(a)(1) The earnings for a student in a state charter school shall be equal to the earnings for any other student with similar student characteristics in a state charter school, regardless of the local school system in which the student resides or the school system in which the state charter school is located, and, except as otherwise provided in paragraph (2) of this subsection, the department shall pay to each state charter school through appropriation of state funds an amount equal to the sum of:
(A)(i) QBE formula earnings and QBE grants earned by the state charter school based on the school's enrollment, school profile, and student characteristics. For purposes of this subparagraph, the term "QBE formula earnings" means funds earned for the Quality Basic Education Formula pursuant to
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(a) (1) The earnings for a student in a state charter school shall be equal to the earnings for any other student with similar student characteristics in a state charter school, regardless of the local school system in which the student resides or the school system in which the state charter school is located, and, except as otherwise provided in paragraph (2) of this subsection, the department shall pay to each state charter school through appropriation of state funds an amount equal to the sum of: (A) (i) QBE formula earnings and QBE grants earned by the state charter school based on the school's enrollment, school profile, and student characteristics. For purposes of this subparagraph, the term "QBE formula earnings" means funds earned for the Quality Basic Education Formula pursuant to Code Section 20-2-161 , including the portion of such funds that are calculated in accordance with Code Section 20-2-164 . QBE formula earnings shall include the salary portion of direct instructional costs, the adjustment for training and experience, the nonsalary portion of direct instructional costs, and earnings for psychologists and school social workers, school administration, facility maintenance and operation, media centers, additional days of instruction in accordance with Code Section 20-2-184.1 , and staff development, as determined by the department. (ii) A proportional share of earned state categorical grants, non-QBE state grants, transportation grants, school nutrition grants, and all other state grants, except state equalization grants, as determined by the department; (B) The state-wide average amount of the total revenues less federal revenues less state revenues other than equalization grants per full-time equivalent for all school systems; provided, however, that, if the average amount of the total revenues less federal revenues less state revenues other than equalization grants per full-time equivalent for the local school systems that comprise the attendance zone of the state charter school is less than the state-wide average amount of the total revenues less federal revenues less state revenues other than equalization grants per full-time equivalent for all school systems, the state charter school shall receive the greater of: (i) The average amount of the total revenues less federal revenues less state revenues other than equalization grants per full-time equivalent for the local school systems that comprise the attendance zone of the state charter school; or (ii) The average amount of the total revenues less federal revenues less state revenues other than equalization grants per full-time equivalent for the lowest five school systems ranked by assessed valuation per weighted full-time equivalent count, as determined by the department; and (C) (i) For brick-and-mortar state charter schools, the state-wide average total capital revenue, excluding local revenue bonds, per full-time equivalent, as determined by the department or the capital revenue per full-time equivalent for the local school system where the brick-and-mortar state charter school is located, whichever is greater; and (ii) For state charter schools that offer virtual instruction, an amount equal to 25 percent of the state-wide average total capital revenue per full-time equivalent if such school provides computer hardware, software, associated technical equipment, and ongoing maintenance required and necessary for its students to participate in such virtual instruction. (2) In the event that a state charter school offers virtual instruction, the amount of funds received pursuant to subparagraph (B) of paragraph (1) of this subsection shall be equal to two-thirds of such calculated amount; provided, however, that this two-thirds amount may be increased by any amount up to the originally calculated amount in the discretion of the commission if relevant factors warrant such increase. (3) For purposes of this subsection, the terms: (A) "Assessed valuation" is defined as 40 percent of the equalized adjusted property tax digest reduced by the amount calculated pursuant to subsection (g) of Code Section 20-2-164 . (B) "Assessed valuation per weighted full-time equivalent count" is defined as the assessed valuation for the most recent year available divided by the weighted full-time equivalent count for the year of the digest. (b) The department may withhold up to 3 percent of the amount determined pursuant to subsection (a) of this Code section for each state charter school for use in administering the duties required pursuant to Code Section 20-2-2083 , subject to the following conditions: (1) Any amount withheld pursuant to this subsection shall be spent solely and directly on expenses incurred by the commission in performing the duties required by this article; (2) The commission shall itemize and assign a value to each such duty performed; and (3) The unspent portion of the amount withheld shall be refunded to the state charter school no later than November 1 each year. (c) No deduction shall be made to any state funding which a local school system is otherwise authorized to receive pursuant to this chapter as a direct result or consequence of the enrollment in a state charter school of a specific student or students who reside in the geographical area of the local school system. (d) For purposes of funding students enrolled in a state charter school in the first year of such school's operation, in the first year that an existing state charter school offers a new grade level, or in an upcoming year in which student growth in the existing state charter school is projected to exceed 2 percent if authorized by the charter, and prior to the initial student count, the commission shall calculate and the department shall distribute the funding for the state charter school on the basis of its projected enrollment according to an enrollment counting procedure or projection method stipulated in the terms of the charter. Such initial funding shall include the adjustments in each program for training and experience. No later than July 1 of each year, the commission shall notify the department and the Office of Planning and Budget of the funding estimates calculated pursuant to this subsection for any new state charter schools, any new grade levels offered by existing state charter schools, or any existing state charter schools with projected student growth exceeding 2 percent. After the initial student count during the first year of such state charter school's operation, newly offered grade level, or projected student growth exceeding 2 percent and in all years of operation thereafter, each state charter school's student enrollment shall be based on the actual enrollment in the current school year according to the most recent student count. Nothing in this Code section shall be construed to require the department to conduct more than two student counts per year. (e) Funding for state charter schools pursuant to this Code section shall be subject to appropriations by the General Assembly and such schools shall be treated consistently with all other public schools in this state, pursuant to the respective statutory funding formulas and grants.