Agenda - Council - 08/13/2013 - Laserfiche WebLink

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(xi) Finances Financial Statements The audited financial statements of PACT for the fiscal years ending June 30, 2010, 2011 and 2012 and unaudited financial statement for the period ending June 30, 2013 are attached to this Official Statement as Appendix B. Government Funding The majority of PACT's funding is provided by the State of Minnesota and, to a much lesser extent, the federal government. State funding is provided through various programs, including General Education Aid, Special Education, Limited English Proficiency, and Building Leases Aid. Under- Minnesota law, all public school districts such as PACT will receive in the school year 2012-2013, 86.4% of its calculated entitlement for the year plus the 35.7% of funds held -back for the 2011-2012 school year. Revenue is recognized in the school year it is earned, not the year it is received. The federal government provided start-up funding in the first several years through Minnesota's participation in the federal Charter School Program (CSP) grant program. At present, federal government funding is limited to funding for a portion of PACT's special education expenses. General Education Aid General Education Aid is a combination of several revenue categories that provide the major share of funding for school districts. General Education Aid is not restricted to any specific use. PACT received approximately SXXXXX for General Education Aid in the 2011- 2012 school year. Assuming attendance goals are met PACT anticipates recieving $XXXXXX for the 2012-2013 school year Compensatory Revenue PACT receives State Compensatory Aid for all students who are eligible for free and reduced -price school lunches. Compensatory Aid must be used to meet the educational needs of those students whose educational progress is below the level that is appropriate for pupils at that age level. PACT received approximately $XXXXXX in Compensatory Aid in the 2011-2012 school year and 'anticipates receiving] $XXXXXX in the 2012-2013 school year. Special Education Funding A school's Special Education Program is funded primarily by three sources: State Special Ed Revenue, Tuition Billing Revenue, and Federal Special Ed Revenue. PACT receives State Special Education Aid funding annually of approximating 90% of the additional salary costs of providing required services to special needs students and 90% of any contracted service costs. The remaining costs are billed back by MDE to the traditional public school district in which the student lives (as Tuition Billing). The School received $XXXXX in special education revenue (State aid plus tuition billing) for the 2011-2012 school year and ]anticipates receiving' approximately $XXXXXXX for the 2012-2013 school year. Since the revenue is determined by the amount of expenditures, if the expenditures increase due to special education needs so will the A-11