SCH CD-STATE AID RECOMPUTATION

Amends the School Code. With respect to requests for recomputation of a general State aid claim received regarding a county clerk's use of an estimate of equalized assessed valuation for multi-county jurisdictions that resulted in the calculation and use of a subsequent year limiting rate, utilized in the general State aid claim of a school district, that was different than the actual operating rate extended in the year subsequent to the use of the estimate, provides that the district's general State aid shall be recalculated in the first year applicable by substituting the operating tax rate, instead of the limiting rate, for the base tax year in the numerator of the Extension Limitation Ratio as calculated under the State aid formula provisions of the School Code. Provides that no such adjustment shall be made regarding the Extension Limitation Equalized Assessed Valuation unless the district's Extension Limitation Equalized Assessed Valuation is changed by greater than $5,000,000 or 5%. Provides that any subsequent year Available Local Resources that have been calculated under the State aid formula provisions shall utilize the recomputed value of the Extension Limitation Equalized Assessed Valuation that was determined from the preceding year recomputation until the district's current year State aid claim is calculated such that the original year and all subsequent year's recomputations are calculated and reflected in the current year general State aid claim. Effective immediately.