The first calculation of state aid has been completed for the 2002-03 school year. Each school district's state aid notice is attached to this memo by hard copy and will be mailed July 11, 2002. All funding amounts are calculated using current data. State aid notices can also be seen after July 15th on the Arkansas Department of Education web page, http://arkedu.state.ar.us/. Click on Directory & Programs, then Local Fiscal Services. Scroll down until you see State Aid to School District and Educational Excellence Trust Funds Fiscal Year 2002-03 (Report dated July 9, 2002). Click on School Districts. To print an individual printout, be sure to select File, Print then Current Page.
The Base Local Revenue Per Student is $4,782.13, an increase of $240.43 over the previous year. General Facilities Funding is calculated using a rate of $38.80. Debt Service Funding Supplement is calculated using a rate of $18.35. Revenue Loss Funding will be calculated prior to September and will be on the December and May state aid notices. Student Growth Funding will be calculated in December and May using 2002-03 attendance figures. If a school district qualifies for both Revenue Loss Funding and Student Growth Funding, A.C.A. 6-20-326 permits only the greater of the two to be received by the school district. All other categories of funding will be recalculated in December and May to reflect current data and current funding levels.
The following is 2002-03 payment information on the various funding categories:
State Equalization Aid:
Paid monthly in 11 payments beginning in August and ending in June.
General Facilities Funding:
Paid quarterly beginning in August. The final payment is in May.
Debt Service Funding Supplement:
Paid quarterly beginning in August. The final payment is in May.
Revenue Loss Funding:
50% paid in September. Balance paid in May.
Student Growth Funding:
50% paid in January. Balance paid in June.
Additional Base Funding:
100% paid in June.
Incentive Funding:
100% paid in June.
Isolated Funding:
75% paid in September. Balance paid in June.
Consolidation Funding:
100% paid in July.
Please refer questions regarding debt payment amounts to Cindy Hedrick of Loans and Bonds at 501-682-4494. For questions regarding classroom teacher salary requirements, contact Donna Ralph of Financial Accountability at 501-682-5059. For other questions regarding information on the state aid notice, contact Vivian Roberts of Local Fiscal Services. Separate funding announcements will be provided to districts that qualify for other programs within the Public School Fund.
Attachments are being mailed directly to school districts.