1 / 10

AASBO Webinar Legislative Action to Balance FY2009 Budget

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

sheila-bentley
Download Presentation

AASBO Webinar Legislative Action to Balance FY2009 Budget

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. AASBO WebinarLegislative Action to Balance FY2009 Budget May 21, 2009 Staff from AZ Department of Education, Auditor General’s Office and AASBO

  2. HB2028 • Rollover of $100 million to universities • Use of $250 million from the federal education stabilization fund • Rollover of $300 million of basic state aid and additional state aid Total adjustment - $650 million

  3. Exempt from $300 Million Rollover • Charter schools • Districts with student count of 125 or less in K-8; 100 or less in 9-12 (A.R.S.15-949)

  4. HB2029 • Adjusts the amount of the $300 million rollover that will be paid to school districts on October 15, 2009 • Adjustment = ending cash balance in M&O, unrestricted capital outlay and soft capital less allowable carryforward amount

  5. Impact Aid Adjustment • Determine percentage of total P.L.81-874 revenue for M&O, unrestricted capital outlay and soft capital • Percentage calculation Impact Aid received __________________________________________________________________________________________ Total revenue, excluding beginning cash balance

  6. No Impact • Accommodation districts receive full payment • A.R.S.15-949 districts which were exempt from rollover

  7. Interest Impact • Calculate 2% of amount to be paid • Multiply this amount by five-twelfths

  8. Estimated Outside RCL Adjustment • Interest expense incurred or estimated interest expense for registering warrants (2008-09/2009-10) due to implementation of HB2029 is exempt from 2009-10 RCL • Amount cannot exceed interest payment received

  9. Other Items • Monies shall be included in computing tax rates • County Treasurer and County School Superintendent shall provide ADE with any requested information to carry out requirements

  10. Questions ?

More Related