Local school precinct to be informed of allocation for next school year; determination of number and category of pupils; determination of allocation for new local school precinct; annual adjustment to amount allocated

1. Each year, on or before a date determined by the superintendent, the superintendent shall inform each local school precinct of the estimated amount of money that will be allocated to the local school precinct for the next school year. The allocation must be based upon estimates by the large school district of the number of pupils in each category who will attend the local school precinct after applying the appropriate weight to each category of pupil. 2. If an additional local school precinct is added in the large school district, for the purpose of determining the first allocation for the new local school precinct, the large school district must estimate the number of pupils in each category who will attend the new local school precinct and the effect on any existing local school precinct. If the opening of a new local school precinct is anticipated to reduce the number of pupils who will attend another local school precinct, for purposes of determining the allocation, the number of pupils must be adjusted accordingly. 3. The estimated amount of money allocated to each local school precinct for the next school year must be adjusted on or before November 1 of each year to reflect the actual number of pupils in each category who attend the local school precinct.