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School Finance > Finance Basics > Flashcards

Finance Basics Flashcards

0
Q

Where do the revenues come from

A

Enrollment, ADA, COL a, categorical monies, lottery

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1
Q

Name some enrollment projections factors

A

Births, in migration, new programs, celery, and student-teacher ratio. Class-size is the most important

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2
Q

Categorical funds are restricted funds T or false

A

T

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3
Q

Explain what categorical funds are

A

Restricted funds for specific purposes only, from both the state and federal government.

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4
Q

What are the largest categorical funds from the federal government

A

Title I and child nutrition

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5
Q

Categorical funds require greater what

A

Restrictions

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6
Q

Block grants and mega item concepts are considered what kind of funds

A

Categorical

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7
Q

The budget process is

A

Ongoing

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8
Q

True or false a public hearing is required for the budget

A

T

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9
Q

What kind of budget do most districts use for general fund

A

Line item budget

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10
Q

The process of using the prior-year as the starting point for budget

A

Historical/incremental

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11
Q

Program budgeting

A

PPBS complex process used in the past, categorical funds use program budgets more often

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12
Q

How much of the districts money comes from the state

A

2/3 or more 60-67%

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13
Q

What percentage of funds come from the federal government

A

9-13% The rest is local

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14
Q

How many days in the school year

A

180

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15
Q

What is the fiscal year

A

July 1st- June 30

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16
Q

How many districts are there

A

1000

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17
Q

Most school districts are what level

A

Elementary

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18
Q

Is a credential required for a CBO

A

No

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19
Q

What qualifications does a CBO require

A

Business operations, collective-bargaining, accounting, economics

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20
Q

What fun is the largest and most active

A

General fund

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21
Q

What fun is required for all districts

A

General fund

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22
Q

What does the general fund include

A

Both restricted and unrestricted and revenues and expenditures such as special-education

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23
Q

What other kinds of general funds are there

A

Bond interest and redemption/building fund/deferred maintenance/adult education/child development

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24
Q

What is a consumption task

A

Sales tax, tobacco, gasoline etc.

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25
Q

Ad valorem and give 2 examples

A

” according to value”, example: sales tax- according to price
And property tax- according to property

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26
Q

Students can be charged for transportation to and from school true or false

A

True

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27
Q

How does a student get out of paying for transportation

A

If they are indigent or special ed

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28
Q

Indigent

A

It means you can’t afford it or you were on a free and reduced lunch

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29
Q

Can the district charge for text books, supplies or charge fees for extracurricular activities

A

No but they can charge for a lost textbook

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30
Q

AB1200

A

Imposes greater fiscal accountability and control on districts and county offices of education/based on Bankruptcy of some districts

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31
Q

Who reviews interim reports to check fiscal solvency

A

County schools Superintendent

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32
Q

Serano versus priest

A

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

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33
Q

Prop 13

A

Effect was to shift funding schools from local property taxes to state funding of schools

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34
Q

Prop 98

A

Created a bass minimum funding for peoples K through 14. It also modified the Gann limit

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35
Q

True or false – annual external audits are required also for student body funds

A

True

36
Q

What do audits contain

A

Financial conditions, accounting methods, compliance laws

37
Q

Limits Allstate agencies, including school districts, to it’s max level

A

Gann spending limit

38
Q

What is adjusted annually for changes in population and US or California per capita personal income?

A

Gann spending limit

39
Q

What is the revenue limit made up of

A

State funds and local property taxes

40
Q

Categorical aid is in addition to the revenue limit funding true or false

A

True

41
Q

What is distributed on a per pupil basis

ADA

A

Revenue limit

42
Q

Revenue limit

A

Money or income received by district for general education from the state also known as general-purpose money

43
Q

What creates frequent problems in audits

A

Student body funds

44
Q

Who must approve all fundraisers

A

Principal in student council

45
Q

For student body to function properly what must it have

A

Minutes of meetings, a purpose of organization also known as a constitution, policies/procedures for officers, fundraisers, expenditure approval

46
Q

True or false schoolboard have legal responsibility for regulations of student body

A

True

47
Q

What is not recommended as a fund raisers?

A

Rummage sales and raffles- you can’t raise funds for what school districts should buy

48
Q

When can food be sold in elementary schools

A

Only after the noon meal has been served

49
Q

The difference between maintenance and operations

A

Maintenance repairs and replaces/operations is in charge of housekeeping/custodial to keep things functional

50
Q

Work order system

A

Advantages to keep track of hours and cost

51
Q

Age of California school buildings

A

Over half are over 30 years old

52
Q

General obligation bonds

A

Most often used method to raise funds

53
Q

State bonds require what majority

A

Simple majority

54
Q

Local district Vons require what percentage majority

A

55%

55
Q

State building fund

A

Year-round schools get incentives for construction funds

56
Q

Food service has a separate fund true or false

A

True

57
Q

True or false free/reduced lunch doesn’t require recordkeeping

A

False

58
Q

What percentage of monies is put aside on reserve for economic uncertainty’s?

A

3%

59
Q

What percentage of funds that we get from the lottery?

A

1-3%

60
Q

Vouchers

A

Provide parents with options, related to Choice,political issues.

61
Q

Account funds are prescribed by who and where are they found?

A

The state and found in the CA school accounting manual

62
Q

Name the 6 elements of the account codes

A

Fund/group, resource, project year, goal, function and objective/services

63
Q

Expenditures are shown in what account codes?

A

1000-7000

64
Q

1000s are for what personnel

A

Certified

65
Q

2000s are for what personnel

A

Classified

66
Q

3000s is reserved for

A

Benefits

67
Q

4000s is for

A

Books and supplies

68
Q

5000s are for

A

Services and other operating expenditures

69
Q

6000s are for

A

Capital outlay

70
Q

7000s is for

A

Others outgo

71
Q

Revenues are places in what account series?

A

8000

72
Q

What is the largest expenditures? What percentage?

A

Salaries and benefits- 85%

73
Q

Budget forms are prescribed by who?

A

The CA dept of education

74
Q

Food sales are authorized by who?

A

The school board

75
Q

Special education costs is how much higher than reg education?

A

3-7 times

76
Q

SPED student encroachment is currently what percent?

A

20-25%

77
Q

When is 1st period attendance/P-1 attendance?

When is 2nd period attendance/P-2

A

July 1st-Dec 15

July 1st - April 15th

78
Q

COLA

A

Cost of living adjustment

79
Q

Encumbrances

A

Money allocated in a budget but not yet spent

80
Q

SB 1777

A

Class size reduction

81
Q

SB 376

A

Enacted state wide testing for all school districts

82
Q

API and AYP

A

Both measure student achievement

83
Q

Rodda Act

A

Guarantees teachers the right to collective bargaining

84
Q

Charter schools

A

Schools that are independent and funded directly by the state

85
Q

According to AB1200 the sup must send in what twice? And on what dates in order to avoid bankruptcy?

A

2 interim budget reports on oct 31st and jan 31st

86
Q

Capital outlay

A

Amounts paid for the acquisition of or additions to fixed assets such as buildings grounds and equipment

87
Q

Explain the budget process with dates

A

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.

School Finance (5 decks)

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