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ADE Director's Communication Memo Form


Memo Number : FIN-03-024

Date Created : 05/13/2003

Attention:

Superintendents
Co-op Directors

Type of Memo: Regulatory
Response Required: No
   
Section:   Public School Finance and Admin Support - Ms. Patricia Martin
Subject:
State Equalization Aid & Trust Fund Aid

Regulatory Authority:
A.C.A. 6-5-Subchapter 3, 6-20-Subchapter 3, 6-20-Subchapter 6 and Act 1667 of 2001

Contact Person:
Vivian Roberts

Phone Number:
501-682-4258

E-mail:
vroberts@arkedu.k12.ar.us

The final calculation of state aid following the second reduction in the Public School Fund has been completed. Each school district's state aid notice is attached to this memo by hard copy and will be mailed May 15, 2003. State aid notices can be seen after May 16 on the Arkansas Department of Education web page, http://arkedu.state.ar.us/. Click on Directory & Programs, then Local Fiscal Services. Scroll down to State Aid to School District and Educational Excellence Trust Funds Fiscal Year 2002-03 (Report dated May 15 2003). Click on School Districts. To print an individual printout, select File, Print, then Current Page. In accordance with Section 20 of Act 1667 of 2001, the $3,000 salary increase as established in the Educator Compensation Act is eliminated for FY 2003.

All funding amounts are calculated using current data. The Base Local Revenue Per Student is $4,674.89. The rates used to calculate General Facilities Funding and Debt Service Funding Supplement are $38.80 and $18.35 respectively. Amounts for Revenue Loss Funding and Student Growth Funding for qualifying school districts are shown on lines 13 and 14. Student Growth Funding is calculated using the 2002-03 Average Daily Membership (ADM) of quarters one and two averaged. 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.

Additional Base Funding and Incentive Funding are calculated using growth funds and growth ADM from the first two quarters averaged for districts with an increase in ADM. The Additional Base Funding and Incentive Funding for non-growing districts are not reduced due to growth funds and growth ADM, if any, of the district at the 95th percentile. This is done by excluding the growth funds and growth ADM, if any, of the district at the 95th percentile in the calculation of the Minimum State and Local Revenue Per ADM. The Minimum State and Local Revenue per ADM is currently $4,966.79.

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 June.

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.

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 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 the school districts.

Attachments:
    None

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