t n i preliminary official statement dated june 7, 2017 e ...€¦ · preliminary official...

PRELIMINARY OFFICIAL STATEMENT DATED JUNE 7, 2017

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 individual or corporate alternative minimum taxes, although Bond Counsel observes that such interest is included in adjusted current earnings when calculating corporate alternative minimum taxable income. 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

$37,525,000*

2017-2018 BONDS

SERIES A

$119,500,000*

2017-2018 BONDS

SERIES B

$2,885,000*

2017-2018 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 2017-2018 Bonds, Series A (the “Series A Bonds”), its 2017-2018 Bonds, Series B (the “Series B Bonds”), and its 2017-2018 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, 2017 (the “Original Indenture”), and, as applicable, a separate supplemental indenture for such series of Bonds, dated as of July 1, 2017 (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 2017-2018 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 county board of education 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, cash receipts and other moneys provided for Fiscal Year 2017-2018 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 6, 2017, in New York, New York.

Dated: ___________, 2017.

* Preliminary; subject to change. Th

is P

reli

min

ary

Off

icia

l S

tate

men

t an

d t

he i

nfo

rmat

ion

con

tain

ed h

erei

n a

re s

ubj

ect

to c

om

plet

ion

or

amen

dm

ent.

T

hes

e se

curi

ties

may

no

t be

sol

d n

or

may

off

ers

to b

uy b

e ac

cep

ted

pri

or

to t

he t

ime

the

Off

icia

l S

tate

men

t is

del

iver

ed i

n f

inal

fo

rm.

Und

er n

o c

ircu

mst

ance

s sh

all

this

Pre

lim

inar

y O

ffic

ial

Sta

tem

ent

con

stit

ute

an o

ffer

to

sel

l o

ra

soli

cita

tion

of

an o

ffer

to

buy

no

r sh

all

ther

e be

any

sal

e o

f th

ese

secu

riti

es i

n a

ny j

uri

sdic

tio

n i

n w

hic

h s

uch

off

er, s

olic

itat

ion

or

sale

wo

uld

be u

nlaw

ful

pri

or

to r

egis

trat

ion

or

qual

ific

atio

n u

nde

r th

e se

curi

ties

law

s o

f an

y s

uch

ju

risd

icti

on.

PRICING INFORMATION FOR THE BONDS

$37,525,000*

2017-2018 Bonds, Series A

Maturity Date: June 29, 2018 Price: ___% Interest Rate: ___% Yield: ___% CUSIP No.†: _________

$119,500,000*

2017-2018 Bonds, Series B

Maturity Date: June 29, 2018 Price: ___% Interest Rate: ___% Yield: ___% CUSIP No. †: _________

$2,885,000*

2017-2018 Bonds, Series C

Maturity Date: March 31, 2018 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© 2017 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 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

Anne Gibson, Treasurer

Latasha Jamal, 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 .......................................... 16

THE AUTHORITY ......................................... 16 APPLICATION OF PROCEEDS .................... 17 INVESTMENT OF DISTRICT FUNDS ......... 17

General ........................................................ 17 County Investment Pools ............................ 18

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

STATEMENTS ............................................. 23 RATINGS ........................................................ 23 UNDERWRITING .......................................... 23 CERTAIN LEGAL MATTERS....................... 24

TRUSTEE ........................................................ 24 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


$37,525,000*

2017-2018 BONDS

SERIES A

$119,500,000*

2017-2018 BONDS

SERIES B

$2,885,000*

2017-2018 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 2017-2018 Bonds, Series A (the “Series A Bonds”) in the aggregate principal amount of $37,525,000*, the California School Cash Reserve Program Authority 2017-2018 Bonds, Series B (the “Series B Bonds”) in the aggregate principal amount of $119,500,000*, and the California School Cash Reserve Program Authority 2017-2018 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 $2,885,000*.

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, 2017 (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.

2

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, 2017 (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 county board of education (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, 2017 (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

3

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, 2017 and will end on June 30, 2018 (the “Fiscal Year 2017-2018”), which will be received by or accrue to each District for its general fund during such Fiscal Year 2017-2018.

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 2017-2018 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

4

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 2017-2018 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.

5

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, community college districts and county boards of education, 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. 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.

6

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 and the Series B Bonds shall mature on June 29, 2018. The Series C Bonds shall mature on March 31, 2018. The Series A Bonds shall bear interest at the rate of ___% per annum. The Series B Bonds shall bear interest at the rate of ___% per annum. The Series C 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.

7

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 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

8

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.

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.

9

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 2017-2018 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.

10

(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.

11

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 2017-2018 which will be received by or accrued to each District for its general fund during such Fiscal Year 2017-2018. 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.

12

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

13

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.

[Remainder of page left intentionally blank.]

14

Note Repayment Periods

Series A Notes

The Repayment Period 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 2017-2018 until such amounts are on deposit are as described below:

Series A Notes for all Series A Districts

Repayment Periods Applicable Percentage

January 1, 2018 through and including January 31, 2018 50% of total principal April 1, 2018 through and including April 30, 2018 100% of total principal and interest due at maturity

[Remainder of page left intentionally blank.]

15

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 2017-2018 until such amounts are on deposit are as described below:

Series B Notes for the Following Series B Districts:

Amador County Unified Oak Park Unified Conejo Valley Unified Temecula Valley Unified

Gilroy Unified Ventura Unified Monterey Peninsula Unified Yosemite Unified

Repayment Periods Applicable Percentage

January 1, 2018 through and including January 31, 2018 50% of total principal April 1, 2018 through and including April 30, 2018 100% of total principal and interest due at maturity

Series B Notes for the Following Series B Districts:

Bret Harte Union High College Elementary Carpinteria Unified Hope Elementary

Pacifica

Repayment Period Applicable Percentage

April 1, 2018 through and including April 30, 2018 100% of total principal and interest due at maturity

Series B Notes for Calaveras County Board of Education Only


June 1, 2018 through and including June 29, 2018 100% of total principal and interest due at maturity

Series B Notes for Esparto Unified Only


May 1, 2018 through and including May 31, 2018 100% of total principal and interest due at maturity

Series C Note

The Repayment Period 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 2017-2018 until such amounts are on deposit are as described below:


February 1, 2018 through and including February 28, 2018 100% of total principal and interest due at maturity

16

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.

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.

17

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 2017-2018, 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 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.

18

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 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 113 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 four elementary school districts and five unified school districts. The Series B Notes are expected to be issued

19

by three elementary school districts, one high school district, ten unified school districts and one county board of education. 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 2017-2018 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 2016-2017, is available upon request during the initial offering period from Dale Scott & Company, 650 California Street, San Francisco, California 94108.

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*

Eureka City Schools Humboldt $ 1,750,000 4.66% Hemet Unified Riverside 8,030,000 21.40 Hillsborough City San Mateo 1,570,000 4.18 King City Union Elementary Monterey 2,165,000 5.77 Lake Elsinore Unified Riverside 12,515,000 33.35 Loma Prieta Joint Union Elementary Santa Clara 785,000 2.09 Los Banos Unified Merced 2,000,000 5.33 Pacific Grove Unified Monterey 5,720,000 15.24 Washington Unified Fresno 2,990,000 7.97 Total $37,525,000 100.00%


20

Series B Districts County Principal

Amount of Note*


Series B Notes*

Amador County Unified Amador $ 5,000,000 4.18% Bret Harte Union High Calaveras 2,460,000 2.06 Calaveras County Board of Education Calaveras 675,000 0.56 Carpinteria Unified Santa Barbara 5,000,000 4.18 College Elementary Santa Barbara 1,265,000 1.06 Conejo Valley Unified Ventura 27,425,000 22.95 Esparto Unified Yolo 1,190,000 1.00 Gilroy Unified Santa Clara 11,760,000 9.84 Hope Elementary Santa Barbara 1,500,000 1.26 Monterey Peninsula Unified Monterey 15,000,000 12.55 Oak Park Unified Ventura 4,975,000 4.16 Pacifica San Mateo 5,000,000 4.18 Temecula Valley Unified Riverside 16,235,000 13.59 Ventura Unified Ventura 20,000,000 16.74 Yosemite Unified Madera 2,015,000 1.69 Total $119,500,000 100.00%

Series C District County Principal

Amount of Note*


Series C Note*

Silver Valley Unified San Bernardino $ 2,885,000 100.00%

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 individual or corporate alternative minimum taxes, although Bond Counsel observes that such interest is included in adjusted current earnings when calculating corporate alternative minimum taxable income. 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


21

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 such interest 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 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 2017-2018 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.

22

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 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

23

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”) is expected to assign a rating of “SP-1+” to each individual Series A District, Series B District and Series C District, and S&P is expected to assign 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 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 $__________. The Series B Bonds are to be purchased by the Underwriter at a price of $__________. The Series C Bonds are to be purchased by the Underwriter at a price 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

24

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.

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, 2017 (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)

25

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; or (i) bankruptcy, insolvency, receivership or similar event of the obligated person.

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.

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, 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; or (vii) appointment of a successor or additional trustee or the change of name of a trustee.

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

26

(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).

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.

27

EXECUTION AND DELIVERY

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


By

Title Chair

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 county board of education and, where appropriate, the counties electing to be the issuers of the Notes for the school districts and the county board of education 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, 2017, 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 29, 2018 with respect to the Series A Notes and the Series B Notes and March 31, 2018 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.

A-3

“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, 2017, 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

A-4

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 expected 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 29, 2018 with respect to the Series A Bonds and the Series B Bonds and March 31, 2018 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.

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

A-5

“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, 2017, by and between the Trustee and the Authority providing for the issuance of the Series C Bonds.

“Series A Bonds” means the 2017-2018 Bonds, Series A, being issued by the Authority in the aggregate principal amount of $37,525,000*.

“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 2017-2018 Bonds, Series B, being issued by the Authority in the aggregate principal amount of $119,500,000*.

“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 2017-2018 Bonds, Series C, being issued by the Authority in the aggregate principal amount of $2,885,000*.

“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.


A-6

“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 funds, 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

A-7

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;

A-8

(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.

A-9

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 2017-2018 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 2017-2018; (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 2011-2012 through Fiscal Year 2015-2016, 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 2016-2017 and 2017-2018, 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;

A-10

(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, a qualified certification) applicable to the Fiscal Year 2016-2017 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 2016-2017 or Fiscal Year 2017-2018 prior to 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 to each Note of each District, the Bond Payment Fund and therein the Payment Account attributable to

A-11

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, 2017, 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 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.

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 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.

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

A-12

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 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.

A-13

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 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

A-14

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.

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

A-15

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.

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

A-16

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.

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 2017-2018, 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 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

A-17

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.

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

A-18

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.

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,

A-19

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 replaces the revenue limit funding system for determining State apportionments, as well as the majority of State categorical program funding. The new system can also affect whether a district qualifies as a basic aid or 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 Local Control Funding Formula (“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 is being 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 is 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.

B-2

The specific Base Grants, per unit of ADA, for each grade span are as follows: (i) $6,845 for grades K-3; (ii) $6,947 for grades 4-6; (iii) $7,154 for grades 7-8; and (iv) $8,289 for grades 9-12. The differences among Base Grants are linked to differentials in the Fiscal Year 2012-2013 statewide average revenue limit rates by district type, and are intended to recognize the generally higher costs of education at higher grade levels.

The Base Grants for grades K-3 and 9-12 are subject to 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. Following full implementation of the LCFF, and unless otherwise collectively bargained for, 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. Such school districts must also make progress towards this class size reduction goal in proportion to the growth in their funding over the implementation period. 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).

School districts that serve students of limited English proficiency (“EL” students), students from low income families that are eligible for free or reduced priced meals (“LI” students) and foster youth are eligible to receive additional funding grants. Enrollment counts are unduplicated, such that students may not be counted as both EL and LI. Foster youth automatically meet the eligibility requirements for free or reduced priced meals, and are therefore not discussed herein separately. A supplemental grant add-on (each, a “Supplemental Grant”) for school districts that serve EL/LI students, equal to 20% of the applicable adjusted Base Grant multiplied by such districts’ percentage of unduplicated EL/LI student enrollment. In addition, school districts whose EL/LI populations exceed 55% of their total enrollment are eligible for a concentration grant add-on (each, a “Concentration Grant”) equal to 50% of the applicable adjusted Base Grant multiplied by the percentage of such district’s unduplicated EL/LI student enrollment in excess of the 55% threshold.

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”) add-on, equal to the difference between the revenue limit allocations such districts would have received under the prior system in Fiscal Year 2020-2021, and the target LCFF allocations owed to such districts in the same year. To derive the projected funding levels, the LCFF assumes the discontinuance of deficit revenue limit funding, implementation of a 1.94% COLA in Fiscal Years 2014-2015 through 2020-2021, and restoration of categorical funding to pre-recession levels. The ERT add-on is being paid incrementally over the eight-year implementing period of the LCFF.

The sum of a school district’s adjusted Base, Supplemental and Concentration Grants 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, 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. Basic aid school 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 basic aid districts is that the legislatively determined allocations

B-3

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. These regulations include a requirement that school districts increase or improve services for EL/LI students in proportion to the increase in funds apportioned to such districts on the basis of the number and concentration of such EL/LI students, 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 new 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 futher 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.

B-4

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, 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—County Offices of Education

In each county there is a county superintendent of schools (the “County Superintendent”) and a county board of education. The Office of the County Superintendent, frequently known as the “County Office of Education” (the “County Office”) provides the staff and organization that carries out the activities of the County Superintendent and county board of education.

County Offices provide instructional and support services to school districts within their counties, and various State mandated services county-wide, particularly in special education and juvenile court education services. County Office business services departments act as a control point for a variety of information, including pupil data collection, attendance accounting, teacher credential registration, payroll accounting, retirement and tax information and school district budgets, and also report such information to the State Department of Education. As described below, all school district budgets must be approved by the respective County Office, and each district must provide its County Office with scheduled interim

B-5

reports throughout the fiscal year. County Offices also act as enforcement entities that intervene in district fiscal matters if a district fails to meet State budget and reporting criteria.

Most of the County Offices’ funding comes in three forms: the LCFF (formerly the State Revenue Limit) funding from State and local sources, State and federal grants and appropriations for specific programs or purposes, and revenues derived from services provided to other local agencies. Programs primarily funded through the LCFF include the County Offices’ special education, alternative schools and regional occupation programs. Federal and State grant funded programs include a variety of categorical aid programs.

District Budget Process

General. The fiscal year for all California school districts, 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 and County Boards of Education. School districts and county boards of education 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 and county boards of education.

School districts and county boards of education 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”) with respect to school districts, and the State Superintendent of Public Instruction (the “State Superintendent”) with respect to County boards of education.

The County Superintendent (with respect to school districts), and the State Superintendent (with respect to county boards of education), will, as applicable, (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 or the county board of education, as applicable, to meet its current obligations, (c) determine if the budget is consistent with a financial plan that will enable the school district or the county board of education, as applicable, to meet its multi-year financial commitments, (d) determine whether the school district’s or county board of education’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 or the State Superintendent, as applicable, will approve, conditionally approve or disapprove the adopted budget for each school district and each county board of education, respectively.

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

B-6

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. The same procedure applies to county boards of education, except the State Superintendent conducts such process rather than the County Superintendent.

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 for school districts, and the State Superintendent’s recommendations for county offices of education. 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.

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. The same procedure applies to county boards of education, except that the State Superintendent conducts such process rather than the County Superintendent.

Temecula Valley Unified School District (a Series B District) received a qualified certification for the First and Second Interim Report for Fiscal Year 2016-2017. Yosemite Unified School District (a Series B District) and Hope Elementary School District (a Series B District) each received a qualified certification for the First Interim Report for Fiscal Year 2016-2017 and a positive certification for the Second Interim Report for Fiscal Year 2016-17. All other Districts received a positive certification for the First and Second Interim Reports for Fiscal Year 2016-2017. In order for the Temecula Valley Unified School District, Yosemite Unified School District and Hope Elementary School District to issue their respective Series B Note in connection with this offering, the County Superintendent of Schools for each such District must determine, pursuant to criteria established by the State Superintendent, that each such District’s repayment of its Note is probable.

B-7

Accounting Practices

The accounting policies of California school districts and county boards of education 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 and county boards of education. 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 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 are determined as described above under “—Sources of Funds—School 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 2016-2017 State budget on June 27, 2016.

B-8

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 improved to 6.2% for 2015.

Cash Management Legislation. Due to budgetary difficulties, since 2002 the State has engaged in the practice of deferring certain apportionments to K-12 districts and community college districts from

B-9

one fiscal year to the next fiscal year in order to assist the State in balancing its budget each year. These “cross-year” deferrals have been codified but are expected to be reduced and eliminated in future fiscal years.

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 has not adopted such legislation for the intra-year deferral of payments during the Fiscal Year 2014-2015, Fiscal Year 2015-2016 and Fiscal Year 2016-2017 and no proposal currently exists for such deferral of payments during the Fiscal Year 2017-2018. The Districts cannot predict if “cross year” or any “intra-year” deferrals will be made in Fiscal Year 2017-2018 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

B-10

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

B-11

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

2016-17 State Budget. On June 27, 2016, the Governor signed into the law the State budget for Fiscal Year 2016-2017 (the “2016-17 State Budget”).

The 2016-17 State Budget projects, for Fiscal Year 2015-2016, total general fund revenues and transfers of $117 billion and total expenditures of $115.6 billion. The State is projected to end the Fiscal Year 2015-2016 with total available reserves of $7.3 billion, including $3.9 billion in the traditional general fund reserve and $3.4 billion in the BSA. For Fiscal Year 2016-2017, the 2016-17 State Budget projects a growth in State general fund revenues driven primarily by total general fund revenues of $120.3 billion and authorizes expenditures of $122.5 billion. The State is projected to end the Fiscal Year 2016-2017 with total available reserves of $8.5 billion, including $1.8 billion in the traditional general fund reserve and $6.7 billion in the BSA.

As a result of both increased State general fund revenues and local property taxes, the 2016-17 State Budget reflects Proposition 98 minimum funding guarantee increases in Fiscal Years 2014-2015 and 2015-2016 relative to the 2015-16 State Budget levels, creating an increase in the Proposition 98 minimum funding guarantee for Fiscal Year 2016-2017 to $71.6 billion which, combined with more than $257 million in settle-up payments for prior years, results in increased K-14 district spending of $5.4 billion. Total per-pupil expenditures for K-12 districts from all sources are projected to be $14,184 in Fiscal Year 2015-2016 and $14,550 in Fiscal Year 2016-2017. For K-12 districts, funding levels under the 2016-17 State Budget will increase by nearly $3,600 per student in Fiscal Year 2016-2017 over Fiscal Year 2011-2012 levels. The 2016-2017 State Budget also proposes a $1.6 billion early education block grant for local educational agencies that combines Proposition 98 funding from the State Preschool Program, transitional kindergarten, and the Preschool Quality Rating and Improvement System Grant.

As required by Proposition 2, the 2016-17 State Budget applies $1.3 billion towards the repayment of existing State liabilities, including loans from special funds, State and University of California pension and retiree health benefits and settle-up payments to K-14 school districts resulting from an underfunding of the Proposition 98 minimum funding guarantee in a prior fiscal year. Other significant features including measures designed to counteract the effects of poverty, fund various infrastructure improvements, and increase funding for low income housing and homelessness programs.

Other significant features of the 2016-17 State Budget with respect to K-14 district funding include the following:

(a) School District Local Control Funding Formula—The 2016-17 State Budget includes an increase of more than $2.9 billion to continue the implementation of the Local Control Funding Formula. The 2016-17 State Budget proposes to commit most new funding to Supplemental Grants and Concentration Grants. The Governor estimates that the budgeted increase will bring the total Local Control Funding Formula implementation to 96%.

(b) Proposition 98 Minimum Guarantee—The 2016-17 State Budget includes Proposition 98 funding of $71.9 billion, inclusive of State and local funds, for Fiscal Year 2016-2017. Such amount is expected to satisfy the Proposition 98 minimum guarantee for Fiscal Year 2016-2017.

(c) Mandate Claims—The 2016-17 State Budget proposes to allocate approximately $1.3 billion in one-time moneys to reduce outstanding mandate claims by K-12 local education agencies. The State expects such funds to be used for activities including,

B-12

among others, deferred maintenance, professional development, induction for beginning teachers, instructional materials, technology and the implementation of new educational standards.

(d) College Readiness Block Grant—The 2016-17 State Budget includes a one-time increase of $200 million to the Proposition 98 General Fund for grants to school districts and charter schools that serve high school students. The State will direct grant recipients to such funds be used to support access to higher education and transition to higher education.

(e) Integrated Teacher Preparation Grant Program—The 2016-17 State Budget includes a one-time allocation of $10 million from the Proposition 98 portion of the General Fund to the Integrated Teacher Preparation Grant Program, which provides competitive grants to colleges and universities to develop or improve teacher credential programs.

(f) Classified School Employees Credentialing Program—The 2016-17 State Budget includes a one-time allocation of $20 million from the Proposition 98 portion of the General Fund to establish a credentialing program that recruits non-certified school employees and prepares them to become certificated classroom teachers.

(g) California Center on Teacher Careers—The 2016-17 State Budget includes a one-time increase of $5 million in Proposition 98 General Funds to establish a multi-year competitive grant, which will be awarded to a local education agency to establish and operate the California Center on Teaching Careers. The California Center on Teaching Careers, once established, will recruit individuals to the teaching profession, host a referral database for teachers seeking employment, develop and distribute recruitment publications, conduct outreach activities to high school and college students, provide statewide public service announcements related to teacher recruitment, and provide prospective teachers information on credential requirements, financial aid and loan assistance programs.

(h) California Collaborative for Educational Excellence—The 2016-17 State Budget provides a one-time increase of $24 million to the Proposition 98 portion of the General Fund for the California Collaborative for Educational Excellence to, among other things, support statewide professional development training relating to evaluation methods and metrics and implement a pilot program related to advising and assisting local education agencies on improving pupil outcomes.

(i) Safe Drinking Water in Schools—The 2016-17 State Budget includes an increase of $9.5 million of one-time Proposition 98 General Fund to create a grant program to improve access to safe drinking water for schools located in isolated areas and economically disadvantaged areas. The program will be developed and administered by the State Water Resources Control Board in consultation with the California Department of Education.

(j) Charter School Startup Grants—The 2016-17 State Budget allocates an increase of $20 million of one-time Proposition 98 General Fund resources to support operational startup costs for new charter schools in 2016 and 2017. Such allocation is expected to partially offset the loss of federal funding previously available for such purpose.

(k) Multi-Tiered Systems of Support—The 2016-17 State Budget allocates an increase of $20 million of one-time Proposition 98 General Fund resources to build upon the $10 million investment included in the 2015-16 State Budget for an increased number of local educational agencies to provide academic and behavioral supports in a coordinated and

B-13

systematic way. The State expects such funds to, among other things, assist local education agencies as they provide services that support academic, behavioral, social and emotional needs and improve outcomes for students.

(l) Proposition 47—Proposition 47 (2014) requires a portion of any State savings which have resulted from the State’s reduced penalties for certain non-serious and non-violent property and drug offenses, to be allocated to K-12 truancy and dropout prevention, victim services, and mental health and drug treatment. The 2016-17 State Budget includes an increase of $18 million on a one-time basis to the Proposition 98 portion of the State General Fund allocated to a grant program for truancy and dropout prevention.

(m) County Offices of Education LCFF—An increase of $1.7 million in Proposition 98 general funding to support a cost-of-living adjustment and ADA changes for county offices of education.

(n) Base Allocations—An increase of $114.3 million to base allocations to support 2% growth in student enrollment for community colleges. The 2016-17 State Budget also provides $75 million to increase base allocations in recognition of increased operating expenses including in the areas of facilities, employee and retirement benefits and professional development.

(o) Local Property Tax Adjustments—Funding levels reflect decreases of $198.4 million in Proposition 98 funding in Fiscal Year 2016-2017 for community college districts, as a result of higher offsetting property tax receipts. The 2016-17 State Budget’s funding levels also reflect an increase of $31.7 million in Proposition 98 funding, allocable to Fiscal Year 2015-2016, to address an anticipated shortfall in redevelopment agency property taxes for community college apportionments.

(p) Career Technical Education (CTE)—$200 million in Proposition 98 funding to expand access to workforce-aligned CTE through existing regional adult education consortia composed of school districts, community college districts and other stakeholders. The 2016-17 State Budget also provides $48 million to support the Career Pathways Trust Program, which provides grant awards to community college districts to develop, enhance and expand career technical education programs that build upon existing regional capacity to meet labor demands.

(q) Student Success—$30 million in one-time funding for grants that support basic skills instruction aimed at improving students’ transition to college-level courses. The 2016-17 State Budget also provides $15 million in one-time Proposition 98 grant funding to support coordinated student outreach by local educational agencies and community college districts aimed at increasing college preparation, access, and success.

(r) Innovation Awards—$25 million in Proposition 98 funding for awards to community college districts that develop innovations in curriculum and instruction, prior learning assessments and access to financial aid.

(s) On-line Education—$20 million in one-time Proposition 98 funding to support the development of online courses available through the Online Course Exchange, a program which allows students to enroll in online courses across participating community colleges without requiring students to complete separate application and matriculation processes.

B-14

(t) Telecommunications and Technology—An increase of $15 million in Proposition 98 funding, including $5 million in ongoing funding, to expand broadband capacity across community college campuses.

(u) Zero-Textbook-Cost-Degrees—An increase of $5 million in Proposition 98 funding to support the creation of degree, certificate and credentialing programs that use only freely accessible, openly licensed educational resources.

(v) Deferred Maintenance and Instructional Equipment—$184.6 million in one-time Proposition 98 funding for deferred facility maintenance, instructional equipment, or specified water conservation projects for community college districts.

(w) Mandates—$105.5 million in one-time Proposition 98 funding to reduce the existing backlog of unpaid reimbursement claims to community college districts for the cost of State-mandated programs. The funding would be provided to local educational agencies on a per-student basis, and would be available to be used at local discretion.

The complete 2016-17 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 2017-18 State Budget. The Governor released his Proposed 2017-18 State Budget (the “Proposed 2017-18 State Budget”) on January 10, 2017. The Proposed 2017-18 State Budget sets forth a balanced budget for Fiscal Year 2017-2018. However, the Governor cautions that the State’s projected revenues are approximately $5.8 billion lower than expected (as compared to the 2016-17 State Budget) and, absent corrective action, could lead to annual deficits of $1 billion to $2 billion. The Proposed 2017-18 State Budget estimates that total resources available in Fiscal Year 2016-2017 totaled approximately $123.79 billion (including a prior year balance of $5.0 billion) and total expenditures in Fiscal Year 2016-2017 totaled approximately $122.76 billion. The Proposed 2017-18 State Budget projects total resources available for Fiscal Year 2017-2018 of $125.05 billion, inclusive of revenues and transfers of $124.03 billion and a prior year balance of $1.03 billion. The Proposed 2017-18 State Budget projects total expenditures of $122.52 billion, inclusive of non-Proposition 98 expenditures of $71.17 billion and Proposition 98 expenditures of $51.35 billion. For Fiscal Year 2017-2018, the Proposed 2017-18 State Budget proposes to allocate $980 million of the General Fund’s projected fund balance to the Reserve for Liquidation of Encumbrances and $1.55 billion of such fund balance to the State’s Special Fund for Economic Uncertainties. In addition, the Proposed 2017-18 State Budget estimates the Rainy Day Fund will have a fund balance of $7.87 billion.

Certain budgeted adjustments for K-12 education and community college districts set forth in the Proposed 2017-18 State Budget include the following:

(a) School District Local Control Funding Formula—The Proposed 2017-18 State Budget includes an increase of more than $744 million to continue the transition to full implementation of the Local Control Funding Formula. The Governor estimates that the Local Control Funding Formula’s implementation will reach 96 percent in Fiscal Year 2017-2018.

(b) One-Time Discretionary Funding—The Proposed 2017-18 State Budget includes an increase of $287 million in one-time Proposition 98 General Fund for school districts, charter schools and county offices of education to use at local discretion. This funding

B-15

will support investments such as content standards implementation, technology, professional development, induction programs for beginning teachers and deferred maintenance.

(c) Proposition 98 Minimum Guarantee—The Proposed 2017-18 State Budget proposes to fund the Proposition 98 minimum guarantee in Fiscal Years 2016-2017 and 2017-2018. However, due to changes in workload factors and budgetary adjustments, the Governor’s calculation of the Proposition 98 minimum guarantee will be approximately $55.5 million and $113.5 million less than previously projected for Fiscal Years 2015-2016 and 2016-2017, respectively. The Proposed 2017-18 State Budget projects a Proposition 98 minimum guarantee of $73.5 billion in Fiscal Year 2017-2018.

(d) One-Time Local Control Funding Formula Cost Shift—The Proposed 2017-18 State Budget proposes to shift $859.1 million in Local Control Funding Formula expenditures from June 2017 to July 2017 in order to maintain Fiscal Year 2016-2017 programmatic expenditure levels. The Proposed 2017-18 State Budget will repay this deferral in Fiscal Year 2017-2018.

(e) Career Technical Education Funding—The Proposed 2017-18 State Budget includes $200 million for the Career Technical Education Incentive Grant Program, the final installment of funding for this three-year program. Commencing with Fiscal Year 2018-2019, schools will support the full costs of these programs with their Local Control Funding Formula allocations.

(f) County Offices of Education Local Control Funding Formula—The Proposed 2017-18 State Budget includes an increase of $2.4 million Proposition 98 General Fund to support a cost-of-living adjustment and average daily attendance changes for county offices of education.

(g) Charter School Growth—The Proposed 2017-18 State Budget includes an increase of $93 million Proposition 98 General Fund to support projected charter school average daily attendance growth.

(h) Special Education—The Proposed 2017-18 State Budget includes a decrease of $4.9 million Proposition 98 General Fund to reflect a projected decrease in special education average daily attendance.

(i) Local Property Tax Adjustments—The Proposed 2017-18 State Budget includes a decrease of $922.7 million in Proposition 98 General Fund for school districts and county offices of education in 2017¬18 as a result of increased offsetting local property tax revenues.

(j) School District Average Daily Attendance—The Proposed 2017-18 State Budget includes a decrease of $63.1 million in Fiscal Year 2017-2018 for school districts as a result of a projected decline in average daily attendance.

(k) Cost-of-Living Adjustments—The Proposed 2017-18 State Budget includes an increase of $58.1 million Proposition 98 General Fund to support a 1.48 percent cost-of-living adjustment for categorical programs that remain outside of the Local Control Funding Formula, including Special Education, Child Nutrition, Foster Youth, American Indian Education Centers, and the American Indian Early Childhood Education Program.

B-16

(l) Proposition 39—The California Clean Energy Jobs Act of 2012 (Proposition 39) increases state corporate tax revenues, and requires half of the increased revenues, up to $550 million per year, to be used to support energy efficiency for Fiscal Years 2013-2014 through 2017-2018. The Proposed 2017-18 State Budget includes $422.9 million to support school district and charter school energy efficiency projects.

(m) Proposition 47—Proposition 47 (2014) requires a portion of any State savings which have resulted from the State’s reduced penalties for certain non-serious and non-violent property and drug offenses, to be allocated to K-12 truancy and dropout prevention, victim services, and mental health and drug treatment. The Proposed 2017-18 State Budget includes $10.1 million to support investments aimed truancy and dropout prevention among K-12 public school pupils.

(n) Proposition 56—Proposition 56 (2016) requires a portion of the revenues from the increased cigarette tax and the tax on other tobacco products to be used for school programs that prevent and reduce the use of tobacco and nicotine products by youths. The Proposed 2017-18 State Budget includes $29.9 million to support tobacco and nicotine prevention and reduction programs at K-12 schools.

(o) Kindergarten Through Community College Public Education Facilities Bond Act—The Kindergarten Through Community College Public Education Facilities Bond Act of 2016 authorized $7 billion in State general obligation bonds for K-12 schools. The Proposed 2017-18 State Budget states that the Governor will support the expenditures of Proposition 51 funds after, among other things, legislation is approved regarding bond expenditures audit requirements and the State Allocation Board and Office of Public School Construction revise policies and regulations for school participants that request funding through the school facilities program.

(p) Guided Pathways—The Proposed 2017-18 State Budget provides for an increase of $150 million one-time Proposition 98 General Fund for grants to community colleges to develop an integrated, institution-wide approach to student success.

(q) Deferred Maintenance and Instructional Equipment—The Proposed 2017-18 State Budget provides for a one-time increase of $43.7 million from Proposition 98 settle-up that community colleges can use for deferred maintenance, instructional equipment, and specified water conservation projects. No matching funds are required.

(r) CCC Apportionments—The Proposed 2017-18 State Budget provides for a decrease of $27.1 million Proposition 98 General Fund which reflects the following adjustments (i) an increase of $94.1 million for a 1.48 percent cost-of-living adjustment, (ii) an increase of $79.3 million available for enrollment growth, (iii) an increase of $3.8 million as a result of decreased offsetting student enrollment fee revenues, (iv) a decrease of $56.6 million to reflect unused growth provided in Fiscal Year 2015-2016, and (v) a decrease of $147.7 million as a result of increased offsetting local property tax revenues.

(s) Increased Operating Expenses—The Proposed 2017-18 State Budget provides for an increase of $23.6 million Proposition 98 General Fund to support increased community college operating expenses in areas such as employee benefits, facilities, professional development and other general expenses.

B-17

(t) Innovation Awards—The Proposed 2017-18 State Budget provides for an increase of $20 million one-time Proposition 98 General Fund to provide innovation grants to incentivize the development and implementation of innovative practices in various functional areas.

(u) Online Education Initiative—The Proposed 2017-18 State Budget provides for an increase of $10 million Proposition 98 General Fund to provide system-wide access to the online education initiative’s learning management system.

(v) Integrated Library System—The Proposed 2017-18 State Budget provides for an increase of $6 million one-time Proposition 98 General Fund to facilitate the development of an integrated library system that, once operational, will allow California community college students access to a cloud-based library system.

The complete Proposed 2017-18 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.

LAO Overview of Proposed 2017-18 State Budget. The Legislative Analyst’s Office (“LAO”), a nonpartisan State office which provides fiscal and policy information and advice to the State Legislature, released its report on the Proposed 2017-18 State Budget entitled “The 2017-18 Budget: Overview of the Governor’s Budget” on January 13, 2017 (the “2017-18 Proposed Budget Overview”). In the 2017-18 Proposed Budget Overview, the LAO challenges the Governor’s revenue projections with regard to personal income tax revenues as being far too low. While the LAO admits that the Governor’s estimated 3.3% personal income tax growth rate is possible, the LAO points out that it is inconsistent with other aspects of the administration’s economic outlook, which predicts stock price growth for several years after 2016. By the May revision of the budget, the LAO predicts that the budget will change and reflect considerably more revenue since the State will have more information on its fiscal condition. The LAO also points out that the Governor’s budget proposal assumes no major changes in federal policy, which the LAO notes is a reasonable assumption given that at this point, there is no way of knowing precisely what actions the new Congress and President will pursue. The LAO explains that there may be some near-term benefit to state tax revenues based on changes in federal tax policies, but states that other possible federal policy changes, however, could affect the economy, reduce federal funding, and/or increase state costs substantially in future years-especially potential changes in federal health care programs.

