Bill Text: MN SF967 | 2011-2012 | 87th Legislature | Introduced
Bill Title: School districts operating capital account transfer authority and limitation
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2011-03-23 - Author added Nelson [SF967 Detail]
Download: Minnesota-2011-SF967-Introduced.html
1.2relating to education finance; allowing a school district to transfer up to $51 per
1.3adjusted marginal cost pupil unit from its reserve for operating capital account to
1.4the unrestricted general fund.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. CAPITAL ACCOUNT TRANSFERS.
1.7Notwithstanding any law to the contrary, on June 30, 2011, and June 30, 2012, a
1.8school district may transfer money from its reserved for operating capital account to its
1.9undesignated balance in the general fund. The amount transferred by any school district
1.10must not exceed $51 times the district's adjusted marginal cost pupil units for the second
1.11preceding fiscal year. This transfer may occur only after the school board has adopted a
1.12written resolution stating the amount of the transfer and declaring that the school district's
1.13operating capital needs are being met.
1.3adjusted marginal cost pupil unit from its reserve for operating capital account to
1.4the unrestricted general fund.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. CAPITAL ACCOUNT TRANSFERS.
1.7Notwithstanding any law to the contrary, on June 30, 2011, and June 30, 2012, a
1.8school district may transfer money from its reserved for operating capital account to its
1.9undesignated balance in the general fund. The amount transferred by any school district
1.10must not exceed $51 times the district's adjusted marginal cost pupil units for the second
1.11preceding fiscal year. This transfer may occur only after the school board has adopted a
1.12written resolution stating the amount of the transfer and declaring that the school district's
1.13operating capital needs are being met.
