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A Microsoft
Word Version of this letter is available for download and PRINTING.
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February 15, 2005
Subject: Updated 2004-2005 Summary of Finances An updated preliminary Summary of Finances (SOF) and other related materials for the 2004-2005 school year is now available at the TEA website. This update incorporates the current information related to Chapter 41 partnerships. Districts not engaged in Chapter 41 agreements are largely unaffected by this update. This updated SOF reflects a reduction in state aid resulting from the sale of WADA to a Chapter 41 district. The amount of reduction is indicated on page 4 of the SOF under the heading Additional Aid and is labeled as State Aid Reduction for WADA Sold. One of the related printouts indicates the number of WADA being sold and the district’s Chapter 41 partner(s) and other details on how the reduction was derived. A revised payment schedule will be updated on the TEA website in March. As you will note, for those districts selling WADA credit to Chapter 41 districts, the monthly payments from the Foundation School Fund will be reduced beginning with the March 2005 payment. In some instances, the state aid reduction has resulted in a negative balance in the Foundation School Fund. If this is the case, the district will not receive any monthly payments from the Foundation School Fund for the remainder of the year. In addition, the district will be required to send a payment in the amount of the negative balance in August 2005, after the Chapter 41 district has fulfilled its initial payment schedule. A separate letter will be sent to the district in the future as a reminder of the amount that will be due. Please check our website for your information needs related to the funding provided by the state through the Division of State Funding. State Funding Summary of Finances and related reports web page: If you have any questions concerning this matter, please contact us at (512) 463-9238. Sincerely, Bob Jocius, Director
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