For the 2001-2002 school year, the Commonwealth shall pay to each school district a basic education funding allocation which shall consist of the following:

(1) An amount equal to the basic education funding allocation for the 2000-2001 school year pursuant to sections 2502.13 and 2502.39.^{1}

(2) A base supplement calculated as follows:

(i) If the school district's 2002-2003 market value/income aid ratio is equal to or greater than .7000:

(A) Multiply the school district's 2002-2003 market value/income aid ratio by its 2001-2002 average daily membership.

(B) Multiply the product from (A) by $40,000,000.

(C) Divide the product from (B) by the sum of the products of the 2002-2003 market value/income aid ratio multiplied by the 2001-2002 average daily membership for all qualifying school districts.

(ii) If the school district's 2002-2003 market value/income aid ratio is equal to or greater than .4000 and less than .7000:

(A) Multiply the school district's 2002-2003 market value/income aid ratio by its 2001-2002 average daily membership.

(B) Multiply the product from (A) by $35,000,000.

(C) Divide the product from (B) by the sum of the products of the 2002-2003 market value/income aid ratio multiplied by the 2001-2002 average daily membership for all qualifying school districts.

(iii) If the school district's 2002-2003 market value/income aid ratio is less than .4000:

(A) Multiply the school district's 2002-2003 market value/income aid ratio by its 2001-2002 average daily membership.

(B) Multiply the product from (A) by $10,000,000.

(C) Divide the product from (B) by the sum of the products of the 2002-2003 market value/income aid ratio multiplied by the 2001-2002 average daily membership for all qualifying school districts.

(3) A poverty supplement calculated for qualifying school districts as follows:

(i) To qualify for the poverty supplement, a school district's 2002-2003 market value/income aid ratio shall be equal to or greater than 0.6500 and its personal income valuation when divided by its 2001-2002 average daily membership shall be equal to or less than $100,200.

(ii) The poverty supplement shall be calculated for qualifying school districts as follows:

(A) Multiply the school district's 2001-2002 average daily membership by $20,000,000.

(B) Divide the product from (A) by the sum of the 2001-2002 average daily membership for all qualifying school districts.

(4) A growth supplement calculated for qualifying school districts as follows:

(i) Each school district with an increase in average daily membership between the 2000-2001 and 2001-2002 school years of less than three percent (3%) shall receive an amount equal to two hundred fifty dollars ($250) multiplied by the actual numerical increase in average daily membership between the 2000-2001 and 2001-2002 school years.

(ii) Each school district with an increase in average daily membership between the 2000-2001 and 2001-2002 school years equal to or greater than three percent (3%) shall receive an amount equal to five hundred dollars ($500) multiplied by the actual numerical increase in average daily membership between the 2000-2001 and 2001-2002 school years.

(5) Each school district will receive additional funding as necessary so that the sum of the amounts under section 2502.13 and under clauses (2), (3), (4) and this clause will equal at least two percent (2%) of the amount in clause (1).

Credits

1949, March 10, P.L. 30, No. 14, art. XXV, § 2502.40, added 2002, June 29, P.L. 524, No. 88, § 23, effective July 1, 2002.