(a)This section:
(1)except as provided in subdivision (2), applies to revenue
received from a resolution that is approved by the governing body
to impose a referendum levy under section 8 or 8.5 of this chapter
after May 10, 2023, for a school corporation located in:
(D)Vanderburgh County;
through the full term of the referendum levy; and
(2)does not apply to revenue received from a referendum levy if:
(A)the governing body of the school corporation approves the
referendum levy in a resolution adopted under section 8 or 8.5
of this chapter; and
(B)the referendum levy is imposed for the first time with
property taxes first due and payable in a calendar year
beginning after December 31, 2027.
(b)Subject to subsections (f) a
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(a) This section:
(1) except as provided in subdivision (2), applies to revenue
received from a resolution that is approved by the governing body
to impose a referendum levy under section 8 or 8.5 of this chapter
after May 10, 2023, for a school corporation located in:
(A) Lake County;
(B) Marion County;
(C) St. Joseph County; or
(D) Vanderburgh County;
through the full term of the referendum levy; and
(2) does not apply to revenue received from a referendum levy if:
(A) the governing body of the school corporation approves the
referendum levy in a resolution adopted under section 8 or 8.5
of this chapter; and
(B) the referendum levy is imposed for the first time with
property taxes first due and payable in a calendar year
beginning after December 31, 2027.
(b) Subject to subsections (f) and (h), the county auditor in the
county in which the school corporation is located shall distribute an
amount of revenue as provided under subsection (e) from the revenue
collected from a tax levy imposed under this chapter by a school
corporation that is attributable to the territory of the school corporation
that is located within the boundaries of a county listed in subsection
(a)(1) to each charter school, excluding virtual charter schools or adult
high schools, that a student who resides within the attendance area of
the school corporation attends if the charter school elects to participate
in the referendum under section 8(h) of this chapter.
(c) The department shall provide the county auditor with data and
information necessary for the county auditor to determine:
(1) which charter schools are eligible to receive a distribution
under this section; and
(2) the number of students who:
(A) reside within the attendance area of the school corporation
who are included in the ADM for each charter school,
excluding virtual charter schools or adult high schools,
described in subdivision (1); and
(B) receive not more than fifty percent (50%) virtual
instruction.
(d) The following schools are not eligible to receive a distribution
under this section:
(1) A virtual charter school.
(2) An adult high school.
(e) For the purposes of the calculations made in this subsection,
each eligible school that has entered into an agreement with a school
corporation to participate as a participating innovation network charter
school under IC 20-25.7-5 is considered to have an ADM that is
separate from the school corporation. The amount that the county
auditor shall distribute to a charter school, excluding virtual charter
schools or adult high schools, under this section is the amount
determined in the last STEP of the following STEPS:
STEP ONE: Determine, for each charter school, excluding virtual
charter schools or adult high schools, that is eligible to receive a
distribution under this section, the number of students who reside
within the attendance area of the school corporation who are
currently included in the ADM of the charter school and receive
not more than fifty percent (50%) virtual instruction.
STEP TWO: Determine the sum of:
(A) the current ADM count for the school corporation; plus
(B) total number of all students who reside within the
attendance area of the school corporation who are currently
included in the ADM of a charter school, and receive not more
than fifty percent (50%) virtual instruction, excluding virtual
charter schools or adult high schools.
STEP THREE: Determine the result of:
(A) the STEP ONE amount; divided by
(B) the STEP TWO amount.
STEP FOUR: Determine the result of:
(A) the sum of:
(i) the STEP THREE amount; plus
(ii) any amount withheld in the previous year under
subsection (i); multiplied by
(B) the amount collected by the county auditor during the most
recent installment period that is attributable to the territory of
the school corporation that is located within the boundaries of
a county listed in subsection (a).
(f) A charter school is not eligible for a distribution under this
section from property tax revenue collected from a particular
referendum levy if the charter school does not have a certified fall
ADM count in the calendar year immediately preceding the calendar
year in which the public question for the referendum appears on the
ballot.
(g) Not later than August 15, 2025, and not later than August 15 of
each calendar year thereafter, the department shall provide to each
school corporation and eligible charter school an estimate of the
amount of property tax levy revenue the school corporation and charter
school are expected to receive under this section in the subsequent
calendar year based on the most recent fall ADM count.
(h) This subsection applies beginning with distributions of property
tax revenue under this section in 2026 and thereafter. In order to
receive a distribution under this section, the governing body of a
charter school shall, not later than October 15, 2025, and not later than
October 15 of each calendar year thereafter, adopt a budget for the
current school year. Not later than ten (10) days before its adoption, the
budget must be fixed and presented to the charter board in a public
meeting in the county in which the charter school is incorporated. Not
later than November 1, 2025, and not later than November 1 of each
calendar year thereafter, the governing body of the charter school shall
submit:
(1) the budget that is adopted under this subsection;
(2) the dates on which each requirement under this subsection
were met; and
(3) a statement from the governing body of the charter school
attesting that the dates provided in subdivision (2) are true and
accurate and that the budget was properly adopted under this
subsection;
to the charter authorizer for review and to the department of local
government finance to be posted publicly on the computer gateway
under IC 6-1.1-17-3.
(i) If a charter school does not satisfy the requirements of subsection
(h) to receive distributions under this section during a calendar year, as
determined by the department of local government finance, the charter
school may not receive a distribution of property tax revenue in that
calendar year and the county auditor shall withhold the charter school's
distribution amount. The department of local government finance's
determination of compliance consists only of a confirmation that the
adopted budget and attestation statement are submitted not later than
the applicable date under subsection (h). Any distribution amount
withheld under this subsection shall be:
(1) added to the property tax revenue collections as described in
STEP TWO of subsection (e); and
(2) distributed among the school corporation and remaining
charter schools according to subsection (e);
in the calendar year that immediately follows the calendar year in
which the distribution amount was withheld.