With respect to the Proposition 98 budget plan in the Proposed 2017-18 State Budget, the LAO expects that the minimum guarantee for Fiscal Year 2015-2016 will remain unchanged while the Fiscal Year 2016-2017 minimum guarantee could be revised more substantially. In light of the higher revenue that the LAO expects in Fiscal Year 2017-2018, the LAO also predicts that the minimum guarantee for Fiscal Year 2017-2018 will be higher.

As discussed in the 2017-18 Proposed Budget Overview, the largest ongoing budget proposal is a $744 million augmentation to LCFF. According to the LAO, the proposed augmentation is approximately equal to the cost of applying the statutory 1.48 percent cost-of-living adjustment. The LAO reports that the Governor estimates that LCFF would be 96 percent funded in Fiscal Year 2017-2018, which is about the same percentage as Fiscal Year 2016-2017. Under this proposal, school districts would receive 13 months of payments in Fiscal Year 2017-2018, which includes 12 normal monthly LCFF payments plus a one-time payment of $859 million related to the prior-year deferral. The LAO notes that the Governor’s proposed budget also includes new community college funding, about half of

B-18

which is for apportionments, and the remainder is for mainly one-time payments for categorical programs. The 2017-18 Proposed Budget Overview provides that the Governor’s budget plan includes $600 million in additional Proposition 98 related funding, including (1) $287 million for the K-12 mandates backlog, (2) $200 million for the Career Technical Education Incentive Grant program, (3) $44 million for deferred maintenance at the community colleges, and (4) $70 million for fund swaps (using one-time payments to support ongoing programs).

The Governor’s budget roughly balances new ongoing and one-time Proposition 98 spending in Fiscal Year 2017-2018. Regardless of the exact level of the Fiscal Year 2017-2018 minimum guarantee, the LAO recommends that the Legislature adopt a final budget plan that continues to rely on a mix of ongoing and one-time spending. Under the LAO’s advised approach, the Legislature could dedicate a portion of any additional increases in the minimum guarantee to LCFF and California Community College apportionments while using the remainder for one-time payments to reduce or eliminate the K-12 mandates backlog. The LAO cautions that a stronger Fiscal Year 2017-2018 does not necessarily imply a strong Fiscal Year 2018-2019, and by setting aside some funding for one-time purposes, the state would be better positioned to accommodate a drop in the Fiscal Year 2018-2019 minimum guarantee without needing to make cuts to LCFF or community college apportionments.

The 2017-18 Budget Overview is available on the LAO website at www.lao.ca.gov. Neither the Authority nor the Districts 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 2017-18 State Budget. On May 11, 2017, the Governor released the May Revision to the Proposed 2017-18 State Budget (the “2017-18 May Revision”) which projects Fiscal Year 2017-2018 General Fund revenue and transfers of approximately $125.9 billion, total expenditures of approximately $124.0 billion (inclusive of non-Proposition 98 expenditures of $71.17 billion and Proposition 98 expenditures of $52.85 billion) and a year-end fund balance of approximately $2.6 billion, of which $980 million would be reserved for liquidation of encumbrances and approximately $1.6 billion would be deposited in a reserve fund for economic uncertainties. The 2017-18 May Revision projects a balance of $8.4 billion in the Budget Stabilization Account/Rainy Day Fund by the end of Fiscal Year 2017-2018. In the 2017-18 May Revision, the Governor provides a modestly improved fiscal outlook compared to the Proposed 2017-18 State Budget. The 2017-18 May Revision estimates that revenues will be $3.3 billion lower than that forecasted in the 2016-17 State Budget (reflecting higher revenues of $2.5 million when compared to the projected reduced revenues set forth the Proposed 2017-18 State Budget). The modestly improved fiscal outlook set forth in the 2017-18 May Revision allows the advancing of several key priorities. The 2017-18 May Revision proposes to: (1) increase total funding for K-12 education by $1.4 billion in Fiscal Year 2017-2018, (2) substantially mitigate increased costs associated with the In-Home Supportive Services (IHSS) costs borne by county realignment funds in the next year, preserving counties’ abilities to provide key safety net programs, (3) restore the $500 million child care package from the 2016-17 State Act, and (4) a $6 billion supplemental payment to CalPERS with a loan from the Surplus Money Investment Fund that will reduce unfunded liabilities, stabilize State contribution rates and result in savings of $11 billion over the next 20 years. The 2017-18 May Revision further provides that the State must continue to plan and save for future budgets given uncertainty surrounding actions contemplated by the federal government relating to health care for five million Californians, elimination of state tax dedication and the elimination of funding for organizations such a Planned Parenthood, all of which, according to the 2017-18 May Revision, could send the State’s budget into turmoil.

Significant adjustments made by the 2017-18 May Revision to K-12 education and community college district funding include the following:

B-19

(a) Funding Shifts—The Proposed 2017-18 State Budget would have shifted, on a one-time basis, $859.1 million in LCFF payments from Fiscal Year 2016-2017 to Fiscal Year 2017-2018. As a result of the increases in State revenues discussed above, the 2017-18 May Revision eliminates such shift. To accomplish this, the 2017-18 May Revision would also suspend the application of the Proposition 98 “Test 3” in Fiscal Year 2016-2017, as well as in Fiscal Years 2018-2019 through 2020-2021.

(b) Local Control Funding Formula—The 2017-18 May Revisions proposes $661 million in additional Proposition 98 funding above what was provided in the Proposed 2017-18 State Budget, to continue the implementation of the LCFF. Total LCFF funding for 2017-2018 would be approximately $1.4 billion, which the 2017-18 May Revision projects will bring total LCFF implementation to 97%.

(c) Maintenance Factor—The 2017-18 May Revision proposes an additional maintenance factor repayment of $614 million, driven primarily by the projected increase in revenues attributable to Fiscal Year 2017-2018. As a result, the total outstanding maintenance factor would be reduced to approximately $823 million.

(d) Discretionary Funding—The 2017-18 May Revision proposes an additional $750 million in one-time funding that local educational agencies may use for any purposes, for a grand total of approximately $1 billion.

(e) ADA Adjustments—The 2017-18 May Revision proposes increases of $26.2 million and $74.1 million in Fiscal Years 2016-2017 and 2017-2018, respectively, for school districts, charter schools and county offices of education under the Local Control Funding Formula as a result of adjusted projections in ADA declines in such years.

(f) Local Property Tax Adjustments—The 2017-18 May Revision proposes increases of $188.7 million and $327.9 million in Proposition 98 funding in Fiscal Years 2016-2017 and 2017-2018, respectively, for school districts, special education local plan areas and county offices of education as a result of lower projected offsetting property tax revenues in such years.

(g) Categorical Programs—The 2017-18 May Revision proposes an increase of $2.4 million in additional Proposition 98 funding for selected categorical programs, based on updated ADA projections.

(h) Proposition 39—The May Revision proposes a decrease of $46.7 million in Proposition 39 corporate tax revenues relative to the level set by the Proposed 2017-18 Budget, bringing total available revenues for energy efficiency projects undertaken by local educational agencies in Fiscal Year 2017-2018 to $376.2 million to reflect reduced revenue estimates.

(i) Cost-of-Living Adjustments—The 2017-18 May Revision proposes an increase of $3.2 million Proposition 98 funding to select categorical program for Fiscal Year 2017-2018 to reflect a change in the costs of living factor to 1.56 percent.

(j) Increased Operating Expenses—The 2017-18 May Revision proposes a net increase of $160 million Proposition 98 funding to support increased community college operating expenses in areas such as employee benefits, facilities, professional development, converting faculty from part-time to full-time, and other general expenses.

B-20

(k) Deferred Maintenance and Instructional Equipment—The 2017-18 May Revision proposes an increase of $92.1 million in one‑time Proposition 98 funding and settle‑up payments for community colleges for deferred maintenance, instructional equipment, and specified water conservation projects.

(l) Proposition 39—The 2017-18 May Revision proposes a decrease in the amount of energy efficiency funds available to community colleges in 2017‑2018 by $5.8 million to $46.5 million to reflect reduced revenue estimates.

(m) Local Property Tax Adjustment—The 2017-18 May Revision proposes an increase of $68.2 million Proposition 98 funding for community colleges in 2016‑2017 as a result of decreased offsetting local property tax revenues.

(n) Student Enrollment Fee Adjustment—The 2017-18 May Revision proposes a decrease of $24.8 million Proposition 98 funding for community colleges as a result of increased offsetting student enrollment fee revenues.

For additional information regarding the 2017-18 May Revision, see the State Department of Finance website at www.dof.ca.gov. However, the information presented on such website is not incorporated herein by reference.

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 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.

B-21

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. Legislation enacted in March 2003 permanently defers the appointment of Proposition 98 funds scheduled each year in June to each July, and thus from one fiscal year to the next. Legislation in subsequent fiscal years has resulted in additional permanent deferrals of apportionment of Proposition 98 funds from one fiscal year to the next. See “—State Funding of Education—Cash Management Legislation” above. These and other techniques significantly reduced the minimum guarantee requirement for Fiscal Years 2003-2004 and beyond.

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

B-22

STRS. Commencing July 1, 2014, the employee contribution rates will also increase from 8.150% to 10.250% of pay, phased in over three years.

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, 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 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.

The State also contributes to STRS, currently in an amount equal to 6.328% of teacher payroll in Fiscal Year 2016-2017. Based upon the recommendation from its actuary, for 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. As a result, the State’s contribution rate will increase from 6.328% of payroll to 6.828% of payroll in Fiscal Year 2017-2018. 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% and 13.888% of eligible salary expenditures for Fiscal Years 2015-2016 and 2016-2017, respectively, and 15.531% of eligible salary expenditures for Fiscal Year 2017-2018. 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

B-23

their respective salaries in Fiscal Years 2015-2016 and 2016-2017, and 6.50% in Fiscal Year 2017-2018. 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.

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

(Dollar Amounts in Billions)1

Fiscal Year 2015-2016

Plan Accrued Liability

Value of Trust Assets

Unfunded Liability

Public Employees Retirement Fund (PERS)2 $ 77.5 $ 55.83 $(21.7) State Teachers’ Retirement Fund Defined

Benefit Program (STRS) 266.7 170.04 (96.7) ____________________ 1Amounts may not add due to rounding. 2The PERS Board (defined herein) recently approved the K-14 district contribution rate for Fiscal Year 2017-2018 and released certain actuarial information to be incorporated into the June 30, 2016 actuarial valuation to be released later this year. 3Reflects market value of assets as of June 30, 2016. 4Reflects actuarial value of assets as of June 30, 2016. Source: PERS Schools Pool Valuation Report; 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 rates will take effect beginning July 1, 2017 for the State and July 1, 2018 for school districts. 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,

B-24

beginning in Fiscal Year 2014-2015. The new demographic assumptions affect the State, school districts and all other public agencies.

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.

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,

B-25

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 State Superintendent of Public Instruction (the “State 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 of schools (the “County Superintendent”) on the financial conditions and budgetary controls of the district; (ii) a written management review conducted by a qualified 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

B-26

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, the Joint Legislative Audit Committee, the Joint Legislative Budget Committee, the Director of Finance and the State Controller.

(d) The State Superintendent must review the reports and comments submitted to him or her by the County Superintendent and 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 and submit it to the County Superintendent, who after reviewing and commenting on it submits it to the State Superintendent for approval or disapproval. 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 State Superintendent shall appoint a trustee who shall have recognized expertise in management and finance. The State Superintendent shall establish the terms and conditions of the employment, including the remuneration of the trustee, and the trustee shall serve at the pleasure of, and report directly to, the State Superintendent until the loan is repaid, 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. Before the district repays its loan, 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 State Superintendent may retain the trustee until the deficiencies are corrected.

(b) The trustee appointed by the State Superintendent 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, 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 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

B-27

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 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

B-28

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 in Fiscal Year 2011-2012, 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 $10.00 of costs also added for each described parcel. At the end of the first year of delinquency, property is sold to the State.

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. 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. 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.

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.

B-29

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.

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

B-30

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 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

B-31

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.

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

B-32

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.

The Districts’ largest revenue source is LCFF income from the State in accordance with the LCFF per unit of average daily attendance. 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

B-33

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”:

(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

B-34

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 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.

B-35

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. According to an analysis of Proposition 22 submitted by the LAO on July 15, 2010, the expected reduction in resources available for the State to spend on these other programs as a consequence of the passage of Proposition 22 will be approximately $1 billion in Fiscal Year 2010-2011, with an estimated immediate fiscal effect equal to approximately 1% of the State’s total general fund spending. The longer-term effect of Proposition 22, according to the LAO analysis, was an expected increase in the State’s general fund costs by approximately $1 billion annually for several decades.

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 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

B-36

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 increases 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: (i) 1% for taxable income over $250,000 but less than $300,001 for single filers (over $500,000 but less than $600,001 for joint filers and over $340,000 but less than $408,001 for head-of-household filers); (ii) 2% for taxable income over $300,000 but less than $500,001 for single filers (over $600,000 but less than $1,000,001 for joint filers and over $408,000 but less than $680,001 for head-of-household filers); and (iii) 3% for taxable income over $500,000 for single filers (over $1,000,000 for joint filers and over $680,000 for head-of-household filers).

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 the increases to personal income tax rates for high-income taxpayers that were approved as part of Proposition 30 through 2030. 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.

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.

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).

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

B-37

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.

Senate Bill 858. 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

B-38

for school districts that have general fund reserves in excess of the State minimum. Prior to implementation of S.B. 858, minimum reserve levels varied between one to five percent of general fund expenditures, depending on the size of the district, and generally higher reserves for smaller school districts. 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. Caps for most school districts will range between three to ten percent of annual general fund expenditures. S.B. 858 permits a county office of education to grant an exemption from the reserve cap for up to two years if a school district demonstrates that it would face extraordinary fiscal circumstances justifying a higher reserve.

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

Eureka City Schools Eureka City SchoolsHumboldt Humboldt

Fiscal Year 2016-17 Fiscal Year 2017-18Jul 2016 Aug 2016 Sep 2016 Oct 2016 Nov 2016 Dec 2016 Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017 Accruals Total

Actual / Projected Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Projected Projected Projected 2016-17Beginning Cash 3,795,480 4,695,290 3,203,831 3,354,257 1,453,355 450,841 7,878,856 6,233,444 4,331,667 4,945,675 7,913,326 7,551,123 Receipts

LCFF Revenue SourcesApportionment 727,754 727,754 3,042,923 1,328,916 1,482,886 9,521,488 1,856,811 1,313,706 2,913,593 7,072,185 1,420,915 1,611,514 - 33,020,445 Property Taxes - - - - - - - - - - - - - - Other - - - - - - - - - - - - - -

Federal Revenues - 656,779 130,575 89,472 5,012 394,692 14,037 - 140,019 53,187 1,103,417 1,902,267 - 4,489,457 Other State Revenues 149,106 - - 172,883 426,266 538,684 829,647 147,853 16,738 294,971 61,615 1,496,481 - 4,134,244 Other Local Revenues 56,941 61,453 144,817 179,997 163,729 133,591 180,721 104,895 220,219 117,888 220,088 625,951 - 2,210,291 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 933,801 1,445,986 3,318,316 1,771,268 2,077,894 10,588,455 2,881,216 1,566,454 3,290,569 7,538,231 2,806,035 5,636,213 - 43,854,437 Disbursements

Certificated Salaries 218,851 1,346,219 1,375,610 1,449,795 1,438,372 1,451,188 1,407,879 1,423,756 1,404,496 1,425,650 1,493,512 1,604,354 - 16,039,681 Classified Salaries 291,598 396,677 530,206 533,742 551,554 566,404 546,606 645,692 563,912 569,365 527,395 587,830 - 6,310,982 Employee Benefits 562,602 769,018 858,249 860,157 862,225 868,839 841,119 879,995 867,863 860,907 831,988 1,843,309 - 10,906,272 Supplies and Services 485,902 411,203 612,164 419,947 386,362 662,527 559,013 513,410 504,794 658,854 329,020 2,386,720 - 7,929,915 Capital Outlay - 65,760 - 700 11,939 15,230 31,214 3,566 9,481 19,946 (15,730) (11,412) - 130,694 Other Outgo - - - - - 984 112,478 - 8,660 63,729 - 1,726,229 - 1,912,080 Interfund Transfers Out - - - 251,588 - (251,588) - - - - - 122,810 - 122,810 Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 1,558,953 2,988,876 3,376,230 3,515,929 3,250,451 3,313,584 3,498,308 3,466,419 3,359,206 3,598,451 3,166,185 8,259,841 - 43,352,434 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 256,214 279,194 293,430 98,175 88,063 172,110 - - 687,100 - - - - 1,874,286 Due From Other Funds - - - - - - - - - - - - - - Other (4,884) 7,747 (83,796) 14,222 1,249 15,340 7,443 12,141 (1,765) 7,079 17,729 (13,567) - (21,064) SUBTOTAL ASSETS 251,330 286,940 209,633 112,397 89,312 187,450 7,443 12,141 685,335 7,079 17,729 (13,567) - 1,853,222 Accounts Payable 737,403 235,509 1,293 113,568 (80,732) 34,305 35,762 13,953 2,691 (59,236) 19,781 (18,329) - 1,035,969 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - 155,070 - - - - - - - (149,769) - 5,301 SUBTOTAL LIABILITIES 737,403 235,509 1,293 268,638 (80,732) 34,305 35,762 13,953 2,691 (59,236) 19,781 (168,098) - 1,041,270

Total PY Transactions (486,073) 51,431 208,340 (156,241) 170,043 153,145 (28,319) (1,812) 682,644 66,315 (2,052) 154,531 - 811,952 Net Increase/Decrease (1,111,225) (1,491,459) 150,426 (1,900,902) (1,002,514) 7,428,015 (645,412) (1,901,777) 614,007 4,006,095 (362,202) (2,469,097) -

FY TRAN Deposits 2,011,035 - - - - - - - - - - - - 2,011,035 FY TRAN Repayments - - - - - - (1,000,000) - - (1,038,444) - - - (2,038,444) CY TRAN Deposits - - - - - - - - - - - - - - CY TRAN Repayments - - - - - - - - - - - - - -

Ending Cash with TRAN 4,695,290 3,203,831 3,354,257 1,453,355 450,841 7,878,856 6,233,444 4,331,667 4,945,675 7,913,326 7,551,123 5,082,026 TRAN Balance 2,011,035 2,011,035 2,011,035 2,011,035 2,011,035 2,011,035 1,011,035 1,011,035 1,011,035 - - - Ending Cash without TRAN 2,684,255 1,192,796 1,343,222 (557,680) (1,560,194) 5,867,821 5,222,409 3,320,632 3,934,640 7,913,326 7,551,123 5,082,026 Source: The District

Summary of Revenues, Expenditures & Changes in General Fund Balance

C-3 C-4

Eureka City SchoolsHumboldt

Fiscal Year 2017-18Jul 2017 Aug 2017 Sep 2017 Oct 2017 Nov 2017 Dec 2017 Jan 2018 Feb 2018 Mar 2018 Apr 2018 May 2018 Jun 2018 Accruals Total

Actual / Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected 2017-18Beginning Cash 5,082,026 6,193,620 4,464,748 3,830,120 2,350,229 1,293,220 7,850,811 4,691,542 3,701,765 2,595,336 5,855,937 4,738,231 Receipts

LCFF Revenue SourcesApportionment 735,899 735,899 2,947,835 1,324,617 1,353,436 9,490,532 1,433,126 1,405,895 1,884,412 7,670,653 1,176,621 3,380,181 - 33,539,105 Property Taxes - - - - - - - - - - - - - - Other - - - - - - - - - - - - - -

Federal Revenues - 7,491 105,233 6,741 21,248 345,486 6,741 634,754 251,027 28,851 843,071 490,773 740,257 3,481,675 Other State Revenues - 108,717 - 284,015 419,903 - - 30,228 147,853 175,298 - 1,485,273 498,448 3,149,733 Other Local Revenues 57,930 59,908 112,683 124,842 126,054 143,043 126,359 124,298 141,440 217,795 193,876 640,019 10,000 2,078,246 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 793,829 912,014 3,165,751 1,740,215 1,920,641 9,979,061 1,566,226 2,195,175 2,424,733 8,092,597 2,213,567 5,996,245 1,248,705 42,248,759 Disbursements

Certificated Salaries 227,116 1,289,843 1,360,650 1,374,774 1,378,593 1,346,139 1,358,989 1,361,884 1,360,805 1,355,724 1,498,903 1,610,145 - 15,523,565 Classified Salaries 304,735 379,355 541,510 553,129 578,420 782,597 638,384 577,286 593,987 599,514 574,379 640,198 - 6,763,494 Employee Benefits 599,238 802,874 895,396 899,530 896,371 934,606 936,191 907,547 920,253 931,440 942,504 2,088,162 - 11,754,112 Supplies and Services 137,248 88,674 890,640 383,441 189,473 563,987 273,686 321,572 656,116 368,474 315,487 2,286,818 - 6,475,616 Capital Outlay - 33,711 68,294 - 7,030 447 - 16,664 - 19,258 - - - 145,403 Other Outgo - - - 196,478 - - 693,292 - - 655,691 - 419,325 - 1,964,785 Interfund Transfers Out - - - - - - - - - - - 113,157 - 113,157 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 275,822 567 75,937 187,245 72,237 209,964 50,046 - - - - - 871,819 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - 619,597 - 619,597 SUBTOTAL ASSETS 275,822 567 75,937 187,245 72,237 209,964 50,046 - - - - 619,597 - 1,491,416 Accounts Payable 439,719 46,995 119,827 - - 3,658 - - - 9,397 - - - 619,597 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 439,719 46,995 119,827 - - 3,658 - - - 9,397 - - - 619,597

Total PY Transactions (163,897) (46,429) (43,890) 187,245 72,237 206,306 50,046 - - (9,397) - 619,597 - 871,819 Net Increase/Decrease (638,406) (1,728,873) (634,628) (1,479,891) (1,057,009) 6,557,591 (2,284,269) (989,777) (1,106,428) 4,153,100 (1,117,706) (541,963) 1,248,705

FY TRAN Deposits 1,750,000 - - - - - - - - - - - 1,750,000 FY TRAN Repayments - - - - - - (875,000) - - (892,500) - - (1,767,500) CY TRAN Deposits - - - - - - - - - - - - - CY TRAN Repayments - - - - - - - - - - - - -

Ending Cash with TRAN 6,193,620 4,464,748 3,830,120 2,350,229 1,293,220 7,850,811 4,691,542 3,701,765 2,595,336 5,855,937 4,738,231 4,196,267 TRAN Balance 1,750,000 1,750,000 1,750,000 1,750,000 1,750,000 1,750,000 875,000 875,000 875,000 - - - Ending Cash without TRAN 4,443,620 2,714,748 2,080,120 600,229 (456,780) 6,100,811 3,816,542 2,826,765 1,720,336 5,855,937 4,738,231 4,196,267 Source: The District

Summary of Revenues, Expenditures & Changes in General Fund Balance Projected Alternate Cash Resources2013-14 2014-15 2015-16 2016-17 2017-18 Set-Aside 1 Set-Aside 2 Maturity

(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Jan 31, 2018 Apr 30, 2018 Jun 29, 2018Beginning Fund Balance 8,927,198 7,270,801 4,197,700 4,556,944 3,978,426 11 - Adult Education (R) 59,214 59,214 53,545

13 - Cafetria Special Revnue (R) 333,284 333,284 333,284 Total Revenues 34,025,822 36,439,787 42,089,469 43,675,562 41,596,489 14 - Deferred Maintenance (R) 1,959 1,959 1,959

17 - Special Reserve Other than Cap Outlay (U) 1,519,886 1,519,886 1,531,596 Total Expenditures 35,740,206 38,084,971 40,883,165 43,943,155 42,271,034 20 - Special Reserve for Post Emplyment Benefits (R) 125,238 125,238 126,222

25 - Capital Facilites (R) 80,045 80,045 80,675 Other Sources & Uses 57,987 (1,427,917) 785,369 (310,925) - 40 - Special Reserve for Cap Outlay (R) 592,002 592,002 515,867

67 - Self-Insurance (R) 605,628 605,628 607,357 Ending Fund Balance 7,270,801 4,197,700 6,189,373 3,978,426 3,303,881

Source: District Audited Financial Statements & 2016-17 2nd InterimTotal Other Restricted Funds (R) 1,797,370 1,797,370 1,718,909 Total Other Unrestricted Funds (U) 1,519,886 1,519,886 1,531,596 Grand Total 3,317,256 3,317,256 3,250,505

Excludes Bond Proceed, Bond Interest & Redemption and Debt Service Funds.007 Source: The District.

C-4

Hemet Unified Hemet UnifiedRiverside Riverside


Actual / Projected Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Projected Projected Projected 2016-17Beginning Cash 32,526,280 41,988,716 25,198,260 24,458,378 17,929,822 15,413,508 27,775,077 30,766,589 24,258,407 26,613,359 19,353,090 21,241,676 Receipts

LCFF Revenue SourcesApportionment 7,093,974 7,093,974 19,299,953 12,769,153 12,769,153 19,299,953 12,769,153 13,071,154 20,705,445 13,071,154 12,882,682 19,399,199 (1,904,887) 168,320,060 Property Taxes - 1,354,837 1,120,783 551,013 - 8,210,148 8,335,258 - 100,025 2,710,355 6,664,715 (541,147) - 28,505,987 Other - (2,043,121) (170,217) (117,611) (83,334) (83,334) (83,705) (472,807) (583,433) 1,149,520 1,449,704 (113,392) (134,850) (1,286,580)

Federal Revenues - 48,429 3,341,026 (1,408,801) 283,815 1,839,599 259,531 195,660 1,879,348 296,259 4,587,149 2,031,879 5,114,410 18,468,304 Other State Revenues 1,000,000 14,670 610,758 134,900 3,109,030 2,097,060 2,123,234 1,272,008 726,600 1,947,700 8,743,972 365,490 3,887,712 26,033,133 Other Local Revenues 10,541 1,097,373 206,977 1,104,018 1,130,606 1,057,659 3,664,817 168,026 1,907,661 1,235,674 1,226,352 2,219,660 1,461,339 16,490,702 Interfund Transfers In - - 30,558 45,290 - 55,004 1,623,366 400,000 - 1,063,909 29,676 685,379 175,816 4,108,998 Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 8,104,515 7,566,161 24,439,839 13,077,962 17,209,270 32,476,089 28,691,653 14,634,041 24,735,645 21,474,571 35,584,250 24,047,068 8,599,540 260,640,604 Disbursements

Certificated Salaries 1,086,234 10,056,239 10,496,667 10,504,515 10,825,226 10,724,119 10,405,326 10,772,523 10,691,441 10,854,900 10,639,101 2,497,273 25,839 109,579,404 Classified Salaries 1,732,402 3,218,205 3,221,110 3,284,698 3,359,511 3,217,853 3,082,835 3,338,405 3,309,758 3,137,565 3,451,700 2,027,221 354,967 36,736,230 Employee Benefits 1,685,483 3,954,611 4,731,908 4,477,026 3,826,793 3,783,950 3,724,377 2,937,268 4,664,945 3,794,374 11,846,493 3,038,923 68,958 52,535,109 Supplies and Services 3,316,790 7,709,545 2,679,473 3,387,598 1,514,533 3,133,479 3,492,681 3,007,838 2,606,903 3,642,292 4,534,952 5,417,554 2,331,151 46,774,789 Capital Outlay 172,370 295,427 2,251,164 (124,323) 90,424 61,627 296,078 1,158,949 156,339 154,618 1,429,996 1,160,646 511,648 7,614,963 Other Outgo 213,295 - 2,113,968 (16,468) 245,612 357,012 (469,316) 126,077 963,435 (74,197) (120,552) (26,296) (70,731) 3,241,839 Interfund Transfers Out - - - 495,600 - - - - - - 2,000,000 1,472,659 - 3,968,259 Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 8,206,574 25,234,027 25,494,289 22,008,646 19,862,099 21,278,041 20,531,981 21,341,059 22,392,821 21,509,553 33,781,690 15,587,980 3,221,832 260,450,593 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 2,388,872 1,026,009 156,965 2,347,808 171,119 1,149,270 371,593 69,823 - 3,005 - 9,310 - 7,693,775 Due From Other Funds - - 340,905 - - - (150,000) 150,000 - - - 0 - 340,905 Other 6,906 28,475 (40,404) 56,076 (34,606) 14,251 (19,811) (20,987) 12,127 (6,523) 86,026 86,026 78,231 245,788 SUBTOTAL ASSETS 2,395,778 1,054,484 457,466 2,403,884 136,514 1,163,521 201,782 198,836 12,127 (3,517) 86,026 95,337 78,231 8,280,468 Accounts Payable 3,621,582 177,073 784 1,755 - - 24,942 - - 1,671,284 - 104,997 - 5,602,417 Due To Other Funds 1,336 - 142,114 - - - - - - - - 0 - 143,451 Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 3,622,919 177,073 142,898 1,755 - - 24,942 - - 1,671,284 - 104,998 - 5,745,868

Total PY Transactions (1,227,141) 877,411 314,568 2,402,129 136,514 1,163,521 176,840 198,836 12,127 (1,674,801) 86,026 (9,661) 78,231 2,534,600 Net Increase/Decrease (1,329,199) (16,790,455) (739,883) (6,528,555) (2,516,315) 12,361,570 8,336,512 (6,508,182) 2,354,952 (1,709,783) 1,888,586 8,449,426 5,455,939


Ending Cash with TRAN 41,988,716 25,198,260 24,458,378 17,929,822 15,413,508 27,775,077 30,766,589 24,258,407 26,613,359 19,353,090 21,241,676 29,691,102 TRAN Balance 10,791,635 10,791,635 10,791,635 10,791,635 10,791,635 10,791,635 5,446,635 5,446,635 5,446,635 - - - Ending Cash without TRAN 31,197,081 14,406,625 13,666,743 7,138,187 4,621,873 16,983,442 25,319,954 18,811,772 21,166,724 19,353,090 21,241,676 29,691,102 Source: The District


C-5 C-6

Hemet UnifiedRiverside



LCFF Revenue SourcesApportionment 7,596,413 7,596,413 19,795,841 13,667,502 13,667,502 19,795,841 13,667,502 13,984,648 21,147,144 13,984,648 13,984,648 20,100,221 (2,431,456) 176,556,867 Property Taxes - 1,354,856 1,120,836 550,933 - 8,208,704 7,498,506 - 100,016 2,710,900 6,664,715 (544,740) - 27,664,726 Other - (43,265) (170,866) (118,043) (83,689) (83,689) (84,077) (83,689) (194,759) (1,412,653) 263,562 425,000 294,666 (1,291,502)

Federal Revenues - - 750,599 (363,364) 156,181 329,182 273,819 42,679 518,600 263,423 9,405,302 1,477,739 3,281,114 16,135,274 Other State Revenues - 14,668 611,401 309,929 2,010,741 332,693 959,099 - 645,836 1,398,678 8,690,377 - 2,456,777 17,430,199 Other Local Revenues 5,777 1,101,856 194,712 1,065,093 1,132,251 1,054,228 3,717,372 159,721 1,910,026 1,023,319 1,150,717 2,183,109 1,427,787 16,125,968 Interfund Transfers In - - 31,672 45,741 - 56,979 1,624,397 573,104 - 1,064,040 30,750 695,680 175,922 4,298,285 Other Financing Sources - - - - - - - - - - - - - -


Certificated Salaries 1,126,103 10,530,515 10,988,800 10,990,739 11,325,694 11,224,098 10,884,368 11,241,743 11,194,972 11,359,021 11,140,318 2,594,614 83,595 114,684,580 Classified Salaries 1,853,471 3,462,732 3,466,987 3,537,251 3,620,885 3,464,942 3,317,769 3,595,979 3,567,144 3,379,108 3,719,130 2,172,331 382,074 39,539,803 Employee Benefits 1,822,510 4,285,545 5,119,752 4,154,791 4,153,910 4,111,453 4,047,003 3,222,618 5,033,600 4,120,294 13,161,294 3,316,133 72,290 56,621,193 Supplies and Services 2,180,758 6,174,594 2,938,794 4,313,309 2,103,987 2,165,013 3,290,809 2,538,977 3,096,999 5,910,743 6,319,119 4,974,054 2,151,849 48,159,005 Capital Outlay 24,283 28,518 298,678 69,848 18,679 7,421 7,391 140,868 34,091 10,592 249,801 116,920 77,781 1,084,871 Other Outgo - - 1,962,323 (278,236) 275,776 90,118 (319,381) 28,610 848,217 (76,425) (123,928) (157,574) (105,515) 2,143,985 Interfund Transfers Out 2,000,000 - - 61,821 - - - - - - 249,480 183,699 - 2,495,000 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 3,207,034 1,377,837 210,704 3,152,292 229,295 1,543,094 498,872 93,990 - 4,131 - 11,361 - 10,328,610 Due From Other Funds - - - - - - - - - - - - - - Other 6,907 28,487 (40,408) 56,064 (34,607) 14,256 (19,811) (20,990) 12,117 (6,513) 86,026 86,025 78,235 245,788 SUBTOTAL ASSETS 3,213,941 1,406,324 170,296 3,208,356 194,688 1,557,350 479,061 73,000 12,117 (2,382) 86,026 97,386 78,235 10,574,398 Accounts Payable 2,968,274 144,982 644 1,289 - - 20,298 - - 1,904,887 - 86,345 - 5,126,719 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 2,968,274 144,982 644 1,289 - - 20,298 - - 1,904,887 - 86,345 - 5,126,719

Total PY Transactions 245,667 1,261,342 169,652 3,207,067 194,688 1,557,350 458,763 73,000 12,117 (1,907,269) 86,026 11,041 78,235 5,447,679 Net Increase/Decrease (1,159,268) (13,196,034) (2,271,487) (4,484,665) (4,421,257) 10,188,243 6,887,422 (6,019,332) 363,957 (7,578,247) 5,560,883 11,147,873 2,620,971

FY TRAN Deposits 8,030,000 - - - - - - - - - - - 8,030,000 FY TRAN Repayments - - - - - - (4,015,000) - - (4,095,300) - - (8,110,300) CY TRAN Deposits - - - - - - - - - - - - - CY TRAN Repayments - - - - - - - - - - - - -



(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Jan 31, 2018 Apr 30, 2018 Jun 29, 2018Beginning Fund Balance 37,466,535 35,531,355 24,585,424 35,120,611 35,206,563 09 - Charter Schools Special Revenue (R) 850,000 944,775 745,000

11 - Adult Education (R) 100,000 125,000 150,000 Total Revenues 179,323,673 197,844,038 242,096,929 249,789,654 252,665,638 13 - Cafetria Special Revnue (R) 400,000 350,000 300,000

