The Corona-Norco Unified School District certified that based on current projections, it will be able to meet its financial obligations for the current and next two fiscal years. The district budget assumes ADA growth of 750 students, revenue limit reductions, and use of $1.5 million in federal stimulus funds for counselors and librarians. Multi-year projections account for salary schedule costs, opening of a new middle school, loss of one-time federal funds, and $31 million in unspecified budget cuts.

1. 1 Corona-Norco Unified School District 2009-2010Second Interim Budget As of January 31, 2010

2. Board Certification of Interim report Board action is required to certify the financial condition of the district in accordance with the state adopted Criteria and Standards Positive Certification – Based on current projections using criteria available, the Board of Education can certify the district will be able to meet its financial obligations for the current and two subsequent fiscal years. 2

4. Includes net District Revenue Limit Deficit of -18.355%

5. Includes Other Revenue Limit reduction of $250 per ADA

6. $1.5 million ARRA used for Counselors and Librarians

7. No salary increases included

8. Costs to service salary schedules included

9. Tier II & III categorical additional reduction (4.46%)

10. Adult Education and Deferred Maintenance income transferred to General Fund

11. Shifted Tier III categorical income not supporting salaries to General Fund

12. Other State, Federal and Local revenues adjusted to reflect current year awards3

13. 2009-2010 Projected Revenues 4

14. 2009-2010Projected Expenditures 5

16. Includes -.38% funded COLA in 2010-2011

17. Includes zero COLA in 2011-2012

18. No salary increases included

19. Costs to service salary schedule included

20. Costs added for Ramirez Middle School opening in 2011-2012

22. Work year reduction savings reversed (furlough)

23. Increases in utilities and other contracted services included