906 12,087,006



Ending Fund Balance (120,325) 491,263 1,906,256 2,101,872 2,650,493 Source: District Audited Financial Statements & 2018-19 2nd Interim



C-33

King City Union School District King City Union School DistrictMonterey Monterey



LCFF Revenue SourcesApportionment 984,283 984,283 2,683,046 1,771,709 1,771,709 1,514,852 3,543,418 1,693,020 2,715,433 1,693,020 1,693,020 2,242,501 72,688 23,362,982 Property Taxes - (2,178) 18,366 (1,726) 212,803 2,439,270 156,143 276,379 93,295 1,691,613 - 284,493 - 5,168,459 Other - - - - - - - - - - - - - -

Federal Revenues - 12,708 2,114 49,386 45,777 327,781 268,031 114,374 248,001 61,992 360,150 653,902 321,252 2,465,468 Other State Revenues - - - 239,558 - 123,664 141,740 230,385 295,278 - - 1,398,988 184,765 2,614,377 Other Local Revenues 28 19,483 107,559 103,989 204,719 130,210 209,064 192,773 99,414 99,247 119,743 132,538 207,894 1,626,661 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - 132,350 - 5,453 - - - 2 137,804

Total Receipts 984,311 1,014,296 2,811,086 2,162,916 2,235,009 4,535,777 4,450,746 2,506,931 3,456,874 3,545,872 2,172,913 4,712,422 786,600 35,375,752 Disbursements

Certificated Salaries 128,093 1,145,930 1,267,703 1,195,039 1,259,012 1,484,607 1,258,648 1,181,311 1,215,291 1,243,609 1,251,380 258,963 166,233 13,055,819 Classified Salaries 194,264 305,267 348,688 336,137 358,211 428,140 328,114 354,435 346,083 342,346 393,746 232,480 87 3,967,999 Employee Benefits 241,207 665,813 702,358 680,523 696,961 726,109 704,128 710,681 712,289 700,939 594,765 1,186,060 292,326 8,614,160 Supplies and Services 493,853 195,990 330,331 302,214 499,494 305,628 349,970 317,889 396,956 202,626 477,380 590,812 255,821 4,718,964 Capital Outlay - 46,660 29,638 6,048 234,977 - 304,828 8,115 41,403 248,616 - 45,076 1,083,976 2,049,337 Other Outgo 20,971 349,683 211,060 361,959 186,891 305,241 361,024 315,666 367,007 392,844 124,874 222,676 - 3,219,895 Interfund Transfers Out - - - - - - - - - - - 12,000 - 12,000 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 47,803 41,285 156,254 411,214 (150,247) (194,497) 23,783 6,832 (15,003) 441 (52,161) 16,446 - 292,150 Due From Other Funds (5,681) 69,562 - - 11,473 - - - - - - - - 75,354 Other 121,505 (776) 1,533 4,328 26 53 2,118 1,403 54,876 (32,095) 2,160 2,160 - 157,292 SUBTOTAL ASSETS 163,627 110,071 157,787 415,542 (138,747) (194,444) 25,902 8,235 39,873 (31,654) (50,001) 18,606 - 524,796 Accounts Payable 823,483 151,654 (121,611) 114,429 (205,907) 479,666 (170,570) (140,859) (164,716) (121,056) 203,548 182,914 - 1,030,975 Due To Other Funds 0 1,818 - - 15,000 - - - - - - - - 16,818 Current Loan (11,475) 16,894 - - - - - - - - - (36,763) - (31,344) Other 51 (221) 2,007 - - 64,713 0 2 - - - - - 66,552 SUBTOTAL LIABILITIES 812,059 170,144 (119,604) 114,429 (190,907) 544,379 (170,570) (140,857) (164,716) (121,056) 203,548 146,152 - 1,083,001

Total PY Transactions (648,433) (60,073) 277,392 301,113 52,160 (738,823) 196,472 149,092 204,589 89,403 (253,549) (127,546) - (558,205) Net Increase/Decrease (742,511) (1,755,121) 198,699 (417,892) (948,378) 547,229 1,340,505 (232,075) 582,434 504,295 (922,780) 2,036,810 (1,011,843)


Ending Cash with TRAN 5,270,181 3,515,060 3,713,759 3,295,867 2,347,489 2,894,718 3,597,723 3,365,649 3,948,082 3,778,115 2,855,335 4,892,145 TRAN Balance 1,280,419 1,280,419 1,280,419 1,280,419 1,280,419 1,280,419 642,919 642,919 642,919 - - - Ending Cash without TRAN 3,989,762 2,234,641 2,433,341 2,015,448 1,067,070 1,614,299 2,954,805 2,722,730 3,305,164 3,778,115 2,855,335 4,892,145 Source: The District


C-34 C-35

King City Union School DistrictMonterey



LCFF Revenue SourcesApportionment 1,001,444 1,001,444 2,651,241 1,802,599 1,802,599 848,642 3,605,198 2,026,200 2,884,880 2,026,200 2,026,200 2,884,879 - 24,561,526 Property Taxes - - 20,346 - 212,803 2,239,270 290,956 253,411 587,981 1,161,613 - 402,079 - 5,168,459 Other - - - - - - - - - - - - - -

Federal Revenues - 12,708 25,527 49,386 45,777 43,587 32,118 134,567 550,457 180,706 360,150 653,902 75,031 2,163,916 Other State Revenues - - - 239,558 - 286,050 149,126 30,713 131,533 153,606 - 1,131,444 - 2,122,029 Other Local Revenues - 19,483 107,559 103,989 204,719 189,414 168,113 57,676 62,964 170,847 119,743 132,538 7,563 1,344,609 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 1,001,444 1,033,635 2,804,672 2,195,531 2,265,899 3,606,964 4,245,511 2,502,567 4,217,815 3,692,972 2,506,093 5,204,841 82,594 35,360,539 Disbursements

Certificated Salaries 146,652 1,194,234 1,316,767 1,275,498 1,243,401 1,273,985 1,240,618 1,258,206 1,298,206 1,319,096 1,310,380 405,503 45,585 13,328,130 Classified Salaries 211,682 349,863 348,760 349,763 349,658 329,549 329,549 349,549 349,549 349,549 349,549 326,192 28,280 4,021,490 Employee Benefits 241,207 665,813 702,358 680,523 696,961 707,603 733,096 722,175 731,594 734,570 723,893 1,748,775 419,355 9,507,924 Supplies and Services 453,853 195,990 300,331 302,214 499,494 368,465 413,070 538,321 548,981 484,425 532,160 555,489 69,547 5,262,339 Capital Outlay - 46,660 29,638 6,048 234,977 - - - - - - - 48,321 365,644 Other Outgo 274,671 455,143 274,671 467,988 274,671 274,671 274,671 274,671 274,671 478,352 274,671 232,465 - 3,831,316 Interfund Transfers Out - - - - - - - - - - - - - - Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 58,803 42,227 156,254 411,214 (150,247) 21,596 11,532 113,520 137,467 12,165 (40,046) 12,115 - 786,600 Due From Other Funds - - - - - - - - - - - - - - Other 42,148 1,264 1,533 - 26 1,908 334 1,908 - (1,246) 2,160 2,160 - 52,196 SUBTOTAL ASSETS 100,951 43,491 157,787 411,214 (150,221) 23,504 11,866 115,428 137,467 10,919 (37,886) 14,275 - 838,796 Accounts Payable 823,483 151,654 (121,611) 114,429 (205,907) (118,479) (169,363) (140,972) (616,179) - 81,007 182,356 - (19,583) Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 823,483 151,654 (121,611) 114,429 (205,907) (118,479) (169,363) (140,972) (616,179) - 81,007 182,356 - (19,583)

Total PY Transactions (722,532) (108,163) 279,399 296,786 55,686 141,983 181,229 256,400 753,646 10,919 (118,893) (168,081) - 858,379 Net Increase/Decrease (1,049,154) (1,982,231) 111,546 (589,716) (977,577) 794,674 1,435,737 (383,954) 1,768,461 337,901 (803,452) 1,768,335 (528,494)


Ending Cash with TRAN 6,212,991 4,230,759 4,342,305 3,752,589 2,775,012 3,569,685 3,820,422 3,436,468 5,204,929 4,319,910 3,516,458 5,284,793 TRAN Balance 2,370,000 2,370,000 2,370,000 2,370,000 2,370,000 2,370,000 1,185,000 1,185,000 1,185,000 - - - Ending Cash without TRAN 3,842,991 1,860,759 1,972,305 1,382,589 405,012 1,199,685 2,635,422 2,251,468 4,019,929 4,319,910 3,516,458 5,284,793 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Jan 31, 2020 Apr 30, 2020 Jun 30, 2020Beginning Fund Balance 761,483 2,466,574 3,868,889 3,888,449 3,871,747 12 - Child Development (R) 21,221 (23,897) (13,228)

13 - Cafetria Special Revnue (R) 481,273 483,459 659,360 Total Revenues 29,248,135 30,810,911 31,711,249 35,196,233 35,422,986 25 - Capital Facilites (R) 433,318 433,318 433,318


Other Sources & Uses 309,979 369,702 (1,707) 125,804 -


Total Other Restricted Funds (R) 935,812 892,880 1,079,450 Total Other Unrestricted Funds (U) - - - Grand Total 935,812 892,880 1,079,450


C-35

Monterey Peninsula Unified School District Monterey Peninsula Unified School DistrictMonterey Monterey



LCFF Revenue SourcesApportionment 2,312,822 2,312,822 6,272,259 6,182,462 4,163,080 2,132,103 8,326,160 3,948,332 2,199,914 3,948,332 3,948,332 4,791,988 263,404 50,802,010 Property Taxes - (38,420) 147,983 (46,930) 2,094,135 22,073,834 2,058,377 5,749,572 855,222 15,192,604 66,265 2,634,110 - 50,786,751 Other - (408,963) (817,926) (545,284) (545,284) (545,284) (545,284) (545,284) (1,202,252) (601,127) (601,126) (601,126) (560,862) (7,519,801)

Federal Revenues 43,382 155,648 403,551 613,724 136,668 535,363 925,711 170,004 473,364 806,191 17,413 2,609,083 2,508,851 9,398,952 Other State Revenues 20,746 20,746 1,322,288 645,285 37,343 631,424 607,732 876,108 951,318 111,678 730,725 5,261,243 618,820 11,835,456 Other Local Revenues 116,285 150,187 450,642 798,409 987,737 617,496 1,837,312 881,316 (33,631) 797,516 546,407 1,290,459 2,236,700 10,676,835 Interfund Transfers In - - - - - 1,467 - - - - - - - 1,467 Other Financing Sources - - - - - - - - - - - - - -


