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School Finance Terms

TCE terms

QuestionAnswer
Account Code A number that classifies sources of revenues or type of expenditures in a school district budget. The account code classifies expenditures according to the types of items purchased or services obtained, & revenues by the general source & type of revenue.
Adult Education Classes offered by school districts, community colleges, & other public & private organizations for residents 18+ years who are not enrolled in a high school. Adult Ed rev &expenditures generally must be tracked sep from a school district’s gen fund
Apportionments Funds that federal or state governments distribute to local education agencies or other governmental units according to certain formulas
Assessed Value The value of land, homes, & businesses set by the county assessor for property tax purposes.
Block Grant Allotment of money that is the sum of multiple special-purpose funds comb into one. A block grant tends to have fewer restrict on how the money is spent than the original, disparate funding streams had; & it often combines funds that have similar purposes
Bond Levy Property tax levies used to provide the local revenue for construction purposes. Proceeds from the levy are used to pay the principal & interest on construction bonds that are offered for a specified dollar amount & a specified period of time
Building Fund A fund that districts must use only for the maintenance of buildings. The money comes from sources such as bonds & the sale/rental of property
Capital Outlay Money spent for major physical changes to a school, such as new buildings, renovations, reconstruction, or certain new equipment. These investments in the physical structure of a school are expected to last for a number of years
Categorical Aid/Categorical Programs Allocations from the state or fed gov that generally fall into 3categories: specific programs, specific students, & specific characteristics of school districts. All districts receive categorical aid in varying amounts in addition to the funding...
Categorical Expenditures Categorical expenditures refer to expenditures required by school districts beyond the base formula amount. Examples of categorical expenditures include special education, vocational education, gifted education, & transportation
Categorical funds Funds limtd to specific purpose by fed or state law, incl but not limited to, Title1 funds, Title6 funds, fed vocational educ. funds, federal school lunch funds, Indn. educ fund, HeadStart $$, $$ from the Edu Innovation $$, & $$ from the School Tech Fund.
Class Size Reduction (CSR) Incentive programs that provide funding to schools with class sizes of no more than 20 students per teacher. CSR was initiated in the 1996–97 school year for kindergarten through third grade.
Ensuing school fiscal year The school fiscal year following the current school fiscal year
Equalization aid The amount of assistance calculated to be paid to a local system.
Equalization aid The amount of assistance calculated to be paid to a local system.
Fiscal year The state fiscal year which is the period from July 1 to the following June 30
Foundation Formula Method of funding schools through a combination of state & local aid. It is based on the ability of school districts to raise tax revenues as well as the state-determined minimum amount necessary per student to provide an adequate educ.
General fund budget of expenditures The total budget of expenditures & transfers for general fund purposes as certified in the budget
General fund expenditures All expenditures from the general fund
General fund operating expenditures The total general fund expenditures minus categorical funds, tuition paid, transportation fees paid to other districts, adult edu., community services, & debt service
Millage
Created by: mtorchon