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Board approves budget amendment to record $4.02 million in TISA on‑behalf payments
Summary
The board approved a budget‑neutral amendment to recognize $4,017,240 in TISA on‑behalf payments in fund 141. Staff said the entries are reporting requirements and do not change the district's general fund net position.
The Rutherford County School Board unanimously approved a budget‑neutral amendment to recognize $4,017,240 in fiscal year entries for Fund 141 that record TISA (Tennessee Investment Savings Account/related on‑behalf) payments.
Staff explained that TDOE requires local education agencies (LEAs) to report on‑behalf payments for items such as the state portion of charter school payments, education savings accounts, individualized education accounts and juvenile detention centers. The staff memo stated this is a budget‑neutral amendment that recognizes revenue and corresponding expenditures so the district’s financial statements accurately reflect funds paid on behalf of students.
The amendment was described as accounting entries only; staff said it does not provide any net gain or loss to the general purpose schools’ budget. The amount recorded for the entries is $4,017,240. The board approved the amendment by voice vote with no recorded roll call.
