as introduced - 88th Legislature (2013 - 2014) Posted on 02/25/2014 01:50pm
|Introduction||Posted on 02/25/2014|
A bill for an act
relating to education finance; authorizing the maximum amount of location
equity revenue for any school district with more than 7,000 students; amending
Minnesota Statutes 2013 Supplement, section 126C.10, subdivision 2e.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Minnesota Statutes 2013 Supplement, section 126C.10, subdivision 2e,
is amended to read:
(a) For a school districtnew text beginnew text end with any of its area
located within the seven-county metropolitan area, location equity revenue equals $424
times the adjusted pupil units of the district for that school year.
(b) For all other school districts with more than 2,000 pupils in adjusted average
daily membership for the fiscal year ending in the year before the levy is certified, location
equity revenue equals $212 times the adjusted pupil units of the district for that year.
(c) A district's location equity levy equals its location equity revenue times the lesser
of one or the ratio of its referendum market value per resident pupil unit to $510,000. The
location equity revenue levy must be spread on referendum market value.
(d) A district's location equity aid equals its location equity revenue less its location
equity levy, times the ratio of the actual amount levied to the permitted levy.
(e) A school district may elect not to participate in the location equity revenue
program by a board vote taken prior to September 1 of the fiscal year before the fiscal year
for which the decision not to participate becomes effective. The board resolution must
state which fiscal years the district will not participate. A copy of the board resolution
to not participate must be submitted to the commissioner.
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