2007 Minnesota Statutes

123B.75 REVENUE; REPORTING.
    Subdivision 1. Scope. District revenues must be recognized and reported on the district
books of account in accordance with this section.
    Subd. 2. Applicability to period and fund. Except as provided in this section, revenues
must be recorded in a manner which clearly indicates that they are applicable to a specific
accounting period and fund.
    Subd. 3. Receivable. Receivables must be recorded in a manner which clearly reflects the
amounts of money due to a particular fund from public and private sources at the date of each
accounting statement.
    Subd. 4. Recognized as receivable. All current levies of local taxes, including portions
assumed by the state, shall be recognized as receivable at the beginning of the calendar year
during which collection normally takes place.
    Subd. 4a. Taconite revenue. Taconite revenue received in a calendar year by a school
district under section 298.28, subdivisions 4, paragraphs (b) and (c), and 11, paragraph (d), is
fully recognized in the fiscal year in which the February payment falls.
    Subd. 5. Levy recognition. (a) "School district tax settlement revenue" means the current,
delinquent, and manufactured home property tax receipts collected by the county and distributed
to the school district.
(b) For fiscal year 2004 and later years, in June of each year, the school district must
recognize as revenue, in the fund for which the levy was made, the lesser of:
(1) the sum of May, June, and July school district tax settlement revenue received in that
calendar year, plus general education aid according to section 126C.13, subdivision 4, received
in July and August of that calendar year; or
(2) the sum of:
(i) 31 percent of the referendum levy certified according to section 126C.17, in calendar
year 2000; and
(ii) the entire amount of the levy certified in the prior calendar year according to section
124D.86, subdivision 4, for school districts receiving revenue under sections 124D.86,
subdivision 3 , clauses (1), (2), and (3); 126C.41, subdivisions 1, 2, and 3, paragraphs (b), (c), and
(d); 126C.43, subdivision 2; 126C.457; and 126C.48, subdivision 6.
    Subd. 6. State aids or grants as revenue. State aids or grants, that are paid as a matching
of an expenditure, shall be recognized as revenues and recorded as receivables in the fiscal year
during which the eligible expenditure is recognized.
    Subd. 6a. Integration aid. Integration aid received under section 127A.45, subdivision 12a,
must be recognized in the same fiscal year as the integration levy.
    Subd. 6b. General education aid. If the amount to be recognized as revenue under
subdivision 5 exceeds the May, June, and July school district tax settlement revenue received
in that calendar year, the district must recognize an amount of general education aid equal to
the difference between the total amount to be recognized as revenue under subdivision 5, and
the May, June, and July school district tax settlement revenue received in that calendar year as
revenue in the previous fiscal year.
    Subd. 7. Other revenues recognized. Other revenues not specified in this section shall be
recognized as revenue and shall be recorded in the fiscal year earned.
    Subd. 8. Deviations footnoted. Deviations from the principles set forth in this section must
be evaluated and explained in footnotes to audited financial statements.
    Subd. 9. Commissioner shall specify fiscal year. The commissioner shall specify the fiscal
year or years to which the revenue from any aid or tax levy is applicable if Minnesota Statutes do
not so specify.
History: 1976 c 271 s 28; 1978 c 764 s 11-13; 1979 c 303 art 10 s 3; 1981 c 358 art 1 s 2;
art 7 s 7; 1981 c 365 s 9; 3Sp1981 c 2 art 4 s 1,2; 1982 c 548 art 3 s 4; art 7 s 1-3; 1982 c 642 s
17; 3Sp1982 c 1 art 3 s 1; 1983 c 216 art 1 s 26; 1983 c 314 art 1 s 22; art 13 s 1; 1984 c 463 art
9 s 1,2; 1Sp1985 c 12 art 10 s 1; 1Sp1985 c 14 art 18 s 5,6; 1Sp1986 c 1 art 5 s 4; 1987 c 268
art 9 s 2,3; 1987 c 384 art 2 s 26; 1987 c 398 art 1 s 1; art 7 s 42; 1988 c 486 s 9; 1989 c 222 s
6; 1989 c 329 art 6 s 1,2; 1Sp1989 c 1 art 6 s 1,2; 1990 c 426 art 2 s 4; 1990 c 562 art 6 s 3;
1991 c 130 s 37; 1991 c 265 art 1 s 1,2; 1992 c 499 art 1 s 1,2; art 12 s 29; 1993 c 192 s 111;
1993 c 224 art 1 s 1; art 12 s 11; art 13 s 6; 1994 c 647 art 1 s 2,3; 1Sp1995 c 3 art 1 s 3,4; art
16 s 13; 1996 c 412 art 14 s 1; 1996 c 461 s 2; 1996 c 471 art 10 s 2; 1Sp1997 c 4 art 1 s 2;
1998 c 397 art 6 s 11-16,124; art 11 s 3; 1998 c 398 art 1 s 1; 1999 c 241 art 2 s 8; 2000 c 489
art 2 s 3; 1Sp2001 c 5 art 2 s 6; 1Sp2001 c 6 art 1 s 10,11; 1Sp2003 c 9 art 5 s 4; 1Sp2003 c
23 s 19; 1Sp2005 c 5 art 1 s 3; art 5 s 1; 2006 c 263 art 4 s 2