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MN HF843
Bill
Status
2/8/2021
Primary Sponsor
Zack Stephenson
Click for details
AI Summary
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Sets the general education basic formula allowance at $6,567 for fiscal year 2021, $6,698 for 2022, and $6,832 for 2023.
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Starting in fiscal year 2024, the formula allowance is calculated by multiplying the prior year's allowance by the inflationary increase rate based on the Consumer Price Index for urban consumers.
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Defines "inflationary increase" as one plus the percentage change in the Consumer Price Index from the current fiscal year to fiscal year 2023.
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Appropriates funds from the general fund to the Department of Education for general education aid in fiscal years 2022 and 2023 (specific amounts to be designated).
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Amendments are effective for education revenue beginning in fiscal year 2022.
Legislative Description
General education basic formula allowance increased by two percent per year, basic formula future increase linked to inflation rate, and money appropriated.
Last Action
Author added Lee
3/30/2022