(a) Within a reasonable time after the receipt of a district's application, the commissioner shall approve or disapprove such application. In making such determination, the commissioner may take into account all aspects of the district's application and the proposed program including, but not limited to, satisfactory evidence of the following:

1. (1) that at least 80 percent of the prekindergarten children served by the program are economically disadvantaged or that all interested and eligible economically disadvantaged children residing in the area served by the program and will be served by the program;
2. (2) that the expected educational benefits are substantial in themselves;
3. (3) that the program is educationally sound, including evidence that the qualifications of the staff, facilities, equipment, supplies and the utilization thereof are sufficient to meet the stated goals;
4. (4) that sufficient provisions have been made for the administration, supervision and evaluation of the program to meet the stated goals; and

5. (5) that the program is economically sound.

   (b) Allotment of funds.

   Upon approval of the application, the commissioner shall, in accordance with the State and local sharing methodology approved by the Director of the Budget, allocate to the school district so much of the funds appropriated by the Legislature for purposes of this Subpart, as in the judgment of the commissioner will be used pursuant to said plan as the State share to substantially and reasonably carry out the purpose of this Subpart.