HF 3430 Summary

• Amends capital account transfer rules to allow school districts to transfer money from reserved operating capital accounts to general funds on June 30 of 2008, 2009, 2010, and 2011, capped at $51 times the district's adjusted marginal cost pupil units, subject to school board resolution.

• Suspends learning and development revenue restrictions for fiscal year 2011 only, allowing school districts and charter schools to use these reserves under general education revenue requirements.

• Suspends compensatory education revenue restrictions for fiscal year 2011 only, allowing school districts and charter schools to use these reserves under general education revenue requirements.

• Repeals Minnesota Statutes 2008, section 123B.05 (contract deadline and penalty provisions) effective July 1, 2010.

• Repeals Minnesota Statutes 2009 Supplement, section 120A.40 (school calendar requirements) effective July 1, 2010.