Examples of BASE budget in a sentence
Notwithstanding the provisions of subsection (2), subtract the money available to reduce the property tax required to finance the general fund that has been determined in subsection (1)(b) from any general fund budget amount adopted by the trustees of the district, up to the BASE budget amount, to determine the general fund BASE budget levy requirement.
A district may adopt a budget without an over-BASE levy up to the amount of the current year BASE budget plus the highest over-BASE levy authorized or imposed in the past five years, this is termed the highest budget without a vote.
Q: What is the BASE budget?A: The BASE budget is the minimum budget that a district must adopt for its general fund.
If a district’s taxable value compared to the locally funded part of the BASE budget is below the comparable statewide ratio, the district will receive GTB aid to assist in funding up to the BASE budget level.
It is calculated by taking the BASE budget and subtracting all non-tax revenue sources that will be available to the district, including state funding, non-levy revenues such as oil and gas production revenues, and fund balance that can be reappropriated to fund the BASE budget next year.