California Education Code

§ 42127.01

EDC § 42127.01 Effective Jan 1, 2018Div. 3 · Title 2 · Part 24 · Ch. 6 · Art. 2

Statute text

(a)In a fiscal year immediately after a fiscal year in which the amount of moneys in the Public School System Stabilization Account is equal to or exceeds 3 percent of the combined total of General Fund revenues appropriated for school districts pursuant to subdivision (c) of Section 41202 and allocated local proceeds of taxes pursuant to subdivision (g) of Section 41202 for that fiscal year, a school district budget that is adopted or revised pursuant to Section 42127 shall not contain a combined assigned or unassigned ending general fund balance that is in excess of 10 percent of those funds.

(b)A county superintendent of schools may grant a school district under its jurisdiction an exemption from the requirements of subdivision (a) for up to two consecutive fiscal years within a three-year period if the school district provides documentation indicating that extraordinary fiscal circumstances, including, but not limited to, multiyear infrastructure or technology projects, substantiate the need for a combined assigned or unassigned ending general fund balance that is in excess of the amount described in subdivision (a). As a condition of receiving an exemption, a school district shall do all of the following:

(1)Provide a statement that substantiates the need for a combined assigned and unassigned ending general fund balance that is in excess of the amount described in subdivision (a).

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Legislative history

Amended by Stats. 2017, Ch. 674, Sec. 1. (SB 751) Effective January 1, 2018.