Bill Text: IA HF433 | 2015-2016 | 86th General Assembly | Introduced

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Bill Title: A bill for an act establishing a district cash reserve budget adjustment.

Sponsorship: Partisan Bill (Republican 3)

Status: (Introduced - Dead) 2015-03-04 - Sponsor added, Heartsill. H.J. 465. [HF433 Detail]

Download: Iowa-2015-HF433-Introduced.html

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House File 433 - Introduced




                                 HOUSE FILE       
                                 BY  SHEETS and GASSMAN

                                      A BILL FOR

  1 An Act establishing a district cash reserve budget adjustment.
  2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
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PAG LIN



  1  1    Section 1.  Section 257.2, subsection 2, Code 2015, is
  1  2 amended by striking the subsection.
  1  3    Sec. 2.  NEW SECTION.  257.14A  District cash reserve budget
  1  4 adjustment.
  1  5    1.  The board of directors of a school district that wishes
  1  6 to receive the budget adjustment under this section may adopt a
  1  7 resolution by May 15 preceding the budget year and shall notify
  1  8 the department of management of the adoption of the resolution
  1  9 and the amount of the budget adjustment to be received.
  1 10    2.  a.  For budget years beginning on or after July 1,
  1 11 2016, each school district that satisfies the requirements of
  1 12 subsection 1 shall be eligible for a budget adjustment for
  1 13 that budget year in an amount not to exceed an amount equal to
  1 14 the district's budget enrollment multiplied by the quotient
  1 15 obtained by dividing the sum of the maximum amount of the cash
  1 16 reserve levy available to each school district in the state as
  1 17 determined under section 298.10, subsection 3, for the budget
  1 18 year by the statewide budget enrollment for the base year.
  1 19    b.  The resolution adopted under subsection 1 may specify
  1 20 a budget adjustment amount that is less than the amount
  1 21 authorized under paragraph "a".
  1 22    c.  The school district shall fund the budget adjustment
  1 23 increase either by using moneys from its unexpended fund
  1 24 balance or by using cash reserve moneys subject to the
  1 25 limitation in section 298.10.
  1 26    3.  A budget adjustment received under this section shall
  1 27 not affect the eligibility for or amount of any other budget
  1 28 adjustment authorized by law for the same budget year. In
  1 29 addition, a budget adjustment under this section shall be
  1 30 limited to the budget year for which the adjustment was
  1 31 authorized and shall not be included in any computation of a
  1 32 school district's cost for any future budget year.
  1 33                           EXPLANATION
  1 34 The inclusion of this explanation does not constitute agreement with
  1 35 the explanation's substance by the members of the general assembly.
  2  1 This bill establishes a district cash reserve budget
  2  2 adjustment. The board of directors of a school district that
  2  3 wishes to receive the budget adjustment under the bill may
  2  4 adopt a resolution by May 15 preceding the budget year and
  2  5 shall notify the department of management of the adoption of
  2  6 the resolution and the amount of the budget adjustment to be
  2  7 received.
  2  8    For budget years beginning on or after July 1, 2016, each
  2  9 school district that adopts the required resolution shall be
  2 10 eligible for a budget adjustment for that budget year in an
  2 11 amount not to exceed an amount equal to the district's budget
  2 12 enrollment multiplied by the quotient obtained by dividing the
  2 13 sum of the maximum amount of the cash reserve levy available
  2 14 to each school district in the state as determined under Code
  2 15 section 298.10(3) for the budget year by the statewide budget
  2 16 enrollment for the base year.
  2 17    The bill provides that the budget adjustment resolution may
  2 18 specify a budget adjustment amount that is less than the amount
  2 19 authorized in the bill.  The school district is required to
  2 20 fund the budget adjustment increase either by using moneys from
  2 21 its unexpended fund balance or by using cash reserve moneys
  2 22 subject to the cash reserve levy limitation in Code section
  2 23 298.10.
  2 24    The bill specifies that the budget adjustment received does
  2 25 not affect the eligibility for or amount of any other budget
  2 26 adjustment authorized by law for the same budget year and that
  2 27 the budget adjustment under the bill is limited to the budget
  2 28 year for which the adjustment was authorized and shall not be
  2 29 included in any computation of a school district's cost for any
  2 30 future budget year.
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