Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

When is a school district in statutory operating debt?

April 26, 2017debt district operating School statutory

0

Posted

When is a school district in statutory operating debt?

1 Answer

0

Posted

A school district must do more than declare it is in SOD. There is one criterion a school district must meet in order for it to officially be in SOD. The Department of Education will deem a district to be in SOD when its Net Unappropriated Fund Balance at the end of the year (June 30) is a negative amount in excess of 2-1/2 percent of its operating expenditures. For the exact language, see Minnesota Statute 123B.81. For information on your district’s status, contact Charles Speiker at the MDE, charles.speiker@state.mn.us.