SF 967

as introduced - 87th Legislature (2011 - 2012) Posted on 02/23/2012 09:35am

A bill for an act
relating to education finance; allowing a school district to transfer up to $51 per
adjusted marginal cost pupil unit from its reserve for operating capital account to
the unrestricted general fund.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin CAPITAL ACCOUNT TRANSFERS.
new text end

new text begin Notwithstanding any law to the contrary, on June 30, 2011, and June 30, 2012, a
school district may transfer money from its reserved for operating capital account to its
undesignated balance in the general fund. The amount transferred by any school district
must not exceed $51 times the district's adjusted marginal cost pupil units for the second
preceding fiscal year. This transfer may occur only after the school board has adopted a
written resolution stating the amount of the transfer and declaring that the school district's
operating capital needs are being met.
new text end