OH SB364

Establishes a new default formula (Section 5747.52) for distributing county Local Government Funds to subdivisions based on base allocations (30% for counties, 5.5% for metropolitan park districts, average of prior three years for other subdivisions) plus excess allocations weighted by property wealth, income, and population ratios.

Allows counties to adopt alternative apportionment methods by approval of 75% or more of subdivisions after July 1, 2012, with protections ensuring the method doesn't reduce distributions below what Section 5747.52 would provide unless both the county and largest municipal corporation waive this protection.

Modifies Section 5747.51 to make the new formula the default distribution method, with county budget commissions determining allocations under Section 5747.52 or 5747.53, with determinations final unless the commission failed to comply with the applicable formula.

Adjusts county budget commission authority regarding reserve balance accounts, limiting their ability to consider amounts in reserve balance accounts as unencumbered balance or revenue except when deemed unreasonable.

Takes effect January 1, 2014, and applies to school district and local taxing unit funding calculations under sections 5751.20-5751.22 related to tangible personal property tax replacement.