School Finance Mid-year Adjustments

School finance - mid-year adjustment to state share of total program funding - appropriation. The general assembly recognizes that the actual funded pupil count and the actual at-risk pupil count for the 2018-19 budget year are lower than anticipated when the appropriation amount was established during the 2018 legislative session. In addition, local property tax and specific ownership tax receipts are more than anticipated, increasing the local share of total program funding.

The act declares the general assembly's intent to reduce state share of total program funding to maintain the dollar amount of the budget stabilization factor established during the 2018 legislative session. The act adjusts the amount of total program funding specified in statute to reflect this intent.

The act makes an appropriation to the department of education to correct errors in the calculation and distribution of at-risk funding to the state charter school institute in 2 previous budget years.

(Note: This summary applies to this bill as enacted.)