(a) An open-enrollment public charter school shall receive funds equal to the amount that a public school would receive under Arkansas Code § 6-20-2305(a) and (b) as well as any other funding that a public charter school is entitled to receive under:

1. (1) Law; or
2. (2) Rules promulgated by the State Board of Education.

(b) For the first year of operation, the first year operating under a new license, the first year adding a new campus, and any year the open-enrollment public charter school adds a new grade at any campus, the foundation funding for an open-enrollment public charter school is determined as follows:

1. (1) The initial funding estimate shall be based on enrollment as of the deadline established by Arkansas Code § 6-23-501;
2. (2) In December, funding will be adjusted based upon the first quarter average daily membership; and
3. (3) A final adjustment will be made after the current three-quarter average daily membership is established.

(d) Enhanced Student Achievement state categorical funding under Arkansas Code § 6-20-2305(b)(4) shall be provided to an open-enrollment public charter school as follows:

1. (1) For the first year of operation, the first year operating under a new license, the first year adding a new campus, and any year the open-enrollment public charter school adds a new grade at any campus, free or reduced-price meal eligibility data as reported by October 1 of the current school year will be used to calculate the enhanced student achievement state categorical funding under the state board rules governing special needs funding; and
2. (2) For the second year and each school year of operation thereafter, the previous year’s October 1 enhanced student achievement student count as specified in state board rules governing special needs funding will be used to calculate enhanced student achievement state categorical funding for the open-enrollment public charter school.

(e) Professional development funding under Arkansas Code § 6-20-2305(b)(5) shall be provided to an open-enrollment public charter school for the first year of operation, the first year operating under a new license, the first year adding a new campus, and any year the open-enrollment public charter school adds a new grade at any campus as follows:

1. (1) For the first year of operation, the open-enrollment public charter school shall receive professional development funding based upon the:

   1. (A) Initial projected enrollment student count as of the date required by Arkansas Code § 6-23-501; multiplied by
   2. (B) Per-student professional development funding amount under Arkansas Code § 6-20-2305(b)(5) for that school year; and

2. (2) For the second year and each school year thereafter, professional development funding will be based upon the:

   1. (A) Previous year’s average daily membership; multiplied by
   2. (B) Per-student professional development funding amount for that school year.

(f) The Division of Elementary and Secondary Education shall distribute other categorical funding under Arkansas Code § 6-20-2305(a) and (b) for which an open-enrollment public charter school is eligible as provided by:

1. (1) State law; and
2. (2) Rules promulgated by the state board.

(k) Source of funding for open-enrollment public charter schools.

1. (1) Open-enrollment public charter schools shall be funded each year through funds set aside from funds appropriated to state foundation funding aid in the Public School Fund.
2. (2) The amount set aside shall be determined by the state board.