1.1 	A bill for an act
1.2 	relating to education finance; modifying general education funding; amending 
1.3 	Minnesota Statutes 2014, section 126C.10, subdivision 2.
1.4 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.5 	Section 1. Minnesota Statutes 2014, section 126C.10, subdivision 2, is amended to read:
1.6 		Subd. 2.Basic revenue. ~~For fiscal year 2014, the basic revenue for each district~~ 
1.7 	~~equals the formula allowance times the adjusted marginal cost pupil units for the school~~ 
1.8 	~~year.~~ For fiscal year 2015 and later, the basic revenue for each district equals the formula 
1.9 	allowance times the adjusted pupil units for the school year. ~~The formula allowance for~~ 
1.10 	~~fiscal year 2013 is $5,224. The formula allowance for fiscal year 2014 is $5,302.~~ The 
1.11 	formula allowance for fiscal year 2015 ~~and later~~ is $5,831. The formula allowance for 
1.12 	fiscal year 2016 is $5,948. The formula allowance for fiscal year 2017 and later is $6,067.