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School Finance Update

School Finance Update. Texas Association of School Business Officers Annual Conference Austin, Texas March 5, 2008 Lisa Dawn-Fisher, Ph.D. Deputy Associate Commissioner for School Finance Texas Education Agency. Foundation School Program Yields. Agenda. FSP yields

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School Finance Update

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  1. School Finance Update Texas Association of School Business Officers Annual Conference Austin, Texas March 5, 2008 Lisa Dawn-Fisher, Ph.D. Deputy Associate Commissioner for School Finance Texas Education Agency

  2. Foundation School Program Yields

  3. Agenda • FSP yields • Amendments to revenue target • Bus accident reporting • Facility funding updates • Optional school calendar programs • Hot topics • School finance news • School Finance at TEA

  4. Amendments to Revenue Target • Permit payment of state aid for tax credits under the Texas Economic Development Act (Chapter 313, Tax Code) • Adjust revenue target for changes in: • Transportation allotment • New Instructional Facilities Allotment (NIFA)

  5. Amendments to Revenue Target • Adjust revenue target for changes in: • Optional homestead exemptions • Tax abatements for tax increment reinvestment zones (TIRZ) • Payments to tax increment funds (TIFs) • Web-based survey to launch in spring 2008

  6. Bus Accident Reporting • Authorized by HB 323 in 2007 • Plan to publish rules in April 2008 • Plan Web-based data collection in July 2008 • No. of students and adults involved • Injuries sustained, if applicable • Seat belt usage

  7. Existing Debt Allotment • Requires that: • Bonds mustbe sold and paid on by August 31, 2007 • Payment must appear in final official statement • Funding for 2007–08 and 2008–09 • Depends on 2006–07 I&S tax effort

  8. Existing Debt Allotment • Reporting requirements: • TEA bases initial payments on information from State Information Depository • Review Eligible Debt Report for accuracy • Include supporting documentation with change requests • Required for audit purposes • Report actual payments on variable or adjustable rate bonds at year end

  9. Existing Debt Allotment • Rule amendments published for comment • Move eligibility date forward • Clarify requirements to report changes in eligible debt • Comment period ends March 9

  10. Instructional Facilities Allotment • Provides equalized funding for instructional facilities • Assists districts with repayment of bonds or lease-purchase agreements • Requires application to be submitted before selling bonds or entering lease-purchase agreement • Annual application deadline: June 15

  11. Instructional Facilities Allotment • Funding opportunity for 2008–09 • $87.5 million available for 2008–09 • Application deadline: June 16, 2008 (June 15 falls on Sunday) • Applications submitted since June 15, 2007 • Debt must have been issued by December 2007, or application expires • If debt was not issued, district must submit new application

  12. Instructional Facilities Allotment • Rule amendments published for comment • Clarify requirements for reporting changes • Clarify awards process • Comment period ends March 9

  13. New Instructional Facilities Allotment • Provides start-up funding for new campuses for up to two years • Funding = $25 million + $1 million • Requires application each year • Application deadline: July 15, 2008 • Apply on-line beginning May 15, 2008 • Must have supporting documentation postmarked by deadline

  14. Science Laboratory Grant Program • Requires that districts demonstrate that existing facilities are insufficient to meet requirements for 4x4 curriculum for recommended and advanced graduation plans • Limits funding to: • $200/sf – new construction • $100/sf – renovation projects

  15. Science Laboratory Grant Program • Prioritizes funding to low-wealth school districts • Makes funding contingent on surplus funds available in the IFA and EDA programs • Funds certified for 2007—08 = $20 million • Applications available in early March • Deadline = March 31, 2008

  16. Optional Flexible Year Program • Allows district to provide up to 10 days of additional instruction for students at risk of failing the state assessment • Requires application 90 days before start of school year • Requires board approval • May require approval of site-based campus committee

  17. Optional Flexible School Day Program • Allows district to modify school day • Provides alternate method of attendance accounting based on minutes of instruction • Requires application 90 days before start of school year • Requires board approval

  18. Hot Topics • FSP system upgrade • Effective February 1, 2008 • Required all users to modify their TEASE access • Plan to release Chapter 41 data screens in late spring 2008—first new component

  19. Hot Topics • Implementation of HB 5 • Required comptroller to revise property values used for state funding • Updated values on January Summary of Finances • Will be opportunities for future updates • Plan to produce report showing adjustments and resulting state aid changes

  20. Hot Topics • Other planned rule adoptions and amendments • Additional State Aid for Tax Reduction • Chapter 41 • Texas Economic Development Act - Tax Code, Chapter 313 (HB 1200)

  21. Hot Topics • Expenditure targets • Expect to publish by March 31 • Web page to include: • Documentation of process • Targets by district • Template for district use • Future plans: • Possible follow up publication to compare actual spending with targets

  22. 2006–07 “Final” Settle-up • Scheduled for early April 2008 • Will incorporate: • Data changes • Audited tax collections • Changes or corrections since near-final settle-up • Formula changes • $15K homestead hold harmless • S3 tax rates

  23. 2007-08 School Finance News • Updated property values and adopted tax rates were reflected in January 2008 Summary of Finances • Updates changed allocations and cash flow during fiscal year • Next update: March 2008 • PEIMS budgeted tax collections • Updates and corrections to tax rates

  24. 2007–08 School Finance News • Future updates: • Supplemental survey – spring 2008 • Data needed for revenue target adjustments per HB 828 • 2007–08 Near-final settle-up – fall 2008 • Tax Information Survey • May 1 – June 30, 2008 • PEIMS attendance data • Available in late September 2008

  25. 2007–08 School Finance News • Chapter 41 updates: • Electronic only – no more snail mail! • Modified Cost of Options reports to show recapture of tax collections at 3rd equalized wealth level • 2006-07 • Wait until notification that “final” report is available on-line • 2007-08 • Update payment schedules to send additional funds owed as soon as possible

  26. School Finance at TEA

  27. School Finance at TEA • State Funding Division – Helen Daniels, Director • Foundation School Program (FSP) Operations – Leo Lopez, Manager • Chapters 41 and 42 • Charter school funding • FSP Facilities and Transportation – Gary Marek, Manager • Transportation allotment • Facilities programs, including IFA, EDA, NIFA, BGP, QZAB

  28. School Finance at TEA • Forecasting and Fiscal Analysis Division – Belinda Dyer, Director • Financial reporting • Standard reports – financials • Expenditure targets • Fiscal notes/fiscal impact statements • Pupil projections • Student Attendance Accounting Handbook

  29. Web Resources & Contact Info School Finance website: http://www.tea.state.tx.us/school.finance/ School Finance email: sfinance@tea.state.tx.us Phone number: (512) 463-9238 Fax Number: (512) 936-2313

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