State equalization aid is determined by taking Needs minus resources. Last week I discussed how the needs are determined. Here is how resoucres are determined.
Local Effort Rate- The amount that each district is expected to contribute from local property taxes. This is determined by taking District Valuation divided by 100 times the local effort rate of 1.00.
Bancroft-Rosalie valuation 173,569,096/ 100 x 1.000 = 1,735,690.96. This is the amount of local property taxes expected for general fund operations.
Net option fuding- based on the net number of students optioning into the district.
Bancroft-Rosalie net option funding 444,793.70. This amount is guaranteed regardless of equalization aid.
Allocated income tax funds. This is determined as a percentage of the state income taxes paid by district residents. That is why it is important to have the school district information correct on your state tax form.
Bancroft-Rosalie income tax funds- 10,185.48.
Other actual receipts. Accountable receipts from other sources.
Bancroft-Rosalie amount 317,052.91.
Retirement aid- Amount paid because of an increase in the cost of the teacher retirement program. Bancroft-Rosalie amount 13,474.32.
Bancroft-Rosalie School
1) Total formula needs 3,184,949.47
2) Total formula resources 2,521,197.37
Equalization aid (1-2) 663,752.10
+ guaranteed aid of net option funding 444,793.70
+ income tax funds 10,185.48
+ retirement aid 13,474.32
equals total aid calculated of 1,132,205.60
Each year the pravious years aid is recalculated after student membership for the year is reported. If school enrollment decreases during the year, some aid must be paid back. If it increases, schools will get the amount they deserve paid the next year.
Since our enrollemnt went down diuring 2009-10, the prior year correction is minus 15,656.08.
Total state aid for 2010-11 will be 1,116,549.52.
