298.10 Levy for cash reserve.
1. The board of directors of a school district may certify for levy by April 15 of a school year, a tax on all taxable property in the school district in order to raise an amount for a necessary cash reserve for a school district’s general fund. The amount raised for a necessary cash reserve does not increase a school district’s authorized expenditures as defined in section 257.7.
2. For fiscal years beginning on or after July 1, 2009, if the school budget review committee determines that a school district’s unexpended fund balance is in excess of the amount necessary for operations, the school budget review committee shall direct the school district to use the unexpended fund balance in lieu of levying property taxes and shall direct the department of management to do one of the following:
a. For the fiscal period beginning July 1, 2009, and ending June 30, 2012, limit the school district’s cash reserve levy to a level that is not excessive as determined by the school budget review committee.
b. For fiscal years beginning on or after July 1, 2012, limit the school district’s cash reserve levy to a level that is not excessive as determined by the school budget review committee and does not exceed the cash reserve limitation in subsection 3.
3. For fiscal years beginning on or after July 1, 2012, the cash reserve levy for a budget year shall not exceed twenty percent of the general fund expenditures for the year previous to the base year minus the unexpended fund balance, as defined in section 257.2, for the year previous to the base year.
[81 Acts, ch 94, §1, 18; 82 Acts, ch 1128, §1, 5]
89 Acts, ch 135, §111; 93 Acts, ch 1, §12; 2009 Acts, ch 183, §70, 74; 2010 Acts, ch 1004, §7, 8, 10
Referred to in §257.31
Structure Iowa Code
Title VII - EDUCATION AND CULTURAL AFFAIRS
Chapter 298 - SCHOOL TAXES AND BONDS
Section 298.2 - Imposition of physical plant and equipment levy.
Section 298.3 - Revenues from the levies.
Section 298.4 - District management levy.
Section 298.5 - Taxes estimated.
Section 298.6 - Public disclosure of outstanding levies.
Section 298.7 - Contract for use of library — tax levy.
Section 298.8 - Levy by board of supervisors.
Section 298.9 - Special levies.
Section 298.10 - Levy for cash reserve.
Section 298.11 - Apportionment of school funds.
Section 298.13 - Direct deposit of tax revenue.
Section 298.14 - School district income surtaxes.
Section 298.15 - Payment of judgment.
Section 298.16 - Judgment tax.
Section 298.18 - Bond tax — election — leasing buildings.
Section 298.18A - Levy adjustment.
Section 298.20 - Funding or refunding bonds.
Section 298.21 - School bonds.
Section 298.22 - Form — rate of interest — where registered.