(a) There shall be a foundation budget for the school district in each municipality, regional school district, independent vocational school and vocational school and agricultural school operated by a county.

The foundation budget shall be calculated based on each district's foundation enrollment for the prior fiscal year. Foundation budgets shall be based on the per pupil amounts in table 1 and the foundation increment amounts in table 2; provided, however, that the special education in-school and special education tuitioned-out enrollments shall be assumed enrollments. Beginning in fiscal year 2021 and in each year thereafter, the employee benefits and fixed charges allotments shall be adjusted by the foundation employee benefits inflation rate and all other foundation allotments and foundation increments shall be adjusted by the foundation inflation index.

Each district's wage adjustment factor shall be applied to all of the foundation allotments except the allotments for instructional materials, equipment and technology, employee benefits and fixed charges and special education tuition.