Indiana Code 20-43-2-2. Maximum distributions; excessive distributions
(b) If the budget director, after review by the budget committee, makes a determination that the amount of the distribution for a state fiscal year for all school corporations for the purposes described in section 3 of this chapter exceeds the amount appropriated for these purposes for the state fiscal year, the budget agency shall transfer money from the state tuition reserve account to the state general fund to cover the difference. However, the maximum amount that may be transferred to the state general fund for the state fiscal year may not exceed:
Terms Used In Indiana Code 20-43-2-2
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) twenty-five million dollars ($25,000,000) for a state fiscal year beginning July 1, 2019, or thereafter.
(c) Any amounts transferred under this section shall be used to augment the appropriation for state tuition support for the state fiscal year and shall be distributed to school corporations to make or restore the distributions for the purposes described in section 3 of this chapter.
(d) Transfers under this section are in addition to any transfers made from the state tuition reserve account under IC 4-12-1-15.7 or any other law.
(e) To the extent that the amount appropriated plus the amount transferred is less than the amount that would be distributed under this article, the total amount to be distributed for the purposes described in section 3 of this chapter to each recipient during the remaining months of the state fiscal year shall be proportionately reduced so that the total reductions equal the amount of the excess for the purposes described in section 3 of this chapter.
[Pre-2006 Recodification Citation: 21-3-1.7-9(b) part.]
As added by P.L.2-2006, SEC.166. Amended by P.L.162-2006, SEC.42; P.L.234-2007, SEC.235; P.L.146-2008, SEC.482; P.L.182-2009(ss), SEC.329; P.L.229-2011, SEC.204; P.L.205-2013, SEC.269; P.L.135-2018, SEC.2; P.L.108-2019, SEC.218.