Certificated Salaries 441,688 3,830,391 4,180,566 4,041,048 4,064,956 4,076,893 4,023,289 4,032,125 4,101,317 4,028,781 3,975,487 5,394,033 530,000 46,720,574 Classified Salaries 928,000 1,923,865 1,991,006 1,963,834 1,969,806 2,029,746 1,928,872 1,971,514 2,168,320 2,024,710 1,987,661 2,284,123 350,000 23,521,456 Employee Benefits 540,239 2,101,026 2,228,225 2,195,471 2,199,675 2,223,121 2,464,412 2,214,727 2,273,456 2,231,084 2,284,268 6,845,499 160,589 29,961,792 Supplies and Services 426,644 1,047,036 2,586,197 1,748,835 1,449,720 1,292,014 1,287,418 1,350,446 1,280,504 1,572,845 2,454,859 4,767,403 2,500,000 23,763,920 Capital Outlay 3,855 14,290 4,900 91,338 - 100,375 91,600 43,174 127,976 139,909 305,074 - - 922,491 Other Outgo 3,159 57,552 88,959 (140,387) 138,328 318,004 22,916 195,981 (59,858) 122,432 (112,630) - - 634,457 Interfund Transfers Out - - - - - - - - - - - 888,058 - 888,058 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 103,932 85,894 772,907 190,603 188,586 672,560 795,230 64,867 438,124 (403,374) 17,375 387,397 - 3,314,100 Due From Other Funds - - 325,486 69,843 - - - - - - - - - 395,328 Other 393,580 (150,000) 684,398 12,305 755 - - - (350) (681,674) 827,114 - - 1,086,128 SUBTOTAL ASSETS 497,512 (64,106) 1,782,790 272,751 189,341 672,560 795,230 64,867 437,774 (1,085,048) 844,489 387,397 - 4,795,556 Accounts Payable 4,172,530 (85,771) (181,987) 1,934,538 (204,820) (202,197) (188,143) (204,983) (139,150) (191,598) (84,229) (200,683) 2,246,298 6,669,806 Due To Other Funds - - 821,151 168,063 - - - - - - - - - 989,214 Current Loan - - - - - - - - - - - - - - Other 16,224 (342) 1,367,250 1,709 (42,343) 185 42,158 42,482 667 (52,574) - - - 1,375,415 SUBTOTAL LIABILITIES 4,188,754 (86,114) 2,006,414 2,104,310 (247,162) (202,012) (145,985) (162,501) (138,483) (244,173) (84,229) (200,683) 2,246,298 9,034,435

Total PY Transactions (3,691,242) 22,008 (223,624) (1,831,559) 436,503 874,572 941,215 227,369 576,257 (840,875) 928,718 588,080 (2,246,298) (4,238,879) Net Increase/Decrease (3,541,592) (6,760,132) (3,524,680) (4,084,032) (2,512,302) 16,280,821 4,332,716 1,499,450 (6,071,524) 9,294,557 (5,257,986) (3,605,280) (719,974)


Ending Cash with TRAN 33,338,494 26,578,362 23,053,682 18,969,649 16,457,347 32,738,169 29,648,385 31,147,835 25,076,311 26,520,338 21,262,352 17,657,072 TRAN Balance 14,999,351 14,999,351 14,999,351 14,999,351 14,999,351 14,999,351 7,576,851 7,576,851 7,576,851 - - - Ending Cash without TRAN 18,339,143 11,579,011 8,054,330 3,970,298 1,457,996 17,738,817 22,071,534 23,570,983 17,499,460 26,520,338 21,262,352 17,657,072 Source: The District


C-36 C-37

Monterey Peninsula Unified School DistrictMonterey



LCFF Revenue SourcesApportionment 2,504,592 2,504,592 5,843,165 4,508,266 4,508,266 4,508,266 5,843,165 4,508,266 5,843,165 4,508,266 4,508,266 5,843,162 - 55,431,437 Property Taxes - (39,000) 125,000 (45,000) 1,900,000 22,000,000 2,000,000 5,000,000 800,000 13,000,000 60,000 5,985,751 - 50,786,751 Other - (334,632) (669,263) (446,175) (446,175) (446,175) (446,175) (446,175) (857,209) (428,604) (428,604) (428,605) (428,604) (5,806,396)

Federal Revenues 8,443 62,863 249,360 668,818 196,712 582,352 138,879 685,099 860,279 33,833 23,833 1,999,978 1,526,641 7,037,091 Other State Revenues 20,796 20,796 37,432 790,286 405,057 37,432 401,140 37,432 401,140 346,856 355,132 4,387,820 1,034,217 8,275,535 Other Local Revenues 256,622 392,709 761,990 551,574 830,477 483,837 628,074 873,177 530,037 560,774 497,539 811,494 1,068,755 8,247,057 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -


Certificated Salaries 444,768 4,149,540 4,281,504 4,252,178 4,261,953 4,286,391 4,208,190 4,296,166 4,291,279 4,222,853 4,315,717 5,865,074 415,000 49,290,613 Classified Salaries 1,010,531 2,115,573 2,098,609 2,064,682 2,052,566 2,103,456 2,016,216 2,054,989 2,084,069 2,125,266 2,098,609 2,408,796 255,000 24,488,362 Employee Benefits 585,103 2,408,298 2,524,672 2,421,229 2,421,229 2,447,089 2,417,996 2,440,624 2,437,392 2,434,159 2,450,322 7,338,036 125,649 32,451,798 Supplies and Services 676,306 2,595,963 1,549,118 1,266,561 1,144,168 681,973 1,744,172 933,921 965,677 810,518 1,745,415 3,365,324 1,275,000 18,754,116 Capital Outlay - - - - - - - - - - - - - - Other Outgo 77,599 77,599 139,677 26,746 139,677 139,677 139,677 44,602 157,533 157,533 44,602 53,746 - 1,198,670 Interfund Transfers Out - - - - - - - - - - - 902,133 - 902,133 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 293,204 627,490 1,360,149 103,290 117,022 683,963 827,743 59,394 267,820 159,035 17,375 1,111,291 - 5,627,775 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 293,204 627,490 1,360,149 103,290 117,022 683,963 827,743 59,394 267,820 159,035 17,375 1,111,291 - 5,627,775 Accounts Payable 6,046,298 46,000 (204,000) (204,000) (204,000) (204,000) (204,000) (152,549) (204,000) (204,000) (204,000) (204,000) 2,244,000 6,347,749 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 6,046,298 46,000 (204,000) (204,000) (204,000) (204,000) (204,000) (152,549) (204,000) (204,000) (204,000) (204,000) 2,244,000 6,347,749

Total PY Transactions (5,753,094) 581,490 1,564,149 307,290 321,022 887,963 1,031,743 211,943 471,820 363,035 221,375 1,315,291 (2,244,000) (719,974) Net Increase/Decrease (5,756,948) (8,158,154) (2,681,748) (3,696,338) (2,304,234) 18,395,088 (929,427) 1,099,439 (1,886,719) 8,633,830 (5,417,124) (18,218) (1,113,639)


Ending Cash with TRAN 24,280,124 16,121,970 13,440,222 9,743,885 7,439,651 25,834,738 18,715,312 19,814,751 17,928,032 20,173,782 14,756,657 14,738,439 TRAN Balance 12,380,000 12,380,000 12,380,000 12,380,000 12,380,000 12,380,000 6,190,000 6,190,000 6,190,000 - - - Ending Cash without TRAN 11,900,124 3,741,970 1,060,222 (2,636,115) (4,940,349) 13,454,738 12,525,312 13,624,751 11,738,032 20,173,782 14,756,657 14,738,439 Source: The District



12 - Child Development (R) 50,000 35,000 - Total Revenues 112,508,334 113,435,840 117,449,032 124,988,899 124,525,924 13 - Cafetria Special Revnue (R) 250,000 350,000 450,000

25 - Capital Facilites (R) 6,700,000 6,700,000 6,500,000 Total Expenditures 112,300,367 113,715,751 117,205,874 126,240,875 127,424,916 40 - Special Reserve for Cap Outlay (U) 1,350,000 1,200,000 900,000

67 - Self-Insurance (R) 1,300,000 1,300,000 1,200,000 Other Sources & Uses 2,550,235 (138,729) (175,314) (1,321,591) (1,182,133) 73 - Foundation Private-Purpose Trust (R) 190,000 185,000 175,000


Total Other Restricted Funds (R) 8,491,000 8,670,000 8,335,000 Total Other Unrestricted Funds (U) 1,350,000 1,200,000 900,000 Grand Total 9,841,000 9,870,000 9,235,000


C-37

Oak Park Unified School District Oak Park Unified School DistrictVentura Ventura



LCFF Revenue SourcesApportionment 1,009,037 1,009,037 3,457,112 1,816,267 1,816,267 3,457,112 1,816,267 1,801,547 3,555,302 1,801,547 1,801,547 3,490,161 - 26,831,203 Property Taxes 102,691 250 - 24,175 432,303 6,213,141 174,074 1 47,945 4,487,210 34,944 - - 11,516,733 Other - - - - - - - - - - - - - -

Federal Revenues 5,477 - - 6,882 31,457 31,179 107,221 (42,208) 19,240 64,043 - 812,290 - 1,035,581 Other State Revenues - - 229,727 1,565 - 286,979 656,633 (182,294) 415,302 16,903 362,872 308,546 327,428 2,423,661 Other Local Revenues 92,886 269,818 236,512 469,226 353,785 292,979 257,993 1,091,057 (184,220) 665,275 421,693 649,321 20,828 4,637,153 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -


Certificated Salaries 182,648 2,041,693 2,067,977 2,124,006 2,136,771 2,109,577 2,486,728 2,215,657 2,196,674 2,197,632 2,200,702 422,504 - 22,382,570 Classified Salaries 206,769 645,052 624,911 636,438 652,403 617,591 765,887 663,142 657,626 651,031 650,100 446,429 - 7,217,380 Employee Benefits 89,771 1,085,288 955,327 960,193 967,533 963,739 1,067,403 1,018,954 991,408 993,306 992,867 279,670 - 10,365,460 Supplies and Services 158,928 554,313 887,164 596,781 402,840 509,014 502,914 328,129 219,321 371,812 257,997 368,535 - 5,157,749 Capital Outlay - 128,993 - - 6,789 - - - - - - - 0 135,782 Other Outgo 1,162 16,052 2,091 (8,429) 16,609 2,091 64,303 22,145 7,627 7,867 32,133 342,216 0 505,867 Interfund Transfers Out - - - - - 90,118 100,000 - - - - 50,000 - 240,118 Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 639,277 4,471,392 4,537,471 4,308,990 4,182,945 4,292,130 4,987,235 4,248,028 4,072,656 4,221,648 4,133,799 1,909,354 0 46,004,925 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 10,382 256,130 209,445 (3,604) 13,583 (5,985) (5,306) 234,362 764,864 - - (1,373,888) - 99,984 Due From Other Funds (105,094) - - - 105,000 - - - - - - - - (94) Other 78,960 - - - - - - - - - - - - 78,960 SUBTOTAL ASSETS (15,752) 256,130 209,445 (3,604) 118,583 (5,985) (5,306) 234,362 764,864 - - (1,373,888) - 178,850 Accounts Payable 1,674,622 (84,851) (274,587) (206,970) (246,640) (298,088) (214,552) (177,997) (244,589) 370,509 (179,787) 391,601 - 508,670 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - (1,650,000) - - - - - - 1,700,000 - 50,000 Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 1,674,622 (84,851) (274,587) (206,970) (1,896,640) (298,088) (214,552) (177,997) (244,589) 370,509 (179,787) 2,091,601 - 558,670

Total PY Transactions (1,690,373) 340,982 484,032 203,366 2,015,223 292,103 209,247 412,360 1,009,453 (370,509) 179,787 (3,465,489) - (379,819) Net Increase/Decrease (1,119,559) (2,851,306) (130,087) (1,787,509) 466,090 6,281,363 (1,765,801) (1,167,565) 790,366 2,442,821 (1,332,956) (114,525) 348,256


Ending Cash with TRAN 4,944,849 2,093,543 1,963,456 175,947 642,037 6,923,400 3,030,099 1,862,534 2,652,900 2,845,535 1,512,579 1,398,054 TRAN Balance 4,289,624 4,289,624 4,289,624 4,289,624 4,289,624 4,289,624 2,162,124 2,162,124 2,162,124 - - - Ending Cash without TRAN 655,226 (2,196,081) (2,326,168) (4,113,677) (3,647,587) 2,633,776 867,975 (299,590) 490,776 2,845,535 1,512,579 1,398,054 Source: The District


C-38 C-39

Oak Park Unified School DistrictVentura



LCFF Revenue SourcesApportionment 1,099,307 1,099,307 3,642,157 1,978,753 1,978,753 3,642,157 1,978,753 1,962,716 3,741,731 1,962,716 1,962,716 3,674,546 - 28,723,614 Property Taxes 102,691 250 - 24,175 432,303 6,213,141 174,074 1 47,945 4,487,210 34,944 - - 11,516,734 Other - - - - - - - - - - - - - -