14 - Deferred Maintenance (R) 2,115,500 1,395,000 825,000 Total Expenditures 178,187,094 205,206,530 225,737,870 252,959,725 260,216,547 20 - Special Reserve for Post Emplyment Benefits (U) 3,537,000 3,535,000 3,535,000

25 - Capital Facilites (R) 3,220,900 3,000,000 2,320,000 Other Sources & Uses (3,071,759) (3,583,439) (2,304,027) 3,256,023 - 35 - County School Facilities (R) 250,000 250,000 125,000

40 - Special Reserve for Cap Outlay (U) 1,050,000 475,000 395,000 Ending Fund Balance 35,531,355 24,585,424 38,640,456 35,206,563 27,655,654 63 - Other Enterprise (R) 995,000 1,055,000 642,500

Source: District Audited Financial Statements & 2016-17 2nd Interim 67 - Self-Insurance (R) 9,500,000 9,250,000 8,900,000 Total Other Restricted Funds (R) 17,431,400 16,369,775 14,007,500 Total Other Unrestricted Funds (U) 4,587,000 4,010,000 3,930,000 Grand Total 22,018,400 20,379,775 17,937,500


C-6

Hillsborough City Hillsborough CitySan Mateo San Mateo



LCFF Revenue SourcesApportionment 25,807 25,807 101,047 25,807 - 75,240 10,323 11,699 80,147 11,699 11,699 93,729 - 473,004 Property Taxes - - - 838,979 848,500 7,696,570 1,171,593 - 879,877 4,790,787 995,408 521,560 - 17,743,275 Other - 67,156 - - - - 318,072 - - 318,072 11,103 59,579 - 773,982

Federal Revenues 12,495 203,372 9,159 - - 23,878 5,312 17,715 6,887 (243,999) - 242,821 - 277,640 Other State Revenues 105,895 78,880 - (93,966) 41,893 155,052 173,383 100,050 6,907 119,074 - 176,363 - 863,531 Other Local Revenues 54,277 (21,273) 12,349 28,156 1,029,521 1,143,685 1,444,451 3,173 296,855 601,815 1,420,702 274,629 - 6,288,340 Interfund Transfers In - - - - - - - 80,000 - - - - - 80,000 Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 198,474 353,942 122,555 798,976 1,919,915 9,094,425 3,123,134 212,637 1,270,673 5,597,447 2,438,912 1,368,683 - 26,499,772 Disbursements

Certificated Salaries 207,149 162,763 1,416,659 1,384,720 1,371,346 1,341,824 1,521,984 1,412,733 1,388,404 1,366,622 1,412,733 1,433,095 - 14,420,034 Classified Salaries 156,030 158,876 348,174 279,783 288,225 282,024 327,096 295,858 295,879 292,989 289,858 289,449 - 3,304,240 Employee Benefits 89,064 86,867 411,791 386,181 377,626 388,943 411,885 396,913 393,124 388,169 453,653 492,619 1,115,504 5,392,340 Supplies and Services 235,747 301,815 410,803 315,565 395,819 440,082 286,857 267,546 378,412 41,251 220,082 258,809 - 3,552,788 Capital Outlay - - - - - - 39,820 - - 244,074 323,000 699,278 - 1,306,172 Other Outgo - 38,313 (23,243) 5,264 5,264 5,264 13,581 5,264 19,380 - 10,528 80,167 - 159,783 Interfund Transfers Out - - - - - - - 35,000 - - - - - 35,000 Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 687,990 748,635 2,564,185 2,371,513 2,438,280 2,458,137 2,601,223 2,413,312 2,475,200 2,333,105 2,709,854 3,253,418 1,115,504 28,170,358 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 295,008 86,732 34,942 173,637 2,345 2,351 - - - 246,374 - (316,484) - 524,905 Due From Other Funds - - - - - - - - - - - - - - Other (23,650) 12,695 (3,344) (4,413) - (3) (2,008) (4,390) - (1,142,663) - 1,080,000 - (87,775) SUBTOTAL ASSETS 271,358 99,428 31,598 169,223 2,345 2,348 (2,008) (4,390) - (896,289) - 763,516 - 437,130 Accounts Payable 162,861 175,540 90,739 836 (144,078) 64,736 76,963 (4,193) 1,790 (67,596) (84,875) (352,451) - (79,729) Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 162,861 175,540 90,739 836 (144,078) 64,736 76,963 (4,193) 1,790 (67,596) (84,875) (352,451) - (79,729)

Total PY Transactions 108,497 (76,112) (59,140) 168,387 146,423 (62,388) (78,971) (197) (1,790) (828,692) 84,875 1,115,967 - 516,859 Net Increase/Decrease (381,018) (470,806) (2,500,771) (1,404,150) (371,943) 6,573,900 442,940 (2,200,872) (1,206,317) 2,435,650 (186,067) (768,769) (1,115,504)


Ending Cash with TRAN 6,096,184 5,625,378 3,124,607 1,720,457 1,348,515 7,922,415 7,130,354 4,929,482 3,723,165 4,876,336 4,690,269 3,921,500 TRAN Balance 2,487,429 2,487,429 2,487,429 2,487,429 2,487,429 2,487,429 1,252,429 1,252,429 1,252,429 - - - Ending Cash without TRAN 3,608,755 3,137,949 637,178 (766,971) (1,138,914) 5,434,986 5,877,925 3,677,053 2,470,736 4,876,336 4,690,269 3,921,500 Source: The District


C-7 C-8

Hillsborough CitySan Mateo


Actual / Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected 2017-18Beginning Cash 3,921,500 5,110,482 4,436,304 1,935,533 1,603,227 201,763 6,620,611 6,213,371 4,012,498 2,806,182 5,078,650 5,196,789 Receipts

LCFF Revenue SourcesApportionment 25,807 25,807 101,047 25,807 - 75,240 10,323 11,699 80,147 11,699 11,699 93,729 - 473,004 Property Taxes - - - 838,979 848,500 7,696,570 1,171,593 - 879,877 5,419,610 1,276,788 521,560 - 18,653,478 Other - 67,156 - - - - 318,072 - - 329,175 - 59,579 - 773,982

Federal Revenues 12,495 - 9,159 - - 23,878 5,312 17,715 6,887 - - 202,194 - 277,640 Other State Revenues 105,895 78,880 - (93,966) 41,893 - 173,383 100,050 6,907 154,745 - 52,156 1,115,504 1,735,446 Other Local Revenues 54,277 (21,273) 12,349 1,100,000 - 1,143,685 1,444,451 3,173 296,855 594,910 1,235,285 274,629 - 6,138,340 Interfund Transfers In - - - - - - - 80,000 - - - - - 80,000 Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 198,474 150,570 122,555 1,870,820 890,394 8,939,373 3,123,134 212,637 1,270,673 6,510,138 2,523,772 1,203,848 1,115,504 28,131,890 Disbursements

Certificated Salaries 207,149 162,763 1,416,659 1,384,720 1,371,346 1,341,824 1,521,984 1,412,733 1,388,404 1,402,733 1,402,733 1,406,985 - 14,420,034 Classified Salaries 156,030 158,876 348,174 279,783 288,225 282,024 327,096 295,858 295,879 280,601 295,858 353,136 - 3,361,539 Employee Benefits 89,064 86,867 411,791 386,181 377,626 388,943 411,885 396,913 393,124 433,653 433,653 786,879 1,115,504 5,712,083 Supplies and Services 235,747 301,815 410,803 315,565 395,819 440,082 286,857 267,546 378,412 486,027 353,000 785,293 180,000 4,836,966 Capital Outlay - - - - - - 105,000 - - - - - - 105,000 Other Outgo - 38,313 (23,243) 5,264 5,264 5,264 13,581 5,264 19,380 5,264 5,264 80,167 - 159,783 Interfund Transfers Out - - - - - - - 35,000 - - - - - 35,000 Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 687,990 748,635 2,564,185 2,371,513 2,438,280 2,458,137 2,666,404 2,413,312 2,475,200 2,608,277 2,490,508 3,412,459 1,295,504 28,630,405 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 295,008 86,732 34,942 173,637 2,345 2,351 - - - 246,374 - (316,484) - 524,905 Due From Other Funds - - - - - - - - - - - - - - Other (23,650) 12,695 (3,344) (4,413) - (3) (2,008) (4,390) - (1,142,663) - 1,080,000 - (87,775) SUBTOTAL ASSETS 271,358 99,428 31,598 169,223 2,345 2,348 (2,008) (4,390) - (896,289) - 763,516 - 437,130 Accounts Payable 162,861 175,540 90,739 836 (144,078) 64,736 76,963 (4,193) 1,790 (67,596) (84,875) (352,451) - (79,729) Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 162,861 175,540 90,739 836 (144,078) 64,736 76,963 (4,193) 1,790 (67,596) (84,875) (352,451) - (79,729)

Total PY Transactions 108,497 (76,112) (59,140) 168,387 146,423 (62,388) (78,971) (197) (1,790) (828,692) 84,875 1,115,967 - 516,859 Net Increase/Decrease (381,018) (674,178) (2,500,771) (332,306) (1,401,464) 6,418,848 377,759 (2,200,872) (1,206,317) 3,073,169 118,139 (1,092,645) (180,000)

FY TRAN Deposits 1,570,000 - - - - - - - - - - - 1,570,000 FY TRAN Repayments - - - - - - (785,000) - - (800,700) - - (1,585,700) CY TRAN Deposits - - - - - - - - - - - - - CY TRAN Repayments - - - - - - - - - - - - -

Ending Cash with TRAN 5,110,482 4,436,304 1,935,533 1,603,227 201,763 6,620,611 6,213,371 4,012,498 2,806,182 5,078,650 5,196,789 4,104,144 TRAN Balance 1,570,000 1,570,000 1,570,000 1,570,000 1,570,000 1,570,000 785,000 785,000 785,000 - - - Ending Cash without TRAN 3,540,482 2,866,304 365,533 33,227 (1,368,237) 5,050,611 5,428,371 3,227,498 2,021,182 5,078,650 5,196,789 4,104,144 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Jan 31, 2018 Apr 30, 2018 Jun 29, 2018Beginning Fund Balance 4,319,529 4,874,659 5,581,241 4,427,526 3,692,445 13 - Cafetria Special Revnue (R) 10,865 10,865 10,865

17 - Special Reserve Other than Cap Outlay (U) 551,976 555,976 559,976 Total Revenues 23,777,562 24,943,790 26,362,765 27,535,276 28,031,890 20 - Special Reserve for Post Emplyment Benefits (U) 1,118,334 1,126,334 1,134,334

25 - Capital Facilites (R) 190,000 200,000 - Total Expenditures 22,936,932 25,234,250 25,994,821 28,315,358 27,986,796 40 - Special Reserve for Cap Outlay (U) 12,600 127,800 128,000

Other Sources & Uses (285,500) (6,557) 80,000 45,000 -

Ending Fund Balance 4,874,659 4,577,642 6,029,185 3,692,445 3,737,539 Source: District Audited Financial Statements & 2016-17 2nd Interim

Total Other Restricted Funds (R) 200,865 210,865 10,865 Total Other Unrestricted Funds (U) 1,682,910 1,810,110 1,822,310 Grand Total 1,883,775 2,020,975 1,833,175


C-8

King City Union Elementary King City Union ElementaryMonterey Monterey


Actual / Projected Actual Actual Actual Actual Actual Actual Actual Actual Actual Actuals Projected Projected Projected 2016-17Beginning Cash 2,952,625 5,927,756 3,801,916 4,346,402 3,671,427 3,533,113 4,394,686 4,092,102 3,630,334 3,952,325 3,559,339 2,490,175 Receipts

LCFF Revenue SourcesApportionment 882,501 882,501 1,588,501 1,588,501 1,588,501 - 3,177,002 1,518,601 1,518,601 1,518,601 1,518,601 1,857,877 - 17,639,788 Property Taxes - - 5,483 135,087 6,863 2,205,892 104,965 100,537 84,783 1,869,219 14,555 - - 4,527,384 Other - - 789,968 - - 789,967 - - 943,993 - - - 734,132 3,258,060

Federal Revenues 2,357 5,016 223,300 4,422 5,130 332,406 74,449 3,553 138,111 38,776 360,150 437,427 24,666 1,649,764 Other State Revenues - - - 14,344 144,638 - 583,185 389,227 143,536 205,122 - 132,047 227,923 1,840,022 Other Local Revenues 1,683 100,975 100,097 105,664 124,151 53,887 216,309 115,300 9,292 190,927 105,743 124,538 242,453 1,491,019 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -


Certificated Salaries 154,808 1,166,272 1,255,429 1,224,143 1,211,571 1,199,610 1,186,575 1,156,670 1,202,331 1,204,556 1,178,274 402,212 72,286 12,614,737 Classified Salaries 217,669 341,695 310,683 325,011 327,395 315,183 329,088 306,617 327,593 327,309 303,519 335,083 39,205 3,806,049 Employee Benefits 431,501 609,298 614,625 609,051 616,282 607,836 626,720 617,640 622,880 628,630 598,775 396,672 32,070 7,011,980 Supplies and Services 274,589 304,230 252,205 185,479 127,390 150,604 286,600 248,186 210,770 175,096 307,703 446,082 1 2,968,937 Capital Outlay 20,531 - 40,000 (102,468) - 162,931 13,182 (1,807) - - - - 127,843 260,212 Other Outgo 9,895 350,334 177,137 188,501 208,903 28,362 218,953 382,243 257,525 57,131 193,845 121,195 127,843 2,321,867 Interfund Transfers Out - - - - - 855 - 382 - - - - 1 1,238 Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 1,108,994 2,771,829 2,650,079 2,429,716 2,491,541 2,465,382 2,661,119 2,709,930 2,621,098 2,392,722 2,582,117 1,701,244 399,250 28,985,020 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 177,510 17,740 323,608 141,911 11,854 9,242 (6,693) - - - 23,726 - - 698,898 Due From Other Funds - - - - 311,303 - - - - - - - - 311,303 Other - 2,592 3,348 (106,923) 1,431 (131,838) - 1,080 (15,373) 3,483 2,160 2,160 - (237,880) SUBTOTAL ASSETS 177,510 20,332 326,956 34,988 324,588 (122,596) (6,693) 1,080 (15,373) 3,483 25,886 2,160 - 772,321 Accounts Payable 757,727 362,835 (160,260) 128,266 (156,410) (120,270) (84,317) (119,863) (120,153) (120,884) 512,012 742,578 - 1,621,261 Due To Other Funds - - - - 1,043 - - - - - - - - 1,043 Current Loan - - - - - 49,050 - - - - - - - 49,050 Other - - (1) - (3,989) 3,820 - - 7 191 (30) - - (0) SUBTOTAL LIABILITIES 757,727 362,835 (160,261) 128,266 (159,356) (67,400) (84,317) (119,863) (120,146) (120,692) 511,982 742,578 - 1,671,354

Total PY Transactions (580,217) (342,503) 487,217 (93,278) 483,944 (55,197) 77,624 120,943 104,773 124,175 (486,097) (740,418) - (899,032) Net Increase/Decrease (802,669) (2,125,840) 544,486 (674,975) (138,314) 861,573 1,572,416 (461,768) 321,991 1,554,097 (1,069,164) 110,227 829,924


Ending Cash with TRAN 5,927,756 3,801,916 4,346,402 3,671,427 3,533,113 4,394,686 4,092,102 3,630,334 3,952,325 3,559,339 2,490,175 2,600,401 TRAN Balance 3,777,800 3,777,800 3,777,800 3,777,800 3,777,800 3,777,800 1,902,800 1,902,800 1,902,800 - - - Ending Cash without TRAN 2,149,956 24,116 568,602 (106,373) (244,687) 616,886 2,189,302 1,727,534 2,049,525 3,559,339 2,490,175 2,600,401 Source: The District


C-9 C-10

King City Union ElementaryMonterey



LCFF Revenue SourcesApportionment 885,867 885,867 1,594,560 1,594,560 1,594,560 - 3,189,120 1,753,703 1,753,703 1,753,703 1,753,703 1,753,702 - 18,513,048 Property Taxes - - 5,483 135,087 6,863 2,205,892 104,965 100,537 84,783 965,700 - 766,037 - 4,375,347 Other - - 755,541 - - 755,541 - 755,541 755,540 - 3,022,163

Federal Revenues 2,357 5,016 223,300 4,422 5,130 332,406 74,449 3,553 138,111 80,706 360,150 137,427 212,399 1,579,427 Other State Revenues - - - 14,344 124,638 - 300,185 169,227 103,536 91,606 - 132,047 21,952 957,535 Other Local Revenues 1,683 100,975 100,097 105,664 124,151 53,887 216,309 115,300 9,292 136,411 105,743 124,538 247,997 1,442,048 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 889,908 991,858 2,678,980 1,854,077 1,855,342 3,347,725 3,885,029 2,142,321 2,844,966 3,028,126 2,219,596 3,669,291 482,348 29,889,568 Disbursements

Certificated Salaries 162,549 1,224,586 1,384,111 1,285,350 1,272,149 1,259,590 1,245,904 1,214,504 1,226,377 1,228,336 1,237,188 422,322 79,647 13,242,613 Classified Salaries 228,552 358,779 342,527 341,262 343,765 330,943 335,542 311,947 333,972 315,362 308,695 341,837 39,991 3,933,176 Employee Benefits 453,076 639,763 638,264 619,503 627,097 618,228 678,056 628,522 634,024 609,347 608,714 406,506 37,841 7,198,939 Supplies and Services 280,081 310,315 262,394 189,188 129,938 153,616 229,801 253,150 204,986 309,213 313,857 457,289 324,497 3,418,325 Capital Outlay 40,531 - 30,110 - - - - - - - - - - 70,641 Other Outgo 10,093 357,341 180,679 192,271 213,081 28,929 218,953 389,888 262,675 170,860 197,722 123,619 126,902 2,473,014 Interfund Transfers Out - - - - - - - - - - 312,624 - 312,624 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 734,132 17,740 323,608 141,911 11,854 9,242 (6,693) - - (2,621) - - - 1,229,173 Due From Other Funds 1,077 - - - - - - - - - - - - 1,077 Other 52,800 2,592 3,348 1,188 1,431 2,322 - 1,080 (15,373) 2,160 2,160 2,160 - 55,868 SUBTOTAL ASSETS 788,009 20,332 326,956 143,099 13,285 11,564 (6,693) 1,080 (15,373) (461) 2,160 2,160 - 1,286,119 Accounts Payable 597,466 162,835 (160,260) (152,375) (116,410) (12,270) (84,317) (11,963) (12,016) (12,675) 81,007 577,296 - 856,318 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - 1 - (3,989) 3,820 - - 7 161 - - - 0 SUBTOTAL LIABILITIES 597,466 162,835 (160,260) (152,375) (120,399) (8,450) (84,317) (11,963) (12,009) (12,514) 81,007 577,296 - 856,318

Total PY Transactions 190,543 (142,503) 487,216 295,474 133,683 20,014 77,624 13,043 (3,364) 12,054 (78,847) (575,136) - 429,800 Net Increase/Decrease (94,431) (2,041,428) 328,110 (478,022) (597,004) 976,433 1,254,397 (642,646) 179,568 407,060 (525,427) 1,029,957 (126,530)


Ending Cash with TRAN 4,670,970 2,629,542 2,957,651 2,479,629 1,882,625 2,859,059 3,030,955 2,388,309 2,567,877 1,870,788 1,345,361 2,375,318 TRAN Balance 2,165,000 2,165,000 2,165,000 2,165,000 2,165,000 2,165,000 1,082,500 1,082,500 1,082,500 - - - Ending Cash without TRAN 2,505,970 464,542 792,651 314,629 (282,375) 694,059 1,948,455 1,305,809 1,485,377 1,870,788 1,345,361 2,375,318 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Jan 31, 2018 Apr 30, 2018 Jun 29, 2018Beginning Fund Balance 2,099,317 1,265,342 761,483 2,392,570 2,917,034 12 - Child Development (R) 14,330 17,505 7,057

13 - Cafetria Special Revnue (R) 883,109 754,830 824,474 Total Revenues 21,669,343 24,089,987 29,248,135 31,049,258 30,892,624 25 - Capital Facilites (R) 10,167 10,167 10,167

Total Expenditures 22,836,975 24,594,594 27,853,023 30,523,557 31,575,007

Other Sources & Uses 333,657 748 309,979 (1,238) -

Ending Fund Balance 1,265,342 761,483 2,466,574 2,917,034 2,234,651 Source: District Audited Financial Statements & 2016-17 2nd Interim

Total Other Restricted Funds (R) 907,606 782,502 841,698 Total Other Unrestricted Funds (U) - - - Grand Total 907,606 782,502 841,698


C-10

Lake Elsinore Unified Lake Elsinore UnifiedRiverside Riverside



LCFF Revenue SourcesApportionment 6,344,306 6,344,306 18,335,583 11,419,752 11,419,752 18,335,583 11,419,752 11,175,971 18,919,346 11,175,971 11,175,971 15,514,432 - 151,580,725 Property Taxes - 1,615,650 1,101,061 1,029,867 - 10,425,211 10,286,538 - 126,409 3,446,057 7,136,240 514,166 (0) 35,681,199 Other - - (146,858) (57,034) - (114,065) (57,034) (57,034) (168,933) (67,628) (72,170) (72,171) (90,649) (903,576)

Federal Revenues 33,801 93,034 1,426,035 (11,587) 66,242 1,308,205 10,001 5,672 1,084,459 24,929 1,500,000 550,000 3,065,063 9,155,854 Other State Revenues 710,680 15,180 1,293,413 157,871 2,902,174 2,177,506 2,566,847 224,063 435,111 1,986,762 100,000 395,545 9,444,775 22,409,927 Other Local Revenues 86,546 951,161 455,181 962,724 960,615 1,028,418 2,436,938 220,221 1,818,688 1,037,771 1,235,752 500,000 786,887 12,480,902 Interfund Transfers In - - - 498 22 - - - - - - - - 520 Other Financing Sources - - - - - - - - - - - - - -


Certificated Salaries 7,745,469 8,480,625 8,394,645 8,825,011 9,005,660 8,869,946 8,606,422 8,658,420 9,032,901 8,591,720 8,987,953 8,986,116 304,833 104,489,721 Classified Salaries 1,169,801 2,948,416 2,608,751 2,680,546 3,162,038 2,280,963 2,516,889 2,599,887 2,647,705 2,662,362 2,793,231 3,072,554 (107,241) 31,035,902 Employee Benefits 4,270,792 3,795,517 3,607,417 3,858,189 4,458,504 3,522,700 2,959,860 3,650,362 3,713,489 3,650,156 3,934,916 4,220,535 7,655,639 53,298,076 Supplies and Services 2,399,164 2,598,975 3,199,476 2,405,312 2,653,798 1,647,019 2,086,218 1,427,160 2,550,502 2,332,860 4,690,332 2,406,203 3,845,091 34,242,110 Capital Outlay 51,462 368,141 270,053 67,877 156,174 153,830 (259,707) 16,308 99,131 22,887 15,000 428,688 863,266 2,253,110 Other Outgo 22,014 23,038 19,543 610,458 19,543 22,380 19,543 38,579 (115,179) 19,498 (13,000) (15,000) (84,596) 566,821 Interfund Transfers Out 1,000,000 - - - - - - - - - - 250,000 - 1,250,000 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 3,575,183 737,843 166,026 1,011,358 703,280 445,584 (585,974) 39,450 35,130 21,766 - - - 6,149,646 Due From Other Funds - - - - - - - - - - - - - - Other 150,922 - - - - - - - - - - 802 26,000 177,724 SUBTOTAL ASSETS 3,726,105 737,843 166,026 1,011,358 703,280 445,584 (585,974) 39,450 35,130 21,766 - 802 26,000 6,327,370 Accounts Payable 2,557,581 257,182 880,378 332,893 115,154 - 11,640 1,988,486 293,836 290,665 290,665 290,665 290,665 7,599,810 Due To Other Funds - - - - - - - - - - - 2,100,000 - 2,100,000 Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 2,557,581 257,182 880,378 332,893 115,154 - 11,640 1,988,486 293,836 290,665 290,665 2,390,665 290,665 9,699,810

Total PY Transactions 1,168,524 480,661 (714,352) 678,465 588,126 445,584 (597,614) (1,949,036) (258,706) (268,899) (290,665) (2,389,863) (264,665) (3,372,440) Net Increase/Decrease (8,314,845) (8,714,720) 3,650,178 (4,266,837) (3,518,786) 17,109,604 10,136,203 (6,770,859) 4,027,825 55,480 376,696 (4,336,987) 464,419




C-11 C-12

Lake Elsinore UnifiedRiverside



LCFF Revenue SourcesApportionment 6,152,813 6,152,813 17,694,301 11,075,064 11,075,064 17,694,301 11,075,064 12,536,582 19,155,819 12,536,582 12,536,582 19,155,819 - 156,840,804 Property Taxes - 1,668,296 1,042,685 1,007,929 - 10,426,848 8,341,478 - 104,268 3,475,616 8,341,479 347,562 - 34,756,161 Other (82,565) (82,565) (82,565) (82,565) (82,565) (82,565) (82,565) (82,565) (82,565) (82,565) (82,565) (82,565) - (990,783)

Federal Revenues - 60,000 800,000 800,000 (85,000) 1,750,000 325,000 60,424 1,174,424 2,047,661 1,055,425 150,424 1,851,561 9,989,920 Other State Revenues 640,909 42,727 1,014,773 160,227 2,029,546 1,388,637 1,815,909 207,227 480,682 1,175,000 181,591 8,914,571 1,537,434 19,589,233 Other Local Revenues 84,855 934,640 442,724 946,938 934,640 1,008,427 2,398,090 209,064 1,783,195 1,020,725 1,217,492 84,855 1,232,249 12,297,894 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -


Certificated Salaries 7,965,542 8,611,397 9,041,967 9,257,252 9,364,894 9,257,252 8,912,796 9,149,609 8,826,682 9,257,252 9,041,967 8,736,262 219,591 107,642,463 Classified Salaries 1,211,906 2,925,291 3,053,875 2,764,561 3,246,751 2,346,662 2,603,830 2,668,122 2,732,415 2,754,917 2,893,145 3,182,459 (237,881) 32,146,053 Employee Benefits 4,631,169 4,116,105 3,912,235 4,184,225 4,835,039 3,820,102 3,209,964 3,958,792 4,023,481 3,954,871 4,263,616 13,479,775 (474,879) 57,914,495 Supplies and Services 2,080,172 2,270,728 2,637,133 2,078,912 2,306,759 1,459,948 1,816,853 1,248,940 2,278,051 2,061,249 4,071,376 2,125,100 3,629,835 30,065,056 Capital Outlay 500,000 300,000 200,000 25,000 150,000 100,000 - 18,000 95,000 25,000 20,000 200,000 1,378,300 3,011,300 Other Outgo (26,277) (25,277) 101,723 466,723 (25,820) (25,820) (11,877) (7,277) (4,277) (25,277) (25,277) (27,277) 77,620 441,610 Interfund Transfers Out 1,000,000 - - - - - - - - - - 250,000 - 1,250,000 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 3,480,787 735,000 175,000 1,011,358 700,000 478,821 - - - - - - - 6,580,966 Due From Other Funds - - - - - - - - - - - - - - Other - - (70,000) (14,000) 6,500 (56,000) 165,000 - 50,000 - - 802 26,000 108,302 SUBTOTAL ASSETS 3,480,787 735,000 105,000 997,358 706,500 422,821 165,000 - 50,000 - - 802 26,000 6,689,268 Accounts Payable 2,500,000 250,000 800,000 300,000 100,000 - 616,146 - - - - - - 4,566,146 Due To Other Funds - - - - - - - - - - - 1,226,804 - 1,226,804 Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 2,500,000 250,000 800,000 300,000 100,000 - 616,146 - - - - 1,226,804 - 5,792,950

Total PY Transactions 980,787 485,000 (695,000) 697,358 606,500 422,821 (451,146) - 50,000 - - (1,226,002) 26,000 896,318 Net Increase/Decrease (9,585,714) (8,937,333) 1,269,985 (4,171,722) (5,399,438) 15,650,325 6,890,264 (4,105,454) 4,714,471 2,145,007 2,985,177 (601,655) 54,658


Ending Cash with TRAN 29,767,515 20,830,182 22,100,167 17,928,444 12,529,006 28,179,331 28,812,095 24,706,641 29,421,112 25,183,469 28,168,645 27,566,990 TRAN Balance 12,515,000 12,515,000 12,515,000 12,515,000 12,515,000 12,515,000 6,257,500 6,257,500 6,257,500 - - - Ending Cash without TRAN 17,252,515 8,315,182 9,585,167 5,413,444 14,006 15,664,331 22,554,595 18,449,141 23,163,612 25,183,469 28,168,645 27,566,990 Source: The District



12 - Child Development (R) 1,063,369 1,093,616 988,776 Total Revenues 176,054,756 191,556,258 227,106,683 233,293,261 228,523,904 13 - Cafetria Special Revnue (R) 6,437,374 6,889,653 6,889,252

25 - Capital Facilites (R) 2,623,946 2,190,279 3,640,537 Total Expenditures 178,138,195 189,361,420 207,625,203 232,230,209 230,763,543 35 - County School Facilities (R) 186,110 186,312 258,011

40 - Special Reserve for Cap Outlay (U) 504,947 493,898 489,187 Other Sources & Uses (228,815) 1,558,301 179,824 (1,250,000) - 67 - Self-Insurance (R) 2,279,441 2,663,399 2,944,470


Total Other Restricted Funds (R) 13,067,017 13,504,370 15,181,299 Total Other Unrestricted Funds (U) 504,947 493,898 489,187 Grand Total 13,571,964 13,998,268 15,670,486


C-12

Loma Prieta Joint Union Elementary Loma Prieta Joint Union ElementarySanta Clara Santa Clara


Actual / Projected Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Projected Projected Projected 2016-17Beginning Cash 1,600,858 1,475,989 1,141,258 654,211 474,890 127,532 (284,228) 1,436,530 1,361,062 876,540 1,949,930 1,427,374 Receipts

LCFF Revenue SourcesApportionment 31,461 31,461 55,375 31,461 - 23,914 12,584 14,262 40,269 14,262 1,615 51,394 - 308,058 Property Taxes - 209 7,044 39,216 137,389 179,906 1,462,989 8,212 62,947 1,394,784 7,305 147,405 - 3,447,406 Other - (25,000) - (25,000) - - 77,567 13,007 7,659 - 23,177 54,763 28,962 155,135

Federal Revenues 7,321 - 7,746 35,538 14 24,391 (53,808) 408 11,909 459 (0) 85,537 46,748 166,263 Other State Revenues - (21,513) - - 14,083 74,431 58,488 231,328 2,246 38,900 25 241 60,227 458,456 Other Local Revenues 4,948 3,838 58,415 119,458 63,506 28,729 419,069 161,596 (782) 256,809 24,301 517,560 158,431 1,815,878 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 43,730 (11,005) 128,580 200,673 214,992 331,371 1,976,889 428,813 124,248 1,705,214 56,422 856,900 294,368 6,351,196 Disbursements

Certificated Salaries 78,115 (21,307) 222,856 226,375 228,449 229,015 249,945 234,827 231,756 233,694 245,591 346,716 - 2,506,032 Classified Salaries 68,513 97,873 129,906 134,514 136,270 139,137 108,139 127,651 127,930 131,674 127,059 133,467 - 1,462,134 Employee Benefits 50,091 40,959 96,924 94,541 104,557 97,899 100,311 97,011 96,605 95,814 95,355 220,382 - 1,190,449 Supplies and Services 162,647 7,125 177,474 120,048 81,828 215,667 (117,415) 61,821 53,683 98,320 94,117 40,093 10,000 1,005,409 Capital Outlay - - 56,433 36,248 16,948 - - - 157 20,290 2,783 106,820 - 239,679 Other Outgo - - - - 3,635 53,282 (17,125) - - - 14,072 10,000 - 63,864 Interfund Transfers Out - - - - - - - - - - - - - - Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 359,366 124,650 683,593 611,726 571,687 735,000 323,855 521,310 510,131 579,792 578,978 857,479 10,000 6,467,567 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 203,852 34,131 55,779 228,369 - - 123,010 8,513 (59,511) - - - (345,762) 248,381 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 203,852 34,131 55,779 228,369 - - 123,010 8,513 (59,511) - - - (345,762) 248,381 Accounts Payable 120,653 218,580 (280) - 135 - 768 - 1,346 - - - (10,000) 331,202 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other 11,416 14,627 (11,907) (3,363) (9,472) 8,131 (5,482) (8,516) 37,782 (10,274) - - - 22,942 SUBTOTAL LIABILITIES 132,069 233,207 (12,187) (3,363) (9,337) 8,131 (4,714) (8,516) 39,128 (10,274) - - (10,000) 354,144

Total PY Transactions 71,783 (199,076) 67,966 231,732 9,337 (8,131) 127,724 17,029 (98,639) 10,274 - - (335,762) (105,763) Net Increase/Decrease (243,853) (334,731) (487,047) (179,321) (347,358) (411,760) 1,780,758 (75,468) (484,522) 1,135,696 (522,555) (580) (51,394)

FY TRAN Deposits 118,984 - - - - - - - - - - - - 118,984 FY TRAN Repayments - - - - - - (60,000) - - (62,307) - - - (122,307) CY TRAN Deposits - - - - - - - - - - - - - - CY TRAN Repayments - - - - - - - - - - - - - -

Ending Cash with TRAN 1,475,989 1,141,258 654,211 474,890 127,532 (284,228) 1,436,530 1,361,062 876,540 1,949,930 1,427,374 1,426,795 TRAN Balance 118,984 118,984 118,984 118,984 118,984 118,984 58,984 58,984 58,984 - - - Ending Cash without TRAN 1,357,005 1,022,274 535,227 355,906 8,548 (403,212) 1,377,546 1,302,078 817,556 1,949,930 1,427,374 1,426,795 Source: The District


C-13 C-14

Loma Prieta Joint Union ElementarySanta Clara


Actual / Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected 2017-18Beginning Cash 1,426,795 1,923,629 1,682,839 1,366,675 950,365 474,425 218,968 1,113,254 1,215,860 861,543 1,442,037 919,865 Receipts

LCFF Revenue SourcesApportionment 31,461 31,461 56,041 31,461 - 24,580 12,584 14,262 38,842 8,872 1,615 24,580 32,299 308,058 Property Taxes - - 53,225 40,633 70,415 214,504 1,484,399 - 84,498 1,474,461 7,607 189,312 - 3,619,053 Other - - - - - - 128,139 - - - 38,465 90,884 (25) 257,463

Federal Revenues - - 9,215 - - 9,215 - - 53,046 - - 10,919 57,625 140,018 Other State Revenues 2 2 174 190 14,968 11,738 36,508 5 1,943 29,498 2 6,944 46,493 148,467 Other Local Revenues 15,929 15,654 40,048 63,620 20,753 43,283 205,273 572,748 22,114 49,562 21,772 591,579 71,860 1,734,195 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 47,392 47,117 158,703 135,904 106,136 303,320 1,866,903 587,015 200,442 1,562,393 69,461 914,218 208,252 6,207,254 Disbursements

