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I RECEIVED 07/25 12:52 1995 AT 6125959521 PAGE 2 (PRINTED PAGE 2) 1 JLL-25-1995 12 07 AMSD 866 8462 P.02 House Research Depar=ent September 1994 H. Minnesota School Finance page 7 Basic School Finance Terms and Concepts The following terms and concepts are essential to an understanding of Minnesota's school finance- program Adjusted Net Tax Capacity (ANTC): The net tax capacity of a school district as adjusted by r the sales ratio. The purpose of the adjustment is to neutralize the effect of different assessment practices among the taxing jurisdicdons of the state. Average Da17y Membership (ADM): The sum for all pupils of the number of days in the district's school year each pupil is enrolled, divided by the number of days the schools are in session. Categorical Aid: Funds paid by the state to school districts and designated for specific purposes, such as traasportation, special education for disabled children and vocational education. Elementary Sparsity Revenue: Revenue available to small, sparsely populated school districts. Elementary sparsity revenue is part of general education revenue. To qualify for elementary sparsity revenue a district must have an elementary school that is at least 19 miles from the next nearest elementary school and have an average of 20 or fewer students per elementary grade. Equalizing Factor. The maximum amount of adjusted net tax capacity per pupil unit a district may have without going "off the formula"—i.e.,becoming disqualified from receiving basic general aid. A district receives no general education aid when the amount raised by the general education tax rate times its adjusted tax capacity exceeds its general education revenue(i.e.. number of pupil units times the formula allowance). The equalizing factor is computed by dividing the basic formula allowance by the general education tax rate. -: ear- "eidHed ,.Year Paid .School Year. .-:•Equalizing Factor., 1995-96 _ $9a11 ; - 993� - 1994 : 1994-1995. °$9;025 :;; , :• ,,,,•Y 1993 :: a 93=T994 -_ . 59;935..•x;; rr- 21991~ 1992. 1992-1993 $ii,051. '1990 °` "`--1991` 1991-1992' $11,553 - - '�- _ `� _ - .2990 1990.1991.1 SIY;228 Ham Rescteh Dcpnuo r Fiscal Year. A 12-month period between settlements of financial accounts. .The fiscal year for the state and school districts runs from July 1 through June 30, and is identified by the calendar year in which it ends. For example, fiscal year 1995 runs from July 1, 1994 through June 30. 1995. A fiscal year is interchangeable with a school year for school finance purposes. For example, fiscal year 1995 is equivalent to the 1994-95 school year.