Louisiana Administrative Code › Title 28 - EDUCATION › Part XLI - Bulletin 1929-Louisiana Accounting and Uniform Governmental Handbook › Chapter 7 - Classification of Revenues and Other Sources of Funds › Section XLI-701 - Revenue Codes

Current through Register Vol. 50, No. 6, June 20, 2024
A. Revenue codes
				necessary for reporting to the National Center for Education Statistics are
				marked with an asterisk.
B. 1000
				Revenue from Local Sources
1. 1100 Taxes
				Levied/Assessed by the School District-compulsory charges levied by the school
				system to finance services performed for the common benefit.
a. 1110* Ad Valorem Taxes - Gross-amounts
				levied by a school district on the taxable assessed value of real and personal
				property within the school district that, within legal limits, is the final
				authority in determining the amount to be raised for school purposes. By
				"gross," it is meant that the taxes are recorded at the amount actually
				collected by the tax collector before deduction for the assessor's compensation
				and/or deduction for amounts remitted to the various retirement systems in the
				state. Delinquent taxes are recorded in this account in the fiscal year
				received, whereas penalties and interest on ad valorem taxes should be included
				in account 1116. The deduction for assessor's compensation should be recorded
				as a debit to object 311, assessor fees, and the deduction for amounts remitted
				to the various retirement systems in the state should be recorded as a debit to
				object 313, pension fund, under function 2315.
i. 1111 Constitutional Tax-the tax that is
				permitted to be levied by a school system under authority of the 1974
				constitution. This tax is in perpetuity; it is not subject to a vote of the
				electorate. The amount of millage that may be levied varies from school
				district to school district. This tax is a General Fund revenue.
ii. 1112 Renewable Taxes-taxes that the
				electorate has authorized the school system to levy for a specified period of
				time, not to exceed ten (10) years. At the end of the time period specified,
				the electorate must approve an extension by popular vote, not to exceed ten
				(10) years, for the tax to be levied again. These taxes may be either General
				Fund or Special Revenue Fund revenues, depending on their purpose and the
				manner in which the tax was imposed.
iii. 1113 Debt Service Taxes-taxes that the
				electorate have authorized the school system to levy for the retirement of
				general obligation long-term debt. The proceeds are normally placed in the Debt
				Service Fund.
iv. 1114 Up to 1
				percent Collections on Non-School District Taxes for Teachers Retirement System
				of LA-The Sheriff and Ex-Officio Tax Collector of each parish is mandated by
				State law to remit 1 percent of the total qualifying taxes collected from all
				taxing bodies within the parish to the Teachers Retirement System of Louisiana
				for the credit of the parish school system. This amount may be obtained
				annually from the Tax Collector's office. It is recorded by debiting retirement
				expenditures and crediting this account. This tax is a General Fund
				revenue.
v. 1115 Property Taxes
				Collected as a Result of a Court Ordered Settlement-Revenues recognized in a
				year other than the year due, as a result of a court ordered
				settlement.
vi. 1116 Penalties and
				Interest on Property Taxes-Revenue from penalties for the payment of taxes
				after the due date and the interest charged on delinquent taxes.
vii. 1117 Taxes Collected Due to Tax
				Incremental Financing (TIF)-Revenues collected that are not available for use
				by the school district due to tax incremental financing (TIF). TIF financing is
				a development tool used by municipalities to stimulate private investment and
				development in areas by capturing the tax revenues generated by the development
				itself, and using these tax revenues to pay for improvements and infrastructure
				necessary to enable the development.