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Summary of Finances Overview

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Leo Lopez & Helen Daniels. TEA, School Finance. Disclaimer ... sure you don't miss any deadlines is to sign up for School Finance Listserve. ... – PowerPoint PPT presentation

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Title: Summary of Finances Overview


1
Summary of Finances Overview
  • Education Service Center Region 12
  • October 22, 2009 Waco, TX
  • Leo Lopez Helen Daniels
  • TEA, School Finance

2
Disclaimer
  • Nothing communicated in this presentation
    supersedes the Texas Education Code (TEC) or the
    Texas Administrative Code (TAC).

3
Agenda
  • Whats new in 2009-10
  • Understanding the SOF
  • LPE vs. DPE
  • Data sources
  • Calendar
  • Settle-up
  • Deadlines
  • Resources
  • Questions

4
Whats new in 2009-10
  • Just a few items of interest

5
Whats new in 2009-10
  • SFSF-Foundation School Fund Grant
  • Is calculated as the gain from HB3646
  • Is withheld from Foundation School Fund
  • You need to apply to gain access to funds
  • SFSF-ASF Per Capita Grant
  • Pays for part of the total 262 per 2009 ADA
  • Is withheld from state ASF Payments
  • Funds are included in total applied for above

6
Whats new in 2009-10
  • There are no current plans to update SOF in
    Spring 2010 using your districts budgeted MO
    tax collections.
  • The purpose is to stabilize cash flows for both
    the state and for school districts.
  • This means that the states estimates of MO tax
    collections will remain for twelve months.

7
Whats new in 2009-10
  • Technology Allotment
  • Approximately 29.43 per LPE ADA
  • Will be paid in May 2010
  • Payment will include over/under from 2009
  • High School Allotment
  • Moved from fund 428 to fund 199 (PIC 31)
  • Is also part of new target under HB3646

8
Understanding the SOF
  • Legislative Planning Estimate (LPE) vs.
  • District Planning Estimate (DPE)

9
Two columns whats the difference?
  • DPE is used to estimate settle-up from
    September through August.
  • After the school year, we begin to bring in
    actual data into DPE.
  • LPE is used to flow cash to districts from
    September through August.
  • During the school year, LPE calculations are
    based on estimates.

10
Two columns whats the difference?
  • Changes to DPE side during the school year will
    not affect your districts cash flow
  • Actual data is used in DPE (NF /FIN) column and
    settled-up against estimates in LPE column.
  • Changes to LPE side will affect your districts
    cash flow.
  • After final August payment, LPE side is frozen in
    time, with no more updates to left side.

11
Understanding the SOF
  • What are the main data elements?
  • Where does the data come from?

12
Data elements and their sources
  • Pupil counts
  • Property values
  • MO tax collections

13
Data elements and their sources
  • Pupil counts
  • Pupil Projections
  • PEIMS
  • Property values
  • Comptrollers Property Tax Division (PTAD)
  • Values are from the prior tax year (2008 values
    are used for 2009-10 school year)
  • Values are final prior to school year

14
Data elements and their sources
  • MO tax collections
  • TEA internal estimates
  • District submitted Tax Information Survey
  • Audited schedule of delinquent taxes receivables
    (J1)
  • 2009-10 MO tax collections
  • (2008 Local DPV 1.0298 ) 2008 MO tax rate
    three year average collection rate / 100

15
Understanding the SOF
  • When does the data get consumed?

16
Updates for pupil counts
  • The process to establish pupil counts for 2009-10
    (and 2010-11)
  • Pupil Projections Module was open in Fall 2008
    for district corrections of TEA estimates
  • Pupil Projections were approved by the
    Legislative Budget Board (LBB) in Spring 2009
  • Pupil counts do not change during the course of a
    funding year.

17
Updates for pupil counts
  • Once the school year is complete, in September of
    the following school year, we obtain access to
    PEIMS submissions.
  • Near Final settle-up incorporates actual
    student attendance at that time.

18
Updates for tax collections
  • 2009-10 uses the formula referenced earlier
    during the course of the funding year.
  • The Tax Information Survey will be open in Summer
    2010, for use in next years near final
    settle-up.
  • In March / April 2010, we will obtain access to
    audited tax collections for Final settle-up.

19
Understanding the SOF
  • Near Final, Final and Current SOF and
    settle-up

20
Near Final SOF / settle-up
  • Primary data updates
  • Final student attendance
  • District submitted tax collection information
  • Transportation allotments
  • Projected balance computed by using
  • NF foundation allotment
  • Adjustments to date
  • Payments to date

21
Final SOF / Settle-up
  • Primary data updates
  • Audited tax collection information
  • Miscellaneous data (TSB / TSD transfers, EYS,
    PEG, NIFA, etc)
  • Is last statewide data update
  • Projected balance is
  • Computed the same way as for near final.
  • In addition to the near final balance.

22
Current SOF
  • Primary data updates
  • Are specific to individual districts or groups of
    districts.
  • Include items such as ADA audits / DPV appeals.
  • Projected balance (usually at or close to 0)
  • Is computed the same way as on previous reports.
  • Is displayed assuming all prior balances are
    accounted for.

23
Understanding the SOF
  • How a prior year settle-up can affect your
    current years payment schedule

24
Settle-up and Payment Schedule
  • Check 2009-10 Payment Schedule for changes on a
    monthly basis.
  • If there are prior year recoveries posted to
    2009-10, overpayments are repaid over the course
    of remaining payments.

25
Understanding the SOF
  • How to reconcile adjustments and payments from
    your SOF to your ledgers

26
Settle-up adjustments and ledgers
  • Ledgers are not like bank statements.
  • Negative adjustments dont affect current year
    earnings
  • They do not represent lump sum withdrawals of
    overpayments.
  • Negative adjustments must continue to be
    incorporated to arrive at final balance even
    after it appears the negative balance has been
    paid back to TEA.

27
Settle-up adjustments and ledgers
  • Volunteers with real settle-up questions?
  • Volunteers with real ledger questions?

28
Important Deadlines
  • How to keep informed of and meet deadlines

29
Deadlines
  • The best way to make sure you dont miss any
    deadlines is to sign up for School Finance
    Listserve.
  • Make sure email address associated with TEASE
    account is current.
  • Ignorance is no excuse for missing a deadline.

30
Deadlines
  • 2008-09
  • Tax Information Survey August 31, 2009
  • 2009-10
  • Chapter 41 specific deadlines are in manual.
  • Charters have 10 days after end of six weeks to
    get six weeks reports submitted via FSP.

31
Resources
  • What is at your districts disposal regarding
    state funding?

32
Resources available to you
  • Helen Daniels, State Funding Director
  • Helen.Daniels_at_tea.state.tx.us
  • 512.463.9268
  • Twanna Buford, Facilities Transportation
    Manager
  • Twanna.Buford_at_tea.state.tx.us
  • 512.463.9238

33
Resources available to you
  • Leo Lopez, Foundation School Program Manager
  • Leo.Lopez_at_tea.state.tx.us
  • 512.463.9242
  • Summary of Finances and supporting documents
  • http//ritter.tea.state.tx.us/school.finance/fundi
    ng/sofweb7.html
  • Omar

34
Questions?
  • Ask away, Helen will now take all of your
    questions!
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