Section 22-30.5-513.1 - Mill levy equalization - fund created - legislative declaration - definitions(1)(a) The general assembly finds that school districts receive significant operating revenue from mill levies that are in addition to the school districts' total program mill levy. The general assembly further finds that institute charter schools do not have access to additional revenue from a local property tax mill levy. The general assembly finds, therefore, that it is appropriate to consider additional state equalization funding for institute charter schools.(b) The general assembly further declares that for purposes of section 17 of article IX of the state constitution, providing institute charter schools additional state equalization funding is appropriate for accountable education reform and institute charter schools may therefore receive funding from the state education fund created in section 17 (4) of article IX of the state constitution.(2)(a)[Repealed by 2024 amendment.] (a.5)(I) Beginning in the 2024-25 budget year and each budget year thereafter, the general assembly shall appropriate from the general fund or the state education fund to the institute the amount necessary each budget year to fund full mill levy equalization for all institute charter schools for the applicable budget year.(II) The amount required to fund mill levy equalization for all institute charter schools is determined in accordance with the following formula: (The accounting district's total additional mill levy revenue / the accounting district's funded pupil count) x Each institute charter school's funded pupil count
(III) As used in this subsection (2)(a.5), unless the context otherwise requires: (A) "Accounting district's funded pupil count" has the same meaning set forth in section 22-30.5-513 (1)(e).(B) "Additional mill levy revenue" has the same meaning set forth in section 22-32-108.5 (2)(a).(b) The institute shall annually distribute the money appropriated for full mill levy equalization pursuant to subsection (2)(a.5)(I) of this section to the institute charter schools on an equal per-pupil basis; except that, in any budget year, an institute charter school must not receive a per pupil amount that is greater than the total amount of additional mill levy revenue, as defined in section 22-32-108.5, that the accounting district for the institute charter school is authorized to collect, divided by the funded pupil count, as determined pursuant to article 54 of this title 22, of the accounting district for the applicable budget year. The money distributed pursuant to this section is in addition to money distributed to institute charter schools pursuant to section 22-30.5-513. Amended by 2024 Ch. 236,§ 39, eff. 5/23/2024.Amended by 2024 Ch. 96,§ 1, eff. 4/18/2024.Amended by 2023 Ch. 189,§ 22, eff. 5/15/2023.Added by 2017 Ch. 287, § 9, eff. 6/2/2017.L. 2017: Entire section added, (HB 17-1375), ch. 287, p. 1598, § 9, effective June 2.