Federal Revenues 5,477 - - 6,882 31,457 31,179 107,221 (42,208) 19,240 64,043 - 812,290 - 1,035,581 Other State Revenues - - 131,763 898 - 164,601 376,621 (104,557) 238,202 9,695 208,130 176,971 187,801 1,390,124 Other Local Revenues 92,792 269,544 236,272 468,750 353,426 292,682 257,731 1,089,951 (184,033) 664,600 421,265 648,663 20,807 4,632,451 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -


Certificated Salaries 184,827 2,066,052 2,092,650 2,149,347 2,162,265 2,134,746 2,516,397 2,242,092 2,222,882 2,223,852 2,226,958 427,545 - 22,649,612 Classified Salaries 209,341 653,074 632,683 644,353 660,517 625,272 775,412 671,389 665,805 659,128 658,185 451,981 - 7,307,140 Employee Benefits 91,854 1,110,471 977,494 982,473 989,983 986,101 1,092,171 1,042,597 1,014,412 1,016,354 1,015,905 286,159 - 10,605,975 Supplies and Services 162,478 563,610 902,105 606,682 408,260 516,728 509,611 333,049 222,569 377,427 262,605 373,140 369,238 5,607,504 Capital Outlay - 128,993 - - 6,789 - - - - - - - - 135,782 Other Outgo 1,162 16,052 2,091 (8,429) 16,609 2,091 64,303 22,145 7,627 7,867 32,133 342,216 - 505,867 Interfund Transfers Out - - - - - 52,587 58,354 - - - - 29,177 - 140,118 Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 649,662 4,538,252 4,607,023 4,374,427 4,244,422 4,317,525 5,016,248 4,311,273 4,133,295 4,284,628 4,195,787 1,910,219 369,238 46,951,998 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 10,573 260,841 213,297 (3,670) 13,833 (6,095) (5,403) 238,673 778,931 - - (1,399,156) - 101,823 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 10,573 260,841 213,297 (3,670) 13,833 (6,095) (5,403) 238,673 778,931 - - (1,399,156) - 101,823 Accounts Payable 1,695,651 (85,917) (278,035) (209,569) (249,737) (301,831) (217,247) (180,233) (247,660) 375,162 (182,045) 396,519 - 515,057 Due To Other Funds - - - - - - - - - - (300,000) 300,000 - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 1,695,651 (85,917) (278,035) (209,569) (249,737) (301,831) (217,247) (180,233) (247,660) 375,162 (482,045) 696,519 - 515,057

Total PY Transactions (1,685,078) 346,758 491,332 205,899 263,570 295,736 211,843 418,905 1,026,591 (375,162) 482,045 (2,095,674) - (413,234) Net Increase/Decrease (1,034,473) (2,822,393) (105,499) (1,689,069) (1,184,913) 6,321,970 (1,910,004) (986,465) 756,381 2,528,475 (1,086,686) 1,306,576 (160,630)


Ending Cash with TRAN 7,613,581 4,791,188 4,685,689 2,996,620 1,811,707 8,133,677 2,598,673 1,612,209 2,368,590 1,156,065 69,379 1,375,956 TRAN Balance 7,250,000 7,250,000 7,250,000 7,250,000 7,250,000 7,250,000 3,625,000 3,625,000 3,625,000 - - - Ending Cash without TRAN 363,581 (2,458,812) (2,564,311) (4,253,380) (5,438,293) 883,677 (1,026,327) (2,012,791) (1,256,410) 1,156,065 69,379 1,375,956 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Jan 31, 2020 Apr 30, 2020 Jun 30, 2020Beginning Fund Balance 1,089,340 1,284,825 787,866 962,527 878,334 12 - Child Development (R) 61,620 61,620 61,620

13 - Cafetria Special Revnue (R) 50,880 50,880 50,880 Total Revenues 44,398,960 44,200,879 43,346,273 46,285,516 47,175,134 14 - Deferred Maintenance (R) 54 54 54

17 - Special Reserve Other than Cap Outlay (U) 1,276,379 1,276,379 1,276,379 Total Expenditures 42,926,168 44,592,838 43,091,328 46,129,591 46,952,002 25 - Capital Facilites (R) 12,145 12,145 12,145

35 - County School Facilities (R) 2,326 2,326 2,326 Other Sources & Uses (1,277,307) (105,000) (80,286) (240,118) - 40 - Special Reserve for Cap Outlay (U) 2,569 2,569 2,569

57 - Foundation Permanent (R) 5,572 5,572 5,572 Ending Fund Balance 1,284,825 787,866 962,525 878,334 1,101,466

Source: District Audited Financial Statements & 2018-19 2nd InterimTotal Other Restricted Funds (R) 132,597 132,597 132,597 Total Other Unrestricted Funds (U) 1,278,948 1,278,948 1,278,948 Grand Total 1,411,545 1,411,545 1,411,545


C-39

River Delta Joint Unified School District River Delta Joint Unified School DistrictSacramento Sacramento



LCFF Revenue SourcesApportionment 427,732 427,732 901,808 769,918 769,918 901,808 769,918 645,583 786,675 720,068 719,984 797,696 57,357 8,696,197 Property Taxes 16 49,730 14 - - 25,832 6,862,272 - - 42,646 4,844,584 400,000 317,449 12,542,543 Other (185,970) (123,173) (243,948) 22,860 (164,285) (164,347) (164,356) (164,372) (296,850) (147,185) (146,737) (142,275) - (1,920,638)

Federal Revenues - - - 84,411 26,689 17,957 192,423 - 156,204 35,520 14,678 555,203 - 1,083,085 Other State Revenues 13 70 22,104 587,286 (13) 177,607 293,489 5,698 228,961 63,625 129,602 646,323 155,042 2,309,806 Other Local Revenues 59,311 66,855 97,809 149,297 157,676 126,800 221,327 136,283 114,676 223,023 69,550 343,350 10,720 1,776,677 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 301,102 421,214 777,787 1,613,772 789,985 1,085,657 8,175,073 623,192 989,666 937,697 5,631,661 2,600,297 540,568 24,487,670 Disbursements

Certificated Salaries 79,913 778,930 738,359 804,679 808,249 77,126 1,571,687 778,398 796,036 787,864 829,198 874,531 - 8,924,970 Classified Salaries 148,312 345,786 315,629 346,129 361,294 35,390 627,751 339,670 337,163 331,944 360,377 522,027 - 4,071,472 Employee Benefits 80,711 475,447 334,708 373,631 363,760 5,626 730,262 340,111 362,064 366,276 359,764 987,355 - 4,779,715 Supplies and Services 535,794 259,323 327,894 526,943 231,131 394,237 482,273 299,727 318,360 427,868 495,543 1,100,175 827,533 6,226,801 Capital Outlay 9,719 261,199 8,707 61,850 3,169 16,794 - 1,031 540 53,771 58,860 - - 475,640 Other Outgo - - - - - - - - - - - 17,604 - 17,604 Interfund Transfers Out - - - - - - - - - - - 190,426 - 190,426 Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 854,449 2,120,685 1,725,297 2,113,232 1,767,603 529,173 3,411,973 1,758,937 1,814,163 1,967,723 2,103,742 3,692,118 827,533 24,686,628 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 245,576 227,965 120,379 21,691 9,193 3,308 169,525 74,485 - - - - (850,000) 22,122 Due From Other Funds - - - - 82,874 - - (100,000) - - - 100,000 (80,000) 2,874 Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 245,576 227,965 120,379 21,691 92,067 3,308 169,525 (25,515) - - - 100,000 (930,000) 24,996 Accounts Payable 835,079 (71,915) (58,909) 126,504 (62,431) 117,787 (118,583) (61,163) 37,188 (60,696) (62,758) 8,523 (575,000) 53,626 Due To Other Funds - - - - 138,183 - - - - - - - (135,000) 3,183 Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 835,079 (71,915) (58,909) 126,504 75,752 117,787 (118,583) (61,163) 37,188 (60,696) (62,758) 8,523 (710,000) 56,809

Total PY Transactions (589,503) 299,880 179,288 (104,813) 16,315 (114,479) 288,108 35,648 (37,188) 60,696 62,758 91,477 (220,000) (31,813) Net Increase/Decrease (1,142,850) (1,399,591) (768,222) (604,273) (961,303) 442,005 5,051,208 (1,100,097) (861,685) (969,330) 3,590,677 (1,000,344) (506,965)


Ending Cash with TRAN 5,133,538 3,733,947 2,965,725 2,361,452 1,400,149 1,842,154 6,893,362 5,793,265 4,931,580 3,962,250 7,552,927 6,552,582 TRAN Balance - - - - - - - - - - - - Ending Cash without TRAN 5,133,538 3,733,947 2,965,725 2,361,452 1,400,149 1,842,154 6,893,362 5,793,265 4,931,580 3,962,250 7,552,927 6,552,582 Source: The District


C-40 C-41

River Delta Joint Unified School DistrictSacramento



LCFF Revenue SourcesApportionment 449,273 449,273 901,517 808,692 808,692 901,517 808,692 808,692 901,517 808,692 808,692 901,514 - 9,356,763 Property Taxes 16 50,879 - - 24,203 18,849 6,011,250 939,166 46 3,570,749 1,493,979 320,630 - 12,429,766 Other (185,149) (122,629) (242,871) 22,759 (163,559) (163,621) (163,630) (163,646) (295,539) (146,535) (146,089) (141,647) (155,303) (2,067,459)

Federal Revenues - - - 83,632 26,443 17,791 190,646 - 154,762 35,192 14,542 550,077 - 1,073,085 Other State Revenues 10 51 16,238 431,443 (10) 130,477 215,609 4,186 168,204 46,741 95,210 474,814 229,680 1,812,655 Other Local Revenues 39,562 44,595 65,242 99,587 105,176 84,580 147,634 90,906 76,493 148,765 46,393 229,028 - 1,177,960 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 303,712 422,169 740,127 1,446,113 800,944 989,593 7,210,201 1,679,304 1,005,482 4,463,604 2,312,728 2,334,416 74,377 23,782,770 Disbursements

Certificated Salaries 80,078 780,543 739,888 806,344 809,923 77,286 1,574,941 780,010 797,684 789,495 830,915 876,342 150,163 9,093,612 Classified Salaries 149,295 348,078 317,721 348,423 363,689 35,625 631,912 341,921 339,398 334,144 362,766 525,487 - 4,098,457 Employee Benefits 83,833 493,848 347,662 388,092 377,838 5,844 758,524 353,274 376,076 380,451 373,687 1,025,567 271,914 5,236,610 Supplies and Services 502,647 250,601 321,545 516,789 45,980 390,046 461,056 296,331 316,834 419,376 475,652 1,066,130 831,287 5,894,273 Capital Outlay 2,619 70,382 2,346 16,666 181,191 4,525 - 278 146 14,489 6,725 - 12,977 312,344 Other Outgo - - - - - - - - - - - 17,604 - 17,604 Interfund Transfers Out - - - - - - - - - - - 190,426 - 190,426 Other Financing Uses 35,533 35,533 35,533 35,533 35,533 - 71,066 35,533 35,533 35,533 35,533 35,537 - 426,400

