In addition, local property tax revenue and specific ownership tax revenue were less than anticipated, resulting in a decrease in the local share of total program funding.
The bill declares the general assembly's intent to maintain total program funding at the dollar amount of the original appropriation made during the 2020 legislative session, thereby reducing the budget stabilization factor.
The bill appropriates additional funding for the 2020-21 budget year for districts that experienced a percentage decrease in total program funding from that estimated during the 2020 legislative session that was greater than the districts' percentage decrease in funded pupil count from that estimated during the 2020 legislative session. In addition, the bill includes additional funding for districts that have an overall reduction in total program funding that is more than 2% below the districts' estimated total program funding during the 2020 legislative session. Charter schools in districts that qualify for additional funding receive a per-pupil share of the additional funding. If an institute charter school is in an accounting district that receives additional funding, the charter school receives a per-pupil amount of additional funding based on the distribution received by the accounting district.
The bill makes an appropriation to increase the state share of total program funding.
Further, the bill makes an appropriation to increase funding to rural schools and rural institute charter schools pursuant to House Bill 20-1427.
(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)