Minnesota Legislature
SF 541
as introduced - 89th Legislature (2015 - 2016) Posted on 02/06/2015 08:25am
Current Version - as introduced
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A bill for an act
relating to education finance; increasing the general education basic formula
allowance; providing annual inflationary increases in the basic formula allowance
for fiscal year 2018 and later; amending Minnesota Statutes 2014, section
126C.10, subdivision 2.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2014, section 126C.10, subdivision 2, is amended to read:
Subd. 2.
Basic revenue.
deleted text begin For fiscal year 2014, the basic revenue for each district
equals the formula allowance times the adjusted marginal cost pupil units for the school
year.deleted text end For fiscal year 2015 and later, the basic revenue for each district equals the formula
allowance times the adjusted pupil units for the school year. deleted text begin The formula allowance
for fiscal year 2013 is $5,224. The formula allowance for fiscal year 2014 is $5,302.deleted text end
The formula allowance for fiscal year 2015 deleted text begin and laterdeleted text end is $5,831.new text begin The formula allowance
for fiscal year 2016 is $6,064. The formula allowance for fiscal year 2017 is $6,307.
The formula allowance for fiscal year 2018 and later equals the formula allowance for
fiscal year 2017 times one plus the percentage change in the Consumer Price Index for
urban consumers, as prepared by the United States Bureau of Labor Standards, for the
current fiscal year to fiscal year 2017.
new text end