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HF 3239

as introduced - 88th Legislature (2013 - 2014) Posted on 03/20/2014 02:08pm

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
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Current Version - as introduced

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A bill for an act
 relating to education finance; modifying the location equity revenue formula;
amending Minnesota Statutes 2013 Supplement, section 126C.10, subdivision 2e.

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

Section 1.

Minnesota Statutes 2013 Supplement, section 126C.10, subdivision 2e,
is amended to read:


Subd. 2e.

Location equity revenue.

(a) new text begin Location equity revenue equals $424 times
the adjusted pupil units new text end for a school district withnew text begin :
new text end

new text begin (1)new text end any of its area located within the seven-county metropolitan areadeleted text begin , location equity
revenue equals $424 times the adjusted pupil units of the district for that school year.deleted text end new text begin ; or
new text end

new text begin (2) more than 7,000 pupils in adjusted average daily membership.
 new text end

(b) For all other school districts deleted text begin with more than 2,000 pupils in adjusted average
daily membership for the fiscal year ending in the year before the levy is certifieddeleted text end , location
equity revenue equals $212 times the adjusted pupil units of the district for that year.

(c) A district's location equity levy equals its location equity revenue times the lesser
of one or the ratio of its referendum market value per resident pupil unit to $510,000. The
location equity revenue levy must be spread on referendum market value.

(d) A district's location equity aid equals its location equity revenue less its location
equity levy, times the ratio of the actual amount levied to the permitted levy.

(e) A school district may elect not to participate in the location equity revenue
program by a board vote taken prior to September 1 of the fiscal year before the fiscal year
for which the decision not to participate becomes effective. The board resolution must
state which fiscal years the district will not participate. A copy of the board resolution
to not participate must be submitted to the commissioner.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue for fiscal year 2016
and later.
 new text end