2.__Local expenditure limitation.__Beginning with the first fiscal year that begins after the effective date of this section, the maximum annual percentage change in fiscal year spending for a local district that is a school administrative unit equals the inflation adjustment factor plus the change in its student enrollment and any increases attributable to measures approved under section 2043.__The maximum annual percentage change in fiscal year spending for a local district that is not a school administrative unit for a fiscal year may not exceed:

A.__The amount of revenue for the local district for the previous fiscal year adjusted by the change in the assessed value of taxable real and personal property in the local district, or the amount of revenue for the local district for the previous fiscal year adjusted by the inflation adjustment factor plus the population adjustment factor, whichever is lower; plus

B.__Any increases attributable to measures approved under section 2043.

3.__Exceptions.__The following may not be counted in calculating expenditure limitations under this section:

A.__Amounts returned to taxpayers as refunds of amounts exceeding the expenditure limitation in a prior year;

B.__Amounts received from the Federal Government;

C.__Amounts collected on behalf of another level of government;

D.__Pension contributions by employees and pension fund earnings;

E.__Pension and disability payments made to former government employees;

F.__Amounts received as grants, gifts or donations that must be spent for purposes specified by the donor;

G.__Amounts paid pursuant to a court award; or

H.__Reserve transfers or expenditures.