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　　123B.75 Revenue; reporting.

　　Subdivision 1. Scope. District revenues must be

　　recognized and reported on the district books of account in

　　accordance with this section.

　　Subd. 2. Applicability to period and fund. Except as

　　provided in this section, revenues must be recorded in a manner

　　which clearly indicates that they are applicable to a specific

　　accounting period and fund.

　　Subd. 3. Receivable. Receivables must be recorded in

　　a manner which clearly reflects the amounts of money due to a

　　particular fund from public and private sources at the date of

　　each accounting statement.

　　Subd. 4. Recognized as receivable. All current

　　levies of local taxes, including portions assumed by the state,

　　shall be recognized as receivable at the beginning of the

　　calendar year during which collection normally takes place.

　　Subd. 4a. Taconite revenue. Taconite revenue

　　received in a calendar year by a school district under section

　　298.28, subdivisions 4, paragraphs (b) and (c), and 11,

　　paragraph (d), is fully recognized in the fiscal year in which

　　the February payment falls.

　　Subd. 5. Levy recognition. (a) "School district tax

　　settlement revenue" means the current, delinquent, and

　　manufactured home property tax receipts collected by the county

　　and distributed to the school district.

　　(b) For fiscal year 2004 and later years, in June of each

　　year, the school district must recognize as revenue, in the fund

　　for which the levy was made, the lesser of:

　　(1) the sum of May, June, and July school district tax

　　settlement revenue received in that calendar year, plus general

　　education aid according to section 126C.13, subdivision 4,

　　received in July and August of that calendar year; or

　　(2) the sum of:

　　(i) the greater of 48.6 percent of the referendum levy

　　certified according to section 126C.17, in the prior calendar

　　year or 31 percent of the referendum levy certified according to

　　section 126C.17, in calendar year 2000; plus

　　(ii) the entire amount of the levy certified in the prior

　　calendar year according to section 124D.86, subdivision 4, for

　　school districts receiving revenue under sections 124D.86,

　　subdivision 3, clauses (1), (2), and (3); 126C.41, subdivisions

　　1, 2, and 3, paragraphs (b), (c), and (d); 126C.43, subdivision

　　2; 126C.457; and 126C.48, subdivision 6; plus

　　(iii) 48.6 percent of the amount of the levy certified in

　　the prior calendar year for the school district's general and

　　community service funds, plus or minus auditor's adjustments,

　　not including levy portions that are assumed by the state, that

　　remains after subtracting the referendum levy certified

　　according to section 126C.17 and the amount recognized according

　　to clause (ii).

　　Subd. 6. State aids or grants as revenue. State aids

　　or grants, that are paid as a matching of an expenditure, shall

　　be recognized as revenues and recorded as receivables in the

　　fiscal year during which the eligible expenditure is recognized.

　　Subd. 6a. Integration aid. Integration aid received

　　under section 127A.45, subdivision 12a, must be recognized in

　　the same fiscal year as the integration levy.

　　Subd. 6b. General education aid. If the amount to be

　　recognized as revenue under subdivision 5 exceeds the May, June,

　　and July school district tax settlement revenue received in that

　　calendar year, the district must recognize an amount of general

　　education aid equal to the difference between the total amount

　　to be recognized as revenue under subdivision 5, and the May,

　　June, and July school district tax settlement revenue received

　　in that calendar year as revenue in the previous fiscal year.

　　Subd. 7. Other revenues recognized. Other revenues

　　not specified in this section shall be recognized as revenue and

　　shall be recorded in the fiscal year earned.

　　Subd. 8. Deviations footnoted. Deviations from the

　　principles set forth in this section must be evaluated and

　　explained in footnotes to audited financial statements.

　　Subd. 9. Commissioner shall specify fiscal year. The

　　commissioner shall specify the fiscal year or years to which the

　　revenue from any aid or tax levy is applicable if Minnesota

　　Statutes do not so specify.

　　HIST: 1976 c 271 s 28; 1978 c 764 s 11-13; 1979 c 303 art 10 s

　　3; 1981 c 358 art 1 s 2; art 7 s 7; 1981 c 365 s 9; 3Sp1981 c 2

　　art 4 s 1,2; 1982 c 548 art 3 s 4; art 7 s 1-3; 1982 c 642 s 17;

　　3Sp1982 c 1 art 3 s 1; 1983 c 216 art 1 s 26; 1983 c 314 art 1 s

　　22; art 13 s 1; 1984 c 463 art 9 s 1,2; 1Sp1985 c 12 art 10 s 1;

　　1Sp1985 c 14 art 18 s 5,6; 1Sp1986 c 1 art 5 s 4; 1987 c 268 art

　　9 s 2,3; 1987 c 384 art 2 s 26; 1987 c 398 art 1 s 1; art 7 s

　　42; 1988 c 486 s 9; 1989 c 222 s 6; 1989 c 329 art 6 s 1,2;

　　1Sp1989 c 1 art 6 s 1,2; 1990 c 426 art 2 s 4; 1990 c 562 art 6

　　s 3; 1991 c 130 s 37; 1991 c 265 art 1 s 1,2; 1992 c 499 art 1 s

　　1,2; art 12 s 29; 1993 c 192 s 111; 1993 c 224 art 1 s 1; art 12

　　s 11; art 13 s 6; 1994 c 647 art 1 s 2,3; 1Sp1995 c 3 art 1 s

　　3,4; art 16 s 13; 1996 c 412 art 14 s 1; 1996 c 461 s 2; 1996 c

　　471 art 10 s 2; 1Sp1997 c 4 art 1 s 2; 1998 c 397 art 6 s

　　11-16,124; art 11 s 3; 1998 c 398 art 1 s 1; 1999 c 241 art 2 s

　　8; 2000 c 489 art 2 s 3; 1Sp2001 c 5 art 2 s 6; 1Sp2001 c 6 art

　　1 s 10,11; 1Sp2003 c 9 art 5 s 4; 1Sp2003 c 23 s 19; 1Sp2005 c 5

　　art 1 s 3; art 5 s 1