HI HB611

Establishes maintenance of effort (MOE) provisions requiring that appropriations to the Department of Education for the current fiscal year shall not be less than the preceding fiscal year's appropriations.

Creates a public education stabilization trust fund within the state treasury to receive deposits when current-year appropriations fall below prior-year levels, with amounts transferred from general excise tax revenues equal to the difference between fiscal years.

Allows temporary suspension of MOE provisions only upon gubernatorial declaration with legislative concurrence due to precipitous general fund revenue decline, exceptional circumstances such as natural disasters, or student enrollment drops below 90 percent of the average over the current and prior three school years.

Authorizes the Department of Education to administer and expend funds from the stabilization trust fund for any program in the state budget, subject to Board of Education approval of all expenditures.

Appropriates unspecified sums from general revenues to the trust fund for fiscal year 2021-2022 and from the trust fund for fiscal years 2021-2022 and 2022-2023 to maintain K-12 education programs, with the act effective July 1, 2050 (except funding provisions effective July 1, 2021).