MI HB6029

Appropriates $10,793,954,100 from the state school aid fund and $31,800,000 from the general fund for fiscal year ending September 30, 2010, plus $450,000,000 in federal American Recovery and Reinvestment Act funds for Title XIV education purposes.

Requires consensus revenue estimating conferences to forecast revenues available to the state school aid fund for the next 2 fiscal years, with the legislature appropriating the entire forecasted amount during the appropriations process.

Establishes a school aid stabilization fund as a separate account within the state school aid fund to receive unexpended state school aid revenue, statutorily dedicated money, and appropriated funds that do not lapse to the general fund.

Provides that if appropriations exceed available state school aid fund revenues, the difference is automatically appropriated from the general fund; if appropriations are insufficient, money from the stabilization fund is used to cover shortfalls.

Requires the state budget director to notify the legislature at least 30 calendar days before any payment reductions due to insufficient funding, allowing the legislature opportunity to appropriate additional funds to prevent proration.