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AASBO Webinar Legislative Action to Balance FY2009 Budget. May 21, 2009 Staff from AZ Department of Education, Auditor General’s Office and AASBO. HB2028. Rollover of $100 million to universities Use of $250 million from the federal education stabilization fund - PowerPoint PPT Presentation
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AASBO WebinarAASBO Webinar
Legislative Action to Legislative Action to Balance FY2009 BudgetBalance FY2009 Budget
May 21, 2009May 21, 2009
Staff from AZ Department of Education, Staff from AZ Department of Education, Auditor General’s Office and AASBOAuditor General’s Office and AASBO
HB2028HB2028
Rollover of $100 million to universitiesRollover of $100 million to universities
Use of $250 million from the federal Use of $250 million from the federal education stabilization fundeducation stabilization fund
Rollover of $300 million of basic state aid Rollover of $300 million of basic state aid and additional state aidand additional state aid
Total adjustment - $650 millionTotal adjustment - $650 million
Exempt from $300 Million RolloverExempt from $300 Million Rollover
Charter schoolsCharter schools
Districts with student count of 125 or less Districts with student count of 125 or less in K-8; 100 or less in 9-12 (A.R.S.15-949)in K-8; 100 or less in 9-12 (A.R.S.15-949)
HB2029HB2029
Adjusts the amount of the $300 million Adjusts the amount of the $300 million rollover that will be paid to school districts rollover that will be paid to school districts on October 15, 2009on October 15, 2009
Adjustment = ending cash balance in Adjustment = ending cash balance in M&O, unrestricted capital outlay and soft M&O, unrestricted capital outlay and soft capital less allowable carryforward amountcapital less allowable carryforward amount
Impact Aid AdjustmentImpact Aid Adjustment
Determine percentage of total P.L.81-874 Determine percentage of total P.L.81-874 revenue for M&O, unrestricted capital revenue for M&O, unrestricted capital outlay and soft capitaloutlay and soft capitalPercentage calculationPercentage calculation
Impact Aid receivedImpact Aid received____________________________________________________________________________________________________________________________________________________________________________________
Total revenue, excluding beginning cash Total revenue, excluding beginning cash balancebalance
No ImpactNo Impact
Accommodation districts receive full Accommodation districts receive full paymentpayment
A.R.S.15-949 districts which were exempt A.R.S.15-949 districts which were exempt from rolloverfrom rollover
Interest ImpactInterest Impact
Calculate 2% of amount to be paidCalculate 2% of amount to be paid
Multiply this amount by five-twelfthsMultiply this amount by five-twelfths
Estimated Outside RCL AdjustmentEstimated Outside RCL Adjustment
Interest expense incurred or estimated Interest expense incurred or estimated interest expense for registering warrants interest expense for registering warrants (2008-09/2009-10) due to implementation (2008-09/2009-10) due to implementation of HB2029 is exempt from 2009-10 RCLof HB2029 is exempt from 2009-10 RCL
Amount cannot exceed interest payment Amount cannot exceed interest payment receivedreceived
Other ItemsOther Items
Monies shall be included in computing tax Monies shall be included in computing tax ratesrates
County Treasurer and County School County Treasurer and County School Superintendent shall provide ADE with any Superintendent shall provide ADE with any requested information to carry out requested information to carry out requirementsrequirements
Questions ?Questions ?
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