The State Board of Education (SBOE) held their quarterly meeting in September and on their final day of meeting, Sept. 11, approved a per capita rate and increased the multiplier used for calculating bond guarantee capacity.
The SBOE approved setting a per capita apportionment rate for the 2015-2016 school year at $176.437 based on an estimate of the amount available for expenditures from the Permanent School Fund. The board also increased the multiplier used for calculating bond guarantee capacity from 3 to 3.25 and requested the commissioner revisit his rules addressing the formula used to determine the reserve fund that is set aside to protect against defaults.
Because the amendments were approved by less than two-thirds majority, the rules will be effective beginning with the next school year.
