005.01.09 Ark. Code R. 005

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

Rule 005.01.09-005 - Rules Governing the Calculations of Miscellaneous Funds

1.00 Authority

1.01 The Arkansas State Board of Education's authority for promulgating these Rules is pursuant to Ark. Code Ann. §§ 6-20-2301 et seq., 6-20-2503 and Acts 154 and 1469 of 2009.

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

2.00 Purpose

2.01 The purpose of these Rules is to define the procedures for the calculation of Miscellaneous Funds for State Foundation Funding and for Bonded Debt Assistance Funding.

3.00 Definitions

For purposes of these Rules, the following terms mean:

3.01 "Miscellaneous Funds" as used in calculating Foundation Funding and Bonded Debt Assistance for public school districts means the average of those funds collected in the five (5) school years immediately preceding the previous 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, funds received by the school district in lieu of taxes, and local sales and use taxes dedicated to education under § 26-74-201 et seq., § 26-74-301, et seq., and the Local Government Bond Act of 1985, § 14-164-301 et seq.; and 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 fiscal year prior to the current funding year.

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

4.00 Procedures for Miscellaneous Funds Used in the Foundation Funding Calculation

4.01 The calculation of foundation funding for public school districts uses Miscellaneous Funds listed in 3.01 of this Rule calculated pursuant to § 6-20-2303(11) amended by Act 154 and 1469 of 2009 as follows:

4.01.1 If a school district did not receive funds from a category of Miscellaneous Funds calculated under Section 3.01 of this Rule during the most recent school year used to calculate the five-year average, then previous collections from the category of Miscellaneous Funds shall not be included in the five-year average calculation of Miscellaneous Funds used in the calculation of Foundation Funding.

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

5.00 Procedures for Miscellaneous Funds Used in the Bonded Debt Assistance Funding Calculation

5.01 The calculation of Bonded Debt Assistance Funding for public school districts uses Miscellaneous Funds listed in Section 3.01 of this Rule calculated pursuant to § 6-20-2503(11) as amended by Acts 154 and 1469 of 2009 as follows:

5.01.1 If a school district did not receive funds from a category of Miscellaneous Funds calculated under Section 3.01 of this Rule during the most recent school year used to calculate the five-year average, then previous collections from that category of Miscellaneous Funds shall not be included in the five-year average calculation of Miscellaneous Funds used in the calculation of Bonded Debt Assistance Funding.

5.02 The calculations of Miscellaneous Funds shall be an annual calculation.

005.01.09 Ark. Code R. 005

4/9/2010