Certificated Salaries 47,430 11,293 225,859 234,643 235,647 236,400 242,171 236,650 236,149 236,901 245,936 320,720 2,509,800 Classified Salaries 65,346 86,177 122,417 137,826 124,415 121,276 121,704 124,415 122,417 123,416 123,986 153,378 1,426,772 Employee Benefits 43,156 44,389 96,545 99,381 99,628 95,559 104,806 97,901 100,491 96,422 98,765 256,097 1,233,138 Supplies and Services 42,262 82,349 115,563 83,678 98,666 77,959 84,565 84,659 64,768 97,550 94,657 70,754 29,840 1,027,269 Capital Outlay - - - - - - - - - - - - - - Other Outgo - - 27,584 27,584 27,584 27,584 27,584 27,584 27,584 27,584 27,584 27,584 - 275,836 Interfund Transfers Out - - - - - - - - - - - - - - Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable (26,091) 136,798 112,531 73,922 3,862 - 713 - - - - (208,252) 93,483 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS (26,091) 136,798 112,531 73,922 3,862 - 713 - - - - (208,252) - 93,483 Accounts Payable 111,272 200,497 (570) 43,025 - - - (86,800) 3,352 (324) 705 (29,840) 241,317 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 111,272 200,497 (570) 43,025 - - - (86,800) 3,352 (324) 705 (29,840) - 241,317

Total PY Transactions (137,364) (63,699) 113,101 30,897 3,862 - 713 86,800 (3,352) 324 (705) (178,412) - (147,834) Net Increase/Decrease (288,166) (240,790) (316,165) (416,310) (475,940) (255,456) 1,286,786 102,606 (354,317) 980,844 (522,172) (92,727) 178,412

FY TRAN Deposits 785,000 - - - - - - - - - - - 785,000 FY TRAN Repayments - - - - - - (392,500) - - (400,350) - - (792,850) CY TRAN Deposits - - - - - - - - - - - - - CY TRAN Repayments - - - - - - - - - - - - -

Ending Cash with TRAN 1,923,629 1,682,839 1,366,675 950,365 474,425 218,968 1,113,254 1,215,860 861,543 1,442,037 919,865 827,138 TRAN Balance 785,000 785,000 785,000 785,000 785,000 785,000 392,500 392,500 392,500 - - - Ending Cash without TRAN 1,138,629 897,839 581,675 165,365 (310,575) (566,032) 720,754 823,360 469,043 1,442,037 919,865 827,138 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Jan 31, 2018 Apr 30, 2018 Jun 29, 2018Beginning Fund Balance 1,375,325 1,745,683 1,878,812 1,966,147 1,536,978 14 - Deferred Maintenance (R) 31,800 31,800 31,800

25 - Capital Facilites (R) 5,000 8,000 - Total Revenues 5,423,716 5,970,082 6,363,059 6,464,272 6,224,369 35 - County School Facilities (R) 25,000 25,000 25,000

40 - Special Reserve for Cap Outlay (R) 325,000 325,000 325,000 Total Expenditures 4,910,094 5,636,953 6,002,414 6,893,441 6,635,610 21 - Building Fund (property lease) (R) 530,000 500,000 480,000

Other Sources & Uses (143,264) (200,000) (256,055) - -




C-14

Los Banos Unified Los Banos UnifiedMerced Merced



LCFF Revenue SourcesApportionment 3,669,631 3,669,631 9,835,667 6,605,336 6,605,336 9,842,717 6,605,336 6,704,791 11,336,680 6,704,791 6,704,791 9,118,176 - 87,402,883 Property Taxes 25,415 68,848 - 748,364 983,733 4,350,036 859,322 - 429,949 3,179,249 415,871 552,466 - 11,613,253 Other (23,094) - (345) - (48,541) (28,505) (27,616) (29,274) - (15,121) (14,927) (16,561) (11,016) (215,000)

Federal Revenues 90,134 (2,533) 467,604 137,400 13,800 1,686,178 24,270 (468,683) 445,061 110,413 142,295 1,207,576 1,844,501 5,698,016 Other State Revenues 513,177 131,939 1,004,237 790,844 984,679 1,333,407 1,929,755 355,158 558,376 1,046,517 415,602 3,728,995 226,144 13,018,828 Other Local Revenues 15,921 24,140 107,890 79,914 99,475 410,051 170,418 39,413 93,973 8,272 205,214 179,326 (177,855) 1,256,153 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -


Certificated Salaries 3,343,800 3,969,973 3,915,088 3,936,330 3,984,510 3,890,613 3,877,638 3,937,190 3,923,272 3,978,733 3,876,198 4,262,810 186,315 47,082,470 Classified Salaries 1,177,829 1,263,282 1,325,230 1,359,853 1,371,110 1,307,827 1,348,856 1,328,988 1,338,238 1,348,324 1,321,740 780,645 - 15,271,922 Employee Benefits 1,913,533 2,144,221 2,118,725 2,141,832 2,175,245 2,176,749 2,190,755 2,233,155 2,206,214 2,218,101 2,190,129 5,163,484 691,594 29,563,737 Supplies and Services 213,781 1,873,170 1,675,448 1,227,307 974,899 1,028,276 918,386 659,509 862,167 820,874 1,224,235 1,992,994 3,654,838 17,125,884 Capital Outlay 641,521 149,193 419,355 163,262 84,024 112,087 (363,020) 561,445 326,231 64,700 227,543 313,315 (221,445) 2,478,211 Other Outgo 434,481 301,755 103,903 103,904 491,581 485,594 103,903 263,274 161,238 128,560 128,175 59,270 (602,277) 2,163,362 Interfund Transfers Out - - - 16,899 - 3,500,000 - - - - - - - 3,516,899 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 735,076 465,451 359,754 785,271 (5) (39) 29,989 1,067,421 94,336 48,334 - 160,090 (3,000,000) 745,678 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 735,076 465,451 359,754 785,271 (5) (39) 29,989 1,067,421 94,336 48,334 - 160,090 (3,000,000) 745,678 Accounts Payable 2,202,089 (643,290) 4,036 36,276 (77,787) 1,113,178 94,347 (9,178) 592,177 14,018 16,598 - (2,550,000) 792,465 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 2,202,089 (643,290) 4,036 36,276 (77,787) 1,113,178 94,347 (9,178) 592,177 14,018 16,598 - (2,550,000) 792,465

Total PY Transactions (1,467,013) 1,108,741 355,718 748,995 77,782 (1,113,217) (64,359) 1,076,598 (497,841) 34,315 (16,598) 160,090 (450,000) (46,787) Net Increase/Decrease (4,900,774) (4,700,827) 2,213,021 161,465 (365,106) 3,979,521 1,420,609 (1,305,558) 3,548,837 2,509,145 (1,115,773) 2,357,550 (2,277,252)

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

Ending Cash with TRAN 7,147,065 2,446,238 4,659,259 4,820,725 4,455,619 8,435,140 9,855,749 8,550,191 12,099,028 14,608,173 13,492,400 15,849,951 TRAN Balance - - - - - - - - - - - - Ending Cash without TRAN 7,147,065 2,446,238 4,659,259 4,820,725 4,455,619 8,435,140 9,855,749 8,550,191 12,099,028 14,608,173 13,492,400 15,849,951 Source: The District


C-15 C-16

Los Banos UnifiedMerced



LCFF Revenue SourcesApportionment 3,922,987 3,922,987 10,130,162 7,056,543 7,056,543 10,138,217 7,056,543 7,249,873 10,420,863 7,249,873 7,249,873 10,446,487 1,465,275 93,366,223 Property Taxes 25,948 70,580 - 767,035 1,007,837 4,309,514 881,209 - 696,456 1,904,614 - 716,177 - 10,379,370 Other - - - - - - - - - - - - - -

Federal Revenues 19,300 73,203 274,460 149,615 13,803 757,001 145,212 137,793 1,207,455 132,632 373,563 553,155 648,601 4,485,793 Other State Revenues 131,939 131,939 1,063,217 409,605 897,223 526,724 948,505 253,266 355,156 914,542 221,298 4,698,840 858,203 11,410,458 Other Local Revenues 22,749 14,954 29,957 64,489 137,833 139,563 163,023 49,144 56,053 12,368 30,048 101,559 146,768 968,508 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -


Certificated Salaries 3,537,429 4,154,834 3,997,953 4,089,045 4,210,502 4,078,924 4,053,620 4,149,774 4,129,531 5,465,556 4,337,020 4,272,809 130,000 50,606,997 Classified Salaries 1,413,969 1,479,284 1,470,458 1,505,763 1,583,434 1,482,814 1,479,284 1,514,589 1,535,772 1,548,129 1,534,007 1,105,050 - 17,652,553 Employee Benefits 2,104,216 2,285,330 2,265,572 2,370,948 2,410,464 2,380,827 2,492,788 2,400,585 2,380,827 2,604,750 2,420,343 5,696,639 1,116,543 32,929,831 Supplies and Services 863,513 1,848,737 939,050 1,048,672 1,431,987 839,784 2,086,628 380,000 943,054 920,000 920,000 1,020,000 2,249,603 15,491,027 Capital Outlay 13,678 309,816 104,184 97,345 253,963 194,006 80,703 266,043 240,000 240,000 240,000 240,000 - 2,279,737 Other Outgo 375,301 534,297 103,903 103,904 591,581 426,344 103,903 85,989 80,519 91,460 85,990 59,270 (21,702) 2,620,760 Interfund Transfers Out - - - 16,899 - - - - - - - - - 16,899 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 750,000 450,000 360,000 485,000 - - 30,000 200,000 200,000 200,000 200,000 125,000 (3,000,000) - Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 750,000 450,000 360,000 485,000 - - 30,000 200,000 200,000 200,000 200,000 125,000 (3,000,000) - Accounts Payable 2,160,000 200,000 - 200,000 - - - - - - - - (2,550,000) 10,000 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 2,160,000 200,000 - 200,000 - - - - - - - - (2,550,000) 10,000

Total PY Transactions (1,410,000) 250,000 360,000 285,000 - - 30,000 200,000 200,000 200,000 200,000 125,000 (450,000) (10,000) Net Increase/Decrease (5,595,184) (6,148,636) 2,976,676 (500,288) (1,368,692) 6,468,321 (1,072,436) (906,904) 3,626,280 (455,865) (1,462,577) 4,247,450 (805,597)




(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Jan 31, 2018 Apr 30, 2018 Jun 29, 2018Beginning Fund Balance 14,636,281 12,855,545 10,686,997 12,293,154 10,031,506 12 - Child Development (R) 64,000 64,000 64,000

13 - Cafetria Special Revnue (R) 1,400,000 1,400,000 1,400,000 Total Revenues 76,886,299 88,063,904 112,250,336 119,774,133 121,666,127 25 - Capital Facilites (R) 2,000,000 1,500,000 1,400,000

49 - Capital Project for Blended Components (R) 150,000 150,000 150,000 Total Expenditures 78,840,227 89,023,901 102,059,075 118,518,882 121,867,804

Other Sources & Uses 173,192 (1,208,551) (9,636,187) (3,516,899) -


Total Other Restricted Funds (R) 3,614,000 3,114,000 3,014,000 Total Other Unrestricted Funds (U) - - - Grand Total 3,614,000 3,114,000 3,014,000


C-16

Pacific Grove Unified Pacific Grove UnifiedMonterey Monterey



LCFF Revenue SourcesApportionment 375,819 375,819 479,887 375,819 - 104,068 150,327 170,332 250,866 170,332 217,825 232,584 - 2,903,678 Property Taxes - - 49,319 792,168 42,682 12,688,993 307,376 601,451 502,464 8,041,076 185,000 205,398 - 23,415,926 Other - - - (33,298) - - - - - - (94,481) (11,757) - (139,536)

Federal Revenues - 18,901 51,531 16,593 1,450 36,401 24,695 1,498 66,369 8,742 48,195 48,195 367,036 689,606 Other State Revenues - 65,806 - 76,057 69,337 920 480,992 111,244 90,973 164,072 191,895 426,000 599,643 2,276,938 Other Local Revenues 722 168,941 75,207 148,275 172,726 53,780 131,867 103,135 55 209,961 71,519 106,356 44,216 1,286,760 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - 158,410 - - - 158,410

Total Receipts 376,541 629,468 655,944 1,375,613 286,195 12,884,161 1,095,256 987,660 910,727 8,752,593 619,953 1,006,777 1,010,894 30,591,782 Disbursements

Certificated Salaries 87,055 1,399,423 1,336,385 1,329,669 1,361,973 1,373,484 1,331,597 1,364,819 1,367,078 1,350,717 1,391,794 1,480,658 - 15,174,652 Classified Salaries 298,392 420,981 444,627 441,545 460,552 467,566 443,802 456,935 470,871 452,962 496,837 478,215 - 5,333,285 Employee Benefits 214,961 494,786 352,366 540,248 364,122 375,795 341,824 348,737 350,749 355,538 569,057 1,272,701 - 5,580,885 Supplies and Services 361,004 231,767 433,396 273,750 213,376 179,460 319,370 306,811 322,925 287,424 264,933 839,716 - 4,033,932 Capital Outlay 12,529 1,314 7,225 1,180 - (2,494) - - - 158,410 - - - 178,164 Other Outgo 6,171 53,094 56,901 48,402 53,884 57,075 17,113 (31,857) (20,120) (37,435) - 63,723 - 266,952 Interfund Transfers Out - - - - - - - - - - - 60,209 - 60,209 Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 980,112 2,601,366 2,630,900 2,634,793 2,453,906 2,450,886 2,453,707 2,445,444 2,491,504 2,567,616 2,722,621 4,195,223 - 30,628,078 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 232,059 54,867 22,507 10,020 1,766 48,853 (510) 180,829 - 30,771 51,528 - - 632,689 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 232,059 54,867 22,507 10,020 1,766 48,853 (510) 180,829 - 30,771 51,528 - - 632,689 Accounts Payable 792,498 171,293 54,576 (253,981) (63,395) (111,119) (46,787) (62,928) (54,512) (29,446) 102,742 - - 498,939 Due To Other Funds - - - - - - - - - - - - - - Current Loan (22,500) - - - - - - - - - - - - (22,500) Other 23 80,152 18 (18) - 2,998 (2,998) (177) 177 196 - (30,711) - 49,660 SUBTOTAL LIABILITIES 770,021 251,445 54,593 (253,999) (63,395) (108,121) (49,785) (63,106) (54,335) (29,250) 102,742 (30,711) - 526,099

Total PY Transactions (537,961) (196,578) (32,087) 264,018 65,161 156,974 49,275 243,935 54,335 60,021 (51,214) 30,711 - 106,590 Net Increase/Decrease (1,141,533) (2,168,475) (2,007,043) (995,162) (2,102,550) 10,590,249 (1,309,176) (1,213,849) (1,526,441) 6,244,998 (2,153,882) (3,157,736) 1,010,894


Ending Cash with TRAN 9,570,901 7,402,426 5,395,383 4,400,221 2,297,671 12,887,920 9,078,744 7,864,895 6,338,454 9,987,341 7,833,459 4,675,723 TRAN Balance 5,042,900 5,042,900 5,042,900 5,042,900 5,042,900 5,042,900 2,542,900 2,542,900 2,542,900 - - - Ending Cash without TRAN 4,528,001 2,359,526 352,483 (642,679) (2,745,229) 7,845,020 6,535,844 5,321,995 3,795,554 9,987,341 7,833,459 4,675,723 Source: The District


C-17 C-18

Pacific Grove UnifiedMonterey



LCFF Revenue SourcesApportionment 375,818 375,818 476,153 375,818 - 100,335 150,327 170,371 270,706 170,371 170,371 270,706 - 2,906,794 Property Taxes - - 52,124 838,946 44,678 13,450,436 325,154 637,897 533,649 8,523,491 196,085 218,424 - 24,820,882 Other - - - - - - - - - - - - - -

Federal Revenues - 18,601 50,712 16,361 1,426 35,845 24,304 1,494 65,308 8,622 47,454 47,454 361,299 678,878 Other State Revenues - 50,211 - 58,029 52,991 695 366,940 84,959 69,496 125,267 146,463 325,068 457,632 1,737,752 Other Local Revenues 565 123,555 54,955 108,405 126,284 39,334 96,454 75,469 - 153,574 52,320 77,822 32,371 941,109 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 376,383 568,186 633,944 1,397,559 225,378 13,626,645 963,179 970,190 939,159 8,981,324 612,693 939,473 851,302 31,085,416 Disbursements

Certificated Salaries 88,055 1,424,334 1,360,996 1,353,272 1,387,258 1,398,072 1,356,361 1,388,803 1,391,893 1,374,899 1,416,610 1,507,755 - 15,448,308 Classified Salaries 301,568 425,648 449,924 446,687 466,108 473,122 448,845 462,332 476,359 458,016 502,793 483,911 - 5,395,313 Employee Benefits 227,366 523,828 372,644 571,664 385,046 397,448 361,424 369,101 370,873 376,188 602,373 1,346,480 - 5,904,435 Supplies and Services 377,087 242,263 452,504 286,081 222,882 187,490 333,690 320,629 337,482 300,406 276,811 877,201 - 4,214,527 Capital Outlay 881 93 509 83 - (175) - - - 11,140 - - - 12,529 Other Outgo 3,931 33,846 36,280 30,851 34,340 36,382 10,908 (20,301) (12,831) (23,858) - 40,619 - 170,168 Interfund Transfers Out - - - - - - - - - - - 62,289 - 62,289 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 236,246 55,953 21,759 9,325 3,108 49,736 - 183,401 - 31,085 52,844 - - 643,459 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 236,246 55,953 21,759 9,325 3,108 49,736 - 183,401 - 31,085 52,844 - - 643,459 Accounts Payable 806,647 174,410 56,060 (258,501) (65,404) (112,121) (46,717) (65,404) (56,060) (31,145) 105,892 - - 507,658 Due To Other Funds - - - - - - - - - - - - - - Current Loan (21,801) - - - - - - - - - - - - (21,801) Other - 80,976 - - - 3,114 (3,114) - - - - - - 80,976 SUBTOTAL LIABILITIES 784,845 255,386 56,060 (258,501) (65,404) (109,006) (49,831) (65,404) (56,060) (31,145) 105,892 - - 566,833

Total PY Transactions (548,600) (199,433) (34,301) 267,826 68,512 158,742 49,831 248,805 56,060 62,230 (53,047) - - 76,626 Net Increase/Decrease (1,171,105) (2,281,259) (2,073,214) (1,023,252) (2,201,744) 11,293,049 (1,498,218) (1,301,569) (1,568,556) 6,546,763 (2,238,941) (3,378,783) 851,302


Ending Cash with TRAN 9,224,618 6,943,359 4,870,145 3,846,894 1,645,150 12,938,199 8,579,980 7,278,411 5,709,854 9,339,417 7,100,476 3,721,693 TRAN Balance 5,720,000 5,720,000 5,720,000 5,720,000 5,720,000 5,720,000 2,860,000 2,860,000 2,860,000 - - - Ending Cash without TRAN 3,504,618 1,223,359 (849,855) (1,873,106) (4,074,850) 7,218,199 5,719,980 4,418,411 2,849,854 9,339,417 7,100,476 3,721,693 Source: The District



12 - Child Development (R) 121,629 51,968 14,360 Total Revenues 26,474,373 26,020,263 29,884,567 30,240,755 30,998,223 13 - Cafetria Special Revnue (R) (510,000) (236,000) 7,135

14 - Deferred Maintenance (R) 55,246 148,246 77,180 Total Expenditures 26,371,079 25,777,966 28,275,426 30,617,839 31,130,577 20 - Special Reserve for Post Emplyment Benefits (U) 199,148 199,148 219,148

40 - Special Reserve for Cap Outlay (U) 150,000 75,420 52,000 Other Sources & Uses 68,099 (74,960) (33,558) (60,209) -


Total Other Restricted Funds (R) 206,992 475,424 645,025 Total Other Unrestricted Funds (U) 349,148 274,568 271,148 Grand Total 556,140 749,992 916,173


C-18

Washington Unified Washington UnifiedFresno Fresno



LCFF Revenue SourcesApportionment 1,052,953 1,052,953 2,938,555 1,988,321 1,895,316 2,938,555 1,895,316 1,726,626 2,917,454 1,726,626 1,825,984 2,418,628 175,825 24,553,112 Property Taxes 12 (23) - (9) (3) 1,295,101 421,901 222,152 49,492 1,073,974 78,278 - - 3,140,875 Other - - - 12,523 - - - 413 (198,166) - (18,621) (155,215) - (359,066)

Federal Revenues - 173,530 475,169 (329,456) 6,487 689,871 51,718 - 378,932 203,119 415,504 646,712 103,500 2,815,086 Other State Revenues 169,819 4,990 (169,032) (593) 244,983 274,337 477,082 164,171 11,778 202,776 55,436 1,689,221 153,871 3,278,837 Other Local Revenues 105,564 43,300 75,727 52,864 127,899 76,755 94,256 78,588 148,021 209,693 62,256 1,013,998 266,898 2,355,820 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 1,328,348 1,274,750 3,320,419 1,723,650 2,274,682 5,274,619 2,940,272 2,191,950 3,307,511 3,416,188 2,418,837 5,613,344 700,094 35,784,664 Disbursements

Certificated Salaries 187,382 1,116,857 1,211,299 1,177,852 1,187,248 1,143,523 1,129,521 1,132,988 1,151,025 1,159,547 1,177,967 1,194,808 - 12,970,016 Classified Salaries 201,682 352,081 400,856 391,085 418,425 398,534 388,197 391,120 375,821 384,740 378,461 358,577 - 4,439,579 Employee Benefits 322,554 643,369 694,817 782,962 691,861 686,845 658,412 684,704 680,662 684,172 739,594 1,765,880 - 9,035,832 Supplies and Services 267,309 610,723 690,980 620,552 407,255 404,942 659,018 393,725 674,380 367,397 786,875 1,065,000 578,225 7,526,381 Capital Outlay - 12,048 40,067 32,380 90,149 29,965 36,952 - - - - - 217,052 458,614 Other Outgo 772,663 - - 200,864 - 133,179 48,400 4,542 - - - - (46,894) 1,112,754 Interfund Transfers Out - - - - - - - - - - - - - - Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 10,186 329,948 837,683 1,020,059 - - - - - - - - - 2,197,876 Due From Other Funds - 30,000 - - 27,989 - 65,018 - - - - - - 123,007 Other - - - - (273,773) - 278,907 - 24 - - - - 5,158 SUBTOTAL ASSETS 10,186 359,948 837,683 1,020,059 (245,784) - 343,925 - 24 - - - - 2,326,041 Accounts Payable 1,262,872 (33,483) (4,256) (82,543) (110,889) 53,500 (58,667) (197,008) (40,846) (115,208) (80,635) (80,638) (506,983) 5,216 Due To Other Funds - 1,380,000 - - - - 1,236 - - - - - - 1,381,236 Current Loan - - - - 26,773 - - - - - - - - 26,773 Other 330 200,884 (14,890) (186,324) 75,055 (600) (74,455) 1,226 47,115 1,382 41,286 196,473 - 287,483 SUBTOTAL LIABILITIES 1,263,202 1,547,401 (19,146) (268,867) (9,060) 52,900 (131,886) (195,782) 6,269 (113,826) (39,349) 115,835 (506,983) 1,700,707

Total PY Transactions (1,253,016) (1,187,453) 856,829 1,288,926 (236,724) (52,900) 475,812 195,782 (6,245) 113,826 39,349 (115,835) 506,983 625,334 Net Increase/Decrease (1,676,259) (2,647,781) 1,139,228 (193,119) (756,980) 2,424,731 495,584 (219,347) 419,378 934,159 (624,711) 1,113,244 458,694


Ending Cash with TRAN 4,458,579 1,810,798 2,950,026 2,756,907 1,999,926 4,424,658 3,087,742 2,868,394 3,287,772 2,318,982 1,694,271 2,807,515 TRAN Balance 3,691,773 3,691,773 3,691,773 3,691,773 3,691,773 3,691,773 1,859,273 1,859,273 1,859,273 - - - Ending Cash without TRAN 766,806 (1,880,975) (741,747) (934,867) (1,691,847) 732,885 1,228,468 1,009,121 1,428,499 2,318,982 1,694,271 2,807,515 Source: The District


C-19 C-20

Washington UnifiedFresno



LCFF Revenue SourcesApportionment 1,047,836 1,047,836 2,860,231 1,886,105 1,886,105 2,860,231 1,886,105 1,886,106 2,854,520 1,886,106 1,886,106 2,854,520 - 24,841,807 Property Taxes - - - - - 1,295,101 421,901 222,151 - 1,201,722 - - - 3,140,875 Other - - - - - - (190,000) - - - (57,720) (34,605) (18,106) (300,431)

Federal Revenues - 173,530 475,169 (329,456) 6,487 698,871 51,718 - 188,780 133,030 415,504 646,712 458,961 2,919,306 Other State Revenues 169,818 4,990 (169,032) (593) 244,982 274,337 477,081 164,171 89,077 250,404 55,436 1,268,744 24,899 2,854,314 Other Local Revenues 105,564 43,299 75,726 52,863 127,899 76,755 94,255 78,588 99,903 86,000 86,000 975,010 453,967 2,355,829 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -


Certificated Salaries 191,000 1,126,900 1,225,300 1,195,000 1,195,000 1,187,245 1,130,500 1,132,988 1,187,122 1,139,795 1,204,608 1,173,281 - 13,088,739 Classified Salaries 203,500 360,080 395,000 390,000 390,000 405,000 388,500 391,120 376,572 370,500 385,000 385,000 - 4,440,272 Employee Benefits 478,073 644,400 698,000 725,000 725,000 695,000 698,000 698,000 698,000 698,000 715,000 1,750,715 - 9,223,188 Supplies and Services 150,340 590,000 685,000 535,000 535,000 390,000 638,750 415,150 725,095 500,000 741,875 790,000 237,109 6,933,319 Capital Outlay - 12,050 40,000 32,380 32,380 21,825 36,952 - - 25,000 23,383 - 96,257 320,227 Other Outgo 502,984 - 9,751 - - 134,400 112,985 4,542 - 200,864 - 21,135 (38,310) 948,351 Interfund Transfers Out - - - - - - - - - - - - - - Other Financing Uses - - - - - - - - - - - (76,689) - (76,689)


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 10,185 329,948 833,202 1,014,797 - - - - - - - - - 2,188,132 Due From Other Funds - - - - 28,486 - 64,092 - - - - - - 92,578 Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 10,185 329,948 833,202 1,014,797 28,486 - 64,092 - - - - - - 2,280,710 Accounts Payable 1,262,872 (33,483) (4,255) (82,542) (110,888) 53,499 (59,985) (197,008) (80,635) (80,635) (80,635) (80,635) (504,581) 1,089 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other 330 200,000 14,114 183,484 - - 74,099 - - - (42,342) (194,069) - 235,615 SUBTOTAL LIABILITIES 1,263,202 166,517 9,859 100,942 (110,888) 53,499 14,114 (197,008) (80,635) (80,635) (122,977) (274,704) (504,581) 236,705

Total PY Transactions (1,253,017) 163,431 823,343 913,855 139,374 (53,499) 49,978 197,008 80,635 80,635 122,977 274,704 504,581 2,044,006 Net Increase/Decrease (1,455,696) (1,300,344) 1,012,386 (354,606) (472,533) 2,318,326 (214,649) (93,776) 326,126 703,738 (561,563) 1,941,643 1,129,245


Ending Cash with TRAN 4,341,819 3,041,475 4,053,861 3,699,255 3,226,722 5,545,048 3,835,399 3,741,623 4,067,749 3,246,587 2,685,025 4,626,668 TRAN Balance 2,990,000 2,990,000 2,990,000 2,990,000 2,990,000 2,990,000 1,495,000 1,495,000 1,495,000 - - - Ending Cash without TRAN 1,351,819 51,475 1,063,861 709,255 236,722 2,555,048 2,340,399 2,246,623 2,572,749 3,246,587 2,685,025 4,626,668 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Jan 31, 2018 Apr 30, 2018 Jun 29, 2018Beginning Fund Balance 4,290,768 4,330,988 1,876,843 1,960,726 2,202,213 12 - Child Development (R) 21,000 54,000 5,000

13 - Cafetria Special Revnue (R) 125,000 205,205 45,000 Total Revenues 27,604,678 30,797,225 33,937,621 35,784,664 34,764,782 25 - Capital Facilites (R) 85,000 177,000 95,000

40 - Special Reserve for Cap Outlay (R) 55,850 17,500 14,500 Total Expenditures 27,510,896 33,251,370 33,853,321 35,543,177 34,577,239

Other Sources & Uses (53,562) - - - -




C-20

C-21

CERTAIN BACKGROUND INFORMATION AND PROJECTED CASH FLOWS FOR SERIES B DISTRICTS

Amador County Unified Amador County UnifiedAmador Amador



LCFF Revenue SourcesApportionment/Property Taxes 1,451,327 1,451,327 1,641,590 1,451,327 1,465,455 10,522,767 548,236 2,488 2,290,643 11,623,396 1,014,727 1,528,519 - 34,991,801 Other - - - - - - - - - - - - - -

Federal Revenues 27,180 - 131,919 342,009 18,364 201,157 3,196 - 194,382 - - 112,000 93,490 1,123,698 Other State Revenues 2,735 210 - 2,394 39,680 746,887 446,091 - 17,138 294,615 6,657 179,392 201,548 1,937,347 Other Local Revenues 40,856 5,694 19,740 28,790 (117,406) 5,008 32,405 17,219 46,140 33,744 6,248 3,527 3,800 125,764 Interfund Transfers In - - - 18,476 265,660 - - - - - - - - 284,137 Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 1,522,098 1,457,231 1,793,249 1,842,996 1,671,753 11,475,818 1,029,929 19,707 2,548,304 11,951,755 1,027,632 1,823,438 298,838 38,462,747 Disbursements

Certificated Salaries 469,001 1,200,663 1,267,239 1,251,245 1,287,249 1,262,760 1,255,779 1,304,599 1,318,288 1,293,064 1,288,789 1,308,889 124,518 14,632,083 Classified Salaries 237,658 404,915 414,744 409,833 428,192 398,117 392,133 390,172 422,445 398,586 419,833 463,254 25,135 4,805,017 Employee Benefits 245,940 524,322 548,798 537,521 558,664 553,445 545,262 555,585 563,715 553,912 548,798 714,298 65,458 6,515,720 Supplies and Services 457,995 541,065 527,046 507,031 382,977 451,856 519,579 597,712 255,431 563,542 601,981 815,281 - 6,221,498 Capital Outlay 84,251 84,312 22,746 - - - 245,000 - - - - - - 436,309 Other Outgo 40,815 600,000 450,000 895,953 (150,000) (1,431) 400,000 1,129,920 - 270,000 500,000 703,985 - 4,839,242 Interfund Transfers Out 104,204 10,859 35,432 2,790 570 - - - - - - - - 153,855 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 444,609 291,266 167,233 84,538 13,871 - - 690 - - - - - 1,002,207 Due From Other Funds - - 119,659 86,073 - - - - - - - - - 205,732 Other 13,578 (4,082) (14,212) (2,702) 10,071 3,026 6,735 (2,819) 3,771 (1,333) 1,599 10,921 - 24,554 SUBTOTAL ASSETS 458,186 287,184 272,680 167,909 23,942 3,026 6,735 (2,129) 3,771 (1,333) 1,599 10,921 - 1,232,492 Accounts Payable 458,681 (25,684) (46,935) (58,288) 152,493 7,873 (54,976) 10,758 (121,581) (64,123) - - - 258,219 Due To Other Funds - - 118,264 - - - - - - - - - - 118,264 Current Loan 30,578 - - - - - - - - (76,504) - - - (45,926) Other 35,099 - - - 101 - 229 (331) 11 3,500 - - - 38,610 SUBTOTAL LIABILITIES 524,359 (25,684) 71,329 (58,288) 152,595 7,873 (54,747) 10,427 (121,570) (137,127) - - - 369,167

Total PY Transactions (66,172) 312,868 201,351 226,196 (128,652) (4,847) 61,482 (12,556) 125,341 135,794 1,599 10,921 - 863,325 Net Increase/Decrease (183,939) (1,596,037) (1,271,404) (1,535,181) (964,553) 8,806,223 (2,266,342) (3,970,838) 113,766 9,008,445 (2,330,171) (2,171,348) 83,726


Ending Cash with TRAN 6,991,129 5,395,092 4,123,688 2,588,507 1,623,954 10,430,177 6,173,835 2,202,997 2,316,763 9,258,704 6,928,533 4,757,186 TRAN Balance 4,010,578 4,010,578 4,010,578 4,010,578 4,010,578 4,010,578 2,020,578 2,020,578 2,020,578 - - - Ending Cash without TRAN 2,980,551 1,384,514 113,109 (1,422,072) (2,386,624) 6,419,599 4,153,257 182,418 296,185 9,258,704 6,928,533 4,757,186 Source: The District


C-22 C-23

Amador County UnifiedAmador



LCFF Revenue SourcesApportionment/Property Taxes 1,157,160 1,157,160 1,157,160 1,157,160 1,271,288 10,721,658 548,236 962,204 2,290,643 10,385,615 714,727 914,724 168,849 32,606,586 Other - - - - - - - - - - - - - -

Federal Revenues 27,180 - 131,919 - 18,364 201,157 3,196 - 194,382 - - 112,000 59,147 747,347 Other State Revenues 2,735 - - - 39,680 184,200 182,222 - - 182,222 - 179,392 159,543 929,993 Other Local Revenues 26,751 5,694 19,740 8,482 17,248 2,008 12,405 17,815 26,140 6,257 1,182 3,527 2,752 150,000 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 1,213,826 1,162,854 1,308,819 1,165,642 1,346,580 11,109,023 746,060 980,019 2,511,166 10,574,094 715,909 1,209,643 390,291 34,433,927 Disbursements

Certificated Salaries 469,001 1,100,663 1,167,239 1,151,245 1,187,249 1,162,760 1,255,779 1,195,425 1,202,957 1,276,254 1,168,784 1,308,889 67,978 13,714,224 Classified Salaries 237,658 371,217 371,217 371,217 371,217 371,217 371,217 371,217 371,217 371,217 371,217 371,217 5,500 4,326,545 Employee Benefits 225,940 584,322 598,798 597,521 598,664 593,445 595,262 595,585 610,976 574,322 598,798 714,298 16,669 6,904,602 Supplies and Services 557,995 661,101 527,046 498,671 384,028 402,450 429,882 531,058 255,431 558,166 402,019 597,976 76,973 5,882,797 Capital Outlay - 84,300 15,700 - - - - - - - - - - 100,000 Other Outgo 40,815 500,000 450,000 795,953 - - 400,000 850,000 - 400,000 450,000 350,000 - 4,236,768 Interfund Transfers Out - - - . - - - - - - - - - - Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 40,190 158,115 137,515 13,871 13,871 23,112 - 690 - 14,760 - - 390,291 792,415 Due From Other Funds - - 200,000 - - - - - - - - - - 200,000 Other 13,577 (4,082) (14,212) 10,205 10,071 3,026 6,735 (2,819) 3,771 (1,579) 1,599 24,421 - 50,714 SUBTOTAL ASSETS 53,767 154,033 323,303 24,076 23,942 26,138 6,735 (2,129) 3,771 13,182 1,599 24,421 390,291 1,043,129 Accounts Payable 458,681 182,024 94,818 (58,288) 142,972 8,747 (34,876) 10,758 (121,581) 12,481 (42,717) (1,211) 739,160 1,390,968 Due To Other Funds - - 118,264 - - - - - - - - - - 118,264 Current Loan - - - - - - - - - - - - - - Other 13,000 - - - 101 - 229 (331) 11 - - - - 13,011 SUBTOTAL LIABILITIES 471,681 182,024 213,082 (58,288) 143,073 8,747 (34,647) 10,427 (121,570) 12,481 (42,717) (1,211) 739,160 1,522,243

