|SB 0059||Allows certain school districts to make additional transfers of operating funds for capital projects|
|LR Number:||S0431.01I||Fiscal Note:||0431-01|
|Last Action:||01/27/99 - Hearing Conducted S Education Committee||Journal page:|
|Effective Date:||August 28, 1999|
SB 59 - This act increases the allowed transfer of operating funds for capital projects for certain school districts. Qualifying districts are those which: 1) Maintain an operating fund balance of no more than fifteen percent; 2) Use at least 80% of their capacity for bonded debt; 3) Had at least 3% annual growth in attendance average over the last three years; 4) Were in full compliance with the teacher's salary compliance provisions of Section 165.016, RSMo, for the last three years without waiver or base rate adjustment; and 5) Maintain an operating levy of no less than the lesser of the district's tax rate ceiling or the $2.75 minimum levy.
Qualifying districts may increase the "24 cents" transfer to
12% of the district's operating levy times the guaranteed tax
base (GTB), which amounts to "33 cents" for a district with a
$2.75 levy and "48 cents" or twice the current transfer for a
district with a $4.00 levy.