State Codes and Statutes

Statutes > Nebraska > Chapter79 > 79-1026

79-1026. School fiscal years prior to 2008-09; applicable allowable growth rate; determination; target budget level.For school fiscal years prior to 2008-09: On or before February 15, 2007, and on or before February 1 for each year thereafter, the department shall determine and certify to each Class II, III, IV, V, or VI district an applicable allowable growth rate carried out at least four decimal places for each local system as follows:(1) The department shall establish a target budget level range of general fund operating expenditure levels for each school fiscal year for each local system which shall begin at twenty percent less than the local system's formula need and end at the local system's formula need. The beginning point of the range shall be assigned a number equal to the maximum allowable growth rate established in section 79-1025, and the end point of the range shall be assigned a number equal to the basic allowable growth rate as prescribed in such section such that the lower end of the range shall be assigned the maximum allowable growth rate and the higher end of the range shall be assigned the basic allowable growth rate; and(2) For each school fiscal year, each local system's general fund operating expenditures shall be compared to its target budget level along the range described in subdivision (1) of this section to arrive at an applicable allowable growth rate as follows: If each local system's general fund operating expenditures fall below the lower end of the range, such applicable allowable growth rate shall be the maximum growth rate identified in section 79-1025. If each local system's general fund operating expenditures are greater than the higher end of the range, the local system's allowable growth rate shall be the basic allowable growth rate identified in such section. If each local system's general fund operating expenditures fall between the lower end and the higher end of the range, the department shall use a linear interpolation calculation between the end points of the range to arrive at the applicable allowable growth rate for the local system. SourceLaws 1990, LB 1059, § 17; Laws 1991, LB 511, § 82; Laws 1992, LB 245, § 87; Laws 1996, LB 299, § 29; R.S.1943, (1994), § 79-3817; Laws 1996, LB 900, § 672; Laws 1996, LB 1050, § 31; Laws 1997, LB 710, § 15; Laws 1997, LB 806, § 52; Laws 1998, LB 989, § 10; Laws 1999, LB 149, § 11; Laws 1999, LB 813, § 25; Laws 2001, LB 797, § 27; Laws 2003, LB 67, § 15; Laws 2003, LB 540, § 8; Laws 2005, LB 126, § 48; Laws 2006, LB 1024, § 88; Referendum 2006, No. 422; Laws 2007, LB21, § 4.