(1) In this section:
(a) “Board” has the meaning given in s. 119.02 (1).
(b) “City” has the meaning given in s. 119.02 (2).
(2) Annually, the department shall calculate the amount of the state aid reduction under s. 121.08 (4)
(b) 2. in the current school year and shall notify the board, in writing, of the result.
(3) From the appropriation under s. 20.255 (2) (ac), annually the department shall pay the amount calculated under sub.
(2) to the city in installments according to the schedule used by the board for the distribution of state aid under s. 121.15 (1) or (1g). The city shall pay an amount equal to the amount received under this subsection to the board.