HB 5782 Summary

• Increases basic foundation allowance for 2014-2015 from $8,099.00 to $8,132.00 and minimum foundation allowance from $7,126.00 to $7,159.00.

• Allocates $3,542,000,000 for discretionary nonmandated payments to districts in 2014-2015, up from $3,492,000,000.

• Establishes equity payments of up to $92 per pupil to districts with foundation allowance below $7,251.00, funded by $73,000,000 allocation (reduced from $103,000,000).

• Allocates $88,000,000 (reduced from $108,000,000) for 2014-2015 retirement system contributions to pay additional pension costs under the public school employees retirement act.

• Updates maximum public school academy allocation for 2014-2015 to $7,251.00 from $7,218.00.