SF 1505

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to education finance; increasing and indexing 
  1.3             the general education basic formula allowance; 
  1.4             amending Minnesota Statutes 2000, section 126C.10, 
  1.5             subdivision 2. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 2000, section 126C.10, 
  1.8   subdivision 2, is amended to read: 
  1.9      Subd. 2.  [BASIC REVENUE.] (a) The basic revenue for each 
  1.10  district equals the formula allowance times the adjusted 
  1.11  marginal cost pupil units for the school year.  The formula 
  1.12  allowance for fiscal year 1998 is $3,581.  The formula allowance 
  1.13  for fiscal year 1999 is $3,530.  The formula allowance for 
  1.14  fiscal year 2000 is $3,740.  The formula allowance for fiscal 
  1.15  year 2001 and subsequent fiscal years is $3,964.  The formula 
  1.16  allowance for fiscal year 2002 is $4,212.  The formula allowance 
  1.17  for fiscal year 2003 is $4,296.  The formula allowance for 
  1.18  fiscal year 2004 and later is the formula allowance for the 
  1.19  previous year multiplied by the general education inflation 
  1.20  factor. 
  1.21     (b) The general education inflation factor equals the 
  1.22  greater of 1.0 or the ratio of the change in the gross domestic 
  1.23  product implicit price deflator as prepared by the United States 
  1.24  Department of Commerce, for the most recently available year to 
  1.25  the gross domestic product implicit price deflator for the 
  2.1   previous year.