|
services funded in whole or in part by the property tax levy, less the |
| product of the following: the amount of such funds received in the prior |
| fiscal year multiplied by the growth limitation factor described in |
| subsection 3. "Net new funds" does not include changes in state funding |
| for general assistance under Title 22, section 4311 or in state funding |
| under the Urban-Rural Initiative Program under Title 23, section 1803-B |
| if those changes are the result of the operation of the formula for |
| calculation of state funding under that section but does include changes |
| in funding that are the result of a statutory change in the formula for |
| calculation of state funding under that section. If a municipality |
| receives net new funds in any fiscal year for which its property tax levy |
| limit has not been adjusted as provided in this subsection, the |
| municipality shall adjust its property tax levy limit in the following |
| year in an amount equal to the net new funds. |
