Arkansas Administrative Code
Agency 005 - DEPARTMENT OF EDUCATION
Division 01 - Division of Fiscal and Administrative Services
Rule 005.01.09-005 - Rules Governing the Calculations of Miscellaneous Funds
Universal Citation: AR Admin Rules 005.01.09-005
Current through Register Vol. 49, No. 9, September, 2024
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.
Disclaimer: These regulations may not be the most recent version. Arkansas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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