The first calculation of state aid has been completed for the 2003-04 school year. Each school district's state aid notice is attached to this memo by hard copy and will be mailed July 17, 2003. State aid notices can also be seen after July 17th 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 2003-04 (Report dated July 17, 2003). Click on School Districts. To print an individual printout, select File, Print, then Current Page.
All funding amounts are calculated using current data. The Base Local Revenue Per Student is $4,721.42, an increase of $33.17 over the previous year. The rates used to calculate General Facilities Funding and Debt Service Funding Supplement are $38.60 and $18.00 respectively. 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 2003-04 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.
Consolidation Incentive Funding:
100% paid in July.
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.