Ark. Code Ann. Sec. 6-20-2502 and Act 727 of 2007 define the calculation for the Academic Facilities Wealth Index. The Academic Facilities Wealth Index is used to determine the local school district's share of financial participation in a local academic facilities project eligible for state financial participation under priorities established by the Facilities Division. The Academic Facilities Wealth Index for 2007-2008 is attached to this memo. The calculations for the 2008 index are based on data submitted through the Arkansas Public School Computer Network (APSCN).
Districts are reminded that the Academic Facilities Wealth Index is used in conjunction with the square foot allocation for new construction from the Divisionís cost estimating charts to determine the stateís financial participation in the Partnership Program. The 2008 Wealth Index percentages will be used for all Partnership Projects submitted for consideration in 2008 for the 2009-2011 biennium.
As Partnership Agreements are submitted for consideration, the Division for Academic Facilities will review the project amounts to ensure that the most current Facilities Wealth Index has been applied. According to Act 727 of 2007, districts with a facilities wealth index of 1.00 or greater will be funded at the same level as the first school district with a wealth index below 1.00 except that this funding will not exceed the amount of funding provided for a facilities wealth index of nine hundred ninety-five thousandths (0.995).