005.01.07 Ark. Code R. 003

Current through Register Vol. 49, No. 10, October, 2024

Rule 005.01.07-003 - ADE 265: Rules Governing the Calculation of Miscellaneous Funds

1.00Authority

1.01 The Arkansas State Board of Education's authority for promulgating these Rules is pursuant to Ark. Code Ann. § 6-20-2303 and Acts 272 and 825 of 2007.

1.02 These Rules shall be known as the Arkansas Department of Education Rules Governing the Calculation of Miscellaneous Funds.

2.00Purpose

2.01 The purpose of these Rules is to define the procedures for the calculation of Miscellaneous Funds.

3.00 Definitions

For purposes of these Rules, the following terms mean:

3.01 "Miscellaneous Funds" are those funds collected in the previous school year and reported to the Department of Education by April 15 of the following school year, consisting of funds received by a school district from federal forest reserves, federal grazing rights, federal mineral rights, federal impact aid, federal flood control, wildlife refuge funds, severance taxes, and funds received by the school district in lieu of taxes, and local sales and use taxes dedicated to education pursuant to § 26-74-201 et seq., § 26-74-301 et seq., § 26-75-301 et seq., and the Local Government Bond Act of 1985, § 14-164-301 et seq.

3.02 "Miscellaneous Funds calculation" is the average of those funds listed in 3.01 above collected in the previous five (5) school years and reported to the Department of Education by April 15 of each school year.

3.03 "Previous Year" is the school year immediately preceding the school year in which the miscellaneous funds calculation is done.

3.04 "School Year" is the year beginning July 1 of one calendar year and ending June 30 of the next calendar year.

4.00Procedures

4.01 The Department shall use the Miscellaneous Funds collected in the five (5) previous school years and reported to the Department of Education by April 15 of each school year from federal forest reserves, federal grazing rights, federal mineral rights, federal impact aid, federal flood control, wildlife refuge funds, severance taxes, and funds received by the school district in lieu of taxes, and local sales and use taxes dedicated to education pursuant to § 26-74-201 et seq., § 26-74-301 et seq., § 26-75-301 et seq., and the Local Government Bond Act of 1985, § 14-164-301 et seq., to determine the Miscellaneous Funds calculation.

4.02 If a school district has not received funds from a category of Miscellaneous Funds in the previous school year, then that category of Miscellaneous Funds will not be included in the five-year average calculation of Miscellaneous Funds for funding for the next school year.

4.03 The calculation of Miscellaneous Funds shall be an annual calculation.

005.01.07 Ark. Code R. 003

10/12/2007