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municipality from the State in that fiscal year, with respect to |
| services funded in whole or in part by the property tax levy, less |
| the product of the following: the amount of such funds received in |
| the prior fiscal year multiplied by the growth limitation factor |
| described in subsection 3. "Net new funds" does not include |
| changes in state funding for general assistance under Title 22, |
| section 4311 if those changes are the result of the operation of |
| the formula for calculation of state funding under that section but |
| does include changes in funding that are the result of a statutory |
| change in the formula for calculation of state funding under that |
| section. If a municipality receives net new funds in any fiscal |
| year for which its property tax levy limit has not been adjusted as |
| provided in this subsection, the municipality shall adjust its |
| property tax levy limit in the following year in an amount equal to |
| the net new funds. |
