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AASBO Bi-Monthly Meeting

AASBO Bi-Monthly Meeting. BOND AND OVERRIDE MEETING REQUIREMENTS. September 14, 2011. Prepared by: Judy Richardson, Vice President 602.794.4012 jrichardson@syllc.com. Meeting Between Sept. 1 – Oct. 31. Reports are required for districts with:

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AASBO Bi-Monthly Meeting

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  1. AASBO Bi-Monthly Meeting BOND AND OVERRIDE MEETING REQUIREMENTS September 14, 2011 Prepared by: Judy Richardson, Vice President 602.794.4012 jrichardson@syllc.com

  2. Meeting Between Sept. 1 – Oct. 31 Reports are required for districts with: • Any kind of override in place for the current year • Capital outlay • M&O • K-3 or Special Program • Bond proceeds yet to be spent • Applies to all bonds – Class A, Class B, and Impact Aid Revenue Bonds

  3. Meeting Between Sept. 1 – Oct. 31 • Updates can be done at a regular board meeting • The public must be allowed to comment • Meetings on bonds and capital overrides has been required since 1998 • Meetings on M&O, K-3, and SP overrides was added this year by HB 2421

  4. M&O, K-3, and SP Overrides • For each of the purposes listed in the voter pamphlet, report: • The amount expended in the previous fiscal year • The amount included in the current budget • This may have to be a reasonable estimate • See ARS 15-481(Y) for details

  5. Bonds & Capital Overrides • Compare spending to date with capital improvements list in the voter pamphlet • “Capital improvements” means everything listed in the voter pamphlet • Report not limited to construction, although the words “construction” and “completion” are used • Compare current status and the original projections • Include cost of projects in progress or completed since the last meeting

  6. Bonds & Capital Overrides • Describe future capital plans of the school district • Report on use of State capital aid (SFB, Soft Capital, CORL) • See ARS 15-491(K) for bond requirements • See ARS 15-481(Y) for capital override requirements

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