Section 387.1213 - Education Stabilization Account: Creation; transfer of money; temporary advance from Account; limitation on balance1. The Education Stabilization Account is hereby created in the State Education Fund. Except as otherwise provided in this section, each year after the close of the previous fiscal year and before the issuance of the State Controller's annual report, each county school district shall transfer from the county school district fund to the Education Stabilization Account any amount by which the actual ending fund balance of the county school district fund exceeds 16.6 percent of the total actual expenditures for the fund. The interest and income earned on the money in the Account, after deducting any applicable charges, must be credited to the Account.2. Money transferred pursuant to subsection 1 to the Education Stabilization Account is a continuing appropriation solely for the purpose of authorizing the expenditure of the transferred money for the purposes set forth in this section.3. The balance in the Education Stabilization Account must not exceed 20 percent of the total of all appropriations and authorizations from the State Education Fund, excluding the Education Stabilization Account, for the immediately preceding fiscal year. Any money transferred to the Education Stabilization Account which exceeds this amount must instead be transferred to the State Education Fund.4. If the Interim Finance Committee finds that:(a) Upon submission of a request from the Department, the actual enrollment growth for a fiscal year exceeds the projected enrollment growth by an amount that the Interim Finance Committee determines would make a transfer of money to the State Education Fund necessary to fund the excess enrollment;(b) The collection of revenue in any fiscal year will result in the State Education Fund receiving less money than authorized for expenditure from the State Education Fund;(c) Upon submission of a request from the Department, any amount of money which was deposited in the State Education Fund is found by an audit to have been deposited in error; or(d) Upon submission of a request from the Department, any error in the application of the Pupil-Centered Funding Plan by the Department has created a shortfall in the State Education Fund, the Committee shall by resolution establish an amount of money to transfer from the Education Stabilization Account to the State Education Fund and direct the State Controller to transfer that amount to the State Education Fund. The State Controller shall thereupon make the transfer.
5. When determining the actual ending fund balance for the purposes of subsection 1, each county school district shall exclude: (a) Any money deposited in the county school district fund on or before June 30, 2020;(b) Any money apportioned to the county school district for capital projects or debt service pursuant to subsection 2 of NRS 362.170 and deposited in the county school district fund when authorized by law; and(c) Any money transferred to the county school district and authorized for expenditure as a continuing appropriation pursuant to paragraph (b) of subsection 6 of NRS 387.1214.6. If the Superintendent of Public Instruction determines that the money due from the State Education Fund to a county school district, charter school or university school for profoundly gifted pupils pursuant to NRS 387.185 exceeds the amount of money available in the State Education Fund because of a delay in expected receipts, he or she may request from the Director of the Office of Finance a temporary advance from the Education Stabilization Account for the payment of such money due. Upon receipt of such a request, the Director of the Office of Finance shall make a recommendation to the Interim Finance Committee to approve the temporary advance in whole or in part or to deny the request. If the Interim Finance Committee approves the request in whole or in part, the Director of the Office of Finance shall notify the State Controller and the Fiscal Analysis Division of the Legislative Counsel Bureau of the amount approved by the Interim Finance Committee, and the State Controller shall draw his or her warrant upon receipt of such a notice of approval. Any money which is temporarily advanced from the Education Stabilization Account pursuant to this subsection must be repaid by August 31 following the end of the fiscal year in which the temporary advance is made.7. The balance remaining in the State Education Fund, excluding the balance remaining in the Education Stabilization Account, that has not been committed for expenditure on or before June 30 of an odd-numbered fiscal year must be transferred to the Education Stabilization Account to the extent that such a transfer would not cause the balance in the Education Stabilization Account to exceed the limit established in subsection 3.Added to NRS by 2019, 4197; A 2021, 1104; 2023, 6, 2385, 3051Amended by 2023, Ch. 496,§5, eff. 10/1/2023.Amended by 2023, Ch. 399,§3.5, eff. 7/1/2023.Amended by 2023, Ch. 2,§2.3, eff. 2/27/2023, app. 6/30/2020.Amended by 2021, Ch. 238,§3, eff. 7/1/2021.Added by 2019, Ch. 624,§3, eff. 7/1/2021.