San Mateo

A:

San Mateo County school districts will have to shed an estimated $160 million when the first dollar goes into Proposition 2's School Account.  One chunk of this will be parcel and property tax collected by its basic aid districts.  These districts will not be receive any more property tax until December of the year, presumably forcing them to borrow.

The cap will force the reduction of San Mateo County school districts' local carryover funds from an average of 24% now, to just 6%.  The smallest districts (under 1000 students) will be allowed to carry 8%.  

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.  San Mateo County schools will be allowed to carry just $53 million forward -- but most of this will be in community funded ('basic aid') districts.  The eight districts receiving state funding (in lieu of the property tax that the State has taken away from them since 2004) will be allowed to carry only $35 million forward, yet the state owed them $58 million at the end of 2012, $36 million at the end of 2013, and $29 million this June 30th.

Note that San Bruno Park Elementary is shown in red because the California Department of Education "qualified" its certification of San Bruno Park's financial condition during some or all of the 2012-2014 period.  Despite its questionable financial state, San Bruno Park would have to pay down $3 million of its ongoing operating funds were the PSSSA to receive any deposits.

San Mateo data table

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