In Review: California State Budget and Available Funding
California Governor Jerry Brown introduced the proposed state budget for the 2016-17 fiscal year on January 7, 2016. With the release of the proposed state budget, comes great news for charter schools. There has been an increase of $61 million in Proposition 98 General Fund to support charter school ADA growth. Additionally the state budget has proposed an increase of $20 million in one-time proposition 98 General Fund to support operational startup costs for new charter schools in 2016 and 2017. Although the budget process will continue until June 2016, this is great information to have as you start preparing your 2016-17 budgets.
With the submission of P-1 attendance already completed for 2015-16, it’s never too early to start preparing for P-2 ADA submissions. This year the CDE’s deadline for P-2 Attendance is May 2, 2016. Also, if your charter school is looking for additional sources of funding for 2015-16, it’s not too late. You may still apply for additional funds through the California School Finance Authority.
CHARTER SCHOOL REVOLVING LOAN FUND (CSRLF)
The Charter School Revolving Loan Fund Program provides low-interest loans up to $250,000 to new charter schools. The application deadline for CSRLF is February 24, 2016. All applications must be submitted to the California School Finance Authority no later than 5:00 pm and no late applications will be accepted. Priority is given to new charter schools scheduled to begin operations in the 2016-17 fiscal year. Charter schools already in operation will be considered priority two. Click here to apply.
CHARTER SCHOOL FACILITY GRANT PROGRAM (SENATE BILL (SB) 740 PROGRAM)
The Charter School Facility Grant Program provides assistance with facilities rent and lease expenditures that meet eligibility criteria. Eligible charter schools are awarded $750 per unit of classroom-based Average Daily Attendance, up to 75% of their annual facilities rent and lease costs for the school. A 2015-16 special funding round for the SB740 Program is now open for charter schools with FRPM eligibility of 55%-69.99%. FRPM eligibility is determined by the charter school’s 2014-15 P2 data. Applications are due to the California School Finance Authority no later than January 27, 2016 at 5:00 pm. Click here to apply.