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Table Of Contents

Introduction to Public School Finances
Overview
Governance
Public Participation
Local Taxes
Other Local Sources
Federal Sources
Other Sources of Revenues
Fund Balance
School Finance
Your Schools, Your Money
Purpose
Types of Data
System Development
Meetings, Information, and the Public
The Sunshine Act
The Right to Know Law
Budgeting
Legal Requirements
Budget Decision Factors
The Budget Cycle
Budget Administration
Budget Changes
Budget Evaluation
Five Year Plan
Accounting and Reporting
Accounting Rules
Fund Accounting
Financial Focus
Timing of Transactions
School Accounts
Account Types
Reserved Fund Balance
Unreserved Fund Balance
Annual Financial Report
Importance of Financial Statements
GASB 34
Auditing
Audit Definition and Purpose
Types of Audits
Auditor’s Opinion and Reports
Auditor’s Independence
Tax-Related Issues
Act 50
Assessment Exclusions
Key Points
Voter Approval
Initiation and Implementation
Keystone Opportunity Zones
Deteriorated Property or Areas
Investments
Risk Versus Return
Permitted Investments
Insurance and Collateral
Investment Risk and Market Value
Safeguarding Investments
Investment Pools
Borrowing
Other Financial Resources – Debt
School District Bonds
Bond Proceeds
Debt Limitations
Bond Costs
School Buildings
State Approval
State Reimbursement
Amount of State Reimbursement
Bidding Requirements
Public Hearing on Construction Projects
General Fund Expenditures
Expenditures By Cost Category (Function)
Instruction Costs
Support Services
Non-Instructional Services
Facilities Acquisition, Construction and Improvement Service
Other Expenditures and Fi- nancing Uses
Nonpublic School Services
Variations in Expenditures
Salaries and Benefits
Special Education
Transportation
Building and Equipment Costs
Accounting and Statistical Approaches
General Fund Revenues
Figure 12 Local Taxes by Source
Real Estate Tax
Earned Income Tax
Occupation Tax
Occupational Privilege Tax
Real Estate Transfer Tax
Per Capita Tax
Mercantile Taxes
Amusement Taxes
Mechanical Devices Tax
Special City Taxes
Other Taxes
Miscellaneous Local Sources
State Sources
Basic Education Funding (Basic Instructional Subsidy)
Special Education and Career and Technical (Vocational) Education
Appendices
School Finance 101 Advisory Board
Pennsylvania Department of Education (PDE)
Pennsylvania Economy League (PEL)
Pennsylvania State University (PSU)
Pennsylvania Association of School Business Officials (PASBO)
Pennsylvania Association of School Administrators (PASA)
Pennsylvania School Boards Association (PSBA)
References
P. 1
Public School Fnances 101

Public School Fnances 101

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Published by alicepaul2

Pennsyvlania Department of Education explanation of Public School finances and laws governing them

Pennsyvlania Department of Education explanation of Public School finances and laws governing them

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Published by: alicepaul2 on Jan 22, 2013
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09/17/2013

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