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MN SF239
Bill
Status
Introduced
2/7/2011
Primary Sponsor
Benjamin Kruse
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AI Summary
- Allows school districts to transfer money from their reserved for operating capital account to their undesignated general fund balance on June 30 of each year
- Transfer amount is limited to one percent of the current year's formula allowance under section 126C.10, subdivision 2, multiplied by the district's adjusted marginal cost pupil units for the second preceding fiscal year
- Requires school boards to adopt a written resolution before any transfer, stating the transfer amount and declaring that the district's operating capital needs are being met
- Notwithstanding existing sections 123B.79 and 123B.80, this new statute authorizes the transfer mechanism
- Effective the day following final enactment
Legislative Description
School districts reserved for operating capital account transfer to undesignated general fund authorization
Last Action
Referred to Education
2/7/2011
Committee Referrals
Education2/7/2011
Full Bill Text
No bill text available