Total PY Transactions (417,914) (27,991) 110,221 82,364 (119,131) 17,391 41,382 (12,556) 125,341 701 44,316 25,632 (348,869) (479,114) Net Increase/Decrease (735,496) (2,166,740) (1,710,960) (2,166,601) (1,313,709) 8,596,541 (2,264,699) (2,575,823) 195,926 7,394,834 (2,230,593) (2,107,105) (125,698)


Ending Cash with TRAN 9,021,689 6,854,949 5,143,989 2,977,388 1,663,679 10,260,220 5,495,521 2,919,698 3,115,625 7,960,459 5,729,865 3,622,761 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 4,021,689 1,854,949 143,989 (2,022,612) (3,336,321) 5,260,220 2,995,521 419,698 615,625 7,960,459 5,729,865 3,622,761 Source: The District



13 - Cafetria Special Revnue (R) 30,000 325,000 350,000 Total Revenues 29,587,717 30,540,281 36,735,177 35,822,681 36,511,728 25 - Capital Facilites (R) 1,955,000 2,000,000 2,010,000

35 - County School Facilities (R) 450,400 450,600 450,800 Total Expenditures 29,018,764 33,522,044 35,194,966 37,450,547 36,788,036 40 - Special Reserve for Cap Outlay (R) 4,800,000 3,800,000 3,000,000

73 - Foundation Private-Purpose Trust (R) 216,000 212,000 210,150 Other Sources & Uses - 1,583,420 - 111,805 -




C-23

Bret Harte Union High Bret Harte Union HighCalaveras Calaveras


Actual / Projected Actual Actual Actual Actual Actual Actual Actual Actual Actual Projected Projected Projected Projected 2016-17Beginning Cash 1,085,926 3,293,609 2,526,091 1,872,926 1,124,101 1,463,045 4,447,932 3,706,425 3,045,310 2,214,832 2,308,579 1,345,735 Receipts

LCFF Revenue SourcesApportionment/Property Taxes 18,157 18,157 27,090 7,229 1,343,517 3,627,695 (3,665) 62,614 24,483 3,526,749 - 528,258 - 9,180,284 Other - - - - - - - - - - - - - -

Federal Revenues (12,220) - 54,288 2,622 - 61,745 5,773 - 72,570 692 - - - 185,470 Other State Revenues 68,514 32,323 - 34,382 144,043 114,983 76,371 51,498 3,033 306,964 103,173 70,000 52,956 1,058,240 Other Local Revenues 30,933 19,246 70,417 60,869 12,781 52,234 21,626 77,152 21,262 42,326 27,503 23,008 122,924 582,283 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 105,383 69,726 151,795 105,102 1,500,341 3,856,657 100,105 191,264 121,348 3,876,731 130,676 621,266 175,880 11,006,277 Disbursements

Certificated Salaries 76,841 321,639 343,876 341,006 362,994 338,603 338,938 338,589 349,339 349,785 345,260 354,083 - 3,860,951 Classified Salaries 136,260 177,544 170,722 183,972 168,751 181,881 154,621 180,633 185,132 205,330 215,330 155,197 - 2,115,371 Employee Benefits 107,515 162,380 173,237 175,567 178,290 148,378 202,346 180,777 166,318 328,668 187,950 295,996 - 2,307,422 Supplies and Services 138,733 157,573 140,843 160,236 226,020 133,809 167,684 146,272 128,888 231,239 337,000 414,124 216,595 2,599,017 Capital Outlay - - - 8,138 - 12,562 49,323 405 52 7,323 - 20,522 - 98,325 Other Outgo (2,464) 2,464 - - 24,129 - 14,723 200 - - - 145,259 - 184,311 Interfund Transfers Out - - - - - - - - - 18,553 7,979 120,338 - 146,870 Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 456,885 821,599 828,678 868,918 960,184 815,233 927,635 846,875 829,729 1,140,898 1,093,519 1,505,519 216,595 11,312,267 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 203,948 - - - - - - - - - - - 191,686 395,634 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 203,948 - - - - - - - - - - - 191,686 395,634 Accounts Payable 282,659 15,646 (23,718) (14,991) 201,214 56,536 (86,023) 5,504 122,097 (28,275) - - 329,087 859,736 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 282,659 15,646 (23,718) (14,991) 201,214 56,536 (86,023) 5,504 122,097 (28,275) - - 329,087 859,736

Total PY Transactions (78,711) (15,646) 23,718 14,991 (201,214) (56,536) 86,023 (5,504) (122,097) 28,275 - - (137,401) (464,102) Net Increase/Decrease (430,212) (767,518) (653,164) (748,825) 338,944 2,984,888 (741,508) (661,115) (830,478) 2,764,109 (962,843) (884,253) (178,116)

FY TRAN Deposits 2,637,895 - - - - - - - - - - - - 2,637,895 FY TRAN Repayments - - - - - - - - - (2,670,362) - - - (2,670,362) CY TRAN Deposits - - - - - - - - - - - - - - CY TRAN Repayments - - - - - - - - - - - - - -

Ending Cash with TRAN 3,293,609 2,526,091 1,872,926 1,124,101 1,463,045 4,447,932 3,706,425 3,045,310 2,214,832 2,308,579 1,345,735 461,483 TRAN Balance 2,637,895 2,637,895 2,637,895 2,637,895 2,637,895 2,637,895 2,637,895 2,637,895 2,637,895 - - - Ending Cash without TRAN 655,715 (111,804) (764,968) (1,513,794) (1,174,850) 1,810,038 1,068,530 407,415 (423,062) 2,308,579 1,345,735 461,483 Source: The District


C-24 C-25

Bret Harte Union HighCalaveras


Actual / Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected 2017-18Beginning Cash 461,483 2,516,434 1,748,201 1,074,291 294,791 1,390,422 3,619,139 2,844,139 2,101,589 1,403,752 1,620,662 949,322 Receipts

LCFF Revenue SourcesApportionment/Property Taxes 18,157 18,157 27,190 7,500 1,869,631 3,078,372 (3,600) (3,600) 25,450 3,605,781 (3,800) 541,423 - 9,180,661 Other - - - - - - - - - - - - - -

Federal Revenues (15,806) - 54,000 2,500 8,000 85,000 15,000 15,000 2,500 2,500 - 10,872 6,909 186,475 Other State Revenues 55,000 32,000 - 25,000 12,000 15,645 53,400 64,900 27,344 13,500 30,960 30,000 68,477 428,226 Other Local Revenues 32,500 9,500 75,400 65,000 55,000 25,700 37,500 38,900 42,350 26,200 39,000 55,461 109,980 612,491 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -


Certificated Salaries 77,000 315,000 305,000 320,000 320,000 335,000 335,000 342,000 305,000 352,000 352,000 377,713 - 3,735,713 Classified Salaries 140,000 180,000 180,000 205,000 189,000 230,000 165,000 165,000 159,000 175,000 185,000 172,705 - 2,145,705 Employee Benefits 130,000 180,000 205,000 205,000 205,000 207,000 155,000 155,000 145,000 172,500 135,500 272,723 - 2,167,723 Supplies and Services 147,900 152,890 140,500 124,500 135,000 204,000 222,300 195,750 186,481 197,751 65,000 80,000 193,701 2,045,773 Capital Outlay - - - - - - - - - - - - - - Other Outgo - - - 25,000 - - - - - - - 123,720 - 148,720 Interfund Transfers Out - - - - - - - - - 49,220 - 115,000 - 164,220 Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 494,900 827,890 830,500 879,500 849,000 976,000 877,300 857,750 795,481 946,471 737,500 1,141,861 193,701 10,407,854 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable - - - - - - - - - - - - 185,366 185,366 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS - - - - - - - - - - - - 185,366 185,366 Accounts Payable - - - - - - - - - - - - - - Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES - - - - - - - - - - - - - -

Total PY Transactions - - - - - - - - - - - - 185,366 185,366 Net Increase/Decrease (405,049) (768,233) (673,910) (779,500) 1,095,631 2,228,717 (775,000) (742,550) (697,837) 2,701,510 (671,340) (504,105) 177,031

FY TRAN Deposits 2,460,000 - - - - - - - - - - - 2,460,000 FY TRAN Repayments - - - - - - - - - (2,484,600) - - (2,484,600) CY TRAN Deposits - - - - - - - - - - - - - CY TRAN Repayments - - - - - - - - - - - - -

Ending Cash with TRAN 2,516,434 1,748,201 1,074,291 294,791 1,390,422 3,619,139 2,844,139 2,101,589 1,403,752 1,620,662 949,322 445,217 TRAN Balance 2,460,000 2,460,000 2,460,000 2,460,000 2,460,000 2,460,000 2,460,000 2,460,000 2,460,000 - - - Ending Cash without TRAN 56,434 (711,799) (1,385,709) (2,165,209) (1,069,578) 1,159,139 384,139 (358,411) (1,056,248) 1,620,662 949,322 445,217 Source: The District

Summary of Revenues, Expenditures & Changes in General Fund Balance Projected Alternate Cash Resources2013-14 2014-15 2015-16 2016-17 2017-18 Set-Aside 1 Maturity

(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Apr 30, 2018 Jun 29, 2018Beginning Fund Balance 1,200,409 1,480,138 1,407,956 1,047,522 741,042 13 - Cafetria Special Revnue (R) 2,537 12,846

14 - Deferred Maintenance (R) 71,110 71,000 Total Revenues 9,312,584 10,189,796 10,828,440 11,059,951 10,814,095 20 - Special Reserve for Post Emplyment Benefits (U) 462,602 463,602

25 - Capital Facilites (R) 89,252 136,502 Total Expenditures 8,796,279 9,963,084 10,448,365 11,164,350 10,855,877 35 - County School Facilities (R) 1,000,000 1,000,000

Other Sources & Uses (236,576) (298,894) (200,000) (202,081) -

Ending Fund Balance 1,480,138 1,407,956 1,588,031 741,042 699,261 Source: District Audited Financial Statements & 2016-17 2nd Interim

Total Other Restricted Funds (R) 1,162,899 1,220,348 Total Other Unrestricted Funds (U) 462,602 463,602 Grand Total 1,625,501 1,683,950


C-25

Calaveras County Board of Education Calaveras County Board of EducationCalaveras Calaveras


Actual / Projected Actual Actual Actual Actual Actual Actual Actual Actual Actual Projected Projected Projected Projected 2016-17Beginning Cash 901,818 1,385,941 1,290,964 1,241,023 859,271 1,260,765 1,198,915 735,662 850,637 627,950 (529,697) (352,945) Receipts

LCFF Revenue SourcesApportionment 85,949 85,949 235,658 154,709 154,709 235,659 154,709 144,952 236,912 118,461 118,461 201,573 92,171 2,019,872 Property Taxes - - - - 161,445 196,320 - 3,995 - 264,856 2,926 438,042 - 1,067,584 Other - - - - - - - - - - - - 0 0

Federal Revenues 96,946 271,933 (641,920) 21,991 257,817 59,616 16,642 16,988 51,041 18,391 591,514 145,407 682,679 1,589,045 Other State Revenues 170,149 396,645 176,775 297,427 427,745 309,685 310,394 331,978 401,379 450,683 347,418 451,185 389,541 4,461,002 Other Local Revenues 38,233 132,247 (140,216) 108,959 79,853 25,989 27,229 42,876 12,211 78,513 90,186 724,653 645,227 1,865,960 Interfund Transfers In - - - - - - - - - 422 - 1,311 3,407 5,140 Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 391,277 886,774 (369,704) 583,086 1,081,569 827,268 508,973 540,790 701,542 931,326 1,150,505 1,962,171 1,813,025 11,008,603 Disbursements

Certificated Salaries 254,341 269,006 295,444 273,268 261,683 263,749 266,529 250,870 266,280 278,331 247,453 280,258 78,362 3,285,572 Classified Salaries 190,062 186,807 188,079 194,497 188,326 205,750 204,364 206,952 210,550 211,915 212,558 213,549 94,672 2,508,082 Employee Benefits 140,806 152,434 153,604 152,074 144,701 155,402 156,569 152,251 156,285 154,943 156,385 165,393 214,395 2,055,244 Supplies and Services 216,721 253,641 285,662 215,045 281,734 184,803 255,171 (34,030) 250,079 285,802 357,357 261,822 416,895 3,230,701 Capital Outlay - - - - 5,084 - - - - - - 3,342 (2,985) 5,441 Other Outgo - - 1,401 - - (4,235) - - (2,052) 1,164 - (12,138) 1,901 (13,958) Interfund Transfers Out - - - - - - - - - - - 55,803 (0) 55,803 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 353 - 1,096,039 (15,185) 942 - 1,485 399 (101) - - - 1,310 1,085,241 Due From Other Funds - - 191,593 - - - - - - - - - 0 191,593 Other (4,631) - (6,137) - 6,137 - - - - - - - 8,111 3,480 SUBTOTAL ASSETS (4,278) - 1,281,496 (15,185) 7,079 - 1,485 399 (101) - - - 9,421 1,280,314 Accounts Payable 240,577 119,863 26,871 114,769 (194,374) 83,649 91,078 (148,820) 42,986 - - - 2,128 378,728 Due To Other Funds - - 780 - - - - - - - - - - 780 Current Loan - - - - - - - - - - - - - - Other - - 9,891 - - - - (1,011) - - - - 1,011 9,891 SUBTOTAL LIABILITIES 240,577 119,863 37,543 114,769 (194,374) 83,649 91,078 (149,831) 42,986 - - - 3,139 389,400

Total PY Transactions (244,856) (119,863) 1,243,954 (129,955) 201,452 (83,649) (89,593) 150,229 (43,087) - - - 6,282 890,914 Net Increase/Decrease (655,509) (94,977) (49,941) (381,752) 401,494 (61,850) (463,254) 114,976 (222,687) (829) 176,752 994,142 1,016,067


Ending Cash with TRAN 1,385,941 1,290,964 1,241,023 859,271 1,260,765 1,198,915 735,662 850,637 627,950 (529,697) (352,945) 641,198 TRAN Balance 1,139,631 1,139,631 1,139,631 1,139,631 1,139,631 1,139,631 1,139,631 1,139,631 1,139,631 - - - Ending Cash without TRAN 246,310 151,333 101,392 (280,360) 121,134 59,284 (403,969) (288,994) (511,681) (529,697) (352,945) 641,198 Source: The District


C-26 C-27

Calaveras County Board of EducationCalaveras


Actual / Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected 2017-18Beginning Cash 641,198 402,165 146,715 760,983 253,124 850,000 694,383 149,255 392,593 131,585 185,988 348,466 Receipts

LCFF Revenue SourcesApportionment 84,145 84,145 235,704 151,461 151,461 235,704 151,461 151,461 235,704 151,461 151,461 235,704 - 2,019,872 Property Taxes - - - - 161,445 196,320 - 3,995 - 264,856 2,926 438,042 - 1,067,584 Other - - - - - - - - - - - - - -

Federal Revenues 81,401 228,328 (538,987) 18,465 216,475 50,057 13,973 14,264 42,856 15,442 496,663 122,091 573,210 1,334,238 Other State Revenues 164,420 383,289 170,822 287,412 413,342 299,257 299,942 320,800 387,864 435,508 335,720 435,993 376,422 4,310,791 Other Local Revenues 39,237 135,719 (143,898) 111,820 81,950 26,671 27,944 44,002 12,531 80,574 92,554 743,679 662,169 1,914,952 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 369,203 831,481 (276,359) 569,158 1,024,673 808,009 493,320 534,522 678,955 947,841 1,079,324 1,975,509 1,611,801 10,647,437 Disbursements

Certificated Salaries 259,558 274,524 301,504 278,873 267,050 269,158 271,996 256,016 271,742 284,040 252,529 286,006 79,968 3,352,964 Classified Salaries 197,555 194,171 195,494 202,164 195,750 213,861 212,421 215,110 218,850 220,269 220,937 221,967 98,405 2,606,954 Employee Benefits 148,972 161,273 162,512 160,894 153,092 164,414 165,649 161,081 165,349 163,928 165,454 174,984 226,828 2,174,430 Supplies and Services 167,502 202,746 222,537 166,304 220,502 143,017 197,697 (24,727) 194,736 224,037 277,926 202,892 325,982 2,521,151 Capital Outlay - - - - 5,222 - - - - - - 367 - 5,589 Other Outgo - - 1,401 - - (4,235) - - (2,052) 1,164 - (10,236) 3,923 (10,035) Interfund Transfers Out - - - - - - - - - - - - 91,462 91,462 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 589 - 1,831,065 (25,369) 1,574 - 2,481 666 (169) - - - 2,188 1,813,025 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 589 - 1,831,065 (25,369) 1,574 - 2,481 666 (169) - - - 2,188 1,813,025 Accounts Payable 510,238 254,217 56,990 243,413 (412,245) 177,410 193,166 (315,630) 91,168 - - - 4,512 803,240 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 510,238 254,217 56,990 243,413 (412,245) 177,410 193,166 (315,630) 91,168 - - - 4,512 803,240

Total PY Transactions (509,649) (254,217) 1,774,075 (268,782) 413,819 (177,410) (190,686) 316,296 (91,338) - - - (2,324) 1,009,784 Net Increase/Decrease (914,033) (255,450) 614,268 (507,859) 596,876 (155,616) (545,129) 243,338 (261,008) 54,403 162,478 1,099,529 782,909

FY TRAN Deposits 675,000 - - - - - - - - - - - 675,000 FY TRAN Repayments - - - - - - - - - - - (681,750) (681,750) CY TRAN Deposits - - - - - - - - - - - - - CY TRAN Repayments - - - - - - - - - - - - -

Ending Cash with TRAN 402,165 146,715 760,983 253,124 850,000 694,383 149,255 392,593 131,585 185,988 348,466 766,245 TRAN Balance 675,000 675,000 675,000 675,000 675,000 675,000 675,000 675,000 675,000 675,000 675,000 - Ending Cash without TRAN (272,835) (528,285) 85,983 (421,876) 175,000 19,383 (525,745) (282,407) (543,415) (489,012) (326,534) 766,245 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Jun 29, 2018 Jun 29, 2018Beginning Fund Balance 2,358,844 2,021,662 1,647,819 1,800,232 1,542,238 09 - Charter Schools Special Revenue (R) 700,000 700,000

11 - Adult Education (R) 75,000 75,000 Total Revenues 9,379,448 9,607,866 10,355,844 10,839,169 10,647,437 12 - Child Development (R) 20,000 10,000

14 - Deferred Maintenance (R) 100,000 100,000 Total Expenditures 9,635,634 9,923,022 9,778,491 11,030,443 10,738,592 17 - Special Reserve Other than Cap Outlay (U) 400,000 400,000

Other Sources & Uses (80,996) (58,687) 52,342 (66,720) -


Total Other Restricted Funds (R) 895,000 885,000 Total Other Unrestricted Funds (U) 400,000 400,000 Grand Total 1,295,000 1,285,000


C-27

Carpinteria Unified Carpinteria UnifiedSanta Barbara Santa Barbara


Actual / Projected Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Projected Projected Projected 2016-17Beginning Cash 2,529,529 4,930,701 4,284,101 2,491,733 1,161,745 1,790,573 7,232,620 4,465,951 2,223,595 263,890 5,226,170 2,934,042 Receipts

LCFF Revenue SourcesApportionment 62,750 62,750 220,946 112,949 112,949 220,946 112,949 102,954 212,561 102,954 103,374 211,371 - 1,639,453 Property Taxes - - - 815,175 2,903,401 7,402,457 - - - 8,385,987 - 758,645 - 20,265,665 Other - - - - - - 231,298 - - - 173,032 - 22,370 426,700

Federal Revenues 1,089 51,442 181,734 (60,773) (42,189) 185,057 57,717 94,911 59,848 51,342 137,059 162,134 268,776 1,148,147 Other State Revenues 205,020 (8,311) 490,903 (90,295) (13,104) 224,811 237,445 (63,522) 97,986 178,123 (134,068) 481,755 453,622 2,060,365 Other Local Revenues 44,059 106,859 58,060 64,492 73,836 30,281 65,601 82,075 66,864 68,291 (20,672) (360,025) 513,023 792,744 Interfund Transfers In - - - - - - - - - - 117,000 - - 117,000 Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 312,918 212,740 951,643 841,548 3,034,893 8,063,552 705,010 216,418 437,259 8,786,697 375,725 1,253,880 1,257,791 26,450,074 Disbursements

Certificated Salaries 111,121 131,435 996,549 985,424 1,045,327 1,028,729 988,059 1,005,768 1,007,197 1,020,132 1,021,084 1,015,999 - 10,356,824 Classified Salaries 222,877 313,138 450,771 445,240 481,174 441,438 411,598 408,976 406,413 423,309 425,905 333,011 - 4,763,850 Employee Benefits 100,383 101,212 667,927 651,073 687,847 681,992 665,632 665,295 673,799 677,184 810,620 839,555 - 7,222,519 Supplies and Services 199,950 330,652 592,590 352,204 268,193 281,268 216,770 225,192 299,822 257,847 401,067 325,306 - 3,750,861 Capital Outlay - - - - 343 (343) - - 9,612 - 42,623 - - 52,235 Other Outgo - - 24,000 - - 25,855 - - - - - (12,815) - 37,040 Interfund Transfers Out - - - - - - - - - - - 460,891 - 460,891 Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 634,331 876,437 2,731,837 2,433,941 2,482,884 2,458,939 2,282,059 2,305,231 2,396,843 2,378,472 2,701,299 2,961,947 - 26,644,220 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 17,809 54,327 - 259,596 306,419 398 25,393 - - 62,081 34,203 34,184 - 794,410 Due From Other Funds - - (14,000) - (214,000) (80,000) 283,486 (70,000) - - - - - (94,514) Other - 3,519 2,575 2,795 1,497 282 - - (343) 190 - - - 10,515 SUBTOTAL ASSETS 17,809 57,846 (11,425) 262,391 93,916 (79,320) 308,879 (70,000) (343) 62,271 34,203 34,184 - 710,411 Accounts Payable 220,908 40,749 749 (14) 17,097 83,246 4,119 83,543 (222) (125) 757 - - 450,807 Due To Other Funds - - - - - - 41,880 - - - - - - 41,880 Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 220,908 40,749 749 (14) 17,097 83,246 45,999 83,543 (222) (125) 757 - - 492,687

Total PY Transactions (203,099) 17,097 (12,174) 262,405 76,819 (162,566) 262,880 (153,543) (121) 62,396 33,446 34,184 - 217,724 Net Increase/Decrease (524,512) (646,600) (1,792,368) (1,329,988) 628,828 5,442,047 (1,314,169) (2,242,356) (1,959,705) 6,470,621 (2,292,128) (1,673,883) 1,257,791


Ending Cash with TRAN 4,930,701 4,284,101 2,491,733 1,161,745 1,790,573 7,232,620 4,465,951 2,223,595 263,890 5,226,170 2,934,042 1,260,159 TRAN Balance 2,925,684 2,925,684 2,925,684 2,925,684 2,925,684 2,925,684 1,473,184 1,473,184 1,473,184 - - - Ending Cash without TRAN 2,005,017 1,358,417 (433,951) (1,763,939) (1,135,111) 4,306,936 2,992,767 750,411 (1,209,294) 5,226,170 2,934,042 1,260,159 Source: The District


C-28 C-29

Carpinteria UnifiedSanta Barbara



LCFF Revenue SourcesApportionment 64,070 64,070 220,900 112,949 112,949 220,900 112,949 102,954 210,903 102,953 102,953 210,903 - 1,639,453 Property Taxes - - - 815,175 2,903,401 8,568,786 - - - 8,995,285 - - - 21,282,647 Other - - - - - - 231,298 - - - 208,642 - - 439,940

Federal Revenues 1,089 45,000 172,523 11,051 22,890 151,141 47,057 105,934 106,063 - 219,659 260,361 - 1,142,768 Other State Revenues 210,998 125,215 344,925 102,177 141,363 (898) 98,992 (7,673) 145,954 131,930 10,098 526,993 - 1,830,074 Other Local Revenues - 25,893 60,870 67,482 50,895 44,093 48,285 46,443 45,832 45,295 48,503 42,276 - 525,867 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 276,157 260,178 799,218 1,108,834 3,231,498 8,984,022 538,581 247,658 508,752 9,275,463 589,855 1,040,533 - 26,860,749 Disbursements

Certificated Salaries 254,966 269,966 1,047,865 1,038,295 1,045,327 1,045,321 1,040,295 1,045,295 1,047,231 1,047,864 1,047,295 1,027,558 - 10,957,278 Classified Salaries 222,877 274,985 450,771 445,240 481,174 441,438 411,598 409,285 456,754 418,925 460,007 417,864 - 4,890,918 Employee Benefits 325,982 337,031 729,251 700,295 730,934 730,296 666,194 730,895 796,446 792,372 799,802 639,768 - 7,979,266 Supplies and Services 217,921 300,285 330,928 352,204 268,193 247,889 291,083 238,570 288,215 381,184 375,200 282,200 - 3,573,872 Capital Outlay - - - - - - - - - - - - - - Other Outgo - - 24,000 - - 25,855 - - - 9,311 - - - 59,166 Interfund Transfers Out - - - - - - - - - - - 243,946 - 243,946 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 18,086 55,171 - 263,627 311,177 404 25,787 - - 63,045 34,734 34,715 - 806,744 Due From Other Funds - - (14,217) - (217,323) (81,242) 287,888 (71,087) - - - - - (95,981) Other - 3,574 2,615 2,838 1,520 286 - - (348) 193 - - - 10,678 SUBTOTAL ASSETS 18,086 58,744 (11,602) 266,465 95,374 (80,552) 313,675 (71,087) (348) 63,238 34,734 34,715 - 721,441 Accounts Payable 229,698 42,370 779 (15) 17,777 86,559 4,283 86,867 (231) (130) 787 - - 468,746 Due To Other Funds - - - - - - 43,546 - - - - - - 43,546 Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 229,698 42,370 779 (15) 17,777 86,559 47,829 86,867 (231) (130) 787 - - 512,292

Total PY Transactions (211,613) 16,374 (12,381) 266,480 77,597 (167,110) 265,845 (157,954) (117) 63,368 33,947 34,715 - 209,149 Net Increase/Decrease (957,202) (905,715) (1,795,978) (1,160,720) 783,467 6,326,113 (1,604,744) (2,334,341) (2,080,011) 6,689,175 (2,058,502) (1,536,088) -


Ending Cash with TRAN 5,302,957 4,397,242 2,601,264 1,440,543 2,224,010 8,550,123 6,945,380 4,611,038 2,531,027 4,170,202 2,111,700 575,611 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 302,957 (602,758) (2,398,736) (3,559,457) (2,775,990) 3,550,123 1,945,380 (388,962) (2,468,973) 4,170,202 2,111,700 575,611 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Apr 30, 2018 Jun 29, 2018Beginning Fund Balance 4,246,331 4,776,849 3,510,276 3,808,938 3,208,416 14 - Deferred Maintenance (R) 172,407 172,407

25 - Capital Facilites (R) 884,353 884,353 Total Revenues 23,597,052 24,562,071 27,139,904 26,181,273 26,384,835 40 - Special Reserve for Cap Outlay (R) 26,000 26,000

67 - Self-Insurance (R) 961,375 961,375 Total Expenditures 22,429,896 25,170,995 26,432,827 26,519,659 27,256,584

Other Sources & Uses (636,638) (657,649) (309,977) (262,137) -


Total Other Restricted Funds (R) 2,044,135 2,044,135 Total Other Unrestricted Funds (U) - - Grand Total 2,044,135 2,044,135


C-29

College Elementary College ElementarySanta Barbara Santa Barbara


Actual / Projected Actual Actual Actual Actual Actual Actual Actual Actual Actual Projected Projected Projected Projected 2016-17Beginning Cash 1,111,695 944,671 686,647 259,215 44,458 417,682 1,233,296 679,826 410,585 129,163 892,869 567,757 Receipts

LCFF Revenue SourcesApportionment 35,630 35,630 74,828 64,133 64,133 74,828 64,133 141,036 (105,074) 141,036 141,036 299,297 - 1,030,646 Property Taxes - - - 189,174 673,779 1,717,854 - - - 1,796,260 - 349,932 - 4,726,999 Other - - - - - (586,057) (111,630) - - (404,641) (97,672) (181,046) - (1,381,045)

Federal Revenues - - 9,332 (2,061) 5,479 35,204 3,801 6,017 4,393 - - 27,142 - 89,307 Other State Revenues 13,458 - 17,550 (2,757) 8,575 21,592 24,246 - 969 22,213 41,967 57,581 - 205,394 Other Local Revenues 21,514 5,037 (17,399) 2,224 - 9,913 25,966 300 (106) - 600 - 290,000 338,050 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 70,601 40,667 84,311 250,713 751,966 1,273,335 6,516 147,353 (99,818) 1,554,868 85,931 552,906 290,000 5,009,351 Disbursements

Certificated Salaries 41,386 29,961 180,081 179,346 177,293 177,108 211,131 215,472 183,797 175,494 175,494 209,121 - 1,955,684 Classified Salaries 65,058 29,593 54,988 45,080 45,136 43,929 89,655 45,441 45,257 41,550 41,550 60,312 - 607,549 Employee Benefits 13,024 12,500 84,052 77,491 113,230 89,506 89,770 91,028 110,427 98,000 98,000 143,853 - 1,020,882 Supplies and Services 78,108 88,067 94,190 24,882 38,084 73,146 73,214 67,827 35,279 76,000 96,000 140,523 - 885,320 Capital Outlay 7,975 262 - (7,975) - - - - 64,914 - - 3 - 65,179 Other Outgo - 95,086 - 88,487 - 74,032 93,216 - - 50,000 - 43,216 - 444,037 Interfund Transfers Out - - - - - - - 85,000 - - - 109,000 - 194,000 Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 205,552 255,469 413,312 407,311 373,742 457,721 556,987 504,768 439,673 441,044 411,044 706,027 - 5,172,650 Asset Transactions

Deferred Apportionment - - - - - - - - 307,004 - - - - 307,004 Accounts Receivable - - - 59,993 - - - - (29,949) - - - - 30,044 Due From Other Funds (27,000) - (82,500) - (5,000) - (3,000) 538,666 - - - - - 421,166 Other - - - - - - - - 20,863 - - 2,500 - 23,363 SUBTOTAL ASSETS (27,000) - (82,500) 59,993 (5,000) - (3,000) 538,666 297,918 - - 2,500 - 781,577 Accounts Payable 5,074 43,222 15,932 118,152 - - - 3,941 39,849 350,118 - - - 576,286 Due To Other Funds - - - - - - - 446,551 - - - - - 446,551 Current Loan - - - - - - - 0 - - - - - 0 Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 5,074 43,222 15,932 118,152 - - - 450,492 39,849 350,118 - - - 1,022,837

Total PY Transactions (32,074) (43,222) (98,432) (58,158) (5,000) - (3,000) 88,174 258,069 (350,118) - 2,500 - (241,260) Net Increase/Decrease (167,024) (258,024) (427,433) (214,756) 373,224 815,614 (553,471) (269,241) (281,423) 763,707 (325,113) (150,621) 290,000


Ending Cash with TRAN 944,671 686,647 259,215 44,458 417,682 1,233,296 679,826 410,585 129,163 892,869 567,757 417,136 TRAN Balance - - - - - - - - - - - - Ending Cash without TRAN 944,671 686,647 259,215 44,458 417,682 1,233,296 679,826 410,585 129,163 892,869 567,757 417,136 Source: The District


C-30 C-31

College ElementarySanta Barbara


Actual / Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected 2017-18Beginning Cash 417,136 1,688,349 1,312,120 815,842 408,899 602,852 2,080,003 1,581,378 1,162,070 533,027 585,263 127,097 Receipts

LCFF Revenue SourcesApportionment 35,986 35,986 75,576 64,774 64,774 81,225 81,225 92,591 74,073 59,258 47,407 163,497 - 876,373 Property Taxes - - - 198,065 705,447 1,850,552 - - - 1,850,552 - 241,099 - 4,845,714 Other (97,672) (87,283) (174,565) (116,377) (116,377) (116,377) (116,377) (116,377) (203,659) (101,830) (97,672) (50,531) - (1,395,096)

Federal Revenues - - 8,049 - 5,479 26,168 - - 22,530 - - 20,932 - 83,159 Other State Revenues 13,458 - 17,550 - 8,575 22,658 22,658 54,378 7,930 22,213 - 48,632 - 218,052 Other Local Revenues 15,000 2,000 - 2,176 - - 4,500 6,500 6,000 3,824 2,900 279,900 - 322,800 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts (33,228) (49,296) (73,390) 148,639 667,898 1,864,226 (7,994) 37,092 (93,126) 1,834,017 (47,365) 703,529 - 4,951,002 Disbursements

Certificated Salaries 85,044 73,322 184,781 184,027 181,920 180,074 178,500 180,000 181,000 181,000 181,000 185,661 - 1,976,329 Classified Salaries 32,055 26,680 45,000 42,000 42,850 44,000 42,500 41,750 42,000 42,500 42,250 41,895 - 485,480 Employee Benefits 23,500 24,500 105,607 98,924 115,325 98,500 96,500 95,650 96,500 95,500 94,550 109,243 - 1,054,299 Supplies and Services 75,250 88,300 87,500 49,000 38,850 64,500 59,000 59,000 73,917 71,000 93,000 135,910 - 895,227 Capital Outlay - - - - - - - - - - - - - - Other Outgo - 114,132 - 114,132 95,000 - 114,132 80,000 75,000 114,132 - - - 706,526 Interfund Transfers Out - - - 67,500 - - - - 67,500 - - 57,000 - 192,000 Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 215,849 326,933 422,888 555,582 473,945 387,074 490,632 456,400 535,917 504,132 410,800 529,709 - 5,309,861 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 290,000 - - - - - - - - - - - (290,000) - Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 290,000 - - - - - - - - - - - (290,000) - Accounts Payable 34,710 - - - - - - - - - - - - 34,710 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 34,710 - - - - - - - - - - - - 34,710

