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HF 1117

as introduced - 93rd Legislature (2023 - 2024) Posted on 02/01/2023 12:50pm

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; creating a minimum revenue guarantee for low
revenue school districts; appropriating money; amending Minnesota Statutes 2022,
section 126C.10, subdivision 1, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2022, section 126C.10, subdivision 1, is amended to read:


Subdivision 1.

General education revenue.

The general education revenue for each
district equals the sum of the district's basic revenue, extended time revenue, gifted and
talented revenue, declining enrollment revenue, local optional revenue, small schools
revenue, basic skills revenue, secondary sparsity revenue, elementary sparsity revenue,
transportation sparsity revenue, total operating capital revenue, equity revenue, pension
adjustment revenue, new text beginminimum revenue guarantee, new text endand transition revenue.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue for fiscal year 2024 and later.
 new text end

Sec. 2.

Minnesota Statutes 2022, section 126C.10, is amended by adding a subdivision to
read:


new text begin Subd. 38. new text end

new text begin Minimum revenue guarantee. new text end

new text begin (a) For purposes of this section, general
education component revenue means extended time revenue, gifted and talented revenue,
declining enrollment revenue, local optional revenue, small schools revenue, basic skills
revenue, secondary sparsity revenue, elementary sparsity revenue, transportation sparsity
revenue, total operating capital revenue, equity revenue, pension adjustment revenue,
transition revenue, and operating referendum revenue.
 new text end

new text begin (b) A district's minimum revenue guarantee equals the product of the district's adjusted
pupil units for that year and the greater of zero or the difference between:
 new text end

new text begin (1) $1,850; and
 new text end

new text begin (2) the ratio of (i) the district's general education component revenue to (ii) the district's
adjusted pupil units for that year.
 new text end

new text begin (c) A school district's revenue under paragraph (b) must not exceed $100 times the
district's adjusted pupil units for that year.
 new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue for fiscal year 2024 and later.
 new text end