New York Codes, Rules and Regulations › Title 8 - EDUCATION DEPARTMENT › Chapter II - Regulations of the Commissioner › Subchapter L - Finance › Part 170 - Financial Accounting In School Districts › Section 170.5 - Advances to certain school districts and cities

Current through Register Vol. 46, No. 28, July 10, 2024
Each city with a population in excess of 125,000
					 inhabitants, and each school district which is coterminous with, or partly
					 within or wholly within, a city having less than 125,000 inhabitants, making an
					 application for an advance of funds, pursuant to the provisions of chapter 280
					 of the Laws of 1978, shall submit to the commissioner an application for
					 approval of eligibility and advance of first instance funds, a copy of the
					 tentative budget of such city or school district, a copy of the proposed budget
					 for the city or school district which has been prepared in accordance with the
					 applicable constitutional debt limit using the special State equalization ratio
					 established pursuant to chapter 280, and a financial plan, as such terms are
					 defined in this section.
(a) Tentative
				  budget shall mean the budget prepared for the 1978-79 school year and filed
				  with the clerk of the board of education of a school district which is
				  coterminous with, or partly within or wholly within, a city having less than
				  125,000 inhabitants in accordance with section 2516 of the Education Law, or
				  the budget submitted by the officer required to make such submission to the
				  legislative body of a city with a population in excess of 125,000 inhabitants.
				  The tentative budget shall be in the form and shall contain the information
				  required by section 2516 of the Education Law, or the statute or city charter
				  provision governing the submission of city budgets in cities with a population
				  in excess of 125,000 inhabitants.
(b) An application for approval of
				  eligibility and advance of first-instance funds for the 1978-79 fiscal year
				  shall be in a form prescribed by the commissioner and shall include the
				  following items:
(1) the amounts excluded by
				  the city or school district in computing the 1977- 78 school year
				  constitutional tax limit;
(2) the
				  amount of real property tax levied in the 1977-78 school year which was in
				  excess of the applicable constitutional tax levy;
(3) a five-year full valuation computed with
				  the use of the special State equalization ratios allowed pursuant to chapter
				  280 of the Laws of 1978;
(4) the
				  constitutional tax limit determined by use of the special State equalization
				  ratios allowed pursuant to chapter 280 of the Laws of 1978;
(5) the total tax levy for the tentative
				  budget;
(6) the operating tax levy
				  for the proposed 1978-79 budget of the city or school district;
(7) a computation of the maximum amount of an
				  advance of funds which could be made pursuant to chapter 280 of the Laws of
				  1978;
(8) the amount of the advance
				  requested by the city or school district; and
(9) the signature of the chief fiscal officer
				  of the city or school district for which the request is submitted.