Longterm Facility Maintenance
In 2016, the Minnesota State legislature passed the Longterm Facilities Maintenance Revenue (LTFMR) for public school districts, charter schools, intermediate districts and cooperative units to address:
1. Deferred capital expenditure and maintenance necessary to prevent further erosion of facilities
2. Approved Health and Safety Capital Projects
3. Increased accessibility to school facilities
4. Transfers from the LTFMR reserve in the general fund to the debt redemption fund (by board resolution)
5. Approved expenditures associated with remodeling instructional space for Voluntary Pre-K programs
6. Charter schools are allowed to use the revenue for any purpose related to the school.
All participants in the LTFMR program must have a 10-year facilities plan. The plan must be updated annually and approved by both the school's governing board and Commissioner of Education.
Voter-approval is not required for issuance of general obligation bonds for LTFMR projects.
Read more LTFMR in Financing Education in Minnesota 2016-17.