SY2024 Preliminary SOF

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The 2023–2024 preliminary summary of finances (SOF) reports now incorporate:

• Preliminary tax year 2023 property values from the Comptroller’s Property Value Study (line 7)
• Total M&O and I&S tax rates from the Comptroller’s self-report (lines 8 and 12)

Note: Maximum compressed (tier one) tax rates were previously incorporated (line 10)

• Budgeted M&O and I&S tax collections from PEIMS Fall submission #1 (lines 11 and 13)
• NIFA Allotment for districts with approved applications (line 35)
• Excess Local Revenue module data for Chapter 49 (recapture) districts (line 54)

Additionally, three Other Programs Detail Reports were added or modified that incorporate new provisions required by Senate Bill (SB) 12 (87th Texas Legislature, Second Called Session, 2021) and Senate Bill (SB) 2 (88th Texas Legislature, Second Called Session, 2023) as follows:

1. Line 16 - Additional State Aid for Adjustment of Limitation on Tax Increases on Homestead of Elderly or Disabled (TEC 48.2542)
2. Line 17 - Additional State Aid for Homestead Exemption (TEC 48.2543)
3. Line 19 - Additional State Aid for Certain Districts Impacted by Compression (TEC 48.283)

Disclaimer: Due to the timing of legislative actions, implementation efforts are ongoing and additional correspondence and modifications to the SOF reports are anticipated.

Action Required: These changes impacted LPE (and DPE) and will affect your district’s cashflow. Please review your district’s SOF report carefully for accuracy, especially your district’s self-reported total M&O tax rate on line 8. If you find a discrepancy and believe a correction is needed, please contact taxprograms@tea.texas.gov with an explanation and any relevant documentation (e.g., signed board resolution with adopted tax rate). As always, near-final data will be incorporated as part of settle up in September, including final TY23 property values and estimated tax collections. In the meantime, districts should use local state aid templates to estimate settle up (under/over allocations), as districts have access to more up-to-date information locally.

 

Forthcoming updates to the 2023–2024 SOF reports will include:

• ADA and FTEs (end of February/March 2024): Adjustment to DPE only, using PEIMS Fall enrollment and prior year’s attendance-to-enrollment ratios. This adjustment attempts to project settle up and will NOT impact cash flow. For charter schools, the SOF reports reflect self-reported attendance from the FSP system.
• State Compensatory Education (SCE) tier counts (end of February/March 2024): Adjustment to LPE (and DPE), using PEIMS Fall Snapshot counts of economically disadvantaged students by census block group by tier. A campus detail report will be available to view, and a summary of the SCE allotment is viewable on the Tier One Detail Report. This update will also impact the district’s cash flow.
• Additional State Aid for Homestead Exemption (ASAHE) for Facilities (line 52): Adjustment to LPE (and DPE) is planned in April 2024, based on provisions of SB 2 (88-2).

 

Please contact (512) 463-9238 or email sfinance@tea.texas.gov with questions.