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SF 2998

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/15/2022 10:19am

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
 relating to education finance; increasing the general education basic formula
allowance; linking the general education basic formula allowance to the rate of
inflation; appropriating money; amending Minnesota Statutes 2021 Supplement,
section 126C.10, subdivision 2.

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

Section 1.

Minnesota Statutes 2021 Supplement, section 126C.10, subdivision 2, is amended
to read:


Subd. 2.

Basic revenue.

new text begin (a) new text end The basic revenue for each district equals the formula
allowance times the adjusted pupil units for the school year. deleted text begin The formula allowance for
fiscal year 2021 is $6,567.deleted text end The formula allowance for fiscal year 2022 is $6,728. The formula
allowance for fiscal year 2023 deleted text begin and laterdeleted text end is deleted text begin $6,863deleted text end new text begin $7,661new text end .

new text begin (b) For fiscal year 2024 and later, the formula allowance equals the formula allowance
for fiscal year 2023 times the inflationary increase for that year.
 new text end

new text begin (c) 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 Statistics, from the current fiscal year to fiscal year 2023.
 new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue for fiscal year 2023 and later.
 new text end