KRS § 157.442 Adjustment in district allotment from fund to support education excellence in Kentucky relating to loss of state funds resulting from property assessment amendment. (Effective July 15, 2026)

157.442 Adjustment in district allotment from fund to support education excellence in Kentucky relating to loss of state funds resulting from property assessment amendment. (Effective July 15, 2026) (1) After the Department of Revenue submits the certified property assessment data to the chief state school officer as required pursuant to KRS 160.470(4), a local board of education may request to the chief state school officer an adjustment in funding if: (a) It is determined that the total assessed valuation of real property or personal property as defined in KRS 132.010 for the school district is amended; and (b) The impact of that amendment is equal to or greater than one percent (1%) of the school district's net general fund to support education excellence in Kentucky allotment as of March 1 of the same fiscal year of the impacted property assessment. (2) Any adjustments in the funding formula under this section shall be: (a) No more than an amount equal to the net loss of state funds provided through the program to support education excellence in Kentucky; and (b) Subject to available funds under the program to support education excellence in Kentucky. (3) Documentation of the amendment shall be provided by the school district. Effective: July 15, 2026 History: Created 2026 Ky. Acts ch. 196, sec. 20, effective July 15, 2026.