Payment of the amount calculated for a school district under this section shall be made under division (A) of section 3317.022 of the Revised Code.
(A) The department of education shall annually compute targeted assistance funds to school districts, as follows:
(1) Calculate the local wealth per pupil of each school district, which equals the following sum:
(a) One-half times the quotient of (i) the district's three-year average valuation divided by (ii) its formula ADM; plus
(b) One-half times the quotient of (i) the average of the total federal adjusted gross income of the school district's residents for the three years most recently reported under section 3317.021 of the Revised Code divided by (ii) its formula ADM.
(2) Rank all school districts in order of local wealth per pupil, from the district with the lowest local wealth per pupil to the district with the highest local wealth per pupil.
(3) Compute the statewide wealth per pupil, which equals the following sum:
(a) One-half times the quotient of (i) the sum of the three-year average valuations for all school districts divided by (ii) the sum of formula ADM counts for all school districts; plus
(b) One-half times the quotient of (i) the sum of the three-year average total federal adjusted gross incomes for all school districts divided by (ii) the sum of formula ADM counts for all school districts.
(4) Compute each district's wealth index by dividing the statewide wealth per pupil by the district's local wealth per pupil.
(5) Compute the per pupil targeted assistance for each eligible school district in accordance with the following formula:
(Threshold local wealth per pupil - the district's local wealth per pupil) X target millage X the district's wealth index
Where:
(a) An "eligible school district" means a school district with a local wealth per pupil less than that of the school district with the 490th lowest local wealth per pupil.
(b) "Threshold local wealth per pupil" means the local wealth per pupil of the school district with the 490th lowest local wealth per pupil.
(c) "Target millage" means 0.006.
If the result of the calculation for a school district under division (A)(5) of this section is less than zero, the district's targeted assistance shall be zero.
(6) Calculate the aggregate amount to be paid as targeted assistance funds to each school district under division (A) of section 3317.022 of the Revised Code by multiplying the per pupil targeted assistance computed under division (A)(5) of this section by the district's net formula ADM.
As used in this division, a district's "net formula ADM" means its formula ADM minus the number of community school students certified under division (B)(3)(d) of section 3317.03 of the Revised Code X 0.75, the number of internet- and computer-based community school students certified under division (B)(3)(e) of that section, the number of science, technology, engineering, and mathematics school students certified under division (B)(3)(j) of that section X 0.75, and the number of scholarship students certified under divisions (B)(3)(f), (g), and (l) of that section.
(B) The department shall annually compute supplemental targeted assistance funds to school districts, as follows:
(1) Compute each district's agricultural percentage as the quotient of (a) the three-year average valuation of real property in the district that is classified as agricultural property divided by (b) the three-year average valuation of all of the real property in the district.
(2)
Calculate the aggregate amount to be paid as supplemental targeted assistance funds to each school district under division (A) of section 3317.022 of the Revised Code , as follows:
(The district's agricultural percentage - 0.1 ) X ( 0.4 X the formula amount) X the district's net formula ADM, as that term is defined in division (A) of this section
If the result of the calculation for a school district under division (B)(2) of this section is less than zero, the district's supplemental targeted assistance shall be zero.
Amended by 131st General Assembly File No. TBD, HB 64, §101.01, eff. 9/29/2015.
Amended by 130th General Assembly File No. TBD, HB 483, §101.01, eff. 9/15/2014.
Amended by 130th General Assembly File No. 25, HB 59, §120.10, eff. 7/1/2014.
Added by 130th General Assembly File No. 25, HB 59, §101.01, eff. 9/29/2013.
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