SECTION 210:25-3-1. Appropriations to districts

(a)   School districts shall qualify for an initial appropriation of funds pursuant to law if the following conditions have been met:

(1)   The district was accredited for the previous year.

(2)   The Annual Statistical Report has been filed.

(b)   Not more than fifty (50) percent of the State Aid will be paid to any district until the district has filed the following: (70-18-116)

(1)   Final Teacher Personnel Report.

(2)   Estimate of Needs and Financial Statement (Budget).

(3)   School District Financial Report for the previous year. (Expenditures and Revenue)

(c)   If the district budget, as filed with the State Auditor, does not provide sufficient funds to operate the school for a full term based upon the following calculations, as a minimum level of revenue, the State Board of Education, after due notice to the district board of education, shall determine at its next regular meeting whether annexation is required.

(d)   Minimum level of income is determined using the following calculation:

(1)   Total appropriations approved by excise board, plus any unallocated State, Federal or other funds.

(2)   Total of current year's certificated and non-certificated salaries plus teachers' retirement and social security.

(3)   The total of (1) + (2) of this section plus actual cost for the previous year's transportation, plant operation and other fixed charges. (These cost items exclude salaries of the previous year).

(4)   Total Income = (1) of this section - the total of (2) + (3) of this section.

(5)   When the cost under the total of (2) + (3) of this Section exceeds the income listed under (1), the State Board shall be notified at the next meeting.

[Source: Amended at 10 Ok Reg 1383, eff 4-26-93; Amended at 16 Ok Reg 1175, eff 5-13-99]