Bill Text: AZ HB2386 | 2011 | Fiftieth Legislature 1st Regular | Introduced
Bill Title: School district fund balances; reporting
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2011-01-25 - Referred to House ED Committee [HB2386 Detail]
Download: Arizona-2011-HB2386-Introduced.html
|
REFERENCE TITLE: school district fund balances; reporting |
|
State of Arizona House of Representatives Fiftieth Legislature First Regular Session 2011
|
|
HB 2386 |
|
|
|
Introduced by Representative Seel
|
AN ACT
amending section 15‑943.01, Arizona Revised Statutes; relating to school finance.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 15-943.01, Arizona Revised Statutes, is amended to read:
15-943.01. Maintenance and operation budget balance; reporting; definition
A. The governing board of a school district may budget any budget balance in the maintenance and operation section of the budget, as provided in section 15‑903, from the current fiscal year for use in the maintenance and operation section of the budget in the budget year. The amount which that may be budgeted as the budget balance carryforward in any one fiscal year shall not exceed four per cent of the school district's revenue control limit, as provided in section 15‑947, subsection A, for the current year and shall not include any budget balance attributable to any reduction in the district's general budget limit, including reductions for items which that are exempt from the revenue control limit and for which expenditures are limited to a designated purpose such as excess insurance costs or excess utility costs or for the bond issues portion of the cost of tuition. The amount budgeted as the budget balance carryforward is specifically exempt from the revenue control limit.
B. If the actual amount of the allowable budget balance carryforward is less than the amount budgeted for the budget balance carryforward, the governing board shall adjust the general budget limit and expenditures before May 15 based on the actual allowable budget balance carryforward. If the actual amount of the allowable budget balance carryforward is more than the amount budgeted for the budget balance carryforward, the governing board may adjust its budget before May 15 based on the actual amount of the allowable fund balance carryforward. Not later than May 18, the budget as revised shall be submitted electronically to the superintendent of public instruction.
C. If the governing board is eligible to budget for a budget balance carryforward as provided in subsection A of this section, the governing board may transfer an amount from the district's ending cash balance of the maintenance and operations fund to the school opening fund. The maximum amount that may be transferred is the lesser of the district's ending cash balance in the maintenance and operations fund or the amount the district is eligible to budget as a budget balance carryforward. The school opening fund is a cash controlled fund as provided in section 15‑905, subsection N, and may only be expended for the additional maintenance and operations expenses incurred in the first year of operation of a new school within the school district. The monies in the school opening fund are not subject to reversion, except that at the end of five years of no activity in the fund, any remaining monies shall be reverted to the maintenance and operations fund. Any monies so reverted may be considered additional budget balance for that fiscal year.
D. If a governing board transfers monies as provided in subsection C of this section, the amount so transferred in a fiscal year shall be subtracted from the amount the district would otherwise be eligible to budget for that fiscal year as provided in subsection A of this section. The difference, if any, is the maximum amount that may be budgeted for that fiscal year as a budget balance carryforward.
E. On or before August 15 of each year, the governing board of each school district shall submit to the joint legislative budget committee a budget balance carryforward report that contains the following:
1. The amount of the budget balance, if any, at the end of the previous fiscal year in each specific fund administered by the school district and in each specific section of the maintenance and operation section of the school district's budget.
2. For each budget balance reported pursuant to paragraph 1, an accurate description of the original funding source of the fund or section of the budget, including a description of whether the original funding source was the state general fund, other state monies, federal monies or local monies or a specified percentage of the state general fund, other state monies, federal monies and local monies.
E. F. For the purposes of this section, "budget balance" means the difference between actual and budgeted expenditures.
