October 30, 2015
THE ADMINISTRATOR ADDRESSED:
calculations for the Instructional Facilities Allotment (IFA) and the Existing
Debt Allotment (EDA) and interest and sinking (I&S) fund hold harmless
funding authorized by Senate Bill (SB) 1
We have posted updated calculations
under the IFA and EDA programs to district Summaries
of Finances (SOFs) for the
2015–2016 school year. Please log on to the TEA website at https://wfspcprdap1b16.tea.state.tx.us/Fsp/Reports/ReportSelection.aspx to review your district’s calculations.
We anticipate making payments for these programs on or about November 15.
Value Exemption Hold Harmless
IFA and EDA calculations do not yet
reflect the impact of the proposed constitutional amendment to increase the
homestead property value exemption from $15,000 to $25,000 that was authorized
by Senate Joint Resolution 1, 84th Texas Legislature. Even if your district
does not receive state assistance under IFA or EDA programs, it may be eligible
for state assistance under the hold-harmless provisions of SB 1. These payments
will be made through the EDA payment ledger. We anticipate incorporating the
revised property values in the December–January timeframe and making any
necessary supplemental payments at that time.
We are using the following data in the
2014 Property Value: We are using the 2014 T8 property value
certified by the comptroller’s property tax assistance division (PTAD). This
value does not yet reflect the increase in the homestead exemption from $15,000
to $25,000. We anticipate updating this value in the December–January timeframe,
which will increase the state share under both the IFA and EDA programs. We
will make any necessary supplemental payments at that time.
2015 I&S Tax Collections: Estimated tax collections are based on
the tax collections your district submitted through the Tax Information Survey
for the 2014–2015 school year as reflected in the Near-Final SOF. If your district is receiving a
deduction for failure to meet the local share of IFA or EDA and you anticipate
collecting more in taxes than are reflected on your SOF because of an increased I&S tax rate, please contact us so
that we can update the calculations. Otherwise, we will update this data when
we run Near-Final SOFs in September 2016
with information submitted in the summer 2016 Tax Information Survey.
2015–2016 Average Daily Attendance
(ADA): ADA estimates
come from data submitted through the attendance projections module of the
Foundation School Program (FSP) system in the fall of 2014. We will update this
data when we run Near-Final SOFs in September 2016.
Eligible Bond Payments: Eligible debt payments come from the
Municipal Advisory Council database. If your district has refunded debt that is
covered under the IFA program, you may need to submit an amendment to the
division of state funding in order to receive full state assistance. If a bond on your district’s IFA report
shows an asterisk and no state share of IFA for that bond, then we need to
process an IFA amendment for your district. Please contact us if you have questions regarding how to ensure that
you have submitted all necessary documentation.
Payment Ledgers: Payment ledgers for the IFA and EDA
programs now reflect Near-Final settle-up for the 2014–2015 school year as
well as updated 2015–2016 calculations. Please review your district’s payment
ledgers. If your district has a negative remaining balance, you will either
need to make a repayment of overpaid FSP funds, or we will transfer this
balance to your district’s Foundation Payment Ledger. We will notify districts
that are in a negative balance situation after calculations are updated to
reflect the impact of the homestead exemption.
If you have questions or we can be of
any assistance, please contact Jacqueline Pree by email at Jacqueline.firstname.lastname@example.org or by phone at (512) 475-1217.