1. (a) The state board, assisted by the office of management and budget, the division of finance of the department, and school corporation officials, shall analyze each school corporation's expenses for the 2004-2005 and 2005-2006 school years to determine how much each school corporation spent, from whatever source, directly or indirectly, on the following categories of expenditures:

   1. (1) Student academic achievement expenditures.
   2. (2) Student instructional support expenditures.
   3. (3) Overhead and operational expenditures.

   4. (4) Nonoperational expenditures.

      The state board shall determine the types of expenses that are included in each category set forth in subdivisions (1) through (4). The sum of all expenditures under subdivisions (1) through (4) by a school corporation must equal the total amount of expenditures by the school corporation for the year being analyzed.

2. (b) The state board's analysis under subsection (a) may include relevant trend line data for school years before the 2004-2005 school year.

3. (c) Not later than June 30, 2007, the state board shall report the results of the analysis under subsection (a) to the state superintendent, the governor, and the general assembly. The report to the general assembly must be submitted to the executive director of the legislative services agency in an electronic format under IC 5-14-6 .

   [Pre-2007 Higher Education Recodification Citation: 21-10-3-4.]

As added by P.L.2-2007, SEC.240.