SF 475

as introduced - 87th Legislature (2011 - 2012) Posted on 02/23/2012 08:47am

A bill for an act
relating to education; providing for growth revenue; amending Minnesota
Statutes 2010, section 126C.10, subdivision 1, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2010, section 126C.10, subdivision 1, is amended to read:

Subdivision 1.

General education revenue.

For fiscal year deleted text begin 2006 deleted text end new text begin 2013 new text end and later,
the general education revenue for each district equals the sum of the district's basic
revenue, extended time revenue, gifted and talented revenue, basic skills revenue, training
and experience revenue, secondary sparsity revenue, elementary sparsity revenue,
transportation sparsity revenue, total operating capital revenue, equity revenue, alternative
teacher compensation revenue, deleted text begin and deleted text end transition revenue new text begin , and growth revenue new text end .

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective July 1, 2012.
new text end

Sec. 2.

Minnesota Statutes 2010, section 126C.10, is amended by adding a subdivision
to read:

new text begin Subd. 37. new text end

new text begin Growth revenue. new text end

new text begin A district's growth revenue equals the product of $500
times the adjusted marginal cost pupil units for the school year if:
new text end

new text begin (1) the district has 50 percent or more of its local levy dedicated to debt service
in the previous year; and
new text end

new text begin (2) the district is locally taxing at a rate equal to 50 percent or more of its adjusted
net tax capacity each year.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective July 1, 2012.
new text end