Agenda - Council - 07/12/2022 - Laserfiche WebLink

Home

Other State Aid. The State also provides aid to charter schools in several other categories,including Limited English Proficiency. In addition, the 2015 State Legislative session adopted new funding for Long Term Facilities Maintenance Revenue. See"APPENDIX C—BUDGET PROJECTION" in this Official Statement. Receipt of State Funding. A charter school receives 90% of its aid in twenty-three(23)payments between July and June. The remaining 10% holdback of each charter school's allocated State aid, as adjusted for fluctuations in pupil enrollment, will be distributed to each charter school the following July and October. If a charter school ceases operations prior to June 30 of a school year, the Commissioner shall withhold the estimated State aid owed to the charter school. The charter school board of directors and the authorizer must submit to the Commissioner a closure plan and financial information about the charter school's liabilities and assets. After receiving the closure plan, financial information, an audit of pupil counts, and documentation of lease expenditures, the Commissioner may release cash withheld and may continue regular payments if amounts are owed. The Commissioner may reduce a charter school's State aid under Minn. Stat. §§ 127A.42 or 127A.43 if the charter school board fails to correct any violations. The Commissioner may reduce a charter school's State aid by an amount not to exceed sixty percent of the charter school's basic revenue for the period of time that a violation of law occurs. A charter school is eligible to receive other aids, grants, and revenue as if it were a school district. A charter school,however,may not receive aid,a grant,or revenue if a levy is required to obtain the money, or if the aid,grant,or revenue replaces levy revenue that is not general education revenue. A charter school may receive money from any source for capital facility needs. The charter school, however, may not use money received from the State to purchase land or buildings. The board of directors of a charter school may not levy taxes or issue bonds to receive funds. Tort Liability. Under State law, a charter school is subject to the same limits on tort liability as a traditional public school district or other municipality. See "APPENDIX B — MINNESOTA LAWS RELATING TO CHARTER SCHOOLS" in this Official Statement for a more complete discussion of the Minnesota laws governing charter schools. AUDITED FINANCIAL STATEMENTS OF THE CHARTER SCHOOL The audited financial statements for the Charter School as of and for the Fiscal Year ended June 30, 2021 (the"Audited Financial Statements"),are included in APPENDIX D to this Official Statement. These are the most recent audited financial statements available for the Charter School. The Audited Financial Statements were audited by Abdo, Minneapolis, Minnesota, independent certified public accountants (the "Auditor"),as stated in their report thereon. Abdo,an independent auditor,has not been engaged to perform and has not performed, since the date of its reports included in APPENDIX D to this Official Statement, any procedures on the financial statements addressed in those reports. The Auditor also has not performed any procedures relating to this Official Statement. The financial statements of the Company are not included in this Official Statement because the Company does not have significant financial resources and is not anticipated to have significant assets other than the School Facilities. It is expected that the financial statements of the Company will be included in a consolidated schedule to the Charter School in the future. See"APPENDIX D—AUDITED FINANCIAL STATEMENTS OF THE CHARTER SCHOOL FOR THE FISCAL YEAR ENDED JUKE 30,2021"in this Official Statement. 40