SB 706 Summary

• Removes limitations on school district general fund carryover amounts and eliminates penalties for exceeding carryover limits for fiscal years beginning July 1, 2020 and thereafter.

• Amends the State Aid formula calculation by modifying per pupil revenue determination to use the district's preceding year data instead of second preceding year data for the December calculation.

• Repeals the prior version of Section 18-200.1 that contained carryover restrictions and penalty provisions, effective July 1, 2025.

• Declares an emergency, allowing the act to take effect immediately upon passage and approval rather than waiting for the July 1, 2025 effective date.