AR SB535

Revises the calculation method for the academic facilities wealth index used to determine school district funding shares for academic facilities projects, effective fiscal year 2024-2025.

For fiscal years 2024-2025 and beyond, adds a new calculation that incorporates household median income relative to the wealthiest district, multiplying the mill value per student by the district's relative median income.

Establishes a transition period for fiscal years 2022-2023 that uses a blended approach, calculating both the new income-adjusted method and the prior method, then averaging the difference.

Maintains a cap on funding by requiring districts with a wealth index of 1.00 or greater to receive the same funding level as the first district below 1.00, with no funding exceeding what a district with a 0.995 index would receive.

Provides that high-growth school districts continue receiving the lesser of their calculated wealth index until failing to meet the high-growth definition for two consecutive years.