A BILL TO BE ENTITLED
AN ACT to modify the low‑wealth school funding formula, as recommended by the joint legislative study committee on public school funding formulas.
The General Assembly of North Carolina enacts:
SECTION 1.  The Low-Wealth Counties Supplemental Funding Allotment is renamed the County Baseline Assistance Allotment.
SECTION 2.  Notwithstanding the provisions of Section 7.6 of S.L. 2007‑323 and except as provided in Section 3 of this act, local school administrative units shall receive the same allotment of county baseline assistance funds for the 2008‑2009 fiscal year that they received of low‑wealth counties supplemental funding for the 2007‑2008 fiscal year.  This allotment shall be adjusted in accordance with legislative salary increments, retirement rate adjustments, and health benefit adjustments for personnel enacted by the General Assembly for the 2007‑2008 fiscal year.
SECTION 3.  The provisions of Section 7.6 of S.L. 2007‑323 regarding the expenditure of funds shall apply to county baseline assistance funds received for the 2008‑2009 fiscal year.
SECTION 4.  This act becomes effective July 1, 2008.