Instructs the property tax administrator to calculate each school district's share of the state excess revenues by dividing the total amount of state excess revenues required to be refunded by the total district share of total program statewide and then multiplying that percentage by the individual district's share of its total program. Specifies that said appropriation is in addition to the amount of general funds that would otherwise be appropriated to fund the act.
Capital letters indicate new material to be added to existing statute.
Specifies that these provisions for refunding state excess revenues shall not apply in any year in which the voters statewide vote to allow the state to retain and expend the entire amount of state excess revenues. Directs the state controller to certify the amount of state excess revenues on or before September 1 of any given year. Requires the state auditor to complete an audit of the certified amount of excess state revenues by September 15 of that year. State share of district total program - use of state 5 excess revenues. Local and state shares of district total program.