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SF 3725

as introduced - 91st Legislature (2019 - 2020) Posted on 02/27/2020 03:50pm

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to education finance; increasing the formula allowance by one percent;
providing inflationary increases in general education revenue beginning in fiscal
year 2022; amending Minnesota Statutes 2019 Supplement, section 126C.10,
subdivision 2.

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

Section 1.

Minnesota Statutes 2019 Supplement, 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.

new text begin (b)new text end The formula allowance for fiscal year 2019 is $6,312. The formula allowance for
fiscal year 2020 is $6,438. The formula allowance for fiscal year 2021 deleted text beginand laterdeleted text end is deleted text begin$6,567deleted text endnew text begin
$6,633
new text end.

new text begin (c) For fiscal year 2022 and later, the formula allowance equals the formula allowance
for fiscal year 2021 times the inflationary increase for that year.
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 2021.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for fiscal year 2021 and later.
new text end