In Placer County, a total of $59,856,655 was taken out of school-allocated property taxes to pay State obligations in 2010-2011. $42,897,482 was redirected to satisfy the State's VLF backfill obligation. $16,959,173 was redirected to pay for the State's 2004 Economic Recovery Bonds. In 2011-12, the total was $56,235,383 ($41,454,328 and $14,781,055, respectively).
Placer County K-12 schools have already been notified that $20,178,820 of state funding will not arrive until after the end of this school year, June 2014, with another 50% more on the statute books, typically announced with the Second Principal Apportionment. Approximately $157,000 will be deferred to the Sierra Community College District.
Placer is one of the more fortunate counties, with about half of its schools' forced lending to the state expected to be repaid by the end of this school year, compared with just 30% for the state on average. But 50% is hardly repayment in full or on time!
Source: 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 and Second Principal Apportionments.