March 7, 2000
TO THE ADMINISTRATOR ADDRESSED:
Subject: 1998-99 "Final" Summary of Finances
Enclosed is the district's "final" Summary of Finances for the 1998-99 school year. This summary reflects changes to data in the following areas since the "near final"
summary was generated in August, 1999.
· Total Tax Collections - This summary uses audited tax collections as was reported by the district's independent auditor in Schedule C-1 of the district's independent audit report for the year ended August 31, 1999, plus any CED delinquent taxes (object code 5761) as was reported to PEIMS in the 1998-99 actual financial data submission. If the district was awarded an Instructional Facilities Allotment (IFA) for the 1998-99 school year, the district's share of the IFA program has been subtracted from the total tax collection amount. A separate printout listing the tax collection amount from Schedule C-1, the CED amount from PEIMS, and the IFA local share is enclosed. Another printout is enclosed that indicates the breakout of the total tax collection amount in Schedule C-1 by M&O and I&S taxes. The I&S tax amount was derived from the 1998-99 PEIMS actual financial data submission.
· ADA and FTEs - Any changes to student count data that have been submitted and processed since the "near final" summary was generated are reflected on this summary. In addition, this summary reflects, if applicable, special education extended year service (EYS) FTEs generated by last summer's EYS program, Public Education Grant (PEG) ADA, and non-public residential contract FTEs.
· Other - If the district is a Chapter 41 partner district, the "final" reduction in state aid for selling WADA is reflected on page 4 of the summary. Enclosed is a printout that shows how the WADA charge was derived. Also, enclosed is a printout indicating the "final" hold harmless state aid that resulted from the additional $10,000 homestead exemption. The calculation of the "final" hold harmless amount uses the "final" total tax collection amount.
Page 5 of this summary reflects the amount of the district's final settle-up. If the district has been underpaid, the amount owed the district will be paid in the near future. If the district has been overpaid, recovery of the amount overpaid will be made by reducing the district's 1999-2000 monthly payments from the Foundation School Fund beginning with the April, 2000 payment (or the district's next scheduled payment). The rate of recovery will be based on the same percentage that Foundation School Fund monthly payments are made in accordance with the district's 1999-2000 payment class. A copy of the district's "final" 1998-99 Foundation School Program Payment Ledger and an updated payment schedule for the remainder of the 1999-2000 school year will be mailed to the district in the next few weeks.
If you have any questions concerning this summary, please do not hesitate to contact us at (512) 463-9238.
Sincerely,
Omar Garcia, Senior Director
Division of State Funding
For further information on this topic, contact State Funding at (512) 463-9238.