2013–2014 Near-Final Summary of Finances

Word version

 October 1, 2014

  TO THE ADMINISTRATOR ADDRESSED:

Subject: 2013–2014 Near-Final Summary of Finances 

The near-final Summary of Finances (SOF) for the 2013–2014 school year and other related reports have been updated and are available at https://wfspcprdap1b16.tea.state.tx.us/Fsp/Reports/ReportSelection.aspx (select "Summary of Finances" from the drop-down list). The reports reflect the following important updates and information available at the time of publication (items with an asterisk [*] do not apply to charter schools):

  • Average Daily Attendance (ADA) and Full-Time Equivalents (FTEs) – The SOF reflects the updated student attendance data submitted by school districts and charter schools through the Public Education Information Management System (PEIMS) in July for the 2013–2014 school year. Line 7 of the SOF shows the near-final calculation of students in weighted average daily attendance (WADA).
    • Total Tax Collections
      •  School Districts: This SOF uses the maintenance and operations (M&O) and interest and sinking fund (I&S) tax collections that your district reported through the Tax Information Survey subsystem of the Foundation School Program (FSP) System in summer 2014. If your district did not complete the survey, the budgeted tax collections for the 2013–2014 school year as reported through the PEIMS will continue to be used until tax collections reported in the 2013–2014 annual financial report are incorporated in the final version of the SOF in April 2015. If your district receives an Instructional Facilities Allotment for a lease-purchase agreement, your district’s local share of the allotment has been subtracted from the M&O tax collection amount. If your district participates in a tax increment reinvestment zone (TIRZ), the local collections for the TIRZ submitted on the J1 schedule in your district's 2013–2014 annual financial report will be subtracted from your district's M&O collections in April 2015.
      • Charter Schools: The M&O tax collections reported by school districts through the Tax Information Survey subsystem of the FSP system in summer 2014 have been used to determine the statewide average variables for charter schools.
       
    •   Transportation Allotment  Your school district’s or charter school's 2013–2014 near-final transportation allotment is based on the 2013–2014 route services data submitted using the Transportation subsystem of the FSP System.
        
    •   *Existing Debt Allotment (EDA) – A report entitled EDA State Aid Report, available by clicking the "EDA Detail Report" link on line 49 of the SOF, reflects the near-final state and local shares of the EDA based on updated ADA and district property values. Settle-up amounts for 2013–2014 will be incorporated into the 2014–2015 EDA payments, which we expect to make in November. If your district does not have a sufficient EDA entitlement in 2014–2015 to net against a negative balance from 2013–2014, the remaining negative balance will be transferred to the foundation payment ledger and netted against other state aid. If your district refinanced eligible debt during 2013–2014, please verify that the information on the EDA State Aid Report and in the FSP System’s Bond Programs subsystem has been updated correctly.
        
    •   *Instructional Facilities Allotment (IFA) – A report entitled IFA Allotment Detail, available by clicking the "Details" link on line 50 of the SOF, reflects the near-final state and local shares of the IFA based on updated ADA values and district property values. Settle-up amounts for 2013–2014 will be incorporated into the 2014–2015 IFA payments, which we expect to make in November. If your district does not have a sufficient IFA entitlement in 2014–2015 to net against a negative balance from 2013–2014, the remaining negative balance will be transferred to the foundation payment ledger and netted against other state aid. If your district refinanced eligible debt during 2013–2014, an amendment is required and adjustments may be necessary.
    • High School Allotment  Your school district’s or charter school's high school allotment is calculated by multiplying its high school (grades 9–12) ADA by $275.
    • Staff Salary Allotment  Your school district’s or charter school's staff salary allotment is calculated by multiplying its number of eligible staff members by $500 or $250, depending on the staff members’ full-time or part-time status. The allotment has been updated using 2013–2014 counts submitted using the Staff Salary subsystem of the FSP System.
    • *State Aid Reduction for WADA Sold – For a Chapter 42 district that entered into an Option 4 agreement with a Chapter 41 district, the reduction in state aid for selling WADA has been recalculated using the district’s near-final revenue per WADA. The report entitled State Aid Reduction for WADA Sold, available by first clicking the "Other Programs Detail Report" link on line 44 of the SOF and then clicking the "Detail Report" link in line 1 of the Other Programs Detail Report, shows how this latest WADA charge is derived. The number of WADA being sold does not reflect the near-final WADA that the Chapter 41 district must purchase. The number of WADA bought or sold may need to be adjusted depending on the near-final Chapter 41 Cost of Recapture Report
    • *Public Education Grant Allotment  The Public Education Grant allotment is not included in this SOF. It will be incorporated in the final version of the SOF in April 2015.   

    The 2013 General Appropriations Act did not provide appropriations for New Instructional Facility Allotment (NIFA) awards or for the purpose of ADA adjustments for districts with declining enrollments. Therefore, no NIFA awards or adjustments for declining enrollment will be made.

    The report entitled FSP Allocations and Adjustments, available by clicking the "FSP Allocations and Adjustments Report" link at the end of the SOF, shows the amount of your school district’s near-final settle-up (for 2013–2014, this report is available only to school districts). If your school district or charter school was underpaid, the amount owed to the district or to the school was paid earlier this month. If your school district or charter school was overpaid, recovery of the amount overpaid started this month and will continue to be made by reducing the district’s or school's 2014–2015 monthly payments from the Foundation School Fund. The rate of recovery will be based on the same percentage that Foundation School Fund monthly payments are based on in accordance with your district’s or school's 2013–2014 payment class. Your school district's or charter school's 2013–2014 FSP payment ledger is also available at https://wfspcprdap1b16.tea.state.tx.us/Fsp/Reports/ReportSelection.aspx (select "Payment Ledgers" from the drop-down list).

    If you have any questions about this SOF, please contact a consultant in the Office of School Finance at (512) 463-9238.

    Sincerely,

     

    Amanda Brownson
    Director, State Funding

     

    AB/ac