SF 1697

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to education finance; providing a long-term
stable source of funding for Minnesota school
districts; amending Minnesota Statutes 2004, section
126C.10, subdivision 2.

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

Section 1.

Minnesota Statutes 2004, 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
marginal cost pupil units for the school year. The formula
allowance for fiscal year 2001 is $3,964. The formula allowance
for fiscal year 2002 is $4,068. The formula allowance for
fiscal year 2003 new text begin through fiscal year 2005 is $4,601. The
formula allowance for fiscal year 2006 new text end and subsequent new text begin fiscal
new text end years is deleted text begin $4,601 deleted text end new text begin the formula allowance for the previous year
multiplied by the inflation index for the most current year new text end .

new text begin (b) For purposes of this subdivision, "inflationary index"
means the greater of one or the ratio of Minnesota's personal
income for the current fiscal year to its personal income for
the previous fiscal year.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue for
fiscal year 2006.
new text end