▁required ▁by ▁state ▁law ▁to ▁keep ▁ 5 ▁percent ▁of ▁their ▁annual ▁sp ending ▁in ▁the ▁und es ign ated ▁reserve ▁funds ▁to ▁preserve ▁bond ▁ratings . ▁According ▁to ▁the ▁Pennsylvania ▁Department ▁of ▁Education , ▁from ▁ 2 0 0 3 ▁to ▁ 2 0 1 0 , ▁as ▁a ▁whole , ▁Pennsylvania ▁school ▁districts ▁am ass ed ▁nearly ▁$ 3 ▁billion ▁in ▁reserved ▁funds . ▁ ▁In ▁August ▁ 2 0 1 0 , ▁the ▁Pennsylvania ▁Aud itor ▁General ▁conducted ▁a ▁performance ▁aud it ▁of ▁the ▁District . ▁The ▁find ings ▁were ▁reported ▁to ▁the ▁School ▁Board ▁and ▁the ▁District ' s ▁administration . ▁ ▁Tu ition ▁Stud ents ▁who ▁live ▁in ▁the ▁New ▁Castle ▁Area ▁School ▁District ' s ▁attend ance ▁area ▁may ▁choose ▁to ▁attend ▁one ▁of ▁Pennsylvania ' s ▁ 1 5 7 ▁public ▁char ter ▁schools . ▁A ▁student ▁living ▁in ▁a ▁neighbor ing ▁public ▁school ▁district ▁or ▁a ▁foreign ▁exchange ▁student ▁may ▁seek ▁ad mission ▁to ▁New ▁Castle ▁Area ▁School ▁District . ▁For ▁these ▁cases , ▁the ▁Pennsylvania ▁Department ▁of ▁Education ▁sets ▁an ▁annual ▁tu ition ▁rate ▁for ▁each ▁school ▁district . ▁It ▁is ▁the ▁amount ▁the ▁public ▁school ▁district ▁pays ▁to ▁a ▁char ter ▁school ▁for ▁each ▁resident ▁student ▁that ▁att ends ▁the ▁char ter ▁and ▁it ▁is ▁the ▁amount ▁a ▁non res ident ▁student ' s ▁parents ▁must ▁pay ▁to ▁attend ▁the ▁District ' s ▁schools . ▁The ▁ 2 0 1 2 ▁tu ition ▁rates ▁are ▁Element ary ▁School ▁- ▁$ 7 , 4