SF 448

as introduced - 93rd Legislature (2023 - 2024) Posted on 01/20/2023 10:00am

A bill for an act
relating to education finance; increasing the general education basic formula
allowance by five percent per year for fiscal years 2024 and 2025; linking future
formula increases to the rate of inflation; appropriating money; amending Minnesota
Statutes 2022, section 126C.10, subdivision 2.

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

Section 1.

Minnesota Statutes 2022, section 126C.10, subdivision 2, is amended to read:

Subd. 2.

Basic revenue.

new text begin(a) new text endThe basic revenue for each district equals the formula
allowance times the adjusted pupil units for the school year. deleted text beginThe formula allowance for
fiscal year 2021 is $6,567. The formula allowance for fiscal year 2022 is $6,728.
deleted text end

new text begin (b) new text end The formula allowance for fiscal year 2023 deleted text beginand later deleted text end is $6,863. new text begin The formula allowance
for fiscal year 2024 is $7,206. The formula allowance for fiscal year 2025 is $7,566.
new text end

new text begin (c) The formula allowance for fiscal year 2026 and later equals the formula allowance
for fiscal year 2025 times the rate of inflation calculated in paragraph (d).
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 2025.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue for fiscal year 2024 and later.
new text end

Sec. 2. new text beginAPPROPRIATION; GENERAL EDUCATION AID.
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 years
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 2024 new text end
	new text begin $ new text end	new text begin ....... new text end	new text begin ..... new text end	new text begin 2025 new text end