(a) For the purpose of making an initial calculation of state foundation funding aid, the Division of Elementary and Secondary Education shall calculate the miscellaneous funds of a school district as:
(1) The aggregate amount of miscellaneous funds a school district received in the calendar year immediately preceding the beginning of the current school fiscal year; multiplied by
(2) The ratio of the uniform rate of tax to the school district's total millage rate in effect as of January 1 of the calendar year in which the school district received the miscellaneous funds.
(b)
(1) Except as provided under subdivision (b)(2) of this section, for a school district that receives state foundation funding aid and receives an aggregate amount of miscellaneous funds during the calendar year in which the current school fiscal year began that is less than the aggregate amount of miscellaneous funds the school district received in the calendar year immediately preceding the beginning of the current school fiscal year, by the end of the school fiscal year the division shall distribute to the school district an amount equal to the difference between:
(A) The amount of miscellaneous funds calculated for the calendar year in which the current school fiscal year began; and
(B) The amount of miscellaneous funds calculated for the calendar year immediately preceding the beginning of the current school fiscal year.
(2) The sum of the following amounts shall not exceed the foundation funding amount under § 6-20-2305(a)(2):
(A) State foundation funding aid for the current school fiscal year;
(B) The school district's miscellaneous funds calculated for the calendar year in which the school fiscal year began;
(C) Ninety-eight percent (98%) of the uniform rate of tax multiplied by the property assessment of the school district;
(D) A distribution under subdivision (b)(1) of this section; and
(E) A distribution or recoupment under § 6-20-2305(a)(4).
(c)
(1) Beginning with the 2014-2015 school fiscal year, the division shall recoup an overpayment of state funding under the authority provided by § 6-20-2306 for a school district that receives:
(A) State foundation funding aid; and
(B) An aggregate amount of miscellaneous funds for the calendar year in which the current school fiscal year began that is greater than the aggregate amount of miscellaneous funds it received in the calendar year immediately preceding the beginning of the current school fiscal year.
(2) The division shall recoup from the school district an amount equal to the difference between:
(A) The amount of miscellaneous funds calculated for the calendar year in which the current school fiscal year began; and
(B) The amount of miscellaneous funds calculated for the calendar year immediately preceding the beginning of the current school fiscal year.
(3) A recoupment from a school district under this subsection shall not exceed the amount of state foundation funding aid distributed to the school district for the school fiscal year on which the recoupment is based.
Structure Arkansas Code