RI S3015

Establishes a new "Core Education Amount" (CEA) calculated as the regional average per-pupil expenditure across Rhode Island, Massachusetts, Connecticut, and New Hampshire, adjusted annually for inflation using CPI-U.

Creates weighted funding for specific student populations: 50% additional for economically disadvantaged students, 20-60% for multilingual learners based on proficiency level, and tiered weights for students with disabilities based on IEP service levels.

Requires municipalities to contribute a minimum local share based on their equalized assessed property valuation, with state aid covering the difference between each district's total foundation cost and required local contribution; municipalities failing to meet minimums face state aid reductions of double the shortfall.

Establishes an 11-member Fiscal Responsibility Advisory Board to oversee compliance, adjudicate hardship appeals, and administer a Strategic Education Reserve Fund equal to 1% of total statewide foundation costs.

Phases in implementation over three fiscal years with full implementation required by fiscal year 2030, and mandates the state fully fund high-cost special education (exceeding 4x average per-pupil cost), out-of-district transportation, and unfunded teacher pension liabilities accrued before July 1, 2025.