R277-477-5. Distribution of Funds - Determination of Proportionate Share

  (1)(a) A local school board or charter school governing board shall report the prior year expenditure of distributions for each school.

  (b) The total expenditures each year described in Subsection (1)(a) may not be greater than the total available funds for any school or school district.

  (c) A school district shall adjust the current year distribution of funds received from the School LAND Trust Program as described in Section 53F-2-404, as necessary to maintain an equal per student distribution within a school district based on school openings and closings, boundary changes, and other enrollment changes occurring after the fall enrollment report.

  (2) A charter school and each of the charter school's satellite charter schools are a single LEA for purposes of public school funding.

  (3)(a) For purposes of this Subsection (3) and Subsection (4), "qualifying charter school" means a charter school that:

  (i) would receive more funds from a per pupil distribution than the charter school receives from the base payment described in Subsection (3)(c); and

  (ii) is not a newly opening charter school as described in Subsection (4).

  (b) The Superintendent shall distribute the funds allocated to charter schools as described in this Subsection (3).

  (c) The Superintendent shall first distribute a base payment to each charter school that is equal to the product of:

  (i) an amount equal to the total funds available for all charter schools; and

  (ii) at least 0.4%.

  (d) After the Superintendent distributes the amount described in Subsection (3)(c), the Superintendent shall distribute the remaining funds to qualifying charter schools on a per pupil basis.

  (4)(a) The Superintendent shall distribute an amount of funds to a newly opening charter school that is equal to the greater of:

  (i) the base payment described in Subsection (2)(c); or

  (ii) a per pupil amount based on the newly opened charter school's projected October 1 enrollment count.

  (b) The Superintendent shall increase or decrease a newly opening charter school's first year distribution of funds in the school's second year to reflect the newly opening charter school's actual first year October 1 enrollment.

  (5) If a school chooses not to apply for funds or does not meet the requirements for receiving funds, the Superintendent shall deposit the unused balance in the Trust Distribution Account.