August 15, 2013
Ms. Linda Silrum, Director
Fraser Academy #4113-07
1534 Sixth Street NE
Minneapolis, MN 55413-1319
Dear Ms. Silrum:
The Division of School Finance has received your request for the tuition billing system to include an excess lease cost rate for the Fraser Academy for FY 2014. In accordance with Minnesota Statutes, section 125A.11, Subdivision 1, the request for additional revenue to cover the unreimbursed lease cost is approved.
The following information was used to calculate the FY 2014 excess costs over and above the lease aid:
Lease Amount - $132,564.90
Estimated Net Lease Aid - $113,724.00
Unreimbursed Lease Costs - $18,840.90
Estimated Membership Hours (94.77 students x 1014 hours/ADM) - 96,096.78
Estimated Unreimbursed Lease Cost/Membership Hour - $0.20
As additional enrollment data becomes available then the unreimbursed costs may change and the amount per membership hour will be adjusted accordingly.
If you should have any questions, please direct them to Michelle Jones at 651-582-8577 or email her at firstname.lastname@example.org.
Dr. Brenda Cassellius
cc: Carol Hokenson, Manager, Division of School Finance
George Holt, Supervisor, Division of School Finance
Michelle Jones, Division of School Finance