TO THE ADMINISTRATOR ADDRESSED:
Subject: Updated 2000-2001 Summary of Finances
Enclosed are an updated preliminary Summary of Finances (SOF) and other related materials for the 2000-2001 school year. Please note the following concerning these materials:
· 2000-2001 Per Capita Rate - At the September 2000 meeting, the
State Board of Education (SBOE) set the per capita rate at $248 for
the 2000-2001 school year. This SOF has updated the portion of the
district's total state aid that is paid from the Available School
Fund using the $248 per capita rate. For most districts, this change
does not affect their total state aid. The portion of the total
state aid that is being paid from the Available School Fund is now
less, but the decrease has been offset by an increase in the portion
of their total state aid that is being paid from the Foundation
School Fund. "Budget balanced" districts are the only
districts that are negatively affected by a decrease in the per
capita rate. In January, it is expected that the Comptroller will
revise the amount that is available for expenditures out of the
Available School Fund. If the amount available increases at that
time, the SBOE will revise the per capita rate for the 2000-2001
school year.
· Payment Schedule - Enclosed is a payment schedule for the
remainder of the year (October 2000 through August 2001) based on
the LPE side of the SOF. Payments for the Existing Debt Allotment (EDA)
and the Instructional Facilities Allotment (IFA) are being made
separately. The payment for the technology allotment will be made as
soon as there are sufficient funds in the Available School Fund to
pay it in a lump sum (usually November or December).
· Existing Debt Payment - Enclosed is a printout entitled 2000-01
Existing Debt Payment that details the amount of the district's EDA
payment. The printout shows how the EDA payment for 2000-2001 was
adjusted for the 1999-00 EDA settle-up.
· Current-year Property Value - Enclosed is a form entitled Estimated Property Value for Tax Year 2000. This form should only be completed and returned by districts whose current-year value has declined by more than 4 percent. For now, the decline will be measured by comparing the current-year value certified by the Chief Appraiser to the district's 1999 CPTD value (the value that appears on the DPE column of the 2000-2001 SOF). If the current-year value represents a decline by more than 4 percent, a revised SOF will be generated and state aid will be based on the Adjusted Index Value that will appear on the SOF. Please be advised that the district's decline will ultimately be measured comparing the district's 1999 CPTD value to the district's 2000 CPTD value (which will be certified by the Comptroller on July 1, 2001).
· Property Value Adjustment for Tuition Cost - If the district's
highest grade taught is less than 12 and pays tuition to another
district for the education of those students whose grades are not
taught, the district will receive a property value adjustment that
equates to the amount of taxable value that would be necessary to
pay for the tuition cost at a $1.50 tax rate. In order to receive
this adjustment, it will be necessary to submit the number of
students for which tuition is being paid, the amount of tuition per
student being paid, and the name(s) of the district(s) providing the
education. If tuition is based on the prior-year amount, a copy of
the agreement between the two districts must also be submitted
(reference Commissioner's letter dated August 15, 2000).
· Payment Ledger - Enclosed is a payment ledger for the 2000-2001
school year. Please note that the recovery of the 1999-00
overpayment (if applicable) does not begin until October. Since the
"near finals" for 1999-00 were delayed this year, the
overpayments for 1999-00 were not posted to the 2000-2001 school
year in time for them to affect the September payment.
If you have any questions concerning this mailing, please 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.