reconvene regular meeting: 7:00 pm - Irvine Unified School District

assessments levied on the secured roll by that agency. The County has never discontinued the Teeter Plan
with respect to any levying agency.
Federal Revenues
General. The federal government provides funding for several Participants’ programs, including
programs that benefit educationally disadvantaged students and students with limited English skills, and
that provide other specialized services to students and administration.
Insurance
Each Participant maintains insurance or self-insurance in such amounts and with such retentions
and other terms providing coverage for property damage, fire and theft, general public liability and
worker’s compensation with respect to its respective facilities, personnel and operations, as are adequate,
customary and comparable with such insurance maintained by similarly situated school districts. In
addition, based upon prior claims experience, each Participant believes that the recorded liabilities for its
self-insured claims are adequate.
State Budget
General. Each Participant’s largest revenue source is revenue limit income from the State. The
following information concerning the State’s budgets has been obtained from publicly available
information which the Participants believe to be reliable; however, the Participants take no responsibility
as to the accuracy or completeness thereof and have not independently verified such information.
Information about the State budget is regularly available at various State-maintained websites. Text of the
budget may be found at the Department of Finance website, www.dof.ca.gov, under the heading
“California Budget.” An analysis of the budget is posted by the Office of the Legislative Analyst (the
“LAO”) at www.lao.ca.gov. In addition, various State of California official statements, many of which
contain a summary of the current and past State budgets, may be found at the website of the State
Treasurer, www.treasurer.ca.gov. The information referred to is prepared by the respective State agency
maintaining each website and not by the Participants, and the Participants can take no responsibility for the
continued accuracy of the internet addresses or for the accuracy or timeliness of information posted there,
and such information is not incorporated herein by these references.
State Budget for Fiscal Year 2009-10. On February 20, 2009, the Governor signed the 2009
State Budget Act (the “Original 2009-10 State Budget Act”) to address a then-projected $42 billion
shortfall in revenues. The Original 2009-10 State Budget Act projected Fiscal Year 2009-10 revenues and
transfers of $97.73 billion, actual expenditures of $92.21 billion and a year-end surplus of $3.18 billion
(net of the $2.34 billion deficit from Fiscal Year 2008-09), of which $1.08 billion would be reserved for
the liquidation of encumbrances and $2.10 billion would be deposited in a reserve for economic
uncertainties.
On May 14, 2009, the Governor released the May Revision to the Original 2009-10 State Budget
Act, which contained proposals to be considered at a special election and contingency proposals in event
the aforementioned proposals were not approved at the special election. The May Revision to the Original
2009-10 State Budget Act projected a budget gap of $21.3 billion through the remainder of Fiscal Year
2008-09 and Fiscal Year 2009-10 due to continued shortfalls in revenue collections and increased costs
and the failure of five of the six budget-related propositions included in a special election, which the May
Revision to the Original 2009-10 State Budget Act proposed to address through program reductions and
additional borrowings. On May 26, 2009 and on May 29, 2009, the Governor released updates to the May
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