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PARRIS N. GLENDENING, Governor
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Ch. 288
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(3) (i) "Assessed valuation of real property" means the most recent
estimate made by the State Department of Assessments and Taxation before the
annual State budget is submitted to the General Assembly, of the assessed value of
real property for State purposes as of July 1 of the first completed fiscal year before
the school year for which the calculation of State aid is made under this section.
(ii) In all assessable bases, for the purpose of this paragraph,
preferentially assessed agricultural land shall be included at 50 percent of farm use
valuation as determined in accordance with farm use assessment standards
established by the Department of Assessments and Taxation:
[(3) (i) "Basic current expenses" means expenditures for elementary
and secondary education for a fiscal year calculated as follows:
1. Statewide aggregate expenditures from the current
expense fund for administration, instruction, public school special education
programs, student personnel services, health services, operation of plant, arid
maintenance of plant;
2. Plus statewide aggregate expenditures from the current
expense fund for fixed charges (including employee benefits), additional equipment,
and replacement equipment, to the extent these expenditures relate to the
expenditure categories in item 1 of this subparagraph; and
3. Minus the statewide aggregate of all State and federal
funds for elementary and secondary education supporting the expenditures in items 1
and 2 of this subparagraph, except the State share of basic current expenses.
(ii) "Basic current expenses" does not include expenditures for
adult education, community services, pupil transportation, capital outlay, or outgoing
transfers, or expenditures reported in the Food Service Fund, the Student Body
Activities Fund, the School Construction Fund, or the Debt Service Fund.]
(5) "FOUNDATION PROGRAM" MEANS THE PRODUCT OF THE ANNUAL
PER PUPIL FOUNDATION AMOUNT AND A COUNTY'S FULL-TIME EQUIVALENT
ENROLLMENT.
(7) "LOCAL CONTRIBUTION RATE" MEANS THE FIGURE THAT IS
CALCULATED AS FOLLOWS:
(I) MULTIPLY THE STATEWIDE FULL-TIME EQUIVALENT
ENROLLMENT BY $624, AND MULTIPLY THIS PRODUCT BY:
1. 0.46 IN FISCAL YEAR 2003 2004;
2. 0.47 IN FISCAL YEAR 2004 2005;
3. 0.48 IN FISCAL YEAR 2005 2006;
4. 0.49 IN FISCAL YEAR 2006 2007; AND
5. 0.50 IN FISCAL YEAR 2007 2008 AND EACH FISCAL YEAR
THEREAFTER;
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- 2169 -
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