SF 2899

as introduced - 89th Legislature (2015 - 2016) Posted on 03/30/2016 09:14am

A bill for an act
relating to education finance; creating a minimum revenue guarantee for low
revenue school districts; appropriating money; amending Minnesota Statutes
2014, section 126C.10, by adding a subdivision; Minnesota Statutes 2015
Supplement, section 126C.10, subdivision 1.

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

Section 1.

Minnesota Statutes 2015 Supplement, section 126C.10, subdivision 1, is
amended to read:

Subdivision 1.

General education revenue.

The general education revenue for
each district equals the sum of the district's basic revenue, extended time revenue, gifted
and talented revenue, declining enrollment revenue, local optional revenue, small schools
revenue, basic skills revenue, secondary sparsity revenue, elementary sparsity revenue,
transportation sparsity revenue, total operating capital revenue, equity revenue, pension
adjustment revenue, new text begin minimum revenue guarantee, new text end and transition revenue.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue for fiscal year 2017
and later.
new text end

Sec. 2.

Minnesota Statutes 2014, section 126C.10, is amended by adding a subdivision
to read:

new text begin Subd. 38. new text end

new text begin Minimum revenue guarantee. new text end

new text begin (a) For purposes of this section, general
education component revenue means extended time revenue, gifted and talented revenue,
declining enrollment revenue, local optional revenue, small schools revenue, basic skills
revenue, secondary sparsity revenue, elementary sparsity revenue, transportation sparsity
revenue, total operating capital revenue, equity revenue, pension adjustment revenue,
transition revenue, and operating referendum revenue.
new text end

new text begin (b) A district's minimum revenue guarantee equals the product of the district's
adjusted pupil units for that year and the greater of zero or the difference between:
new text end

new text begin (1) $1,850; and
new text end

new text begin (2) the ratio of (i) the district's general education component revenue to (ii) the
district's adjusted pupil units for that year.
new text end

new text begin (c) A school district's revenue under paragraph (b) must not exceed $100 times the
district's adjusted pupil units for that year.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue for fiscal year 2017
and later.
new text end