Department of Education releases Statutory Operating Debt report
FOR IMMEDIATE RELEASE: |
Contact: Randy Wanke (651) 582-8281 |
DEPARTMENT OF EDUCATION RELEASES
STATUTORY OPERATING DEBT REPORT
Roseville - The Minnesota Department of Education (MDE) today released a report showing that the number of school districts and charter schools in Statutory Operating Debt (SOD) increased by two in Fiscal Year 2007.
Under state law, a school district is in SOD when it has a net negative unreserved general fund balance exceeding 2.5 percent of Fiscal Year (FY) 2007 general fund expenditures. When a district is in SOD, district officials are required to work with the Department of Education to develop a plan to bring the district out of that designation.
The report released by the Department of Education found that the number of total districts and charter schools in SOD is 24 (17 traditional school districts, one common school district and six charter schools), up from 22 last year. That number was as high as 59 in 1994.
The Hopkins, Roseville, Kimball, Melrose and Glencoe-Silver Lake school districts removed the condition of SOD at the end of FY 2007.
The complete report can be found at: http://education.state.mn.us/mdeprod/groups/Communications/documents/Report/033460.pdf
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