53A-21-202.   Capital Outlay Foundation Program -- Distribution formulas -- Allocations.
     (1) For fiscal years beginning on or after July 1, 2008, the State Board of Education shall determine the foundation guarantee level per ADM that fully allocates the funds appropriated to the State Board of Education for distribution under this section.
     (2) By June 1, a county treasurer shall report to the State Board of Education the actual collections of property taxes in the school districts located within the county treasurer's county for the period beginning April 1 through the following March 31 immediately preceding that June 1.
     (3) If a qualifying school district imposes the highest combined capital levy rate in the prior year, the State Board of Education shall allocate to the qualifying school district an amount equal to the product of the following:
     (a) the qualifying school district's prior year ADM; and
     (b) an amount equal to the difference between the following:
     (i) the foundation guarantee level per ADM for that fiscal year, as determined in accordance with Subsection (1); and
     (ii) the qualifying school district's prior year property tax yield per ADM.
     (4) If a qualifying school district imposes a prior year combined capital levy rate less than the highest combined capital levy rate, the State Board of Education shall allocate to the qualifying school district an amount equal to the product of the following:
     (a) the qualifying school district's prior year ADM;
     (b) an amount equal to the difference between the following:
     (i) the foundation guarantee level per ADM for that fiscal year, as determined in accordance with Subsection (1); and
     (ii) the qualifying school district's prior year property tax yield per ADM; and
     (c) a percentage equal to:
     (i) the qualifying school district's prior year combined capital levy rate; divided by
     (ii) the highest combined capital levy rate.
     (5) (a) The State Board of Education shall allocate:
     (i) a minimum of $200,000 to each school district with a property tax base per ADM less than or equal to the statewide average property tax base per ADM;
     (ii) a minimum of $100,000 to each school district with a property tax base per ADM that is:
     (A) greater than the statewide average property tax base per ADM; and
     (B) less than or equal to two times the statewide average property tax base per ADM; and
     (iii) a minimum of $50,000 to each school district with a property tax base per ADM that is:
     (A) greater than two times the statewide average property tax base per ADM; and
     (B) less than or equal to five times the statewide average property tax base per ADM.
     (b) The State Board of Education shall incorporate the minimum allocations described in Subsection (5)(a) in its calculation of the foundation guarantee level per ADM determined in accordance with Subsection (1).

Enacted by Chapter 236, 2008 General Session
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Last revised: Thursday, May 28, 2009