Venturesome Capital- State Charter School Finance Systems

Significant one time capital funding has been

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Unformatted text preview: orida’s School Infrastructure Thrift Fund (SIT).3 A district in which charter schools had been operating in non-district facilities for at least a year was eligible for one-time payments of $5,800 (elementary) to $8,800 (high school) per pupil attending the charter school.4 If the charter schools’ enrollment grew, the district received additional payments corresponding to the enrollment increase. The state department of education requires districts and charter schools to submit a joint application for SIT funds, which has resulted in shared allocations. The percentage of SIT funds that districts share with charter schools ranges from 40 percent to 95 percent, with most districts splitting the funds evenly with their charter schools. SIT funds will be available until the one-time appropriation is exhausted, which could occur in 1999-2000. The 1999 Florida Legislature established a separate capital outlay trust fund for charter schools with its own annual appropriation. Beginning in their third year of operation, charter schools that did not use SIT funding, receive the state’s share of the 30-year amortized cost of a “student station” in annual installments. In 1998-99, that figure amounted to $387 for each elementary school student, $443 for each middle school student, and $587 for each high school student. Charter schools can use capital outlay funds only for capital expenses. Cash Flow Assistance: None available. School districts are not allowed to advance funds to charter schools. Some school districts require charter schools to secure a line of credit for start-up purposes before a charter is granted. Administrative Fees: School districts can charge administrative fees of up to 5 percent, not to exceed the actual cost. Contract administration includes technical assistance, monitoring compliance, processing financial records, processing student records, special education administration, test administration and processing of staff certification records. Uniform Financial Reporting: Beginning in 1997-98, charter schools were included in Florida’s Program Cost Reports submitted by school districts to the state. Charter school information is prepared in the same format and submitted as a separate exhibit in school district audits. Both the Program Cost Report and school district audits are only available from local school districts, a practice which seriously compromises the usefulness of uniform reporting. 3 The program, funded by a one-time appropriation of $200 million, rewards school districts for finding appropriate alternatives to building new facilities by paying them half of the cost of building a “student station.” Charter schools that are not located in public facilities constitute one alternative to building a new facility. 4 The estimated per-pupil cost of a new school in 1998-99 was $11,600 for elementary students and $17,600 for high school students. SIT pays out half of the estimated cost. 124 Appendix Florida Governmental Fund...
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This note was uploaded on 02/11/2013 for the course ECON 101 taught by Professor Smith during the Spring '09 term at Harvard.

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