Senate Bill 2364

AN ACT TO AMEND SECTIONS 37-61-1 AND 37-61-5, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE FISCAL YEAR FOR SCHOOL DISTRICTS SHALL BE THE SAME AS THE FISCAL YEAR FOR COUNTIES; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 37-61-1, Mississippi Code of 1972, is amended as follows:

37-61-1. The "fiscal year" of all school districts of this state shall commence on October 1 and end on September 30 of each year. The "scholastic year" of the public schools of this state shall likewise commence on July 1 and end on June 30 of each year.

SECTION 2. Section 37-61-5, Mississippi Code of 1972, is amended as follows:

37-61-5. If in any year there should remain a balance in the minimum education program fund of any school district on September 30 which amount is not to be used or is not needed in the payment of expenses for the preceding fiscal year properly payable out of such minimum education program fund, then such balance on hand to the credit of such minimum education fund of the school district shall be carried forward as a part of such minimum education program fund for the next succeeding fiscal year. The proper pro rata part of the amount so carried forward, to be determined by the percentage which the state minimum education program funds paid into such fund during the year bore to the entire amount paid into such fund, shall be charged against and deducted from the amount which the school district is allotted from state minimum education program fund for the succeeding fiscal year, in a manner prescribed by the State Auditor. The remainder of the amount so carried forward may be deducted from the amount which the school district is required to produce as its local minimum ad valorem tax effort for the support of the minimum education program fund for the succeeding fiscal year under the provisions of Chapter 19 of this title. However, no balance of transportation funds on hand at the end of any fiscal year shall be charged against or deducted from the allotment of state funds to any school district for minimum education program purposes for the next succeeding year.

SECTION 3. This act shall take effect and be in force from and after July 1, 2004.