TO THE ADMINISTRATOR ADDRESSED:
Subject: 1999-00 "Near Final" Summary of Finances
Enclosed is the district's "near final" Summary of
Finances (SOF) for the 1999-00 school year and other related
printouts. This SOF reflects the following:
· ADA and FTEs - End-of-year attendance data as was submitted through PEIMS are reflected on this SOF. For Chapter 41 districts, the district's "near final" Chapter 42 WADA can be found on page 4 of this SOF. For those districts that were awarded a Pre-K Expansion Grant, the ADA and bilingual ADA related to this program have been subtracted from the refined ADA and bilingual ADA derived from the PEIMS attendance data. A printout entitled Analysis of Pre-K ADA and Pre-K Bilingual Grant ADA is enclosed for your review. The Pre-K Expansion Grant allotment shown on page 4 of 5 has not been changed yet to reflect actual ADA related to the program. The actual amount earned through the Pre-K grant program will be determined in the near future and a settle-up process will then occur.
· Total Tax Collections - This SOF uses total M&O tax collections that were reported by the district on the Tax Collection Survey in May, 2000. If the district did not respond to that survey, budgeted M&O tax collections as reported through PEIMS are still used. If the district was awarded an Instructional Facilities Allotment (IFA) for a lease-purchase agreement , the district's share of the IFA allotment has been subtracted from the M&O tax collection amount. A separate printout entitled 1999-2000 Tax Collection Estimate indicating the tax collection amount used and the IFA local share reduction is enclosed.
· Tier II Tax Collection Limit - Enclosed is a printout entitled Worksheet for Determining Tier II Tax Rate Compression that details the calculations involved in determining the district's Tax Collection Limit for DTR for Tier II purposes.
· Transportation Allocation - The district's 1999-00 transportation allotment as calculated from the data submitted on the 1999-00 Route Services Report is reflected on this SOF. If the district did not submit the Route Services Report, the transportation allocation has been set to zero.
· Property Value Adjustments - If the district's property value for tax year 1999 was at least four percent lower than the district's property value for tax year 1998, as certified by the Comptroller's office, an adjusted 1998 CPTD value (shown as Adjusted Index Value on the SOF) has been computed using the Comptroller's final 1999 value that was certified on July 1, 2000. Previously, the loss in value had been made by comparing the final 1998 CPTD value to the 1999 local value reported by the Chief Appraiser.
· State Aid Reduction for WADA Sold - If the district entered into an Option 4 agreement with a Chapter 41 district, the reduction in state aid for selling WADA has been calculated using the district's "near final" revenue per WADA. Enclosed is a printout entitled State Aid Reduction to Partner Districts that shows how this latest WADA charge was derived. The number of WADA being sold does not reflect the "near final" number of WADA that the Chapter 41 district must purchase. In the next two weeks, a "near final" Cost of Options report will be sent to Chapter 41 districts, and at that time, the number of WADA bought/sold may need to be changed.
· Additional Hold Harmless State Aid - Enclosed is a printout entitled Calculation of Hold Harmless State Aid that indicates the "near final" hold harmless state aid that resulted from the additional $10,000 homestead exemption. This calculation uses the total M&O tax collection amount being used on the "near final" SOF.
· Existing Debt Allotment - Enclosed is a printout entitled Calculation of Existing Debt Allotment that indicates the "near final" state share of the Existing Debt Allotment. Please review this printout to verify the actual debt service payments being used for 1998-99 (Line 1) and 1999-00 (Line 5).
· Salary Transition - Enclosed is a printout entitled
Calculation of Salary Transition Entitlement that indicates the
"near final" entitlement, if any, that compensates the
district for the cost of the $3,000 salary increase that wasn't
covered by 80 percent of the increase in state aid that resulted
from the Tier I and Tier II funding changes. The number of FTEs of
teachers and full-time librarians, nurses, and counselors indicated
on page 1 of the SOF reflects the number reported in the Fall PEIMS
submission.
Page 5 of this "near final" summary reflects the amount of
the district's "near final" settle-up. If the district has
been underpaid, the amount owed the district will be paid in
September 2000. If the district has been overpaid, recovery of the
amount overpaid will start in September 2000 and will be made by
reducing the district's 2000-2001 monthly payments from the
Foundation School Fund. 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 2000-2001
payment class.
A copy of the district's 1999-00 Foundation School Program Payment Ledger is also enclosed. Please provide a copy of this ledger to the auditor(s) that will be conducting the district's end-of-year audit.
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.