Total Disbursements 854,005 1,978,984 1,764,695 2,111,847 1,814,153 513,325 3,497,500 1,807,347 1,865,670 1,973,489 2,085,278 3,737,093 1,266,341 25,269,726 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable - 200,000 100,000 100,000 60,000 60,000 2,011 73,570 - - - - - 595,581 Due From Other Funds - - - - 80,690 - - (97,303) - - - - - (16,613) Other - - - - - - - - - - - - - - SUBTOTAL ASSETS - 200,000 100,000 100,000 140,690 60,000 2,011 (23,732) - - - - - 578,969 Accounts Payable 800,000 53,128 - - (62,118) - - - - - - - (571,485) 219,525 Due To Other Funds - - - - 136,659 - - - - - - - (134,175) 2,485 Current Loan - - - - - - - - - - - - - - Other - - - - 305,000 - - - - - - - - 305,000 SUBTOTAL LIABILITIES 800,000 53,128 - - 379,542 - - - - - - - (705,660) 527,010

Total PY Transactions (800,000) 146,872 100,000 100,000 (238,851) 60,000 2,011 (23,732) - - - - 705,660 51,959 Net Increase/Decrease (1,350,293) (1,409,943) (924,568) (565,734) (1,252,061) 536,269 3,714,712 (151,775) (860,188) 2,490,116 227,450 (1,402,677) (486,304)

FY TRAN Deposits 500,000 - - - - - - - - - - - 500,000 FY TRAN Repayments - - - - - - (250,000) - - (258,000) - - (508,000) CY TRAN Deposits - - - - - - - - - - - - - CY TRAN Repayments - - - - - - - - - - - - -

Ending Cash with TRAN 5,702,289 4,292,346 3,367,778 2,802,044 1,549,984 2,086,252 5,550,965 5,399,189 4,539,001 6,771,117 6,998,567 5,595,890 TRAN Balance 500,000 500,000 500,000 500,000 500,000 500,000 250,000 250,000 250,000 - - - Ending Cash without TRAN 5,202,289 3,792,346 2,867,778 2,302,044 1,049,984 1,586,252 5,300,965 5,149,189 4,289,001 6,771,117 6,998,567 5,595,890 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Jan 31, 2020 Apr 30, 2020 Jun 30, 2020Beginning Fund Balance 2,672,985 4,285,812 5,812,731 5,862,914 5,025,748 13 - Cafetria Special Revnue (R) (100,000) 80,000 30,000

17 - Special Reserve Other than Cap Outlay (R) 70,000 70,000 70,000 Total Revenues 22,546,141 23,232,281 22,778,967 24,201,487 23,732,375 25 - Capital Facilites (R) 1,000,000 1,025,000 1,025,000




Total Other Restricted Funds (R) 970,000 1,175,000 1,125,000 Total Other Unrestricted Funds (U) - - - Grand Total 970,000 1,175,000 1,125,000


C-41

Selma Unified School District Selma Unified School DistrictFresno Fresno



LCFF Revenue SourcesApportionment 3,076,481 2,674,255 7,135,005 4,813,659 4,813,659 5,481,044 4,813,659 4,186,745 8,077,606 4,186,745 4,186,745 6,600,000 1,939,757 61,985,360 Property Taxes - - 36,170 21,362 - 2,773,783 376,238 41,554 (44,617) 2,322,973 - 648,158 - 6,175,621 Other - - - - - - - - - - - 700 - 700

Federal Revenues (51,594) 12,770 46,767 876,798 520,297 (1,128,707) 1,491,609 12,264 510,425 54,581 45,929 1,112,000 2,840,847 6,343,986 Other State Revenues (35,511) 24,969 1,390 547,035 1,819 68,346 851,310 27,209 592,586 1,808,217 63,052 2,537,000 827,039 7,314,461 Other Local Revenues 95,116 370,653 278,628 207,819 189,430 223,270 477,184 200,688 249,880 205,249 176,351 150,000 226,078 3,050,346 Interfund Transfers In - - - - - - - - - - - 2,800,000 - 2,800,000 Other Financing Sources - - - - - (19,958) - 463,646 - 372 - - 30,274 474,334


Certificated Salaries 182,742 990,355 3,348,043 3,463,488 3,521,340 3,500,228 3,369,768 3,627,014 3,503,648 3,498,719 3,481,848 3,600,000 - 36,087,193 Classified Salaries 500,291 759,795 1,139,284 1,115,098 1,173,810 1,105,503 1,039,284 1,033,484 1,101,168 1,071,644 1,074,679 1,100,000 - 12,214,040 Employee Benefits 214,596 446,711 1,724,135 1,728,439 1,732,161 1,729,117 1,703,538 1,725,273 1,726,177 3,495,122 1,729,613 2,800,000 75,395 20,830,277 Supplies and Services 936,502 1,214,426 958,571 849,754 572,525 699,645 1,161,716 377,839 1,534,987 1,102,799 807,356 800,000 1,000,000 12,016,120 Capital Outlay - - 36,251 40,538 - 191,099 600,186 9,000 204,451 11,154 9,500 600,000 - 1,702,179 Other Outgo 197,827 277,383 50,783 142,473 35,005 35,005 293,632 672,433 241,800 900,983 104,078 100,000 256,998 3,308,400 Interfund Transfers Out - - - - - - - - - - - - - - Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 196,360 73,682 32,744 76,759 117,887 3,487,221 91,994 2,067 (636,412) 107,721 - - - 3,550,023 Due From Other Funds (723) (1,425) (1,554) (100,798) (200,107) (200,000) (100,085) (4,489) (381) 2,941,731 (170) 800,000 - 3,131,999 Other 5,955 16,160 4,793 7,530 9,964 11,942 (16,646) (8,425) 38 (9,383) 5,067 - - 26,995 SUBTOTAL ASSETS 201,592 88,417 35,983 (16,509) (72,256) 3,299,163 (24,737) (10,847) (636,755) 3,040,069 4,897 800,000 - 6,709,017 Accounts Payable 4,157,311 2,930,736 (593,283) (360,125) (638,572) (154,873) (574,064) (458,884) (380,496) (581,576) (473,279) (400,000) 3,593,000 6,065,895 Due To Other Funds (337) (1,000,020) (2,963) (886) (665) (1,047) - (500,480) (2,572) 2,940,025 (126) 2,800,000 - 4,230,929 Current Loan - - - - - - - - - - - - - - Other 13,810 15,383 (29,193) - - - 178,808 312 (312) - 557,636 - - 736,444 SUBTOTAL LIABILITIES 4,170,784 1,946,099 (625,439) (361,011) (639,237) (155,920) (395,256) (959,052) (383,380) 2,358,449 84,231 2,400,000 3,593,000 11,033,268

Total PY Transactions (3,969,192) (1,857,682) 661,422 344,502 566,981 3,455,083 370,519 948,205 (253,375) 681,620 (79,334) (1,600,000) (3,593,000) (4,324,251) Net Increase/Decrease (2,916,658) (2,463,705) 902,315 (528,615) (942,655) 3,592,264 212,395 (1,564,732) 820,274 (820,664) (2,814,331) 3,247,858 938,602


Ending Cash with TRAN 5,226,580 2,762,875 3,665,190 3,136,575 2,193,920 5,786,184 5,998,579 4,433,847 5,254,121 4,433,457 1,619,126 4,866,984 TRAN Balance - - - - - - - - - - - - Ending Cash without TRAN 5,226,580 2,762,875 3,665,190 3,136,575 2,193,920 5,786,184 5,998,579 4,433,847 5,254,121 4,433,457 1,619,126 4,866,984 Source: The District


C-42 C-43

Selma Unified School DistrictFresno



LCFF Revenue SourcesApportionment 2,747,526 2,761,305 7,367,258 4,970,349 4,970,349 5,659,458 4,970,349 5,125,833 7,505,345 5,125,833 5,950,028 7,441,046 - 64,594,679 Property Taxes - - 35,000 25,000 - 2,600,000 350,000 16,327 2,500,000 400,000 20,000 232,994 - 6,179,321 Other - - - - - - - - - - - - - -

Federal Revenues (1,200,000) 15,000 50,000 900,000 500,000 1,200,000 15,000 23,539 400,000 50,000 50,000 600,000 - 2,603,539 Other State Revenues (827,000) 25,000 - 247,035 - 70,000 600,000 30,000 500,000 500,000 100,000 500,000 - 1,745,035 Other Local Revenues (125,000) 350 200,000 200,000 200,000 200,000 400,000 170,000 200,000 200,000 200,000 200,000 - 2,045,350 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 595,526 2,801,655 7,652,258 6,342,384 5,670,349 9,729,458 6,335,349 5,365,699 11,105,345 6,275,833 6,320,028 8,974,040 - 77,167,924 Disbursements

Certificated Salaries 200,000 1,000,000 3,400,000 3,500,000 3,500,000 3,500,000 3,400,000 3,500,000 3,400,000 3,400,000 3,400,000 3,871,576 - 36,071,576 Classified Salaries 500,000 717,215 1,050,000 1,050,000 1,050,000 1,050,000 1,050,000 1,050,000 1,050,000 1,050,000 1,050,000 1,050,000 - 11,717,215 Employee Benefits 220,000 450,000 1,800,000 1,750,000 1,750,000 1,750,000 1,700,000 1,700,000 1,750,000 1,750,000 1,750,000 1,728,079 - 18,098,079 Supplies and Services 500,000 1,350,000 950,000 900,000 750,000 750,000 1,150,000 600,000 1,050,000 1,000,000 850,000 900,000 - 10,750,000 Capital Outlay 100,000 50,000 50,000 50,000 50,000 - - - - - - - - 300,000 Other Outgo 200,000 300,000 50,000 150,000 30,000 35,000 300,000 200,000 1,000,000 250,000 100,000 100,000 - 2,715,000 Interfund Transfers Out - - - - - - - - - - - - - - Other Financing Uses - - - - - - - - - - - (137,000) - (137,000)


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 1,200,000 - 500,000 - 500,000 500,000 600,000 500,000 500,000 500,000 500,000 500,000 - 5,800,000 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 1,200,000 - 500,000 - 500,000 500,000 600,000 500,000 500,000 500,000 500,000 500,000 - 5,800,000 Accounts Payable 2,090,000 1,500,000 (300,000) (300,000) (300,000) (300,000) (300,000) (300,000) (300,000) (300,000) (300,000) (300,000) 4,000,000 4,590,000 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 2,090,000 1,500,000 (300,000) (300,000) (300,000) (300,000) (300,000) (300,000) (300,000) (300,000) (300,000) (300,000) 4,000,000 4,590,000

Total PY Transactions (890,000) (1,500,000) 800,000 300,000 800,000 800,000 900,000 800,000 800,000 800,000 800,000 800,000 (4,000,000) 1,210,000 Net Increase/Decrease (2,014,474) (2,565,560) 1,152,258 (757,616) (659,651) 3,444,458 (364,651) (884,301) 3,655,345 (374,167) (29,972) 2,261,385 (4,000,000)


Ending Cash with TRAN 7,852,510 5,286,950 6,439,208 5,681,592 5,021,941 8,466,399 5,601,748 4,717,447 8,372,792 5,418,625 5,388,653 7,650,038 TRAN Balance 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 2,500,000 2,500,000 2,500,000 - - - Ending Cash without TRAN 2,852,510 286,950 1,439,208 681,592 21,941 3,466,399 3,101,748 2,217,447 5,872,792 5,418,625 5,388,653 7,650,038 Source: The District



13 - Cafeteria Special Reserve (R) 250,000 300,000 200,000 Total Revenues 74,802,009 79,260,131 79,739,011 85,446,409 87,166,373 25 - Capital Facilites (R) 200,000 150,000 -


Other Sources & Uses 417,128 281,815 266,748 494,293 -




C-43

Washington Unified School District Washington Unified School DistrictFresno Fresno


Actual / Projected Actual Actual Actual Actual Actual Actual Actual Projected Projected Projected Projected Projected Projected 2018-19Beginning Cash 3,105,270 3,134,481 1,266,826 2,149,612 2,122,745 2,220,617 3,975,120 4,103,405 3,340,818 3,529,159 4,159,237 3,359,943 Receipts

