FOR IMMEDIATE RELEASE: July 28, 2022
CCSF STABILIZES FINANCES WITH SUSTAINABLE 2022-23 BUDGET
At their regularly scheduled meeting in June, the City College of San Francisco (CCSF) Board of Trustees unanimously approved the college’s 2022-23 tentative budget, laying the groundwork for a sustainable path forward for the college’s fiscal stability and prepare for its upcoming comprehensive accreditation review commencing in Spring 2023.
With this 2022-23 budget, CCSF has taken several significant steps forward in directly addressing recent budget comments and concerns issued by the college’s external independent auditors, the Accreditation Commission for Community and Junior Colleges, and the statewide Fiscal Crisis Management Team. These direct actions include:
- A projected 5% increase in cash reserves in both the 2021-22 actuals and 2022-23 budget.
- Elimination of structural deficit spending in the 2021-22 actuals and 2022-23 budget.
- A reduction in total college salary and benefits costs from 91% to approximately 87% of the total operational budget (the statewide average for California community colleges is approximately 87%).
- The development of a financial plan and identification of dedicated funding to eliminate negative balances and fully fund the college’s insurance plans.
- The development of a financial plan and identification of dedicated funding to meet the college’s minimum annual employee benefit contribution and lower CCSF’s unfunded employee benefit liability.
- The development of a financial plan and identification of dedicated funding to repay borrowed funds from San Francisco Retiree Trust assets.
- Significant year-over-year progress in aligning with the California community college full-time faculty obligation number, with 60 fewer full-time faculty positions in the coming 2022-23 budget.
- Projected year-over-year net operating ratio increases in both the 2021-22 actuals and 2022-23 budget.
- The development of a financial plan and identification of dedicated funding to eliminate negative balances and fund all auxiliary operations (i.e., cafeteria, child development, and the bookstore).
Over the next several weeks, the college will be working on preparing the 2022-23 final budget. The final budget, due to the Board of Trustees for review and approval on or before September 15th, will memorialize the stabilizing actions above, as well as include new ongoing allocations that will provide funding for critical operational needs. Additionally, these allocations will serve as direct financial evidence that CCSF is meeting accreditation standards and higher education best financial practices. The new allocations include:
- Ongoing scheduled maintenance funding for classroom and building repairs.
- Ongoing technology refreshment funding to ensure industry-relevant tech is accessible at CCSF.
- Ongoing employee benefit and college insurance funding.
- Ongoing professional development funding for students, faculty, and staff.
- Ongoing program review and annual plan funding for college growth and innovation.
- Ongoing funding for STRS & PERS benefit increases for CCSF employees.
- Ongoing contingency funds for unforeseen expenses or one-time immediate needs.
- Ongoing funding to reinvent CCSF’s student employment programs.
- Ongoing restoration of employee salaries to pre-concession salary levels.
As the college moves through the fall semester, campus and community opportunities will be available to engage in budget discussions to collectively build upon CCSF’s stabilizing financial footing. This work will continue to be critical as the college remains steadfast in its commitment to a sustainable financial structure so CCSF students, employees, and communities may continue the mission of the college today and into the future.
City College of San Francisco Media Relations Office, CCSFmediarelations@ccsf.edu
ABOUT CITY COLLEGE OF SAN FRANCISCO
For 85 years, City College of San Francisco (CCSF) has been the region’s premiere public, two-year community college. The college is now one of the first in the nation to offer free tuition, providing San Franciscans with the opportunity to access a quality college education and workforce training that leads to university transfer and good jobs. Since its founding in 1935, City College has evolved into a multicultural, multi-campus community college that is one of the largest in the country. CCSF offers more than 250 degrees and certificates and features an award-winning athletics program. For more about City College of San Francisco, please visit https://www.ccsf.edu/.