In this subtitle the following words have the meanings indicated. “Adjusted assessed valuation of real property” means the sum of: 100% of the assessed valuation of the operating real property of public utilities; 40% of the assessed valuation of all other real property for State purposes, as reported by the Department of Assessments and Taxation as of July 1 of the second fiscal year preceding the fiscal year for which the calculation of State aid is to be made; and 20% of new property assessed between July 1 and December 31 of the second preceding fiscal year. “Aggregate expenditures for police protection” means the sum of expenditures for police protection of a county and of every qualifying municipality in the county. “County” does not include Baltimore City. “Executive Director” means the Executive Director of the Governor’s Office of Crime Prevention and Policy. “Expenditures for police protection” means expenses for the fiscal year immediately preceding the fiscal year for which the calculation of State aid under this subtitle is to be made for: salaries, wages, and other operating expenses for police protection; capital outlays from current operating funds for police protection; debt service identifiable for police protection; officers of a sheriff’s office to the extent that the officers perform police protection functions; and traffic control, park police, and a share of the cost of a central alarm system proportionate to its police use. “Expenditures for police protection” does not include expenses for collecting from or servicing parking meters or constructing or operating local correctional facilities. “Fund” means the State Aid for Police Protection Fund. “Municipality” means an incorporated city or town. “Municipality” does not include Baltimore City. “Net taxable income” means the taxable income of individuals under Title 10 of the Tax – General Article, as certified by the Comptroller for the third completed calendar year preceding the fiscal year for which the calculation of State aid is to be made. “Qualified police officer” means a police officer that the Executive Director determines to be qualified under § 4–504(d) of this subtitle. “Qualifying municipality” means a municipality that: has expenditures for police protection that exceed $5,000; and employs at least one full–time qualified police officer; or has expenditures for police protection that exceed $80,000; and employs at least two part–time qualified police officers from a county police department or county sheriff’s department. “Real property” means all property classified as real property under § 8–101(b) of the Tax – Property Article. “Sworn officer” means: a law enforcement officer certified by the Maryland Police Training and Standards Commission; or a full–time probationary employee of a local government who: is hired to attend a police training academy to become a certified law enforcement officer; and is in training or is functioning as a law enforcement officer pending training. “Wealth base” means the sum of the adjusted assessed valuation of real property and net taxable income.