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MN HF2949
Bill
Status
2/1/2022
Primary Sponsor
Sandra Feist
Click for details
AI Summary
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Sets basic education formula allowance at $6,863 for fiscal year 2023 and automatically adjusts annually for fiscal year 2024 and later based on Consumer Price Index inflation from the current year to fiscal year 2023.
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Links extended time revenue allowance to the basic formula allowance for fiscal year 2024 and later, calculated as $5,117 times the ratio of the current year's basic formula allowance to $6,863.
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Links first tier local optional revenue allowance to the basic formula allowance for fiscal year 2024 and later at $300 times the ratio of the current year's basic formula allowance to $6,863, and second tier at $424 times the same ratio.
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Appropriates an unspecified amount from the general fund in fiscal year 2023 to the Department of Education for additional general education aid to implement these provisions.
Legislative Description
General education basic formula allowance linked to inflation rate, extended time revenue and local optional revenue linked to general education basic formula allowance, and money appropriated.
Last Action
Author added Acomb
3/17/2022