LCFF Revenue SourcesApportionment 1,089,131 1,089,131 3,150,283 1,960,436 1,960,436 3,689,789 1,960,436 1,832,876 2,800,694 1,832,876 1,832,876 2,800,698 - 25,999,662 Property Taxes - 20,805 16,086 10,975 - 1,446,323 787,518 15,446 49,420 1,570,965 112,001 12,121 - 4,041,661 Other - - - (61,685) - (82,248) - - - (75,000) - (139,417) - (358,350)

Federal Revenues - - 140,494 1,006 617,872 7,352 516,919 - 107,042 608,841 268,322 931,403 333,278 3,532,529 Other State Revenues - - 434,372 41,931 51,011 132,939 390,570 133,605 283,633 144,149 624,056 633,901 - 2,870,167 Other Local Revenues 59,906 47,757 141,931 86,632 102,390 107,881 329,634 219,571 40,753 323,907 321,729 163,129 - 1,945,220 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -


Certificated Salaries 250,262 1,105,892 1,218,861 1,196,444 1,259,040 1,166,717 1,117,379 1,194,311 1,194,311 1,194,311 1,194,311 1,194,956 138,223 13,425,016 Classified Salaries 212,356 390,413 411,843 415,314 401,096 417,301 464,875 406,840 405,840 405,840 387,446 399,828 7,151 4,726,144 Employee Benefits 248,504 727,326 722,410 778,651 773,787 769,895 763,574 777,192 777,192 777,192 777,192 1,670,604 65,075 9,628,593 Supplies and Services 84,256 747,255 378,259 689,838 553,623 414,653 423,662 645,000 736,000 744,000 559,000 470,372 829,217 7,275,134 Capital Outlay - 294,345 115,786 26,854 248,116 149,300 182,301 - - - - 7,433 - 1,024,135 Other Outgo 446,028 - - - - 224,178 105,958 4,542 16,458 9,750 86,000 89,283 - 982,197 Interfund Transfers Out - - - - - - - - - - - - - - Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 110,476 132,622 267,479 265,208 496,632 179,000 465,519 3,800 200 9,800 - (1,778,069) - 152,666 Due From Other Funds - 88,585 102,398 - - - - - (30,000) 50,000 86,000 - - 296,983 Other (5,950) (5,950) (1,000) - - - - - - - - - - (12,900) SUBTOTAL ASSETS 104,526 215,256 368,877 265,208 496,632 179,000 465,519 3,800 (29,800) 59,800 86,000 (1,778,069) - 436,748 Accounts Payable 1,388,307 (24,912) (52,915) 24,269 (116,245) 584,488 (114,908) (60,000) (135,000) (102,000) 336,330 (875,000) - 852,416 Due To Other Funds - - - (800,000) - - - - - - - - - (800,000) Current Loan - - - - - - 690,522 - - - - - - 690,522 Other 590 286 575,013 0 11,053 - (11,053) - 68,600 66,000 704,000 (845,000) - 569,488 SUBTOTAL LIABILITIES 1,388,897 (24,626) 522,098 (775,731) (105,192) 584,488 564,562 (60,000) (66,400) (36,000) 1,040,330 (1,720,000) - 1,312,426

Total PY Transactions (1,284,371) 239,882 (153,221) 1,040,939 601,824 (405,488) (99,043) 63,800 36,600 95,800 (954,330) (58,069) - (875,678) Net Increase/Decrease (1,376,739) (1,867,656) 882,786 (26,867) 97,872 1,754,503 828,285 (762,587) 188,341 1,370,445 (799,294) 511,290 (706,387)


Ending Cash with TRAN 3,134,481 1,266,826 2,149,612 2,122,745 2,220,617 3,975,120 4,103,405 3,340,818 3,529,159 4,159,237 3,359,943 3,871,233 TRAN Balance 1,405,950 1,405,950 1,405,950 1,405,950 1,405,950 1,405,950 705,950 705,950 705,950 - - - Ending Cash without TRAN 1,728,531 (139,124) 743,662 716,795 814,667 2,569,170 3,397,455 2,634,868 2,823,209 4,159,237 3,359,943 3,871,233 Source: The District


C-44 C-45

Washington Unified School DistrictFresno



LCFF Revenue SourcesApportionment 1,081,239 1,081,239 3,051,448 1,946,230 1,946,230 3,051,448 1,946,230 1,946,230 3,051,448 1,946,230 1,946,230 3,051,448 - 26,045,648 Property Taxes - 21,713 17,030 11,495 - 1,523,718 829,764 16,178 51,940 1,654,845 117,930 12,772 - 4,257,384 Other - - - - - - - - - - - - - -

Federal Revenues - - 134,963 1,017 593,091 7,121 496,108 - 102,748 584,613 257,718 894,214 319,774 3,391,368 Other State Revenues - - 296,848 28,645 34,923 90,840 267,026 91,232 193,844 98,492 426,535 433,402 - 1,961,787 Other Local Revenues 56,121 44,824 133,015 81,084 95,844 101,128 308,849 205,717 38,265 303,383 301,379 152,876 - 1,822,484 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -


Certificated Salaries 253,451 1,122,815 1,237,276 1,214,111 1,278,155 1,184,133 1,133,716 1,212,749 1,212,749 1,212,749 1,212,749 1,212,749 140,352 13,627,754 Classified Salaries 215,389 396,239 417,826 421,663 407,272 423,582 472,033 413,029 412,069 412,069 393,360 405,833 7,196 4,797,559 Employee Benefits 260,839 763,307 758,252 817,901 812,846 808,802 801,725 815,879 815,879 815,879 815,879 1,754,089 68,748 10,110,022 Supplies and Services 74,857 662,747 335,568 611,766 491,091 367,834 375,578 572,402 653,067 660,166 495,608 417,524 735,668 6,453,876 Capital Outlay - 294,336 115,830 26,832 248,148 149,319 182,296 - - - - 7,476 - 1,024,237 Other Outgo 446,016 - - - - 224,137 105,979 4,518 16,501 9,724 86,040 89,282 - 982,197 Interfund Transfers Out - - - - - - - - - - - - - - Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 108,079 130,441 260,881 260,881 488,220 175,163 454,678 3,727 - 11,181 - (1,744,176) - 149,075 Due From Other Funds - 85,718 100,626 - - - - - (29,815) 48,449 85,718 - - 290,696 Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 108,079 216,159 361,507 260,881 488,220 175,163 454,678 3,727 (29,815) 59,630 85,718 (1,744,176) - 439,771 Accounts Payable 1,387,240 (25,895) (51,790) 25,895 (114,678) 584,490 (114,678) (59,189) (133,175) (103,581) 336,637 (873,036) - 858,239 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - 11,098 - (11,098) - 70,287 66,587 702,868 (843,442) - (3,699) SUBTOTAL LIABILITIES 1,387,240 (25,895) (51,790) 25,895 (103,581) 584,490 (125,776) (59,189) (62,888) (36,993) 1,039,505 (1,716,478) - 854,540

Total PY Transactions (1,279,160) 242,054 413,297 234,986 591,801 (409,327) 580,455 62,916 33,073 96,623 (953,787) (27,699) - (414,769) Net Increase/Decrease (1,392,352) (1,849,614) 1,181,849 (788,817) 24,376 1,207,119 1,357,105 (696,303) 361,053 1,573,600 (907,632) 630,061 (632,190)


Ending Cash with TRAN 4,293,881 2,444,267 3,626,116 2,837,300 2,861,676 4,068,795 4,518,401 3,822,098 4,183,152 4,820,212 3,912,580 4,542,641 TRAN Balance 1,815,000 1,815,000 1,815,000 1,815,000 1,815,000 1,815,000 907,500 907,500 907,500 - - - Ending Cash without TRAN 2,478,881 629,267 1,811,116 1,022,300 1,046,676 2,253,795 3,610,901 2,914,598 3,275,652 4,820,212 3,912,580 4,542,641 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Jan 31, 2020 Apr 30, 2020 Jun 30, 2020Beginning Fund Balance 1,876,843 1,961,143 1,987,790 2,200,683 2,630,846 12 - Child Development (R) 34,000 29,000 9,000

13 - Cafetria Special Revnue (R) 277,043 440,500 390,000 Total Revenues 33,937,621 34,513,795 36,808,393 37,491,382 37,268,728 25 - Capital Facilites (R) 285,000 300,000 310,000

40 - Special Reserve for Cap Outlay (R) 15,000 30,000 30,000 Total Expenditures 33,853,321 34,561,732 36,595,070 37,061,219 36,993,055

Other Sources & Uses - 74,584 - - -




C-45

Yosemite Unified School District Yosemite Unified School DistrictMadera Madera



LCFF Revenue SourcesApportionment 374,898 374,898 1,372,986 674,816 674,816 1,372,986 674,816 593,360 1,309,879 593,360 666,205 1,369,722 - 10,052,742 Property Taxes - - 288,136 - - 4,412,262 240,515 - - 2,510,047 161,238 483,480 11,826 8,107,504 Other - (105,383) (210,766) (140,511) (140,511) (140,511) (140,774) (140,511) (290,638) (145,319) (129,433) (250,722) - (1,835,078)

Federal Revenues - - 41,889 53,963 41,167 25,460 344,812 171,736 10,113 43,111 32,277 141,635 105,062 1,011,224 Other State Revenues - - - 111,819 21,264 146,620 261,128 3,943 - 119,782 243,358 610,095 (141,099) 1,376,911 Other Local Revenues 62,779 109,743 73,593 71,968 41,706 66,639 38,423 41,852 142,304 110,027 31,819 102,037 36,356 929,245 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 437,677 379,258 1,565,838 772,055 638,442 5,883,457 1,418,920 670,380 1,171,658 3,231,008 1,005,464 2,456,247 12,145 19,642,548 Disbursements

Certificated Salaries 71,506 615,643 575,919 599,472 614,820 649,090 602,331 598,962 598,373 601,860 641,653 631,257 (390) 6,800,496 Classified Salaries 164,446 297,283 307,464 309,767 275,327 353,038 287,221 305,131 304,616 310,931 300,535 368,381 - 3,584,141 Employee Benefits 102,889 284,812 340,054 276,918 295,535 301,526 296,650 302,213 299,336 300,093 564,834 1,207,430 (610,232) 3,962,057 Supplies and Services 325,657 273,294 388,479 284,952 236,678 368,244 363,095 164,678 220,140 323,481 254,488 362,274 333,795 3,899,256 Capital Outlay 151,678 48,088 332,461 58,947 55,041 48,800 60,973 37,639 41,499 - 53,556 29,091 56,184 973,957 Other Outgo 17,546 176,479 31,582 31,582 31,582 73,235 46,479 17,257 21,645 2,870 27,973 27,975 (8,582) 497,622 Interfund Transfers Out 199,639 - - - - - - - - - - 155,701 - 355,340 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 114,971 31,409 60,446 178,545 - 8,818 (86,047) - - - - 61,898 482,347 852,386 Due From Other Funds - 105,658 (25,000) (90,000) - - - - - - - - (263,906) (273,248) Other - - - - - - - - - - - (789) (3,248) (4,038) SUBTOTAL ASSETS 114,971 137,067 35,446 88,545 - 8,818 (86,047) - - - - 61,108 215,192 575,100 Accounts Payable 977,108 179,786 (73,574) 28,455 (57,554) (62,799) (129,857) (8,431) (59,396) (59,692) (235,617) 13,524 542,453 1,054,405 Due To Other Funds - (7,026) - - - - - - - - - - (314,074) (321,101) Current Loan - - - - - - - - - - - - - - Other 76,241 (8,928) - (67,313) - - 7,148 125,194 1,238 - - - - 133,580 SUBTOTAL LIABILITIES 1,053,349 163,832 (73,574) (38,858) (57,554) (62,799) (122,709) 116,763 (58,158) (59,692) (235,617) 13,524 228,378 866,885

