There shall be paid by the state to each community in twelve (12) monthly installments
an amount as determined by law to be the state's share of the cost of the basic program
for the reference year and all approved expenditures in excess of the basic program
for the reference year, provided, however, that these payments to a community shall
be reduced by the amount of funds deposited by the department into the local education
agency EPSDT account in accordance with § 40-8-18 on behalf of the community. The July payment shall be two and fifty-four hundredths percent (2.54%) of the state's
share based upon the estimated pupil data, valuation data, and expenditure data for
the reference year and the August through June payments shall each be eight and eighty-six
hundredths percent (8.86%) of the aid due and payable based upon the data for the
reference year, except for the city of East Providence which shall be paid during
October and April in accordance with chapter 344 of the Public Laws of 1982.
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