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MI HB4692
Bill
Status
5/30/2023
Primary Sponsor
Luke Meerman
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AI Summary
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Increases state school aid fund appropriation for fiscal year ending September 30, 2023 from $16,754,072,900.00 to $17,754,072,900.00 (an increase of $1,000,000,000.00)
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Increases MPSERS retirement system funding allocation in subsection (2) from $1,000,000,000.00 to $2,000,000,000.00 for payments to participating entities for fiscal year 2022-2023
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Allocates $140,400,000.00 from the MPSERS retirement obligation reform reserve fund for pension and post-employment benefit contributions with intent to reduce payroll growth assumption to 1.75%
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Extends supplemental school aid provisions to fiscal year ending September 30, 2023 only (removes fiscal year 2022 language)
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Maintains per-pupil MPSERS rate cap estimates of average $1,042.00 per pupil with range between $5.00 and $3,700.00 for individual districts
Legislative Description
School aid: supplemental; supplemental appropriations in the school aid act; provide for. Amends secs. 11 & 147c of 1979 PA 94 (MCL 388.1611 & 388.1747c).
School aid: supplemental
Last Action
Bill Electronically Reproduced 05/30/2023
6/6/2023