Engrossed House Bill (S)

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DIGEST

School financial management. Eliminates the school general fund. Creates an education fund to be used as the exclusive fund to pay expenses allocated to student instruction and learning. Creates an operations fund to replace the capital projects fund, the transportation fund, the school bus replacement fund, an art association or a historical society fund, and the public playground fund. Allows transfers between the education fund and operations fund. Establishes a maximum levy for the operations fund based on the levies for capital projects, transportation, bus replacement, historical societies, art associations, and public playgrounds. Provides that the maximum operations fund levy School financial management. Eliminates the school general fund. Creates an education fund to be used as the exclusive fund to pay expenses allocated to student instruction and learning. Creates an operations fund to replace the capital projects fund, the transportation fund, the school bus replacement fund, an art association or a historical society fund, and the public playground fund. Allows transfers between the education fund and operations fund. Establishes a maximum levy for the operations fund based on the levies for capital projects, transportation, bus replacement, historical societies, art associations, and public playgrounds. Provides that the maximum operations fund levy is to be increased annually by the income based assessed value growth quotient. Provides new allowable expenditures from the operations fund to include all skilled trades, school maintenance vehicles, and contracted services related to buildings and grounds. Eliminates the requirement to publish the entire capital projects plan and school bus replacement plan. Removes the approval of the plans and appropriations by the department of local government finance. Eliminates various dedicated funds and moves the purpose for each of these funds to the education fund or operations fund. Creates the school corporation referendum controlled project tax levy fund to pay for projects approved by a voter referendum. Makes corresponding changes. ... View more