MS SB2374

Modifies the pro rata ad valorem funding formula for charter schools by including a portion of the charter school's average daily membership for month one (1) reflecting students who reside in the school district in the calculation of funds owed.

Changes the payment deadline for local school districts to pay pro rata ad valorem funds to charter schools from January 16 to March 15 of the fiscal year.

Requires the State Department of Education to reduce a school district's January transfer of Mississippi Adequate Education Program funds by the amount owed to a charter school if the district fails to pay before March 15, and redirect those funds to the charter school.

Applies the revised funding calculation to both scenarios: charter schools located in the district where students reside (subsection 2) and charter schools located in different districts (subsection 3).

Takes effect July 1, 2024.