(1) In funding community and junior colleges, the actual amount of the annual appropriation of the community and junior colleges general support bill shall be computed as follows: Calculate the state funding per student for Grades K-12 by dividing the total revenue from state funds by the ADA. Both the funding and ADA figures shall be provided by the State Department of Education.
(2) Calculate the state funding per FTE for regional universities by dividing the state funds for E G operations by FTE enrollment. Both funding and enrollment figures shall come from the SREB State Data Exchange.
(3) Mid-level funding for community and junior colleges shall be the average as computed from paragraphs (a) and (b) of this subsection multiplied by the total community and junior college FTEs. This amount shall be appropriated annually by the Legislature to the community and junior colleges.
(4) Data used in the calculation of paragraphs (a), (b) and (c) of subsection (1) shall be the most current available data utilizing the same fiscal year for all entities involved. Information from the SREB State Data Exchange shall be used to ensure common denominators in the calculation of FTE enrollment and to ensure consistent reporting of financial data.