Total PY Transactions 255,290 - - - - - - - - - - - (290,000) (34,710) Net Increase/Decrease 6,213 (376,229) (496,278) (406,944) 193,953 1,477,151 (498,625) (419,308) (629,043) 1,329,886 (458,165) 173,820 (290,000)


Ending Cash with TRAN 1,688,349 1,312,120 815,842 408,899 602,852 2,080,003 1,581,378 1,162,070 533,027 585,263 127,097 300,917 TRAN Balance 1,265,000 1,265,000 1,265,000 1,265,000 1,265,000 1,265,000 1,265,000 1,265,000 1,265,000 - - - Ending Cash without TRAN 423,349 47,120 (449,158) (856,101) (662,148) 815,003 316,378 (102,930) (731,973) 585,263 127,097 300,917 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Apr 30, 2018 Jun 29, 2018Beginning Fund Balance 1,879,982 1,944,612 1,343,350 905,523 684,347 09 - Charter Schools Special Revenue (R) 775,000 775,000

13 - Cafetria Special Revnue (R) 31,857 31,857 Total Revenues 4,419,932 4,403,725 4,523,554 4,900,794 4,950,462 25 - Capital Facilites (R) 30,000 30,000

35 - County School Facilities (R) 500,000 500,000 Total Expenditures 4,145,466 4,624,435 4,532,979 4,927,971 5,060,542 40 - Special Reserve for Cap Outlay (U) 25,757 25,757

67 - Self-Insurance (R) 33,500 33,500 Other Sources & Uses (209,836) (380,552) (428,403) (194,000) -

Ending Fund Balance 1,944,612 1,343,350 905,522 684,347 574,267 Source: District Audited Financial Statements & 2016-17 2nd Interim



C-31

Conejo Valley Unified Conejo Valley UnifiedVentura Ventura



LCFF Revenue SourcesApportionment 2,720,792 2,720,792 8,973,244 4,897,426 4,897,426 8,973,243 4,897,426 4,730,318 6,440,380 4,730,318 5,328,139 5,743,595 - 65,053,099 Property Taxes 39,626 225,110 - 148,790 94,063 55,346,747 1,035,203 136 177,653 36,477,988 - (2,194,440) - 91,350,876 Other - (200,791) (401,581) (267,721) (267,721) (267,721) (267,721) (267,721) (916,469) (290,327) (263,786) (316,228) - (3,727,787)

Federal Revenues - - 568,435 - (122,151) 361,768 56,292 - 426,955 1,838 1,706,205 1,639,911 1,369,000 6,008,253 Other State Revenues 9,566 11,216 107,147 123,887 1,483,218 2,091,305 2,785,961 550,464 22,746 1,705,266 1,262,247 1,051,443 2,800,000 14,004,466 Other Local Revenues 769,401 637,912 1,674,075 1,199,134 1,302,525 1,168,270 1,395,894 1,393,274 1,773,566 1,507,577 200,000 189,530 1,500,000 14,711,158 Interfund Transfers In - - - - - - - - - - - 130,000 - 130,000 Other Financing Sources - - (3) - - - - - - - - - 3 -


Certificated Salaries 1,028,029 7,596,057 7,685,870 7,775,693 7,896,947 7,754,085 7,874,033 7,838,778 7,820,501 7,903,608 8,459,180 8,119,595 325,247 88,077,623 Classified Salaries 1,006,005 1,694,652 2,167,804 2,300,466 2,589,727 2,290,447 2,179,710 2,504,582 2,405,859 2,372,498 1,717,628 1,207,245 241,000 24,677,623 Employee Benefits 858,264 2,183,323 3,597,299 3,618,151 3,670,071 3,621,290 3,620,131 3,643,624 3,640,210 3,627,612 3,799,667 3,757,066 85,000 39,721,708 Supplies and Services 191,132 1,737,777 2,628,297 4,000,846 1,970,933 (658,897) 2,243,959 898,061 3,459,425 1,078,983 4,286,247 6,345,666 7,358,766 35,541,195 Capital Outlay - - - - - - 17,696 93,022 - 11,771 50,000 269,987 - 442,476 Other Outgo 15,205 15,205 59,056 11,102 27,369 31,919 40,769 400,687 110,396 110,314 - - 330,273 1,152,295 Interfund Transfers Out - - - - - - - - 105,000 - - 169,211 - 274,211 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 1,788,988 1,304,738 1,289,943 1,216,036 1,268,707 256,856 (155,930) 3,399 349,358 54,315 132,760 (3,796,756) (11,156,787) (7,444,373) Due From Other Funds 22,698 330,257 - - - - - - 264,826 - - 1,049 - 618,830 Other 6,247 279,259 53,131 1,778,780 (7,952) (2,078,735) 28,968 (7,342) (17,496) 22,902 27,965 14,965 - 100,692 SUBTOTAL ASSETS 1,817,933 1,914,254 1,343,074 2,994,816 1,260,755 (1,821,879) (126,962) (3,943) 596,688 77,217 160,725 (3,780,742) (11,156,787) (6,724,851) Accounts Payable 2,844,340 258,826 1,331,604 13,710 (547,060) 251,444 179,018 113,172 (371,833) (2,770,609) 2,843,661 2,145,838 (9,042,548) (2,750,437) Due To Other Funds 99,738 23,182 - - - - - - 1,049 - - - - 123,969 Current Loan - - - - - - - - - - - - - - Other 254,229 28,083 807,672 - - - - - 7,960,826 - - - - 9,050,810 SUBTOTAL LIABILITIES 3,198,307 310,091 2,139,276 13,710 (547,060) 251,444 179,018 113,172 7,590,042 (2,770,609) 2,843,661 2,145,838 (9,042,548) 6,424,342

Total PY Transactions (1,380,374) 1,604,163 (796,202) 2,981,106 1,807,815 (2,073,323) (305,980) (117,115) (6,993,354) 2,847,826 (2,682,936) (5,926,580) (2,114,239) (13,149,193) Net Increase/Decrease (939,624) (8,228,612) (6,013,211) (8,623,636) (6,959,872) 52,561,445 (6,379,223) (9,089,398) (16,609,914) 31,875,700 (12,762,854) (19,551,539) (4,785,522)


Ending Cash with TRAN 54,808,315 46,579,702 40,566,491 31,942,855 24,982,983 77,544,428 58,120,205 49,030,807 32,420,893 50,792,120 38,029,266 18,477,727 TRAN Balance 26,344,229 26,344,229 26,344,229 26,344,229 26,344,229 26,344,229 13,299,229 13,299,229 13,299,229 - - - Ending Cash without TRAN 28,464,086 20,235,473 14,222,262 5,598,626 (1,361,246) 51,200,199 44,820,976 35,731,578 19,121,664 50,792,120 38,029,266 18,477,727 Source: The District


C-32 C-33

Conejo Valley UnifiedVentura



LCFF Revenue SourcesApportionment 2,706,147 2,706,147 8,924,944 4,871,065 4,871,065 8,924,943 4,871,065 4,704,856 6,923,510 4,743,259 4,743,259 5,712,679 - 64,702,939 Property Taxes 39,626 225,110 - 148,790 94,063 55,346,747 1,035,203 136 - 34,461,201 - - - 91,350,876 Other - (208,236) (416,471) (277,648) (277,648) (277,648) (277,648) (277,648) (447,651) (858,279) (273,567) (273,567) - (3,866,012)

Federal Revenues - - 567,829 - (122,021) 361,382 56,232 - 2,132,721 - - 1,638,162 1,367,540 6,001,846 Other State Revenues 7,213 8,457 80,792 93,414 1,118,387 1,576,902 2,100,692 415,065 - 1,461,920 792,818 792,817 2,111,278 10,559,755 Other Local Revenues 751,850 623,360 1,635,886 1,171,780 1,272,812 1,141,620 1,364,051 1,361,491 1,686,875 952,759 537,454 409,851 1,465,782 14,375,571 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -


Certificated Salaries 1,026,210 7,582,615 7,672,269 7,761,933 7,882,972 7,740,363 7,860,099 7,824,906 7,894,237 8,038,379 8,207,877 8,105,226 324,671 87,921,755 Classified Salaries 1,020,611 1,719,256 2,199,278 2,333,866 2,627,326 2,323,701 2,211,356 2,540,945 2,078,979 2,046,921 2,046,921 1,641,745 244,499 25,035,405 Employee Benefits 911,476 2,318,689 3,820,331 3,842,476 3,897,615 3,845,810 3,844,579 3,869,529 3,932,386 3,888,022 4,035,246 3,888,022 90,270 42,184,452 Supplies and Services 146,931 1,335,901 2,020,481 3,075,617 1,515,138 (506,522) 1,725,025 690,377 2,317,918 2,215,899 2,173,442 4,878,177 5,380,777 26,969,161 Capital Outlay - - - - - - 1,600 8,409 17,483 - - 12,508 - 40,000 Other Outgo 22,556 22,556 87,606 16,469 40,600 47,350 60,478 594,395 236,079 - - - 581,271 1,709,359 Interfund Transfers Out - - - - - - - - - - - 179,377 - 179,377 Other Financing Uses 47,387 79,826 102,113 108,362 121,987 107,890 102,674 117,977 96,528 95,039 95,039 76,227 - 1,151,049


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 1,266,542 923,709 913,235 860,911 898,201 181,845 (110,393) 2,406 247,333 247,333 93,989 (2,856,121) (7,944,600) (5,275,607) Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 1,266,542 923,709 913,235 860,911 898,201 181,845 (110,393) 2,406 247,333 247,333 93,989 (2,856,121) (7,944,600) (5,275,607) Accounts Payable 3,130,245 284,842 1,465,453 15,088 (602,049) 276,718 197,012 124,548 120,669 334,245 334,245 1,962,317 (8,121,488) (478,154) Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 3,130,245 284,842 1,465,453 15,088 (602,049) 276,718 197,012 124,548 120,669 334,245 334,245 1,962,317 (8,121,488) (478,154)

Total PY Transactions (1,863,703) 638,867 (552,218) 845,823 1,500,250 (94,873) (307,405) (122,141) 126,664 (86,911) (240,255) (4,818,438) 176,888 (4,797,453) Net Increase/Decrease (1,534,038) (9,065,137) (5,661,316) (10,285,498) (7,628,731) 53,420,480 (6,963,621) (9,564,778) (6,151,490) 24,389,689 (10,998,817) (15,319,777) (1,500,000)


Ending Cash with TRAN 44,368,689 35,303,551 29,642,235 19,356,737 11,728,006 65,148,486 44,472,365 34,907,586 28,756,096 39,159,035 28,160,218 12,840,441 TRAN Balance 27,425,000 27,425,000 27,425,000 27,425,000 27,425,000 27,425,000 13,712,500 13,712,500 13,712,500 - - - Ending Cash without TRAN 16,943,689 7,878,551 2,217,235 (8,068,263) (15,696,994) 37,723,486 30,759,865 21,195,086 15,043,596 39,159,035 28,160,218 12,840,441 Source: The District



12 - Child Development (R) 250,000 225,000 200,000 Total Revenues 165,980,358 172,133,565 197,926,490 187,530,065 183,124,975 13 - Cafetria Special Revnue (R) 120,000 100,000 135,000

25 - Capital Facilites (R) 1,550,000 1,600,000 1,750,000 Total Expenditures 168,398,119 172,961,631 185,071,109 191,537,131 185,689,508 40 - Special Reserve for Cap Outlay (U) 600,000 500,000 350,000

67 - Self-Insurance (R) 5,000,000 5,025,000 4,500,000 Other Sources & Uses 525,649 (474,629) 221,133 - - 73 - Foundation Private-Purpose Trust (R) 35,000 25,000 30,000




C-33

Esparto Unified Esparto UnifiedYolo Yolo



LCFF Revenue SourcesApportionment 218,901 218,901 706,967 394,021 394,021 717,529 394,021 342,516 706,723 342,516 462,439 485,851 - 5,384,406 Property Taxes - - 734 144,950 2,559 1,547,616 91,583 2,087 28,496 1,384,745 87,750 86,839 - 3,377,359 Other - - - - - - - - - - - - - -

Federal Revenues - - 40,624 19,833 7,598 55,316 16,070 1,676 64,118 876 - 229,805 - 435,916 Other State Revenues - - 123,825 145,991 165,700 105,905 (1,239) - 51,876 73,721 426,599 426,599 - 1,518,976 Other Local Revenues 17,659 19,417 31,695 333,465 61,678 35,568 58,202 6,486 73,601 21,249 77,005 72,377 - 808,401 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - 70,497 - 70,497

Total Receipts 236,560 238,318 903,846 1,038,260 631,556 2,461,934 558,637 352,765 924,814 1,823,107 1,053,793 1,371,967 - 11,595,555 Disbursements

Certificated Salaries 75,318 409,671 436,712 417,413 422,345 417,555 415,561 417,405 419,168 475,078 456,306 50,768 - 4,413,299 Classified Salaries 96,095 177,982 166,196 177,848 189,725 176,234 174,516 199,415 252,197 192,681 183,137 99,219 - 2,085,244 Employee Benefits 55,478 141,713 152,942 155,607 143,066 148,501 148,440 151,377 159,676 169,991 197,578 463,813 - 2,088,181 Supplies and Services 184,540 236,999 215,384 197,890 252,054 154,224 197,090 413,165 (63,932) 123,604 434,735 1,309,658 - 3,655,411 Capital Outlay 19,710 58,575 21,274 27,504 - 22,950 10,750 109,844 33,702 20,278 135,590 43,120 - 503,298 Other Outgo - - - 40,266 (6,527) 85,129 - - (7,762) 40,266 - 398,012 - 549,384 Interfund Transfers Out - - - - - - - - - - - 50,000 - 50,000 Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 431,142 1,024,940 992,508 1,016,527 1,000,662 1,004,594 946,356 1,291,206 793,049 1,021,898 1,407,346 2,414,589 - 13,344,817 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 79,173 306,014 22,906 94,233 65,968 35,878 114,724 51,917 43,615 6,364 78,963 (899,754) - 0 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 79,173 306,014 22,906 94,233 65,968 35,878 114,724 51,917 43,615 6,364 78,963 (899,754) - 0 Accounts Payable 504,404 (19,569) 113,516 382,242 15,875 (51,361) (41,016) (46,536) (49,698) (46,357) (22,774) (738,727) - (1) Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 504,404 (19,569) 113,516 382,242 15,875 (51,361) (41,016) (46,536) (49,698) (46,357) (22,774) (738,727) - (1)

Total PY Transactions (425,231) 325,583 (90,610) (288,010) 50,092 87,239 155,740 98,453 93,313 52,721 101,737 (161,027) - 1 Net Increase/Decrease (619,812) (461,039) (179,272) (266,278) (319,014) 1,544,579 (231,980) (839,988) 225,078 853,930 (251,816) (1,203,649) -




C-34 C-35

Esparto UnifiedYolo



LCFF Revenue SourcesApportionment 228,000 228,000 701,176 400,000 400,000 700,000 400,000 400,000 700,000 400,000 462,439 485,851 - 5,505,466 Property Taxes - - 734 144,950 2,559 1,547,616 91,583 2,087 28,496 - 1,573,180 - - 3,391,205 Other - - - - - - - - - - - - - -

Federal Revenues - - 40,624 19,833 7,598 55,316 16,070 1,676 64,118 876 - 175,512 - 381,623 Other State Revenues - - 123,825 145,991 165,700 105,905 (1,239) - 51,876 73,721 270,629 - - 936,408 Other Local Revenues 17,659 19,417 31,695 53,417 61,678 35,568 58,202 6,486 73,601 16,620 77,005 77,005 - 528,353 Interfund Transfers In - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - (72,688) - (72,688)

Total Receipts 245,659 247,417 898,055 764,191 637,535 2,444,405 564,616 410,249 918,091 491,217 2,383,253 665,680 - 10,670,367 Disbursements

Certificated Salaries 75,318 430,000 430,000 430,000 430,000 430,000 430,000 430,000 430,000 430,000 440,000 58,525 - 4,443,843 Classified Salaries 96,095 177,982 166,196 177,848 189,725 176,234 174,516 199,415 207,757 192,681 183,137 99,219 - 2,040,804 Employee Benefits 55,478 141,713 152,942 155,607 143,066 148,501 148,440 151,377 159,676 169,991 197,578 388,727 - 2,013,095 Supplies and Services 184,540 236,999 215,384 197,890 252,054 148,645 178,195 150,125 173,000 123,604 174,818 - - 2,035,255 Capital Outlay - - 10,000 10,000 10,000 10,000 10,000 10,000 10,000 6,500 - - - 76,500 Other Outgo - - - 40,266 (6,527) 85,129 - - (7,762) 40,266 - 316,784 - 468,156 Interfund Transfers Out - - - - - - - - - - - - - - Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 411,432 986,694 974,522 1,011,610 1,018,318 998,509 941,150 940,917 972,671 963,042 995,533 863,254 - 11,077,653 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 79,173 306,014 22,906 94,233 65,968 35,878 114,724 51,917 43,615 6,364 78,963 (899,754) - - Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 79,173 306,014 22,906 94,233 65,968 35,878 114,724 51,917 43,615 6,364 78,963 (899,754) - - Accounts Payable 504,404 (19,569) 113,516 382,242 15,875 (51,361) (41,016) (46,536) (49,698) (46,357) (22,774) (738,727) - (1) Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 504,404 (19,569) 113,516 382,242 15,875 (51,361) (41,016) (46,536) (49,698) (46,357) (22,774) (738,727) - (1)

Total PY Transactions (425,231) 325,583 (90,610) (288,010) 50,092 87,239 155,740 98,453 93,313 52,721 101,737 (161,027) - 1 Net Increase/Decrease (591,003) (413,694) (167,077) (535,430) (330,690) 1,533,135 (220,795) (432,215) 38,733 (419,104) 1,489,457 (358,601) -

FY TRAN Deposits 1,190,000 - - - - - - - - - - - 1,190,000 FY TRAN Repayments - - - - - - - - - - (1,201,900) - (1,201,900) CY TRAN Deposits - - - - - - - - - - - - - CY TRAN Repayments - - - - - - - - - - - - -

Ending Cash with TRAN 2,233,336 1,819,643 1,652,565 1,117,135 786,445 2,319,580 2,098,785 1,666,570 1,705,302 1,286,198 1,573,755 1,215,154 TRAN Balance 1,190,000 1,190,000 1,190,000 1,190,000 1,190,000 1,190,000 1,190,000 1,190,000 1,190,000 1,190,000 - - Ending Cash without TRAN 1,043,336 629,643 462,565 (72,865) (403,555) 1,129,580 908,785 476,570 515,302 96,198 1,573,755 1,215,154 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name May 31, 2018 Jun 29, 2018Beginning Fund Balance 3,538,386 3,782,085 3,206,009 3,074,896 1,781,203 12 - Child Development (R) 16,000 20,000

13 - Cafetria Special Revnue (R) 40,000 45,000 Total Revenues 8,465,264 9,272,449 11,336,328 11,572,423 11,328,714 25 - Capital Facilites (R) 75,000 80,000

53 - Capital Outlay (R) 890 890 Total Expenditures 8,211,565 11,073,304 11,975,009 12,816,116 11,585,148 73 - Foundation Private-Purpose Trust (R) 9,800 7,800

Other Sources & Uses (10,000) 1,224,779 507,569 (50,000) -


Total Other Restricted Funds (R) 141,690 153,690 Total Other Unrestricted Funds (U) - - Grand Total 141,690 153,690


C-35

Gilroy Unified Gilroy UnifiedSanta Clara Santa Clara



LCFF Revenue SourcesApportionment 1,932,891 1,932,891 7,017,068 3,479,204 3,479,204 7,120,418 3,479,204 3,584,265 (1,385,332) 3,584,265 2,125,000 6,800,000 - 43,149,078 Property Taxes 408,087 258,548 132,320 2,725,996 6,178,757 11,589,897 7,524,055 209,113 4,326,487 11,269,568 500,000 3,800,000 - 48,922,828 Other - - (392,290) (23,772) (120,705) - (241,409) 1,005,747 (120,705) (649,971) (184,108) 3,066,170 - 2,338,957

Federal Revenues 9,304 333,999 625,422 51,911 291,987 394,394 52,225 63,164 682,105 236,784 1,500,000 1,725,000 1,564,644 7,530,939 Other State Revenues 250,000 205,530 936,801 (19,825) 645,060 1,218,351 1,347,566 - 181,287 1,236,616 370,000 3,100,000 2,022,687 11,494,073 Other Local Revenues 45,238 614,976 111,196 115,564 98,676 197,041 118,452 158,105 519,373 113,807 123,146 323,501 250,000 2,789,075 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -


Certificated Salaries 620,982 677,586 4,863,428 4,983,793 5,013,526 4,974,361 5,083,015 4,912,431 5,073,114 4,977,376 5,224,000 6,179,655 - 52,583,267 Classified Salaries 705,213 1,308,009 1,447,050 1,495,431 1,530,615 1,651,050 1,559,579 1,491,317 1,687,841 1,581,970 1,530,000 1,900,819 - 17,888,894 Employee Benefits 587,112 411,472 1,728,093 1,756,496 1,799,569 1,783,593 1,820,596 1,779,690 1,832,808 1,790,756 2,409,073 6,825,000 - 24,524,258 Supplies and Services 1,247,985 2,048,616 1,815,412 2,033,797 1,723,188 1,014,008 2,147,627 1,458,962 1,524,534 1,536,955 3,229,000 5,171,435 245,150 25,196,669 Capital Outlay 166,495 173,890 7,794 60,132 136 100,763 235,262 192,192 180,030 6,372 325,000 375,000 - 1,823,066 Other Outgo 3,777 3,777 4,312 (52,108) 4,810 43,162 (54,476) - 21,988 (56,602) 350,000 2,018,891 - 2,287,531 Interfund Transfers Out - - - - - - - - - - - - - - Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 1,137,256 176,272 756,497 1,670,817 189,099 802,143 52,782 (80,003) 190,071 87,611 350,000 (3,837,331) - 1,495,214 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - 169,685 (80,143) - 89,542 SUBTOTAL ASSETS 1,137,256 176,272 756,497 1,670,817 189,099 802,143 52,782 (80,003) 190,071 87,611 519,685 (3,917,474) - 1,584,756 Accounts Payable 1,751,815 1,066,911 (2,806) 930,549 (5,954) 393 (1,602) (5,975) 866,642 (1,908) (604) (3,795,889) - 801,572 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other 88,475 737,227 (351,990) (229,431) (163,659) (956,144) 638,774 (224,720) (431,460) (154,597) 340,097 254,674 - (452,753) SUBTOTAL LIABILITIES 1,840,290 1,804,138 (354,796) 701,118 (169,613) (955,751) 637,172 (230,695) 435,182 (156,505) 339,494 (3,541,215) - 348,819

Total PY Transactions (703,034) (1,627,866) 1,111,293 969,699 358,712 1,757,894 (584,390) 150,692 (245,111) 244,116 180,192 (376,260) - 1,235,937 Net Increase/Decrease (1,389,078) (2,905,272) (324,279) (2,978,764) 859,847 12,711,058 904,100 (4,663,506) (6,362,211) 6,198,358 (8,452,843) (4,032,389) 3,592,181

FY TRAN Deposits 1,621,589 - - - - - - - - - - - - 1,621,589 FY TRAN Repayments - - - - - - (807,500) - - (838,544) - - - (1,646,044) CY TRAN Deposits - - - - - - - - - - - - - - CY TRAN Repayments - - - - - - - - - - - - - -

Ending Cash with TRAN 19,735,701 16,830,429 16,506,150 13,527,386 14,387,233 27,098,291 27,194,891 22,531,385 16,169,174 21,528,988 13,076,145 9,043,756 TRAN Balance 1,621,589 1,621,589 1,621,589 1,621,589 1,621,589 1,621,589 814,089 814,089 814,089 - - - Ending Cash without TRAN 18,114,112 15,208,840 14,884,561 11,905,797 12,765,644 25,476,702 26,380,802 21,717,296 15,355,085 21,528,988 13,076,145 9,043,756 Source: The District


C-36 C-37

Gilroy UnifiedSanta Clara



LCFF Revenue SourcesApportionment 3,032,891 1,932,891 7,250,000 1,932,891 3,425,000 8,726,284 3,425,000 3,425,000 7,120,000 2,250,000 2,250,000 5,699,000 - 50,468,957 Property Taxes 408,087 258,548 132,320 2,725,996 5,800,000 11,979,757 7,524,055 209,113 4,175,000 10,836,743 500,000 3,800,000 - 48,349,619 Other - - (392,290) (23,772) (120,705) - (241,409) 1,005,747 (151,000) (99,763) 389,717 2,359,000 - 2,725,525

Federal Revenues 9,300 333,999 500,000 15,000 290,000 210,000 52,000 63,000 400,000 890,000 888,000 949,761 1,609,950 6,211,010 Other State Revenues 250,000 205,530 650,000 10,000 645,060 1,100,000 1,347,566 - 425,000 550,000 875,000 770,175 1,329,561 8,157,892 Other Local Revenues 45,238 614,976 111,196 98,676 98,676 197,041 118,452 158,105 300,000 270,000 116,872 360,000 - 2,489,232 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -


Certificated Salaries 700,000 775,000 5,100,000 5,557,404 5,259,351 5,300,000 5,279,351 5,279,351 5,250,000 5,255,000 5,255,000 5,995,000 - 55,005,457 Classified Salaries 725,000 1,525,000 1,525,000 1,575,000 1,580,000 1,750,000 1,625,000 1,625,000 1,650,000 1,650,000 1,675,000 2,100,000 - 19,005,000 Employee Benefits 625,000 800,000 1,900,000 1,936,000 1,950,000 2,000,000 1,999,000 1,951,087 1,999,500 2,100,000 2,300,000 5,999,000 - 25,559,587 Supplies and Services 1,080,022 1,917,097 1,175,000 2,535,090 1,725,000 1,296,000 1,923,841 1,164,279 1,025,000 990,000 865,000 586,000 1,275,000 17,557,329 Capital Outlay 166,495 173,890 7,794 125,000 136 100,763 115,000 192,192 200,000 175,000 155,000 90,000 94,665 1,595,935 Other Outgo 3,777 3,777 4,312 (52,108) 4,810 43,162 (54,476) - (75,000) 225,000 350,000 1,826,000 - 2,279,254 Interfund Transfers Out - - - - - - - - - - - - - - Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable - 176,272 725,000 1,000,000 189,099 802,143 52,782 (80,003) 325,000 150,000 375,000 (1,500,000) - 2,215,293 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - 40,044 9,205 169,685 (80,143) - 138,792 SUBTOTAL ASSETS - 176,272 725,000 1,000,000 189,099 802,143 52,782 (80,003) 365,044 159,205 544,685 (1,580,143) - 2,354,085 Accounts Payable 1,915,000 1,000,000 60,000 1,025,000 (5,954) 393 (1,602) (5,975) 1,806 (484) (604) (1,493,586) - 2,493,994 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other 125,000 737,227 (351,990) (75,000) (163,659) (956,144) 638,774 (224,720) (15,259) (131,743) 340,097 254,674 - 177,258 SUBTOTAL LIABILITIES 2,040,000 1,737,227 (291,990) 950,000 (169,613) (955,751) 637,172 (230,695) (13,453) (132,226) 339,494 (1,238,912) - 2,671,253

Total PY Transactions (2,040,000) (1,560,955) 1,016,990 50,000 358,712 1,757,894 (584,390) 150,692 378,497 291,432 205,192 (341,232) - (317,168) Net Increase/Decrease (1,594,778) (3,409,775) (443,890) (6,867,595) (22,554) 13,481,051 753,558 (5,200,252) 2,597,997 4,593,412 (5,375,219) (2,999,296) 1,569,846


Ending Cash with TRAN 19,208,978 15,799,203 15,355,313 8,487,718 8,465,164 21,946,215 16,819,773 11,619,521 14,217,519 12,813,330 7,438,111 4,438,815 TRAN Balance 11,760,000 11,760,000 11,760,000 11,760,000 11,760,000 11,760,000 5,880,000 5,880,000 5,880,000 - - - Ending Cash without TRAN 7,448,978 4,039,203 3,595,313 (3,272,282) (3,294,836) 10,186,215 10,939,773 5,739,521 8,337,519 12,813,330 7,438,111 4,438,815 Source: The District



12 - Child Development (R) (65,000) 42,689 - Total Revenues 91,268,567 101,418,093 120,241,782 122,577,301 118,966,903 13 - Cafetria Special Revnue (R) (192,000) 481,000 25,000

25 - Capital Facilites (R) 2,659,000 1,006,000 500,000 Total Expenditures 91,429,949 99,703,058 109,317,698 130,285,410 119,564,881 35 - County School Facilities (R) 3,000,000 2,900,000 2,800,000

53 - Capital Outlay (R) 639,910 639,889 639,300 Other Sources & Uses (440,111) - (131,042) - - 67 - Self-Insurance (R) 1,137,000 1,200,000 1,100,000

73 - Foundation Private-Purpose Trust (R) 119,000 147,000 124,000 Ending Fund Balance 8,870,955 10,585,990 21,379,032 13,670,923 13,072,945

Source: District Audited Financial Statements & 2016-17 2nd InterimTotal Other Restricted Funds (R) 7,370,561 6,599,393 5,318,300 Total Other Unrestricted Funds (U) - - - Grand Total 7,370,561 6,599,393 5,318,300


C-37

Hope Elementary Hope ElementarySanta Barbara Santa Barbara


Actual / Projected Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Projected Projected Projected 2016-17Beginning Cash 592,381 3,034,885 2,831,075 2,359,754 1,808,679 2,125,427 4,739,248 3,029,729 2,255,460 1,467,179 1,619,982 719,393 Receipts

LCFF Revenue SourcesApportionment 52,233 52,233 49,886 52,233 - - 20,893 23,679 23,679 23,679 23,226 26,477 - 348,218 Property Taxes - - - 337,435 1,201,839 3,064,187 - - - 3,471,479 6,656 298,364 - 8,379,960 Other - - 52,399 - - 50,051 108,153 - 48,108 - 39,132 99,703 - 397,546

Federal Revenues - (63,999) 24,782 6,055 - 17,967 2,377 30,914 36,607 45,701 75,000 92,492 81,598 349,494 Other State Revenues (1,426) (32,748) 12,470 13,437 27,327 128,534 97,669 48,560 5,373 89,474 26,635 367,562 96,653 879,520 Other Local Revenues 3,821 12,823 (24,054) 35,067 93,656 294,517 154,357 24,682 62,539 132,937 - 85,139 - 875,484 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 54,628 (31,691) 115,483 444,227 1,322,822 3,555,257 383,448 127,835 176,306 3,763,270 170,649 969,737 178,251 11,230,222 Disbursements

Certificated Salaries 80,024 74,210 517,047 540,075 525,758 524,505 519,105 530,454 531,499 538,496 540,467 582,717 - 5,504,357 Classified Salaries 67,769 80,917 146,275 187,093 178,877 166,215 142,270 175,790 174,356 166,357 171,632 209,906 - 1,867,457 Employee Benefits 28,005 31,290 197,975 199,476 198,548 163,849 181,584 185,458 187,285 187,559 174,381 383,638 197,964 2,317,013 Supplies and Services 2,189 93,570 18,272 106,034 96,551 57,313 154,790 16,024 72,434 35,710 132,164 165,463 57,949 1,008,463 Capital Outlay - - - - 580 350 - 545 - 755 22,594 31,960 - 56,784 Other Outgo - - - - - - - - - - - - - - Interfund Transfers Out - - - - - - - - - - - - - - Other Financing Uses - - (3,711) (9,440) - - - - - 32,215 30,000 0 - 49,064

Total Disbursements 177,987 279,987 875,858 1,023,238 1,000,314 912,232 997,749 908,271 965,574 961,092 1,071,238 1,373,684 255,913 10,803,138 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 94,726 86,145 24,054 29,551 (5,907) (5,512) 391,957 (5,679) 986 590 - - - 610,912 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 94,726 86,145 24,054 29,551 (5,907) (5,512) 391,957 (5,679) 986 590 - - - 610,912 Accounts Payable 146,621 (21,724) (265,000) 1,615 (147) 23,692 1,487,176 (11,846) - (13) - - - 1,360,373 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 146,621 (21,724) (265,000) 1,615 (147) 23,692 1,487,176 (11,846) - (13) - - - 1,360,373

Total PY Transactions (51,895) 107,869 289,054 27,936 (5,760) (29,204) (1,095,219) 6,167 986 603 - - - (749,462) Net Increase/Decrease (175,254) (203,810) (471,321) (551,075) 316,748 2,613,821 (1,709,519) (774,269) (788,281) 2,802,781 (900,589) (403,947) (77,662)


Ending Cash with TRAN 3,034,885 2,831,075 2,359,754 1,808,679 2,125,427 4,739,248 3,029,729 2,255,460 1,467,179 1,619,982 719,393 315,446 TRAN Balance 2,617,758 2,617,758 2,617,758 2,617,758 2,617,758 2,617,758 2,617,758 2,617,758 2,617,758 - - - Ending Cash without TRAN 417,127 213,317 (258,004) (809,079) (492,331) 2,121,490 411,971 (362,298) (1,150,579) 1,619,982 719,393 315,446 Source: The District


C-38 C-39

Hope ElementarySanta Barbara


Actual / Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected 2017-18Beginning Cash 315,446 1,605,759 1,231,736 708,120 62,039 337,284 2,683,908 2,110,085 1,208,475 488,382 1,725,449 896,777 Receipts

LCFF Revenue SourcesApportionment 52,233 52,233 52,233 52,233 - - 23,226 23,226 23,226 23,226 23,226 23,156 348,218 Property Taxes - - - 347,154 1,222,734 3,125,240 - - - 3,654,359 6,840 299,271 8,655,598 Other - - 49,200 - - 49,200 98,000 - 59,000 9,800 39,200 78,600 9,800 392,800

Federal Revenues - - 24,343 5,965 32,264 129,250 16,036 - 25,658 - - 38,836 49,816 322,168 Other State Revenues (1,808) (41,172) 15,665 16,870 36,954 66,946 100,419 - 33,473 40,168 33,473 301,257 68,249 670,494 Other Local Revenues 2,942 - 140,076 - 4,669 9,338 130,738 - 130,738 - - 21,740 2,352 442,593 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -


Certificated Salaries 72,269 66,824 466,280 487,070 526,506 477,665 472,220 483,110 477,665 479,645 475,190 459,598 5,855 4,949,897 Classified Salaries 71,245 84,953 153,674 196,601 198,223 153,313 144,294 180,368 180,368 180,368 136,629 121,330 2,315 1,803,681 Employee Benefits 33,731 37,453 237,743 239,604 193,789 222,390 197,731 197,731 197,731 197,731 197,731 186,100 186,787 2,326,252 Supplies and Services 3,419 140,854 56,581 200,028 102,858 142,482 72,997 60,882 136,424 98,017 106,861 129,094 88,289 1,338,786 Capital Outlay - - - - - 37,500 - 2,745 - 19,725 15,000 75,030 - 150,000 Other Outgo - - - - - - - - - - - - - - Interfund Transfers Out - - - - - - - - - - - - - - Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 180,664 330,084 914,278 1,123,303 1,021,376 1,033,350 887,242 924,836 992,188 975,486 931,411 971,152 283,246 10,568,616 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 73,523 45,000 59,728 - - - - - - - - - - 178,251 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 73,523 45,000 59,728 - - - - - - - - - - 178,251 Accounts Payable 155,913 100,000 (49,417) - - - - - - - - - - 206,496 Due To Other Funds - - - (55,000) - - 55,000 - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 155,913 100,000 (49,417) (55,000) - - 55,000 - - - - - - 206,496

