(1) After the close of the school year, and before December 31, the superintendent of public instruction shall compare each school district's and charter school's program 31 expenditures for the school year as reported on the district's Report F-196 annual year end financial statements to the district's or charter school's minimum program 31 expenditures.

(2) If a district's or charter school's program 31 expenditures are less than the minimum, then the superintendent shall notify the district or charter school of the results of the calculation including any potential recovery of state funding.