SF 1355

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/26/2021 01:54pm

A bill for an act
relating to education finance; increasing the general education basic formula
allowance by two percent per year; linking future increases in the basic formula
allowance to the rate of inflation; appropriating money; amending Minnesota
Statutes 2020, section 126C.10, subdivision 2.

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

Section 1.

Minnesota Statutes 2020, section 126C.10, subdivision 2, is amended to read:

Subd. 2.

Basic revenue.

new text begin (a) new text end 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 2019 is $6,312. The formula allowance for fiscal year 2020 is $6,438.
deleted text end

new text begin (b) new text end The formula allowance for fiscal year 2021 and later is $6,567. new text begin The formula allowance
for 2022 is $6,698. The formula allowance for 2023 is $6,832.
new text end

new text begin (c) For fiscal year 2024 and later, the formula allowance equals the formula allowance
for fiscal year 2023 times the inflationary increase for that year.
new text end

new text begin (d) For purposes of this subdivision, "inflationary increase" means one plus the percentage
change in the Consumer Price Index for urban consumers, as prepared by the United States
Bureau of Labor Standards, from the current fiscal year to fiscal year 2023.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue for fiscal year 2022 and later.
new text end

Sec. 2. new text begin APPROPRIATION; GENERAL EDUCATION REVENUE.
new text end

new text begin Subdivision 1. new text end

new text begin Department of Education. new text end

new text begin The sums indicated in this section are
appropriated from the general fund to the Department of Education in the fiscal year
designated.
new text end

new text begin Subd. 2. new text end

new text begin General education aid. new text end

new text begin For general education aid under Minnesota Statutes,
section 126C.13:
new text end

	new text begin $ new text end	new text begin ....... new text end	new text begin ..... new text end	new text begin 2022 new text end
	new text begin $ new text end	new text begin ....... new text end	new text begin ..... new text end	new text begin 2023 new text end