HF 1032

as introduced - 88th Legislature (2013 - 2014) Posted on 02/28/2013 11:40am

A bill for an act
relating to education finance; authorizing an enhanced aid payment schedule for
school districts with declining fund balances; amending Minnesota Statutes
2012, section 127A.45, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2012, section 127A.45, is amended by adding a
subdivision to read:

new text begin Subd. 6b. new text end

new text begin Cash flow; districts with declining fund balances. new text end

new text begin (a) A school district
that meets the conditions listed in paragraph (b) must have its aid payments made under
subdivision 3 based on a current year aid payment percentage of 90.
new text end

new text begin (b) A school district qualifies for the enhanced aid payment schedule under
paragraph (a) if the district has notified the commissioner and:
new text end

new text begin (1) has not passed an operating referendum under section 126C.17 within the last 5
calendar years;
new text end

new text begin (2) has had a net unreserved general fund balance of less than ten percent of its
general fund expenditures for the last three years; and
new text end

new text begin (3) has had a decline in its net unreserved general fund balance over the last three
years.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end