. Biennial report of the Superintendent of Public Instruction of the State of Montana . Aside from the Interest and Income money from the State, the latter will equalize foundationprograms by approximately $3,820,000 from the Public School Equalization Fund. This fund ismade up of revenue from 25% of the individual income tax, 25% of the Corporation License Tax,an appropriation from the General Fund and income from U. S. Oil and Gas Royalties. It is es-timated that this fund will contain around $7,500,000. After deducting the States share of school —56—. Obsolete?—but still in use transportati
. Biennial report of the Superintendent of Public Instruction of the State of Montana . Aside from the Interest and Income money from the State, the latter will equalize foundationprograms by approximately $3,820,000 from the Public School Equalization Fund. This fund ismade up of revenue from 25% of the individual income tax, 25% of the Corporation License Tax,an appropriation from the General Fund and income from U. S. Oil and Gas Royalties. It is es-timated that this fund will contain around $7,500,000. After deducting the States share of school —56—. Obsolete?—but still in use transportation costs and deductions required by law for other educational and administration pur-poses, there will remain some $6,500,000. Subtracting the $3,820,000 required to equalize theFoundation Program, there will remain a balance at the end of the year around $2,500,000. Thisbalance will about equal the Constitutionally earmarked Income and Corporation funds plus therevenue from the United States oil and gas royalties and part of the income tax balance remain-ing from the school year 1951-52. As such this balance does not revert to the State General Fund, but will remain in the StatePublic School Equalization Fundand be available for 1953-54. Reserve Funds Every school district in Mon-tana is allowed to keep up to 35%of its general fund budget on handas a Reserve. The purpose of thisReserve is to have money onhand with which to pay obliga-tions until taxes come in or otherrevenue is received, thereby stay-ing on a cash basis and avoidingthe registr
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