1.1 	A bill for an act
1.2 	relating to education finance; increasing the general education basic formula 
1.3 	allowance; providing annual inflationary increases in the basic formula allowance 
1.4 	for fiscal year 2022 and later;amending Minnesota Statutes 2018, 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 2018, section 126C.10, subdivision 2, is amended to read:
1.8 		Subd. 2.Basic revenue.  The basic revenue for each district equals the formula allowance 
1.9 	times the adjusted pupil units for the school year. The formula allowance for fiscal year 
1.10 	2017 is $6,067. The formula allowance for fiscal year 2018 is $6,188. The formula allowance 
1.11 	for fiscal year 2019 and later is $6,312. The formula allowance for fiscal year 2020 is $6,502. 
1.12 	The formula allowance for fiscal year 2021 is $6,697. The formula allowance for fiscal 
1.13 	years 2022 and later equals the formula allowance for fiscal year 2021 times one plus the 
1.14 	percentage change in the Consumer Price Index for urban consumers, as prepared by the 
1.15 	United States Bureau of Labor Statistics, for the current fiscal year to fiscal year 2021.