(a) Each year, the state aids payable to any school district for that fiscal year that are recognized as revenue in the school district's general and community service funds shall be adjusted by an amount equal to (1) the amount the district recognized as revenue for the prior fiscal year pursuant to section 123B.75, subdivision 5 , paragraph (a) or (b), minus (2) the amount the district recognized as revenue for the current fiscal year pursuant to section 123B.75, subdivision 5 , paragraph (a) or (b). For purposes of making the aid adjustments under this section, the amount the district recognizes as revenue for either the prior fiscal year or the current fiscal year pursuant to section 123B.75, subdivision 5 , paragraph (b), shall not include any amount levied pursuant to section 126C.41, subdivisions 1, 2, and 3 , paragraphs (b), (c), and (d); 126C.43, subdivision 2 ; and 126C.48, subdivision 6 . Payment from the permanent school fund shall not be adjusted pursuant to this section.
(b) The commissioner shall schedule the timing of the adjustments under paragraph (a) as close to the end of the fiscal year as possible.
The school district shall be notified of the amount of the adjustment made to each payment pursuant to this section.