There shall be paid by the state to each community in twelve (12) monthly installments an amount as determined by law to be the state’s share of the cost of the basic program for the reference year and all approved expenditures in excess of the basic program for the reference year; provided, however, that these payments to a community shall be reduced by the amount of funds deposited by the department into the local education agency EPSDT account in accordance with § 40-8-18 on behalf of the community. The July payment shall be two and fifty-four hundredths percent (2.54%) of the state’s share based upon the estimated pupil data, valuation data, and expenditure data for the reference year and the August through June payments shall each be eight and eighty-six hundredths percent (8.86%) of the aid due and payable based upon the data for the reference year. This payment schedule of twelve (12) monthly installments shall also apply to the city of East Providence, notwithstanding any provisions to the contrary contained in P.L. 2012, ch. 241, art. 12, § 5.
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