| | | contribution as calculated in section 15688, subsection 3, | | paragraph B plus the additional local contribution raised | | pursuant to section 15690, subsection 3 may not exceed the | | targeted state and local spending for fiscal year 2005-06 and | | succeeding fiscal years. The targeted state and local spending | | for fiscal years 2005-06, 2006-07, 2007-08 and 2008-09 is as | | follows: |
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| | | A.__The targeted state and local spending for fiscal year | | 2005-06 is equal to the state and local spending, excluding | | local only debt, from fiscal year 2004-05 increased by the | | 3-year average percent of increase in the Consumer Price | | Index plus 25% of the difference between that result and | | 100% of the essential programs and services costs for fiscal | | year 2005-06 or 100% of the essential programs and services | | costs, whichever is less; |
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| | | B.__The targeted state and local spending for fiscal year | | 2006-07 is equal to the state and local spending, excluding | | local only debt, from fiscal year 2005-06 increased by the | | 3-year average percent of increase in the Consumer Price | | Index plus 25% of the difference between that result and | | 100% of the essential programs and services costs for fiscal | | year 2006-07 or 100% of the essential programs and services | | costs, whichever is less; |
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| | | C.__The targeted state and local spending for fiscal year | | 2007-08 is equal to the state and local spending, excluding | | local only debt, from fiscal year 2006-07 increased by the | | 3-year average percent of increase in the Consumer Price | | Index plus 25% of the difference between that result and | | 100% of the essential programs and services costs for fiscal | | year 2007-08 or 100% of the essential programs and services | | costs, whichever is less; and |
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| | | D.__The targeted state and local spending for fiscal year | | 2008-09 and succeeding years is equal to 100% of the | | essential programs and services costs. |
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| | | If a school administrative unit elects to exceed the limit | | established in paragraph A, B, C or D, the legislative body of | | that school administrative unit must approve or otherwise ratify | | that action, which may be done only by referendum in a separate | | article. The referendum procedures governing the school budget | | adoption or ratification voting must be accomplished in | | accordance with sections 1305, subsection 1, 1305-B and 1701-B | | or, for municipal school systems opting to use a secret ballot, | | Title 30-A, section 2528, and the article must conform to section | | 15690, subsection 3, paragraph B. |
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