Note: This version of section effective until 1-1-2020. See also following version of this section, effective 1-1-2020.
Sec. 6. (a) Only after the transfer is authorized by the governing body in a public meeting with public notice, money in the education fund may be transferred to the operations fund to cover expenditures that are not allocated to student instruction and learning under IC 20-42.5. The amount transferred from the education fund to the operations fund shall be reported by the school corporation to the department. The transfers made during the:
(1) first six (6) months of each state fiscal year shall be reported before January 31 of the following year; and
(2) last six (6) months of each state fiscal year shall be reported before July 31 of that year.
(b) The report must include information as required by the department and in the form required by the department.
(c) The department must post the report submitted under subsection (a) on the department's Internet web site.
As added by P.L.244-2017, SEC.71.
Note: This version of section effective 1-1-2020. See also preceding version of this section, effective until 1-1-2020.
Sec. 6. (a) Each school corporation shall make every reasonable effort to transfer not more than fifteen percent (15%) of the total revenue deposited in the school corporation's education fund from the school corporation's education fund to the school corporation's operations fund during a calendar year.
(b) Only after the transfer is authorized by the governing body in a public meeting with public notice, money in the education fund may be transferred to the operations fund to cover expenditures that are not allocated to student instruction and learning under IC 20-42.5. The amount transferred from the education fund to the operations fund shall be reported by the school corporation to the department. The transfers made during the:
(1) first six (6) months of each state fiscal year shall be reported before January 31 of the following year; and
(2) last six (6) months of each state fiscal year shall be reported before July 31 of that year.
(c) The report must include information as required by the department and in the form required by the department.
(d) The department must post the report submitted under subsection (b) on the department's Internet web site.
(e) Beginning in 2020, the department shall track for each school corporation transfers from the school corporation's education fund to its operations fund for the preceding six (6) month period. Beginning in 2021, before February 1 of each year, the department shall compile an excessive education fund transfer list comprised of all school corporations that transferred more than fifteen percent (15%) of the total revenue deposited in the school corporation's education fund from the school corporation's education fund to the school corporation's operations fund during the immediately preceding calendar year. A school corporation that is not included on the excessive education fund transfer list is considered to have met the education fund transfer target percentage for the immediately preceding calendar year.
As added by P.L.244-2017, SEC.71. Amended by P.L.161-2019, SEC.5.
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