Riverside

A:

Riverside County school districts will have to shed an estimated $230 million when the first dollar goes into Proposition 2's School Account.  This will force the reduction of Riverside school districts' local carryover funds from an average of 13% now, to just 5%.  The largest districts, Corona-Norco, Moreno Valley, and Riverside Unified, will be allowed just 4%, while most districts can carry just 6%.  

Compare these allowed carryovers with California Department of Education and Government Finance Officers Association recommendations of 15-17% in reserves -- and the state's late payments to schools in all recent fiscal years.  Riverside County schools will be allowed to carry just $155 million forward -- yet the State had not paid Riverside districts $643 million it owed them in June 2012, $303 million in June 2013, and $287 million just this June 30th, a few months ago (incidentally, two fiscal years after Prop 30 passed).

Note that nine of the districts are shown in red because the California Department of Education "qualified" its certification of these districts' financial condition during some or all of the 2012-2014 period.  Despite their challenged financial state, they will have to spend $27 million of their ongoing operating funds when the State's 'School Savings Account' receives any deposits.  Note also that the average reserves carried by these districts is just 8%, while the healthier districts carry an average of 16%.  

Riverside data table

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