capitalexpansionfund41.pptVIP

What is it? How is equalization aid affected by a Fund 41? How many districts have a Fund 41? Why do districts establish it? Why don’t more districts establish one? What are the advantages disadvantages to Fund 41? How is it different from Fund 49? What do I have to do to start one? Authorization to establish a Capital Expansion Fund comes from state statute 120.10(10m); It sets specific procedures a district must do to establish the fund; State Statute 121.90 indicates the levy is within the revenue limit. It’s a fund that segregates money for specific capital projects as determined by the school board and approved at an annual meeting. Districts may only levy into Fund 41 – transfer from any other fund (including Fund 10) are not permitted. State Statute 120.10(10m): Vote to create a fund for the purpose of financing all current and future capital expenditures related to buildings and sites. All money raised through taxation or other collected pursuant to this subsection shall be deposited by the school district treasurer in a segregated fund. Such money shall not be used for any other purpose or be transferred to any other fund except by authorization by a majority vote of the electors present at a subsequent annual meeting and only if that notice that the issue would be on the agenda was included in the notice of the subsequent annual meeting under s. 120.08(1) ?. WUFAR says: Projects financed with tax levy per statue 120.10(10m). State statue restricts the use of this fund for capital expenditures related to buildings and sites. Equipment cannot be acquired through the use of this Fund. For the purpose of determining eligible expenditures from this Fund, the DPI defines “capital expenditures related to buildings and sites” as being expenditures for acquiring and remodeling buildings and sites, and maintenance or repair expenditures that extend or enhance the service life of buildings and building components, sites and site components. Aid is affe