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MN SF448
Bill
Status
1/19/2023
Primary Sponsor
Heather Gustafson
Click for details
AI Summary
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Increases the general education basic formula allowance to $7,206 for fiscal year 2024 and $7,566 for fiscal year 2025, representing a five percent increase per year.
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Sets the formula allowance for fiscal year 2026 and later equal to the fiscal year 2025 allowance multiplied by the inflation rate, defined as the percentage change in the Consumer Price Index for urban consumers from the current fiscal year to fiscal year 2025.
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Appropriates funds from the general fund to the Department of Education for general education aid in fiscal years 2024 and 2025, with specific dollar amounts to be designated.
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Amends Minnesota Statutes section 126C.10, subdivision 2, to implement these changes effective for revenue beginning in fiscal year 2024.
Legislative Description
General education basic formula allowance increase by five percent per year for fiscal years 2024 and 2025 authorization; future formula increases linkage to the rate of inflation establishment; appropriating money
Last Action
Referred to Education Finance
1/19/2023