charter school shall pay an authorizer fee no later than
November 15 of each year.
(b) For the purposes of this section, "authorizer" shall
mean a school district or other entity who has the authority to
authorize a charter school.
Section 1734-A. Charter School Fund Balance Limit.--(a) For
the 2015-2016 school year and each school year thereafter, a
charter school that is not a cyber charter school may not
accumulate an unassigned fund balance greater than the charter
school fund balance limit, which shall be as follows:
Charter School Entity
Total Budgeted
Expenses
Maximum Unassigned Fund Balance as
Percentage of Total Budgeted
Expenditures:
Less Than or Equal to $11,999,999 12%
Between $12,000,000 and $12,999,999 11.5%
Between $13,000,000 and $13,999,999 11%
Between $14,000,000 and $14,999,999 10.5%
Between $15,000,000 and $15,999,999 10%
Between $16,000,000 and $16,999,999 9.5%
Between $17,000,000 and $17,999,999 9%
Between $18,000,000 and $18,999,999 8.5%
Greater Than or Equal to $19,000,000 8%
(b) Any unassigned fund balance that exists on June 30,
2016, that exceeds the charter school fund balance limit under
subsection (a) shall be refunded on a per student pro rata basis
within ninety (90) days to all school districts that made
payments under section 1725-A in the 2014-2015 and 2015-2016
school years. The funds may not be used to pay a bonus to any
administrator, board of trustees member, employe, staff or
contractor or be transferred to a charter school foundation.
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