municipality from the State in that fiscal year, with respect to |
services funded in whole or in part by the property tax levy, less |
the product of the following: the amount of such funds received in |
the prior fiscal year multiplied by one plus the growth limitation |
factor described in subsection 3. "Net new funds" does not include |
changes in state funding for general assistance under Title 22, |
section 4311 or in state funding under the Urban-Rural Initiative |
Program under Title 23, section 1803-B if those changes are the |
result of the operation of the formula for calculation of state |
funding under that section but does include changes in funding that |
are the result of a statutory change in the formula for calculation |
of state funding under that section. If a municipality receives |
net new funds in any fiscal year for which its property tax levy |
limit has not been adjusted as provided in this subsection, the |
municipality shall adjust its property tax levy limit in the |
following year in an amount equal to the net new funds. |