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MN SF4901
Bill
Status
Introduced
3/13/2024
Primary Sponsor
Zach Duckworth
Click for details
AI Summary
- Increases the general education basic formula allowance from $7,281 to $7,427 for fiscal year 2025, representing a 2% increase.
- Amends Minnesota Statutes section 126C.10 to establish that the formula allowance for fiscal year 2026 and later must increase by the greater of 2% or the inflation rate (capped at 3%), rounded to the nearest whole dollar.
- Requires the commissioner of education to calculate and publish the formula allowance by the end of February each year based on the Consumer Price Index for all urban consumers.
- Appropriates funds for general education aid, with the 2025 appropriation including $771,521,000 for 2024 and an amount to be determined for 2025.
- Declares it the legislature's policy to fund public schools consistent with constitutional obligations and reserves the right to enact additional increases to the general education basic formula allowance.
Legislative Description
Generic education basic formula allowance increase by two percent for fiscal year 2025
Last Action
Referred to Education Finance
3/13/2024
Committee Referrals
Education Finance3/13/2024
Full Bill Text
No bill text available