Existing law creates the State Education Fund as a special revenue fund for the purpose of supporting the operation of the public schools in this State. (NRS 387.1212) Existing law requires the Superintendent of Public Instruction, on or before the first day of every month, to apportion the State Education Fund among the several county school districts, charter schools and university schools for profoundly gifted pupils in amounts approximating one-twelfth of their respective yearly apportionments. (NRS 387.124) Existing law requires the State Treasurer, on or before the first day of every month, to pay all school money due each school district, charter school and university school for profoundly gifted pupils according to the monthly apportionment made by the Superintendent. (NRS 387.185) Existing law also: (1) establishes the Education Stabilization Account as a reserve account within the State Education Fund; and (2) authorizes the transfer of money between the Account and the Fund for certain purposes. (NRS 387.1213) This bill authorizes the Superintendent to request, and the Director of the Office of Finance to approve, a temporary advance from the Education Stabilization Account to the State Education Fund for the payment of all or part of the money due each month to each school district, charter school and university school for profoundly gifted pupils if the Superintendent determines the amount due exceeds the amount of money which is available in the State Education Fund because of a delay in expected receipts. This bill requires any such money which is temporarily advanced to be paid back by August 31 following the end of the fiscal year in which the temporary advance is made.

Statutes affected:
As Introduced: 387.1213
BDR: 387.1213