ODE School Finance and Funding Flashcards

What is the purpose of Ohio's 'Catastrophic Cost Reimbursement' program in school funding?

Answer: To help districts offset unusually high special education costs for individual students that exceed a threshold

Ohio's Catastrophic Cost Reimbursement program helps districts manage extreme special education expenses for individual students that exceed a specified cost threshold.

Under Ohio's FSFP, what is a 'transitional aid guarantee'?

Answer: A provision that protects districts from large funding decreases as the formula phases in

A transitional aid guarantee holds districts harmless from large funding reductions as the Fair School Funding Plan phases in over multiple years.

What does it mean when an Ohio school district is placed on 'fiscal caution'?

Answer: The district's financial forecast shows early warning signs of potential fiscal distress

Fiscal caution is the first level of Ohio's financial oversight system, indicating that a district's 5-year forecast shows early warning signs of financial trouble.

Which federal funding stream provides targeted dollars to Ohio schools with high concentrations of low-income students?

Answer: Title I Part A

Title I Part A of the Elementary and Secondary Education Act provides federal funds to schools with high percentages of students from low-income families.

What is the 'millage rate' in the context of Ohio school district property taxes?

Answer: The tax rate expressed in mills (dollars per $1,000 of assessed value) applied to property

The millage rate is the property tax rate expressed in mills, where one mill equals $1 per $1,000 of assessed property value.

What Ohio agency must approve a school district's declaration of fiscal emergency before an Emergency Manager can be appointed?

Answer: Ohio Auditor of State

The Ohio Auditor of State must formally declare a school district in fiscal emergency, which then triggers the state oversight process including potential appointment of an Emergency Manager.