20-9-141: Computation of general fund revenue and levy requirements by county superintendent -- BASE funding revenue requirement -- over-BASE levy requirement.

(1) The county superintendent shall compute the revenue and levy requirements for each district's general fund as described in this section.

(2) For a district's BASE funding revenue requirement:

(a) Determine the funding required for the BASE area of the district's final general fund budget less the sum of:

(i) the district's BASE aid; and

(ii) if applicable, the district's nonisolated school BASE budget requirement to be met by a district levy as provided in 20-9-303.

(b) Determine the money available for the reduction of the BASE funding revenue requirement by totaling:

(i) the general fund balance reappropriated, as established under the provisions of 20-9-104;

(ii) amounts received in the last fiscal year for which revenue reporting was required for each of the following:

(A) interest earned by the investment of general fund cash in accordance with the provisions of 20-9-213(4); and

(B) any other revenue received during the school fiscal year that may be used to finance the general fund;

(iii) anticipated oil and natural gas production taxes allocated to the BASE portion of the general fund budget at the discretion of school district trustees pursuant to 20-9-310; and

(iv) pursuant to subsection (6), anticipated revenue from coal gross proceeds under 15-23-703.

(c) Subtract the money available to reduce the BASE funding revenue requirement that has been determined in subsection (2)(b) from the amount determined in subsection (2)(a). This is the district's BASE funding revenue requirement. If the amount determined in subsection (2)(b) exceeds the amount determined in subsection (2)(a), the district's BASE funding revenue requirement is $0 and the excess amount from subsection (2)(b) must be applied to reducing the over-BASE levy under subsection (3).

(3) For the district's over-BASE budget levy:

(a) Determine the sum of:

(i) any excess amount remaining after the determination in subsection (2)(c);

(ii) any portion of the increment remitted to a school district under 7-15-4286(3) or 7-15-4291 used to reduce the over-BASE budget levy;

(iii) anticipated oil and natural gas production taxes allocated to the over-BASE portion of the general fund budget at the discretion of school district trustees pursuant to 20-9-310;

(iv) if applicable, a coal-fired generating unit closure mitigation block grant as provided in 20-9-638; and

(v) any tuition payments for out-of-district pupils to be received under the provisions of 20-5-320 through 20-5-324, except the amount of tuition received for a pupil who is a child with a disability in excess of the amount received for a pupil without disabilities, as calculated under 20-5-323(2).

(b) Subtract the amount determined in subsection (3)(a) from the district's over-BASE budget. This is this the district's over-BASE budget levy.

(4) The county superintendent shall:

(a) utilize a district's BASE funding revenue requirement calculated under subsection (2) to determine the countywide levy for BASE funding support as described in 20-9-362; and

(b) report a district's over-BASE budget levy amount to the county commissioners by the later of the first Tuesday in September or within 30 calendar days after receiving certified taxable values, and a levy must be set by the county commissioners in accordance with 20-9-142.

(5) If a district has an amount of revenue directed to funding the district's general fund under this section that results in an excess of revenue required to fund the district's over-BASE levy as calculated in subsection (3), the trustees of the district shall allocate that excess to another budgeted fund of the district to reduce local property taxes by the amount of the excess.

(6) For each school district, the department of revenue shall calculate and report to the county superintendent the amount of revenue anticipated for the ensuing fiscal year from revenue from coal gross proceeds under 15-23-703.