Venturesome Capital- State Charter School Finance Systems

State start up assistance none capital outlay and

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Unformatted text preview: ir bylaws. Unexpended Funds: Charter schools keep unexpended funds. However, school districts can request that the charter school’s allotment be reexamined in the event of excessive surpluses. Timing of Payments: Charter school aid is split between the district average local tax levy and the district average state aid attached to each student. The local portion is paid to the district(s) of residence in 12 monthly installments beginning July 15. Thus, two payments Appendix 159 Venturesome Capital: State Charter School Finance Systems arrive before school starts. The resident district also pays the average state aid portion in 20 installments on the second and 16th of each month from September through June. Teacher Retirement: All certified teachers must participate in the retirement program. All charter school teachers must be certified. New Jersey Weighted FTE calculations Grades 1-5 Grades 6-8 Grades 9-12 Total weighted FTE a Base funding 90 percent funding 1. Base funding @ 90% 2. Special education Cost Factor Weight Basic Elementary Charter School FTE WFTE 1.00 1.12 1.20 Middle Cost K-12 Charter School FTE WFTE 100 0 0 100.0 0.0 0.0 100.0 34 33 33 34.0 37.0 39.6 110.6 $ 7,457 $ 7,457 $ 8,244 $ 7,457 Urban At-Risk Upper Grade FTE WFTE x .90 $ 6,711 x .90 $ 7,420 0 50 50 $ 0.0 56.0 60.0 116.0 9,820 $ 8,466 x .90 $ 8,838 b $ - (0 FTE) $ 8 (5 FTE) $ c $ - (0 FTE) $ 121 (4 FTE) $ $ - (0 FTE) $ 44 (4 FTE) $ - $ - 6. Transportation 7. Federal funding Title I Bilingual and immigrant Special education Other federal programs $ $ 41 362 $ $ 41 401 $ $ 41 477 $ $ $ $ 40 $ $ $ $ 123 4 63 40 $ $ $ $ 246 8 126 40 Total revenue $ 7,154 Tier I Tier II 3. Bilingual education d e 4. At-risk 5. Distance learning f $ 8,264 15 (10 FTE) 242 (8 FTE) $ 88 (8 FTE) $ 436 $10,558 ASSUMPTIONS: Each school has 100 students. Basic elementary charter school has no at-risk or special needs students. Middle cost K-12 charter school has the same student population as the average New Jersey district. At-risk upper grade charter school has twice the concentration of special needs students as the New Jersey average. The basic and middle cost schools use base funding for Nutley, an average New Jersey school district. The at risk school uses base funding for Newark. a Includes a majority of special education and transportation costs. $154 per eligible pupil. c $3,024 per eligible pupil. d $1,103 per eligible pupil. e $436 per student in eligible schools. f In-kind value of district-provided transportation estimated at state average of 5.4 percent. b 160 Appendix New Mexico New Mexico Base Funding: More than 90 percent of education funding comes from the state equalization aid program. While the base funding amount was $2,322 in 1998-99, an extensive system of weights increased average funding to about $4,400. This formula adjusts for size, grade level, special education and other student characteristics, enrollment growth, and staff training and experience (T&E). The T&E factor is a...
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