HB 5493 Summary

• Establishes new funding mechanism for state charter schools based on "net current expenditures per pupil" in sending districts rather than fixed per-student amounts, effective July 1, 2011.

• State Comptroller deducts sending districts' tuition obligations to charter schools from their equalization aid grants, with excess amounts deducted from other state aid or provided as grants to charter schools if total state aid is insufficient.

• Adds definitions for "net current expenditures," "net current expenditures per pupil," and "sending district" to charter school statutes.

• Removes enrollment caps for state charter schools (previously limited to 250 students or 25% of district enrollment) and eliminates specific per-student funding amounts ranging from $7,625 to $9,300.

• Authorizes State Bond Commission to issue at least $5 million per year in bonds for charter school building projects and capital improvements, replacing previous $20 million aggregate authorization.