Office of the Revisor of Statutes
SF 3709
Introduction - 84th Legislature (2005 - 2006)
Posted on 12/15/2009 12:00 a.m.
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A bill for an act
relating to education finance; converting the pension adjustment to an annual
allowance; amending Minnesota Statutes 2004, section 127A.50, subdivision 1.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2004, section 127A.50, subdivision 1, is amended to
read:
Subdivision 1.
Aid adjustment.
deleted text begin Beginning indeleted text end new text begin (a) Fornew text end fiscal deleted text begin yeardeleted text end new text begin yearsnew text end 1998 deleted text begin and
each year thereafterdeleted text end new text begin through 2007new text end , the commissioner of education shall adjust state aid
payments to school operating funds for Independent School District No. 625, Independent
School District No. 709, and Special School District No. 1 by the net amount of clauses
(1) and (2) and for all other districts, including charter schools, but excluding any
education organizations that are prohibited from receiving direct state aids under section
123A.26 or 125A.75, subdivision 7, by the net amount of clauses (1), (2), and (3):
(1) a decrease equal to each district's share of the fiscal year 1997 adjustment
effected under Minnesota Statutes 1996, section 124.2139;
(2) an increase equal to one percent of the salaries paid to members of the general
plan of the Public Employees Retirement Association in fiscal year 1997, multiplied by
0.35 for fiscal year 1998 and 0.70 each year thereafter;
(3) a decrease equal to 2.34 percent of the salaries paid to members of the Teachers
Retirement Association in fiscal year 1997.
new text begin
(b) For fiscal year 2008 and later, the commissioner of education shall adjust state
aid payments for all school districts and charter schools, but excluding any education
organizations that are prohibited from receiving direct state aids under section 123A.26 or
125A.75, subdivision 7, equal to the sum of the amount generated in paragraph (a) for
fiscal year 2007, divided by the district or charter school's adjusted marginal cost pupil
units for fiscal year 2007, multiplied by the district or charter school's adjusted marginal
cost pupil units for the current fiscal year.
new text end
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for revenue for fiscal year 2008
and later.
new text end