NC H557

Expands the types of revenues included in the local current expense fund that must be transferred to charter schools on a per pupil basis, including indirect costs, reimbursements, fees, tuition, sales tax revenues, gifts and grants, and interest income.

Restricts the use of separate funds outside the local current expense fund to only three categories: prekindergarten programs, federal Junior Reserve Officer Training Corps program funds, and trust funds or restricted grants when required by donors.

Modifies the supplemental tax transfer restriction so that charter schools located outside a tax district do not receive supplemental tax revenues if the ballot language approved before July 1, 2015 specified those taxes were only for students in that specific tax district.

Requires the per pupil share of the local current expense fund to be transferred to charter schools within 30 days of receipt of monies into the fund.

Effective for the 2015-2016 fiscal year and beyond.