SB 987 Summary

• Amends the State School Aid Act of 1979 to modify appropriations for fiscal year ending September 30, 2020, leaving specific dollar amounts blank for future determination.

• Removes previous appropriation amounts from the MPSERS retirement obligation reform reserve fund ($1,900,000) and water emergency reserve fund ($100) for the 2020 fiscal year.

• Changes mandatory language from "shall" to "must" in payment distribution requirements for district and intermediate district state fiscal year entitlements.

• Maintains the monthly payment schedule requiring the state treasurer to distribute funds by the 20th of each month (October through August) or the next business day, with payments divided into 11 equal installments.

• Preserves provisions allowing advance release of funds to districts upon written request and proof of temporary, nonrecurring need, not to exceed 30 days prior to the established payment date.