MS SB2135

Requires school districts beginning in the 2016-2017 fiscal year to separately identify and account for expenditures paid from Mississippi Adequate Education Program (MAEP) funds versus local school district maintenance funds and other available funds.

Directs the State Board of Education to prescribe accounting manuals and forms for school districts to implement the separate accounting of MAEP and local funding sources.

Clarifies the limitation on budgeted expenditures for school district administration costs at $150,000 plus 4% of individual school district expenditures per year.

Defines administration costs as salaries and fringe benefits for central administration functions including board services, executive administration, business services, and related support services.

Takes effect July 1, 2015.