Section 1. Adds education advancement revenue to the definition of general education revenue.
Section 2. Creates education advancement revenue for fiscal year 2015 and later. The education advancement allowance is set to $300 per resident marginal cost pupil unit.
Section 3. Requires the commissioner to establish the education advancement rate: a single rate that when applied to the total adjusted net tax capacity of all districts statewide, yields $100,000,000 per year for fiscal year 2015 and later.
Section 4. Authorizes a district to levy the education advancement rate to raise an amount not to exceed its education advancement revenue. A district board may choose to levy for less than the authorized amount, in which case the district’s aid is reduced proportionately.
Section 5. A district’s education advancement aid equals its authorized revenue minus levy.
Section 6. Adds education advancement aid to the definition of general education aid for fiscal year 2015 and later.
Section 7. Subtracts $300 from a district’s referendum revenue allowance for fiscal year 2015 and later. This subtraction is equal to the education advancement allowance defined in section 2.
Section 8. Subtracts $300 from a district’s referendum allowance limit for fiscal year 2015 and later. This subtraction is equal to the education advancement allowance defined in section 2.
Section 9. Directs the commissioner to first reduce a district's referendum allowance with the earliest expiration date and then, if necessary, reduce additional allowances based on the next earliest expiration date.
Section 10. For fiscal year 2015 only, prohibits a school district from authorizing an increase to its operating referendum. A school district seeking to reauthorize operating referendum authority expiring in fiscal year 2015 may request a reauthorization of that expiring authority minus $300.
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