Senate Bill 420 Summary

• Requires school corporations to establish academic growth goals for each student and measure progress using ISTEP, state board-approved assessments, and school-selected tools beginning in school years after June 30, 2012.

• Mandates school corporations allocate 95% of received funds (excluding debt service and capital construction) to individual schools based on a weighted student formula developed with a school funding task force.

• Grants principals exclusive control over allocated funds and financial decisions at their schools, with budgets developed annually involving school employees and parents.

• Establishes a weighted student funding formula distributing foundation funds (state tuition support, property tax levies, and excise taxes) among schools based on student enrollment multiplied by weights accounting for student needs and school characteristics.

• Increases maximum state education distributions to $6,568,500,000 in 2011, $6,629,356,665 in 2012, and $6,634,577,697 in 2013, and creates a new economically disadvantaged learner grant of $2,428 per eligible student beginning January 1, 2012.