Total PY Transactions (938,378) (26,764) 109,020 127,403 57,554 71,617 36,662 (116,763) 58,158 59,692 235,617 47,584 (13,186) (291,785) Net Increase/Decrease (1,534,063) (1,343,106) (301,101) (662,181) (812,987) 4,161,140 (201,168) (872,263) (255,793) 1,751,465 (601,958) (278,277) 228,186


Ending Cash with TRAN 3,744,787 2,401,682 2,100,580 1,438,399 625,412 4,786,552 3,330,384 2,458,121 2,202,328 2,648,593 2,046,635 1,768,359 TRAN Balance 2,510,000 2,510,000 2,510,000 2,510,000 2,510,000 2,510,000 1,255,000 1,255,000 1,255,000 - - - Ending Cash without TRAN 1,234,787 (108,318) (409,420) (1,071,601) (1,884,588) 2,276,552 2,075,384 1,203,121 947,328 2,648,593 2,046,635 1,768,359 Source: The District


C-46 C-47

Yosemite Unified School DistrictMadera



LCFF Revenue SourcesApportionment 366,951 366,951 1,251,905 660,512 660,512 1,251,905 660,512 660,512 1,251,905 660,512 660,512 1,251,905 - 9,704,590 Property Taxes - - 224,863 - - 3,445,851 188,100 - - 1,755,399 126,217 377,426 9,191 6,127,047 Other - - - - - - - - - - - - - -

Federal Revenues - - 37,595 48,463 37,008 22,812 309,573 14,392 211,669 46,994 28,980 127,177 94,380 979,041 Other State Revenues - - - 78,067 14,789 102,433 182,319 - - 337,241 169,954 425,976 (98,554) 1,212,225 Other Local Revenues 44,421 77,633 52,033 50,886 29,510 47,132 27,164 6,934 43,691 21,585 22,523 72,158 25,704 521,375 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 411,372 444,584 1,566,396 837,928 741,818 4,870,133 1,367,667 681,838 1,507,265 2,821,730 1,008,186 2,254,642 30,720 18,544,278 Disbursements

Certificated Salaries 68,528 590,647 552,794 575,636 589,995 623,280 578,247 576,942 567,152 582,163 616,100 605,658 (653) 6,526,488 Classified Salaries 166,945 301,869 311,943 314,461 279,561 358,356 291,434 294,673 283,519 316,620 305,107 373,828 - 3,598,316 Employee Benefits 109,744 303,302 362,110 294,967 314,878 320,898 315,804 187,538 626,978 557,057 601,510 1,285,908 (649,668) 4,631,027 Supplies and Services 277,949 233,531 331,789 243,290 202,237 314,628 309,917 166,568 266,845 206,611 217,379 309,244 285,016 3,365,000 Capital Outlay 7,350 2,330 16,115 2,855 2,670 2,365 2,955 2,055 1,935 2,635 2,595 1,410 2,725 49,995 Other Outgo 13,034 131,062 13,034 13,034 23,446 54,378 34,504 42,484 20,786 (950) 20,786 20,786 (6,384) 380,000 Interfund Transfers Out 183,330 - - - - - - - - - - 143,640 - 326,970 Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 826,881 1,562,741 1,587,784 1,444,243 1,412,787 1,673,905 1,532,861 1,270,258 1,767,215 1,664,136 1,763,477 2,740,473 (368,964) 18,877,796 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 108,542 29,653 57,066 168,562 - 8,325 (81,236) - - - - 58,437 455,378 804,727 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 108,542 29,653 57,066 168,562 - 8,325 (81,236) - - - - 58,437 455,378 804,727 Accounts Payable 918,934 169,082 (69,194) 26,761 (54,128) (59,060) (122,126) (7,929) (55,860) (56,138) (221,589) 12,719 510,157 991,630 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 918,934 169,082 (69,194) 26,761 (54,128) (59,060) (122,126) (7,929) (55,860) (56,138) (221,589) 12,719 510,157 991,630

Total PY Transactions (810,392) (139,429) 126,260 141,801 54,128 67,385 40,890 7,929 55,860 56,138 221,589 45,718 (54,779) (186,903) Net Increase/Decrease (1,225,901) (1,257,586) 104,871 (464,515) (616,841) 3,263,613 (124,305) (580,492) (204,090) 1,213,733 (533,702) (440,113) 344,905


Ending Cash with TRAN 3,177,458 1,919,872 2,024,743 1,560,229 943,388 4,207,001 2,765,197 2,184,705 1,980,615 1,834,688 1,300,985 860,872 TRAN Balance 2,635,000 2,635,000 2,635,000 2,635,000 2,635,000 2,635,000 1,317,500 1,317,500 1,317,500 - - - Ending Cash without TRAN 542,458 (715,128) (610,257) (1,074,771) (1,691,612) 1,572,001 1,447,697 867,205 663,115 1,834,688 1,300,985 860,872 Source: The District



13 - Cafetria Special Revnue (R) 1,000 1,000 1,000 Total Revenues 19,275,959 18,860,760 18,606,527 19,932,574 18,544,260 20 - Special Reserve for Post Emplyment Benefits (U) 135,000 135,000 135,000

25 - Capital Facilites (R) 10,000 10,000 10,000 Total Expenditures 18,141,163 19,159,346 19,980,657 20,188,193 18,900,008 40 - Special Reserve for Cap Outlay (U) 20,000 20,000 20,000

Other Sources & Uses (110,000) (117,875) 615,457 (355,340) -




C-47

C-48

CERTAIN BACKGROUND INFORMATION AND PROJECTED CASH FLOWS FOR SERIES C DISTRICT

Ventura Unified School District Ventura Unified School DistrictVentura Ventura


Actual / Projected Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Projected Projected 2018-19Beginning Cash 14,856,870 32,203,537 22,763,572 22,656,070 12,856,650 6,559,843 42,198,790 29,365,611 21,846,104 22,141,877 27,814,546 19,844,095 Receipts

LCFF Revenue SourcesApportionment 3,525,185 3,525,185 12,566,717 6,345,333 6,345,333 12,566,717 6,345,333 6,074,113 12,369,552 6,074,113 6,074,113 13,225,631 - 95,037,325 Property Taxes 397,755 970 - 93,375 2,103,387 33,030,010 1,495,809 3 297,881 24,476,935 936,628 (2,682,617) - 60,150,136 Other - (87,136) - (290,455) (232,364) (116,182) - - (114,805) - (526,524) (125,194) - (1,492,660)

Federal Revenues 71,237 296,274 1,028 675,225 489,423 806,739 182,156 8,709 711,767 95,912 32,526 5,794,447 - 9,165,445 Other State Revenues 11,882 (515,529) 869,240 471,719 194,982 1,091,492 2,359,630 63,708 1,819,934 21,466 41,466 9,652,584 - 16,082,574 Other Local Revenues 1,018,803 412,134 915,290 1,240,625 762,474 2,117,982 1,066,575 3,739,741 784,024 2,192,185 1,244,289 (1,732,105) - 13,762,017 Interfund Transfers In - - - - - - - - - - - 30,000 - 30,000 Other Financing Sources - - - - - - - - - - - - - -


Certificated Salaries 871,716 6,489,852 6,420,994 6,569,815 6,867,414 6,615,443 6,634,528 6,798,303 6,694,727 7,933,356 6,762,749 8,313,536 - 76,972,433 Classified Salaries 1,471,842 2,516,466 2,341,506 2,405,906 2,437,201 2,380,509 2,390,475 2,369,355 2,430,506 2,894,835 2,458,535 3,681,035 - 29,778,172 Employee Benefits 1,030,552 3,817,318 3,816,818 3,849,437 3,916,262 3,856,419 4,052,478 3,862,274 3,870,055 4,237,713 3,880,629 10,369,825 - 50,559,779 Supplies and Services 858,968 1,749,423 2,773,596 2,231,617 2,547,027 1,495,134 1,563,682 2,222,549 1,986,560 2,247,210 2,148,787 6,427,916 - 28,252,468 Capital Outlay 6,661 55,225 98,647 23,327 80,088 78,307 (41,487) - 18,205 131,376 64,163 2,079,029 - 2,593,540 Other Outgo 54,482 54,482 98,068 384,887 98,068 98,068 98,068 1,229,354 112,772 112,244 111,127 2,657,652 - 5,109,272 Interfund Transfers Out - - - 725,000 50,000 - 370,000 - - - - (145,000) - 1,000,000 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 423,566 1,567,748 585,634 336,328 272,589 138,307 133,115 5,066 46,386 75,890 52,035 (7,161,961) - (3,525,297) Due From Other Funds 53 132,347 1,706 - (650,000) - - - - - - (1,331,867) - (1,847,761) Other 228,992 (10,449) 43,062 (16,983) 12,780 139,856 (8,159) 61,478 (6,876) 3,808 (13,015) (250,040) - 184,454 SUBTOTAL ASSETS 652,610 1,689,647 630,403 319,346 (364,632) 278,162 124,956 66,544 39,510 79,698 39,019 (8,743,868) - (5,188,604) Accounts Payable 3,262,461 (193,147) (461,155) 2,452,843 (492,228) (477,606) (462,906) 990,490 499,265 (181,592) 385,979 (6,456,936) - (1,134,533) Due To Other Funds - 79,800 1,706 - - - - - - - - (259,264) - (177,759) Current Loan - - - - - - - - - - - - - - Other 559,124 192,090 - 11,756 91,579 89,699 (89,699) - - - - (613,048) - 241,501 SUBTOTAL LIABILITIES 3,821,585 78,742 (459,448) 2,464,599 (400,650) (387,908) (552,605) 990,490 499,265 (181,592) 385,979 (7,329,248) - (1,070,790)

Total PY Transactions (3,168,975) 1,610,905 1,089,851 (2,145,253) 36,018 666,070 677,561 (923,946) (459,755) 261,290 (346,960) (1,414,619) - (4,117,813) Net Increase/Decrease (2,438,333) (9,439,965) (107,502) (9,799,420) (6,296,808) 35,638,948 (2,940,679) (7,519,507) 295,774 15,565,168 (7,970,450) (10,635,866) -


Ending Cash with TRAN 32,203,537 22,763,572 22,656,070 12,856,650 6,559,843 42,198,790 29,365,611 21,846,104 22,141,877 27,814,546 19,844,095 9,208,230 TRAN Balance 19,785,000 19,785,000 19,785,000 19,785,000 19,785,000 19,785,000 9,892,500 9,892,500 9,892,500 - - - Ending Cash without TRAN 12,418,537 2,978,572 2,871,070 (6,928,350) (13,225,157) 22,413,790 19,473,111 11,953,604 12,249,377 27,814,546 19,844,095 9,208,230 Source: The District


C-49 C-50

Ventura Unified School DistrictVentura



LCFF Revenue SourcesApportionment 3,840,449 3,840,449 12,606,844 6,629,912 6,629,912 12,606,844 6,629,912 6,262,383 12,364,603 6,262,383 6,262,383 11,756,379 - 95,692,454 Property Taxes 441,487 214,725 164,064 242,637 2,006,423 33,037,165 1,414,391 161,534 407,786 24,155,045 963,985 (1,027,725) - 62,181,517 Other (7,782) (68,777) (79,452) (232,845) (222,508) (110,854) (17,891) (49,504) (180,055) (46,258) (409,225) (159,335) - (1,584,487)

