El Dorado

Over $22 million will be taken out of El Dorado schools' local property taxes to fund the state's debts this fiscal year.  El Dorado County K-12 school districts will see at least $18,830,424 still owed to them when the school year ends (June 2014). Lake Tahoe Community College District will also face deferrals, exceeding $1 million of its revenue this year. In the most recent available data (2011-12), $22,347,130 was taken out of Yuba school-allocated property tax, $18,588,116 for the VLF "Swap" and $3,759,014 to pay for the 2004 Economic Recovery Bonds.

 

Can El Dorado schoolchildren afford to finance the state's debts? According to the new Local Control Funding Formula, Yuba County needs 47.9% more funding to adequately educate its student population than it's getting this school year.  However, almost $10 million owed to the county superintendent's office won't arrive on time, plus over $1.7 million owed to Buckeye Union Elementary, $2 million to El Dorado Union High, and $1.2 million to Rescue Union Elementary.  (These numbers are expected to increase by up to 50% with the release of the Second Principal Apportionments later in the school year.)

 

Sources: State Controller's Office, Local Government Reporting Section. (City and county detail shown in the reports, totals upon request from the SCO.)  California Department of Education, First Principal Apportionment.

El Dorado is one of a handful of counties that correctly report the transfer of property taxes to satisfy the state's debts.  In the most recently published year (2009-10), you can see 8.5% of El Dorado property taxes going to satisfy the state's debts [1] and [2] -- 18% of the most stable, reliable revenue that had been available to its schools. 

In El Dorado County, at least $21,366,714 was taken out of school-allocated property taxes to pay State obligations in 2010-2011.  $18,407,429 or more was redirected to satisfy the State's VLF backfill obligation.  $2,959,285 was redirected to pay for the State's 2004 Economic Recovery Bonds.  (Incomplete information is on file in Sacramento from El Dorado County receiving entities.)  This increased to $22,347,130 for 2011-12.

 

Source:  State Controller's Office, Local Government Reporting Section.  (City and county detail shown in the reports, totals upon request from the SCO.)

 

El Dorado County schools did not receive $26,799,154 of their state funding until after the 2010-11 school year was over.  The deferred payments grew to $36,334,467 for the 2011-12 school year, before declining (thanks to Prop 30) to $26,742,839 this past summer.

 

Source:  Funding Excel Files - Second Principal Apportionment from the California Dept. of Education.