Capital Outlay
Background
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Purchases from the Capital Outlay Fund are guided primarily by SDCL 13-16-6 and SDCL 13-13-37.
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Intent
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Capital Outlays refers to appropriations for the purchase of goods and services, the benefits of which extend beyond the fiscal year and which add to the assets of the local government unit concerned.
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Usage
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The capital outlay fund of the school district is a fund provided by law to meet expenditures of which result in the acquisition of or lease of or additions to real property, plant, or equipment. Such an expenditure shall be for:
Any purchase of $1,000 or less may be paid out of the general fund. The total accumulated unpaid principal balances of such installment contracts and lease purchase and the outstanding principal amounts of such capital outlay certificates may not exceed three percent of the taxable valuation. Miscellaneous Usage Notes
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Eligibility
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Filing
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Payment
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Via property taxes:
“The school district shall provide a sufficient levy each year under the provisions of § 13-16-7 to meet the annual installment contract, lease-purchase and capital outlay certificate payments, including interest.” RETURN TO TOP |
Resources
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Note that New York State Education Dept. (NYSED) is still issuing guidelines for use of NYS's $7.9 billion allocated in the American Rescue Plan (ARP) passed by U.S. Congress in March 2021. Currently, available district funds must be spent by Sept. 30, 2024, although a deadline extension is possible. Sign up to be notified when significant content updates are posted.