(a) Upon discovering an error or change in data submitted to the Secretary for the purpose of determining payments to or from the Education Fund, a school district shall report the error or change to the Secretary as soon as possible. Any budget deficit or surplus due to the error or change shall be carried forward to the following year.

(b) The Secretary shall use data submitted on or before January 15 prior to the fiscal year that begins the following July 1, in order to calculate the amounts due each school district for any fiscal year for the following:

(c) The Secretary shall use data corrections regarding local education budget amounts submitted on or before June 15 prior to the fiscal year that begins the following July 1, in order to calculate the education payments due under section 4011 of this title. However, the Secretary may use data submitted after June 15 and prior to July 15 due to unusual or exceptional circumstances as determined by the Secretary.

(d) The Secretary shall not use data corrected due to an error submitted following the deadlines to recalculate the equalized pupil ratio under subdivision 4001(3) of this title. The Secretary shall not adjust average daily membership counts if an error or change is reported more than three fiscal years following the date that the original data was due.

(e) The State Board may adopt rules as necessary to implement the provisions of this section. (Added 1999, No. 108 (Adj. Sess.), § 5, eff. May 10, 2000; amended 2003, No. 36, § 18; 2003, No. 68, § 27, eff. June 18, 2003; 2003, No. 107 (Adj. Sess.), § 13; 2011, No. 58, § 7; 2013, No. 92 (Adj. Sess.), § 245, eff. Feb. 14, 2014.)