HF 2605

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to education finance; making certain school 
  1.3             districts eligible for the advance final payment; 
  1.4             amending Minnesota Statutes 2003 Supplement, section 
  1.5             127A.45, subdivision 7a. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 2003 Supplement, section 
  1.8   127A.45, subdivision 7a, is amended to read: 
  1.9      Subd. 7a.  [ADVANCE FINAL PAYMENT.] (a) Notwithstanding 
  1.10  subdivisions 3 and 7, a school district or a charter school 
  1.11  exceeding its expenditure limitations under section 123B.83 as 
  1.12  of June 30 of the prior fiscal year or a school district or a 
  1.13  charter school that is expected to exceed its expenditure 
  1.14  limitations under section 123B.83 as of June 30 of the current 
  1.15  fiscal year as a direct result of changes during the 2003 
  1.16  legislative session to the estimated aid and credit entitlement 
  1.17  payment percentage, section 127A.45, subdivision 2, may receive 
  1.18  a portion of its final payment for the current fiscal year on 
  1.19  June 20, if requested by the district.  The amount paid under 
  1.20  this subdivision must not exceed the lesser of: 
  1.21     (1) seven percent of the district or charter school's 
  1.22  general education aid for the current fiscal year; or 
  1.23     (2) the amount by which the district or charter school's 
  1.24  net negative unreserved general fund balance as of June 30 of 
  1.25  the prior fiscal year exceeds 2.5 percent of the district or 
  2.1   charter school's expenditures for that fiscal year. 
  2.2      (b) The state total advance final payment under this 
  2.3   subdivision for any year must not exceed $12,000,000.  If the 
  2.4   amount requested exceeds $12,000,000, the advance final payment 
  2.5   for each eligible district must be reduced proportionately.