20-15-328. Adjustments based on actual weighted FTE -- special revenue account -- statutory appropriation -- annual transfer. (1) There is a community college FTE adjustment account in the state special revenue fund provided for in 17-2-102. The account is statutorily appropriated, as provided in 17-7-502, to the commissioner of higher education for the purposes described in this section.
(2) Beginning at the end of fiscal year 2025, at the end of each fiscal year the commissioner of higher education, utilizing the FTE decrease funding factor and the FTE increase funding factor as appropriate, shall determine the fiscal impacts resulting from the weighted FTE projections on which that fiscal year's state appropriation to a community college was based, pursuant to 20-15-310, and the fiscal impacts that would have resulted had the actual weighted FTE for that fiscal year been used to determine that fiscal year's state appropriation and shall determine any overpayment or underpayment to the community college for that fiscal year.
(3) At the end of each fiscal year, the commissioner shall calculate the underpayment or overpayment determined under subsection (2) and:
(a) the commissioner shall distribute any underpayment determined under this subsection (3) to a community college from the community college FTE adjustment account by July 15 of the current calendar year; or
(b) a community college receiving a overpayment determined under this subsection (3) shall pay a fee equal to the overpayment to the commissioner by July 15 of the current calendar year for deposit in the community college FTE adjustment account.
(4) (a) By August 1 each year, after overpayments have been received and underpayments have been made, any funds remaining in the account must be transferred into the general fund.
(b) If the amount of underpayments exceeds the amount of overpayments, the state treasurer shall transfer the difference of the payments from the general fund to this account for providing underpayments pursuant to subsection (3).