According to the Department of Local Government Finance (DLGF), there was a discrepancy in the article, "Facility may not be ready for school year," which appeared in the Thursday, June 21, 2012, issue of The Brazil Times. According to the DLGF, the department "did not make a mistake with respect to Clay Community Schools. The department correctly calculated the fund amount for the school district based on the calculation formula required by the Indiana Code. Some school districts experienced a loss based on the required calculation and, as a result, the legislature amended the Indiana Code during this past session to allow schools to request a loan to make up the difference between the legislatively mandated rate calculation and the new rate calculation. Indiana Code 6-1.1-18-13 prescribed a formula by which the maximum property tax rate of a school corporation's capital projects fun levied under IC 20-46-6 would be adjusted each year to account for any actual change (positive or negative) in the assessed value of real property resulting from an annual adjustment or general reassessment of that real property. However, HEA 1072 repeals IC 6-1.1-18-13 as of Jan. 1, 2013. The school capital projects fund tax rate will now be determined under the new formula provided by IC 6-1.1-18-12. This legislative change is effective July 1, 2012, and will impact the pay 2013 cycle."
To report a correction, call 446-2216 and dial Ext. 231, or e-mail email@example.com.