Federal Revenues (11,682) 185,664 177,157 427,806 381,374 858,248 79,754 (4,994) 632,894 35,005 27,108 5,327,962 - 8,116,294 Other State Revenues (321,637) (965,601) 470,482 (244,761) 32,439 1,254,806 1,399,854 (335,227) 1,978,041 50,264 (195,856) 7,532,243 - 10,655,047 Other Local Revenues 1,565,620 668,980 853,409 552,998 798,654 2,073,561 993,739 2,763,459 894,669 2,087,093 1,263,110 (531,722) - 13,983,570 Interfund Transfers In (11,770) (11,770) (11,770) (11,770) (11,770) (11,770) (11,770) (11,770) (11,770) (11,770) (11,770) 159,472 - 30,000 Other Financing Sources - - - - - - - - - - - - - -


Certificated Salaries 901,578 6,518,148 6,440,312 6,587,626 6,863,431 6,630,386 6,700,106 6,845,428 6,732,338 7,625,919 6,757,884 8,045,741 - 76,648,897 Classified Salaries 1,519,860 2,547,724 2,394,796 2,456,150 2,483,640 2,472,886 2,424,999 2,426,656 2,476,982 2,821,198 2,492,071 3,629,666 - 30,146,626 Employee Benefits 1,207,595 3,959,759 3,955,436 3,983,108 4,045,370 4,000,283 4,193,784 4,008,677 5,064,170 4,272,848 4,010,164 9,071,913 - 51,773,106 Supplies and Services 690,438 5,388,712 2,862,281 1,869,188 2,202,029 (1,907,088) 1,377,052 1,866,313 1,801,734 2,065,119 1,867,113 5,676,724 - 25,759,616 Capital Outlay (15,004) 102,542 110,857 42,265 51,986 57,287 10,621 37,694 32,744 77,823 (12,796) 1,415,643 - 1,911,661 Other Outgo 47,651 47,651 91,907 350,044 90,671 91,907 277,449 886,445 101,711 99,651 101,302 2,840,574 - 5,026,963 Interfund Transfers Out 28,450 28,450 98,450 635,950 63,450 78,450 287,550 28,450 28,450 28,450 78,450 (84,546) - 1,300,000 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 434,115 1,682,791 498,853 1,499,619 268,406 142,934 206,045 7,762 36,450 70,728 26,865 (6,923,405) - (2,048,839) Due From Other Funds 29,672 98,114 125,765 (1,823) (381,838) - 68,491 - - - - (1,407,374) - (1,468,993) Other 162,168 3,181,941 42,451 (19,261) 16,455 (3,102,760) (28,164) 18,374 (43,426) (27,223) (55,020) (246,595) - (101,059) SUBTOTAL ASSETS 625,955 4,962,846 667,069 1,478,534 (96,977) (2,959,826) 246,372 26,136 (6,976) 43,505 (28,155) (8,577,373) - (3,618,891) Accounts Payable 3,949,248 16,367 (392,055) 1,428,429 (479,953) (445,007) 181,320 879,910 238,211 25,412 256,330 (6,144,876) - (486,665) Due To Other Funds 5,309 48,237 153,306 (1,734) 709 - 278 - - - - (210,296) - (4,191) Current Loan - - - - - - - - - - - - - - Other 335,475 365,196 - 25,398 62,617 26,534 (48,862) 46,247 - - (72,695) (640,333) - 99,576 SUBTOTAL LIABILITIES 4,290,031 429,799 (238,749) 1,452,094 (416,627) (418,473) 132,735 926,156 238,211 25,412 183,636 (6,995,505) - (391,280)

Total PY Transactions (3,664,076) 4,533,047 905,818 26,440 319,650 (2,541,353) 113,637 (900,020) (245,187) 18,093 (211,791) (1,581,868) - (3,227,610) Net Increase/Decrease (2,549,959) (10,196,269) (867,485) (8,533,915) (5,866,402) 35,742,535 (4,669,935) (8,213,803) (397,147) 15,558,848 (7,606,243) (9,120,311) -


Ending Cash with TRAN 26,658,271 16,462,002 15,594,517 7,060,602 1,194,201 36,936,736 22,266,801 14,052,998 13,655,852 18,894,699 11,288,456 2,168,145 TRAN Balance 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 10,000,000 10,000,000 10,000,000 - - - Ending Cash without TRAN 6,658,271 (3,537,998) (4,405,483) (12,939,398) (18,805,799) 16,936,736 12,266,801 4,052,998 3,655,852 18,894,699 11,288,456 2,168,145 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Jan 31, 2020 Apr 30, 2020 May 29, 2020Beginning Fund Balance 13,089,289 20,284,703 14,173,260 14,856,870 9,208,230 11 - Adult Education (R) 3,720,547 3,753,415 4,555,924

12 - Child Development (R) 370,941 348,961 119,820 Total Revenues 185,207,455 179,746,423 184,311,930 192,734,837 189,074,395 13 - Cafetria Special Revnue (R) 432,714 238,253 68,592

25 - Capital Facilites (R) 5,157,804 5,324,321 4,914,255 Total Expenditures 176,056,300 185,133,942 184,374,161 194,265,664 192,566,869 73 - Foundation Private-Purpose Trust (R) 646,054 712,448 322,552

Other Sources & Uses (1,955,741) (723,924) 773,335 - -




C-50

APPENDIX D

COVERAGE ANALYSIS

* Includes projected General Fund cash, 100% of unrestricted funds and 75% of restricted funds.

D-2

Series District

A Bret Harte Union High School District 2,005,000 1/31/2020 3.81 4/30/2020 4.21 6/30/2020 2.10 2.70A Carpinteria Unified School District 4,725,000 4/30/2020 2.26 6/30/2020 1.58 1.74A College Elementary School District 1,420,000 4/30/2020 1.53 6/30/2020 1.19 1.33A Hillsborough City Elementary School District 1,000,000 1/31/2020 15.24 4/30/2020 15.98 6/30/2020 6.48 7.42A Loma Prieta Joint Union Elementary School District 660,000 1/31/2020 5.56 4/30/2020 2.54 6/30/2020 3.09 3.61A Pacific Grove Unified School District 6,000,000 1/31/2020 3.31 4/30/2020 2.55 6/30/2020 1.40 1.43

B Amador County Unified School District 5,000,000 4/30/2020 2.36 6/30/2020 1.59 2.20B Belmont-Redwood Shores Elementary School District 10,000,000 4/30/2020 1.79 6/30/2020 1.38 1.46B Calaveras Unified School District 2,940,000 1/31/2020 3.76 4/30/2020 2.81 6/30/2020 1.67 1.71B Calipatria Unified School District 1,030,000 1/31/2020 4.71 4/30/2020 5.66 6/30/2020 1.33 1.40B Conejo Valley Unified School District 20,000,000 4/30/2020 3.42 6/30/2020 2.12 2.85B Eureka City School District 4,455,000 1/31/2020 4.10 4/30/2020 3.86 6/30/2020 1.74 2.05B Gavilan Joint Community College District 6,000,000 1/31/2020 1.76 4/30/2020 1.66 6/30/2020 1.40 1.71B Golden Valley Unified School District 2,520,000 1/31/2020 2.95 4/30/2020 2.29 6/30/2020 1.33 1.41B Hope Elementary School District 1,000,000 1/31/2020 7.80 4/30/2020 8.79 6/30/2020 2.98 2.98B King City Union School District 2,370,000 1/31/2020 4.22 4/30/2020 4.50 6/30/2020 3.18 3.52B Monterey Peninsula Unified School District 12,380,000 1/31/2020 4.24 4/30/2020 4.32 6/30/2020 2.23 2.72B Oak Park Unified School District 7,250,000 1/31/2020 2.07 4/30/2020 1.62 6/30/2020 1.34 1.36B River Delta Joint Unified School District 500,000 1/31/2020 23.20 4/30/2020 27.22 6/30/2020 12.00 13.66B Selma Unified School District 5,000,000 1/31/2020 3.24 4/30/2020 3.07 6/30/2020 2.49 2.53B Washington Unified School District 1,815,000 1/31/2020 5.98 4/30/2020 6.12 6/30/2020 3.45 3.75B Yosemite Unified School District 2,635,000 1/31/2020 3.22 4/30/2020 2.43 6/30/2020 1.36 1.42

C Ventura Unified School District 20,000,000 1/31/2020 3.23 4/30/2020 2.81 5/29/2020 1.54 1.91

All Available Funds*

First Set Aside Maturity

Note Amount Date

Gen. Fund + Unrestricted

Reserves Date


Reserves

Second Set Aside

Date


Reserves

APPENDIX E

PROPOSED FORMS OF BOND COUNSEL OPINIONS

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July __, 2019

California School Cash Reserve Program Authority

Moorpark, California

California School Cash Reserve Program Authority 2019-2020 Bonds, Series A

(Final Opinion)

Ladies and Gentlemen:

We have acted as bond counsel to the California School Cash Reserve Program Authority (the “Authority”) in connection with the issuance of its California School Cash Reserve Program Authority 2019-2020 Bonds, Series A (the “Series A Bonds”), in the aggregate principal amount of $__________, issued pursuant to the Indenture, dated as of July 1, 2019 (the “Indenture”), by and between the Authority and U.S. Bank National Association, as trustee (the “Trustee”). Capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Indenture.

In such connection, we have reviewed the Indenture, the resolutions of the California school districts, community college districts and county boards of education (collectively, the “Districts”) identified in Schedule I to the Indenture and, for a District that is not fiscally accountable, in certain cases, a corresponding resolution of the County Board of Supervisors of the County in which such District is located (collectively, the “Counties”), each such resolution (collectively, the “Note Resolutions”) approving the issuance of the tax and revenue anticipation notes (the “Series A Notes”) issued on the date hereof by or on behalf of such Districts and designated the respective District’s “2019-2020 Tax and Revenue Anticipation Note,” with the seniority and series designations identified in Schedule I to the Indenture, the Tax Certificate of the Authority, dated the date hereof (the “Tax Certificate”), relating to the Series A Bonds, certificates of the Authority, the Districts (the “District Certificates”) and the Trustee, opinions of counsel to the Trustee, the Districts and others, an opinion of Kutak Rock LLP, as special counsel to the Districts, regarding the issuance of the Series A Notes by the Districts or Counties, as applicable, and the adoption, legality, validity and enforceability of the Note Resolutions, the Series A Notes and certain other matters, and such other documents, opinions and matters to the extent we deemed necessary to render the opinions set forth herein.

The opinions expressed herein are based on an analysis of existing laws, regulations, rulings and court decisions and cover certain matters not directly addressed by such authorities. Such opinions may be affected by actions taken or omitted or events occurring after the date hereof. We have not undertaken to determine, or to inform any person, whether any such actions are taken or omitted or events do occur or any other matters come to our attention after the date hereof. Accordingly, this letter speaks only as of its date and is not intended to, and may not, be relied upon or otherwise used in connection with any such actions, events or matters. Our engagement with respect to the Series A Bonds has concluded with their issuance, and we disclaim any obligation to update this letter. We have assumed the genuineness of all documents and signatures presented to us (whether as originals or as copies) and the due and legal

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execution and delivery thereof by, and validity against, any parties other than the Authority. We have assumed, without undertaking to verify, the accuracy of the factual matters represented, warranted or certified in the documents, and of the legal conclusions contained in the opinions, referred to in the second paragraph hereof. Furthermore, we have assumed compliance with all covenants and agreements contained in the Note Resolutions, the Indenture, the District Certificates and the Tax Certificate, including (without limitation) covenants and agreements compliance with which is necessary to assure that future actions, omissions or events will not cause interest on the Series A Bonds to be included in gross income for federal income tax purposes. We call attention to the fact that the rights and obligations under the Series A Bonds, the Note Resolutions, the Series A Notes, the Indenture, the District Certificates and the Tax Certificate and their enforceability may be subject to bankruptcy, insolvency, receivership, reorganization, arrangement, fraudulent conveyance, moratorium and other laws relating to or affecting creditors’ rights, to the application of equitable principles, to the exercise of judicial discretion in appropriate cases and to the limitations on legal remedies against school districts, community college districts, county boards of education, counties and joint powers authorities in the State of California. We express no opinion with respect to any indemnification, contribution, liquidated damages, penalty (including any remedy deemed to constitute a penalty), right of set-off, arbitration, judicial reference, choice of law, choice of forum, choice of venue, non-exclusivity of remedies, waiver or severability provisions contained in the foregoing documents, nor do we express any opinion with respect to the state or quality of title to or interest in any of the assets described in or as subject to the lien of the Note Resolutions or the Indenture, or the accuracy or sufficiency of the description contained therein of, or the remedies available to enforce liens on, any such assets. Our services did not include financial or other non-legal advice. Finally, we undertake no responsibility for the accuracy, completeness or fairness of the Official Statement or other offering material relating to the Series A Notes or the Series A Bonds and express no opinion with respect thereto.

