Relates to school district unexpended surplus funds; provides that for the 2027--2028 school year and thereafter, surplus funds shall mean any operating funds in excess of six percent of the current school year budget, and shall not include funds properly retained under other sections of law.
Relates to the amount of surplus funds which may be retained by a school district; establishes surplus funds for the 2024-2025 school year through the 2028-2029 school year shall mean any operating funds in excess of 8% of the current school year budget.
Provides that for the two thousand twenty-four--two thousand twenty-five school year, the two thousand twenty-five--two thousand twenty-six school year, and the two thousand twenty-six--two thousand twenty-seven school year, surplus funds as used in this subdivision shall mean any operating funds in excess of five percent of the current school year budget, and shall not include funds properly retained under other sections of law.
Provides that for the two thousand twenty-six--two thousand twenty-seven school year, the two thousand twenty-seven--two thousand twenty-eight school year, and the two thousand twenty-eight--two thousand twenty-nine school year, surplus funds as used in this subdivision shall mean any operating funds in excess of five percent of the current school year budget, and shall not include funds properly retained under other sections of law.
Permits the establishment of reserve funds for unanticipated costs relating to special education, provided that the amount in such fund shall not exceed four percent of the district's current school year budget.
Permits the establishment of reserve funds for unanticipated costs relating to special education, provided that the amount in such fund shall not exceed four percent of the district's current school year budget.
Authorizes fiscal reserve funds for institutions providing instruction to the deaf and blind beginning in the 2026-2027 school year; provides that an annual report shall be provided to the department by any institution that retains such funds.
Provides that no school district shall be eligible to receive the full apportionment of state aid to which it is entitled if evidence is found by the state comptroller when an audit is conducted and such audit finds that a district has inappropriate excess of their unexpended surplus funds and such school district did not reduce the school tax levy in a proportion equal to the excess of four percent of the current year school budget.
Authorizes capital reserve funds for special act school districts; provides that funds retained in this way can only be expended pursuant to an authorization by governing boards of such schools; provides that annual reports must be provided.
Provides that school districts with unpaid balances on certain borrowed funds are not subject to State school aid reductions; requires use of surplus funds to repay borrowed funds.