§ 16-7-17 - Time of payment of state's share of the basic program and approved expenditures. - Rhode Island Statutes

SECTION 16-7-17

   § 16-7-17  Time of payment of state's shareof the basic program and approved expenditures. – There shall be paid by the state to each community in twelve (12) monthlyinstallments an amount as determined by law to be the state's share of the costof the basic program for the reference year and all approved expenditures inexcess of the basic program for the reference year, provided, however, thatthese payments to a community shall be reduced by the amount of funds depositedby the department into the local education agency EPSDT account in accordancewith § 40-8-18 on behalf of the community. The July and August paymentsshall be two and one half percent (2 1/2%) of the state's share based upon theestimated pupil data, valuation data, and expenditure data for the referenceyear and the September through June payments shall each be nine and one halfpercent (9 1/2%) of the aid due and payable based upon the data for thereference year.