School Finance Training Slide 1 --- No Recommended

Transcript:School Finance Training Slide 1 --- No Recommended:
School Finance Training Slide 1 --- No Recommended Changes Slide 2 Taxing Authority 53F-8-201. Annual Certification of Tax Rate Prior to June 22 of each year, each local school board shall certify to the county legislative body the proposed tax rate approved by the local school board. A copy of the district's budget, and a certified copy of the local school board's resolution which approved the budget and set the tax rate for the subsequent school year beginning July 1 shall accompany the tax rate. If the tax rate approved by the board is in excess of the certified tax rate as defined in Section 59-2-924, the date for filing the tax rate and budget adopted by the board shall be that established under Section 59-2-919. When this occurs, the board is required to go through the “Truth in Taxation” process (covered in more detail later in this training). Slide 3 Taxing Authority Cont. 53F-2-3. State Funding – Minimum Basic Tax Rate All school districts in the state are required to levy the “Minimum basic tax rate.” The “Minimum basis tax rate” is certified by the State Tax Commission at the rate necessary to generate the amount established each year in the enacted public education budget to yield the funding level required by the state basic school program. The state contributes to each school district toward the cost of the basic school program in the school district an amount of money that is the difference between the cost of the school district's basic school program and the sum of revenue generated by the Minimum basic tax rate. This ensures that each school district receives equitable funding for each student in the state basic school program. Slide 4 Taxing Authority Cont. 53F-8-301. State Supported Voted Local Levy A local school board may levy this tax if a majority of the electors of a school district voting at an election held in the manner set forth in Subsections (8) & (9) vote in favor of a special tax. The tax rate may not exceed .002 per dollar of taxable value. Slide 5 Taxing Authority Cont. 53F-8-302. Board Local Levy Subject to the other requirements of this section, a local school board may levy a tax to fund the school district's general fund. Slide 6 Taxing Authority Cont. 53F-2-703. Charter School Levy The charter school levy is imposed by the state and certified