6 CAR § 273-103 – Calculation

(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 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 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. (1) 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 division shall increase state foundation funding aid by an amount equal to the:
  1. (A) Difference between the amount of miscellaneous funds calculated for the calendar year in which the current school fiscal year began; and
  2. (B) Amount of miscellaneous funds calculated for the calendar year immediately preceding the beginning of the current school fiscal year.
2. (2) The foundation funding amount under Arkansas Code § 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.
(c) 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 division shall decrease state foundation funding aid by an amount equal to the:
1. (1) Difference between the amount of miscellaneous funds calculated for the calendar year in which the current school fiscal year began; and
2. (2) Amount of miscellaneous funds calculated for the calendar year immediately preceding the beginning of the current school fiscal year.
(d) For the calculation of bonded debt assistance, the division 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 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.