| (a) On October 1 of each year, the Coordinating Board
shall close out the prior fiscal year (FY) by reviewing, reconciling,
and verifying distributions of formula funding to public junior colleges
in the prior fiscal year.
(1) As applicable, the Coordinating Board shall adjust
a public junior college's first payment under subsection (b) of this
section by an amount necessary to deliver the correct funding owed
to the public junior college under Texas Education Code, Chapters
130 and 130A, or this subchapter for the prior fiscal year.
(2) The Coordinating Board will determine the correct
funding for a public junior college based on the final certified data
reported by the institution that serves as the basis of formula funding
for that year, as provided by this chapter.
(3) This close out process may result in additional
or reduced funding to the college based on the reported data and funding
delivered for the fiscal year that is being closed out.
(b) If the Commissioner of Higher Education in his
or her sole discretion determines that an adjustment under subsection
(a) of this section will have a substantial negative impact on the
operations of the institution or the education of students, the Coordinating
Board may correct the institution's funding by recovering payments
as an overallocation pursuant to subchapter R, §13.528(d)(1)
or (2) of this chapter (relating to Recovery of Overallocated Funds).
For the purpose of FY24, the Coordinating Board will not adjust formula
funding for a public junior college for a fiscal year subsequent to
close out except as set out in this section and subchapter R of this
chapter (relating to State Public Junior College Finance Program Reporting,
Audit, and Overallocation).
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