85-2224 Department of Revenue; calculate local effort rate and formula resources. - Nebraska Statutes

85-2224. Department of Revenue; calculate local effort rate and formula resources.(1) The Department of Revenue shall calculate local effort rate by dividing the sum of (a) the total of base revenue need for all community college areas minus (b) the amount appropriated by the Legislature pursuant to the Community College Foundation and Equalization Aid Act minus (c) the total formula tuition and fees for all community college areas by the total taxable valuation from the most recent Certificate of Taxes Levied required under section 77-1613.01 for all community college areas times one hundred.(2) The department shall calculate the formula resources available to each community college area by adding the yield from local effort rate plus local formula tuition and fees. (3) For purposes of the calculation required pursuant to this section:(a) The yield from local effort rate for each community college area equals the local effort rate times the total taxable valuation certified to each community college area pursuant to the most recent Certificate of Taxes Levied required under section 77-1613.01 divided by one hundred; and(b) Local formula tuition and fees equals tuition and fees attributable to each community college area that were reported on the accrual basis of accounting in the fiscal year prior to the fiscal year for which aid is to be calculated. SourceLaws 2007, LB342, § 24; Laws 2008, LB973, § 5.Effective Date: July 18, 2008Termination Date: June 30, 2011