Based on and subject to the foregoing, and in reliance thereon, as of the date hereof, we are of the following opinions:

1. The Series A Bonds constitute the valid and binding special obligations of the Authority, payable from interest and principal payments made by the Districts on their respective Series A Notes.

2. The Indenture has been duly executed and delivered by, and constitutes the valid and binding special obligation of, the Authority.

3. Interest on the Series A Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986 and is exempt from State of California personal income taxes. The amount treated as interest on the Series A Bonds and excluded from gross income may depend upon the taxpayer’s election under Internal Revenue Service Notice 94-84. Interest on the Series A Bonds is not a specific preference item for purposes of the federal alternative minimum tax. We express no opinion regarding other tax consequences related to the ownership or disposition of, or the amount, accrual or receipt of interest on, the Series A Bonds.

Faithfully yours,

ORRICK, HERRINGTON & SUTCLIFFE LLP

per

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July __, 2019



California School Cash Reserve Program Authority 2019-2020 Bonds, Series B

(Final Opinion)


We have acted as bond counsel to the California School Cash Reserve Program Authority (the “Authority”) in connection with the issuance of its California School Cash Reserve Program Authority 2019-2020 Bonds, Series B (the “Series B Bonds”), in the aggregate principal amount of $__________, issued pursuant to the Indenture, dated as of July 1, 2019 (the “Original Indenture”), by and between the Authority and U.S. Bank National Association, as trustee (the “Trustee”), as supplemented by the First Supplemental Indenture, dated as of July 1, 2019 (the “First Supplemental Indenture” and together with the Original Indenture, the “Indenture”), by and between the Authority and the Trustee. Capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Indenture.

In such connection, we have reviewed the Indenture, the resolutions of the California school districts, community college districts and county boards of education (collectively, the “Districts”) identified in Schedule I to the First Supplemental Indenture and, for a District that is not fiscally accountable, in certain cases, a corresponding resolution of the County Board of Supervisors of the County in which such District is located (collectively, the “Counties”), each such resolution (collectively, the “Note Resolutions”) approving the issuance of the tax and revenue anticipation notes (the “Series B Notes”) issued on the date hereof by or on behalf of such Districts and designated the respective District’s “2019-2020 Tax and Revenue Anticipation Note,” with the seniority and series designations identified in Schedule I to the First Supplemental Indenture, the Tax Certificate of the Authority, dated the date hereof (the “Tax Certificate”), relating to the Series B Bonds, certificates of the Authority, the Districts (the “District Certificates”) and the Trustee, opinions of counsel to the Trustee, the Districts and others, an opinion of Kutak Rock LLP, as special counsel to the Districts, regarding the issuance of the Series B Notes by the Districts or Counties, as applicable, and the adoption, legality, validity and enforceability of the Note Resolutions, the Series B Notes and certain other matters, and such other documents, opinions and matters to the extent we deemed necessary to render the opinions set forth herein.

The opinions expressed herein are based on an analysis of existing laws, regulations, rulings and court decisions and cover certain matters not directly addressed by such authorities. Such opinions may be affected by actions taken or omitted or events occurring after the date hereof. We have not undertaken to determine, or to inform any person, whether any such actions are taken or omitted or events do occur or any other matters come to our attention after the date hereof. Accordingly, this letter speaks only as of its date and is not intended to, and may not, be relied upon or otherwise used in connection with any such actions, events or matters. Our engagement with respect to the Series B Bonds has concluded with their

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issuance, and we disclaim any obligation to update this letter. We have assumed the genuineness of all documents and signatures presented to us (whether as originals or as copies) and the due and legal execution and delivery thereof by, and validity against, any parties other than the Authority. We have assumed, without undertaking to verify, the accuracy of the factual matters represented, warranted or certified in the documents, and of the legal conclusions contained in the opinions, referred to in the second paragraph hereof. Furthermore, we have assumed compliance with all covenants and agreements contained in the Note Resolutions, the Indenture, the District Certificates and the Tax Certificate, including (without limitation) covenants and agreements compliance with which is necessary to assure that future actions, omissions or events will not cause interest on the Series B Bonds to be included in gross income for federal income tax purposes. We call attention to the fact that the rights and obligations under the Series B Bonds, the Note Resolutions, the Series B Notes, the Indenture, the District Certificates and the Tax Certificate and their enforceability may be subject to bankruptcy, insolvency, receivership, reorganization, arrangement, fraudulent conveyance, moratorium and other laws relating to or affecting creditors’ rights, to the application of equitable principles, to the exercise of judicial discretion in appropriate cases and to the limitations on legal remedies against school districts, community college districts, county boards of education, counties and joint powers authorities in the State of California. We express no opinion with respect to any indemnification, contribution, liquidated damages, penalty (including any remedy deemed to constitute a penalty), right of set-off, arbitration, judicial reference, choice of law, choice of forum, choice of venue, non-exclusivity of remedies, waiver or severability provisions contained in the foregoing documents, nor do we express any opinion with respect to the state or quality of title to or interest in any of the assets described in or as subject to the lien of the Note Resolutions or the Indenture, or the accuracy or sufficiency of the description contained therein of, or the remedies available to enforce liens on, any such assets. Our services did not include financial or other non-legal advice. Finally, we undertake no responsibility for the accuracy, completeness or fairness of the Official Statement or other offering material relating to the Series B Notes or the Series B Bonds and express no opinion with respect thereto.


1. The Series B Bonds constitute the valid and binding special obligations of the Authority, payable from interest and principal payments made by the Districts on their respective Series B Notes.


3. Interest on the Series B Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986 and is exempt from State of California personal income taxes. The amount treated as interest on the Series B Bonds and excluded from gross income may depend upon the taxpayer’s election under Internal Revenue Service Notice 94-84. Interest on the Series B Bonds is not a specific preference item for purposes of the federal alternative minimum tax. We express no opinion regarding other tax consequences related to the ownership or disposition of, or the amount, accrual or receipt of interest on, the Series B Bonds.

Faithfully yours,


per

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July __, 2019



California School Cash Reserve Program Authority 2019-2020 Bonds, Series C

(Final Opinion)


We have acted as bond counsel to the California School Cash Reserve Program Authority (the “Authority”) in connection with the issuance of its California School Cash Reserve Program Authority 2019-2020 Bonds, Series C (the “Series C Bonds”), in the aggregate principal amount of $__________, issued pursuant to the Indenture, dated as of July 1, 2019 (the “Original Indenture”), by and between the Authority and U.S. Bank National Association, as trustee (the “Trustee”), as supplemented by the Second Supplemental Indenture, dated as of July 1, 2019 (the “Second Supplemental Indenture” and together with the Original Indenture, the “Indenture”), by and between the Authority and the Trustee. Capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Indenture.

In such connection, we have reviewed the Indenture, the resolutions of the California school districts, community college districts and county boards of education (collectively, the “Districts”) identified in Schedule I to the Second Supplemental Indenture and, for a District that is not fiscally accountable, in certain cases, a corresponding resolution of the County Board of Supervisors of the County in which such District is located (collectively, the “Counties”), each such resolution (collectively, the “Note Resolutions”) approving the issuance of the tax and revenue anticipation notes (the “Series C Notes”) issued on the date hereof by or on behalf of such Districts and designated the respective District’s “2019-2020 Tax and Revenue Anticipation Note,” with the seniority and series designations identified in Schedule I to the Second Supplemental Indenture, the Tax Certificate of the Authority, dated the date hereof (the “Tax Certificate”), relating to the Series C Bonds, certificates of the Authority, the Districts (the “District Certificates”) and the Trustee, opinions of counsel to the Trustee, the Districts and others, an opinion of Kutak Rock LLP, as special counsel to the Districts, regarding the issuance of the Series C Notes by the Districts or Counties, as applicable, and the adoption, legality, validity and enforceability of the Note Resolutions, the Series C Notes and certain other matters, and such other documents, opinions and matters to the extent we deemed necessary to render the opinions set forth herein.

The opinions expressed herein are based on an analysis of existing laws, regulations, rulings and court decisions and cover certain matters not directly addressed by such authorities. Such opinions may be affected by actions taken or omitted or events occurring after the date hereof. We have not undertaken to determine, or to inform any person, whether any such actions are taken or omitted or events do occur or any other matters come to our attention after the date hereof. Accordingly, this letter speaks only as of its date and is not intended to, and may not, be relied upon or otherwise used in connection with any such actions, events or matters. Our engagement with respect to the Series C Bonds has concluded with their

E-7

issuance, and we disclaim any obligation to update this letter. We have assumed the genuineness of all documents and signatures presented to us (whether as originals or as copies) and the due and legal execution and delivery thereof by, and validity against, any parties other than the Authority. We have assumed, without undertaking to verify, the accuracy of the factual matters represented, warranted or certified in the documents, and of the legal conclusions contained in the opinions, referred to in the second paragraph hereof. Furthermore, we have assumed compliance with all covenants and agreements contained in the Note Resolutions, the Indenture, the District Certificates and the Tax Certificate, including (without limitation) covenants and agreements compliance with which is necessary to assure that future actions, omissions or events will not cause interest on the Series C Bonds to be included in gross income for federal income tax purposes. We call attention to the fact that the rights and obligations under the Series C Bonds, the Note Resolutions, the Series C Notes, the Indenture, the District Certificates and the Tax Certificate and their enforceability may be subject to bankruptcy, insolvency, receivership, reorganization, arrangement, fraudulent conveyance, moratorium and other laws relating to or affecting creditors’ rights, to the application of equitable principles, to the exercise of judicial discretion in appropriate cases and to the limitations on legal remedies against school districts, community college districts, county boards of education, counties and joint powers authorities in the State of California. We express no opinion with respect to any indemnification, contribution, liquidated damages, penalty (including any remedy deemed to constitute a penalty), right of set-off, arbitration, judicial reference, choice of law, choice of forum, choice of venue, non-exclusivity of remedies, waiver or severability provisions contained in the foregoing documents, nor do we express any opinion with respect to the state or quality of title to or interest in any of the assets described in or as subject to the lien of the Note Resolutions or the Indenture, or the accuracy or sufficiency of the description contained therein of, or the remedies available to enforce liens on, any such assets. Our services did not include financial or other non-legal advice. Finally, we undertake no responsibility for the accuracy, completeness or fairness of the Official Statement or other offering material relating to the Series C Notes or the Series C Bonds and express no opinion with respect thereto.


1. The Series C Bonds constitute the valid and binding special obligations of the Authority, payable from interest and principal payments made by the Districts on their respective Series C Notes.


3. Interest on the Series C Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986 and is exempt from State of California personal income taxes. The amount treated as interest on the Series C Bonds and excluded from gross income may depend upon the taxpayer’s election under Internal Revenue Service Notice 94-84. Interest on the Series C Bonds is not a specific preference item for purposes of the federal alternative minimum tax. We express no opinion regarding other tax consequences related to the ownership or disposition of, or the amount, accrual or receipt of interest on, the Series C Bonds.

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Faithfully yours,


per