Finance Definitions

Question 1

Ad valorem

Answer 1

A tax related to the value of what is

taxed (e.g. property tax and sales tax)

Question 2

Certification of Participation (COPS)

Answer 2

A way to provide long-term financing for
capital expenses - repayment made
from the General Fund

Question 3

General Obligation Bonds (GO)

Answer 3

Issued by the state after a majority
voter approval of an increase in taxes
to finance school construction, prisons,
roads

Question 4

Bonded Debt Service

Answer 4

Expenditures that are incurred for

interest on and redemption of bonds

Question 5

Developer Fees

Answer 5

A charge per square foot on
construction in a community which
school districts may levy to help build or
renovate schools

Question 6

Parcel Tax

Answer 6

Not an ad valorum tax - used generally

for a specific purpose

Question 7

Mello-Roos

Answer 7

Tax on development as it occurs

Question 8

Fund

Answer 8

A fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial services

Question 9

Fixed Asset

Answer 9

Assets of permanent character having continuing value

Question 10

Economic Impact Aid (EIA)

Answer 10

State categorical aid for districts with concentrations of children who are bilingual, transient,or from low-income families

Question 11

Restricted Funds

Answer 11

Monies whose use is restricted by legal requirements or donor

Question 12

Mandated Costs

Answer 12

School district expenditures that occur as a result of feberal or state law; can be reimbursed.

Question 13

Sunset

Answer 13

Determination of the regulations of a categorical program

Question 14

State bonds percentage

Answer 14

Needs a simple majority; 51%

Question 15

Supplant

Answer 15

Pay for items required to be provided by the school district

Question 16

Legislative Analyst Office

Answer 16

Makes recommendations to schools to manage money

Question 17

TRAN

Answer 17

Tax Revenue Anticapatory Note: to borrow money from Wall Street in order to pay for teachers

Question 18

ADA

Answer 18

Students present on school days divided by the number of school days

Question 19

FMAT

Answer 19

Fiscal Crisis and Management Team: Assists districts with financial and managment responsibilities - AB 2756

Question 20

Proposition 13

Answer 20

Local control to the state (taxes)

Question 21

Proposition 98

Answer 21

Created a minimum floor of 40% and can be adjusted by economic tests

Question 22

Proposition 111

Answer 22

Raised the limit for the inflamation index

Question 23

Senate Bill 90

Answer 23

Established revenue limits andshifted the taxes from local to state control

Question 24

Gann Limit

Answer 24

Limit of government spending

Question 25

SB 813

Answer 25

Increased school day and year

Question 26

Prop 37

Answer 26

Lottery

Question 27

SB 1977

Answer 27

Class Size Reduction

Question 28

SB 376

Answer 28

STAR program

Question 29

Prop 227

Answer 29

English Immersion Classes

Question 30

Prop 38

Answer 30

Voucher

Question 31

Prop 39

Answer 31

Bonds - Vote from 66% to 55%

Question 32

Prop 49

Answer 32

Afterschool education and safety

Question 33

COLA

Answer 33

Cost of living Adjustment - tied to current inflation rate