State Codes and Statutes

Statutes > Nebraska > Chapter79 > 79-1026_01

79-1026.01. School fiscalyear 2008-09 and subsequent fiscal years; applicable allowable growth rate;determination; target budget level.For schoolfiscal year 2008-09 and each school fiscal year thereafter, on or before March 10, 2010, onor before April 1, 2011, and on or before March 1of each year thereafter, the department shall determine and certify to eachClass II, III, IV, or V district an applicable allowable growth rate carriedout at least four decimal places as follows:(1) The department shall establish a target budget level rangeof general fund operating expenditure levels for each school fiscal year foreach school district which shall begin at twenty percent less than the schooldistrict's formula need and end at the school district's formula need. Thebeginning point of the range shall be assigned a number equal to the maximumallowable growth rate established in section 79-1025, and the end point ofthe range shall be assigned a number equal to the basic allowable growth rateas prescribed in such section such that the lower end of the range shall beassigned the maximum allowable growth rate and the higher end of the rangeshall be assigned the basic allowable growth rate; and(2) For each school fiscal year, each school district's generalfund operating expenditures shall be compared to its target budget level alongthe range described in subdivision (1) of this section to arrive at an applicableallowable growth rate as follows: If each school district's general fund operatingexpenditures fall below the lower end of the range, such applicable allowablegrowth rate shall be the maximum growth rate identified in section 79-1025.If each school district's general fund operating expenditures are greaterthan the higher end of the range, the school district's allowable growth rateshall be the basic allowable growth rate identified in such section. If eachschool district's general fund operating expenditures fall between the lowerend and the higher end of the range, the department shall use a linear interpolationcalculation between the end points of the range to arrive at the applicableallowable growth rate for the school district. SourceLaws 2006, LB 1024, § 89; Laws 2009, LB61, § 3; Laws 2009, LB545, § 17; Laws 2009, LB548, § 3; Laws 2010, LB711, § 4; Laws 2010, LB1071, § 21.Note: The Revisor of Statutes has pursuant to section 49-769 correlated LB711, section 4, with LB1071, section 21, to reflect all amendments.Note: Changes made by LB711 became effective February 26, 2010. Changes made by LB1071 became operative April 15, 2010.