MS HB989

Requires school districts to provide detailed financial information to the State Superintendent, including state funding formula calculations, funding sources (state appropriations, federal grants, local ad valorem taxes, gifts), average daily attendance, and base student costs for inclusion in the superintendent's annual legislative report.

Prohibits local governing authorities of school districts operating with budgets exceeding 100% of the state funding formula from automatically increasing tax levies when requested budget increases do not exceed 4% of the prior year's ad valorem tax effort in dollars and the millage rate is 55 mills or less.

Requires the State Board of Education to develop regulations for annual financial reports from school districts to the Legislature and authorizes the state superintendent to collect and make financial data available to both the State Board of Education and the Legislature.

Mandates school districts submit financial reports at least annually to the State Superintendent and requires the State Board of Education to establish rules for the type, frequency, and content of financial reports submitted by district superintendents to local school boards.

Effective date: July 1, 2020.