Source: https://www.revisor.mn.gov/statutes/?id=123B.75&year=2006
Timestamp: 2015-11-26 16:00:13
Document Index: 354004439

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123B.75 - 2006 Minnesota Statutes
Print 2006 Minnesota StatutesEducation Code: Prekindergarten - Grade 12Chapter 123BSection 123B.75
About Minnesota Statutes2006 Statutes New, Amended or Repealed2006 Statutes Topics (Index)Chapter 123B
Full Chapter TextSection 123B.75
2014 Subd. 5 Amended 2014 c 312 art 15 s 2
2014 Subd. 10 New 2014 c 279 s 4
2013 Subd. 5 Amended 2013 c 116 art 7 s 1
2013 Subd. 6a Repealed 2013 c 116 art 7 s 23
2012 Subd. 5 Amended 2012 c 187 art 1 s 16
2011 Subd. 5 Amended 1Sp2011 c 11 art 5 s 2
2011 Subd. 5 Amended 1Sp2011 c 11 art 1 s 12
2010 Subd. 1a New 1Sp2010 c 1 art 3 s 1
2010 Subd. 5 Amended 1Sp2010 c 1 art 3 s 2
2010 Subd. 9 Amended 1Sp2010 c 1 art 3 s 3
2006 Subd. 5 Amended 2006 c 263 art 4 s 2
2005 Subd. 4a New 1Sp2005 c 5 art 1 s 3
2005 Subd. 5 Amended 1Sp2005 c 5 art 5 s 1
2003 Subd. 5 Amended 1Sp2003 c 23 s 19
2003 Subd. 5 Amended 1Sp2003 c 9 art 5 s 4
2001 Subd. 5 Amended 1Sp2001 c 6 art 1 s 10
2001 Subd. 5 Amended 1Sp2001 c 5 art 2 s 6
2001 Subd. 6b New 1Sp2001 c 6 art 1 s 11
2000 Subd. 5 Amended 2000 c 489 art 2 s 3
1999 Subd. 6a New 1999 c 241 art 2 s 8
123B.75 REVENUE; REPORTING.
Subdivision 1. Scope. District revenues must be recognized and reported on the district books of account in accordance with this section.
Subd. 2. Applicability to period and fund. Except as provided in this section, revenues must be recorded in a manner which clearly indicates that they are applicable to a specific accounting period and fund.
Subd. 3. Receivable. Receivables must be recorded in a manner which clearly reflects the amounts of money due to a particular fund from public and private sources at the date of each accounting statement.
Subd. 4. Recognized as receivable. All current levies of local taxes, including portions assumed by the state, shall be recognized as receivable at the beginning of the calendar year during which collection normally takes place.
Subd. 4a. Taconite revenue. Taconite revenue received in a calendar year by a school district under section 298.28, subdivisions 4, paragraphs (b) and (c), and 11, paragraph (d), is fully recognized in the fiscal year in which the February payment falls.
Subd. 5. Levy recognition. (a) "School district tax settlement revenue" means the current, delinquent, and manufactured home property tax receipts collected by the county and distributed to the school district.
(i) 31 percent of the referendum levy certified according to section 126C.17, in calendar year 2000; and
(ii) the entire amount of the levy certified in the prior calendar year according to section 124D.86, subdivision 4, for school districts receiving revenue under sections 124D.86, subdivision 3
, clauses (1), (2), and (3); 126C.41, subdivisions 1, 2, and 3, paragraphs (b), (c), and (d); 126C.43, subdivision 2; 126C.457; and 126C.48, subdivision 6.
Subd. 6. State aids or grants as revenue. State aids or grants, that are paid as a matching of an expenditure, shall be recognized as revenues and recorded as receivables in the fiscal year during which the eligible expenditure is recognized.
Subd. 6a. Integration aid. Integration aid received under section 127A.45, subdivision 12a, must be recognized in the same fiscal year as the integration levy.
Subd. 6b. General education aid. If the amount to be recognized as revenue under subdivision 5 exceeds the May, June, and July school district tax settlement revenue received in that calendar year, the district must recognize an amount of general education aid equal to the difference between the total amount to be recognized as revenue under subdivision 5, and the May, June, and July school district tax settlement revenue received in that calendar year as revenue in the previous fiscal year.
Subd. 7. Other revenues recognized. Other revenues not specified in this section shall be recognized as revenue and shall be recorded in the fiscal year earned.
Subd. 8. Deviations footnoted. Deviations from the principles set forth in this section must be evaluated and explained in footnotes to audited financial statements.
Subd. 9. Commissioner shall specify fiscal year. The commissioner shall specify the fiscal year or years to which the revenue from any aid or tax levy is applicable if Minnesota Statutes do not so specify.
History: 1976 c 271 s 28; 1978 c 764 s 11-13; 1979 c 303 art 10 s 3; 1981 c 358 art 1 s 2; art 7 s 7; 1981 c 365 s 9; 3Sp1981 c 2 art 4 s 1,2; 1982 c 548 art 3 s 4; art 7 s 1-3; 1982 c 642 s 17; 3Sp1982 c 1 art 3 s 1; 1983 c 216 art 1 s 26; 1983 c 314 art 1 s 22; art 13 s 1; 1984 c 463 art 9 s 1,2; 1Sp1985 c 12 art 10 s 1; 1Sp1985 c 14 art 18 s 5,6; 1Sp1986 c 1 art 5 s 4; 1987 c 268 art 9 s 2,3; 1987 c 384 art 2 s 26; 1987 c 398 art 1 s 1; art 7 s 42; 1988 c 486 s 9; 1989 c 222 s 6; 1989 c 329 art 6 s 1,2; 1Sp1989 c 1 art 6 s 1,2; 1990 c 426 art 2 s 4; 1990 c 562 art 6 s 3; 1991 c 130 s 37; 1991 c 265 art 1 s 1,2; 1992 c 499 art 1 s 1,2; art 12 s 29; 1993 c 192 s 111; 1993 c 224 art 1 s 1; art 12 s 11; art 13 s 6; 1994 c 647 art 1 s 2,3; 1Sp1995 c 3 art 1 s 3,4; art 16 s 13; 1996 c 412 art 14 s 1; 1996 c 461 s 2; 1996 c 471 art 10 s 2; 1Sp1997 c 4 art 1 s 2; 1998 c 397 art 6 s 11-16,124; art 11 s 3; 1998 c 398 art 1 s 1; 1999 c 241 art 2 s 8; 2000 c 489 art 2 s 3; 1Sp2001 c 5 art 2 s 6; 1Sp2001 c 6 art 1 s 10,11; 1Sp2003 c 9 art 5 s 4; 1Sp2003 c 23 s 19; 1Sp2005 c 5 art 1 s 3; art 5 s 1; 2006 c 263 art 4 s 2