20-9-368: Amount of guaranteed tax base aid.

(1) The amount of guaranteed tax base aid per ANB that a county may receive in support of the retirement fund budgets of the elementary school districts in the county is the difference between the county mill value per elementary ANB and the statewide mill value per elementary ANB, multiplied by the number of mills levied in support of the retirement fund budgets for the elementary districts in the county.

(2) The amount of guaranteed tax base aid per ANB that a county may receive in support of the retirement fund budgets of the high school districts in the county is the difference between the county mill value per high school ANB and the statewide mill value per high school ANB, multiplied by the number of mills levied in support of the retirement fund budgets for the high school districts in the county.

(3) The amount of guaranteed tax base aid for each mill levied that a county may receive for the elementary or high school countywide levy for BASE funding support is calculated in the following manner:

(a) multiply the countywide elementary or high school prior year GTBA budget area by the corresponding statewide guaranteed tax base ratio;

(b) subtract the prior year taxable valuation of the county from the product obtained in subsection (3)(a); and

(c) divide the remainder by 1,000.

(4) Guaranteed tax base aid provided to any county under this section is earmarked to finance the fund or portion of the fund for which it is provided. If a county receives more guaranteed tax base aid than it is entitled to, the excess must be returned to the state as required by 20-9-344.