Ala. Admin. Code r. 290-2-1-.04
Current through Register Vol. 42, No. 8, May 31, 2024
Section 290-2-1-.04 - Annual Apportionment Of Public School Funds The Public School Fund (PSF) shall be apportioned each year to provide funds for capital improvements of public school facilities in accordance with Ala. Acts 95-314, 2013-264, and as hereinafter provided:
(1)Capital Improvement Funds. The PSF shall be apportioned on the basis of a distribution method that uses the ability of the local board to raise local revenues, has a variable matching scale and guarantees each local board will receive the same amount per pupil (ADM) in matched funds. (a) The ability of the local board shall be defined as the yield of one mill of district ad valorem tax per pupil based on the prior year's financial data and prior year's first 20 scholastic days following Labor Day ADM.(b) The allotment of PSF funds for capital improvements shall be on the basis of a guaranteed tax yield calculation matched to 2 times the maximum yield per mill per ADM. The number of mills guaranteed will depend on the amount of PSF available after the set aside in (1) above. 1. If Z is the number of guaranteed mills, M is the maximum yield per mill over all local boards, Y is the yield per mill per ADM for a local board, and A is the prior year first 20 scholastic days following Labor Day ADM, the local board shall receive (Z*(2M-Y)* A) state PSF funds and must match with (Z*Y*A) local funds. The local matching funds may be used as debt service. PSF Capital Improvement Funds may be used to service a debt for capital improvements.2. PSF Capital Improvement Funds must be for capital improvements as identified in Alabama Legislative Act No. 2011-163.Ala. Admin. Code r. 290-2-1-.04
New June 14, 1984 effective July 27, 1984. Repealed: Filed September 13, 1994; effective October 18, 1994. New Rule: Filed November 16, 1995; effective December 21, 1995. Amended: Filed September 13, 1996; effective October 18, 1996. Amended: Filed December 17, 1997; effective January 21, 1998. Amended: Filed September 10, 1998; effective October 15, 1998. Amended: Filed November 18, 1999; effective December 23, 1999. Amended: Filed December 14, 2000; effective January 18, 2001. Amended: Filed November 8, 2001; effective December 13, 2001. Amended: Filed September 12, 2002; effective October 17, 2002. Amended: Filed January 8, 2004; effective February 12, 2004. Amended: Filed September 9, 2004; effective October 14, 2004. Amended: Filed November 10, 2005; December 15, 2005. Amended: Filed November 9, 2006; effective December 14, 2006. Amended: Filed September 14, 2007; effective October 19, 2007. Amended: Filed November 13, 2008; effective December 18, 2008. Amended: Filed September 10, 2009; effective October 15, 2009. Amended: Filed November 22, 2010; effective December 27, 2010. Amended: Filed December 12, 2011; effective January 16, 2012. Amended: Filed November 8, 2012; effective December 13, 2012. Amended: Filed September 12, 2013; effective October 18, 2013.Amended by Alabama Administrative Monthly Volume XXXII, Issue No. 12, September 30, 2014, eff. 10/15/2014.Author: Ed Richardson
Statutory Authority:Code of Ala. 1975, §§16-13-50etseq.; Ala. Acts 95-313 and 95-314.