(1) In preparing and submitting an agency budget pursuant to 17-7-111 and 17-7-112, the superintendent of public instruction shall determine the inflation factor for
the basic and per-ANB entitlements, the data-for-achievement payment, and the general
fund payments in 20-9-327 through 20-9-330 in each fiscal year of the ensuing biennium. The inflation factor is calculated as follows:
(a) for the first year of the biennium, divide the consumer price index for July 1
of the prior calendar year by the consumer price index for July 1 of the calendar
year 3 years prior to the prior calendar year and raise the resulting ratio to the
power of one-third; and
(b) for the second year of the biennium, divide the consumer price index for July
1 of the current calendar year by the consumer price index for July 1 of the calendar
year 3 years prior to the current calendar year and raise the resulting ratio to the
power of one-third.
(2) The present law base for the entitlements referenced in subsection (1), calculated
under Title 17, chapter 7, part 1, must consist of any enrollment increases or decreases
plus the inflation factor calculated pursuant to this section, not to exceed 3% in
each year, applied to both years of the biennium.
(3) For the purposes of this section, “consumer price index” means the consumer price index, U.S. city average, all urban consumers, for all
items, using the 1982-84 base of 100, as published by the bureau of labor statistics
of the U.S. department of labor.
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