Finance Basics Flashcards
Where do the revenues come from
Enrollment, ADA, COL a, categorical monies, lottery
Name some enrollment projections factors
Births, in migration, new programs, celery, and student-teacher ratio. Class-size is the most important
Categorical funds are restricted funds T or false
T
Explain what categorical funds are
Restricted funds for specific purposes only, from both the state and federal government.
What are the largest categorical funds from the federal government
Title I and child nutrition
Categorical funds require greater what
Restrictions
Block grants and mega item concepts are considered what kind of funds
Categorical
The budget process is
Ongoing
True or false a public hearing is required for the budget
T
What kind of budget do most districts use for general fund
Line item budget
The process of using the prior-year as the starting point for budget
Historical/incremental
Program budgeting
PPBS complex process used in the past, categorical funds use program budgets more often
How much of the districts money comes from the state
2/3 or more 60-67%
What percentage of funds come from the federal government
9-13% The rest is local
How many days in the school year
180
What is the fiscal year
July 1st- June 30
How many districts are there
1000
Most school districts are what level
Elementary
Is a credential required for a CBO
No
What qualifications does a CBO require
Business operations, collective-bargaining, accounting, economics
What fun is the largest and most active
General fund
What fun is required for all districts
General fund
What does the general fund include
Both restricted and unrestricted and revenues and expenditures such as special-education
What other kinds of general funds are there
Bond interest and redemption/building fund/deferred maintenance/adult education/child development
What is a consumption task
Sales tax, tobacco, gasoline etc.
Ad valorem and give 2 examples
” according to value”, example: sales tax- according to price
And property tax- according to property
Students can be charged for transportation to and from school true or false
True
How does a student get out of paying for transportation
If they are indigent or special ed
Indigent
It means you can’t afford it or you were on a free and reduced lunch
Can the district charge for text books, supplies or charge fees for extracurricular activities
No but they can charge for a lost textbook
AB1200
Imposes greater fiscal accountability and control on districts and county offices of education/based on Bankruptcy of some districts
Who reviews interim reports to check fiscal solvency
County schools Superintendent
Serano versus priest
Found that the California system of funding schools was unconstitutional because it’s reliance on property taxes made per-pupil expenditures an equal. Court ordered that property taxes and pure people expenditures should be equalized
Prop 13
Effect was to shift funding schools from local property taxes to state funding of schools
Prop 98
Created a bass minimum funding for peoples K through 14. It also modified the Gann limit
True or false – annual external audits are required also for student body funds
True
What do audits contain
Financial conditions, accounting methods, compliance laws
Limits Allstate agencies, including school districts, to it’s max level
Gann spending limit
What is adjusted annually for changes in population and US or California per capita personal income?
Gann spending limit
What is the revenue limit made up of
State funds and local property taxes
Categorical aid is in addition to the revenue limit funding true or false
True
What is distributed on a per pupil basis
ADA
Revenue limit
Revenue limit
Money or income received by district for general education from the state also known as general-purpose money
What creates frequent problems in audits
Student body funds
Who must approve all fundraisers
Principal in student council
For student body to function properly what must it have
Minutes of meetings, a purpose of organization also known as a constitution, policies/procedures for officers, fundraisers, expenditure approval
True or false schoolboard have legal responsibility for regulations of student body
True
What is not recommended as a fund raisers?
Rummage sales and raffles- you can’t raise funds for what school districts should buy
When can food be sold in elementary schools
Only after the noon meal has been served
The difference between maintenance and operations
Maintenance repairs and replaces/operations is in charge of housekeeping/custodial to keep things functional
Work order system
Advantages to keep track of hours and cost
Age of California school buildings
Over half are over 30 years old
General obligation bonds
Most often used method to raise funds
State bonds require what majority
Simple majority
Local district Vons require what percentage majority
55%
State building fund
Year-round schools get incentives for construction funds
Food service has a separate fund true or false
True
True or false free/reduced lunch doesn’t require recordkeeping
False
What percentage of monies is put aside on reserve for economic uncertainty’s?
3%
What percentage of funds that we get from the lottery?
1-3%
Vouchers
Provide parents with options, related to Choice,political issues.
Account funds are prescribed by who and where are they found?
The state and found in the CA school accounting manual
Name the 6 elements of the account codes
Fund/group, resource, project year, goal, function and objective/services
Expenditures are shown in what account codes?
1000-7000
1000s are for what personnel
Certified
2000s are for what personnel
Classified
3000s is reserved for
Benefits
4000s is for
Books and supplies
5000s are for
Services and other operating expenditures
6000s are for
Capital outlay
7000s is for
Others outgo
Revenues are places in what account series?
8000
What is the largest expenditures? What percentage?
Salaries and benefits- 85%
Budget forms are prescribed by who?
The CA dept of education
Food sales are authorized by who?
The school board
Special education costs is how much higher than reg education?
3-7 times
SPED student encroachment is currently what percent?
20-25%
When is 1st period attendance/P-1 attendance?
When is 2nd period attendance/P-2
July 1st-Dec 15
July 1st - April 15th
COLA
Cost of living adjustment
Encumbrances
Money allocated in a budget but not yet spent
SB 1777
Class size reduction
SB 376
Enacted state wide testing for all school districts
API and AYP
Both measure student achievement
Rodda Act
Guarantees teachers the right to collective bargaining
Charter schools
Schools that are independent and funded directly by the state
According to AB1200 the sup must send in what twice? And on what dates in order to avoid bankruptcy?
2 interim budget reports on oct 31st and jan 31st
Capital outlay
Amounts paid for the acquisition of or additions to fixed assets such as buildings grounds and equipment
Explain the budget process with dates
1) Governor proposes budget by January 10.
2) May 15 is the May revise so they can work on revising the budget between Jan and may
3) June 15 is the date the budget needs to be passed.
4) June 30 is the date the governor has to sign it.
5) July 1 is the date where there is a public hearing on the budget.
