20-6-108. Proportional reconciliation of taxable valuation -- reimbursement for isolated pupils. (1) The resident school district shall impose a levy and make a reconciliation payment to the school district of attendance as calculated in this section when a petition under 20-6-107 has been granted to a school district of attendance by the applicable county superintendent.

(2) Following approval of the petition and not later than the first Tuesday in September, the school district of attendance shall notify the resident school district of the mills budgeted to be imposed by the school district of attendance for district operational levies pursuant to the final budget adopted by the school district of attendance in compliance with 20-9-131.

(3) The resident school district shall calculate and impose levies on all of its taxable value sufficient to generate the amount of the reconciliation payment. The reconciliation payment must be incorporated into the tuition budget of the district of residence. The amount of the reconciliation payment must be calculated by:

(a) multiplying the number of full-time equivalent isolated pupils of the resident school district in the prior year as approved by the county superintendent pursuant to 20-6-107(4) by the mill value per-ANB determined pursuant to subsection (4) of this section; and

(b) multiplying the result of subsection (3)(a) by the number of mills reported by the school district of attendance under subsection (2).

(4) The mill value per-ANB for the resident school district under subsection (3)(a) must be calculated by the office of public instruction and reported by May 1 with the information required in 20-9-369(1)(a) to the resident school district and to the school district of attendance based on the certified taxable value of the resident school district for the prior school fiscal year divided by the resident school district's budgeted ANB in the prior school fiscal year.

(5) Revenue generated from the reconciliation payment levy imposed on the resident school district pursuant to subsection (4) must be deposited in the tuition fund of the resident school district and used solely for reconciliation payments to the school district of attendance.

(6) By December 31, the resident school district shall pay at least one-half of the reconciliation payment provided for in this section to the school district of attendance. The remaining obligation must be paid by June 15 of the same fiscal year.

(7) On receipt of the reconciliation payment, a school district of attendance shall deposit the payment in the school district's flexibility fund or any other budgeted funds in the discretion of the trustees.