123B.75 REVENUE; REPORTING. Subdivision 1. Scope. District revenues must be recognized and reported on the district books of account in accordance with this section. Subd. 1a. Definition. For the purposes of this section, “school district tax settlement revenue” means the current, delinquent, and manufactured home property tax receipts collected by the county and distributed to […]
123B.76 EXPENDITURES; REPORTING. Subdivision 1. Recognition. District expenditures must be recognized and reported on the district books of account in accordance with this section. Fiscal year-end recognition of expenditures and the related offsetting liabilities must be recorded in each fund in accordance with the uniform financial accounting and reporting standards for Minnesota school districts. Encumbrances […]
123B.77 ACCOUNTING, BUDGETING, AND REPORTING REQUIREMENT. Subdivision 1. Uniform financial accounting and reporting standards. Each Minnesota school district must adopt the uniform financial accounting and reporting standards for Minnesota school districts provided for in guidelines adopted by the department. Subd. 1a. School district consolidated financial statement. The commissioner, in consultation with the advisory committee on […]
123B.78 CASH FLOW; SCHOOL DISTRICT REVENUES; BORROWING FOR CURRENT OPERATING COSTS; CAPITAL EXPENDITURE DEFICITS. Subdivision 1. State aids payment. The commissioner of management and budget shall remit all payments of state aids to districts in conformance with the dates provided by law or, when not so provided, with a schedule of aid payments to be […]
123B.79 PERMANENT FUND TRANSFERS. Subdivision 1. Limitations. Except as provided in this subdivision, sections 123B.51, 123B.80, 475.61, and 475.65, a district may not permanently transfer money from (1) an operating fund to a nonoperating fund; (2) a nonoperating fund to another nonoperating fund; or (3) a nonoperating fund to an operating fund. Permanent transfers may […]
123B.80 EXCEPTIONS FOR PERMANENT FUND TRANSFERS. Subdivision 1. Commissioner’s authorization. The commissioner may authorize a board to transfer money from any fund or account to another fund or account according to this section. Subd. 2. Application. A board requesting authority to transfer money must apply to the commissioner and provide information requested. The application must […]
123B.81 STATUTORY OPERATING DEBT. Subdivision 1. Operating debt. The “operating debt” of a school district means the net negative unreserved general fund balance calculated as of June 30 of each year in accordance with the uniform financial accounting and reporting standards for Minnesota school districts. Subd. 2. Statutory operating debt. If the amount of the […]
123B.82 REORGANIZATION OPERATING DEBT. The “reorganization operating debt” of a school district means the net negative unreserved fund balances in all school district funds, other than building construction, debt redemption, and trust and agency, calculated in accordance with the uniform financial accounting and reporting standards for Minnesota school districts as of: (1) June 30 of […]
123B.83 EXPENDITURE LIMITATIONS. Subdivision 1. [Repealed, 1Sp2005 c 5 art 1 s 55] Subd. 2. Net unreserved general fund balances. A school district must limit its expenditures so that its net unreserved general fund balance does not constitute statutory operating debt under section 123B.81. Subd. 3. Failure to limit expenditures. If a district does not […]
