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September 1, 2000
TO THE ADMINISTRATOR ADDRESSED:
SUBJECT: Revision To Schedule In Annual Financial Report For The Fiscal Year Ended August 31, 2000
Senate Bill (SB) 4 of the 76th Legislature (1999) requires separation of debt service tax collections from the calculation of state aid under Chapter 42, Texas Education Code. According to SB 4, the guaranteed yield component of the Foundation School Program no longer includes interest and sinking tax collections. The purpose of this letter is to explain revisions to the example Schedule of Delinquent Taxes Receivable (Exhibit C-1), in the example Annual Financial Report, contained in the Financial Accounting and Reporting Module of the Financial Accountability System Resource Guide. It is to be noted that this revision does not affect any district that did not levy an interest and sinking tax rate for the fiscal year ended August 31, 2000.
The Texas Education Agency appreciates your assistance and cooperation in making this change to the Annual Financial Report. If you have any questions, please contact Tom Canby at (512) 463-9095.
Sincerely,
Joe Wisnoski
Managing Director of School Finance and Fiscal Analysis
Enclosure
For further information on this topic, contact Tom Canby at (512) 463-9095.