If the Director of Finance determines that, for the 2018-19 fiscal year, the state has applied moneys for the support of school districts and community college districts in an amount that exceeds the minimum funding obligation required for the 2018-19 fiscal year pursuant to § 8 of Article XVI of the California Constitution, the excess, up to three hundred sixty-eight million three hundred fifty-five thousand dollars ($368,355,000), shall be deemed, as of June 30, 2019, a payment in satisfaction of the outstanding balance of the minimum funding obligation to school districts and community college districts, pursuant to § 8 of Article XVI of the California Constitution, for the 2009-10 fiscal year.

(Added by Stats. 2019, Ch. 51, Sec. 23. (SB 75) Effective July 1, 2019.)

Terms Used In California Education Code 41207.46

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
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