Spreadsheet: 05543fb0-0976-47f9-b572-b6a217844e7f
Sheet: Instructions

PROPERTY TAX SHIFT |  |  |  |  |  |  |  |  |  |  |  |  |  | 2012 | Pay 2012 | 11 Pay 12 | FY 2013
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Pay 2011 | 10 Pay 11 | FY 2012 | 06/30/12 | 07/01/2011 to 06/30/2012
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Pay 2010 |  | FY 2011 | 06/30/11 | 07/01/2011 to 04/30/2012
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Pay 2009 |  |  |  | 05/01/2012 to 06/30/2012
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Pay 2008
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Pay 2007
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Pay 2006
Notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Pay 2005
Early Recognition Levies
Certain levies have been--and will continue to be--shifted 100% with no aid reduction.  Recognizing these levies early gets the revenue into the same fiscal year as the related expenditures.  There is no state aid adjustment for this portion of the shift.
Other Levies
Starting in fiscal year 2004, the shift was expanded to include all other general and community service fund levies, net of tax credits.  There is a corresponding state aid adjustment for this portion of the property tax shift, making this portion of the shift revenue neutral to school districts each year.  If the shift at the end of the current year is larger than the shift at the end of the previous year, state aid for the current year is reduced for the net increase in the shift.  If the shift at the end of the current year is less than the shift at the end of the previous year, state aid for the current year is increased for the net decrease in the shift.
Starting in fiscal year 2006, the shift percentage for other levies was set to zero percent.
Starting in fiscal year 2011, the shift percentage for other levies was set to 48.6 percent, and based on gross levies (before subtraction of credits).
The "Reports" tab shows the property tax shift report for a selected school district.
 | To select a specific district, type the district number in cell [NAME]  (use 1.2 for Minneapolis) and press enter.  Information for the selected district will then appear in the report.  Running a macro is not required.
 | The first section shows the property tax shift report for the school district, with a definition for each tax shift category.
 |  | Column 3 is the revenue change to be recognized as a result of the levies shifted with with no aid reduction (net of column 1 and column 2 for these categories).
 |  | Column 4 is the net shift amount to be recognized as a result of levies shifted with an aid reduction.  A negative amount in this column represents a debit balance in source 020 and related crebit balance in source 299.
 |  | Column 5 is the state aid payment (reduction) that is being made in the current year for the property tax shift.
 |  | Column 6 represents the state aid payment (reduction) that will be made next year, for this year's tax shift.  Column 4 plus column 5 plus column 6 should equal zero.
 | The second section discusses the assumptions that have been made in generating the entries to record the tax shift.  Also review the Accounts tab and Entries tab.
Enter data on the Funds tab if you want to use the reconciliation feature in the Accounts tab.
The Accounts tab provides a year-end reconciliation for each tax-related account.
 | This section shows how to determine the balance to be reflected in each account at year-end after all tax entries (including the property tax shift entries) have been made.  Balance sheet accounts are listed first and then revenue source codes.  Also shown is the source document where the data for each step of the reconcilation can be obtained.
 | This tab can serve as a year-end reconcilation tool.  Enter data in the highlighted fields on this tab and in the Funds tab.  All other fields in this tab will automatically be computed.
The Entries tab shows standard accounting entries for recording property taxes.
 | The entries start with the levy being certified by the school board and work through a full year of accounting entries.
The other tabs in this spreadsheet provide the data that is used to create the tax shift report shown in the Reports tab.
If you have questions about the property tax shift or about using  this spreadsheet, contact [NAME] by phone at [PHONE] or by e-mail at [EMAIL].