Update on the Progress of the CalSTRS Funding Plan [Publication Details]

Nov 18, 2021 - This post provides an update on the progress of the California State Teachers’ Retirement System (CalSTRS) funding plan.
https://lao.ca.gov/Publications/Detail/4475

Update on the Progress of the CalSTRS Funding Plan

Nov 18, 2021 - State ’s Required Contribution Rate Also Projected to Decrease Significantly. Once the state ’s share of UAO is eliminated, the funding plan dictates that the state ’s supplemental contribution rate would be repealed, at which point the state would contribute only the base rate of 2.017 percent for its share of DB program normal costs.
https://lao.ca.gov/Publications/Report/4475

The 2020-21 Budget: The Fiscal Outlook for Schools and Community Colleges

Nov 20, 2019 - Using one ‑time funding to pay down districts ’ pension liabilities more quickly would be particularly beneficial, as these payments would improve the funding status of the pension systems and likely reduce district costs on a sustained basis.
https://lao.ca.gov/Publications/Report/4113

The 2020-21 Budget: The Fiscal Outlook for Schools and Community Colleges [Publication Details]

Nov 20, 2019 - This report examines how the Proposition 98 minimum guarantee might change over the coming years. The report has five parts. First, we explain the formulas that determine the minimum guarantee. We then explain how our estimates of Proposition 98 funding in 2018‑19 and 2019‑20 differ from the estimates included in the June 2019 budget plan. Next, we estimate the 2020‑21 guarantee.
https://lao.ca.gov/Publications/Detail/4113

The 2020-21 Spending Plan: Proposition 98 and K-12 Education

Oct 29, 2020 - At the time, the state estimated that the supplemental payment could reduce district pension costs by roughly 0.3  percent of annual pay over the next few decades. The 2020 ‑21 budget plan repurposes this payment to reduce pension costs by a larger amount over the next two years.
https://lao.ca.gov/Publications/Report/4291

The 2020-21 Budget: School District Budget Trends

Jan 21, 2020 - School Employees Are Part of One of Two Pension Systems. The California State Teachers ’ Retirement System (CalSTRS) administers pension benefits for school teachers, administrators, and other certificated employees (such as nurses, librarians, and counselors), whereas the California Public Employees ’ Retirement System (CalPERS) administers pension benefits for noncertificated employees (such as clerical staff).
https://lao.ca.gov/Publications/Report/4136

The 2024-25 Budget: The Governor’s Proposition 98 Funding Maneuver

Feb 15, 2024 - This is the state ’s budget . After this plan is put into law, the executive branch executes it on a cash basis. That is, on a daily basis, the state ’s tax agencies collect revenues, the State Controller pays the state ’s bills, and the State Treasurer invests any of the state ’s cash that is currently unused.
https://lao.ca.gov/Publications/Report/4840

The 2024-25 Budget: The Governor’s Proposition 98 Funding Maneuver [Publication Details]

Feb 15, 2024 - In this brief, we evaluate the Governor’s novel proposal to allow schools to keep $8 billion of cash disbursements above the minimum requirement without recognizing the budgetary impact of those payments.
https://lao.ca.gov/Publications/Detail/4840

The 2022-23 Budget: Fiscal Outlook for Schools and Community Colleges

Nov 17, 2021 - Address Pension Liabilities and Costs. The state has a number of options for allocating funds that would improve the funding status of the pension systems and/or provide cost relief for districts. For example, the state could use one ‑time funds to pay down pension liabilities more quickly, which would also tend to lower district costs over the next several decades.
https://lao.ca.gov/Publications/Report/4473

The 2020-21 Budget: Proposition 98 Education Analysis

Feb 24, 2020 - We analyze the Governor’s proposals for State Preschool in The 2020‑21 Budget: Early Education Analysis. In our January report, The 2020‑21 Budget: School District Budget Trends , we provide detailed information about compensation, staffing, pensions, and other cost pressures affecting school district budgets.
https://lao.ca.gov/Publications/Report/4174