005.15.14 Ark. Code R. § 015 - Arkansas Department of Education Rules Governing the Calculation of Miscellaneous Funds
1.0
PURPOSE
1.1 These rules shall
be known as the Arkansas Department of Education Rules Governing the
Calculation of Miscellaneous Funds.
1.2 The purpose of these rules is to provide
the process and procedures necessary to calculate the miscellaneous funds used
in both state foundation funding aid and bonded debt assistance
calculations.
2.0
AUTHORITY
The Arkansas State Board of Education promulgated these rules pursuant to the authority granted to it by Ark. Code Ann. §§ 6-11-105, 6-20-2301 et seq.,6-20-2501 et seq., and Act 322 of 2013.
3.0
DEFINITIONS
As used in these rules:
3.1
"Bonded Debt Assistance" means an amount of state financial aid provided to an
eligible school district under Ark. Code Ann. §
6-20-2503.
3.2 "Foundation Funding" means an amount of
money specified by the General Assembly for each school year to be expended by
school districts for the provision of an adequate education for each student as
that amount is established in Ark. Code Ann. §
6-20-2305.
3.3 "Miscellaneous Funds" means funds
received by a school district from federal forest reserves, federal grazing
rights, federal mineral rights, federal impact aid, federal flood control,
wildlife refuge funds, severance taxes, in lieu of taxes, and local sales and
use taxes dedicated to education under Ark. Code Ann. §§
26-74-201 et
seq.,
26-74-301 et
seq.,
26-75-301 et
seq., and the Local Government Bond Act of 1985,
14-164-301 et
seq.
3.4 "State Foundation Funding
Aid" means the amount of state financial aid provided to a school district
under Ark. Code Ann. §
6-20-2305(a)(1).
4.0
CALCULATION
4.1 For the purpose of making an initial
calculation of state foundation funding aid, the Department of Education shall
calculate the miscellaneous funds of a school district or open-enrollment
public charter school as the aggregate amount of miscellaneous funds a school
district or open-enrollment public charter school received in the calendar year
immediately preceding the beginning of the current school fiscal year, and for
a school district, this amount is multiplied by the ratio of the URT 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.
4.2 Prior to the end of the fiscal year, for
a school district or open-enrollment public charter school that receives
initial state foundation funding aid in the current school fiscal year 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 or open-enrollment public
charter school received in the calendar year immediately preceding the
beginning of the current school fiscal year, the department shall increase
state foundation funding aid by an amount equal to the difference between the
amount of miscellaneous funds calculated for the calendar year in which the
current school fiscal year began and the amount of miscellaneous funds
calculated for the calendar year immediately preceding the beginning of the
current school fiscal year. The foundation funding amount under Ark. Code Ann.
§
6-20-2305(a)(2)
shall not be exceeded by virtue of a school district or open-enrollment public
charter school receiving this additional state foundation funding
aid.
4.3 Prior to the end of the
fiscal year, for a school district or open-enrollment public charter school
that receives initial state foundation funding aid in the current school fiscal
year and receives an aggregate amount of miscellaneous funds during the
calendar year in which the current school fiscal year began that is more than
the aggregate amount of miscellaneous funds the school district or
open-enrollment public charter school received in the calendar year immediately
preceding the beginning of the current school fiscal year, the department shall
decrease state foundation funding aid by an amount equal to the difference
between the amount of miscellaneous funds calculated for the calendar year in
which the current school fiscal year began and the amount of miscellaneous
funds calculated for the calendar year immediately preceding the beginning of
the current school fiscal year.
4.4
For the calculation of bonded debt assistance the Department of Education shall
calculate the miscellaneous funds of a school district as 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 the ratio of the URT 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.
5.0
PROCESS AND PROCEDURES
5.1 For the fiscal year 2013-2014 calculation
of state foundation funding aid:
5.1.1 In
accordance with 4.1 of these rules for the initial calculation of state
foundation funding aid, the calendar year immediately preceding the beginning
of the current school fiscal year is calendar year 2012 and the school
district's total millage rate is the total millage rate effective as of January
1, 2012.
5.1.2 In accordance with
4.2 of these rules, the calendar year in which the current school fiscal year
began is 2013 and the school district's total millage rate is the total millage
rate effective as of January 1, 2013.
5.2 For the fiscal year 2014-2015 calculation
of state foundation funding aid:
5.2.1 In
accordance with 4.1 of these rules for the initial calculation of state
foundation funding aid, the calendar year immediately preceding the beginning
of the current school fiscal year is calendar year 2012 and the school
district's total millage rate is the total millage rate effective as of January
1, 2012.
5.2.2 In accordance with
4.2 and 4.3 of these rules, the calendar year in which the current school
fiscal year began is 2014 and the school district's total millage rate is the
total millage rate effective as of January 1, 2014.
5.3 For fiscal year 2015-2016 and for
subsequent fiscal years, the calculation of state foundation funding aid is in
accordance with 4.1, 4.2, and 4.3 of these rules.
5.4 In accordance with 4.4 of these rules for
the fiscal years 2013-2014 and 2014-2015, in the calculation of bonded debt
assistance the calendar year immediately preceding the beginning of the current
school fiscal year is calendar year 2012 and the school district's total
millage rate is the total millage rate effective as of January 1,
2012.
5.5 For fiscal year 2015-2016
and for subsequent fiscal years, the calculation of bonded debt assistance is
in accordance with 4.4 of these rules.
Notes
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