Current Status Bill Number:4299 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19970604 Primary Sponsor:Pinckney All Sponsors:Pinckney, Neal and Davenport Drafted Document Number:gjk\20841sd.97 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Charter schools, formula for distribution of public funds; Schools and School Districts
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
House 19970604 Introduced, read first time, 30 HWM
referred to Committee
View additional legislative information at the LPITS web site.
TO AMEND SECTION 59-40-140, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE MANNER IN WHICH PUBLIC FUNDS ARE DISTRIBUTED TO A CHARTER SCHOOL, SO AS TO FURTHER PROVIDE FOR THE FORMULA THAT IS USED FOR THESE DISTRIBUTIONS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 59-40-140(A) of the 1976 Code, as added by Act 447 of 1996, is amended to read:
"(A) A sponsor shall distribute state, county, and school district funds to a charter school as determined by the following formula: The previous year's audited total general fund expenditures including capital outlay and maintenance, but not including expenditures from bonded indebtedness or debt repayment shall be divided by the previous year's weighted students, then increased by the Education Finance Act inflation factor, pursuant to Section 59-20-40, for the years following the audited expenditures, then multiplied by the weighted students enrolled in the charter school, which will be subject to adjustment for student attendance and state budget allocations based on the same criteria as the local school district. The formula contained above shall be computed separately on an elementary school basis, on a middle or junior high school basis, and on a high school basis rather than on an aggregate per pupil basis. Disbursements shall then be made based on these computations. All state and local funding shall be distributed by the local school district to the charter school monthly beginning July first following approval of the charter school application."
SECTION 2. This act takes effect upon approval by the Governor.