Total PY Transactions (82,390) (55,000) 109,145 55,000 - - (55,000) - - - - - - (28,245) Net Increase/Decrease (209,687) (374,023) (523,616) (646,081) 275,245 2,346,624 (573,823) (901,610) (720,093) 2,752,067 (828,672) (208,292) (153,029)


Ending Cash with TRAN 1,605,759 1,231,736 708,120 62,039 337,284 2,683,908 2,110,085 1,208,475 488,382 1,725,449 896,777 688,485 TRAN Balance 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 - - - Ending Cash without TRAN 105,759 (268,264) (791,880) (1,437,961) (1,162,716) 1,183,908 610,085 (291,525) (1,011,618) 1,725,449 896,777 688,485 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Apr 30, 2018 Jun 29, 2018Beginning Fund Balance 1,111,109 1,139,385 33,747 (124,042) 278,253 14 - Deferred Maintenance (R) 5,000 5,000

25 - Capital Facilites (R) 505,000 510,000 Total Revenues 9,250,450 9,450,465 10,591,951 11,118,436 10,903,424 67 - Self-Insurance (R) 5,000 5,000

Total Expenditures 9,388,478 10,368,863 10,723,626 10,709,292 10,705,828

Other Sources & Uses 166,304 (50,000) (22,397) (6,849) -

Ending Fund Balance 1,139,385 170,987 (120,325) 278,253 475,849 Source: District Audited Financial Statements & 2016-17 2nd Interim

Total Other Restricted Funds (R) 515,000 520,000 Total Other Unrestricted Funds (U) - - Grand Total 515,000 520,000


C-39

Monterey Peninsula Unified Monterey Peninsula UnifiedMonterey Monterey



LCFF Revenue SourcesApportionment 1,873,058 1,873,058 6,397,245 6,651,250 3,371,503 3,025,742 6,743,006 3,450,660 1,699,591 3,452,568 3,452,568 4,889,461 - 46,879,710 Property Taxes - - 39,675 1,510,834 196,646 20,788,911 4,479,139 933,084 808,259 13,508,600 125,000 4,237,887 - 46,628,036 Other - (320,418) (640,835) (427,224) (427,224) (427,224) (427,224) (427,224) (1,005,735) (502,867) (502,867) (502,867) (511,794) (6,123,500)

Federal Revenues 3,491 123,752 506,027 112,188 16,980 1,285,532 143,987 143,964 546,137 257,977 77,524 1,413,929 1,950,981 6,582,469 Other State Revenues 319,184 19,860 962,320 88,600 668,541 74,700 2,185,806 681,476 711,093 848,427 226,703 3,469,880 991,050 11,247,639 Other Local Revenues (153) 531,900 471,885 945,000 627,696 260,818 1,254,678 785,419 360,366 895,032 649,980 999,107 1,905,717 9,687,445 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -


Certificated Salaries 471,237 4,022,693 4,203,667 4,162,806 4,138,724 4,200,173 4,116,530 4,222,991 4,228,142 4,164,833 4,474,634 5,150,305 550,000 48,106,737 Classified Salaries 947,488 1,885,079 1,917,921 1,914,940 1,912,292 1,944,554 1,855,255 1,913,098 1,931,951 1,951,992 1,990,015 2,367,364 250,000 22,781,949 Employee Benefits 499,735 1,979,797 2,066,651 2,032,548 2,026,548 2,036,784 1,998,056 2,022,900 2,022,537 2,037,603 2,292,374 5,938,773 135,986 27,090,293 Supplies and Services 713,472 1,458,882 2,014,019 816,862 766,842 977,451 1,395,908 916,593 1,061,700 723,405 1,805,642 4,295,565 - 16,946,341 Capital Outlay - 26,312 48,259 - 6,044 - 45,209 186,003 - - 68,633 - - 380,460 Other Outgo 3,094 85,032 116,418 71,744 42,982 142,771 74,279 293,907 57,367 (32,146) 287,157 219,783 - 1,362,389 Interfund Transfers Out - - - - - - - - - - - - 834,435 834,435 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 666,857 204,004 560,874 632,486 111,405 599,230 30,652 21,341 21,956 27,569 - 49,314 - 2,925,688 Due From Other Funds - - 104,734 51,111 - - - - - - - - - 155,845 Other 384,137 - 336,580 - (131,030) - 46,255 (7,421) (20,520) (3,950) - - - 604,052 SUBTOTAL ASSETS 1,050,994 204,004 1,002,188 683,597 (19,624) 599,230 76,907 13,920 1,436 23,619 - 49,314 - 3,685,585 Accounts Payable 3,838,009 61,548 (156,520) 3,109,458 (178,365) (159,171) (177,631) 81,685 (197,131) (195,667) (197,000) (196,354) 2,175,070 7,807,930 Due To Other Funds - - 1,568,817 12 (4,000,000) - 5,500,000 - - - - - - 3,068,829 Current Loan - - - - - - - - - - - - - - Other 24,086 - 366,297 (234) (21,083) 17,945 3,138 - 118 (131) - - - 390,137 SUBTOTAL LIABILITIES 3,862,095 61,548 1,778,594 3,109,236 (4,199,448) (141,226) 5,325,507 81,685 (197,013) (195,798) (197,000) (196,354) 2,175,070 11,266,895

Total PY Transactions (2,811,101) 142,456 (776,407) (2,425,638) 4,179,824 740,456 (5,248,600) (67,765) 198,450 219,418 197,000 245,667 (2,175,070) (7,581,311) Net Increase/Decrease (3,250,548) (7,087,186) (3,407,025) (2,543,891) (259,466) 16,447,202 (354,444) (4,055,878) (5,983,537) 9,833,468 (6,692,549) (3,218,726) 390,464




C-40 C-41

Monterey Peninsula UnifiedMonterey



LCFF Revenue SourcesApportionment 1,887,098 1,887,098 5,581,144 3,396,779 3,396,776 3,396,776 5,581,144 4,556,715 8,202,720 4,556,715 4,556,715 8,202,718 - 55,202,398 Property Taxes - - 40,000 1,500,000 200,000 20,000,000 450,000 900,000 800,000 13,000,000 120,000 3,267,083 - 40,277,083 Other - (378,839) (757,677) (505,118) (505,118) (505,118) (505,118) (505,118) (883,957) (441,978) (441,978) (441,978) (441,979) (6,313,976)

Federal Revenues - 40,061 40,061 642,603 40,061 572,540 212,036 62,861 652,762 789,321 40,061 679,453 2,419,701 6,191,519 Other State Revenues 22,110 19,860 592,473 35,749 376,246 35,749 394,749 110,449 549,873 446,180 35,749 3,469,871 1,389,723 7,478,781 Other Local Revenues 55,356 480,046 482,116 489,418 597,441 87,130 1,028,246 286,802 590,007 636,518 583,667 668,806 2,009,782 7,995,335 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -


Certificated Salaries 455,000 3,895,770 4,089,865 4,131,457 4,117,593 4,149,942 4,048,273 4,117,593 4,196,155 4,122,214 4,344,038 5,000,265 530,000 47,198,166 Classified Salaries 936,842 1,905,674 1,891,965 1,953,659 1,971,939 1,994,789 1,866,830 1,919,384 1,985,649 2,026,778 2,008,499 2,387,805 250,000 23,099,813 Employee Benefits 521,670 2,098,146 2,258,660 2,204,200 2,241,462 2,241,462 2,204,200 2,212,799 2,250,061 2,264,393 2,275,858 5,890,288 118,905 28,782,106 Supplies and Services 949,417 599,164 1,652,722 1,428,445 878,259 950,791 1,074,314 549,719 1,210,251 1,885,117 704,959 1,732,908 906,657 14,522,725 Capital Outlay 23,266 38,000 - - - - - - - - - - 61,266 Other Outgo 84,596 84,596 152,272 26,727 152,272 335,010 (39,968) 164,851 164,851 (18,632) 104,635 335,010 (211,423) 1,334,794 Interfund Transfers Out - - - - - - - - - - - 818,765 818,765 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 1,188,863 235,047 823,945 67,962 85,650 716,344 - 74,700 - - - - - 3,192,511 Due From Other Funds - - - - - - - - - - - - - - Other 116,665 - - - - - - - - - - - - 116,665 SUBTOTAL ASSETS 1,305,528 235,047 823,945 67,962 85,650 716,344 - 74,700 - - - - - 3,309,176 Accounts Payable 3,622,850 931,183 (200,000) (200,000) (200,000) (200,000) (200,000) (200,000) (200,000) (200,000) (200,000) (200,000) 2,200,000 4,754,033 Due To Other Funds - 834,435 - - - - - - - - - - - 834,435 Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 3,622,850 1,765,619 (200,000) (200,000) (200,000) (200,000) (200,000) (200,000) (200,000) (200,000) (200,000) (200,000) 2,200,000 5,588,468

Total PY Transactions (2,317,321) (1,530,572) 1,023,945 267,962 285,650 916,344 200,000 274,700 200,000 200,000 200,000 200,000 (2,200,000) (2,279,292) Net Increase/Decrease (3,323,549) (8,103,696) (3,043,422) (3,917,094) (4,970,469) 14,831,426 (1,792,592) (3,277,938) 304,438 8,906,885 (4,343,775) (119,088) 1,583,088


Ending Cash with TRAN 26,512,228 18,408,531 15,365,110 11,448,015 6,477,546 21,308,972 12,016,380 8,738,442 9,042,881 10,299,765 5,955,990 5,836,902 TRAN Balance 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 7,500,000 7,500,000 7,500,000 - - - Ending Cash without TRAN 11,512,228 3,408,531 365,110 (3,551,985) (8,522,454) 6,308,972 4,516,380 1,238,442 1,542,881 10,299,765 5,955,990 5,836,902 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Jan 31, 2018 Apr 30, 2018 Jun 29, 2018Beginning Fund Balance 24,810,570 15,946,058 15,204,583 17,962,785 13,669,498 09 - Charter Schools Special Revenue (R) 800,000 1,000,000 1,000,000

13 - Cafetria Special Revnue (R) 100,000 100,000 100,000 Total Revenues 93,813,825 105,155,977 112,508,334 114,339,798 110,170,476 14 - Deferred Maintenance (R) 100,000 100,000 50,000

25 - Capital Facilites (R) 5,000,000 5,000,000 4,500,000 Total Expenditures 104,486,641 100,544,916 112,300,367 117,798,651 113,257,393 40 - Special Reserve for Cap Outlay (U) 760,000 750,000 700,000

67 - Self-Insurance (R) 1,000,000 700,000 500,000 Other Sources & Uses 1,808,304 (5,352,536) 2,550,235 (834,435) (818,765)




C-41

Oak Park Unified Oak Park UnifiedVentura Ventura


Actual / Projected Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Projected Projected Projected 2016-17Beginning Cash 3,313,613 6,669,166 4,390,489 4,053,913 2,426,663 1,173,116 7,855,374 4,715,859 3,081,059 2,482,028 2,404,602 686,601 Receipts

LCFF Revenue SourcesApportionment 965,968 965,968 3,218,353 1,738,742 1,738,742 3,218,353 1,738,742 1,517,761 3,094,096 1,517,761 1,517,761 3,084,637 - 24,316,884 Property Taxes 7,700 49,852 265 33,601 20,984 6,142,533 156,764 17 40,630 4,000,223 48,394 194,385 - 10,695,348 Other - - - - - - - - - - - - - -

Federal Revenues 2,376 - 52,794 - 2,250 25,279 - - 60,860 - 11,875 537,284 295,887 988,605 Other State Revenues 319,640 1,355 - 239,319 19,563 605,180 541,369 - (228,217) 363,970 1,515 5,350 667,070 2,536,113 Other Local Revenues 220,494 243,775 373,249 503,806 534,986 461,309 317,716 426,713 410,841 765,999 790,911 170,227 384,897 5,604,922 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -


Certificated Salaries 165,775 2,003,557 2,058,612 2,060,513 2,041,915 2,044,735 2,040,553 2,049,667 2,047,032 2,070,320 2,049,667 416,616 - 21,048,964 Classified Salaries 201,337 542,519 571,444 570,134 572,320 603,996 546,470 591,748 591,884 606,758 580,563 295,090 - 6,274,264 Employee Benefits 73,535 855,029 865,361 867,753 861,181 864,062 868,790 868,401 870,318 875,091 850,596 92,732 - 8,812,848 Supplies and Services 174,388 417,060 591,081 760,227 757,313 505,762 411,145 580,241 416,602 355,290 308,554 411,470 27,114 5,716,247 Capital Outlay 21,771 - 156,448 121,532 10,193 (26,288) 5,767 745 (16,975) 8,394 35,507 35,508 692 353,293 Other Outgo 3,799 32,244 6,838 819 21,356 6,838 111,868 17,652 3,134 3,134 14,783 204,711 692 427,867 Interfund Transfers Out 25,000 - - - - - - - - - 77,153 225,000 25,000 352,153 Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements 665,606 3,850,408 4,249,783 4,380,979 4,264,278 3,999,105 3,984,593 4,108,454 3,911,996 3,918,986 3,916,823 1,681,126 53,497 42,985,635 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 158,347 122,193 35,751 54,718 575,032 204,657 (6,897) 37,752 267,262 - 14,106 14,106 - 1,477,027 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 158,347 122,193 35,751 54,718 575,032 204,657 (6,897) 37,752 267,262 - 14,106 14,106 - 1,477,027 Accounts Payable 1,739,851 (188,589) (232,794) (183,544) (119,174) (24,052) (124,885) (491,411) 332,507 700,947 185,739 185,739 - 1,780,333 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 1,739,851 (188,589) (232,794) (183,544) (119,174) (24,052) (124,885) (491,411) 332,507 700,947 185,739 185,739 - 1,780,333

Total PY Transactions (1,581,504) 310,782 268,546 238,262 694,206 228,709 117,988 529,163 (65,245) (700,947) (171,633) (171,633) - (303,306) Net Increase/Decrease (730,931) (2,278,677) (336,577) (1,627,250) (1,253,547) 6,682,258 (1,112,015) (1,634,800) (599,031) 2,028,020 (1,718,000) 2,139,123 1,294,357


Ending Cash with TRAN 6,669,166 4,390,489 4,053,913 2,426,663 1,173,116 7,855,374 4,715,859 3,081,059 2,482,028 2,404,602 686,601 2,825,725 TRAN Balance 4,086,484 4,086,484 4,086,484 4,086,484 4,086,484 4,086,484 2,058,984 2,058,984 2,058,984 - - - Ending Cash without TRAN 2,582,682 304,005 (32,571) (1,659,821) (2,913,368) 3,768,890 2,656,875 1,022,074 423,043 2,404,602 686,601 2,825,725 Source: The District


C-42 C-43

Oak Park UnifiedVentura


Actual / Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected 2017-18Beginning Cash 2,825,725 6,891,126 4,611,325 4,352,155 2,689,759 1,389,004 7,618,876 3,735,846 2,309,361 1,851,152 1,818,897 282,945 Receipts

LCFF Revenue SourcesApportionment 986,190 986,190 3,181,408 1,775,142 1,775,142 3,181,408 1,775,142 1,775,142 3,181,408 1,775,142 1,775,142 3,181,408 - 25,348,864 Property Taxes 7,487 50,268 - 33,156 21,391 6,142,338 157,222 - 40,642 4,000,060 48,129 194,655 - 10,695,347 Other - - - - - - - - - - - - - -

Federal Revenues 2,373 - 52,792 - 2,274 25,308 - - 60,898 - 11,863 537,307 295,889 988,704 Other State Revenues 145,996 579 - 109,381 8,922 276,465 247,382 - (104,283) 166,273 695 2,433 304,737 1,158,580 Other Local Revenues 184,070 203,742 311,936 421,067 446,827 385,470 265,567 356,431 343,317 640,265 660,873 142,385 321,772 4,683,721 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -


Certificated Salaries 166,551 1,967,291 2,022,105 2,024,214 2,005,240 2,007,348 2,003,131 2,013,673 2,011,564 2,034,755 2,013,673 417,431 - 20,686,975 Classified Salaries 203,829 549,260 578,469 577,199 579,104 611,488 553,070 598,789 598,789 614,028 587,359 298,442 - 6,349,828 Employee Benefits 76,827 865,685 876,792 879,569 872,164 874,941 880,495 879,569 882,346 886,974 861,057 97,190 - 8,933,608 Supplies and Services 173,189 414,518 587,139 755,218 752,379 502,532 408,272 576,350 413,950 353,192 306,630 408,840 26,688 5,678,897 Capital Outlay - - - - - - - - - - - - - - Other Outgo 3,808 32,261 6,846 813 21,351 6,846 111,887 17,671 3,123 3,123 14,761 204,692 685 427,867 Interfund Transfers Out 25,768 - - - - - - - - - 77,304 223,323 25,768 352,164 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 153,603 119,469 34,134 51,201 554,676 196,270 (8,533) 38,401 260,271 - 12,800 12,800 - 1,425,091 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 153,603 119,469 34,134 51,201 554,676 196,270 (8,533) 38,401 260,271 - 12,800 12,800 - 1,425,091 Accounts Payable 1,739,345 (188,966) (231,913) (184,671) (120,251) (25,768) (124,546) (489,593) 330,690 184,671 184,671 184,671 - 1,258,340 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 1,739,345 (188,966) (231,913) (184,671) (120,251) (25,768) (124,546) (489,593) 330,690 184,671 184,671 184,671 - 1,258,340

Total PY Transactions (1,585,742) 308,435 266,047 235,872 674,927 222,038 116,012 527,994 (70,419) (184,671) (171,871) (171,871) - 166,751 Net Increase/Decrease (909,599) (2,279,801) (259,170) (1,662,396) (1,300,755) 6,229,872 (1,395,531) (1,426,485) (458,209) 2,504,996 (1,535,952) 2,236,400 869,257


Ending Cash with TRAN 6,891,126 4,611,325 4,352,155 2,689,759 1,389,004 7,618,876 3,735,846 2,309,361 1,851,152 1,818,897 282,945 2,519,345 TRAN Balance 4,975,000 4,975,000 4,975,000 4,975,000 4,975,000 4,975,000 2,487,500 2,487,500 2,487,500 - - - Ending Cash without TRAN 1,916,126 (363,675) (622,845) (2,285,241) (3,585,996) 2,643,876 1,248,346 (178,139) (636,348) 1,818,897 282,945 2,519,345 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Jan 31, 2018 Apr 30, 2018 Jun 29, 2018Beginning Fund Balance 552,507 1,867,429 1,089,340 1,284,825 2,325,376 13 - Cafetria Special Revnue (R) 15,130 15,130 15,130

14 - Deferred Maintenance (R) 54 54 54 Total Revenues 36,203,864 39,172,412 44,398,960 44,091,234 42,667,401 17 - Special Reserve Other than Cap Outlay (U) 1,449,046 1,449,046 1,449,046

25 - Capital Facilites (R) 7,549 7,549 7,549 Total Expenditures 34,849,142 40,199,349 42,926,168 42,698,530 42,946,778 35 - County School Facilities (R) 2,267 2,267 2,267

40 - Special Reserve for Cap Outlay (U) 2,495 2,495 2,495 Other Sources & Uses (39,800) 696,078 (1,277,307) (352,153) - 57 - Foundation Permanent (R) 5,423 5,423 5,423


Total Other Restricted Funds (R) 30,423 30,423 30,423 Total Other Unrestricted Funds (U) 1,451,541 1,451,541 1,451,541 Grand Total 1,481,964 1,481,964 1,481,964


C-43

Pacifica PacificaSan Mateo San Mateo


Actual / Projected Actual Actual Actual Actual Actual Actual Actual Actual Actual Projected Projected Projected Projected 2016-17Beginning Cash 3,051,378 2,629,875 755,214 26,664 (2,057,154) (4,321,891) 2,173,974 (394,702) (2,206,632) (2,427,232) 1,713,386 1,086,311 Receipts

LCFF Revenue SourcesApportionment 409,714 469,128 1,680,293 737,485 737,485 1,680,294 737,485 737,485 1,680,294 737,485 669,662 2,130,235 - 12,407,045 Property Taxes (76,869) 77,637 113,330 690,270 (803,600) 6,333,042 (1,502,253) 144,753 359,874 5,786,588 135,256 145,141 - 11,403,169 Other (240,000) 194,649 - (127,190) - - 669,853 - - - 669,853 - 83,245 1,250,410

Federal Revenues 15,577 418,540 90,370 (495,692) - 106,657 22,354 - 165,869 - 77,452 125,985 236,150 763,262 Other State Revenues 210,717 88,524 - (279,765) 87,462 325,292 397,307 8,950 123,760 279,765 131,544 855,200 422,491 2,651,247 Other Local Revenues 245,970 106,519 (654) 3,153 16,778 683,577 202,261 125,658 256,856 245,986 368,453 213,338 119,197 2,587,092 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 565,109 1,354,997 1,883,339 528,261 38,125 9,128,862 527,007 1,016,846 2,586,653 7,049,824 2,052,220 3,469,899 861,083 31,062,225 Disbursements

Certificated Salaries 62,544 1,213,619 1,281,328 1,246,942 1,233,466 1,221,968 1,223,983 1,325,985 1,236,526 1,215,896 1,265,895 154,843 - 12,682,995 Classified Salaries 214,077 409,474 405,776 397,640 407,343 403,333 401,866 409,852 418,652 425,685 415,325 358,985 119,121 4,787,129 Employee Benefits 58,852 694,482 724,659 1,169,682 717,255 724,963 716,699 711,256 704,235 715,652 715,652 1,472,294 70,028 9,195,709 Supplies and Services 242,768 228,664 276,832 340,818 323,045 410,454 400,969 381,683 447,840 551,973 282,423 262,220 771,810 4,921,499 Capital Outlay - - - - - - - - - - - - - - Other Outgo 10,181 (20,979) 9,897 50,797 - - 101,373 - - - - 75,231 - 226,500 Interfund Transfers Out - 362,000 - - - - - - - - - 40,000 - 402,000 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 339,046 103,190 13,996 987,398 - - 5,006 - - - - (762,022) - 686,614 Due From Other Funds - - - - - (8,918) - - - - - - - (8,918) Other - - - - 2,135 - - - - - - - - 2,135 SUBTOTAL ASSETS 339,046 103,190 13,996 987,398 2,135 (8,918) 5,006 - - - - (762,022) - 679,831 Accounts Payable 480,401 271,653 (72,607) 307,785 (376,112) (136,639) 255,799 - - - - - - 730,280 Due To Other Funds 256,835 60,897 - 85,813 - - - - - - - - - 403,545 Current Loan - 113,038 - - - - - - - - - - - 113,038 Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 737,236 445,588 (72,607) 393,598 (376,112) (136,639) 255,799 - - - - - - 1,246,863

Total PY Transactions (398,190) (342,398) 86,603 593,800 378,247 127,721 (250,793) - - - - (762,022) - (567,032) Net Increase/Decrease (421,503) (1,874,661) (728,550) (2,083,818) (2,264,737) 6,495,865 (2,568,676) (1,811,930) (220,600) 4,140,618 (627,075) 344,304 (99,876)


Ending Cash with TRAN 2,629,875 755,214 26,664 (2,057,154) (4,321,891) 2,173,974 (394,702) (2,206,632) (2,427,232) 1,713,386 1,086,311 1,430,615 TRAN Balance - - - - - - - - - - - - Ending Cash without TRAN 2,629,875 755,214 26,664 (2,057,154) (4,321,891) 2,173,974 (394,702) (2,206,632) (2,427,232) 1,713,386 1,086,311 1,430,615 Source: The District


C-44 C-45

PacificaSan Mateo


Actual / Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected 2017-18Beginning Cash 1,430,615 5,495,381 3,830,609 3,038,756 1,778,615 566,691 5,005,584 3,848,019 2,883,743 3,372,292 2,128,017 509,097 Receipts

LCFF Revenue SourcesApportionment 412,936 412,936 1,682,494 755,414 755,414 1,682,494 770,652 765,414 1,682,494 815,265 815,265 1,614,551 163,053 12,328,382 Property Taxes - - 15,985 25,654 352,558 4,795,885 125,652 55,658 258,998 5,489,589 25,225 257,965 - 11,403,169 Other - - (240,000) 185,658 - 45,859 - 601,526 - - - 453,585 203,782 1,250,410

Federal Revenues - 25,895 125,985 - 256,985 12,552 - - 25,685 - - 115,985 215,440 778,527 Other State Revenues - 215,652 105,652 65,895 1,500 55,553 754,859 125,652 145,256 55,415 169,258 57,522 400,668 2,152,882 Other Local Revenues 165,896 78,565 55,658 258,745 105,652 755,985 11,658 88,598 785,985 65,856 125,663 35,817 126,266 2,660,344 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -


Certificated Salaries 1,056,985 1,059,855 1,215,652 1,225,685 1,245,652 1,056,525 1,156,526 1,105,658 1,026,589 1,156,589 1,035,658 76,685 - 12,418,059 Classified Salaries 225,985 410,325 425,685 436,525 415,685 420,154 423,652 435,125 405,652 425,985 432,145 315,658 2,612 4,775,188 Employee Benefits 65,125 685,985 670,658 655,985 759,852 985,658 715,985 705,658 725,985 745,985 874,985 1,480,899 267,845 9,340,605 Supplies and Services 253,836 241,655 225,632 233,312 262,844 348,530 524,223 354,683 251,643 291,841 411,543 399,371 690,501 4,489,614 Capital Outlay - - - - - - - - - - - - - - Other Outgo - - - - - 98,568 - - - - - - 127,932 226,500 Interfund Transfers Out - - - - - - - - - - - 56,000 - 56,000 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 520,531 - - - - - - - - - - - - 520,531 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 520,531 - - - - - - - - - - - - 520,531 Accounts Payable 432,665 - - - - - - - - - - - - 432,665 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 432,665 - - - - - - - - - - - - 432,665

Total PY Transactions 87,865 - - - - - - - - - - - - 87,865 Net Increase/Decrease (935,234) (1,664,772) (791,853) (1,260,141) (1,211,924) 4,438,893 (1,157,565) (964,276) 488,549 3,805,725 (1,618,920) 206,812 20,319


Ending Cash with TRAN 5,495,381 3,830,609 3,038,756 1,778,615 566,691 5,005,584 3,848,019 2,883,743 3,372,292 2,128,017 509,097 715,909 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 495,381 (1,169,391) (1,961,244) (3,221,385) (4,433,309) 5,584 (1,151,981) (2,116,257) (1,627,708) 2,128,017 509,097 715,909 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Apr 30, 2018 Jun 29, 2018Beginning Fund Balance 4,629,732 4,180,907 4,217,691 3,320,839 2,167,231 13 - Cafetria Special Revnue (R) 120,000 120,000

14 - Deferred Maintenance (R) 150,000 65,000 Total Revenues 25,922,068 27,977,696 31,006,057 31,062,225 30,573,714 17 - Special Reserve Other than Cap Outlay (U) 727,000 727,000

25 - Capital Facilites (R) 250,000 250,000 Total Expenditures 26,335,199 27,884,912 30,164,689 31,813,832 31,305,966 40 - Special Reserve for Cap Outlay (U) 160,000 100,000

71 - Retiree Benefit (R) 900,000 900,000 Other Sources & Uses (35,694) (56,000) (98,592) (402,000) -




C-45

Temecula Valley Unified Temecula Valley UnifiedRiverside Riverside



LCFF Revenue SourcesApportionment 6,054,045 6,054,045 19,870,405 10,897,280 10,897,281 19,870,405 10,897,280 10,279,476 19,589,655 10,279,476 10,279,476 19,364,951 - 154,333,775 Property Taxes - 2,766,525 2,544,936 1,836,541 - 21,493,602 18,458,856 228,112 192,226 7,134,132 11,396,677 744,661 - 66,796,268 Other - (199,478) (398,955) (279,068) (265,970) (265,970) (265,970) (289,460) (651,284) (289,460) (289,460) (423,170) - (3,618,245)

Federal Revenues - 932,855 45,814 40,730 101,938 611,263 133,543 66,699 4,287,760 119,089 240,736 2,729,287 311,900 9,621,614 Other State Revenues 1,657,043 1,112,648 2,683,965 1,321,879 2,953,160 4,120,110 4,604,085 1,399,842 2,984,167 2,337,683 1,457,757 11,711,961 3,025,928 41,370,228 Other Local Revenues - 172,771 119,569 491,688 579,971 107,758 1,914,444 436,062 1,250,896 583,418 835,717 2,608,248 363,580 9,464,122 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - 86,213 - - - - - - - - 86,213


Certificated Salaries 10,313,969 11,088,167 11,169,010 11,361,930 11,359,263 11,231,446 11,109,539 11,248,637 11,248,637 11,248,637 11,248,637 11,248,637 1,649,234 135,525,743 Classified Salaries 1,537,044 4,158,240 3,892,103 4,039,509 4,027,555 3,876,844 3,728,102 3,864,887 3,864,887 4,159,595 3,894,358 3,894,358 1,627,420 46,564,902 Employee Benefits 4,068,762 3,897,623 3,876,652 4,059,986 4,012,487 4,764,772 3,258,785 4,189,201 4,189,201 4,250,593 4,195,341 14,369,115 713,213 59,845,731 Supplies and Services 1,140,707 4,140,212 2,346,213 2,038,067 1,554,979 1,432,993 1,800,560 2,661,442 1,821,317 3,343,937 2,802,510 5,047,032 9,905,887 40,035,856 Capital Outlay 18,020 138,040 193,519 49,578 91,225 55,131 106,285 8,007 24,021 24,021 24,021 24,021 44,825 800,714 Other Outgo - - - (53,145) 5,086 3,479 (1,516) 13,731 1,500 38,194 539,677 (294,293) 70,663 323,376 Interfund Transfers Out - 1,254,311 - - - - - - - - - 2,000,000 - 3,254,311 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 2,126,466 1,213,722 602,059 1,766,497 216,657 1,128,007 137,776 - - - - 1,088,207 - 8,279,391 Due From Other Funds (15,000) - (30,000) 317,868 (5,000) - 50,000 - - - - 1,601 - 319,469 Other 1,448,874 448 8,303 28,077 39,371 (18,877) (12,753) 20,000 (20,000) 20,000 (20,000) 20,000 13,810 1,527,253 SUBTOTAL ASSETS 3,560,340 1,214,170 580,362 2,112,442 251,028 1,109,130 175,023 20,000 (20,000) 20,000 (20,000) 1,109,808 13,810 10,126,113 Accounts Payable 2,302,494 472,284 20,217 274,827 23,041 - 4,956 366,494 366,494 366,494 366,494 866,494 - 5,430,289 Due To Other Funds 7,524 - - 2,862,252 - 13,589 - - - - - - - 2,883,365 Current Loan 151,828 - - - - - - - - (132,854) - - - 18,974 Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 2,461,846 472,284 20,217 3,137,079 23,041 13,589 4,956 366,494 366,494 233,640 366,494 866,494 - 8,332,628

Total PY Transactions 1,098,494 741,886 560,145 (1,024,637) 227,987 1,095,541 170,067 (346,494) (386,494) (213,640) (386,494) 243,314 13,810 1,793,485 Net Increase/Decrease (8,268,920) (13,095,341) 3,948,382 (8,211,512) (6,470,015) 25,668,044 15,910,550 (10,211,668) 6,117,363 (3,114,279) 829,865 690,382 (10,296,024)




C-46 C-47

Temecula Valley UnifiedRiverside



LCFF Revenue SourcesApportionment 6,090,108 6,090,108 19,292,572 10,962,194 10,962,194 19,292,572 10,962,194 10,962,194 19,292,572 10,962,194 10,962,194 19,292,574 - 155,123,670 Property Taxes - 2,367,511 2,807,812 1,450,999 119,481 21,347,810 14,489,611 228,112 222,678 7,293,866 17,161,341 759,181 - 68,248,402 Other - (217,009) (397,850) (289,345) (289,345) (289,345) (289,345) (289,345) (651,027) (289,345) (289,345) (325,516) - (3,616,817)

Federal Revenues 37,573 - 809,532 109,074 94,134 572,031 91,488 59,432 3,678,667 93,009 241,462 2,082,567 372,008 8,240,977 Other State Revenues 721,782 2,500,566 2,027,207 1,299,207 1,708,051 2,227,207 3,333,823 1,393,299 2,942,945 1,867,357 1,299,207 13,730,702 3,031,965 38,083,318 Other Local Revenues - 84,395 186,245 383,236 475,856 527,583 1,496,528 402,926 646,222 547,178 832,874 2,070,909 515,474 8,169,426 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -


Certificated Salaries 9,402,536 10,745,755 10,745,755 10,745,755 10,745,755 10,745,755 12,088,975 12,088,975 12,088,975 12,088,975 12,088,975 10,745,755 63,243 134,385,184 Classified Salaries 1,836,987 4,133,221 3,673,974 4,133,221 3,673,974 4,133,221 3,673,974 4,133,221 4,133,221 4,133,221 4,133,221 4,133,221 627,881 46,552,558 Employee Benefits 3,811,897 4,447,213 5,082,529 4,447,213 5,082,529 3,176,581 4,447,213 5,082,529 4,447,213 4,447,213 4,447,213 14,612,271 299,214 63,830,828 Supplies and Services 3,976,190 3,020,519 2,196,247 2,661,583 2,482,115 1,543,110 2,236,948 1,918,712 1,869,678 3,257,354 2,522,815 4,971,598 1,867,576 34,524,445 Capital Outlay 10,784 12,581 26,959 1,797 57,512 3,595 1,797 1,797 5,392 35,945 16,175 5,392 14,228 193,954 Other Outgo - - - - - - 11,226 - 28,065 499,561 16,839 (304,262) 50,261 301,690 Interfund Transfers Out - 2,808,913 - - - - - - - - - - - 2,808,913 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 2,125,337 1,416,890 1,416,890 1,416,890 708,445 - - - - - - - - 7,084,452 Due From Other Funds - - - - - - - - - - - - - - Other (14,950) 55,150 (16,845) 60,828 (20,000) 20,000 (20,000) 20,000 (20,000) 20,000 (20,000) 20,000 - 84,183 SUBTOTAL ASSETS 2,110,387 1,472,040 1,400,045 1,477,718 688,445 20,000 (20,000) 20,000 (20,000) 20,000 (20,000) 20,000 - 7,168,635 Accounts Payable 7,960,569 995,071 995,071 - - - - - - - - - - 9,950,711 Due To Other Funds - - - - - - - - - - - - - - Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 7,960,569 995,071 995,071 - - - - - - - - - - 9,950,711

