§15662.__Definitions

As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.

1.__Base year.__"Base year" means the 2nd year prior to the year of funding.

2.__Debt service costs.__"Debt service costs" has the same meaning as in section 15603, subsection 8.

3.__Fiscal capacity.__"Fiscal capacity" means the ability of a municipality to raise property tax revenues as measured by the state valuation of property subject to property tax assessment on April 1 in the base year.__The fiscal capacity of a unit is the sum of the state valuations of its member municipalities in the base year.

4.__Foundation per pupil operating rate.__"Foundation per pupil operating rate" means the sum of operating costs in the base year for all units divided by the State's average pupil count.

5.__Operating costs.__"Operating costs" means the reasonable and necessary costs of operating a unit excluding program costs, debt service costs, state direct costs and nonsubsidizable costs.

6.__Nonsubsidizable costs.__"Nonsubsidizable costs" has the same meaning as in section 15603, subsection 26-A, paragraph D.

7.__Program costs.__"Program costs" has the same meaning as "actual local program costs" in section 15603, subsection 26-A, paragraph B.

8.__Pupil count.__"Pupil count" means the total number of resident pupils counted in accordance with section 6004 educated at public expense in kindergarten through grade 12.__"Average pupil count" means the average of pupil counts taken on the following 3 dates:

A.__October 1st of the year prior to the year of funding;

B.__April 1st of the base year; and

C.__October 1st of the base year.