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MN SF4144
Bill
Status
Introduced
2/22/2024
Primary Sponsor
Susan Pha
Click for details
AI Summary
- Sets local optional revenue allowance at $724 for fiscal years 2024 and 2025, then increases to $920 for fiscal year 2026 and later, indexed to the formula allowance growth
- Divides local optional revenue into first tier ($300 allowance) and second tier (remainder) components, each multiplied by adjusted pupil units
- Establishes second tier local optional levy thresholds based on referendum market value per resident pupil unit, ranging from $510,000 (FY 2024) to $671,345 (FY 2027 and later)
- Calculates local optional aid as local optional revenue minus local optional levy, with proportional reduction if a district levies less than permitted
- Effective July 1, 2024
Legislative Description
School district local option revenue increase and indexing optional revenue program to the formula allowance provisions
Last Action
Author added Mann
3/4/2024
Committee Referrals
Education Finance2/22/2024
Full Bill Text
No bill text available