Arizona Laws 15-964. Federal impact adjustment
A. The governing board of a school district may compute a federal impact adjustment to the unrestricted capital budget limit. The maximum amount of the federal impact adjustment is the sum of the following:
Terms Used In Arizona Laws 15-964
- Accommodation school: means either:
(a) A school that is operated through the county board of supervisors and the county school superintendent and that the county school superintendent administers to serve a military reservation or territory that is not included within the boundaries of a school district. See Arizona Laws 15-101
- Current year: means the fiscal year in which a school district is operating. See Arizona Laws 15-901
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Fiscal year: means the year beginning July 1 and ending June 30. See Arizona Laws 15-101
- Governing board: means a body organized for the government and management of the schools within a school district or a county school superintendent in the conduct of an accommodation school. See Arizona Laws 15-101
- School district: means a political subdivision of this state with geographic boundaries organized for the purpose of the administration, support and maintenance of the public schools or an accommodation school. See Arizona Laws 15-101
1. Twenty-five percent of the monies received from forest reserve funds by the school district in the prior fiscal year as provided in section 41-736.
2. For a school district that is not an accommodation school, the lesser of:
(a) Twenty-five percent of the title VIII of the elementary and secondary education act of 1965 revenues received in the prior fiscal year.
(b) The total amount of title VIII of the elementary and secondary education act of 1965 revenues received in the prior fiscal year minus the sum of the following:
(i) The amount of title VIII of the elementary and secondary education act of 1965 assistance used to increase the general budget limit as provided in section 15-905, subsections K and O for the prior fiscal year.
(ii) The amount budgeted for title VIII of the elementary and secondary education act of 1965 administrative costs as provided in section 15-905, subsection P for the current year.
(iii) The amount budgeted for principal and interest on impact aid revenue bonds pursuant to section 41-5804 for the current year.
B. The federal impact adjustment shall only be budgeted and expended for new construction, major renovation of buildings or expenditures that may be budgeted in the unrestricted capital fund.
C. If the governing board underestimated the amount of the federal impact adjustment for the current year, the board may adjust the unrestricted capital budget limit and the budget before May 15. If the board overestimated the amount of the federal impact adjustment for the current year, the board shall adjust the unrestricted capital budget limit and the budget before May 15. Not later than May 18, the budget as revised shall be submitted electronically to the superintendent of public instruction.