Recent Updates to the Summary of Finance (SOF) Reports

Word Version

February 18, 2016


Subject: Recent Updates to the Summary of Finance (SOF) Reports 

We have recently made a number of changes to district summary of finance (SOF) reports for the 2015–2016 school year.

Additional State Aid for the Homestead Exemption (ASAHE):

We have incorporated the revised 2014 property value reflecting the increased homestead exemption into the calculation of state aid for Instructional Facilities Allotment (IFA) and Existing Debt Allotment (EDA). Funding for these programs increased when the property value used to calculate the local and state shares of the programs was reduced to reflect the increased homestead exemption granted this year. Districts receive interest and sinking (I&S) hold-harmless funding when increases in IFA and EDA due to the reduced property value are not sufficient to compensate for the loss due in I&S tax collections for eligible bonds. You can find information related to the calculation of the I&S hold-harmless funding on line 52 of your district’s SOF report. The hold-harmless payment is flowing to districts through the EDA payment ledger, so you should review this ledger even if your district does not normally receive funding under the EDA program.

You can locate the payment ledgers at this link:

State funding has issued catch-up payments under the IFA and EDA programs in order to reflect the homestead exemption increase. You should receive these funds this week. These funds should be coded using fund 599 and revenue object 5829.

Funding for maintenance and operations (M&O) also increased when we incorporated the lower property value. Using a lower property value increases the state share of Tier 1 and Tier 2 and reduces recapture. When other increases are not sufficient to compensate for the loss due to the homestead exemption, districts receive funding under the M&O hold-harmless. You can find information related to the calculation of the M&O hold-harmless on line 2 of the other programs detail report on your SOF report. Increased M&O funding will flow through your regular monthly state aid payments.

Incorporation of 2015 M&O Tax Rates

We have updated district SOF reports to reflect 2015 M&O tax rates as reported by your appraisal districts to the comptroller’s office. We have updated M&O tax collections for districts that had M&O tax rate changes by changing them in proportion to the change in the tax rate.

Chapter 41 Payment Reports  

We have incorporated data from the Chapter 41 module into district SOF reports and produced Chapter 41 payment reports for those districts that make payments under Chapter 41. You can see the payment reports at this link:

If you need additional information, please contact the Division of State Funding at (512) 463-6220.



Amanda Brownson
Director, State Funding