Total PY Transactions (5,850,182) 476,969 404,974 1,477,718 688,445 20,000 (20,000) 20,000 (20,000) 20,000 (20,000) 20,000 - (2,782,076) Net Increase/Decrease (18,039,113) (13,865,662) 3,405,028 (6,596,486) (8,283,069) 24,095,596 7,604,166 (10,448,616) 3,539,513 (3,968,010) 6,962,495 3,466,442 997,044


Ending Cash with TRAN 36,683,018 22,817,356 26,222,384 19,625,898 11,342,829 35,438,425 34,925,091 24,476,475 28,015,988 15,768,128 22,730,623 26,197,065 TRAN Balance 16,235,000 16,235,000 16,235,000 16,235,000 16,235,000 16,235,000 8,117,500 8,117,500 8,117,500 - - - Ending Cash without TRAN 20,448,018 6,582,356 9,987,384 3,390,898 (4,892,171) 19,203,425 26,807,591 16,358,975 19,898,488 15,768,128 22,730,623 26,197,065 Source: The District



13 - Cafetria Special Revnue (R) 2,203,285 2,212,309 2,197,179 Total Revenues 219,127,480 232,483,334 272,429,821 277,967,762 274,248,976 14 - Deferred Maintenance (R) 112,287 63,515 31,000

25 - Capital Facilites (R) 35,017,404 33,654,027 32,504,328 Total Expenditures 218,535,810 230,105,327 258,986,481 283,096,322 282,597,572 35 - County School Facilities (R) 1,149,314 1,151,035 1,153,111

40 - Special Reserve for Cap Outlay (U) 5,461,422 5,180,941 3,245,748 Other Sources & Uses (675,489) (2,043,602) (2,731,989) (3,168,098) - 67 - Self-Insurance (R) 5,056,905 5,423,008 5,666,774


Total Other Restricted Funds (R) 43,627,522 42,624,462 41,640,345 Total Other Unrestricted Funds (U) 5,461,422 5,180,941 3,245,748 Grand Total 49,088,944 47,805,403 44,886,093


C-47

Ventura Unified Ventura UnifiedVentura Ventura



LCFF Revenue SourcesApportionment 3,378,000 3,378,000 11,652,000 6,081,000 6,081,000 11,652,000 6,081,000 5,408,000 11,365,000 5,408,000 5,338,000 9,040,000 - 84,862,000 Property Taxes 32,000 194,000 - 129,000 81,000 32,479,000 708,000 79,000 156,000 21,515,000 640,000 408,000 23,053 56,444,053 Other - - (227,000) - (303,000) - - - - - 330,000 - - (200,000)

Federal Revenues - 104,000 839,000 13,000 526,000 638,000 136,000 352,000 763,000 236,000 2,086,000 499,000 2,878,163 9,070,163 Other State Revenues 48,000 63,000 436,000 70,000 1,266,000 1,778,000 2,004,000 20,000 461,000 1,356,000 970,000 232,000 7,915,212 16,619,212 Other Local Revenues 970,000 650,000 601,000 877,000 1,203,000 1,993,000 1,131,000 986,000 768,000 1,684,000 392,000 500,000 2,431,934 14,186,934 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -


Certificated Salaries 938,000 6,552,000 6,506,000 6,624,000 6,822,000 6,671,000 6,537,000 6,878,000 6,739,000 6,790,000 6,600,000 6,575,000 278,443 74,510,443 Classified Salaries 1,441,000 2,417,000 2,327,000 2,399,000 2,387,000 2,361,000 2,284,000 2,332,000 2,329,000 2,451,000 2,100,000 2,040,000 60,092 26,928,092 Employee Benefits 995,000 3,587,000 3,584,000 3,611,000 3,643,000 3,629,000 3,806,000 3,626,000 3,596,000 3,653,000 4,252,000 4,492,000 4,749,643 47,223,643 Supplies and Services 216,000 5,050,000 3,924,000 1,169,000 1,761,000 1,044,000 1,873,000 1,459,000 2,157,000 1,521,000 2,830,000 3,252,000 3,900,000 30,156,000 Capital Outlay (4,000) 708,000 597,000 267,000 93,000 193,000 505,000 100,000 87,000 45,000 - - 30,000 2,621,000 Other Outgo 53,000 53,000 96,000 96,000 84,000 96,000 1,951,000 125,000 120,000 103,000 350,000 374,000 1,081,117 4,582,117 Interfund Transfers Out - - 700,000 - - - - - - - (50,000) - (700,000) (50,000) Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 1,715,000 1,265,000 627,000 2,252,000 797,000 611,000 12,000 20,000 100,000 43,000 - - - 7,442,000 Due From Other Funds 125,000 - 112,000 - - - 685,000 - - - 785,000 - - 1,707,000 Other - - - - - - - - - - - - - - SUBTOTAL ASSETS 1,840,000 1,265,000 739,000 2,252,000 797,000 611,000 697,000 20,000 100,000 43,000 785,000 - - 9,149,000 Accounts Payable 3,945,000 669,000 (443,000) (142,000) (471,000) (177,000) 1,247,000 736,000 412,000 484,000 (410,000) - - 5,850,000 Due To Other Funds - - 1,305,000 - 7,000 - 3,000 3,000 - - - - - 1,318,000 Current Loan - - - - - - - - - - - - - - Other 190,702 - - - - - - - - - - - - 190,702 SUBTOTAL LIABILITIES 4,135,702 669,000 862,000 (142,000) (464,000) (177,000) 1,250,000 739,000 412,000 484,000 (410,000) - - 7,358,702

Total PY Transactions (2,295,702) 596,000 (123,000) 2,394,000 1,261,000 788,000 (553,000) (719,000) (312,000) (441,000) 1,195,000 - - 1,790,298 Net Increase/Decrease (1,506,702) (13,382,000) (4,556,000) (4,602,000) (4,675,000) 35,334,000 (7,449,000) (8,394,000) (1,827,000) 15,195,000 (5,131,000) (6,054,000) 3,849,067


Ending Cash with TRAN 40,547,000 27,165,000 22,609,000 18,007,000 13,332,000 48,666,000 32,082,000 23,688,000 21,861,000 27,569,810 22,438,810 16,384,810 TRAN Balance 18,460,702 18,460,702 18,460,702 18,460,702 18,460,702 18,460,702 9,325,702 9,325,702 9,325,702 - - - Ending Cash without TRAN 22,086,298 8,704,298 4,148,298 (453,702) (5,128,702) 30,205,298 22,756,298 14,362,298 12,535,298 27,569,810 22,438,810 16,384,810 Source: The District


C-48 C-49

Ventura UnifiedVentura



LCFF Revenue SourcesApportionment 3,385,029 3,385,029 11,325,533 6,093,052 6,093,052 11,325,533 6,093,052 6,093,052 11,325,533 6,093,052 6,093,052 11,325,533 - 88,630,501 Property Taxes - - - - - 28,222,311 - - - 28,222,311 - - - 56,444,621 Other - - (261,289) - (261,289) (174,193) - (174,193) (174,193) (87,096) (174,193) (87,096) - (1,393,543)

Federal Revenues - 105,487 764,768 324,515 103,479 898,414 435,471 185,089 175,749 79,146 1,099,036 4,628,375 - 8,799,528 Other State Revenues - 68,674 48,034 636,245 1,317,509 2,786,730 3,580,951 162,881 660,774 1,222,792 2,391 2,285,852 - 12,772,832 Other Local Revenues 466,891 823,034 715,250 898,055 862,272 2,177,379 975,417 1,003,232 841,338 2,854,946 2,337,987 164,570 - 14,120,371 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 3,851,919 4,382,224 12,592,295 7,951,867 8,115,022 45,236,174 11,084,891 7,270,061 12,829,201 38,385,150 9,358,273 18,317,233 - 179,374,310 Disbursements

Certificated Salaries 779,171 6,611,749 6,552,434 6,600,685 6,861,873 6,630,392 6,601,155 6,639,284 6,611,171 6,678,576 6,607,305 7,216,948 - 74,390,741 Classified Salaries 1,306,810 2,285,422 2,224,551 2,249,471 2,281,717 2,254,477 2,234,496 2,240,048 2,273,247 2,273,032 2,287,482 3,203,640 - 27,114,392 Employee Benefits 1,145,864 4,220,586 4,203,002 4,225,465 4,270,177 4,237,870 4,625,202 4,838,658 4,312,847 4,320,893 4,318,913 4,673,209 - 49,392,687 Supplies and Services 3,299,895 2,761,065 1,833,540 1,987,012 1,792,149 1,511,131 1,670,417 1,702,406 1,593,668 1,949,219 1,815,058 3,887,806 - 25,803,366 Capital Outlay 58,036 29,695 81,226 34,768 11,494 36,518 54,534 24,090 29,268 25,402 4,734 362,533 - 752,298 Other Outgo 48,637 48,637 92,563 87,547 103,038 87,547 121,955 124,082 1,785,014 124,082 124,082 1,770,302 - 4,517,487 Interfund Transfers Out - - - - - - - - - - - 965,000 - 965,000 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable (136,624) 4,867,268 4,867,268 2,433,634 1,216,817 - - - - - - - - 13,248,362 Due From Other Funds - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL ASSETS (136,624) 4,867,268 4,867,268 2,433,634 1,216,817 - - - - - - - - 13,248,362 Accounts Payable 1,543,831 6,175,322 3,087,661 1,543,831 - - - - - - - - - 12,350,644 Due To Other Funds - 650,000 - - - - - - - - - - - 650,000 Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 1,543,831 6,825,322 3,087,661 1,543,831 - - - - - - - - - 13,000,644

Total PY Transactions (1,680,455) (1,958,054) 1,779,607 889,803 1,216,817 - - - - - - - - 247,718 Net Increase/Decrease (4,466,948) (13,532,985) (615,414) (6,343,277) (5,988,608) 30,478,238 (4,222,869) (8,298,508) (3,776,013) 23,013,946 (5,799,301) (3,762,205) -


Ending Cash with TRAN 31,917,862 18,384,878 17,769,464 11,426,187 5,437,578 35,915,817 21,692,948 13,394,440 9,618,426 22,432,372 16,633,072 12,870,867 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 11,917,862 (1,615,122) (2,230,536) (8,573,813) (14,562,422) 15,915,817 11,692,948 3,394,440 (381,574) 22,432,372 16,633,072 12,870,867 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Jan 31, 2018 Apr 30, 2018 Jun 29, 2018Beginning Fund Balance 17,070,848 17,769,103 13,089,289 20,284,703 13,906,862 11 - Adult Education (R) 1,993,000 1,993,000 1,993,000

12 - Child Development (R) 25,000 25,000 25,000 Total Revenues 145,568,206 159,177,223 185,207,455 180,225,803 175,232,651 13 - Cafetria Special Revnue (R) 67,000 67,000 67,000

25 - Capital Facilites (R) 13,000,000 12,750,000 12,500,000 Total Expenditures 144,890,238 164,395,231 176,056,300 185,953,644 182,474,956 73 - Foundation Private-Purpose Trust (R) 575,000 475,000 475,000

Other Sources & Uses 20,287 538,194 (1,955,741) (650,000) -




C-49

Yosemite Unified Yosemite UnifiedMadera Madera


Actual / Projected Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Projected Projected Projected 2016-17Beginning Cash 3,400,401 3,284,547 1,991,279 2,260,430 1,500,905 884,214 5,692,762 4,992,794 3,772,215 3,581,156 4,528,293 3,239,424 Receipts

LCFF Revenue SourcesApportionment 380,122 380,122 1,331,375 684,220 684,220 1,331,375 684,220 536,424 1,210,404 536,424 536,424 1,397,445 - 9,692,775 Property Taxes - - 265,307 - - 4,430,796 214,244 - - 2,367,257 41,758 170,360 - 7,489,722 Other - (74,519) (149,038) (99,359) (99,440) (99,378) (99,378) (99,378) (298,438) (149,219) (179,219) (257,609) - (1,604,977)

Federal Revenues - - 130,701 25,000 18,552 114,464 9,323 - 114,775 65,323 242,904 239,612 - 960,654 Other State Revenues - - 101,911 13,233 102,043 174,173 191,655 113,749 30,440 128,755 341,599 348,604 - 1,546,162 Other Local Revenues 25,051 36,914 41,257 23,699 42,372 115,277 123,731 24,571 61,184 51,239 237,385 107,621 - 890,300 Interfund Transfers In - - - - - 128,231 - - - (128,231) - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 405,173 342,517 1,721,512 646,793 747,747 6,194,938 1,123,795 575,366 1,118,364 2,871,548 1,220,851 2,006,032 - 18,974,635 Disbursements

Certificated Salaries 90,742 660,419 673,935 654,164 692,158 664,645 651,779 681,260 677,305 674,944 708,527 708,527 - 7,538,404 Classified Salaries 188,440 302,173 305,409 301,779 295,468 298,866 296,222 299,544 294,917 294,643 332,886 332,886 - 3,543,232 Employee Benefits 96,850 268,337 294,387 315,852 282,744 270,846 293,283 319,337 278,424 300,520 616,773 616,773 - 3,954,127 Supplies and Services 535,472 284,419 (25,142) 204,012 181,010 259,976 115,635 446,679 308,350 253,964 644,686 644,686 - 3,853,747 Capital Outlay - 6,816 104,760 - - 42,786 - - - 10,393 2,959 2,959 - 170,673 Other Outgo 15,073 15,073 308,777 27,132 27,132 27,132 27,132 27,132 27,132 27,132 (13,246) (13,246) - 502,355 Interfund Transfers Out 70,000 - - - - - 50,000 - - - - 11,834 - 131,834 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 127,087 134,315 196,703 137,868 49,812 112,495 13,160 - - - 49,235 - - 820,673 Due From Other Funds - - 33,622 - - - - - - - - - - 33,622 Other - - (5,184) 2,603 - - 2,123 - (2,419) - 1,890 1,890 - 903 SUBTOTAL ASSETS 127,087 134,315 225,141 140,471 49,812 112,495 15,282 - (2,419) - 51,125 1,890 - 855,198 Accounts Payable 481,537 232,863 (53,063) 43,849 (64,262) (65,366) (10,006) 21,993 (159,124) (52,185) 298,259 203,348 - 877,845 Due To Other Funds - - 30,000 - - - - - - - (30,000) - - - Current Loan - - - - - - - - (120,000) - - - - (120,000) Other - - 38,438 - - - - - - - - - - 38,438 SUBTOTAL LIABILITIES 481,537 232,863 15,375 43,849 (64,262) (65,366) (10,006) 21,993 (279,124) (52,185) 268,259 203,348 - 796,284

Total PY Transactions (354,450) (98,549) 209,766 96,622 114,074 177,860 25,288 (21,993) 276,705 52,185 (217,135) (201,458) - 58,914 Net Increase/Decrease (945,853) (1,293,269) 269,151 (759,525) (616,691) 4,808,548 (284,968) (1,220,579) (191,058) 1,362,137 (1,288,869) (499,846) -

FY TRAN Deposits 830,000 - - - - - - - - - - - - 830,000 FY TRAN Repayments - - - - - - (415,000) - - (415,000) - - - (830,000) CY TRAN Deposits - - - - - - - - - - - - - - CY TRAN Repayments - - - - - - - - - - - - - -

Ending Cash with TRAN 3,284,547 1,991,279 2,260,430 1,500,905 884,214 5,692,762 4,992,794 3,772,215 3,581,156 4,528,293 3,239,424 2,739,578 TRAN Balance 830,000 830,000 830,000 830,000 830,000 830,000 415,000 415,000 415,000 - - - Ending Cash without TRAN 2,454,547 1,161,279 1,430,430 670,905 54,214 4,862,762 4,577,794 3,357,215 3,166,156 4,528,293 3,239,424 2,739,578 Source: The District


C-50 C-51

Yosemite UnifiedMadera



LCFF Revenue SourcesApportionment 379,948 379,948 1,331,755 684,293 684,293 1,331,755 684,293 535,998 1,210,598 535,998 535,998 1,397,665 - 9,692,542 Property Taxes - - 263,634 - - 4,405,811 212,992 - - 2,354,085 40,960 169,798 - 7,447,280 Other - (74,519) (149,038) (99,359) (99,440) (99,378) (99,378) (99,378) (298,438) (149,219) (179,219) (257,885) - (1,605,253)

Federal Revenues - - 100,000 20,000 15,000 107,000 9,000 - 141,828 141,828 141,828 141,826 - 818,310 Other State Revenues - - 50,000 10,000 50,000 125,000 170,000 102,543 25,000 100,000 260,000 280,000 - 1,172,543 Other Local Revenues - 40,000 40,000 21,383 20,000 75,000 75,000 - 100,000 100,000 100,000 100,000 - 671,383 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 379,948 345,428 1,636,350 636,317 669,853 5,945,188 1,051,908 539,163 1,178,988 3,082,692 899,566 1,831,404 - 18,196,805 Disbursements

Certificated Salaries 93,405 680,521 693,864 673,456 712,702 684,445 671,102 701,713 732,182 732,182 732,181 732,181 - 7,839,934 Classified Salaries 206,156 319,889 323,125 319,495 313,184 316,582 313,738 317,260 312,633 312,359 350,603 350,603 - 3,755,627 Employee Benefits 113,370 290,193 317,084 339,492 305,268 293,045 316,269 343,159 479,647 479,647 479,647 479,646 - 4,236,467 Supplies and Services 260,898 260,898 260,898 260,898 260,898 260,898 260,898 260,898 260,898 260,898 260,898 260,898 - 3,130,771 Capital Outlay - 25,000 - - - - - - - - - - - 25,000 Other Outgo 303,630 21,985 21,985 21,985 21,985 21,985 21,985 21,985 21,985 21,985 21,985 (21,127) - 502,354 Interfund Transfers Out - 163,575 - - - - 66,675 - - - - - - 230,250 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 124,102 129,659 190,784 133,364 48,159 109,284 12,966 - 48,159 - - - - 796,477 Due From Other Funds - - 33,341 - - - - - - - - - - 33,341 Other - - (5,557) 1,852 - - 1,852 - - - - - - (1,852) SUBTOTAL ASSETS 124,102 129,659 218,568 135,216 48,159 109,284 14,818 - 48,159 - - - - 827,966 Accounts Payable 477,430 230,888 (52,830) 43,047 (64,570) (64,570) (9,783) - 185,885 70,440 70,440 70,440 - 956,816 Due To Other Funds - - 29,350 - - - - - - - - - - 29,350 Current Loan - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 477,430 230,888 (23,480) 43,047 (64,570) (64,570) (9,783) - 185,885 70,440 70,440 70,440 - 986,167

Total PY Transactions (353,328) (101,229) 242,048 92,169 112,730 173,854 24,602 - (137,726) (70,440) (70,440) (70,440) - (158,201) Net Increase/Decrease (950,839) (1,517,861) 261,443 (886,840) (831,454) 4,542,088 (574,157) (1,105,853) (766,082) 1,205,181 (1,016,188) (41,238) -


Ending Cash with TRAN 3,803,739 2,285,878 2,547,321 1,660,481 829,027 5,371,115 3,789,458 2,683,605 1,917,523 2,095,054 1,078,867 1,037,629 TRAN Balance 2,015,000 2,015,000 2,015,000 2,015,000 2,015,000 2,015,000 1,007,500 1,007,500 1,007,500 - - - Ending Cash without TRAN 1,788,739 270,878 532,321 (354,519) (1,185,973) 3,356,115 2,781,958 1,676,105 910,023 2,095,054 1,078,867 1,037,629 Source: The District



13 - Cafetria Special Revnue (R) 20,000 5,000 - Total Revenues 16,407,845 17,399,724 19,275,959 19,103,914 18,522,723 20 - Special Reserve for Post Emplyment Benefits (R) 131,221 131,221 131,221

25 - Capital Facilites (R) 25,000 25,000 25,000 Total Expenditures 16,425,086 18,023,660 18,141,163 19,755,592 19,566,798 30 - State School Building Lease-Purchase (R) 50 50 50

35 - County School Facilities (R) 2,056 2,056 2,056 Other Sources & Uses - 753,102 (110,000) - - 40 - Special Reserve for Cap Outlay (U) 150,000 150,000 150,000


Total Other Restricted Funds (R) 278,327 263,327 233,327 Total Other Unrestricted Funds (U) 150,000 150,000 150,000 Grand Total 428,327 413,327 383,327


C-51

C-52

CERTAIN BACKGROUND INFORMATION AND PROJECTED CASH FLOWS FOR SERIES C DISTRICT

Silver Valley Unified Silver Valley UnifiedSan Bernardino San Bernardino



LCFF Revenue SourcesApportionment 2,058,617 2,058,617 2,770,746 2,177,845 - 712,128 823,447 670,163 1,332,113 670,163 670,163 1,468,942 - 15,412,944 Property Taxes 25,483 - - - 107,146 172,541 25,253 826,871 14,648 182,724 904,032 - - 2,258,699 Other - - - - - - - - - - - - - -

Federal Revenues 775,000 19,960 (892,386) 4,342,119 - 795,786 (313,893) 1,555,937 139,802 17,462 - 329,440 4,161,664 10,930,890 Other State Revenues 139,739 (138,959) 48,625 59,211 105,713 209,319 250,500 - 9,392 161,394 - - 93,758 938,692 Other Local Revenues 6,287 166,272 93,231 6,633 98,193 120,001 94,955 100,773 127,558 179,347 91,929 83,040 50,248 1,218,468 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 3,005,127 2,105,890 2,020,216 6,585,808 311,053 2,009,774 880,262 3,153,744 1,623,513 1,211,090 1,666,124 1,881,422 4,305,670 30,759,693 Disbursements

Certificated Salaries - 185,362 1,106,622 1,115,525 1,163,250 1,141,368 1,104,959 1,073,122 1,104,140 1,183,021 1,269,594 950,000 - 11,396,963 Classified Salaries 347,689 433,108 462,267 919,247 762,789 116,533 160,266 406,497 446,962 479,185 440,000 325,000 (642,448) 4,657,095 Employee Benefits 77,303 342,568 790,098 1,043,484 944,033 488,635 506,797 699,311 730,610 733,763 750,000 500,000 (106,910) 7,499,692 Supplies and Services (1,631,078) 2,210,338 746,964 666,714 1,177,354 424,769 156,108 404,680 734,278 375,325 800,000 899,325 - 6,964,775 Capital Outlay - - - 1,103,373 - - (1,103,373) - - - 6,000 - - 6,000 Other Outgo - - - - - - - - - - - 7,100 - 7,100 Interfund Transfers Out - - - (950,000) - - 880,000 - - - - 320,000 - 250,000 Other Financing Uses - - - - - - - - - - - - - -

Total Disbursements (1,206,086) 3,171,376 3,105,951 3,898,342 4,047,425 2,171,305 1,704,758 2,583,609 3,015,990 2,771,294 3,265,594 3,001,425 (749,358) 30,781,626 Asset Transactions

Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable 24,477 189,849 1,045,008 1,251,717 740,166 - - - - - - - - 3,251,218 Due From Other Funds - - - - - 740,166 585,083 - - - - 509,674 - 1,834,924 Other 15,795 (9,232) 20,725 (22,285) 117,505 (544) 8,594 (3,977) 6,742 5,874 5,000 18,500 - 162,697 SUBTOTAL ASSETS 40,273 180,618 1,065,733 1,229,432 857,671 739,622 593,677 (3,977) 6,742 5,874 5,000 528,174 - 5,248,838 Accounts Payable 3,262,366 (1,177,066) 245,283 1,678,573 34,610 (111,853) (661,513) (80,244) 86,029 (243,269) (100,000) (1,000,000) - 1,932,915 Due To Other Funds - - - - - - 641,644 - - - - - - 641,644 Current Loan - 32,000 - (175,000) - - 100,000 (2,500,000) - - - 1,250,000 - (1,293,000) Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 3,262,366 (1,145,066) 245,283 1,503,573 34,610 (111,853) 80,131 (2,580,244) 86,029 (243,269) (100,000) 250,000 - 1,281,559

Total PY Transactions (3,222,093) 1,325,683 820,450 (274,141) 823,061 851,475 513,547 2,576,267 (79,287) 249,143 105,000 278,174 - 3,967,279 Net Increase/Decrease 989,120 260,197 (265,285) 2,413,325 (2,913,312) 689,945 (310,950) 3,146,401 (1,471,764) (1,311,061) (1,494,470) (841,829) 5,055,027


Ending Cash with TRAN 2,472,755 2,732,952 2,467,668 4,880,992 1,967,681 2,657,625 2,346,676 5,493,077 4,021,314 2,710,253 1,215,783 373,954 TRAN Balance - - - - - - - - - - - - Ending Cash without TRAN 2,472,755 2,732,952 2,467,668 4,880,992 1,967,681 2,657,625 2,346,676 5,493,077 4,021,314 2,710,253 1,215,783 373,954 Source: The District


C-53 C-54

Silver Valley UnifiedSan Bernardino


Actual / Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected 2017-18Beginning Cash 373,954 1,705,383 3,644,072 4,460,187 10,303,832 8,176,419 6,171,397 4,151,111 1,880,536 3,648,012 2,485,937 1,178,556 Receipts

LCFF Revenue SourcesApportionment 2,070,752 2,070,752 2,679,798 2,070,752 - 609,045 828,301 1,002,266 1,738,304 938,741 938,741 1,738,303 - 16,685,755 Property Taxes 7,297 - - - 66,498 148,683 12,106 766,841 3,450 126,284 871,017 1,023 - 2,003,200 Other - - - - - - - - - - - - - -

Federal Revenues - 539,037 46,440 4,342,000 99,514 - 19,903 1,500,000 139,000 423,383 - 329,440 3,791,050 11,229,767 Other State Revenues 91,655 - - 91,655 - - 91,655 - - 91,655 91,971 - - 458,591 Other Local Revenues 33,931 43,900 183,727 103,348 94,185 110,860 100,860 116,065 91,975 96,972 - 92,002 - 1,067,825 Interfund Transfers In - - - - - - - - - - - - - - Other Financing Sources - - - - - - - - - - - - - -

Total Receipts 2,203,635 2,653,689 2,909,965 6,607,755 260,197 868,588 1,052,825 3,385,172 1,972,729 1,677,035 1,901,729 2,160,768 3,791,050 31,445,138 Disbursements

Certificated Salaries - 180,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 834,321 - 10,914,321 Classified Salaries 345,000 435,000 408,850 408,850 408,850 408,850 408,850 408,850 408,850 408,850 408,850 375,029 - 4,834,679 Employee Benefits 80,000 345,000 790,000 745,260 745,260 745,260 745,260 745,260 745,260 745,260 745,260 640,918 - 7,817,998 Supplies and Services 750,000 950,000 740,000 575,000 650,000 475,000 540,000 650,000 531,144 660,000 605,000 493,922 - 7,620,066 Capital Outlay - - 5,000 - - - - - - - 5,000 Other Outgo - - - - - - - - - - - 7,100 - 7,100 Interfund Transfers Out - - - - - - 200,000 - - - - - - 200,000 Other Financing Uses - - - - - - - - - - - - - -


Deferred Apportionment - - - - - - - - - - - - - - Accounts Receivable (317,207) 225,000 1,025,000 1,125,000 550,000 - - 250,000 - - - - - 2,857,793 Due From Other Funds - - - - - - - - - - - 250,000 - 250,000 Other 10,000 (5,000) 120,000 (10,000) 6,500 5,500 (4,000) (10,000) 5,000 - - 2,000 - 120,000 SUBTOTAL ASSETS (307,207) 220,000 1,145,000 1,115,000 556,500 5,500 (4,000) 240,000 5,000 - - 252,000 - 3,227,793 Accounts Payable 1,025,000 (975,000) 200,000 (950,000) 35,000 150,000 75,000 85,000 (75,000) (75,000) 350,000 1,000,000 - 845,000 Due To Other Funds - - - - - - - - - - - - - - Current Loan 1,250,000 - - - - - - - (2,500,000) - - - - (1,250,000) Other - - - - - - - - - - - - - - SUBTOTAL LIABILITIES 2,275,000 (975,000) 200,000 (950,000) 35,000 150,000 75,000 85,000 (2,575,000) (75,000) 350,000 1,000,000 - (405,000)

Total PY Transactions (2,582,207) 1,195,000 945,000 2,065,000 521,500 (144,500) (79,000) 155,000 2,580,000 75,000 (350,000) (748,000) - 3,632,793 Net Increase/Decrease (1,553,572) 1,938,689 816,115 5,843,645 (2,127,413) (2,005,022) (2,020,285) 636,062 1,767,475 (1,162,075) (1,307,381) (938,522) 3,791,050

FY TRAN Deposits 2,885,000 - - - - - - - - - - - 2,885,000 FY TRAN Repayments - - - - - - - (2,906,638) - - - - (2,906,638) CY TRAN Deposits - - - - - - - - - - - - - CY TRAN Repayments - - - - - - - - - - - - -

Ending Cash with TRAN 1,705,383 3,644,072 4,460,187 10,303,832 8,176,419 6,171,397 4,151,111 1,880,536 3,648,012 2,485,937 1,178,556 240,034 TRAN Balance 2,885,000 2,885,000 2,885,000 2,885,000 2,885,000 2,885,000 2,885,000 - - - - - Ending Cash without TRAN (1,179,617) 759,072 1,575,187 7,418,832 5,291,419 3,286,397 1,266,111 1,880,536 3,648,012 2,485,937 1,178,556 240,034 Source: The District


(Audited) (Audited) (Audited) (Projected) (Projected) Fund Name Feb 28, 2018 Mar 31, 2018Beginning Fund Balance 11,240,266 8,644,965 3,036,853 2,539,442 2,008,971 13 - Cafetria Special Revnue (R) 100,003 100,003

25 - Capital Facilites (R) 48,900 48,900 Total Revenues 27,919,875 29,467,214 32,930,451 31,092,603 31,000,581 40 - Special Reserve for Cap Outlay (U) 11,000 11,000

67 - Self-Insurance (R) 35,000 35,000 Total Expenditures 30,515,176 34,997,493 33,217,834 31,373,074 31,401,320

Other Sources & Uses - (77,833) (193,000) (250,000) -


Total Other Restricted Funds (R) 183,903 183,903 Total Other Unrestricted Funds (U) 11,000 11,000 Grand Total 194,903 194,903


C-54

APPENDIX D

COVERAGE ANALYSIS

[Attached]

* Includes projected General Fund cash, 100% of unrestricted funds and 75% of restricted funds.

D-2

Series District

A Eureka City Schools 1,750,000 1/31/2018 8.10 4/30/18 9.24 6/29/2018 4.23 4.96A Hemet Unified 8,030,000 1/31/2018 8.43 4/30/18 3.89 6/29/2018 4.51 5.81A Hillsborough City 1,570,000 1/31/2018 11.06 4/30/18 9.58 6/29/2018 4.73 4.73A King City Union Elementary 2,165,000 1/31/2018 3.80 4/30/18 2.67 6/29/2018 2.08 2.37A Lake Elsinore Unified 12,515,000 1/31/2018 5.69 4/30/18 5.00 6/29/2018 3.21 4.11A Loma Prieta Joint Union Elementary 785,000 1/31/2018 3.84 4/30/18 4.58 6/29/2018 2.03 2.85A Los Banos Unified 2,000,000 1/31/2018 12.61 4/30/18 13.58 6/29/2018 8.73 9.85A Pacific Grove Unified 5,720,000 1/31/2018 4.12 4/30/18 4.28 6/29/2018 1.68 1.76A Washington Unified 2,990,000 1/31/2018 3.57 4/30/18 3.11 6/29/2018 2.52 2.56

B Amador County Unified 5,000,000 1/31/2018 3.20 4/30/18 4.10 6/29/2018 1.71 2.61B Bret Harte Union High 2,460,000 4/30/2018 1.83 6/29/2018 1.36 1.72B Calaveras County Board of Education 675,000 6/29/2018 2.70 6/29/2018 2.70 3.67B Carpinteria Unified 5,000,000 4/30/2018 1.82 6/29/2018 1.10 1.41B College Elementary 1,265,000 4/30/2018 1.47 6/29/2018 1.25 2.05B Conejo Valley Unified 27,425,000 1/31/2018 4.14 4/30/18 3.59 6/29/2018 1.33 1.53B Esparto Unified 1,190,000 5/31/2018 2.30 6/29/2018 2.00 2.10B Gilroy Unified 11,760,000 1/31/2018 3.86 4/30/18 3.12 6/29/2018 1.36 1.70B Hope Elementary 1,500,000 4/30/2018 2.13 6/29/2018 1.44 1.70B Monterey Peninsula Unified 15,000,000 1/31/2018 2.70 4/30/18 2.42 6/29/2018 1.42 1.73B Oak Park Unified 4,975,000 1/31/2018 3.09 4/30/18 2.27 6/29/2018 1.78 1.78B Pacifica 5,000,000 4/30/2018 1.59 6/29/2018 1.30 1.49B Temecula Valley Unified 16,235,000 1/31/2018 5.98 4/30/18 3.51 6/29/2018 2.52 4.47B Ventura Unified 20,000,000 1/31/2018 3.17 4/30/18 3.18 6/29/2018 1.63 2.19B Yosemite Unified 2,015,000 1/31/2018 4.91 4/30/18 3.17 6/29/2018 1.57 1.66

C Silver Valley Unified 2,885,000 2/28/2018 1.64 3/31/2018 2.25 2.30

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

_______, 2017

California School Cash Reserve Program Authority Moorpark, California

California School Cash Reserve Program Authority 2017-2018 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 2017-2018 Bonds, Series A (the “Series A Bonds”), in the aggregate principal amount of $__________, issued pursuant to the Indenture, dated as of July 1, 2017 (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 “2017-2018 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.

E-2

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 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 materials 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.

E-3

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. Such interest is not a specific preference item for purposes of the federal individual or corporate alternative minimum taxes, although we observe that it is included in adjusted current earnings when calculating corporate alternative minimum taxable income. 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

E-4

_______, 2017


California School Cash Reserve Program Authority 2017-2018 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 2017-2018 Bonds, Series B (the “Series B Bonds”), in the aggregate principal amount of $__________, issued pursuant to the Indenture, dated as of July 1, 2017 (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, 2017 (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 “2017-2018 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.

E-5

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 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 materials 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.


E-6

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. Such interest is not a specific preference item for purposes of the federal individual or corporate alternative minimum taxes, although we observe that it is included in adjusted current earnings when calculating corporate alternative minimum taxable income. 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

E-7

_________, 2017


California School Cash Reserve Program Authority 2017-2018 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 2017-2018 Bonds, Series C (the “Series C Bonds”), in the aggregate principal amount of $__________, issued pursuant to the Indenture, dated as of July 1, 2017 (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, 2017 (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 “2017-2018 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.

E-8

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 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 materials 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.


E-9

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. Such interest is not a specific preference item for purposes of the federal individual or corporate alternative minimum taxes, although we observe that it is included in adjusted current earnings when calculating corporate alternative minimum taxable income. 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.

Faithfully yours,


per