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HF 416

as introduced - 88th Legislature (2013 - 2014) Posted on 02/07/2013 02:09pm

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to education finance; creating an annual minimum increase in the general
education basic formula allowance; amending Minnesota Statutes 2012, section
126C.10, subdivision 2.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2012, section 126C.10, subdivision 2, is amended to read:


Subd. 2.

Basic revenuenew text begin ; annual minimum increase requirednew text end .

new text begin (a) new text end The basic
revenue for each district equals the formula allowance times the adjusted marginal cost
pupil units for the school year. The formula allowance for fiscal year 2011 is $5,124.
The formula allowance for fiscal year 2012 is $5,174. The formula allowance for fiscal
year 2013 deleted text begin and subsequent yearsdeleted text end is $5,224.

new text begin (b) For fiscal year 2014 and later, the formula allowance equals the formula
allowance for the previous year times the sum of 1.0 and the greater of zero or the ratio of
the implicit price deflator, as defined in section 275.70, subdivision 2, for the most recent
year to the implicit price deflator for the previous year.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue for fiscal year 2014
and later.
new text end